SAN DIEGO, Nov. 12, 2013 /PRNewswire/ -- Senomyx, Inc. (NASDAQ: SNMX), a company using proprietary taste science technologies to discover, develop, and commercialize novel flavor ingredients for the food, beverage, and ingredient supply industries, today reported financial results for the third quarter 2013. The Company ended the third quarter with $35.6 million in cash and highly liquid investments.
"Senomyx made significant progress with our R&D, regulatory, and commercialization efforts during the past quarter," stated Kent Snyder, the Company's Chief Executive Officer and Chairman of the Board of Directors. "Although third quarter revenues were below our expectations, which will change our outlook for the year, it is important to note that the progress achieved will serve as a foundation for significant commercial growth as we move into 2014 and 2015.
"We are on-track with development activities to support GRAS (Generally Recognized As Safe) regulatory filings for S617 in the first quarter of 2014. This unique sweet taste modifier is intended to contribute to an optimal flavor profile in products with reduced sweeteners," Snyder noted. "The GRAS designation allows commercialization in the U.S. and a number of other countries, and facilitates approval in much of the rest of the world.
"We are excited about the commercial prospects for S617, which we expect will be used across a wide range of foods and beverages," Snyder added. "Senomyx anticipates that S617 will be introduced into products in 2014."
"Senomyx has achieved all of the third quarter milestones that we set for implementing the new direct sales initiative," commented John Poyhonen, Senomyx's President and Chief Operating officer, who will take over as President and CEO effective January 2, 2014, upon the retirement of Kent Snyd
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