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

duct and contract manufacturing revenues and restructuring charges, total operating expenses related to continuing operations for the year ended December 31, 2012 increased to $34.6 million (including share-based compensation of $1.0 million) from $30 million (including share-based compensation of $0.8 million) in the prior year.  For the year ended December 31, 2011, total operating expenses includes reimbursement of $1.1 million of legal fees during the first quarter of 2011 associated with the settlement of a noteholder lawsuit, which was recorded as an offset to operating expenses. Excluding this reimbursement, total operating expenses increased $3.5 million primarily due to increased research and development costs reflecting continued investment in pipeline products, additional depreciation and facility related costs associated with the Company's new headquarters beginning in June 2012 and transaction costs associated with various financing and strategic alternatives the Company was pursuing during the first quarter of 2012.

Gain on Sale of Oilseed Processing Business

On March 23, 2012, the Company entered into an asset purchase agreement with DSM for the purchase of the Company's oilseed processing business and concurrently entered into a license agreement, a supply agreement and a transition services agreement with DSM.  The aggregate consideration received by the Company was $37 million. The $31.3 million gain on sale for the year ended December 31, 2012 was calculated as the difference between the allocated consideration amount for the oilseed processing business, and the net carrying amount of the purchased assets and liabilities, net of transaction-related costs.

Income (Loss) from Operations

Income from operations for the year ended December 31, 2012 was $21.7 million compared to loss from operations of $6.2 million for the prior year, on a GAAP accounting basis.  Adjusted for the impact of restruc
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