Verenium revenues up 18%; company exploring sale

March 6, 2012 |

In California, Verenium announced 2011 revenues of $61 million, an increase of 18 percent over 2010, with product gross margin of $21 million. CFO Jeffrey Black said “We continue to pursue a number of alternatives to raise capital to enable us to fund both the April put and our ongoing operations, and we are also exploring options around the potential sale of the Company.”

The company expects 2012 total revenue of between 63 and $68 million and a 2012 operating loss of between $8 and $8 million.

CEO Jamie Levine added, “we are actively evaluating proposals we have received to acquire 100% of the stock of the Company. We remain committed to developing the most favorable outcome for all of our stakeholders. Given these conversations are ongoing, we are unable to provide additional details at this time but look forward to providing continued updates as appropriate.”

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Category: Fuels

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