SAN DIEGO, Jan. 5, 2012 /PRNewswire/ -- Verenium Corporation (Nasdaq: VRNM), a leading industrial biotechnology company focused on the development and commercialization of high-performance enzymes, today announced the introduction of VEREFLOW™ alpha-amylase, a unique enzyme for the removal of filter cake in drilling operations. This high performance enzyme effectively removes filter cake that acts as a barrier to hydrocarbon flow on the face of the wellbore, the hole drilled in the creation of a well. Effective over a wide temperature and pH range and with a safer environmental footprint compared to traditional chemicals often used in the process, VEREFLOW™ alpha-amylase provides the oilfield services industry greater operational flexibility.
"We are pleased to be expanding our offering in the oilfield services market to offer another high-performance enzyme product with a superior environmental profile – a key advantage to operators in this industry," said James Levine, President and Chief Executive Officer at Verenium.
Verenium estimates the addressable global market for VEREFLOW™ alpha-amylase in the United States to be approximately $20 million annually. The Company began marketing and selling VEREFLOW™ alpha-amylase in the first quarter of 2012 and manufactures the enzyme under its agreement with Fermic S.A. de C.V in Mexico City.
About VEREFLOW™ Alpha-Amylase
VEREFLOW™ alpha-amylase is a high performance enzyme designed to break down filter-cake created by water-based mud containing starch and other polymers used in drilling operations. VEREFLOW™ alpha-amylase has been shown to be effective over an exceptionally wide temperature and pH range providing greater operational flexibility without a loss in productivity through the normal variability of downhole conditions during wellbore clean up. VEREFLOW™ alpha-amylase, compared to traditional chemicals used in the key drilling process of reservoir cleanup, is safe for both operators and the environment.
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.