Verenium (VRNM) Receives Approval In China For Purifine, Shares Surging

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08:13:18 am on October 20, 2010

Verenium (VRNM) is moving up about 8% in pre-market trading on news that another one of its edible oils, Purifine, has received China approval for sale as a processing aid in the oilseed production process in order to improve yield.  The edible oils market is a $100 billion global market and China’s growth in edible oils just as it is for many industries, is growing at a fast pace.  I’m not entirely sure if this is the same oil developed with and licensed to Bunge (BG) which was announced a few days ago.

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“We are very pleased that Purifine(R) PLC has met China’s strict regulatory requirements for sale in that country’s large and rapidly growing edible oils market,” said Janet Roemer, Verenium’s President and Chief Operating Officer. “Purifine(R) PLC continues to gain traction with current and potential customers, and now with this important approval, we can look to further expand the market reach of our innovative oilseed degumming process within the estimated $100 billion global edible oil market.”

Shares of VRNM have been trading in a fairly tight range for two months now and continues to hold above support of the 50 day moving average.  Perhaps this is the news needed to catapult the stock out of the range and send it above the 200 day moving average just below $4. 

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