SAN DIEGO, Sept. 30, 2016 /PRNewswire/ -- Senomyx, Inc.
(NASDAQ: SNMX), a leading company using proprietary taste science
technologies to discover, develop, and commercialize novel flavor
ingredients for the food, beverage, and ingredient supply
industries, announced today that it has amended and restated its
Sweet Taste Program collaboration agreement with PepsiCo, Inc. The
amendment extends PepsiCo's research funding for Senomyx's Natural
Sweet Taste Program for three additional years, through
September 2019.
Under the amended and restated agreement, Senomyx granted
PepsiCo non-exclusive rights to natural sweeteners and natural
flavor ingredients discovered, developed and selected under the
collaboration for use in all non-alcoholic beverage categories.
During the extension, Senomyx will be entitled to $18 million in research and development payments
over the three-year research period. PepsiCo retains the option to
further extend the research collaboration for two more years, which
would result in additional research funding commitments. Senomyx
will also be eligible for milestone payments based on the
achievement of predetermined goals as well as royalty payments upon
the sale of products containing natural sweeteners or ingredients
selected under the collaboration.
"We are looking forward to continuing our collaboration with
PepsiCo given our common objective of developing products that meet
the growing demand for lower-calorie offerings," stated
John Poyhonen, President and Chief
Executive Officer of Senomyx. "PepsiCo is an industry leader,
committed to reducing added sugar in their products and creating
great tasting options for consumers."
About Senomyx, Inc. (www.senomyx.com)
Senomyx discovers novel flavor ingredients and natural high
intensity sweeteners that allow food and beverage companies to
create better-for-you products. Under its direct sales
program, Senomyx sells its Complimyx® brand
flavor ingredients, Sweetmyx®,
Savorymyx®, and Bittermyx®, to
flavor companies for use in a wide variety of foods and beverages.
In addition, Senomyx has partnerships with leading global food,
beverage, and ingredient supply companies, which are currently
marketing products that contain Senomyx's flavor
ingredients. For more information, please visit
www.senomyx.com.
Forward-Looking Statements
Statements contained in this press release regarding matters
that are not historical facts are "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. Because such statements are subject to risks and
uncertainties, actual results may differ materially from those
expressed or implied by such forward-looking statements. Such
statements include, but are not limited to, statements regarding
new collaboration agreements and the anticipated funding we may
receive, whether the research under our natural sweet taste
research program will be successful and lead to the
commercialization of any new natural flavor ingredients and the
anticipated timing and scope of commercial launch of products
containing our flavor ingredients, whether by our collaborators or
through our direct sales program. Risks that contribute to the
uncertain nature of the forward-looking statements include: large
companies such as PepsiCo are typically conservative when
implementing changes to their branded products, and may not begin
or expand their use of our flavor ingredients when expected or at
all; we are substantially dependent on our current and any future
product discovery and development collaborators to develop and
commercialize any flavor ingredients we may discover; we are
dependent on our current and any future product discovery and
development collaborators for our research and development funding;
we have limited experience in manufacturing, marketing, or selling
flavor ingredients on a commercial scale and may not successfully
grow our direct sales program; commercial launches of new or
reformulated food, beverage and ingredient products incorporating
our flavor ingredients may not occur when expected or at all; the
commercial utility for a novel flavor ingredient that we develop
may ultimately be more limited than we expected; the cost to
manufacture and/or formulate any of our flavor ingredients into
packaged food and beverage products may be higher than anticipated,
which could discourage market entry and acceptance; and development
activities for newer flavor ingredients may not demonstrate an
acceptable safety profile or meet other commercialization criteria.
These and other risks and uncertainties are described more fully in
our most recently filed SEC documents, including our most recent
Quarterly Report on Form 10-Q and Annual Report on Form 10-K, under
the headings "Risks Related to Our Business" and "Risks Related to
Our Industry." All forward-looking statements contained in this
press release speak only as of the date on which they were made. We
undertake no obligation to update such statements to reflect events
that occur or circumstances that exist after the date on which they
were made.
Financial
Tony
Rogers
Senior Vice President &
Chief Financial Officer
Senomyx, Inc.
858-646-8304
tony.rogers@senomyx.com
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SOURCE Senomyx, Inc.