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Verenium Reports Financial Results For The Fourth Quarter And Year Ended December 31, 2012
Date:3/27/2013

SAN DIEGO, Calif., March 27, 2013 /PRNewswire/ -- Verenium Corporation (Nasdaq: VRNM), a leading industrial biotechnology company focused on the development and commercialization of high-performance enzymes, today reported operating highlights and financial results for the fourth quarter and year ended December 31, 2012.

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Company HighlightsSince the beginning of 2012, the Company has made important progress on both operational and financial fronts.  Recent accomplishments include:

  • Selected lead enzyme candidates for the development of a next-generation phytase enzyme and a suite of non-starch polysaccharide enzymes for animal health and nutrition with partner Novus International Inc.;
  • Announced the commercial launch of Pyrolase® HT, a next-generation cellulase enzyme for use in hydraulic fracturing;
  • Completed the start-up of the Company's new bioprocess development pilot plant facility;
  • Announced a $22.5 million, five-year secured financing with Athyrium Opportunities Fund providing the capital required to grow the business; and
  • Ended the year with unrestricted cash of $34.9 million.
  • "2012 was a productive year for us as we continued to make progress operationally while at the same time creating a more solid financial structure from which to grow the business and create shareholder value," said James Levine, President & Chief Executive Officer at Verenium. "I look forward to the many opportunities that lie ahead in 2013, including the growth of our existing commercial products, the execution of new product launches from our Product Pipeline, and the potential for new partnerships that will allow us to drive the long term growth and success of our busine
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