SENOMYX ANNOUNCES EXPANSION OF FIRMENICH COLLABORATION TO INCLUDE DISCOVERY, DEVELOPMENT, AND COMMERCIALIZATION OF NATURAL SWEET ENHANCERS
Dec. 2, 2010--Senomyx, Inc. (NASDAQ: SNMX), a leading company focused on using proprietary technologies to discover and develop novel flavor ingredients for the food, beverage, and ingredient supply industries, announced today that Firmenich SA has exercised its option to expand the companies’ collaboration related to Senomyx’s sweet-taste technology to include the discovery, development, and worldwide commercialization of natural flavor ingredients intended to enhance the taste of sucrose, fructose, and Rebaudioside (stevia). This expansion will complement Senomyx’s collaboration with PepsiCo, Inc., which is focused on the discovery, development, and commercialization of natural and artificial enhancers of sucrose and fructose for use in non-alcoholic beverages.
Senomyx and Firmenich, the world's largest privately-owned fragrance and flavor company, initiated the existing collaboration agreement for the discovery and development of sweet enhancers in July 2009. Under the agreement, Senomyx is using its proprietary technologies to discover and develop flavors that may be used by Firmenich on an exclusive basis worldwide as artificial sweet enhancers in all food product categories, and on a co-exclusive basis in powdered beverages.
In consideration of the expansion of the agreement, Firmenich will pay to Senomyx additional research funding as well as milestones, minimum annual royalties, and royalties on sales of natural sweet enhancers developed under the collaboration. Firmenich is currently committed to fund ongoing research under the agreement through July 2011 and has annual options that could further extend the collaborative research funding period through July 2014.
“Senomyx’s Sweet Taste Program has achieved significant accomplishments, including the discovery and development of our sucralose enhancer and our first sucrose enhancer, both of which have received regulatory approval and are now in the commercialization stage,” said Kent Snyder, Chief Executive Officer of the Company. “We believe Firmenich’s decision to expand the collaboration to include natural sweet enhancers is a reflection of the success of our novel technologies, the positive working relationship between the two companies, and the large market opportunity for natural flavor ingredients. Firmenich has been a valuable partner and we look forward to working with them on this new and exciting area.”
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