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New and Continuing Food & Beverage Collaborations Drive Senomyx Q1 2010 Results

Posted: May 3, 2010

Senomyx (San Diego) has announced first quarter 2010 revenues of 7.7 million, compared to 3.5 million during the same period 2009. For the full year 2010, the company anticipates total revenues of $20 million to $24 million.

The first quarter was marked by the start of commercial activities for a sucralose enhancer by Firmenich (exclusive worldwide rights to market as a standalone ingredient or as part of a flavor system in most categories), the identification of a fructose enhancer, additional GRAS categories for S6973 sucrose enhancer, advances with new sucrose enhancers, and a sped up timetable for regulatory filing with the bitter blockers S6821 and S0812. Senomyx's collaboration with Firmenich extends to exclusive worldwide rights for the commercialization of certain Senomyx sweet enhancers in most food product categories.

In addition, Senomyx notes that Nestle continues to market products incorporating its savory flavor ingredients in Africa, Latin America and the Pacific rim. Similarly, Ajinomoto has begun commercial introductions of products containing a Senomyx flavor ingredient in Asia and "another key region." Finally, Senomyx and The Coca-Cola Company have signed a term sheet for potential continuation and expansion of a sweet taste flavor ingredient research program.

"The beginning of 2010 has been very eventful for Senomyx," said Kent Snyder, CEO of Senomyx. "We strengthened our balance sheet through our February financing and the receipt of nearly $10 million in milestone and license fee payments from collaborators. In addition, for the first time in Senomyx's history, three of our collaborators, Nestle SA, Ajinomoto Co., Inc., and Firmenich SA, are conducting new market introductions of products that contain Senomyx flavor ingredients.

"Senomyx is also making excellent progress with our discovery and development programs," Snyder added. "We continue to be especially excited about the company's success in developing sweet enhancers and bitter blockers, and the potential long-term value of these ingredients. Our identification of the first enhancers for fructose, our advances with new sucrose enhancers, and the anticipated accelerated timing for regulatory filings with our bitter blockers, are all significant accomplishments for Senomyx."