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 1st, 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 31st 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.
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