Senomyx’ 2008 Revenues Fall, Optimistic on Development of New Enhancers and Cooling Agents

Senomyx (San Diego, California) reports that revenues for the fourth quarter 2008 dropped 45% from the same period in 2007 ($6.4 million), totaling $3.5 million, while full-year 2008 revenues fell 6% to $17.2 million (2007: $18.2 million). This decrease in revenues was attributed to higher non-recurring upfront payment revenue in 2007 compared to 2008.

About the coming year, Tony Rogers, vice president, finance and treasury, said, “We enter 2009 with more than $40 million in cash, cash equivalents, and investments available-for-sale, and we will continue to carefully manage our cash utilization.” For 2009, the company expects approximately $11 million in development revenue under existing collaborations and more than $1 million in commercial revenue under existing collaborations. It anticipates the rest of its revenue projection from revenue under existing collaborations, extensions of existing collaborations and new collaboration development revenues.

R&D Activities

One significant milestone for Senomyx in 2008 was the receipt of GRAS status for its sucralose enhancer, S2383, and its collaboration with Firmenich for S2383 commercialization. The company’s other developments include identification of: S6973, a sucrose enhancer; S0812, a bitter blocker; and other bitter blockers that modulate and control bitterness in certain soy-based products. Senomyx also reported a major scientific finding with the discovery of SNMX-29, through which it identified over 100 enhancers of sodium chloride (table salt) and potassium chloride.

Of the research plans for 2009, Kent Snyder, president and CEO of Senomyx said, “The company aims to complete key development activities for its S6973 sucrose enhancer, bitter blockers, and achieve taste proof-of-concept for its salt and fructose enhancer.” The company also hopes to progress in identification of novel cooling flavors that do not have the limitations of currently available agents.

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