Web exclusive posted Feb. 26, 2009, at 4:48 p.m. CST

Cambridge, Mass.-based cellulosic ethanol and specialty chemical producer Verenium Corp. posted a net loss of $12.57 million for its fourth quarter ending Dec. 31, 2008, versus a loss of $21.6 million for the same quarter in 2007.

Verenium's net loss narrowed due to a sharp increase in sales for its Phyzyme XP, a highly efficient phytase feed enzyme that can be used in cereal grains, oil seed meals and their by-products marketed through Danisco Animal Nutrition. The company also experienced sales growth for its other enzyme products, including Fuelzyme LF, an alpha amylase used for starch liquefaction.

For the entire year of 2008, the company's net loss widened to $185.54 million, compared to $107.59 million the previous year.

"I am pleased that despite the economic and industry challenges in 2008, Verenium was able to achieve significant progress in both our biofuels and specialty enzyme businesses," said Carlos Riva, president and chief executive officer of Verenium. "Looking ahead to 2009, we expect to continue advancing our commercialization efforts consistent with our vision of delivering environmentally-sound, next-generation cellulosic ethanol to the market in the near-term."

Among the notable highlights Verenium included in its report was the opening of its 1.4 MMgy demonstration-scale cellulosic ethanol plant in Jennings, La., in May 2008. The company said it has since optimized the plant for improved production efficiency. (Read "Verenium opens cellulosic ethanol demo plant.")

Recently, Verenium completed the second phase of its partnership with BP Amoco PLC, which aims to accelerate the development and commercialization of cellulosic ethanol (Read "Verenium, BP partnership moves forward.")