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Verenium Reports Financial Results For The Third Quarter And Nine Months Ended September 30, 2012
Date:11/8/2012

SAN DIEGO, Nov. 8, 2012 /PRNewswire/ -- Verenium Corporation (Nasdaq: VRNM), a leading industrial biotechnology company focused on the development and commercialization of high-performance enzymes, today reported operating highlights and financial results for the third quarter and nine months ended September 30, 2012.

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"During the third quarter we made some important steps forward with our manufacturing investment program; however, the downtime experienced in manufacturing due to these upgrades combined with the continued unfavorable market conditions in corn ethanol, made this a challenging quarter financially," said James Levine, President & Chief Executive Officer at Verenium. "Despite the impact on our margins this period, we remain confident that the enhancements we are making now in our manufacturing platform, as well as our high-performance product portfolio, our current Product Pipeline and our strategy for diversifying our revenue through products for new end markets, will support our growth in the future."

Company HighlightsSince the beginning of 2012, the Company has made progress on both operational and financial fronts.  Recent accomplishments include:

  • Implemented manufacturing improvements that resulted in greater Fuelzyme® alpha-amylase yields and reduced manufacturing costs;
  • Presented a co-authored scientific paper reporting on our findings from research conducted with the Company's next-generation Pyrolase® HT cellulase product for breaking cross-linked fracturing fluids under extreme downhole conditions in hydraulic fracturing;
  • Ended the third quarter with unrestricted cash of $13.9 million and $4.1 million in restricted cash.
  • Financ
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