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EXHIBIT 99.1
FOR IMMEDIATE RELEASE
CONTACT:
BMC Communications/Trout Group Enchira Biotechnology Corporation
Brad Miles (media inquiries, ext. 17) Paul G. Brown, III
Jonathan Fassberg (investor inquiries, Chief Financial Officer
ext. 16) (281) 364-6140
(212) 477-9007
ENERGY BIOSYSTEMS CORPORATION CHANGES NAME
TO ENCHIRA BIOTECHNOLOGY CORPORATION
NEW NAME REFLECTS EXPANDED USE OF GENE SHUFFLING TECHNOLOGY
AS "DIRECTED EVOLUTION" BIOTECHNOLOGY PLATFORM
THE WOODLANDS, TEXAS - JUNE 8, 2000 - Energy BioSystems Corporation (NASDAQ:
ENBC) announced today that its shareholders approved the renaming of the company
to Enchira Biotechnology Corporation at the company's annual meeting in The
Woodlands, Texas. The name change reflects the company's expanded strategic
direction to apply its proprietary directed evolution technology to broader
markets, including pharmaceutical, ag-bio, chemical, and industrial enzyme
applications. The company's stock market ticker will remain ENBC, and the name
change will be effective tomorrow, June 9, after appropriate filing with the
State of Delaware and notification of NASDAQ.
Since 1993, Enchira, as Energy BioSystems, has been a leader in applying
molecular biology and microbial processes to remove sulfur (biodesulfurization
[BDS]) from petrochemical products for cleaner reactions and lower costs. The
company invested more than $70 million in its core technology and is now
applying it to diverse markets. Enchira's directed evolution platform includes a
new gene shuffling technology - named RACHITT-TM-, for "RAndom CHImeragenesis on
Transient Templates" - designed to efficiently create related versions of genes
of interest to the pharmaceutical, agricultural, and industrial enzyme
industries. Last month, on May 23rd, the company announced a strategic
collaboration and licensing agreement with Genencor International, one of the
world's leading industrial biotechnology firms, under which Genencor will use
RACHITT-TM- to develop gene-based products for the cleaning, textiles, grain
processing, animal feed, and food ingredients industries.
"Changing the name of our company is another step in our continued evolution,
from a single process operation to a technology platform company applying a
unique technology that can help enterprises in multiple industries develop
better gene-based products," said Enchira President and CEO Peter Policastro.
"Current events in biotechnology, such as the human genome project, are creating
many opportunities for developing new cures for
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diseases and beneficial gene-based products. As the biotech industry has
evolved, so have we, as we now seek to capitalize on our biotechnology
capabilities and expertise. This evolution of ours will lead us into a
higher-growth industry and into more exciting product development
opportunities, both new and complementary to our existing business
strategies."
Enchira's RACHITT-TM- technology is part of the company's directed evolution
technology platform that rapidly creates hybrid genes that code for proteins
with desired characteristics. New genes are created in a controlled laboratory
setting by combining genes or gene fragments to produce chimeric genes that will
direct the synthesis of these highly optimized proteins. Enchira believes that
its RACHITT-TM- technology, coupled with its high throughput screening
capabilities, offers its partners substantial advantages over competing
technologies.
"Last year, we accelerated the building of our directed evolution platform by
investing in the development of the RACHITT-TM- technology as well as of new
high-throughput screening (HTS) technology, to complement our existing strengths
in metabolic engineering and bioprocessing," said Peter Policastro. "With this
platform now in place, we can screen large numbers of alternatives from gene
shuffled libraries. These capabilities allow the company to expand our business
base into the pharmaceutical, ag-bio, chemical, and industrial enzyme markets."
Enchira Biotechnology Corporation (NASDAQ: ENBC), of The Woodlands, Texas, is
applying proprietary, directed evolution techniques to accelerate development
and commercialization of gene-based products for the pharmaceutical, ag-bio,
industrial enzyme, chemical, petroleum refining, and petrochemicals markets.
THIS PRESS RELEASE CONTAINS FORWARD-LOOKING STATEMENTS THAT ARE SUBJECT TO
CERTAIN RISKS, UNCERTAINTIES AND ASSUMPTIONS, INCLUDING BUT NOT LIMITED TO THE
COMPANY'S NEED FOR ADDITIONAL FUNDS, THE ABILITY TO RAISE SUFFICIENT FUNDS ON
ACCEPTABLE TERMS, THE PENDING DISPUTE WITH MAXYGEN RELATIVE TO THEIR ALLEGATIONS
CONCERNING CONFIDENTIALITY, THE TECHNICAL UNCERTAINTY AND RISKS ASSOCIATED WITH
COMMERCIALIZATION OF THE COMPANY'S TECHNOLOGY, THE COMPANY'S RELIANCE ON
ENVIRONMENTAL REGULATIONS AND THE UNCERTAINTY OF THE ADOPTION OF ANY NEWLY
PROPOSED REGULATIONS, THE MARKET ACCEPTANCE OF THE COMPANY'S TECHNOLOGY, THE
COMPANY'S DEPENDENCE ON COLLABORATION PARTNERS, COMPETITION, AND THE ABILITY TO
ENFORCE AND DEFEND THE COMPANY'S PATENTS AND PROPRIETARY TECHNOLOGIES. SHOULD
ONE OR MORE OF SUCH RISKS AND UNCERTAINTIES MATERIALIZE, OR SHOULD UNDERLYING
ASSUMPTIONS PROVE INCORRECT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE
INDICATED IN SUCH FORWARD-LOOKING STATEMENTS. FOR A DISCUSSION OF SUCH RISKS AND
ASSUMPTIONS, SEE "RISK FACTORS" INCLUDED IN THE COMPANY'S ANNUAL REPORT ON FORM
10-K FOR THE YEAR ENDED DECEMBER 31, 1999.
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