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SENOMYX ANNOUNCES CORPORATE UPDATE AND SECOND QUARTER 2014 FINANCIAL RESULTS
Date:7/31/2014

ncial results for the first half of 2014 were consistent with management expectations and we are reiterating our financial guidance," stated Tony Rogers, Senior Vice President and Chief Financial Officer.  

For the full year 2014, Senomyx continues to expect:

  • Total revenues of $32 million to $35 million, of which approximately $10 million are commercial revenues
  • Total operating expenses of $44 million to $46 million, of which approximately $6 million are non-cash, stock-based compensation expenses
  • Net loss of $10 million to $12 million
  • Basic and diluted net loss of $0.23 to $0.28 per share
  • Year-end cash, cash equivalents and investments available for sale balance greater than $25 million
  • "During the second quarter we continued to make progress with our direct sales initiative, highlighted by our first meaningful sales order of a product to be commercialized by a flavor company.  We continue to expect that growth in commercial revenues over the next several years will be primarily driven by direct sales and the Sweet Taste Program collaboration with PepsiCo.  With $34 million in cash and no debt, as well as $29 million in committed development payments and $28 million in potential milestone payments under current collaborations, Senomyx remains well-positioned to achieve our discovery, development and commercialization objectives including our goal of approximately $25 million in commercial revenues in 2015.  Furthermore, we do not have plans to raise money through the issuance of equity or debt to fund the current scope of our operations and we remain on track to achieve profitability in 2015," Rogers concluded.

    Conference Call:Senomyx will host a conference call at 11:00 a.m. Eastern Time (8:00 a.m. Pacific Time) Thursday, July 31, 2014 to discuss these financial results and provide an update on the Company.  To participate in the live conference call, U.S.
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    SOURCE Senomyx, Inc.
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