UPDATE: The good news: Shares were up at closing from the record bottom . . .by precisely one penny.
Shares of the UC Berkeley spawned genetic engineering company opened at $4.60, then quickly dropped.
The high was $33.85, set a year ago.
The collapse continued despite the optimistic pronouncements of CEO and former BP executive John Melo, speaking at the Advanced Biofuels Leadership Conference today.
Biofuels Digest summarizes:
Amyris CEO John Melo kicked off the first day of ABLC by re-affirming the company’s commitment to fuels while noting that they represent the “highest risk, cost and challenges in scale-up” and required large a lance sheets or partners with large balance sheets. In an candid address, he reviewed the lessons learned by the company in its scale-up efforts. He contrasted the increasing speed and efficiency of scale-up construction, compared to the difficulties of commissioning plants and bringing them up to full productivity. Melo noted the rapid progress commercially in product lines such as squalane, observing that the company had become “a significant player in squalane” even at this early stage of the company’s commercial development.