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Verenium Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2010
Date:3/1/2011

SAN DIEGO, March 1, 2011 /PRNewswire/ -- Verenium Corporation (Nasdaq: VRNM), a pioneer in the development and commercialization of high-performance industrial enzyme solutions, today reported a summary of recent Company highlights and financial results for the fourth quarter and year ended December 31, 2010.

"2010 was a year of significant progress for Verenium. Even as we completed the complex process of refocusing on our core enzymes business, we were able to achieve or exceed our growth targets for the business," said James E. Levine, President and Chief Executive Officer Designate of Verenium. "Based on the solid performance of our commercial products as well as the interest we've had from potential partners for our pipeline products, I am very enthusiastic about the many opportunities ahead. I expect 2011 will be an important year for Verenium in which we will focus on achieving our corporate goals which we believe will continue to position Verenium as a leading industrial enzymes company."

Company HighlightsDuring 2010 Verenium has made significant progress on both the operational and financial fronts.  Most recent accomplishments include:

Operational/Industry Performance:

Animal Health and Nutrition

  • Achieved a 25% increase in full year 2010 gross profit from Phyzyme sales over the same period in 2009 due to strong demand for Phyzyme phytase.

  • Grain Processing

  • Grew full year 2010 revenues from the Company's grain processing enzymes, including Fuelzyme, Deltazym GA L-E5, Veretase and Xylathin, by 38% over the same period in 2009; and
  • Grain processing has grown to represent 27% of 2010 product revenues.

  • Oilseed Processing

  • Increased Purifine® PLC plant count from one in 2009 to four at the end of 2010 and currently have five plants in the process of
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