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Verenium Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2011
Date:8/9/2011

SAN DIEGO, Aug. 9, 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 second quarter and six months ended June 30, 2011.

"I am very pleased with the progress we've made in terms of product revenues and partnership negotiations in the first half of the year," said James E. Levine, President and Chief Executive Officer at Verenium. "In the second quarter we saw significant growth and diversification of product revenues through our Grain and Oilseed Processing products.  In addition, we entered into an important collaboration with Novus International Inc. to develop multiple products for the animal health and nutrition market, demonstrating the value of Verenium's product development capabilities in the large and growing global industrial enzymes market."

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

  • Announced a 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, including Fuelzyme® alpha-amylase, Deltazym® GA L-E5 glucoamylase, Veretase® alpha-amylase and Xylathin™ xylanase, by 35% over the same period in 2010; and
  • Grain processing has grown to represent 31% of 2011 year-to-date product revenues from 25% during the same period in 2010.

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    SOURCE Verenium Corporation
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