Verenium Corporation Q2 2010 Earnings Call Transcript
In return, Verenium will receive a $98.3 million payment from BP. An additional $10.7 million currently in restricted cash will be released to Verenium upon BP’s assumption of the lease for our San Diego facility. After the close of the transaction, Verenium will retain our core commercial enzyme business, which will include approximately 80 of our 270 current Verenium employees who we believe make up the right team to support our business plan moving forward.
Select key hires have been identified to round out the team and we anticipate recruiting for those roles through 2011. We will also retain the supporting technology required to further develop our business, including enzymes for lignocellulosic biofuels as well as the potential to access certain biofuels applications developed by BP using the technology acquired from Verenium. And lastly, we will retain the option to remain in our San Diego facility over the next 24 months while we transition to new fit-for-purpose facility.
We believe firmly that the sale of capital intensive cellulosic biofuels business is the best path forward for Verenium and its stakeholders. This transaction provides us the financial flexibility to focus on what we do best, delivering high performance industrial enzymes to lucrative and growing markets.
In addition, Verenium will retain ownership of or royalty-free access to all the intellectual property we currently use in our commercial enzyme business. Finally, we may retain the option to license cellulosic technology now being developed by BP that the company may utilize in the future for its own advanced biofuels program.Read the rest of this transcript for free on seekingalpha.com
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 + 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