Verenium Corporation Q1 2010 Earnings Call Transcript
Such statements are only predictions, and actual events or results may differ materially from these projected in such forward-looking statements. Factors that could cause or contribute to differences include, but are not limited to, risks related to our IP partners, competitors; and, regulatory and market forces. Certain of these factors and others are more fully described in our filings with the SEC, including, but not limited to our report on Form 10-Q for the quarter-ended March 31st, 2010.
I will now turn the call over to Carlos.
Thanks, Kelly. Good afternoon, everyone, and thank you for joining us on today's call. The first quarter has proven to be another productive quarter. And overall, we’ve had a strong start to the year in both our Biofuels and Specialty Enzymes business units.Let me begin by discussing some of the more recent highlights from our Biofuels business. As we announced on April 1 st, we extended our Galaxy joint development agreement with our partner, BP, rather than allowing the agreement to expire or continue to further extend on a month-to-month basis, we and BP collectively decided to extend the original terms of the agreement for an additional four months or until July 31 st 2010. During this period, or until another agreement is negotiated, BP and Verenium continue with ongoing joint development work to accelerate the development and commercialization of our cellulosic ethanol process. As part of this agreement, Verenium will continue to receive $2.5 million per month from BP to co-fund activities at our San Diego Research Labs at our demonstration scale facility. In addition, we entered into a related agreement with BP to which BP will provide a loan to Galaxy Biofuels, the special purpose entity that are jointly owned by Verenium and BP for the cost of certain activities to be agreed upon and conducted by Verenium at our demonstration plant.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV