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Verenium Reports Financial Results for the First Quarter 2008
Date:5/5/2008

Specialty enzyme business delivers record growth; biofuels business advancing toward commercialization of next-generation cellulosic ethanol

CAMBRIDGE, Mass., May 5 /PRNewswire-FirstCall/ -- Verenium Corporation (Nasdaq: VRNM), a pioneer in the development of next-generation cellulosic ethanol and high-performance specialty enzymes, today reported financial results for the first quarter of 2008 and provided updated 2008 financial guidance.

"I am encouraged by the overall results and achievements of the first quarter," said Carlos A. Riva, President and Chief Executive Officer of Verenium. "As planned, our demonstration-scale cellulosic ethanol facility -- the first of its kind in the nation -- entered the start-up phase and is proceeding on schedule despite significant cost escalation and labor shortages being experienced across the energy sector. At the same time, we achieved record quarterly product revenues and maintained healthy gross margins in our specialty enzyme business through our continued focus on achieving strong commercial results," Riva continued. "We will now build on these solid gains with a focus on prudently accelerating the development of both our business units."

Financial Results

Selected Financial Information

(unaudited, in thousands)

Three Months Ended

March 31,

2008 2007

Revenues:

Product:

Phyzyme(R) phytase $7,402 $3,778

All other products 3,799
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SOURCE Verenium Corporation
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