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Senomyx Reports Fourth Quarter and Fiscal Year 2017 Financial Results
SAN DIEGO, CA – March 8, 2018 – Senomyx, Inc. (NASDAQ: SNMX), a leading company using proprietary taste science technologies to discover, develop, and commercialize novel flavor ingredients and natural high intensity sweeteners for the food, beverage, and ingredient supply industries, today reported financial results for the fourth quarter and fiscal year ended December 31, 2017.
“2017 was both a productive and meaningful year for Senomyx, highlighted by encouraging direct sales growth, successful monetization of certain cool flavor assets and continued progress along our R&D roadmap,” stated John Poyhonen, President and Chief Executive Officer of the Company. “Looking at the fourth quarter specifically, the period was highlighted by the $10 million upfront payment we collected for expanding licenses to our cool taste ingredients as well as the continued advancement of the siratose strain development process.”
During the past year, the Company has aggressively pursued new non-exclusive collaborative relationships for its natural sweet taste program. At this time, the Company has not been able to add new collaborators to provide research funding for its natural sweet taste program on terms that are acceptable to the Company. Management believes that further progress on the siratose strain development process will be pivotal in establishing new collaborations. Moving forward, Senomyx will continue to focus on its siratose development efforts as previously planned, while pursuing new collaborative research funding on satisfactory terms.
In addition, the Company has engaged an advisor to pursue a range of strategic alternatives to further enhance shareholder value. “As we have in the past, the Board of Directors routinely considers a broad range of strategic opportunities with the ultimate goal of maximizing value for our shareholders,” stated Kent Snyder, Chairman of the Board of Directors of Senomyx. “While we plan to carefully consider all possible outcomes related to the strategic review process, the Senomyx leadership team, with the support of the board, remains focused on executing the Company’s long-term business plan. As we demonstrated in the fourth quarter through the successful monetization of certain cool taste ingredients, engaging an advisor enables us to consider all possible options to support the growth of our business in order to maximize value for our shareholders.”
Fourth Quarter 2017 Operational Results
During the fourth quarter, Senomyx expanded its cool program collaboration agreement with Firmenich. Under terms of the amended agreement, Firmenich was granted an exclusive license to CoolmyxTM CL19 and related cooling ingredients in all product categories. In November, Senomyx received an upfront payment of $10 million for the exclusive license and pre-payment of cool program royalty obligations covering the period from 2018 through 2020.
From a research and development perspective, during the fourth quarter Senomyx scientists made significant progress on siratose strain development. “Based on this progress, our goal continues to be achieving a proof of concept of the fermentation strain development by mid-2018. Assuming that we are able to achieve this goal, the next step is to optimize the strain development process and submit our GRAS notification by the end of 2019, keeping in mind the feasibility and timeline of these development activities is inherently uncertain,” Poyhonen concluded.
Sharon Wicker, Senior Vice President and Chief Commercial Development Officer, added: “Direct sales of our Complimyx® flavor ingredient offerings grew by 70% during 2017 compared to the previous year. We continue to earn new business with world-class flavor house customers, and their forecasts for future use of our portfolio ingredients are promising. In addition, our win count grew to 23 wins across 17 different customers. We remain optimistic about the growth prospects for our direct sales efforts going forward.”
The following information was filed by Senomyx Inc (SNMX) on Thursday, March 8, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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