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Verenium Announces 2010 Business Update and Outlook for 2011
Date:12/14/2010

CAMBRIDGE, Mass., Dec. 14, 2010 /PRNewswire-FirstCall/ -- Verenium Corporation (Nasdaq: VRNM), a pioneer in the development and commercialization of high-performance industrial enzyme solutions, today announced key 2010 accomplishments and 2011 Company goals and financial guidance.

"2010 has been a significant year of transition for Verenium as we moved from being biofuels oriented to being focused on building the next leading industrial enzymes company," said Carlos Riva, Chief Executive Officer at Verenium. "We believe we are now well positioned – both operationally and financially -- to execute on our business plan and to achieve our goals."

Following are key milestones achieved in 2010.

2010 HighlightsOperational:

  • Diversified revenue base by growing the Grain Processing and Oilseed Processing product lines, reducing the proportion of revenue generated by our Animal Health and Nutrition enzyme;
  • Launched Deltazym® Gluco-Amylase for fuel ethanol production, which together with Fuelzyme® Alpha-Amylase, satisfies the complete enzyme needs of corn ethanol producing customers;
  • Launched Xylathin™, a highly active enzyme designed to significantly improve the economics of fuel ethanol production from cereal grains such as wheat;
  • Obtained regulatory approval to sell Purifine® PLC in China, which together with existing approvals to sell the enzyme in Argentina, Brazil and the US, covers all major oilseed processing markets;
  • Molinos Rio de la Plata, the world's largest soybean crushing plant located in Argentina, began use of Verenium's Purifine enzymatic degumming process;
  • Extended a successful marketing partnership with Alfa Laval and entered into a new marketing partnership with Desmet Ballestra, both of which leverage global sales forces to market Purifine PLC enzyme for degumming e
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