Senomyx and the Coca-Cola Company Execute Term Sheet Regarding the Potential Continuation and Expansion of Their Flavor Technology Collaboration
Press Release Source: Senomyx, Inc. On Monday April 26, 2010, 8:30 am EDT
SAN DIEGO--(BUSINESS WIRE)--April 26, 2010--Senomyx, Inc. (NASDAQ: SNMX - News), 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 that it has signed a term sheet with The Coca-Cola Company, the world's largest beverage company. This term sheet includes key commercial and financial terms for the potential continuation and expansion of a collaborative research program related to the discovery and commercialization of new flavor ingredients resulting from Senomyx’s sweet taste technology. The two companies have been collaborating in the field of non-alcoholic beverages since April 2002.
Senomyx and The Coca-Cola Company have agreed to negotiate the definitive terms of a new collaborative agreement over the next 60 days, and during this period Senomyx will continue to receive funding at the same rate provided under the parties’ original collaboration agreement.
“We appreciate the commitment that Coca-Cola has shown to our collaboration during the past eight years and we are gratified by their continuing interest in our sweet taste technology,” stated Kent Snyder, Chief Executive Officer of Senomyx.
Senomyx’s advances in its sweet taste program include the identification and regulatory approval of new flavor ingredients that can be used to reduce the amount of non-nutritive and natural sweeteners in foods and beverages while retaining the desired taste. Senomyx has received a Generally Recognized As Safe (GRAS) regulatory designation that allows a sucrose enhancer (S6973) to be incorporated into specified food and beverage products in the U.S. and in numerous other countries, including milk products, instant coffee and tea, as well as imitation dairy products such as non-dairy creamers and whiteners.
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. The Company has product discovery and development collaborations with global food, beverage, and ingredient supply companies, some of which are currently marketing products that contain Senomyx’s flavor ingredients. For more information, please visit www.senomyx.com. |
