SENOMYX ANNOUNCES CORPORATE UPDATE AND SECOND QUARTER 2009 FINANCI... (nses associated with timing of patent pr...)

SENOMYX ANNOUNCES CORPORATE UPDATE AND SECOND QUARTER 2009 FINANCIAL RESULTS

Date:8/4/2009

nses associated with timing of patent prosecution of the Company's intellectual property portfolio, and lower non-cash stock-based compensation expenses. These reductions were partially offset by higher outside service expenses attributable to increased activities in support of product candidate regulatory filings.

General and administrative expenses, including non-cash stock-based compensation expense, were $3.2 million for the second quarter of 2009, compared to $3.4 million for the second quarter of 2008, a decrease of 7%. The decrease was primarily due to reduced outside services and salary and personnel expenses. General and administrative expenses, including non-cash stock-based compensation expense, were $6.5 million for the six months ended June 30, 2009, compared to $6.7 million for the six months ended June 30, 2008, a decrease of 4%. This decrease was primarily due to lower outside services expenses and travel expenses.

The net loss for the second quarter of 2009 was $0.26 per share, compared to a net loss of $0.25 per share for the second quarter of 2008. The net loss for the six months ended June 30, 2009 was $0.50 per share, compared to $0.41 per share for the six months ended June 30, 2008.

2009 Outlook:

"Our net cash utilization outlook for the year has improved significantly due to the new agreement with Firmenich. Based upon this development, Senomyx is updating our guidance for net cash used in operating activities. We are not making any changes to the remainder of our financial guidance for 2009," Poyhonen stated.

For the full year 2009, Senomyx now expects:

Total revenues of $18 million to $22 million
Total expenses of $46 million to $49 million, of which $7 million to $8 million is non-cash, stock-based compensation expense
Net loss of $24 million to $27 million
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SOURCE Senomyx, Inc.
Copyright©2009 PR Newswire.
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SENOMYX ANNOUNCES CORPORATE UPDATE AND SECOND QUARTER 2009 FINANCI...(nses associated with timing of patent pr...)