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Senomyx Reports 2010 Financials, Progress in Projects

Posted: March 3, 2011

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"On the R&D front, we were granted GRAS regulatory designations for two of our bitter blockers, and we received a favorable opinion from the EU regulatory authority regarding our savory flavors," Snyder reported. "In addition, Senomyx scientists identified new sucrose enhancers with properties that would allow them to be used in a broad range of beverage applications, as well as the first fructose enhancers that provided a taste effect.

"We also began 2011 with another new partnership," Snyder added. "In January, Senomyx announced an agreement with the Cadbury Adams unit of Kraft Foods regarding the development and worldwide commercialization of novel flavor modulators for use in gum and medicated confectionery products. We are pleased to be working with the Kraft team on this collaboration.

"In management news, Lorenzo Peña has been promoted from executive director to vice president, information technology. Mr. Peña has been at Senomyx almost 11 years managing our information technology group, as well as recently assuming leadership of our Informatics department,” said Snyder

Looking Ahead

"2010 was an exceptional year financially for Senomyx, and we look forward to a strong 2011, including continuing our trend of increasing revenue and improving net loss," stated Tony Rogers, Senomyx vice president and CFO. For the full year 2011, Senomyx expects total revenues of $30–34 million, and total expenses of $42–44 million, of which approximately $4–5 million is non-cash, stock-based expense for a net loss of $8–10 million.