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Media Room -
News Release
CONTACT:
Gwen Rosenberg
Senomyx, Inc.
Vice President, Investor Relations & Corporate Communications
(858) 646-8369
gwen.rosenberg@senomyx.com
Andrew Shea
The Solae Company
(314) 659-3379
ashea@solae.com
SOLAE, SENOMYX ENTER INTO COLLABORATIVE AGREEMENT FOR DISCOVERY,
DEVELOPMENT, COMMERCIALIZATION OF SOY PROTEINS WITH ENHANCED FLAVOR
SAN DIEGO, CA and ST. LOUIS, MO – April
25, 2007 – Senomyx, Inc. (NASDAQ: SNMX), a leading company
focused on using proprietary technologies to discover and develop
novel flavor ingredients for the packaged food and beverage industry,
and Solae, a joint venture with DuPont (NYSE: DD) and Bunge Limited
(NYSE: BG) that is the leading supplier of soy protein for food-based
products, announced today that they have entered into a collaborative
agreement for the discovery, development and commercialization of
novel flavor ingredients intended to enhance the taste characteristics
of soy proteins.
The new research, development and commercialization agreement includes
a collaborative period during which the companies will seek to discover
and develop new systems that enhance the flavor of soy proteins.
Under the licensing agreement, Solae will have exclusive worldwide
use of the flavor ingredients in virtually all categories of foods
and beverages that contain added soy protein. Solae will fund the
discovery and development of these flavor systems, and Senomyx will
be entitled to certain milestone and royalty payments.
Food manufacturers use a variety of techniques to mask undesirable
bitter tastes, such as adding sugar, fat or salt to a recipe. The
collaboration between Solae and Senomyx aims to develop new bitter
blockers that better modulate and control bitterness in certain
soy-based products. Such innovations could improve the nutritional
value of foods by allowing manufacturers to add more protein and
use less sugar, salt and fat. They may also accelerate consumer
acceptance of nutritious foods containing soy protein.
“Consumers refuse to compromise taste for wellness,”
said Jonathan McIntyre, Vice President of Research and Development
at Solae. “To satisfy consumers, food manufacturers are looking
for new innovations to improve the taste of healthy products. As
a company focused on food ingredient innovation, we’re excited
to work with Senomyx to deliver additional innovation in food formulation
and taste.”
Soy protein is used in a wide variety of products, including energy
bars, breakfast cereals, infant formula and beverages. As consumer
demand for healthier food options increases, food manufacturers
are increasingly looking to formulate products with soy protein.
The companies expect to develop novel soy protein flavor enhancers
and taste modulators using Senomyx’s proprietary taste receptor-based
assays and screening technologies.
“We are looking forward to collaborating with Solae on new
flavor ingredients that could help expand the rapidly growing market
for soy protein,” said Kent Snyder, President and Chief Executive
Officer of Senomyx. “This agreement supports our strategy
of establishing partnerships with market leading companies seeking
to create a competitive advantage for their products. We are pleased
to add Solae to our list of world-class collaborators, which includes
Ajinomoto, Cadbury Schweppes, Campbell Soup, Coca-Cola, Kraft Foods,
and Nestlé.”
About Senomyx, Inc.
Senomyx is a leading company focused on 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 flavor ingredients
in the savory, sweet, salt and bitter areas. Senomyx has entered
into product discovery and development collaborations with seven
of the world's leading packaged food, beverage, and ingredient supply
companies: Ajinomoto Co., Inc., Cadbury Schweppes, Campbell Soup
Company, The Coca-Cola Company, Kraft Foods Global, Inc., Nestlé
SA, and The Solae Company. For more information, visit www.senomyx.com.
About Solae
Solae is the global leader in the research, development and manufacture
of soy protein ingredients. Headquartered in St. Louis, Missouri,
USA, with annual revenue exceeding $1 billion, the company is a
joint venture between DuPont (NYSE: DD) and Bunge Limited (NYSE:
BG). For more information, visit www.solae.com.
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 capabilities of Senomyx's
flavor ingredients; Senomyx's ability to discover new flavor ingredients;
and Senomyx's ability, or Senomyx's collaborators' ability, to commercialize
products incorporating Senomyx's flavor ingredients in packaged
foods and beverages. 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 flavor ingredients Senomyx may discover; Senomyx may be unable
to develop flavor ingredients useful for formulation into products;
Senomyx or its collaborators may be unable to obtain and maintain
the regulatory approval required for flavor ingredients to be incorporated
into products that are sold; even if Senomyx or its collaborators
receive a regulatory approval and incorporate Senomyx flavor ingredients
into products, those products may never be commercially successful;
and Senomyx's ability to compete in the flavor ingredients 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 Annual Report on Form 10-K, 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.
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