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Senomyx Announces Five-Year Discovery and Development Collaboration with Nestlū SA
Former ADC Chairman and Chief Executive Officer
to Aggressively Scale Mahi Operations and Sales
LA JOLLA, CA
October 27, 2004
Senomyx, Inc. (NASDAQ: SNMX) announced today an exclusive five-year
discovery and development agreement with Nestlé SA for the
discovery and commercialization of novel flavor ingredients in the
coffee and coffee whitener fields. This is the second collaboration
between Senomyx and Nestlé, the world’s largest food
company. The first collaboration, which was entered into in 2002,
is focused on the discovery of novel flavors and flavor enhancers
in the dehydrated and culinary food, frozen food and wet soup fields.
Under the terms of the new agreement, Nestlé has agreed to
pay Senomyx discovery and development funding for up to five years
based on research progress during the collaborative period. In addition,
Senomyx is eligible to receive milestone payments upon achievement
of specific product discovery and development goals. The combined
total of research funding and milestone payments could exceed $13
million if all milestones are met. Upon commercialization, Senomyx
will receive royalty payments based on sales of products containing
new flavor ingredients developed under the agreement.
“We are extremely pleased to establish a second collaboration
with Nestlé. We believe this new agreement provides further
technical and commercial validation of Senomyx as we continue to
build our relationship with Nestlé by expanding into new
segments of their business,” stated Kent Snyder, President
and Chief Executive Officer of Senomyx. “Our goal is to continue
to leverage our discovery and development capabilities by establishing
additional collaborations with market leading companies seeking
to improve the nutritional profile, reduce costs, or improve other
attributes of their products.” added Snyder.
About Senomyx
Senomyx is a leading biotechnology company using proprietary taste
receptor-based assays and screening technologies to discover and
develop novel flavor enhancers and taste modulators for the packaged
food and beverage industry. Senomyx has entered into product discovery
and development collaborations with four of the world's leading
packaged food and beverage companies: Campbell Soup Company, The
Coca-Cola Company, Kraft Foods Global, Inc. and Nestlé SA.
Senomyx's current programs focus on the discovery and development
of flavor enhancers and taste modulators in taste areas including
savory, sweet and salt.
About Nestlé SA
Nestlé with headquarters in Vevey, Switzerland was founded
in 1866 by Henri Nestlé and is today the world's biggest
food and beverage company. Sales in 2003 were over $65 billion.
Nestlé employs approximately 253,000 people worldwide and
has operations in almost every country in the world. The company’s
market leading brands include Carnation, Nesquik, Perrier, Pellegrino,
Nescafé, Stouffer’s, Lean Cuisine, Hot Pockets, Buitoni,
Maggi, Butterfinger, Crunch, Kit Kat, Dreyers and Häagen Dazs.
Forward-looking Statements
Statements included in this press release that are not a description
of fact are forward-looking statements, including, but not limited
to, statements regarding plans for the Company’s taste receptor
research, future products or additional collaborations. The inclusion
of forward-looking statements should not be regarded as a representation
by Senomyx that any of its plans, projections or future financial,
scientific or business objectives will be achieved. The Company’s
actual results may differ materially from any projected future results
set forth in this release as a result of the risks and uncertainties
inherent in Senomyx’s business including, without limitation,
difficulties or delays in developing, testing, obtaining regulatory
approval, producing and marketing our flavor enhancers, taste modulators
and related technologies; whether we will be able to enter into
additional collaborations; the progress and timing of our scientific
programs; changes in the laws or regulations of the United States
and other countries that could adversely affect our and our collaborators’
ability to develop and commercialize our products; whether any of
its collaborations will result in the discovery and development
of novel flavor enhancers or taste modulators, improve the nutritional
profile of products incorporating them or otherwise enhance the
Company’s market position; our ability to protect our intellectual
property and proprietary technology and to maintain and enforce
our licensing arrangements with various third party licensors; our
ability to define the scope and validity of patent protection for
our products and technologies; competition from other biotechnology
companies and flavor manufacturers and other risks detailed in Senomyx's
Securities and Exchange Commission filings, including the prospectus
filed in connection with our IPO and our Quarterly Report on Form
10-Q for the fiscal quarter ended June 30, 2004. You are cautioned
not to place undue reliance on these forward-looking statements,
which speak only as of the date hereof. All forward-looking statements
are qualified in their entirety by this cautionary statement and
Senomyx undertakes no obligation to revise or update this news release
to reflect events or circumstances after the date hereof.
Contacts:
Finance
John Poyhonen
Vice President, CFO and CBO
Senomyx, Inc.
858-646-8302
john.poyhonen@senomyx.com
Investor Relations
Susan Neath
Atkins + Associates
858-527-3486
sneath@irpr.com
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