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Senomyx CEO Discusses Q1 2011 Results - Earnings Call Transcript

I'd now like to turn the discussion over to Kent Snyder, CEO of Senomyx.

Kent Snyder

Thank you, Gwen. Good morning to everyone, and thank you for joining the Senomyx management team for our conference call and webcast. During this call, we will provide you with a general business and financial update for the first quarter of 2011. This will be followed by a question and answer session.

Senomyx is off to a strong start in 2011. As we'll discuss during the call, our partners continue to make good progress with the commercialization activities, and we continue to advance our Discovery & Development program. In addition, Senomyx has maintained a strong balance sheet with approximately $66 million in cash as of March 31.

We are especially encouraged by Firmenich's activities with S6973, which allows sucrose to be reduced in products by up to 50%, while maintaining the taste of natural sugar desired by consumers.

Firmenich has produced commercial quantities of S6973 and they expect to record their first commercial sale to a major brand customer during the second quarter. These activities are concurrent with Firmenich's sales of S2383, which can be used in numerous products to enable up to a 75% reduction in the concentration of sucralose. Importantly, Firmenich has found that use of S2383 improved the taste of certain products.

We believe that Firmenich is highly motivated and well positioned to take advantage of the market opportunities for S2383. John will discuss Firmenich's commercialization activities regarding S2383 and S6973 in more detail shortly.

As we announced earlier this week, we are very pleased to have been granted a U.S. patent that includes composition claims covering S2383 and its analogs. A new patent was issued on April 19, 2011 and has a term through June 8, 2027.

In addition to providing IP protection and exclusivity in the marketplace for a long period of time, the patent is an important validation of our research capabilities, which represent some of the most innovative work in the field of flavor technology. We believe the patent is an indication of Senomyx's leadership in the identification and development of valuable products that can substantially reduce the use of added sweeteners and a broad range of food and beverage applications.

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