Wednesday, November 19, 2008

Verenium CFO McCarthy leaves company

By Mass High Tech Staff

John McCarthy Jr., chief financial officer of Cambridge-based cellulosic ethanol technology developer Verenium Corp., has left the company, effective immediately, according to a company statement. McCarthy will be replaced by Jeffrey Black, the company’s chief accounting officer since 2005, on an interim basis while officials search for a full-time replacement.

No reason was given for McCarthy’s abrupt departure, though Verenium (Nasdaq: VRNM) CEO Carlos Riva issued a statement praising McCarthy’s contributions and wishing him well in his future endeavors.

McCarthy came from the Celunol side of the 2007 merger between Cambridge-based Celunol Corp. and California-based Diversa Corp., which birthed Verenium. Prior to the merger he had been at Celunol since 2006.

McCarthy’s temporary replacement, Black, has been with the company since 2005.

Verenium was formed in June 2006 through the merger of Cambridge-based Celunol Corp. and California enzyme maker Diversa Corp., a publicly traded company. For 2007, the company reported $46.2 million in revenue, with a $108 million loss.

For the third quarter of this year, Verenium reported $16.4 million in total revenue compared to $10.9 million for the same periods in 2007. In August, the company also landed a $90 million licensing deal with worldwide energy giant BP PLC, which will grant BP access to certain technologies developed through the partnership.