SAN DIEGO, Feb. 4, 2013 /PRNewswire/ -- Verenium Corporation (Nasdaq: VRNM), a leading industrial biotechnology company focused on the development and commercialization of high-performance enzymes, today announced the commercial launch of Pyrolase® HT cellulase, a next-generation cellulase enzyme for use as a biocatalyst to break down the guar-based gel used in hydraulic fracturing.
Pyrolase® HT is a highly thermo-stable enzyme developed by Verenium scientists using proprietary DirectEvolution® technology to meet more demanding performance requirements and expand the addressable market that can be serviced by its product line.
In July 2012, Verenium announced that the Company had received regulatory authorization from the Environmental Protection Agency (EPA) to market Pyrolase® HT cellulase. In laboratory evaluations conducted by several oilfield service companies, it has demonstrated that it functions well in more extreme temperature ranges and higher pH conditions.
"We are pleased to announce the commercial availability of Pyrolase® HT which expands our product offering to the oilfield services industry," said James Levine, President and Chief Executive Officer. "As we have stated before, Pyrolase® HT provides several important economic, operational and environmental advantages over the traditional chemical breakers currently used, both during the fracturing process and over the remaining operational life of the well."
Verenium estimates the addressable market in the U.S. for guar breakers in hydraulic fracturing is up to $250 million, of which currently marketed enzyme products address approximately 10% or $25 million. The Company believes Pyrolase® HT represents an advancement in performance properties that can expand the share of this market addressable by enzymes beyond the current estimated ten percent.
"This is a market where we see significant opportunity to drive further adoption of enzyme solutions and to further grow and diversify our revenue base," added Levine.
Additional Information about Pyrolase® HT Cellulase
Verenium co-authored a scientific paper based on research conducted with this high-performance enzyme for breaking cross-linked fracturing fluids under extreme downhole conditions. The findings, A Superior High-performance Enzyme for Breaking Borate Cross-linked Fracturing Fluids under Extreme Well Conditions, was presented during the Fluids Optimization Technical Session at the Society of Petroleum Engineers (SPE) Annual Technical Conference in October 2012.
Verenium is scheduled to exhibit at the Society of Petroleum Engineers (SPE) Hydraulic Fracturing Technology Conference (booth #423) February 4 - 6, 2013 at the Woodlands Waterway Marriot Hotel and Convention Center in The Woodlands, Texas. For more information on the SPE Hydraulic Fracturing Technology Conference visit http://www.spe.org/events/hftc/2013.
Verenium, an industrial biotechnology company, is a global leader in developing high-performance enzymes. Verenium's tailored enzymes are environmentally friendly, making products and processes greener and more cost-effective for industries, including the global food and fuel markets. Read more at www.verenium.com.
Statements in this press release that are not strictly historical are "forward-looking" and involve a high degree of risk and uncertainty. These include, but are not limited to, statements related to Verenium's ability to commercialize its products, enhance its manufacturing capabilities, capture near-term and longer-term growth and prospects, and reach profitability. Such statements are only predictions, and actual events or results may differ materially from those projected in such forward-looking statements. Factors that could cause or contribute to the differences include, but are not limited to, risks associated with Verenium's strategic focus, technologies, products and product candidates and product pipeline (including Verenium's ability to identify, develop and commercialize new products and product candidates, either independently or with collaborators or partners, and market demand for those products and product candidates), dependence on patents and proprietary rights, protection and enforcement of its patents and proprietary rights, the commercial prospects of the industries in which Verenium operates and sells products, Verenium's dependence on manufacturing and/or license agreements, its ability to achieve milestones under existing and future collaboration agreements, the ability of Verenium and its partners to commercialize its technologies and products (including by obtaining any required regulatory approvals) using Verenium's technologies, the timing for launching any commercial products and projects, the ability of Verenium and its collaborators to market and sell any products that it or they commercialize, the development or availability of competitive products or technologies, the future ability of Verenium to enter into and/or maintain collaboration and joint venture or partnership agreements and licenses on a timely basis or at all, and risks and other uncertainties more fully described in Verenium's filings with the Securities and Exchange Commission, including, but not limited to, Verenium's annual report on Form 10-K for the year ended December 31, 2011 and any updates contained in its subsequently filed quarterly reports on Form 10-Q. These forward-looking statements speak only as of the date hereof, and Verenium expressly disclaims any intent or obligation to update these forward-looking statements.
SOURCE Verenium Corporation