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Senomyx Reports Revenue Increase for Q3 2010
Posted: November 4, 2010
Senomyx, Inc. (San Diego) has provided a corporate update and reported financial results for the third quarter ended September 30, 2010. Revenues were $5.8 million for the third quarter of 2010, compared to $4.2 million for the third quarter of 2009, an increase of 40%. Revenues were $19.2 million for the nine months ended September 30, 2010, compared to $10.6 million for the nine months ended September 30, 2009, an increase of 80%. As of September 30, 2010, the Company had cash, cash equivalents and short term investments of approximately $75.5 million.
“Senomyx had major recent accomplishments with our Bitter Blocker and Sweet Taste programs, opening up new opportunities for future commercialization and resulting in a strengthened balance sheet,” stated Kent Snyder, CEO of the company. “We are proud to announce the receipt of GRAS regulatory determinations for two Senomyx bitter blockers, S6821 and S7958. We believe the new approvals represent additional confirmation of Senomyx’s discovery, development, and regulatory experience. These are the first Senomyx bitter blockers to go through the regulatory process, and we have been granted GRAS status for all of the uses and use levels requested. In conjunction with the GRAS designations, Senomyx will receive a $500,000 milestone payment from a collaborative partner.”
Regarding Senomyx’s Sweet Taste program, in late October the company expanded its collaboration with Firmenich SA for S6973, a novel sucrose enhancer. “Firmenich has made notable progress in their pre-commercialization activities with S6973 for food categories,” Snyder stated. “Extending our partnership to include the new beverage categories increases the potential value of S6973. We believe that Firmenich’s expertise with S6973 provides the best opportunity to accelerate commercialization and maximize commercial revenue for this unique sucrose enhancer.
“Senomyx also established a new collaboration with PepsiCo for our Sweet Taste Program in August,” Snyder noted. “We are looking forward to working with PepsiCo, an innovative company committed to reducing added sugar in key global beverage brands.” Senomyx’s collaboration with PepsiCo is focused on the discovery, development and commercialization of sweet enhancers and natural high-potency sweeteners for use in non-alcoholic beverage categories.
Additionally, subsequent to the end of the third quarter, Mary Ann Gray, PhD, joined Senomyx’s board of directors. Dr. Gray, who is president of Gray Strategic Advisors, LLC, has extensive experience as an equity research analyst, strategic advisor, scientist, and member of boards of directors of public companies. She holds a PhD degree in pharmacology from the University of Vermont.