Navigation Links
Verenium Announces Up to $16 Million in New Secured Financings

SAN DIEGO, Oct. 20, 2011 /PRNewswire/ -- Verenium Corporation (Nasdaq: VRNM), a leading industrial biotechnology company developing and commercializing high-performance enzymes, today announced that it has entered into an agreement with Comerica Bank and the Export-Import Bank of the United States ("Ex-Im Bank") for two 18-month, secured revolving credit facilities totaling up to $13 million.

These new credit facilities will allow the Company to borrow up to $10 million against its eligible foreign receivables, and up to $3 million against its eligible domestic receivables and inventory. Borrowings under the facilities will bear interest at the daily LIBOR plus 6%. The proceeds of these facilities will be used for general working capital purposes.

Separately, the Company has also put in place a facility for up to $3 million in secured equipment financing to help support the planned build-out of its research and bioprocess development laboratories and corporate headquarters in San Diego.

"We are very pleased with the flexibility these new facilities provide the Company, and that we have addressed a portion of our financing needs with non-dilutive sources of capital," said Jeffrey Black, Chief Financial Officer at Verenium. "These credit facilities allow us to utilize existing assets to support the general working capital needs of the Company, and will provide us with available borrowing capacity to support the anticipated growth of our sales. In addition, the structure of these facilities will enable us to leverage certain additional assets, including our intellectual property, for additional secured financing."

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 ability to borrow under its new credit facilities and other financing commitment, its financing needs and the extent to which its new credit facilities and other financing commitment address those needs, its ability to obtain additional financing, its 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 ability to generate adequate receivables and inventory to enable it to access its new credit facilities in desired amounts, ability to maintain compliance with its covenants and other obligations contained in the new credit facilities and other financing commitment, strategic focus, technologies, ability to obtain additional financing to support its planned operations and financial obligations, 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 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. Verenium Announces Debt Repurchase
2. Verenium to Present at Upcoming Conferences
3. Verenium Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2011
4. Verenium Announces Debt Repurchase
5. Verenium Announces Signing of Lease for New Office and Lab Space
6. Verenium and Novus International Inc. Announce Agreement to Develop and Commercialize Animal Nutrition Enzymes
7. Verenium Receives CLARUS Award at MDB Capitals Bright Lights Conference 2011
8. Verenium to Present at Upcoming Conferences
9. Verenium to Speak at the 2011 BIO World Congress on Industrial Biotechnology and Bioprocessing
10. Verenium to Present at MDB Capital Groups Bright Lights Conference
11. Verenium Announces Debt Repurchase
Post Your Comments:
(Date:11/24/2015)... ... November 24, 2015 , ... Copper is an essential micronutrient ... to proteins, copper is also toxic to cells. With a $1.3 million award ... will conduct a systematic study of copper in the bacteria Pseudomonas aeruginosa (P. ...
(Date:11/24/2015)... Inc., a worldwide provider of clinical research services headquartered in ... has set a new quarterly earnings record in Q3 of 2015.  ... Q3 of 2014 to Q3 of 2015.   ... the establishment of an Asia-Pacific office to ... and Mexico , with the establishment ...
(Date:11/24/2015)... ... 2015 , ... The Academy of Model Aeronautics (AMA), led by its Executive ... Multirotor Grand Prix, to represent the First–Person View (FPV) racing community. , FPV racing ... this type of racing and several new model aviation pilots have joined the community ...
(Date:11/24/2015)... AVIV, Israel , Nov. 24, 2015  Tikcro Technologies Ltd. (OTCQB: ... held on December 29, 2015 at 11:00 a.m. Israel ... Co., Electra Tower, 98 Yigal Allon Street, 36 th Floor, ... election of Eric Paneth and Izhak Tamir to ... and Rami Skaliter as external directors; , approval of an amendment ...
Breaking Biology Technology:
(Date:10/29/2015)... , Oct. 29, 2015  The J. Craig ... report titled, "DNA Synthesis and Biosecurity: Lessons Learned and ... Department of Health and Human Services guidance for synthetic ... 2010. --> --> ... also has the potential to pose unique biosecurity threats. ...
(Date:10/29/2015)... Oct. 29, 2015  Rubicon Genomics, Inc., today ... distribution of its DNA library preparation products, including ... new ThruPLEX Plasma-seq kit. ThruPLEX Plasma-seq has been ... of NGS libraries for liquid biopsies--the analysis of ... prognostic applications in cancer and other conditions. Eurofins ...
(Date:10/29/2015)... , October 29, 2015 ... authentication company focused on the growing mobile commerce ... announces that StackCommerce, a leading marketplace to discover ... the Wocket® smart wallet on StackSocial for this ... ("NXT-ID" or the "Company"), a biometric authentication company ...
Breaking Biology News(10 mins):