BioSpace.com

Biotech and Pharmaceutical
News & Jobs
Search the Site
 
   
Biotechnology and Pharmaceutical Channel Medical Device and Diagnostics Channel Clinical Research Channel BioSpace Collaborative    Job Seekers:  Register | Login          Employers:  Register | Login  

NEWSLETTERS
Free Newsletters
Archive
My Subscriptions

NEWS
News by Subject
News by Disease
News by Date
PLoS
Search News
Post Your News
JoVE

CAREER NETWORK
Job Seeker Login
Most Recent Jobs
Browse Biotech Jobs
Search Jobs
Post Resume
Career Fairs
Career Resources
For Employers

HOTBEDS
Regional News
US & Canada
  Biotech Bay
  Biotech Beach
  Genetown
  Pharm Country
  BioCapital
  BioMidwest
  Bio NC
  BioForest
  Southern Pharm
  BioCanada East
  US Device
Europe
Asia

DIVERSITY

INVESTOR
Market Summary
News
IPOs

PROFILES
Company Profiles

START UPS
Companies
Events

INTELLIGENCE
Research Store

INDUSTRY EVENTS
Biotech Events
Post an Event
RESOURCES
Real Estate
Business Opportunities

 News | News By Subject | News by Disease News By Date | Search News
eNewsletter Signup
Miles
Km80.5

   

Verenium Corporation (VRNM) Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2012


8/7/2012 11:49:12 AM

SAN DIEGO, Aug. 6, 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 second quarter and six months ended June 30, 2012.

"The first half of the year proved to be an important turning point for Verenium," said James Levine, President & Chief Executive Officer at Verenium. "With the recent move into our new facility completed and our debt repaid, we are focused on growing our business through the sales of our current marketed products, developing our product pipeline, and establishing future collaborations and partnerships."

Company Highlights

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

  • Completed a strategic transaction with DSM Food Specialties, B.V. ("DSM"), including the sale of the Company's oilseed processing business, for total consideration of $37 million;
  • Repurchased $34.9 million in convertible notes outstanding, retiring all of the Company's remaining debt;
  • Announced that the Company's next-generation enzyme breaker was authorized for use in hydraulic fracturing by the Environmental Protection Agency (EPA);
  • Completed moving into the Company's new office and state-of-the-art laboratory and pilot plant facility in San Diego, California; and
  • Ended the second quarter with unrestricted cash of $14.4 million and $5.7 million in restricted cash.

Financial Results

In the commentary below, the operating results of the Company's oilseed processing business, sold to DSM in March 2012, for prior periods are included in continuing operations.



Read at BioSpace.com

   

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES