Verenium Gets $10M In Credit Facility

San Diego-based industrial biotechnology company Verenium announced yesterday that it has received $10M in a revolving credit facility. The new credit line comes from Comerica Bank. Verenium said the credit facility will allow it to borrow up to $8.4M against its foreign and domestic receivables, and also covers an existing $1.6M letter of credit to its landlord. The firm said it will pay interest at the daily LIBOR plus 4.75% on the line of credit. Verenium develops enzymes used in food, fuel, and other markets.