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

I’ll now turn to the meat of my comments regarding our sources of growth in light of the changes from the DSM transaction. Fundamentally, our future success relies on execution and not new technology development. It therefore follows that there’s a lot of transparency into our growth going forward. Today, we sell eight products under three product lines, and simply put, our growth is coming from these eight products and our product pipeline.

We anticipate providing more detail at our capital markets day this summer, but given the focus over the last few weeks from investors on our current growth profile, I’d like to be clear about our pipeline as it stands today. In our animal health and nutrition product line, we are developing four enzymes together with Novus. Given that Verenium developed two of the four high-performing Phytase enzymes serving this large market today, we have a strong view of what’s required to succeed in animal feed, and we believe our offering will be highly attractive to this market.

In our grain processing product line, our recent partnership with Tate & Lyle represents a new source of near term growth, and we believe we can add substantially to our grain processing pipeline through additional partnering discussions currently underway.

Finally, we come to oil field services. As of today, several large and mid-sized oil field services companies are testing our Pyrolase product used for breaking guar in the hydrolic fracturing process. The feedback indicates Pyrolase can cost-effectively address an area not well-served by the current breakers on the market. Namely, wells that are too hot for standard breakers, typically over 140 degrees Fahrenheit. The growth of this product is a critical area of focus for the company and we look forward to updating our progress in the future.

For the oil field services pipeline, we are announcing today that in the first quarter we submitted for regulatory authorization a more thermostable version of our Pyrolase product, which will expand the potential portion of the fracturing market our products can serve. We expect that process will allow us to bring this new product to market in 2013, if not sooner, because the regulatory process for this product is shorter than we usually describe. We are already allowing potential customers to test this product candidate in their labs, and they are seeing strong performance at very high temperatures.

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