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SENOMYX ANNOUNCES CORPORATE UPDATE AND SECOND QUARTER 2011 FINANCIAL RESULTS

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To access the live Internet broadcast or a subsequent archived recording, please log onto the Investor Relations section of Senomyx’s website at http://investor.senomyx.com. The archived webcast will be available for 30 days following the earnings call. Please connect to Senomyx’s website prior to the start of the webcast to ensure adequate time to download any software that may be necessary.

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,
2011 2010 2011 2010
(unaudited) (unaudited) (unaudited) (unaudited)
Revenues $ 6,965 $ 5,656 $ 15,681 $ 13,387
 
Operating expenses:
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 )
 
Other income 30 24 69 34
 
Net loss $ (3,188 ) $ (4,704 ) $ (4,443 ) $ (6,484 )
 
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

(in thousands)

 
    June 30, 2011   December 31, 2010
(unaudited)
 
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
Total assets $ 74,915 $ 84,672
 
Accounts payable, accrued expenses and other current liabilities $ 5,249 $ 7,259
Deferred revenue 31,327 37,692
Leasehold incentive obligation 5,594 6,087
Deferred rent 1,449 1,452
Stockholders’ equity 31,296 32,182
Total liabilities and stockholders’ equity $ 74,915 $ 84,672




Stock quotes in this article: SNMX 

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