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Senomyx Q1 2008 Results
Posted: June 2, 2008
Senomyx Inc. (San Diego) has reported first quarter 2008 (ended March 31) revenue of $6.1 million, an increase of 98% over the same quarter 2007 ($3.1 million). The increase was primarily due to the expansion of Senomyx’s collaboration with Ajinomoto in 2007. In August 2007, Senomyx received an $8.0 million upfront payment related to this collaboration expansion. The upfront payment is being recognized as revenue ratably over the nine-month period August 2007 through April 2008. Also contributing to the increase in revenues was revenue associated with a research milestone achieved in the first quarter of 2008, and revenue recognized in connection with collaborations established with two new partners, Solae and Firmenich SA.
Research and development expenses (including non-cash stock-based compensation expense) were $8.2 million for the first quarter of 2008, compared to $6.9 million for the first quarter of 2007, an increase of 19%.
Also during the quarter, Senomyx increased its intellectual property portfolio of proprietary taste receptor technologies. As of March 31, 2008, Senomyx is the owner or exclusive licensee of 119 issued patents and 389 pending patent applications in the United States, Europe and elsewhere.
Of the results, Senomyx president and CEO Kent Snyder said “Senomyx had positive events on both the scientific and business fronts during the first quarter of 2008. We are pleased to start the year with significant progress in our discovery and development programs, extended collaborations with The Coca-Cola Company and Nestlé, and a new partnership with Firmenich.”