SAN DIEGO, March 15, 2013 /PRNewswire/ -- Senomyx, Inc. (NASDAQ: SNMX), a company using proprietary taste science technologies to discover, develop, and commercialize novel flavor ingredients for the food, beverage, and ingredient supply industries, today reported financial results for the fourth quarter and full year ended December 31, 2012. The Company ended 2012 with $41.8 million in cash and highly liquid investments.
The Company announced today that it is initiating a new direct sales strategy intended to accelerate Senomyx's transformation into a profitable company by expanding its focus from discovery and development to commercialization. Rather than relying solely on licensing collaborations for commercialization, Senomyx will sell certain of its flavor ingredients directly to flavor companies for re-sale to food and beverage companies, expanding the market and creating new opportunities to increase total usage of Senomyx's products.
"Senomyx intends to leverage our proprietary taste discovery technologies to become a leading commercial provider of novel flavor ingredients to the flavor industry," stated Kent Snyder, Chief Executive Officer of the Company. "The direct sales strategy complements our existing collaborations, which are based on exclusive or co-exclusive commercialization licenses with our partners, who pay royalties to Senomyx.
"The new strategy is expected to allow Senomyx to have a greater role in the commercialization process and realize more value from our discoveries. Having numerous flavor companies marketing our flavor ingredients is expected to enable deeper and broader penetration of the food and beverage industry. Senomyx will focus on sales of our pure, also commonly referred to as 'neat', ingredients to flavor companies, who can then add
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