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SENOMYX ANNOUNCES CORPORATE UPDATE AND THIRD QUARTER 2011 FINANCIAL RESULTS

Stocks in this article: SNMX

“Senomyx now has ten flavor ingredients with GRAS status, which include our Savory Flavors, sucrose and sucralose enhancers, and bitter blockers. In each case we have been granted the GRAS designation for all of the uses and use levels requested,” Snyder commented.

“Senomyx is excited about increasing our diverse portfolio of approved and potential new flavor ingredients that could provide competitive benefits in the marketplace and an attractive mid- to long-term royalty stream for the Company,” Snyder said. “In addition to the ingredients from our Sweet, Savory, and Bitter Blocker programs, we recently began safety profiling of a promising new Cooling Flavor in preparation for potential regulatory-focused development activities, and we are continuing discovery efforts for our Salt Taste Program.”

Senomyx continues to be diligent in seeking protection for its intellectual property. As of September 30, 2011, the Company is the owner or exclusive licensee of 260 issued patents and several hundred pending patent applications related to proprietary taste receptor technologies in the U.S., Europe, and elsewhere. Technologies covered in the Company’s patents include taste receptor sequences and functions, screening assays, new flavor ingredients, and product applications.

Commercialization Updates:

Nestlé SA, the world’s largest food and beverage company, has been conducting marketing activities with products that incorporate one of Senomyx’s Savory Flavors, which are intended to reduce or replace added MSG in foods. Nestlé is currently marketing both new and reformulated established products that contain this flavor ingredient. Ongoing commercialization activities include launches of new and reformulated products that incorporate a Senomyx Savory Flavor in countries in Asia, Latin America, Africa, and the Middle East. Nestlé has expanded its marketing efforts into additional countries in these regions during 2011.

As announced previously, the European Food Safety Authority (EFSA) provided a “favorable opinion” for Senomyx’s S336 and S807 Savory Flavors, which means that no further evaluation is required. Final regulatory approval and commercialization in the European Union is contingent upon the ingredients being included in the EFSA Union List of Flavouring Substances. Senomyx’s regulatory advisors are confident that both S336 and S807 are included on the Union List; however, timing for the publication of the Union List remains uncertain. Approval to use Senomyx’s Savory Flavors in Europe could create a new market opportunity for Nestlé.

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