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NESTLÉ AND SENOMYX TO WORK TOGETHER USING PROPRIETARY SENOMYX TECHNOLOGY TO DISCOVER AND COMMERCIALIZE CONSUMER PRODUCTS WITH ENHANCED TASTE
La Jolla, CA (May 6, 2002) – Senomyx, Inc. (www.senomyx.com) announced today an exclusive collaborative research and license agreement for the discovery and commercialization of new ingredients that will enhance taste of specified consumer food products. Exact terms of the collaboration were not disclosed. However, under the agreement, Nestlé 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 sales of products using the new ingredients.
"It's an exciting time for Senomyx," said Paul Grayson, Chairman and Chief Executive Officer of Senomyx. "We look forward to working with Nestlé — the world's largest food company."
"We are very pleased that Nestlé has chosen to become a partner of Senomyx," said Tracy Kohlenberg, Vice President, Business Development and Corporate Counsel of Senomyx. "This collaboration highlights the value of our technology and expertise in improving consumer products."
About Senomyx, Inc.
Senomyx seeks to be the leader in discovering new and improved proprietary taste 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.
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