Verenium Advances its Development Work With Cargill on a New Food-Related Product
Verenium is eligible to receive future milestone payments, licensing fees, and product royalties as a result of this joint research and development work with Cargill.
17/09/07 Verenium Corporation, a leading developer of technologies for cellulosic ethanol production and a pioneer in the development of high-performance specialty enzymes, announced that it has achieved a key technical milestone in its collaboration with Cargill on a new food-related product designed to promote healthy lifestyle choices for global consumers.
Under the agreement between Verenium and Cargill, Verenium is applying its enzyme discovery and optimization technologies to develop several new custom enzymes for Cargill, which are being utilized as part of Cargill's innovative, multi-step enzymatic process to develop a new food-related product.
Verenium is eligible to receive future milestone payments, licensing fees, and product royalties as a result of this joint research and development work with Cargill. Verenium has received research funding in addition to payments from Cargill for meeting previous technical milestones.
"We are very pleased that our collaboration with Verenium continues to produce excellent results ahead of schedule," said Chris Mallett, Corporate Vice President, Research and Development, Cargill. "We look forward to further technical success from our collaboration as we move towards the commercialization of this important new consumer product," he added.
"We are enthusiastic with the continued progress of this collaboration and are especially pleased that our custom enzymes are enabling Cargill to develop this innovative consumer product," said Carlos A. Riva, President and Chief Executive Officer, Verenium. "Success in this technically demanding project highlights the potential of Verenium's enzyme discovery and development platforms to provide unique solutions to unmet market needs."
