Verenium Corporation has announced a proposed public offering of common stock, subject to market and regulatory conditions.

According to the company, the offering is expected to price before 9:30 am EDT on Tuesday, October 6. Lazard Capital Markets LLC is acting as the sole book-running manager for the offering.

This action follows a 1:12 reverse stock split of the company’s common stock last month.

*Post Update – Verenium Corporation announced today that it has priced an underwritten public offering of 2,250,000 shares of its common stock and warrants to purchase an additional 900,000 shares of common stock at a price to the public of $6.00 per unit. Each unit consists of one share of common stock and a warrant to purchase 0.40 of a share of common stock. The shares of common stock and warrants are immediately separable and will be issued separately. The warrants have a five-year term and an exercise price of $7.59. Net proceeds after estimated underwriting discounts and commissions and estimated expenses, will be approximately $12.3 million, providing the Company with several additional months of operating capital into 2010. The offering is expected to close on or about October 9, 2009, subject to the satisfaction of customary closing conditions.