IHS Chemical Week

Markets :: Fine Chemicals/Biotech :: Industrial Biotech

Verenium secures $22 million in financing

8:41 AM MST | December 10, 2012 | Rebecca Coons

Enzymes firm Verenium (Cambridge, MA) says it has secured $22.5 million in debt financing from the Athyrium Opportunities Fund to advance its pipeline and expand its manufacturing base. Net proceeds after estimated expenses will be approximately $21.3 million. The debt bears interest at 11.5% per annum, with interest payments due quarterly over a 5-year term and the principal balance due as a lump-sum payment at maturity in December 2017. In connection with the financing, Verenium issued warrants to Athyrium to purchase approximately 2.9-million shares of...

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