Navigation Links
Verenium Announces Debt Repurchase

SAN DIEGO, March 11, 2011 /PRNewswire/ -- Verenium Corporation (Nasdaq: VRNM), a leading industrial biotechnology company focused on the development and commercialization of high-performance enzymes, today announced that it repurchased $28.4 million in principal amount of its outstanding convertible notes in a series of privately-negotiated transactions.

As part of these transactions, the Company repurchased $19.9 million in principal amount of its 5.5% Notes and $8.5 million in principal amount of its 9% Notes, leaving an aggregate of $46.3 million in principal amount of 5.5% and 9% Notes outstanding. To effect this repurchase, the Company paid a total of $27.6 million in cash to a group of institutional investors, excluding accrued interest as of the closing date.  The Company has repurchased $49.4 million in convertible notes since September 2010.

"We are very pleased to have completed these repurchases, and believe this is another important step in creating a capital structure that supports the continued growth and success of Verenium as we focus on building the next leading industrial enzymes company," said Jeffrey Black, Senior Vice President and Chief Financial Officer Designate at Verenium. "We believe that we have now reduced our debt to a more appropriate level for the Company given our size and stage of development."  

About VereniumVerenium, 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

Forward-Looking StatementsStatements 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 lines of business, operations, capabilities, commercialization activities, corporate partnerships, target markets and future financial performance, results and objectives, all of which are prospective.  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, risks associated with Verenium's technologies, risks associated with Verenium's ability to obtain additional capital to support its planned operations and financial obligations, risks associated with Verenium's dependence on patents and proprietary rights, risks associated with Verenium's 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, and 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 and 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 agreements and licenses, 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, 2010 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:Kelly Lindenboom

Vice President, Corporate Communications


Sarah Carmody

Manager, Corporate Communications


SOURCE Verenium Corporation
Copyright©2010 PR Newswire.
All rights reserved

Related biology technology :

1. Worlds Largest Soybean Processing Industrial Complex Converts Half of Capacity to Usage of Vereniums Purifine® PLC Enzymatic Degumming Process Engineered and Installed by Alfa Laval
2. Verenium Corporation to Announce Fourth Quarter and Year-End 2010 Financial Results
3. Verenium to Present at Jefferies 11th Global Clean Technology Conference
4. Verenium Announces Favorable Outcome of Capital Ventures International Lawsuit
5. Verenium to Present at Piper Jaffray Sixth Annual Clean Technology & Renewables Conference
6. Verenium Reports Financial Results for the Third Quarter 2010
7. Verenium to Present at Jefferies 10th Global Clean Technology Conference
8. Verenium and Alfa Laval Announce Extension of Purifine® PLC Enzyme Agreement
9. Verenium Announces Regulatory Approval for Purifine® PLC in China
10. Verenium Launches DELTAZYM® GA L-E5 Enzyme for Fuel Ethanol Production
11. Verenium Appoints Kevin Bracken Vice President of Manufacturing
Post Your Comments:
(Date:11/27/2015)... PUNE, India , November 27, 2015 ... --> Growing popularity of companion ... emerging in cancer biomarkers market with pharmaceutical ... develop in-demand companion diagnostic tests. ... --> Complete report on global ...
(Date:11/25/2015)... -- 2 nouvelles études permettent d , ... entre les souches bactériennes retrouvées dans la plaque ... . Ces recherches  ouvrent une nouvelle voie ... efficace de l,un des problèmes de santé les ...    --> 2 nouvelles études permettent d ...
(Date:11/25/2015)... ... November 25, 2015 , ... A ... Black Aerospace Professionals (OPBAP) has been formalized with the signing of a Memorandum ... met with OPBAP leaders Capt. Karl Minter and Capt. Albert Glenn Tuesday, November ...
(Date:11/24/2015)... ... ... The United States Golf Association (USGA) today announced Dr. Bruce Clarke, of ... since 1961, the USGA Green Section Award recognizes an individual’s distinguished service to the ... of Iselin, N.J., is an extension specialist of turfgrass pathology in the department of ...
Breaking Biology Technology:
(Date:11/12/2015)... 2015   Growing need for low-cost, easy ... been paving the way for use of biochemical ... analytes in clinical, agricultural, environmental, food and defense ... in medical applications, however, their adoption is increasing ... continuous emphasis on improving product quality and growing ...
(Date:11/10/2015)... , Nov. 10, 2015 ... biometrics that helps to identify and verify the ... is considered as the secure and accurate method ... of a particular individual because each individual,s signature ... results especially when dynamic signature of an individual ...
(Date:11/4/2015)... , November 4, 2015 ... market report published by Transparency Market Research "Home Security Solutions ... and Forecast 2015 - 2022", the global home security solutions ... bn by 2022. The market is estimated to expand ... from 2015 to 2022. Rising security needs among customers ...
Breaking Biology News(10 mins):