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Verenium Reports Financial Results for the First Quarter Ended March 31, 2011

Friday, May 13, 2011 General News J E 4
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-- Continued to further diversify revenue base; decreased SG&A and total debt --

Verenium Corporation

Unaudited Supplemental and Non-GAAP Pro Forma Financial Information

(in thousands, except per share amounts)

The following unaudited supplemental and non-GAAP pro forma financial information is derived from the Company's condensed consolidated financial statements for the three months ended March 31, 2011 and 2010, as reported under GAAP. The Company believes that such supplemental and non-GAAP financial information is helpful to understand the results of operations of the business.

Non-GAAP Pro Forma Net Loss From Continuing Operations

Three Months Ended

March 31,

2011

2010

Net income (loss) from continuing operations

$         3,752

$           (4,120)

Adjustments:  

Gain on debt extinguishment upon repurchase of convertible notes

(11,284)

--

Gain on debt extinguishment upon conversion of convertible notes

--

(598)

(Gain) loss on net change in fair value of derivative assets and liabilities

1,813

(68)

Non-GAAP pro forma net loss from continuing operations  

$        (5,719)

$            (4,786)

Non-GAAP pro forma net loss from continuing operations per share

$           (0.45)

$               (0.40)

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