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Senomyx Q1 2009

Posted: May 12, 2009

Senomyx Inc. (San Diego, California) has reported first quarter 2009 revenue of $3.5 million, compared to $6.1 million for the same period in 2008. The decrease in revenue is due to non-recurring upfront payment revenue, partially offset by higher R&D, milestone funding and commercial revenue. The company suffered a net loss of $7.3 million for the first quarter of 2009, compared to a net loss for the same period in 2008 of $4.8 million. According John Poyhonen, senior vice president, chief financial and business office, "The first quarter financial results for net loss and cash utilization were in-line with the company's expectations." Senomyx ended the first quarter with $33 million in cash and no debt.

The company’s product development accomplishments for 2009 include extensions of collaborative agreements with Ajinomoto Co., Inc. and Campbell Soup Company, initiation of development activities to support regulatory filings for bitter blockers S0812 and S6821, and Nestle’s selection of the new flavor ingredient for evaluation of commercial potential in the coffee and coffee whitener fields.

Outlook

With Nestle's selection of a flavor ingredient for development activities, and the corresponding amendment in the agreement, Senomyx expects reduction in the research funding period by one year, thus lowering the funding that it will receive. With this in mind, the company will lower its ranges for revenue guidance and total expense guidance by $2.0 million each. Overall, for full year 2009, Senomyx expects total revenues of $18–22 million and a net loss of $24–27 million.