CAMBRIDGE, Mass., Oct. 20 /PRNewswire/ -- Verenium Corporation (Nasdaq: VRNM), a pioneer in the development and commercialization of high-performance enzyme solutions, today announced that Purifine® PLC, the Company's novel enzyme specifically developed for the edible oil industry, has received all necessary Chinese government authorizations for sale as a processing aid in the edible oil industry. With this regulatory approval, Verenium now has the ability to sell Purifine® PLC in all the major oilseed processing areas of the world, which include Argentina, Brazil, the United States and China.
"We are very pleased that Purifine® PLC has met China's strict regulatory requirements for sale in that country's large and rapidly growing edible oils market," said Janet Roemer, Verenium's President and Chief Operating Officer. "Purifine® PLC continues to gain traction with current and potential customers, and now with this important approval, we can look to further expand the market reach of our innovative oilseed degumming process within the estimated $100 billion global edible oil market."
China's consumption of edible oils is growing at a high rate due to a large population and an ongoing shift to better quality food products. As a result, existing crushing capacity is being more fully utilized and additional plants are being built. Through regulation, China's government is driving the industry to adopt best efficiency practices to enhance oil yields. Verenium's Purifine® PLC enzymatic degumming process is well suited to help China meet this growing demand in an efficient and environmentally safe manner.
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.
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