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SENOMYX ANNOUNCES FOURTH QUARTER AND YEAR-END 2008 FINANCIAL RESULTS
Date:2/12/2009

in interest rate yields on the U.S. Treasuries and other U.S. Government Agency instruments in which we invest our cash reserves. This reduction in interest rates resulted in approximately $1.5 million less interest income compared to our forecasts."

2009 Outlook:

"We are providing financial guidance for 2009," Poyhonen stated. "With respect to our revenue guidance range of $20 million to $24 million, we expect approximately $11 million in development revenue (research funding related) under existing collaborations and more than $1 million in commercial revenue (royalty related) under existing collaborations. The remaining portion of our revenue projection is anticipated to come from milestone achievement revenue under existing collaborations, extensions of existing collaborations, and new collaboration development revenue.

"We are encouraged by the interest expressed by several potential new partners and our ongoing discussions," Poyhonen noted. "Our ability to establish new collaborations continues to be the most challenging component of our revenue target. New collaborations are highly dependent on our continued progress on the R&D front, as well as our potential new collaborators' ability and willingness to invest in an R&D program in the current economic environment.

"Regarding expenses, we are projecting a modest increase in expenses, primarily driven by costs for manufacturing scale-up and safety studies related to potential product candidates advancing into development. We enter 2009 with more than $40 million in cash, cash equivalents, and investments available-for-sale, and we will continue to manage our cash utilization carefully," Poyhonen stated. For the full year 2009, Senomyx expects:

  • Total revenues of $20 million to $24 million
  • Total expenses of $48 million to $51 million, of which $7 million to $8 million is non-ca
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SOURCE Senomyx, Inc.
Copyright©2009 PR Newswire.
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