CAMBRIDGE, Mass, April 13, 2009 – Verenium Corporation (NASDAQ: VRNM), a pioneer in the development of high-performance specialty enzymes and next-generation cellulosic ethanol, today announced the introduction of Veretase, a unique enzyme for the liquefaction of starch-based mashes and slurries specifically for use in food and beverage applications. This high performance enzyme improves saccharification and fermentation efficiency and consistency. Effective over a wide temperature and pH range, Veretase allows sweetener and beverage alcohol producers greater operational flexibility providing mash viscosity reduction at a much lower dose over competitive products.
“Verenium is pleased to introduce this unique enzyme specifically designed to improve the economics and efficiency in the sweetener and beverage alcohol production market,” said Janet Roemer, Verenium’s Executive Vice President, Specialty Enzymes Business. “Veretase will offer customers greater operational flexibility in the plant reducing processing costs considerably.”
Verenium estimates the addressable global market for Veretase for sweeteners and beverage alcohol production to be in excess of $80 million annually.
Verenium began marketing and selling Veretase directly to sweetener and beverage alcohol producers in the first quarter of 2009 and manufactures the enzyme under its agreement with Fermic S.A. de C.V.
About Veretase a-amylase
Veretase a-amylase is a high performance enzyme designed to significantly improve the efficiency and economics of sweetener and beverage alcohol production. With a unique mode of action this enzyme breaks down starch into a more uniform blend of lower molecular weight oligosaccharides, improving saccharification and fermentation efficiency and consistency. Veretase has been shown to be effective over an exceptionally wide temperature and pH range providing sweetener and beverage alcohol producers greater operational flexibility and reduced processing costs. Veretase also provides exceptional mash viscosity reduction at a much lower dose over competitive products.
About Verenium
Verenium Corporation is a leader in the development and commercialization of cellulosic ethanol, an environmentally-friendly and renewable transportation fuel, as well as high-performance specialty enzymes for applications within the biofuels, industrial, and animal health markets. The Company possesses integrated, end-to-end capabilities and cutting-edge technology in pre-treatment, novel enzyme development, fermentation and project development for next-generation biofuels. Through a joint venture with BP, the Company is moving rapidly to commercialize its proprietary technology for the production of ethanol from a wide array of non-food feedstocks, including dedicated energy crops, agricultural waste, and wood products. In addition to the vast potential for biofuels, a multitude of large-scale industrial opportunities exist for the Company for products derived from the production of low-cost, biomass-derived sugars.
Verenium’s Specialty Enzyme business harnesses the power of enzymes to create a broad range of specialty products to meet high-value commercial needs. Verenium’s world class R&D organization is renowned for its capabilities in the rapid screening, identification, and expression of enzymes-proteins that act as the catalysts of biochemical reactions. For more information on Verenium, visit http://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 statements related to the Company’s operations, capabilities, commercialization activities, target markets and cellulosic ethanol facilities, 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 new and uncertain technologies, risks associated with the costs, labor requirements and labor availability associated with Verenium’s demonstration plant, risks associated with Verenium’s ability to obtain additional capital to support its planned operations, risks associated with Verenium’s dependence on patents and proprietary rights, risks associated with Verenium’s protection and enforcement of its patents and proprietary rights, technological, regulatory, competitive and other risks related to development, production, and commercialization of cellulosic ethanol and other biofuels and the commercial prospects of those industries, Verenium’s dependence on existing collaboration, manufacturing, and/or license agreements, and its ability to achieve milestones under existing and future collaboration agreements, the ability of Verenium and its partners to commercialize products (including by obtaining any required regulatory approvals) using Verenium’s technologies and timing for launching any commercialized products, 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, changes in the U.S. or global energy markets and laws and regulations applicable to them, and risks and other uncertainties more fully described in the Company’s filings with the Securities and Exchange Commission, including, but not limited to, the Company’s annual report on Form 10-K for the year ended December 31, 2008. These forward-looking statements speak only as of the date hereof. The Company expressly disclaims any intent or obligation to update these forward-looking statements.
