Verenium Announces Agreement With Tate & Lyle for Use of Enzyme Technology in the Development of Novel Food Ingredients -- Unique enzyme characteristics enable specialty product development --
SAN DIEGO, Jan. 30, 2012 /PRNewswire/ -- Verenium Corporation (Nasdaq: VRNM), a leading industrial biotechnology company focused on the development and commercialization of high-performance enzymes, today announced an agreement with Tate & Lyle for the use of one of its proprietary enzyme products in the development of novel food ingredients.
"We are pleased that our unique enzymes provide the characteristics required to develop new, novel products and that our advanced enzyme technology is enabling Tate & Lyle to accelerate work on an innovative food ingredients program," said James Levine, President and Chief Executive Officer at Verenium. "This collaboration is further testament to the power and potential of our technology platform and products, and the value they can represent to leading companies."
Under the terms of the agreement, Tate & Lyle receives a technology license with exclusivity assurances in the field of development. Verenium receives $1.5 million in near term milestone payments, revenues from enzyme product sales, and a royalty on Tate & Lyle's future sales.
"We are very enthusiastic about our collaboration with Verenium and look forward to future success as we move toward the commercialization of new, novel food ingredients," said Mike Golembieski, Senior Vice President, Business Development at Tate & Lyle.
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.
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.
SOURCE Verenium Corporation