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

targeted analytical approaches to discover specific proteins that could be viable candidates for the receptors or co-factors responsible for salt taste.  Senomyx has assembled a proprietary database of proteins found in taste buds and progress is being made exploring the role of a number of these proteins that may be involved in salt taste perception.  In addition, the Company is currently focusing a greater effort on a smaller subset of proteins that includes potential lead receptor candidates.

Intellectual Property:  Senomyx continues to be diligent in seeking protection for its intellectual property.  As of March 31, 2013, the Company is the owner or exclusive licensee of 387 issued patents and several hundred pending patent applications in the U.S., Europe, and elsewhere related to proprietary taste science technologies.  

Financial Review:At March 31, 2013, the Company held $39.9 million in cash, cash equivalents and investments available-for-sale.

Total revenues were $7.5 million for the quarter ended March 31, 2013 compared to $8.3 million for the quarter ended March 31, 2012.

Development revenues decreased to $6.0 million in the first quarter of 2013 from $7.1 million in the first quarter of 2012.  The decrease is primarily due to a $714,000 reduction in upfront license fee revenues recognized in 2013 compared to 2012 related to the $20 million in license payments under the 2009 Sweet Program collaboration with Firmenich.  There was no impact to cash flow as the license payments were received prior to 2012.  Also contributing to the decrease in development revenues was a $500,000 milestone earned in the first quarter of 2012 related to our Cooling Taste Program.  These decreases were partially offset by increases in other forms of development revenues.

Commercial revenues increased to $1.4 million for the first quarter of 2013 compared to $1.1 million for the first quar
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