Navigation Links
Verenium Announces Debt Repurchase
Date:3/11/2011

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 www.verenium.com.

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

617-674-5335

kelly.lindenboom@verenium.com

Sarah Carmody

Manager, Corporate Communications

617-674-5357

sarah.carmody@verenium.com
'/>"/>

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:
*Name:
*Comment:
*Email:
(Date:8/16/2017)... ... August 16, 2017 , ... Today, ... announced it has secured $2M in funding from an impressive group of investors, ... and SVG Thrive Fund. With this investment, 3Bar is broadening availability of its ...
(Date:8/15/2017)... After spending the past two years building a state-of-the-art ... GeneFo now offers this platform to healthcare stakeholders (hospitals, foundations, biopharma ... and data collection vis a vis their members, under their own ... of this offer. ... ...
(Date:8/15/2017)... ... 2017 , ... Any expert in stem cell research or stem cell medicine ... half a century. Despite their essential roles in human health and regenerative medicine, ... tags developed for this purpose also tag other, more abundant, non-stem tissue cells ( ...
(Date:8/15/2017)... PA (PRWEB) , ... August 15, 2017 , ... ... and encrypted shopping cart. Now mobile responsive, the new website makes it easy ... or anywhere in between. Users can now find detailed product information, educational industry ...
Breaking Biology Technology:
(Date:5/16/2017)... , May 16, 2017  Veratad Technologies, LLC ... of online age and identity verification solutions, announced today ... Identity Conference 2017, May 15 thru May 17, 2017, ... Building and International Trade Center. Identity ... globe and in today,s quickly evolving digital world, defining ...
(Date:4/19/2017)... 19, 2017 The global military ... is marked by the presence of several large global ... by five major players - 3M Cogent, NEC Corporation, ... for nearly 61% of the global military biometric market ... the global military biometrics market boast global presence, which ...
(Date:4/13/2017)... According to a new market research report "Consumer ... Administration, and Authorization), Service, Authentication Type, Deployment Mode, Vertical, and Region - ... to grow from USD 14.30 Billion in 2017 to USD 31.75 Billion ... ... MarketsandMarkets Logo ...
Breaking Biology News(10 mins):