Aug 22 (Reuters) - Metabolix Inc
* Announces $10 million binding letter of intent for sale of biopolymer assets to CJ CheilJedang
* First $2 million of purchase price was paid by CJ on execution of LOI
* Remaining balance on purchase price is payable on closing of transaction, which is anticipated in mid-September
* Will transfer to CJ portfolio of intellectual property including platform microbial strains used to produce co's fermentation based products
* Metabolix sees annual net cash burn rate in range of $5 million once it has completed "transition and related restructuring"
* CJ will also acquire certain laboratory equipment associated with biopolymers business from co Source text for Eikon: Further company coverage: