Following John’s remarks, Tony will provide a financial update. I would like to note that consistent with their first and second quarters of the year, during the third quarter, Senomyx’s realized improved financial results from operations compared to 2010.
Very importantly for Senomyx’s as our partners are increasing their commercialization activities for our current flavor ingredients, we are continuing to be build a deep, longer-term pipeline of new ingredients with unique advantages. We are very focused on being a leader in the discovery and development of new flavor ingredients that address the challenges facing the food and beverage industry, such as improving the nutritional profile to their products, applying innovation that will lead to competitive advantages in the marketplace and keeping costs under control in an environment where commodity prices are increasing.
I am going to spend some time now describing a few of our recent discovery and development accomplishments starting with notable achievements in our Sweet Taste Program. The primary goal for this program is to add to the company’s portfolio of new flavor ingredients that will allow a significant reduction of sweeteners in food and beverage products while maintaining the desired sweet taste.
We have realized a new and very important advancement toward [physical] with discovery of enhancers of high fructose corn syrup which is also known HFCF. Tasters have demonstrated our new enhancers could enable up to a 33% reduction of HFCF in certain product applications. High fructose corn syrup has the same number of calories as sugar and a 33% reduction is a very meaningful effect.HFCF is a widely used sweetener with a worldwide market of approximately $6.3 billion. According to the USDA high fructose corn syrup accounts for approximately 37% of all caloric sweeteners consumed in the US. It is used in products such as baked goods, yogurts, sauces and condiments, beverages and concentrates, granola and energy bars and canned and frozen fruits.
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