SAN DIEGO, Dec. 7, 2011 /PRNewswire/ -- Verenium Corporation (Nasdaq: VRNM), a leading industrial biotechnology company focused on the development and commercialization of high-performance enzymes, today announced that sales of its Purifine® phospholipase C (PLC) enzyme product will now also be targeted for use in pretreatment of oil for biodiesel production. Verenium’s Purifine® PLC product is a groundbreaking enzyme designed to improve yields and overall economics of edible oil and biodiesel production.
“Since the initial launch of our Purifine® PLC enzymatic degumming process, we have seen rapid adoption and success within the edible oil market, and are pleased to now offer an enzymatic degumming solution for the production of biodiesel,” said James Levine, President and Chief Executive Officer at Verenium. “When compared to traditional degumming processes, our Purifine® PLC enzyme enables a high yield of oil while at the same time efficiently removing phospholipid impurities. Purifine® PLC can also be applied to replace chemical or crude refining, making for a much ‘greener’ process.”
Verenium began marketing and selling Purifine® PLC in 2008 for processing of edible oils and estimates the addressable global market for Purifine® PLC in production of edible oils and biodiesel to be approximately $350 million annually. The Company expects its first customer applying the enzyme for biodiesel production, engineered and implemented by Alfa Laval, to be fully operational in the first half of 2012.
About Purifine® PLC
Verenium’s Purifine® PLC is a novel phospholipase C enzyme that offers a way to improve yields and overall economics of edible oil and biodiesel production. Purifine® PLC enables an innovative approach to crude oil processing that significantly improves crude oil degumming, one of the earliest process steps in the refining of high phosphorous vegetable oils. Purifine® PLC can easily be integrated into most existing plant designs without requiring major changes to conventional processing conditions or equipment. Implementation of Purifine® PLC provides for simultaneous removal of phospholipid impurities and increased yield gain benefits when compared to water degumming or other degumming enzyme alternatives.
About Verenium
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.
Forward-Looking Statements
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 lines of business, operations, capabilities, commercialization activities, corporate partnerships, target markets and future financial performance, results and objectives, all of which are prospective. 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, ability to obtain additional capital to support its planned operations and financial obligations, dependence on patents and proprietary rights, and 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 agreements and licenses, 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, 2010 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.
Contacts:
Kelly Lindenboom Vice President, Corporate Communications 858-431-8580 | Sarah Carmody Manager, Corporate Communications |
SOURCE Verenium Corporation
