Senomyx announces the extension of its agreement with Ajinomoto co., Inc.

Posted March 25, 2009 9:55 am by BevNET.com Staff

SAN DIEGO, CA, March 24, 2009 /PRNewswire-FirstCall/ — Senomyx, Inc. (Nasdaq: SNMX), a leading company focused on using proprietary technologies to discover and develop novel flavor ingredients for the food, beverage, and ingredient supply industries, announced today the extension of one of its discovery and development programs with Ajinomoto Co., Inc., which was originally established in March 2006. The two companies will continue to work together on an exclusive basis on the discovery, development and commercialization of new flavor ingredients for use in the soup, sauce and culinary aids, noodles, and bouillon product categories in Asia. This discovery and development program has been extended for one year with three consecutive options of one year each that could further extend the collaboration. Under the terms of the extension, discovery and development funding paid by Ajinomoto to Senomyx will be at a higher level than for previous years. In addition, Senomyx is entitled to specified payments upon the achievement of milestones and royalty payments based on sales of Ajinomoto products containing any flavor ingredients developed under the agreement. This extension does not impact the companies’ activities with existing flavor ingredients covered by the collaborative agreement.

“Senomyx welcomes the opportunity to continue to work with Ajinomoto, a leading worldwide manufacturer of food and culinary products, to discover and commercialize new flavor ingredients,” said Kent Snyder, President and Chief Executive Officer of Senomyx. “Ajinomoto is a Japan-based global company and we are pleased to extend our collaboration with them to take advantage of their leading position in the Asian market.”

About Senomyx, Inc. (www.senomyx.com)

Senomyx is a leading company using proprietary taste receptor technologies to discover and develop novel flavor ingredients in the savory, sweet, salt, bitter, and cooling areas. Senomyx has entered into product discovery, development, and commercialization collaborations with seven of the world’s foremost food, beverage, and ingredient supply companies: Ajinomoto Co., Inc., Cadbury plc, Campbell Soup Company, The Coca-Cola Company, Firmenich SA, Nestle SA, and Solae. Nestle is currently marketing products that contain one of Senomyx’s flavor ingredients. For more information, please visit www.senomyx.com.