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

ter of 2012.  The increase primarily resulted from higher commercial revenues related to our Sweet Taste Program.

Costs of commercial revenues were $101,000 for the first quarter of 2013 compared to $80,000 for the first quarter of 2012.  The increase is consistent with the corresponding increase in commercial revenues.  These amounts are comprised entirely of royalty payments related to certain in-licensed technologies.Research and development expenses, including stock-based compensation expense, were $7.4 million for the first quarter of 2013 compared to $7.1 million for the first quarter of 2012.  The increase is primarily attributable to higher costs for outsourced activities for safety studies in support of potential future product candidate regulatory filings.

General and administrative expenses, including stock-based compensation expense, were relatively flat at $3.0 million for the first quarter of 2013 compared to $2.9 million for the first quarter of 2012.

The net loss for the quarter ended March 31, 2013 was $0.07 per share, compared to $0.05 per share for the quarter ended March 31, 2012.

Financial Outlook:"Senomyx maintains a healthy balance sheet, including nearly $40 million in cash and no debt.  The extension of our research collaboration with Firmenich provides meaningful, non-dilutive additional funding commitments, and more importantly, it bolsters our commercial revenue opportunity through a higher royalty rate and access to additional product categories for our direct sales strategy," stated Tony Rogers, Senior Vice President and Chief Financial Officer."Under the terms of our extended collaboration, we will receive $4 million in additional license payments in 2013 and another $1 million at some point in the future, but not later than July 2016.  We expect to recognize revenue on this $5 million ratably over the period April 2013 to July 2016.  We also secured $13 million in
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