Senomyx Announces Nestle's Selection of a New Flavor Ingredient for Evaluation of Commercial Potential
Senomyx's new flavor ingredient has met Nestle's requirements for evaluation and initiation of development activities. We are very pleased to have accomplished this research goal and to begin focusing on the next phase of our collaboration.
06/05/09 Senomyx, Inc., a leading company focused on using proprietary technologies to discover and develop novel flavor ingredients for the food, beverage, and ingredient supply industries, announced that Nestle SA has selected a new flavor ingredient, which was discovered under the companies' collaborative research and license agreement, for development activities and evaluation of commercial potential in the coffee and coffee whitener fields. In addition, Nestle is continuing to assess another ingredient for potential future selection in the same field. Both ingredients are undergoing development activities that include scale-up production and safety studies to support regulatory filings in the U.S. and elsewhere. Senomyx is working closely with Nestle regarding the testing of both ingredients in product prototypes covered under the agreement.
The selection of the new flavor ingredient marks the successful early conclusion of the discovery phase and the beginning of the development phase of the agreement with Nestle. Based on this progress, Senomyx received a milestone payment from Nestle and the collaborative agreement between the companies has been amended to provide for the research and development funding period to conclude in July 2010, one year earlier than previously anticipated. In addition, Nestle's funding obligations over the remaining collaborative period have been reduced to reflect a commensurate reduction in Senomyx's internal research and development resources dedicated to the Nestle project.
"Senomyx's new flavor ingredient has met Nestle's requirements for evaluation and initiation of development activities. We are very pleased to have accomplished this research goal and to begin focusing on the next phase of our collaboration," stated Kent Snyder, President and Chief Executive Officer of the Company. "Nestle is the world's largest food and beverage company, and a valued partner for several of Senomyx's Discovery & Development programs."
