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

turing expenses and the gain on sale to DSM of $31.3 million, the Company's non-GAAP pro-forma loss from operations was $9.6 million for the year ended December 31, 2012 compared to $3.2 million for the prior year.  The Company believes that excluding the impact of these items provides a more consistent measure of operating results.

Net Income (Loss) from Continuing Operations

Net income from continuing operations for the year ended December 31, 2012 was $18.3 million compared to $5.6 million for the prior year, on a GAAP accounting basis. Adjusted for the impact of restructuring expenses, non-cash items related to the change in fair value of derivative assets and liabilities and gain on the sale to DSM, the Company's non-GAAP pro-forma net loss from continuing operations for the year ended December 31, 2012 increased to $12.2 million compared to $6.3 million for the prior year primarily due to a decrease in product and contract manufacturing gross profit and continued research and development investment in pipeline products. The Company believes that excluding the impact of these items provides a more consistent measure of operating results. 

Balance Sheet

The Company ended the quarter with $34.9 million in cash and cash equivalents and $2.5 million in total restricted cash.  On December 7, 2012 the Company entered into a $22.5 million secured debt financing with Athyrium Opportunities Fund ("Athyrium"). Net proceeds after estimated expenses were approximately $21.3 million. The debt bears interest at 11.5% per annum, with interest payments due quarterly over a five-year term and the principal balance due as a lump-sum payment at maturity in December 2017.

"We had a strong fourth quarter, and overall, we are pleased with our financial results for 2012," said Jeff Black, Chief Financial Officer at Verenium. "Importantly, we secured the necessary financing that should enable us to execute on
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