SAN DIEGO, May 19, 2014 /PRNewswire/ — Senomyx, Inc. (NASDAQ: SNMX), a leading company using proprietary taste science technologies to discover, develop and commercialize novel flavor ingredients for the food, beverage and flavor industries, announced today that PepsiCo, Inc. has exercised its option to extend the companies’ collaborative agreement related to Senomyx’s sweet-taste technology for an additional two years, through August 2016.
PepsiCo will continue to have exclusive worldwide rights to the Senomyx sweet flavor ingredients developed under the collaboration for use in non-alcoholic beverage categories. Under the agreement, Senomyx will be entitled to committed research funding payments over the additional two-year period. Senomyx also will remain eligible for milestone payments based upon the achievement of predetermined goals, as well as royalty payments.
“Senomyx’s Sweet Taste Program has realized significant accomplishments during the past four years. We look forward to continuing to work with our valued partner PepsiCo on this successful program,” said John Poyhonen, President and Chief Executive Officer of Senomyx.
About Senomyx, Inc. (www.senomyx.com)
Senomyx is using proprietary taste science technologies to discover, develop, and commercialize novel flavor ingredients. These include modifiers of Sweet and Salt flavors as well as Savory Flavors, Bitter Blockers, and Cooling Agents. The Company is also engaged in an effort to discover and develop natural high-potency sweeteners. Under its direct salesprogram, Senomyx is beginning to sell certain of its Complimyx® brand flavor ingredients, Sweetmyx™, Savorymyx™, andBittermyx™, to flavor companies for re-sale to their food and beverage company customers. In addition, Senomyx hascollaborative agreements with global food, beverage, and ingredient supply companies, some of which are currently marketing products that contain Senomyx’s flavor ingredients. Senomyx’s corporate socially responsible activities are described on theSenomyx Cares blog at http://www.senomyx-csrblog.com/. For more information, please visit www.senomyx.com.