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Verenium Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2011
Date:11/10/2011

SAN DIEGO, Nov. 10, 2011 /PRNewswire/ -- Verenium Corporation (Nasdaq: VRNM), a leading industrial biotechnology company focused on the development and commercialization of high-performance enzymes, today reported a summary of recent Company highlights and financial results for the third quarter and nine months ended September 30, 2011.

"We have made strong financial and operational progress in the first nine months of this year," said James E. Levine, President and Chief Executive Officer at Verenium. "In the third quarter of 2010 we shifted our business strategy toward growing a leading, commercial industrial enzymes business.  The continued increase in product revenue and record product gross profit we saw in the third quarter of 2011 are important indicators that we've had a solid year of progress against our new strategy and are well on our way to building a successful industrial biotechnology company."  

Company HighlightsSince the beginning of 2011, Verenium has made significant progress on both operational and financial fronts.  Recent accomplishments include:

Operational/Industry Performance:

Animal Health and Nutrition

  • Revenue in this product line is flat year-to-date, with improved performance in the third quarter from stronger sales by our marketing partner, Danisco, now part of E. I. du Pont de Nemours and Company; and
  • Announced and continued to progress the strategic collaboration with Novus International Inc. to jointly develop and commercialize a suite of new animal health and nutrition enzyme products from Verenium's late-stage product pipeline.

  • Grain Processing

  • Grew 2011 year-to-date revenues from the Company's grain processing enzymes by 29% over the same period in 2010; and
  • Grew grain processing revenue to represent 29% of 2011 year-to-date produc
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