SAN DIEGO, Calif. and GENEVA, Switzerland, April 11, 2013 /PRNewswire/ -- Senomyx, Inc. (NASDAQ: SNMX), a company using proprietary taste science technologies to discover, develop, and commercialize novel flavor ingredients, and Firmenich, the world's largest privately-owned fragrance and flavor company, announced today that the companies have amended and restated their Sweet Taste Program collaboration agreement. The amendment extends the period of research funding from Firmenich for Senomyx's Sweet Taste Program through July 2016. The associated extension payment and incremental committed research and development funding will provide Senomyx with significant funding over the next several years.
The amended agreement provides that Firmenich will have exclusive rights to commercialize certain Senomyx sweet flavor ingredients discovered under the collaboration in food and select beverage product categories for a period of time. After this initial period, Senomyx will begin selling the flavor ingredients to other flavor companies while Firmenich continues sales to food and beverage companies. The amendment does not impact Senomyx's other collaborative agreements regarding the use of its flavor ingredients.
Senomyx's initiation of its new direct sales strategy is intended to accelerate the Company's transformation into a profitable company by expanding its focus from discovery & development into commercialization. Senomyx's flavor ingredient portfolio will initially focus on sweet flavor modifiers, which can be used to restore the desired taste profile of products in which sucrose has been reduced. The first product will be S9632, which Senomyx intends to sell to flavor companies for end-use in non-alcoholic and powdered beverages
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