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

Published: Aug 07, 2012

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.

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