Nov. 8, 2012-- Senomyx, Inc. (NASDAQ: SNMX), a company using proprietary taste science 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, 2012. The Company ended the third quarter 2012 with $44.7 million in cash and highly liquid investments. During the quarter Senomyx earned $1.3 million in development milestones. “We are announcing today that a Senomyx partner has begun its initial market launch of a retail product that incorporates our S6821 Bitter Blocker. This is the first time a Senomyx Bitter Blocker has been used in a consumer product,” said Kent Snyder, Chief Executive Officer of the Company. “Marketing activities are underway in a country in Southeast Asia and we expect our partner to expand to other regions and products. With this launch, four flavor ingredients discovered and developed by Senomyx – our S336 Savory Flavor; S2383 and S6973 from our Sweet Taste Program, and our S6821 Bitter Blocker – are now being commercialized by our partners.” “As announced in October, we are also very pleased to receive new regulatory approvals for Senomyx flavor ingredients in the U.S., Europe, and elsewhere,” Snyder stated. “These approvals are significant validations of the Company’s scientific and regulatory accomplishments, as well as the safety of our proprietary ingredients and importantly, they open new market opportunities.” Recent regulatory achievements include receipt of Generally Recognized As Safe (GRAS) regulatory status under the provisions of the Federal Food, Drug and Cosmetic Act administered by the United States Food and Drug Administration (FDA) for Senomyx’s S9632 flavor ingredient. The GRAS status allows S9632 to be incorporated into specified products in the U.S. and in numerous other countries. “Like S6973, our new S9632 flavor ingredient can be used to improve the taste of products in which the sucrose has been reduced. Both S6973 and S9632 are solutions for manufacturers that are trying to respond to the rising consumer focus on health and wellness by creating new lower-calorie offerings that retain the taste consumers enjoy,” Snyder noted.
Investors considering a purchase of Senomyx Inc stock, but cautious about paying the going market price of $5.11/share, might benefit from considering selling puts among the alternative strategies at their disposal. One interesting put contract in particular, is the October put at the $5 strike, which has a bid at the time of this writing of 85 cents.