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Verenium Reports Financial Results for the Third Quarter 2010

tates and China;
  • Renewed and extended the Company's successful joint marketing agreement with Alfa Laval for Purifine® PLC for five years; and
  • Licensed a new lipase enzyme for use in the production of edible oil products to Bunge Oils, Inc.

  • Manufacturing

  • Hired Kevin Bracken as Vice President of Manufacturing to lead the optimization and expansion of manufacturing capabilities; and
  • Acquired control of additional fermentation capacity at Fermic, the Company's contract manufacturing facility in Mexico City.

  • Corporate/Financial:

  • Completed the sale of the Company's cellulosic biofuels business to BP, including facilities in Jennings, LA and San Diego, CA for net cash proceeds of $95.4 million;
  • Repurchased $21 million in principal amount of 8% and 5.5% Notes, eliminating all outstanding 8% Notes;
  • Appointed Alexander Fitzpatrick as Senior Vice President and General Counsel, further building out the senior management team;
  • Ended the quarter with unrestricted cash and cash equivalents totaling $89 million;
  • Increased total product revenue by 11% and 16% for the three and nine months ended September 30, 2010 respectively, when compared to the same periods in 2009;
  • Improved revenue mix from increasing sales of Company's newer enzymes including Fuelzyme, Xylathin, Veretase and Purifine; and
  • Increased product gross margin dollars by 17% and 20% for the three and nine months ended September 30, 2010 as compared to the same periods in 2009.

  • "The third quarter was an important quarter for Verenium in terms of demonstrating the growth potential of our enzyme products in all our industry areas," said James E. Levine, Executive Vice President and Chief Financial Officer.  "With the close of the BP transaction, we now have the financial flexibility to invest in the company and grow our enzymes business."

    Financial ResultsIn the commenta

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