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August 5, 2013

Codexis Receives Notice Alleging Breach of Dyadic License Agreement

REDWOOD CITY, Calif.–(BUSINESS WIRE)–Aug. 5, 2013–
Codexis, Inc. (NASDAQ: CDXS), a developer of engineered enzymes for
pharmaceutical, biofuel and chemical production, today announced that
the company has received notice from Dyadic International, Inc. alleging
that Codexis is in breach under a license agreement established by the
companies on November 14, 2008. According to the notice, Dyadic intends
to terminate the agreement in 60 days if the breach is not cured to
Dyadic’s satisfaction. Codexis believes that it is not in breach of the
Dyadic license agreement, and that the Dyadic notice is unjustified and
is without any legal or factual basis, and Codexis is considering all
available remedies to protect its interests under the Dyadic license
agreement.

Under the license agreement, Codexis obtained a non-exclusive license
relating to Dyadic’s C1-based proprietary fungal expression technology
for the production of enzymes to make products in the fields of
biofuels, certain pharmaceuticals, chemicals, air treatment, water
treatment and the conversion of cellulosic biomass into fermentable
sugars for use in non-fuel products. Codexis agreed to pay Dyadic
certain license issuance fees, milestone payments and fees based on
volume of enzyme products sold or manufactured using this Dyadic
technology.

Codexis currently uses this license from Dyadic solely in connection
with its CodeXyme® cellulase enzymes. Codexis does not expect
that termination of the Dyadic license would have any impact on its
current pharmaceutical and CodeXol® detergent alcohol
businesses.

About Codexis, Inc.

Codexis, Inc. engineers enzymes for pharmaceutical, biofuel and chemical
production. Codexis’ proven technology enables scale-up and
implementation of biocatalytic solutions to meet customer needs for
rapid, cost-effective and sustainable process development – from
research to manufacturing. For more information, see www.codexis.com.

Codexis Forward-Looking Statements

This press release contains forward-looking statements relating to
Dyadic’s intent to terminate the Dyadic license agreement; actions the
Company may take to protect its interests under the Dyadic license
agreement; Codexis’ ability to maintain rights under the Dyadic license
agreement; and the impact of the Dyadic notice on Codexis’ current
pharmaceutical and CodeXol® detergent alcohol businesses. You should not
place undue reliance on these forward-looking statements because they
involve known and unknown risks, uncertainties and other factors that
are, in some cases, beyond Codexis’ control and that could materially
affect actual results. Factors that could materially affect actual
results include uncertainty around Codexis’ ability to resolve the
dispute with Dyadic on commercially reasonable terms and uncertainty
around Codexis’ ability to dispute with success, through legal action or
otherwise, Dyadic’s allegation that Codexis has materially breached the
Dyadic license agreement. Additional factors that could materially
affect actual results can be found in Codexis’ Quarterly Report on Form
10-Q for the period ended March 31, 2013 filed with the Securities and
Exchange Commission
on May 9, 2013, including under the caption “Risk
Factors.” Codexis expressly disclaims any intent or obligation to update
these forward-looking statements, except as required by law.

Source: Codexis, Inc.

Codexis, Inc.
Investors
Paul Cox, 650-421-8331
ir@codexis.com
or
Media
Jemma
Connor, +44 161 359 3255
jemma.connor@notchcommunications.co.uk

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