SENOMYX ANNOUNCES CORPORATE UPDATE AND THIRD QUARTER 2009 FINANCI...(arge number of product categories and re...)

Date:11/5/2009

arge number of product categories and receive the GRAS status almost two quarters ahead of the expected timeframe. The GRAS designation allows usage of S6973 in baked goods, cereals, gum, condiments and relishes, confectioneries and frostings, frozen dairy offerings, fruit ices, gelatins and puddings, hard and soft candy, jams and jellies, milk products, and sauces.

In August 2009 Senomyx and Firmenich SA, the world's largest privately-owned fragrance and flavor company, announced that the two companies entered into a collaborative research, development, commercialization and license agreement related to Senomyx's Sweet Enhancers, which are novel flavor ingredients intended to enhance the taste of sucrose, fructose, and Rebaudioside (stevia). The agreement provides that during the collaborative period Firmenich will have exclusive rights to commercialize selected Senomyx Sweet Enhancers worldwide in virtually all food product categories not currently licensed to other companies. In return, Firmenich agreed to pay to Senomyx shared funding of ongoing research, license fees, and royalties on sales of Senomyx's Sweet Enhancers developed under the collaboration. Senomyx received an initial license fee payment of $10 million from Firmenich following execution of the agreement.

As previously announced, a second $10 million license fee is payable to Senomyx following Firmenich's decision to commercialize a Senomyx Sweet Enhancer that has received regulatory approval. The companies have agreed that Firmenich will conclude its evaluation and make a determination in February 2010 regarding whether it will select S6973 for commercial development. Based on its encouraging evaluation thus far, Firmenich will pay to Senomyx in November 2009 a non-refundable $2 million payment as part of the second license fee. The remaining $8 million portion of the second license fee will be due to Senomyx upon Firmenich's decision to proceed with commercial de
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SOURCE Senomyx, Inc. Copyright©2009 PR Newswire. All rights reserved

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