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TheStreet Open House

SENOMYX ANNOUNCES CORPORATE UPDATE AND SECOND QUARTER 2011 FINANCIAL RESULTS

Stocks in this article: SNMX

August 5, 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 second quarter ended June 30, 2011. Revenues were $7.0 million for the three months ended June 30, 2011, compared to $5.7 million for the three months ended June 30, 2010, a 23% increase. Revenues were $15.7 million for the six months ended June 30, 2011, compared to $13.4 million for the six months ended June 30, 2010, an increase of 17%. Net loss was $3.2 million for the three months ended June 30, 2011, compared to $4.7 million for the three months ended June 30, 2010, a 32% improvement. Net loss was $4.4 million for the six months ended June 30, 2011, compared to $6.5 million for the three months ended June 30, 2010, a 31% improvement.

“Senomyx had several important recent achievements regarding our Sweet Taste Program,” stated Kent Snyder, Chief Executive Officer of the Company. “Most significantly, beginning in the second quarter our commercialization partner Firmenich received initial orders for S6973, which allows sucrose to be reduced in products by up to 50% while maintaining the desired taste of natural sugar. We are impressed with Firmenich’s capabilities and efforts in introducing S6973 to clients for use in a wide spectrum of product categories. Additional orders are expected during the year.

“Firmenich is also continuing marketing activities with S2383, Senomyx’s enhancer of the artificial sweetener sucralose. S2383 can be used in foods and beverages to enable up to a 75% reduction in the concentration of sucralose, with improved taste characteristics in some applications,” Snyder explained. “It is rewarding that products containing S2383 are now on the shelves in North America. Firmenich is working with a number of clients for commercialization of other branded products utilizing S2383.

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