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Interview with Tom van Aken, Chief Executive Officer Avantium Technologies

Amsterdam, The Netherlands - 20 June 2008

Can you give an update about Avantium's activities? Since two years we successfully deploy a focused business model. Using our unique technology platform and proven track record we are a leading provider of R&D services and tools to our customers in the energy, chemical and pharmaceutical industries. In addition we are developing new products and processes in the area of biofuels, bio-based chemicals and novel pharmaceutical crystal forms. At the moment we are in the midst of expanding our capacity to the adjacent building to our laboratories and headquarters in Amsterdam. This expansion is planned to be ready later this year, which means that we will double our high-tech laboratory capacity. This represents a very significant milestone for Avantium, as it will enable further growth of our company.

You withdrew the IPO in November because of deteriorating conditions of the financial markets. What is your next step?

Thanks to the good performance of our services & tools business, we have been able to execute our strategic plans. It is clear that we need to attract further financial resources to accelerate our development programs and to commercialize our inventions. We can do this either by partnering our programs or by securing funding through a private financing. The public route is unlikely at the moment given the volatile conditions of the financial markets. There has been a lot of publicity about Avantium's next generation biofuel called Furanics. What makes this biofuel so special? Our Furanics biofuel differentiates substantially from today's biofuels in terms of economics and fuel properties. First of all, we are developing a chemical catalyzed production process with superior process economics compared to fermentative process technologies. Our process technology has an excellent fit with existing chemical industry infrastructure. Secondly, we have proven that Furanics have favorable fuel properties compared to first and second generation biofuels, such as better blending properties and high energy density. Engine tests have demonstrated that Furanics can limit fine particulate matter and NOx emissions of diesel engines. This is why we are so excited about our Furanics program, and why the oil and chemical industry is so interested in this technology.

How are you dealing with the concerns of using crops for fuel instead of food consumption?

We are designing the process to use cellulose based sugars to produce furanics. Cellulose can not be used for food consumption so we avoid competition with food supply chains. Cellulose is the largest part of the plant mass and is the most abundantly available source of biomass worldwide, which makes it an attractive feedstock for biofuel and bio-based chemicals production.

You continue to provide services and tools to the energy and chemical industries. What are the latest trends in these markets?

The high oil prices create an enormous opportunity for Avantium. The oil prices drive the industry towards using alternative feedstock, which fuels the development of novel catalytic processes. There is a lot of R&D activity in the area of syngas to convert gas, coal or biomass to fuels and chemicals. We have successfully adapted our Nanoflow technology to handle syngas chemistry and we have successfully expanded our business by collaborating with a number of leading companies in this area. In addition, oil companies are faced with heavier crude oil fractions. These create huge challenges to refineries. Avantium is developing technology to handle heavier feeds and screen for better catalysts in this area.

What about changes in competition in high-throughput catalysis research?

There are still a very limited number of companies active in high-throughput R&D, caused by the large investments to build this type of technology and because of the patent landscape. Recently there have been some important developments in our industry. Our US competitor seems to focus on its software business, and our German competitor was acquired by a large chemical conglomerate. While we can't oversee the implications of these changes, we clearly want to communicate our intent to continue our focus on our customers and their needs to improve R&D speed and efficiency.

What are your plans for your pharmaceutical business?

In 2006 and 2007 most of our competitors became part of large contract service organizations with a "one-stop-shop" philosophy. We have been and remain a true specialist in the area of crystallization research. Our customers value our focus, expertise and technological capabilities, which are the building blocks for further growing our business. Moving forward we expect to expand our business with biotech companies and midsize pharmaceutical companies, while continuing to augment the capabilities of large pharma companies, especially for comprehensive solid-form screens.

Any plans to expand your pharmaceutical tools product line?

Our Crystal16 business has posted stellar growth over the past years. The top 20 pharmaceutical companies are actively using Crystal16 in their laboratories for solubility and crystallization research. Building on this success, we are developing a new crystallization tool in close collaboration with our key customers in the pharmaceutical industry. We expect to launch this tool before the end of the year.