Verenium Corporation VRNM,
a leading industrial biotechnology company focused on the development and
commercialization of high-performance enzymes, today announced the signing of
a $22.5 million secured debt financing with the Athyrium Opportunities Fund
("Athyrium").
Net proceeds after estimated expenses will be approximately $21.3 million,
providing Verenium with capital to continue to advance its Product Pipeline to
commercialization, enhance its manufacturing capabilities, and fund general
working capital purposes. The debt bears interest at 11.5% per annum, with
interest payments due quarterly over a five-year term and the principal
balance due as a lump-sum payment at maturity in December 2017.
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