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 management team," said Richard Pines, a Partner of Athyrium. "We believe this transaction enables Verenium to continue to deploy its proven technology by creating highly differentiated enzyme products across a wide range of sectors and industrial applications."

About Verenium

Verenium, an industrial biotechnology company, is a global leader in developing high-performance enzymes.  Verenium's tailored enzymes are environmentally friendly, making products and processes greener and more cost-effective for industries, including the global food and fuel markets.  Read more at www.verenium.com.

About Athyrium Opportunities Fund

Athyrium Opportunities Fund is a New York-based fund focusing on investment opportunities in the global healthcare sector. The Athyrium investment team has substantial healthcare investment experience across a wide range of asset classes, including public equity, private equity, fixed income, royalties, and other structured securities. Athyrium invests across healthcare verticals, including biopharma, medical devices and products, and healthcare services. The team partners with management teams to implement creative financing solutions to companies' capital needs.

Forward Looking Statements For Verenium

Statements in this press release that are not strictly historical are "forward-looking" and involve a high degree of risk and uncertainty.  These include, but are not limited to, statements related to Verenium's ability to commercialize its products, enhance its manufacturing capabilities, capture near-term and longer-term growth and prospects, and reach profitability.  Such statements are only predictions, and actual events or results may differ materially from those projected in such forward-looking statements.  Factors that could cause or contribute to the differences include, but are not limited to, risks associated with Verenium's strategic focus, technologies, products and product candidates and product pipeline (including Verenium's ability to identify, develop and commercialize new products and product candidates, either independently or with collaborators or partners, and market demand for those products and product candidates), dependence on patents and proprietary rights,  protection and enforcement of its patents and proprietary rights, the commercial prospects of the industries in which Verenium operates and sells products, Verenium's dependence on manufacturing and/or license agreements,  its ability to achieve milestones under existing and future collaboration agreements, the ability of Verenium and its partners to commercialize its technologies and products (including by obtaining any required regulatory approvals) using Verenium's technologies, the timing for launching any commercial products and projects, the ability of Verenium and its collaborators to market and sell any products that it or they commercialize, the development or availability of competitive products or technologies, the future ability of Verenium to enter into and/or maintain collaboration and joint venture or partnership agreements and licenses on a timely basis or at all, and risks and other uncertainties more fully described in Verenium's filings with the Securities and Exchange Commission, including, but not limited to, Verenium's annual report on Form 10-K for the year ended December 31, 2011 and any updates contained in its subsequently filed quarterly reports on Form 10-Q.  These forward-looking statements speak only as of the date hereof, and Verenium expressly disclaims any intent or obligation to update these forward-looking statements.

Contacts:

Sarah Carmody

Manager, Corporate Communications

858-431-8581

sarah.carmody@verenium.com



'/>"/>
SOURCE Verenium Corporation
Copyright©2012 PR Newswire.
All rights reserved

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:2/24/2017)... RADNOR, Pa., Feb. 24, 2017  VWR Corporation (NASDAQ: VWR), ... to laboratory and production customers, today reported its financial results ... 2016. Highlights: 4Q16 record ... up 1.0% on an organic basis. ... on an organic basis, while the Americas net sales increased ...
(Date:2/23/2017)... and NEW YORK , ... Lumeon , a leading digital health company, ... a provider of telemedicine and remote patient monitoring, ... for telemedicine reimbursements.  DN Telehealth ... patients, in real-time, extending consultations beyond a physical ...
(Date:2/23/2017)... ... February 23, 2017 , ... BellBrook Labs is formalizing ... an array of biochemical analyses critical for Lead Discovery. The company’s Lead ... SAR programs, including inhibitor potency and selectivity, mechanism of action, and inhibitor residence ...
(Date:2/23/2017)... Calif. , Feb. 23, 2017  MIODx ... license for two key immunotherapy technologies from the ... technology provides a method to monitor a patient ... as PD-L1 and CTLA-4.  The second license extends ... a patient is likely to have an immune-related ...
Breaking Biology Technology:
(Date:2/7/2017)... 7, 2017 Zimmer Biomet Holdings, Inc. (NYSE ... will present at the LEERINK Partners 6th Annual Global ... on Wednesday, February 15, 2017 at 10 a.m. Eastern ... presentation can be accessed at http://wsw.com/webcast/leerink28/zbh .  The ... via Zimmer Biomet,s Investor Relations website at http://investor.zimmerbiomet.com ...
(Date:2/2/2017)... 2, 2017   TapImmune, Inc. (NASDAQ: ... specializing in the development of innovative peptide and ... cancer and metastatic disease, announced today it has ... of a second clinical lot of TPIV 200, ... alpha. The manufactured vaccine product will be used ...
(Date:1/30/2017)... --  Invitae Corporation (NYSE: NVTA ), ... announced that it will report its fourth quarter and ... Monday, February 13, 2017, and Invitae,s management team will ... Eastern / 1:45 p.m. Pacific. During ... results, guidance, and recent developments and will spend the ...
Breaking Biology News(10 mins):