Diversa and Celunol Complete Merger to Create Verenium Corporation

Focus on Cellulosic Biofuel Development and Commercialization of Diversified Industrial Enzyme Portfolio

22-Jun-2007

Diversa Corporation and Celunol Corp. announced today that they have completed their previously-announced merger transaction to create a new leader in the global biofuels industry. The combined company, which has been renamed Verenium Corporation, possesses a growing portfolio of specialty enzyme products and unique technical and operational capabilities designed to enable the production of low-cost, biomass-derived sugars for a multitude of major industrial applications. The most significant near-term commercial opportunity for Verenium will be the large-scale commercial production of cellulosic ethanol derived from multiple biomass feedstocks. In connection with the corporate name change, the Company has also changed its NASDAQ ticker symbol from "DVSA" to "VRNM" and will begin trading under the new ticker symbol effective June 21, 2007.

Stockholders of both companies approved the merger and merger-related proposals earlier today, and all regulatory approvals and closing conditions have been satisfied.

Verenium will be structured and managed as three distinct, but interdependent, organizational units: Specialty Enzymes Business Unit, Biofuels Business Unit, and Research and Development. The Specialty Enzymes Business Unit currently generates commercial revenue from multiple sources, including industrial enzyme product sales, technology licenses, strategic partnerships, and government grants. The Biofuels Business Unit will be primary focused on the commercial-scale production and sale of cellulosic ethanol from company-managed production facilities throughout the US, as well as strategic partnerships and related revenue arrangements around the world. The Research and Development organization's primary goal will be to support both Verenium Business Units, as well as various existing strategic collaborative partners. As of March 31, 2007, the Company had cash, cash-equivalents, and short-term investments on hand of approximately $125.5 million, which, together with approximately $20 million received in early April from the exercise of an over-allotment option related to the recent convertible notes offering, it believes to be sufficient to fund operations through at least 2008.

https://www.bionity.com/en/news/65599/diversa-and-celunol-complete-merger-to-create-verenium-corporation.html