Senomyx 2011 Financial Results Up 9%

Senomyx, Inc. has reported financial results for the fourth quarter and full year ended December 31, 2011. Revenues were $31.3 million for the year, compared to $28.7 million for the year ended December 31, 2010, an increase of 9%. The net loss for the year ended December 31, 2011 was $8.7 million, compared to $10.7 million for the year ended December 31, 2010, an improvement of 18%. The net loss per share for the year ended December 31, 2011 was $0.22 per share, compared to $0.28 per share for the year ended December 31, 2010, an improvement of 21%.

"2011 was a pivotal year for Senomyx, during which we saw the initial commercial launches of branded products that incorporate the first two sweet taste modulators discovered and developed by the company—S6973 for sucrose reduction, and S2383 for the reduction of sucralose," said Kent Snyder, Senomyx’s CEO. "We are excited about the response to our sweet taste enhancers as these unique flavor ingredients are introduced by our partner, Firmenich, to food and beverage companies.

"Although it is difficult to determine the exact timing, we fully expect that additional companies will utilize S6973; that usage of S6973 by each company will spread to additional product lines; and that commercialization of the reformulated products will expand into new countries," Snyder said.

"The commercialization of S2383 is also progressing well. S2383 is used to enable a significant reduction in the concentration of the artificial sweetener sucralose in foods and beverages," Snyder noted. "Reformulated branded products that contain S2383 are already on the market and new introductions are planned in the U.S. and Latin America this year.

"Senomyx's experience and expertise with our Sweet Taste Program has led to important additions to the company's pipeline," said Snyder. "We are enthusiastic about our new sucrose enhancer, S9632, which allows the reduction of up to 50% of the sugar in product prototypes and is expected to be applicable for a broad range of beverages and foods. Both S9632 and S6973 have distinctive beneficial properties, which increases the number of product types that could utilize a Senomyx sucrose enhancer and expands our market opportunities. During the fourth quarter of 2011 we earned milestone payments from two partners related to the progress with S9632. Final safety studies with S9632 are underway in preparation for regulatory approval in the U.S.

"Senomyx's portfolio of new flavor ingredients with competitive advantages extends to our other taste programs," Snyder stated. "S5031 is a new cooling agent with excellent properties that exceed those of commonly used agents in taste tests, including a ten-fold greater potency and a longer duration of the cooling sensation without the aroma of menthol. We are announcing today that our partner for the Cooling Taste Program, Firmenich, has selected S5031 for initiation of development activities in support of future regulatory filings. In addition to taking a significant step toward a potentially important new commercial revenue opportunity, this selection resulted in Senomyx earning a milestone payment from Firmenich.

"We are beginning 2012 in an excellent position for future growth," Snyder added. "Senomyx has ten flavor ingredients with Generally Recognized As Safe, also known as GRAS, status, which include our avory flavors, sucrose and sucralose enhancers, and bitter blockers. S6973, S2383, and Senomyx's savory flavors are being commercialized by our partners. Progress has been made in each of our discovery and development programs, including regulatory-focused development activities with our S9632 sucrose enhancer and S5031 cooling agent. Senomyx's financial position is strong and allows us to proceed with our activities as planned."

More information on Senomyx, its developing and upcoming projects, and its financial results is available here.

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