Senomyx announces two year extension of collaboration with Kraft Foods Global, Inc.
During the extension period, the company will continue working with Kraft Foods on the discovery and development of novel flavor modifiers on an exclusive basis.
03/08/05 Senomyx, Inc. has announced that it has entered into an agreement for a two-year extension of the collaborative research phase under its discovery and development agreement with Kraft Foods Global, Inc. During the extension period, the company will continue working with Kraft Foods on the discovery and development of novel flavor modifiers on an exclusive basis in a specified product field in the dessert product category and on a co-exclusive basis in an existing specified food and beverage product field.
Under the terms of the extension, Kraft Foods has agreed to pay Senomyx incremental discovery and development funding of over $2.7 million over the two-year extension period. Upon commercialization, Senomyx will be entitled to royalty payments based on sales of Kraft products containing any flavor enhancers developed under the agreement.
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 five of the world's leading packaged food and beverage companies: Cadbury Schweppes, Campbell Soup Company, The Coca-Cola Company, Kraft Foods Global, Inc. and Nestlé SA.
