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Freshnews.com April 20, 2005 Senomyx, Inc. (NASDAQ:SNMX) announced today an agreement for a three-year extension of the collaborative research phase under its initial discovery and development agreement with Nestle SA, the world's largest food company. This agreement is focused on the discovery and commercialization of novel flavors and flavor enhancers in the dehydrated and culinary food and frozen food fields, among other product categories. Under the terms of the extension, based on research progress Nestle has agreed to pay Senomyx incremental discovery and development funding of up to $6.6 million over a period of up to an additional three years. Upon commercialization, Senomyx will receive royalty payments based on sales of products containing flavors and flavor enhancers developed under the agreement. Senomyx also has a second collaboration with Nestle, which was entered into in 2004, for the discovery and commercialization of novel flavor ingredients in the coffee and coffee whitener fields. "We are extremely pleased to extend our original collaboration with our world class partner, Nestle. We believe this extension provides further validation of our taste receptor technology and commercial potential," 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 of their products," added Snyder. About Senomyx, Inc. Senomyx is a biotechnology company using proprietary taste receptor-based assays, screening technologies and optimization chemistry to discover and develop novel flavors, flavor enhancers and taste modulators for the packaged food and beverage industry. Senomyx's current programs focus on the development of flavors, flavor enhancers and taste modulators in the savory, sweet, salt and bitter taste areas. 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 Nestle SA. About Nestle SA Nestle with headquarters in Vevey, Switzerland was founded in 1866 by Henri Nestle and is today the world's biggest food and beverage company. Sales in 2003 were over $65 billion. Nestle 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, Nescafe, Stouffer's, Lean Cuisine, Hot Pockets, Buitoni, Maggi, Butterfinger, Crunch, Kit Kat, Dreyers and Haagen Dazs. |
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