CAMBRIDGE, Mass., Jan. 6, 2011 /PRNewswire/ -- Verenium Corporation (Nasdaq: VRNM), a pioneer in the development and commercialization of high-performance industrial enzyme solutions, today announced that the lawsuit filed by Capital Ventures International (CVI) against Verenium has been dismissed. Verenium's motion for summary judgment to dismiss CVI's complaint was granted by the United States District Court for the Southern District of New York. CVI's complaint related to a dispute over the terms of Verenium's 8% Senior Convertible Notes (the "Notes"), including the applicable conversion rate under the Notes, is more fully described in Verenium's annual report on Form 10-K for the fiscal year ended December 31, 2009 and subsequently filed quarterly reports on Form 10-Q.
"We are very pleased with this outcome, which confirms we acted in the best interests of the Company and our shareholders in defending our position in this case," said Carlos A. Riva, Chief Executive Officer of Verenium. "We continue to look forward to a successful and productive 2011."
About VereniumVerenium Corporation is a pioneer in the development and commercialization of high-performance enzymes for use in industrial processes. Verenium currently sells enzymes developed using its R&D capabilities to industrial customers globally for use in markets including grain and oilseed processing, biofuels, animal health and nutrition and other specialty industrial processes. Verenium has built a world-class R&D organization renowned for its capabilities in the rapid screening, identification, evolution and bioengineering of novel enzymes that act as catalysts for biochemical reactions. The company harnesses the power of nature and uses unique, patented technology to create products that transform industries by maximizing efficiency while improving environmental
|SOURCE Verenium Corporation|
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