CAMBRIDGE, Mass., Sept. 13 /PRNewswire-FirstCall/ -- Verenium Corporation (Nasdaq: VRNM), a leading developer of technologies for cellulosic ethanol production and a pioneer in the development of high-performance specialty enzymes, announced today that it has achieved a key technical milestone in its collaboration with Cargill on a new food-related product designed to promote healthy lifestyle choices for global consumers.
Under the agreement between Verenium and Cargill, Verenium is applying its enzyme discovery and optimization technologies to develop several new custom enzymes for Cargill, which are being utilized as part of Cargill's innovative, multi-step enzymatic process to develop a new food-related product.
Verenium is eligible to receive future milestone payments, licensing fees, and product royalties as a result of this joint research and development work with Cargill. Verenium has received research funding in addition to payments from Cargill for meeting previous technical milestones.
"We are very pleased that our collaboration with Verenium continues to produce excellent results ahead of schedule," said Chris Mallett, Corporate Vice President, Research and Development, Cargill. "We look forward to further technical success from our collaboration as we move towards the commercialization of this important new consumer product," he added.
"We are enthusiastic with the continued progress of this collaboration and are especially pleased that our custom enzymes are enabling Cargill to develop this innovative consumer product," said Carlos A. Riva, President and Chief Executive Officer, Verenium. "Success in this technically demanding project highlights the potential of Verenium's enzyme discovery and development platforms to provide unique solutions to unmet market needs."
Verenium Corporation is a leader in the development and commercialization of cellulosic ethanol, an environmentally-friendly and renewable transportation fuel, as well as high-performance specialty enzymes for applications within the biofuels, industrial, and health and nutrition markets. The Company possesses integrated, end-to-end capabilities in pre-treatment, novel enzyme development, fermentation, engineering, and project development and is moving rapidly to commercialize its proprietary technology for the production of ethanol from a wide array of feedstocks, including sugarcane bagasse, dedicated energy crops, agricultural waste, and wood products. In addition to the vast potential for biofuels, a multitude of large-scale industrial opportunities exist for the Company for products derived from the production of low-cost, biomass-derived sugars.
Verenium's Specialty Enzyme business harnesses the power of enzymes to create a broad range of specialty products to meet high-value commercial needs. Verenium's world class R&D organization is renowned for its capabilities in the rapid screening, identification, and expression of enzymes-proteins that act as the catalysts of biochemical reactions.
Verenium recently completed a significant upgrade of one of the nation's first operational cellulosic ethanol pilot facilities located in Jennings, Louisiana and expects to achieve mechanical completion of a 1.4 million gallon-per-year, demonstration-scale facility to produce cellulosic ethanol by the first quarter of 2008. In addition, the Company's process technology has been licensed by Tokyo-based Marubeni Corp. and Tsukishima Kikai Co., LTD and has been incorporated into BioEthanol Japan's 1.4 million liter-per-year cellulosic ethanol plant in Osaka, Japan -- the world's first commercial-scale plant to produce cellulosic ethanol from wood construction waste. For more information on Verenium, visit http://www.verenium.com.
Cargill is an international provider of food, agricultural and risk management products and services. With 158,000 employees in 66 countries, the company is committed to using its knowledge and experience to collaborate with customers to help them succeed. For more information, visit http:www.cargill.com.
Forward Looking Statements
Statements in this press release that are not strictly historical are "forward-looking" and involve a high degree of risk and uncertainty. These include statements related to the development of novel enzymes under the agreement with Cargill, Verenium's ability to achieve milestones under the agreement, potential new future collaborations between Verenium and Cargill, and potential solutions that may be discovered from Verenium's enzyme libraries, all of which are prospective. Such statements are only predictions, and the actual events or results may differ materially from those projected in such forward-looking statements. Factors that could cause or contribute to differences include, but are not limited to, risks involved in general with the enzyme development process, risks involved with Verenium's new and uncertain technologies, Verenium's dependence on patents and proprietary rights, Verenium's protection and enforcement of its patents and proprietary rights, the timing and composition of funding under existing and future collaboration agreements, Verenium's dependence on Cargill in connection with this agreement, Cargill's ability to further develop any enzymes developed under this agreement (if Cargill exercises its option to do so), Verenium's and Cargill's ability to commercialize products, the time and resources needed to develop new products and obtain any necessary regulatory approvals, customer adoption of new products, the development or availability of competitive products or technologies, Certain of these factors and others are more fully described in Verenium's filings with the Securities and Exchange Commission, including, but not limited to, Verenium's Quarterly Report on Form 10-Q for the quarter ended June 30, 2007. These forward-looking statements speak only as of the date hereof. Verenium expressly disclaims any intent or obligation to update these forward-looking statements.
Vice President, Corporate Communications
|SOURCE Verenium Corporation|
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