News
Senomyx Announces Second Quarter Financial Results:
LA JOLLA, CA (July 29, 2004) - Senomyx, Inc. (NASDAQ: SNMX),
today reported financial results for the quarter and six months ended
June 30, 2004. As of June 30, 2004, the Company had cash, cash equivalents
and short-term investments of $44.4 million, compared to $15.1 million
at March 31, 2004, representing a 194% increase over the prior quarter
end balance.
"During the second quarter, we made considerable progress towards our financial
goals for 2004, as we raised approximately $34.4 million in net proceeds through
our IPO. In addition, our collaborator's selection of two product candidates
from our savory enhancer program for development was an important operational
milestone for Senomyx," commented Kent Snyder, President and CEO of Senomyx. "The
funds raised through our IPO will be used in part to continue the discovery and
development of novel flavor enhancers in our savory, sweet and salt programs.
We believe our flavor enhancers will allow our collaborators to improve the nutritional
profile of their packaged food and beverage products by reducing MSG, sugar and
salt content, while maintaining or enhancing taste. Additionally, we expect to
use a portion of the proceeds to expand our technology base and to conduct research
involving new taste receptors. Based upon these discovery and development activities,
our goal is to establish additional partnering opportunities in new and existing
programs," added Snyder.
Financial Review
Revenues for the second quarter and year to date, respectively, were $2.2 million
and $4.4 million, compared to $2.2 million and $4.4 million for the same periods
in 2003.
On a GAAP basis, the net loss applicable to common stockholders for
the second quarter of 2004 was $3.4 million, or $0.79 per share, compared to
a net loss for the same period in 2003 of $3.9 million, or $2.27 per share. The
net loss applicable to common stockholders for the six months ended June 30,
2004 was $8.4 million, or $2.69 per share, compared to a net loss for the same
period in 2003 of $7.2 million, or $4.25 per share.
Upon the close of the Company's
IPO on June 25, 2004, all of the Company's preferred stock converted to 16,205,306
shares of common stock. If that conversion had taken place prior to January 1,
2003, the pro forma net loss per common share would have been $0.17 and $0.43
for the second quarter and the six months ended June 30, 2004, compared to $0.22
and $0.40, for the same periods in 2003, respectively.
Recent Highlights:
About Senomyx, Inc.
Senomyx is a biotechnology company using proprietary taste receptor-based assays and screening technologies to discover and develop novel flavors and flavor enhancers 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 development of flavors or flavor enhancers in three taste areas, including savory, sweet and salt.
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: the progress and capabilities of Senomyx's discovery and development programs; the benefits to be derived from relationships with Senomyx's product discovery and development collaborators, technology collaborators and licensors and Senomyx's ability to enter into and maintain these relationships; Senomyx's ability, or Senomyx's collaborators' ability, to successfully satisfy all pertinent regulatory requirements and commercialize products incorporating Senomyx's flavors and flavor enhancers; and Senomyx's ability to strengthen discovery and development capabilities. Risks that contribute to the uncertain nature of the forward-looking statements include: Senomyx is dependent on its product discovery and development collaborators for all of Senomyx's revenue; Senomyx is dependent on its current and any future product discovery and development collaborators to develop and commercialize any flavors or flavor enhancers Senomyx may discover; Senomyx may be unable to develop flavors or flavor enhancers useful for formulation into products; Senomyx or its collaborators may be unable to obtain and maintain the GRAS determination or regulatory approval required for flavors or flavor enhancers to be incorporated into products that are sold; even if Senomyx or its collaborators receive a GRAS determination or regulatory approval and incorporate Senomyx flavors or flavor enhancers into products, those products may never be commercially successful; and Senomyx's ability to compete in the flavor and flavor enhancer market may decline if Senomyx does not adequately protect its proprietary technologies. These and other risks and uncertainties are described more fully in Senomyx's most recently filed SEC documents, including its Prospectus filed with the Securities and Exchange Commission on June 22, 2004, 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. Senomyx undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.