CAMBRIDGE, Mass., Oct. 26 /PRNewswire/ -- Verenium Corporation (Nasdaq: VRNM), a pioneer in the development and commercialization of high-performance enzyme solutions, today announced that it has renewed and extended its joint marketing agreement with Alfa Laval, a leading global provider of heat transfer, separation and fluid handling technologies, for Purifine® PLC. In 2009 Verenium and Alfa Laval signed an agreement to jointly market enzymatic degumming of vegetable oils using Verenium's Purifine® PLC enzyme and Alfa Laval's engineering services and equipment.
"Our collaboration with Alfa Laval has been successful on a number of levels," said Janet Roemer, Verenium's President and Chief Operating Officer. "In addition to expanding Purifine® PLC's global market penetration, through working with Alfa Laval, we've also been able to enhance support of the Purifine® PLC enzymatic degumming process. We look forward to building upon this successful collaboration as we work to secure continued growth for both businesses in the important global vegetable oil market."
Under the terms of the extended agreement, Verenium has granted Alfa Laval a non-exclusive license to jointly market, implement and support the Purifine® PLC process with their process engineering equipment and services to customers processing vegetable oils for edible or biodiesel purposes. As part of this five year agreement, Alfa Laval will market Purifine® PLC to edible oils processing customers in agreed to territories. In addition, Alfa Laval will continue its efforts on further developing the process for Purifine® PLC enzymatic degumming.
"Alfa Laval is pleased to be able to extend our partnership with Verenium which will allow us to continue to offer Purifine® PLC's novel enzyme technology to the vegetable oil processing industry," said Bent Sarup, General Manager for Alfa Laval's Vegetable Oil Technology Business. "Under the agreement we expect to further enhance the value created for our customers through continuous process improvements of this technology."
About Purifine® PLC
Verenium's Purifine® PLC is a novel phospholipase C enzyme that is the key component of an improved degumming process for the refining of soybean oil and other high phosphorus vegetable oils. Purifine® PLC's enzymatic degumming process can significantly increase yields in edible oil production and can result in additional cost savings in refining the Purifine-degummed oil. Use of this enzymatic degumming product may also enhance yields of biodiesel from crude oil.
Verenium Corporation is a pioneer in the development and commercialization of high-performance enzymes for use in industrial processes. Verenium currently sells enzymes developed using its R&D capabilities to industrial customers globally for use in markets including grain and oilseed processing, biofuels, animal health and nutrition and other specialty industrial processes. Verenium has built a world-class R&D organization renowned for its capabilities in the rapid screening, identification, evolution and bioengineering of novel enzymes that act as catalysts for biochemical reactions. The company harnesses the power of nature and uses its unique, patented technology to create products that transform industries by maximizing efficiency while improving environmental performance. For more information on Verenium, visit http://www.verenium.com.
About Alfa Laval
Alfa Laval is a leading global provider of specialized products and engineering solutions based on its key technologies of heat transfer, separation and fluid handling. The company's equipment, systems and services are dedicated to assisting customers in optimizing the performance of their processes. The solutions help them to heat, cool, separate and transport products in industries that produce food and beverages, chemicals and petrochemicals, pharmaceuticals, starch, sugar and ethanol.
Alfa Laval's products are also used in power plants, aboard ships, in the mechanical engineering industry, in the mining industry and for wastewater treatment, as well as for comfort climate and refrigeration applications. Alfa Laval's worldwide organization works closely with customers in nearly 100 countries to help them stay ahead in the global arena. For further information on Alfa Laval, visit http://www.alfalaval.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, risks associated with Verenium's technologies, risks associated with Verenium's ability to obtain additional capital to support its planned operations and financial obligations, 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, the commercial prospects of the industries in which Verenium operates and sells products, Verenium's dependence on 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 its technologies and products (including by obtaining any required regulatory approvals) using Verenium's technologies and 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, 2009 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