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Verenium Corporation's CEO Discusses Q1 2012 Results - Earnings Call Transcript

The company’s actual results may differ materially from those projected in such forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to, those discussed in our filings with the SEC, including, but not limited to, our report on Form 10-K for the year ended December 31st, 2011, and in our subsequently filed quarterly reports on form 10-Q. These forward-looking statements speak only as of the date hereof.

And I will now turn the call over to Jamie.

James Levine

Thanks Jeff. And good afternoon everyone, and thanks for joining us. I’d like to start with a few comments regarding the recent transaction with DSM. As you know, in March we announced that DSM has acquired certain commercial and pipeline products for a total consideration of $37 million. And I’d like to add two observations to the comments that we made at the time of the announcement.

First, you’ve heard us talk in the past about how our technology can create the highest-performing enzymes. Our sale of Purifine shows a global player like DSM clearly agreed with the substance of our claim. However, for our current portfolio, the same performance advantage is also true. Fuelzyme, our high-performance product for corn bioethanol, has a fundamentally different mode of action compared to competitors’ enzymes, and Janet will describe how this has allowed us to grow our sales of Fuelzyme in a very challenging period for corn bioethanol.

The second observation I’d make about the DSM deal is that a number of global companies we’ve met with in the past several weeks have emphasized that they’ve had a longstanding interest in accessing Verenium’s technology, but also a concern about the impact of the convertible notes on our financial health. With the debt now behind us, we’re finding that opportunities for partnering have expanded.

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