Oct. 27, 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 third quarter ended September 30, 2011. Revenues were $7.1 million for the three months ended September 30, 2011, compared to $5.8 million for the three months ended September 30, 2010, a 22% increase. Revenues were $22.8 million for the nine months ended September 30, 2011, compared to $19.2 million for the nine months ended September 30, 2010, an increase of 19%. Net loss was $2.6 million for the three months ended September 30, 2011, compared to $3.7 million for the three months ended September 30, 2010, a 30% improvement. Net loss was $7.1 million for the nine months ended September 30, 2011, compared to $10.2 million for the three months ended September 30, 2010, a 31% improvement.
“Senomyx continues to realize significant accomplishments in the discovery, development, and commercialization of our flavor ingredients,” stated Kent Snyder, Chief Executive Officer of the Company. “We are very encouraged by Firmenich’s progress with their commercialization activities for our S6973 sucrose enhancer. S6973 is a unique ingredient that allows sucrose to be reduced in products by up to 50% while maintaining the desired taste of natural sugar. Major food and beverage companies have achieved positive consumer acceptance testing results and Firmenich has been notified of clients’ plans to launch reformulated established brands that contain S6973 during the first quarter of 2012 and throughout the year.
“Firmenich is also conducting marketing activities with Senomyx’s S2383 sucralose enhancer, which can be used to enable up to a 75% reduction in the concentration of the artificial sweetener sucralose in foods and beverages. Client feedback from top-tier companies regarding S2383 continues to be positive and Firmenich has expanded the geographic scope of their business from North America with new orders for S2383 in Latin America,” Snyder noted.
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