SENOMYX ANNOUNCES CORPORATE UPDATE AND THIRD QUARTER 2010 FINANCIAL RESULTS
November 4, 2010--Senomyx, Inc. (NASDAQ: SNMX), a company focused on using proprietary taste receptor-based technologies to discover novel flavor ingredients for the food, beverage, and ingredient supply industries, today provided a corporate update and reported financial results for the third quarter ended September 30, 2010. Revenues were $5.8 million for the third quarter of 2010, compared to $4.2 million for the third quarter of 2009, an increase of 40%. Revenues were $19.2 million for the nine months ended September 30, 2010, compared to $10.6 million for the nine months ended September 30, 2009, an increase of 80%. As of September 30, 2010, the Company had cash, cash equivalents, and short term investments of approximately $75.5 million.
“Senomyx had major recent accomplishments with our Bitter Blocker and Sweet Taste programs, opening up new opportunities for future commercialization and resulting in a strengthened balance sheet,” stated Kent Snyder, Chief Executive Officer of the Company.
“We are proud to announce the receipt of GRAS regulatory determinations for two Senomyx bitter blockers, S6821 and S7958,” Snyder said. “We believe the new approvals represent additional confirmation of Senomyx’s discovery, development, and regulatory experience. These are the first Senomyx bitter blockers to go through the regulatory process, and we have been granted GRAS status for all of the uses and use levels requested. In conjunction with the GRAS designations, Senomyx will receive a $500,000 milestone payment from a collaborative partner.”
The GRAS determinations were made by the Flavor and Extract Manufacturers Association (FEMA) under the provisions of the Federal Food, Drug and Cosmetic Act administered by the United States Food and Drug Administration (FDA). The GRAS status allows usage of the bitter blockers for a variety of product categories in the U.S. and numerous other countries. S6821 has demonstrated activity against bitter tasting foods and beverages that include soy and whey proteins, menthol, caffeine, cocoa, and Rebaudioside A (stevia). S7958, a related bitter blocker with similar functionality, has alternative desirable physical properties that may be useful for these or other product applications.
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