New credit facility agreed for Verenium

Verenium, an industrial biotechnology company focused on the development and commercialisation of enzymes, has agreed a two-year, $10 million (€7.7 million) revolving credit facility with Comerica Bank.

The credit facility will allow Verenium to borrow up to $8.4 million against eligible foreign and domestic receivables and will cover an existing $1.6 million letter of credit commitment to Verenium's landlord. 

It also immediately frees up $1.6 million in restricted cash which had previously secured the letter of credit.

‘We are pleased with the flexibility this new facility provides us, and that we have addressed a significant portion of our overall financing needs with a non-dilutive source of capital,’ says Verenium CFO Jeffrey Black. ‘This is a prudent next step for us in that it provides a low-cost source of capital to continue to move the business forward.’