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Verenium Reports Financial Results for the Third Quarter 2010

CAMBRIDGE, Mass., Nov. 9, 2010 /PRNewswire-FirstCall/ -- Verenium Corporation (Nasdaq: VRNM), a pioneer in the development and commercialization of high-performance industrial enzyme solutions, today reported a summary of recent Company highlights and financial results for the third quarter of 2010.

"I am pleased with the significant progress made across the business over the last quarter; we continue to see solid progress growing and diversifying our product sales and improved performance at the gross margin level," said Carlos A. Riva, President and Chief Executive Officer of Verenium. "Further, we remain committed to using our financial resources to accelerate the development of our current products and our pipeline."

Company HighlightsDuring 2010 Verenium has made significant progress on both the operational and financial fronts.  Most recent accomplishments include:

Operational/Industry Performance:

Animal Health and Nutrition

  • Achieved a 34% increase in 2010 year-to-date profit share from Phyzyme sales over the same period in 2009 due to strong demand for Phyzyme phytase.

  • Grain Processing

  • Launched Deltazym® GA L-E5 for fuel ethanol production, which together with Fuelzyme, allows us to satisfy the complete enzyme requirements of corn ethanol producers; and
  • Grew 2010 year-to-date revenues from the Company's grain processing enzymes, including Fuelzyme, Deltazym, Veretase and Xylathin, by 37% over the same period in 2009; grain processing has grown to represent more than 25% of 2010 year-to-date product revenues.

  • Oilseed Processing

  • Received regulatory approval for sale of Purifine® PLC in China, completing the product's approval for sale in all the major oilseed processing areas of the world, which include Argentina, Brazil, the United S

  • SOURCE Verenium Corporation
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