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SENOMYX, INC. AND CAMPBELL SOUP COMPANY ANNOUNCE EXCLUSIVE COLLABORATION TO DEVELOP INGREDIENTS TO ENHANCE WET SOUP
La Jolla, CA and Camden, NJ (April 23, 2001) – Senomyx, Inc. (www.senomyx.com) and Campbell Soup Company (NYSE: CPB) announced today an exclusive collaborative research and license agreement for the discovery and commercialization of new ingredients that improve the taste of wet soups. Exact terms of the collaboration were not disclosed. However, under the agreement Campbell Soup Company will provide research funding over a three-year period and, upon successful outcome of the research, additional payments for milestones and for royalties based on net sales of products using the new ingredients.
"This collaboration is another example of how our integrated technology platform has the potential to create new commercial opportunities in the consumer products industry," said Paul Grayson, President and CEO of Senomyx, Inc. "We are very excited about entering into this agreement with Campbell Soup Company — a global leader in manufacturing and marketing of premium quality soup — and we look forward to working with them."
"Over the last 20 years, we have invested in research and technologies that have enabled us to continuously improve the quality, nutrition and convenience of our soups," said Dr. David Macnair, Vice President - Global R&D, Campbell Soup Company. "This is another example of Campbell's commitment to be at the forefront of food technology."
About Senomyx, Inc.
Senomyx seeks to be the leader in discovering new and improved proprietary flavor and fragrance molecules for use in a wide range of consumer products. Senomyx's integrated technology platform combines an enhanced understanding of the biology of taste and smell with many of the same technologies and advancements that pharmaceutical companies have recently begun using to more efficiently discover new medicines. Senomyx is incorporating receptor biology, combinatorial chemistry, high-throughput screening and bioinformatics into an integrated technology platform designed to enable the rapid, efficient discovery of new and improved proprietary molecules.
About Campbell Soup Company
Campbell Soup Company is a global manufacturer and marketer of premium quality soup, sauces, beverages, biscuits, confectionery, and prepared food products with worldwide sales of more than $6.2 billion. The company's market-leading brands include "Campbell's" soups worldwide, "Erasco" soups in Germany and "Liebig" soups in France, "Pepperidge Farm" cookies and crackers, "V8" and "V8 Splash" juices, "Pace" Mexican sauces, "Prego" pasta sauces, "Franco American" pastas, "Swanson" broths, "Homepride" sauces in the United Kingdom, "Arnott's" biscuits in Australia and "Godiva" chocolates around the world. The company employs more than 22,000 people worldwide. For more information on the company, visit Campbell's website on the Internet at www.campbellsoup.com.
Forward- Looking Statements
This release contains "forward- looking statements" which reflect the companies' current expectations about future performance. These forward-looking statements rely on a number of assumptions and estimates which could be inaccurate and which are subject to risks and uncertainties. Actual results could vary materially from those anticipated or expressed in any forward- looking statement made by the companies due to a number of factors, including without limitation Senomyx's new and unproven business model, technological uncertainties facing the companies and competitive factors. Please refer to the companies' most recent SEC reports and filings for a further discussion of these risks and uncertainties. Campbell Soup Company and Senomyx, Inc. disclaim any obligation or intent to update the forward-looking statements in order to reflect events or circumstances after the date of this release.
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