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Verenium Reports Financial Results for the First Quarter Ended March 31, 2011
Date:5/12/2011

SAN DIEGO, May 12, 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 first quarter ended March 31, 2011.

"I am pleased with the operational and financial progress made in the first quarter," said James E. Levine, President and Chief Executive Officer at Verenium. "Product revenues from our Grain and Oilseed Processing product lines continue to grow and our next-generation pipeline products have generated strong interest from potential partners. The trends towards higher commodity prices and increased demand for food and transportation fuels will continue to drive growth for products like ours, which provide the operating efficiencies customers value."

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

  • Grew first quarter 2011 revenues from the Company's animal health and nutrition enzymes over the same period in 2010.

  • Grain Processing

  • Grew first quarter 2011 revenues from the Company's grain processing enzymes, including Fuelzyme® alpha-amylase, Deltazym® GA L-E5 glucoamylase, Veretase® alpha-amylase and Xylathin xylanase, by 26% over the same period in 2010; and
  • Grain processing has grown to represent 30% of 2011 product revenues.

  • Oilseed Processing

  • Achieved significant Purifine® phospholipase C (PLC) revenue growth over 2010 resulting from deployments by Molinos Rio de la Plata and Terminal 6, the
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