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Verenium Reports Financial Results For The Second Quarter And Six Months Ended June 30, 2012
Date:8/6/2012

as a result of the supply agreement entered into in conjunction with the DSM sale, under which to the Company produces and sells Purifine and Veretase to DSM at lower sales prices than when the Company sold directly to end customers.

Total collaborative revenue for the six months ended June 30, 2012 increased to $6.5 million from $1.0 million for the same period in the prior year, primarily due to recognition of the $2.9 million license fee revenue from Novus International, Inc., and $1.5 million in license fees associated with the DSM transaction.  The Company also generated $0.5 million in revenue from a one-time up-front payment associated with the development of a commercial product under an agreement with Tate & Lyle.

Product and Contract Manufacturing Gross Profit and Gross Margin

Product and contract manufacturing gross profit for the six months ended June 30, 2012 decreased 8% to $9.2 million from $10.0 million for the same period in the prior year. Gross margin decreased to 35% of total product and contract manufacturing revenue for the six months ended June 30, 2012, compared to 36% for the six months ended June 30, 2011.  Gross margin decreased primarily due to the Company's supply agreement with DSM, under which the Company sells Purifine and Veretase enzymes at a lower margin.

Operating Expenses (excluding cost of product and contract manufacturing revenue and restructuring expense)

Excluding cost of product and contract manufacturing revenues and restructuring charges, total operating expenses related to continuing operations for the six months ended June 30, 2012 increased to $17.4 million (including share-based compensation of $0.4 million) from $14.1 million (including share-based compensation of $0.3 million) for the same period in the prior year.  This increase is primarily due to reimbursement of $1.1 million of legal fees during the first quarter of 2011 associated with the set
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SOURCE Verenium Corporation
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