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Senomyx Reports Q1 2011 Financial Report
Posted: May 2, 2011
Senomyx, Inc. (San Diego) reported results for the first quarter ended March 31, 2011, with revenues increased 13% from the first quarter of 2010, coming in at $8.7 million. Net loss was $1.3 million for the three months ended March 31, 2011, a 29% improvement compared to 2010. The company reported the revenue increases were primarily a results of the recognition of license fees and R&D funding revenue related to its August 2010 collaboration with PepsiCo, offsetting a reduction of revenues associated with the company's sweet enhancer collaboration with Firmenich compared to the first quarter of 2010, when this collaboration contributed $1.8 million in non-recurring milestone payments and cost reimbursements.
"We are off to a strong start in 2011," stated Kent Snyder, CEO of Senomyx. "Our partners continue to make good progress with their commercialization activities, and we continue to advance our discovery and development programs. In addition, Senomyx has maintained a strong balance sheet with approximately $66 million in cash as of March 31st.
"Our discovery and development efforts are also yielding new breakthroughs in our cooling flavors program," Snyder continued. "We have now identified new cooling flavors that mimic the time-intensity profile of agents that have rapid onset and short-acting cooling effects, as well as agents with slow-onset and long-acting cooling effects. Many of our lead cooling flavor candidates have demonstrated approximately ten-fold greater potency than a commonly used agent in taste tests. These new cooling flavors are currently being evaluated in a variety of product prototypes."
"The first quarter financial results were in line with management expectations. Furthermore, we remain on-track to achieve our 2011 financial guidance as provided in March," stated Tony Rogers, vice president and CFO of Senomyx.
For the full year 2011, Senomyx continues to expect total revenues of $30–34 million and total expenses of $42–44 million, resulting in a net loss of $8–10 million. Additionally, basic and diluted net loss will be at $0.21 to $0.26 per share.