SENOMYX ANNOUNCES NEW DEVELOPMENT AND COMMERCIALIZATION COLLABORATION WITH CADBURY ADAMS USA LLC, A UNIT OF KRAFT FOODS INC.
Jan. 3, 2011--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 it has entered into a new collaborative agreement with Cadbury Adams USA LLC, a unit of Kraft Foods Inc., regarding the development and worldwide commercialization of certain novel flavor modulators for potential use in the gum and medicated confectionery product categories. Under the terms of the agreement, Cadbury Adams has agreed to pay Senomyx development funding and specified payments upon the achievement of milestones during the collaborative period. Cadbury Adams may evaluate and select flavor modulators for commercialization, after which Senomyx will receive royalty payments based on sales of products using the new flavor modulators.
“Senomyx had a relationship with Cadbury Adams prior to its acquisition by Kraft Foods, and we are pleased to initiate this new collaboration,” said Kent Snyder, Chief Executive Officer of Senomyx. “We look forward to working with them again.”
About Senomyx, Inc. ( www.senomyx.com)
Senomyx is a leading company using proprietary taste receptor technologies to discover and develop novel flavor ingredients in the savory, sweet, salt, bitter, and cooling areas. The Company has product discovery and development collaborations with global food, beverage, and ingredient supply companies, some of which are currently marketing products that contain Senomyx’s flavor ingredients. For more information, please visit www.senomyx.com.Forward-Looking Statements Statements contained in this press release regarding matters that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Such statements include, but are not limited to, statements regarding: whether Cadbury Adams will elect to proceed with development of any Senomyx flavor modulators; and Senomyx’s right to receive development funding, milestones and royalties under its agreement with Cadbury Adams. Risks that contribute to the uncertain nature of the forward-looking statements include: Senomyx is dependent on its current and any future product discovery and development collaborators to manufacture, develop and commercialize any flavor modulators Senomyx may discover; Cadbury Adams may not select any Senomyx flavor modulators for commercial development; Cadbury Adams may not be able to manufacture Senomyx flavor modulators under required specifications or in sufficient quantities to meet commercial requirements; Senomyx flavor modulators may not be useful or cost-effective for formulation into products; Senomyx may be unable to obtain and maintain the regulatory approvals required for novel flavor modulators to be incorporated into products that are sold; products that incorporate Senomyx flavor modulators may never be commercially successful; and Senomyx's ability to compete in the flavor modulators market may decline if Senomyx does not adequately protect its proprietary technologies. These and other risks and uncertainties are described more fully in Senomyx's most recently filed SEC documents, including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, under the headings "Risks Related to Our Business" and "Risks Related to Our Industry." All forward-looking statements contained in this press release speak only as of the date on which they were made. Senomyx undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
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