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About Senomyx, Inc. ( www.senomyx.com)
Senomyx is using proprietary taste receptor technologies to discover and develop novel flavor ingredients. These include new flavors such as Savory Flavors and Cooling Flavors, as well as flavor modulators such as Bitter Blockers and enhancers of Sweet and Salt tastes. Senomyx is also engaged in a new effort to discover and develop natural high-potency sweeteners. 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 our projected 2011 financial results and anticipated financial condition; the anticipated timing and scope of commercial launch of products containing Senomyx’s flavor ingredients; the potential uses and commercial value for our GRAS-approved flavor ingredients and other flavor ingredients under development, including S9632; whether the research under the company’s sweet taste research program will be successful and lead to the commercialization of any new flavor ingredients; and the progress and capabilities of Senomyx’s discovery and development programs generally, including without limitation statements regarding our ability to identify proteins primarily involved in the perception of salt taste. Risks that contribute to the uncertain nature of the forward-looking statements include: Senomyx is dependent on its product discovery and development collaborators for all of Senomyx’s revenue; Senomyx is dependent on its current and any future product discovery and development collaborators to develop, manufacture, and commercialize any flavor ingredients Senomyx may discover; Senomyx may be unable to develop flavor ingredients useful for formulation into products; development activities for new flavor ingredients, including S9632, may not demonstrate an acceptable safety profile or meet other commercialization criteria; Senomyx or its collaborators may be unable to obtain and maintain the regulatory approval required for flavor ingredients to be incorporated into products that are sold; even if Senomyx or its collaborators receive a regulatory approval and incorporate Senomyx flavor ingredients into products, those products may never be commercially successful; Senomyx flavor ingredients may not be useful or cost-effective for formulation into products; Senomyx or its collaborators may be unable to manufacture Senomyx flavor ingredients at commercial scale; Senomyx’s ability to compete in the flavor ingredients market may decline if Senomyx does not adequately protect its proprietary technologies; and the current economic environment may negatively impact Senomyx’s ability to establish new collaborations and to maintain existing product discovery and development collaborations on acceptable terms. These and other risks and uncertainties are described more fully in Senomyx’s most recently filed SEC documents, including its most recent Quarterly Report 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.
Selected Financial Information
Condensed Statements of Operations
(in thousands, except for per share amounts)
|Three Months Ended June 30,||Six Months Ended June 30,|
|Research and development (including $635, $424, $1,240 and $982, respectively, of non-cash stock-based compensation)||7,386||7,098||14,665||13,494|
|General and administrative (including $692, $757, $1,301 and $1,617, respectively, of non-cash stock-based compensation)||2,797||3,286||5,528||6,411|
|Total operating expenses||10,183||10,384||20,193||19,905|
|Loss from operations||(3,218||)||(4,728||)||(4,512||)||(6,518||)|
|Basic and diluted net loss per share||$||(0.08||)||$||(0.12||)||$||(0.11||)||$||(0.18||)|
|Weighted average shares used in computing basic and diluted net loss per share||39,597||38,608||39,430||36,603|
Condensed Balance Sheets
|June 30, 2011||December 31, 2010|
|Cash, cash equivalents and investments available-for-sale||$||62,458||$||71,612|
|Other current assets||2,558||3,372|
|Property and equipment, net||9,899||9,688|
|Accounts payable, accrued expenses and other current liabilities||$||5,249||$||7,259|
|Leasehold incentive obligation||5,594||6,087|
|Total liabilities and stockholders’ equity||$||74,915||$||84,672|