Navigation Links
Verenium Announces $22.5 Million, Five-Year Secured Financing
Date:12/10/2012

SAN DIEGO, Dec. 10, 2012 /PRNewswire/ -- Verenium Corporation (Nasdaq: VRNM), a leading industrial biotechnology company focused on the development and commercialization of high-performance enzymes, today announced the signing of a $22.5 million secured debt financing with the Athyrium Opportunities Fund ("Athyrium").

(Logo: http://photos.prnewswire.com/prnh/20120924/MM79973LOGO)

Net proceeds after estimated expenses will be approximately $21.3 million, providing Verenium with capital to continue to advance its Product Pipeline to commercialization, enhance its manufacturing capabilities, and fund general working capital purposes.  The debt bears interest at 11.5% per annum, with interest payments due quarterly over a five-year term and the principal balance due as a lump-sum payment at maturity in December 2017.

In connection with the financing, Verenium issued warrants to Athyrium to purchase approximately 2.9 million shares of common stock at an exercise price of $2.49 per share, representing a 17.5% premium over the closing price on the date of the debt agreement.  The warrants have a seven-year term and are immediately exercisable.

"We are pleased to be teaming with a long term strategic investor such as Athyrium in this transaction," said Jeffrey Black, Senior Vice President and Chief Financial Officer at Verenium.  "We anticipate that this financing will allow us to invest in our business and fund our growth initiatives through to operating profitability with minimal dilution to existing shareholders.  Importantly, with our financing needs now addressed, our management team can focus on unlocking the value in our business through new innovative products and partnerships."    

"Athyrium is excited to work with Verenium and its manage
'/>"/>

SOURCE Verenium Corporation
Copyright©2012 PR Newswire.
All rights reserved

Page: 1 2 3

Related biology technology :

