Mar. 3, 2011--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 fourth quarter and year ended December 31, 2010. Revenues were $28.7 million for the full year 2010, an 85% increase compared to 2009. As of December 31, 2010, the Company had cash, cash equivalents, and short term investments of more than $71 million, an increase of over $40 million compared to December 31, 2009.
“2010 was an outstanding year for Senomyx, highlighted by numerous business development achievements, an improved balance sheet, valuable progress with our flavor and flavor modulation programs, and increased commercialization efforts by three of our partners,” stated Kent Snyder, Chief Executive Officer of the Company.
“Senomyx improved each of our key financial metrics in 2010 compared to the prior year,” Snyder noted. “We achieved record annual revenue while continuing to carefully manage our expenses. As a result, we considerably narrowed our net loss from $26.2 million in 2009 to $10.7 million in 2010. We also increased our cash position by more than $40 million, putting us in an excellent financial position going forward.
“Our collaboration with PepsiCo in August provided a $30 million upfront payment to Senomyx and a committed source of R&D funding through August 2014,” Snyder said. “A notable aspect of both this collaboration and a recently expanded complementary agreement with Firmenich is financial support for a new focus on the discovery and development of natural flavor enhancers for the Sweet Taste Program.“Another business development achievement in 2010 was the expansion of our commercialization agreement with Firmenich regarding our S6973 sucrose enhancer to include selected beverage applications in addition to virtually all food product categories,” Snyder stated. “Importantly, Firmenich has demonstrated that use of S6973 allows sucrose to be reduced in products by up to 50%, yet the sweet taste desired by consumers is maintained. In addition, Firmenich has demonstrated that S6973 can be produced in commercial quantities, a significant consideration as they prepare for commercialization in 2011.