Cambridge, Massachusetts
January 8, 2008
Validation of Verenium's core
enzyme evolution technologies
Verenium Corporation
(Nasdaq: VRNM - News), a pioneer in the development of
next-generation cellulosic ethanol and high-performance
specialty enzymes, announced today that it has achieved an
important technical milestone associated with a research program
with Syngenta AG. As a
result of this achievement, Verenium will receive a $500,000
payment from Syngenta.
A core component of this research effort utilized Verenium's
DirectEvolution(TM) technology to engineer the properties of a
key enzyme in the biosynthesis of starch.
"This milestone marks an important validation of Verenium's
evolution technologies in the advancement of high-value crop
traits," said Carlos A. Riva, President and Chief Executive
Officer at Verenium.
"This progress in the biosynthesis of starch brings the enormous
potential of biofuels another step closer," says Ray Riley, head
of research and product development in corn and soybeans for
Syngenta. "Traits specifically designed to increase productivity
of biofuels linked with Syngenta elite genetics and input traits
that protect the crop's yield potential are intended to bring
increased productivity for growers and cost-effective
sustainable production for biofuels manufacturers."
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 health and nutrition
markets. The Company possesses integrated, end-to-end
capabilities in pre-treatment, novel enzyme development,
fermentation, engineering, and project development and is moving
rapidly to commercialize its proprietary technology for the
production of ethanol from a wide array of feedstocks, including
sugarcane bagasse, 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.
Verenium operates one of the nation's first cellulosic ethanol
pilot plants, an R&D facility, in Jennings, Louisiana and
expects to achieve mechanical completion of a 1.4 million
gallon-per-year, demonstration-scale facility to produce
cellulosic ethanol by the end of the first quarter of 2008. In
addition, the Company's process technology has been licensed by
Tokyo-based Marubeni Corp. and Tsukishima Kikai Co., Ltd. and
has been incorporated into BioEthanol Japan's 1.4 million
liter-per-year cellulosic ethanol plant in Osaka, Japan -- the
world's first commercial-scale plant to produce cellulosic
ethanol from wood construction waste.
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