Auditors express dount over Verenium’s “ability to continue as a going concern”

In Massachusetts, auditors for Verenium expressed doubt “uncertainty in our ability to continue as a going concern” in a 10-K filing with the SEC. The company has accumulated a deficit of $437 million to date, and a cash shortage looms despite $174 million in private placements completed in 2006 and 2007. The company said that “if we are unsuccessful in raising additional capital from any of these sources, we may need to defer, reduce or eliminate certain planned expenditures, restructure or significantly curtail our operations, file for bankruptcy or cease operations.” The company, which has lost $108 million in the past year according to press reports, is seeking up to $90 million in government grants to support its cellulosic ethanol research.

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