Industrial Biotechnology Corporation Announces Divestiture of Licensed Technologies and the Formation of a Wholly Owned Subsidiary Company
Summary
Due to a combination of factors including; the scientific results achieved during the scale up and optimization process of our initial chemicals, the additional risks, costs, and time that would have been required to pursue further R & D improvements, and the difficulty in identifying additional commercially viable chemicals based upon results and costs, it was no longer in the company’s best interest nor made financial sense to pursue the commercialization further .We continue to seek and identify potential new technologies and licensing opportunities that will enable the biological production of chemicals that are cost effective and that meet customer requirements.Such forward-looking statements are subject to certain risks and uncertainties, including the financial performance of Industrial Biotechnology Corporation, as appropriate, which could cause actual results to differ materially from those currently anticipated.Due to a combination of factors including; the scientific results achieved during the scale up and optimization process of our initial chemicals, the additional risks, costs, and time that would have been required to pursue further R & D improvements, and the difficulty in identifying additional commercially viable chemicals based upon results and costs, it was no longer in the company’s best interest nor made financial sense to pursue the commercialization further .We continue to seek and identify potential new technologies and licensing opportunities that will enable the biological production of chemicals that are cost effective and that meet customer requirements.