SECOND QUARTER 2014 FINANCIAL OVERVIEWMetabolix manages its finances with an emphasis on cash flow and deploys its financial resources in a disciplined manner to achieve its key strategic objectives and to maximize value from its technology and product portfolio. The Company ended the second quarter of 2014 with $5.5 million in unrestricted cash and cash equivalents. The Company's net cash used in operating activities during the second quarter of 2014 was $4.9 million, compared with $5.8 million in the second quarter of 2013.Metabolix requires significant additional funding. Earlier in 2014, the Company indicated it would seek to raise $50 to $60 million to fund its business plan and that such financing might be accomplished in stages. On August 4, 2014, Metabolix announced that it entered into a private placement agreement with investors for the sale of an aggregate of $25 million of Company securities. The closing of the private placement is subject to the Company obtaining a financial viability exception from certain NASDAQ shareholder approval requirements under Rule 5635(f) of the NASDAQ Stock Market Listing Rules, as well as other customary closing conditions.
For the second quarter of 2014, the Company reported a net loss of $7.2 million, or $0.21 per share, compared with a net loss of $7.9 million, or $0.23 per share, for the second quarter of 2013.
Total revenue in the second quarter of 2014 was $1.2 million, compared with $1.7 million for the second quarter of 2013. Second quarter 2014 revenue consisted primarily of revenue from product sales and government grants. Biopolymer product orders of $0.6 million were shipped and billed during the quarter. The Company recognized $0.7 million in product revenue during the quarter, primarily from product shipments made during the first quarter of 2014, compared with $0.8 million in product revenue recogni
|SOURCE Metabolix, Inc.|
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