1. Verenium Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2011
2. Verenium to Present at Baird Clean Technology Conference
3. First Product Candidate Moving Toward Commercialization as Result of Novus International and Verenium Collaboration
4. Verenium Corporation to Announce Fourth Quarter and Year-End 2011 Financial Results
5. Verenium Corporation To Announce First Quarter 2012 Financial Results
6. Verenium Corporation Named One Of The 2012 Best Places to Work in San Diego
7. Verenium Corporation And Alexandria Real Estate Equities, Inc. Celebrate The Grand Opening Of A New State-of-the-art Biotechnology Facility
8. Verenium Announces EPA Authorization To Market Its Next-Generation Enzyme Breaker For Hydraulic Fracturing
9. Verenium Corporation To Announce Second Quarter 2012 Financial Results
10. Verenium Reports Financial Results For The Second Quarter And Six Months Ended June 30, 2012
11. Verenium Corporation To Announce Third Quarter 2012 Financial Results
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:7/31/2014)... “Rapid technological advances will spread ... increasing unemployment, depressing American consumer spending and further ... Catch 22—we need automated manufacturing if we are ... says economist and corporate relocation expert Dr. Ron ... Pro-Business States for 2014, co-published with the American ...
(Date:7/31/2014)... Boston’s Adult Stem Cell Technology Center, LLC ... stem cell biotechnologies. Currently the company holds seven ... patent applications currently under examination by the U.S. Patent ... of the most vexing problems in adult stem cell ... are difficult to identify; and they have been difficult ...
(Date:7/30/2014)... W. R. Grace & Co. (NYSE: ... REVELERIS® Prep purification system , a dual-mode instrument ... researchers to perform both flash and preparative liquid ... the REVELERIS® Prep purification system, researchers can easily ... a simple touch of the screen, giving them ...
(Date:7/30/2014)... 30, 2014  Replikins Ltd. today released new data ... virus. Before the current outbreaks, the mean Ebola Reston ... acids) between 1995 and 2002 was 1.1; the mean ... and sixteen-fold in 2013, thus predicting the current outbreaks ... has been shown to be able to predict outbreaks ...
Breaking Biology Technology:ITRA Global Affiliate’s Pollina Corporate Top 10 Pro-Business States Minimize the Impact of Automation on Middle Class and Unemployment 2ITRA Global Affiliate’s Pollina Corporate Top 10 Pro-Business States Minimize the Impact of Automation on Middle Class and Unemployment 3ITRA Global Affiliate’s Pollina Corporate Top 10 Pro-Business States Minimize the Impact of Automation on Middle Class and Unemployment 4The Adult Stem Cell Technology Center, LLC Launches A Marketing Campaign To License Adult Stem Cell Biotechnologies 2The Adult Stem Cell Technology Center, LLC Launches A Marketing Campaign To License Adult Stem Cell Biotechnologies 3Grace Launches New REVELERIS® Prep Purification System 2
... ... ... ... by longUrl, so we need to grab the first one. for (var r in data.results) { first_result = data.results[r]; ...
... BioSpain 2010 -- MADRID, October 22, 2010 ... ... if (typeof(lpUnit)==,undefined,) var lpUnit=,PRN,; --> ... s = ,; var first_result; // Results are keyed by longUrl, so we need to grab the first one. ...
... flu is already tough, but it has become even harder in ... two antiviral drugs don,t slow it down anymore. Reporting their ... and Brigham Young move closer to understanding why not, and how ... changes. The two drugs, amantadine and rimantadine, are no longer ...
Cached Biology Technology:OncoGenex Pharmaceuticals, Inc. Closes $50 Million Public Offering 2OncoGenex Pharmaceuticals, Inc. Closes $50 Million Public Offering 3OncoGenex Pharmaceuticals, Inc. Closes $50 Million Public Offering 4OncoGenex Pharmaceuticals, Inc. Closes $50 Million Public Offering 5OncoGenex Pharmaceuticals, Inc. Closes $50 Million Public Offering 6OncoGenex Pharmaceuticals, Inc. Closes $50 Million Public Offering 7OncoGenex Pharmaceuticals, Inc. Closes $50 Million Public Offering 8OncoGenex Pharmaceuticals, Inc. Closes $50 Million Public Offering 9700 Companies With 1.400 Participants Attend BioSpain 2010 2700 Companies With 1.400 Participants Attend BioSpain 2010 3700 Companies With 1.400 Participants Attend BioSpain 2010 4700 Companies With 1.400 Participants Attend BioSpain 2010 5700 Companies With 1.400 Participants Attend BioSpain 2010 6700 Companies With 1.400 Participants Attend BioSpain 2010 7Putting a bull's-eye on the flu: Detailing influenza's structure for drug targeting 2
(Date:7/31/2014)... better identify and treat those with fibromuscular dysplasia (FMD). ... sized arteries in the body, which can restrict blood flow ... new report appearing in August 2014 issue of ... FMD may not be limited to the arteries as currently ... bones and joints, as well as evidence that inflammation may ...
(Date:7/31/2014)... Fire was in full fury, raging swiftly from crown ... backcountry of Yosemite National Park in California,s Sierra Nevada ... battle began to turn, enacting a case study in ... fuel large, severe fires. , "When the Rim Fire ... had been used as a management tool, rather than ...
(Date:7/31/2014)... are familiar with Hibiscus flowers- they are an ... are commonly planted in the landscape. Some, like ... endangered species. , Only a relatively few botanists ... an equally beautiful and intriguing related group of ... of Hibiscus". , Brother of Hibiscus species are ...
Breaking Biology News(10 mins):Scientists discover biochemical mechanisms contributing to fibromuscular dysplasia 2The Rim Fire 1 year later: A natural experiment in fire ecology and management 2The Rim Fire 1 year later: A natural experiment in fire ecology and management 3The Rim Fire 1 year later: A natural experiment in fire ecology and management 4The Rim Fire 1 year later: A natural experiment in fire ecology and management 5Brother of Hibiscus is found alive and well on Maui 2
... and how that impacts on their weight gain has been the ... Researchers in the University,s Robinson Institute and the ... women to better understand the links between body image and excessive ... Women and Birth , show that more than ...
... Today at the Beyond the Genome conference in San ... BioMed Central Open Data Award for their work demonstrating ... Trichinella spiralis , a human pathogen. Presented by the ... have demonstrated leadership in the sharing, standardization, publication, or ...
... /PRNewswire-iReach/ -- Clinilabs, a contract research organization that provides ... announced today that they have begun a Phase I ... 2 Diabetes Mellitus.  The study is being conducted to ... of the investigational medication over periods of up to ...
Cached Biology News:Body image impacts on weight gain during pregnancy 2BGI scientists win BioMed Central Open Data Award 2Leading Pharma Company Selects Clinilabs to Conduct a Phase 1 Study of an Investigational Type 2 Diabetes Medication 2