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SENOMYX ANNOUNCES CORPORATE UPDATE AND THIRD QUARTER 2011 FINANCIAL RESULTS

For the full year 2011, Senomyx expects:

  • Total revenues of $30 million to $32 million
  • Total expenses of $40 million to $41 million, of which approximately $5 million is non-cash, stock-based compensation expense
  • Net loss of $8 million to $10 million
  • Basic and diluted net loss of $0.21 to $0.26 per share
  • Year-end cash, cash equivalents and investments available for sale balance greater than $53 million

“With respect to the status of our cash balance, we ended the quarter with $59.1 million in cash, cash equivalents and investments available for sale,” Rogers stated. “In addition to the cash on our balance sheet as of the end of September, we have over $26 million in future research and development cash payments committed by our collaborators. We also have approximately $26 million in potential payments associated with collaborator extension options and another $27 million in potential milestone payments. Considering our current cash balance, collaborator funding commitments, as well as the anticipated future growth of our commercial revenue from our various GRAS approved products, our balance sheet remains healthy and we are well-positioned to continue to advance our programs toward commercialization,” Rogers concluded.

Conference Call:

Senomyx will host a conference call at 11:00 a.m. Eastern Time (8:00 a.m. Pacific Time) today to discuss these financial results and provide an update on the Company. To participate in the live conference call, U.S. residents should dial 888-680-0869, and international callers should dial 617-213-4854, at least 10 minutes prior to the call start time. The participant passcode for this conference call is 18152494.

Participants may pre-register for the call at any time, including up to and after the call start time, at https://www.theconferencingservice.com/prereg/key.process?key=PN7687GJN. Pre-registrants will be issued a pin number to use when dialing into the live call, which will provide quick access to the conference.

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. Its corporate social responsibilities activities are described on the on the Senomyx Cares blog at http://www.senomyx-csrblog.com/. 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, including S6973; the potential uses and commercial value for our GRAS-approved flavor ingredients and other flavor ingredients under development, including S9632, S9229 and S5456; whether the research under the company’s sweet taste research program will be successful and lead to the commercialization of any new flavor ingredients; whether the company’s portfolio of approved and potential new flavor ingredients could provide competitive benefits and an attractive mid- to long-term royalty streams; and the progress and capabilities of Senomyx’s discovery and development programs generally, including without limitation statements regarding our continued development of S9632, the potential commencement of development activities of a new Cooling Flavor, as well as 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 newer flavor ingredients, including S9632, S9229, S5456 and new Cooling Flavors 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 September 30,

Nine Months Ended September 30,
2011       2010 2011       2010
(unaudited) (unaudited) (unaudited) (unaudited)
Revenues $ 7,111 $ 5,809 $ 22,792 $ 19,196
 
Operating expenses:

Research and development (including $437,$388, $1,677 and $1,370, respectively, ofnon-cash stock-based compensation)
6,964 6,505 21,629 19,999

General and administrative (including $695,$752, $1,996 and $2,369, respectively, ofnon-cash stock-based compensation)
2,801 3,077 8,329 9,488
Total operating expenses 9,765 9,582 29,958 29,487
 
Loss from operations (2,654 ) (3,773 ) (7,166 ) (10,291 )
 
Other income 30 26 99 60
 
Net loss $ (2,624 ) $ (3,747 ) $ (7,067 ) $ (10,231 )
 
Basic and diluted net loss per share $ (0.07 ) $ (0.10 ) $ (0.18 ) $ (0.27 )
 

Weighted average shares used in computingbasic and diluted net loss per share
39,668 38,702 39,510 37,310
 
 
Condensed Balance Sheets
(in thousands)
                             

September 30, 2011

December 31, 2010
(unaudited)
 
Cash, cash equivalents and investments available-for-sale $ 59,050 $ 71,612
Other current assets 1,838 3,372
Property and equipment, net 9,860 9,688
Total assets $ 70,748 $ 84,672
 
Accounts payable, accrued expenses and other current liabilities $ 5,518 $ 7,259
Deferred revenue 28,237 37,692
Leasehold incentive obligation 5,347 6,087
Deferred rent 1,437 1,452
Stockholders’ equity 30,209 32,182
Total liabilities and stockholders’ equity $ 70,748 $ 84,672

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