SENOMYX ANNOUNCES THE EXTENSION OF ITS COLLABORATIVE RESEARCH, DEVELOPMENT, COMMERCIALIZATION...
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SENOMYX ANNOUNCES THE EXTENSION OF ITS COLLABORATIVE RESEARCH, DEVELOPMENT,
COMMERCIALIZATION AND LICENSE AGREEMENT WITH AJINOMOTO CO., INC.
SAN DIEGO, CA, March 24, 2009 /PRNewswire-FirstCall/ -- Senomyx, Inc. (Nasdaq:
SNMX), a leading company focused on using proprietary technologies to discover
and develop novel flavor ingredients for the food, beverage, and ingredient
supply industries, announced today the extension of one of its discovery and
development programs with Ajinomoto Co., Inc., which was originally
established in March 2006. The two companies will continue to work together
on an exclusive basis on the discovery, development and commercialization of
new flavor ingredients for use in the soup, sauce and culinary aids, noodles,
and bouillon product categories in Asia. This discovery and development
program has been extended for one year with three consecutive options of one
year each that could further extend the collaboration. Under the terms of the
extension, discovery and development funding paid by Ajinomoto to Senomyx will
be at a higher level than for previous years. In addition, Senomyx is
entitled to specified payments upon the achievement of milestones and royalty
payments based on sales of Ajinomoto products containing any flavor
ingredients developed under the agreement. This extension does not impact the
companies' activities with existing flavor ingredients covered by the
collaborative agreement.
"Senomyx welcomes the opportunity to continue to work with Ajinomoto, a
leading worldwide manufacturer of food and culinary products, to discover and
commercialize new flavor ingredients," said Kent Snyder, President and Chief
Executive Officer of Senomyx. "Ajinomoto is a Japan-based global company and
we are pleased to extend our collaboration with them to take advantage of
their leading position in the Asian market."
About Senomyx, Inc. (www.senomyx.com)
Senomyx is a leading company using proprietary taste receptor technologies to
discover and develop novel flavor ingredients in the savory, sweet, salt,
bitter, and cooling areas. Senomyx has entered into product discovery,
development, and commercialization collaborations with seven of the world's
foremost food, beverage, and ingredient supply companies: Ajinomoto Co., Inc.,
Cadbury plc, Campbell Soup Company, The Coca-Cola Company, Firmenich SA,
Nestle SA, and Solae. Nestle is currently marketing products that contain one
of Senomyx's flavor ingredients. For more information, please visit
www.senomyx.com.
Forward-Looking Statements
Statements contained in this press release regarding matters that are not
historical facts are "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Because such statements are
subject to risks and uncertainties, actual results may differ materially from
those expressed or implied by such forward-looking statements. Such statements
include, but are not limited to, statements regarding: Senomyx's ability to
identify and develop novel flavor ingredients that provide a sufficiently
potent effect; the capabilities of Senomyx's flavor ingredients, Senomyx's
ability, or Senomyx's collaborators' ability, to commercialize products
incorporating Senomyx's flavor ingredients in foods and culinary products; the
duration of Senomyx's collaborative, research, development, commercialization
and license agreement with Ajinomoto and whether Ajinomoto will elect its
option to extend the collaboration for any additional periods and Senomyx's
right to receive research fees, milestone payments and royalties under its
agreements with its collaborators. Risks that contribute to the uncertain
nature of the forward-looking statements include: Senomyx is dependent on its
product discovery and development collaborators for all of Senomyx's revenue;
Senomyx is dependent on its current and any future product discovery and
development collaborators to develop and commercialize any flavor ingredients
Senomyx may discover; Senomyx may be unable to develop flavor ingredients
useful for formulation into products; Senomyx or its collaborators may be
unable to obtain and maintain the regulatory approval required for flavor
ingredients to be incorporated into products that are sold; even if Senomyx or
its collaborators receive a regulatory approval and incorporate Senomyx flavor
ingredients into products, those products may never be commercially
successful; and Senomyx's ability to compete in the flavor ingredients market
may decline if Senomyx does not adequately protect its proprietary
technologies. These and other risks and uncertainties are described more fully
in Senomyx's most recently filed SEC documents, including its Annual Report on
Form 10-K, under the headings "Risks Related to Our Business" and "Risks
Related to Our Industry." All forward-looking statements contained in this
press release speak only as of the date on which they were made. Senomyx
undertakes no obligation to update such statements to reflect events that
occur or circumstances that exist after the date on which they were made.
Contact:
Gwen Rosenberg
Senomyx, Inc.
Vice President, Investor Relations & Corporate Communications
(858) 646-8369
gwen.rosenberg@senomyx.com
SOURCE Senomyx, Inc.
Gwen Rosenberg, Vice President, Investor Relations & Corporate Communications
of Senomyx, Inc., +1-858-646-8369, gwen.rosenberg@senomyx.com
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