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SENOMYX ANNOUNCES CORPORATE UPDATE AND FIRST QUARTER FINANCIAL RESULTS
Date:4/25/2013

SAN DIEGO, April 25, 2013 /PRNewswire/ -- Senomyx, Inc. (NASDAQ: SNMX), a company using proprietary taste science technologies to discover, develop, and commercialize novel flavor ingredients for the food, beverage, and ingredient supply industries, today reported financial results for the first quarter 2013. The Company ended the first quarter with $39.9 million in cash and highly liquid investments. 

"This is an exciting time for Senomyx as we move forward with implementation of our new direct sales strategy," stated Kent Snyder, Chief Executive Officer of the Company.  "Our direct sales initiative is intended to allow Senomyx to have a greater role in the commercialization of our flavor ingredients and increase the value that Senomyx derives from our discoveries.  We believe both of our recently announced agreements with Firmenich support these important objectives."

Earlier this month, Senomyx and Firmenich, the world's largest privately-owned fragrance and flavor company, announced 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 gives Firmenich exclusive rights to commercialize certain Senomyx ingredients with sweet flavor modifying properties discovered under the collaboration in food and select beverage product categories for a period of time.

"A key aspect of Senomyx's amended agreement with Firmenich is that after a period of exclusivity, Senomyx can begin selling the flavor ingredients to other flavor companies while Firmen
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SOURCE Senomyx
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