Senomyx narrows loss in Q3, receives GRAS for new savory flavors

By Caroline Scott-Thomas

- Last updated on GMT

Related tags High-fructose corn syrup Taste Senomyx

Senomyx narrows loss in Q3, receives GRAS for new savory flavors
San Diego-based flavor firm Senomyx has reported increased revenues and narrowed loss in the third quarter – and also announced it has received GRAS status for two new savory flavor enhancers.

The company reported a 22% increase in revenues during the quarter ended September 30, rising from $5.8m last year to $7.1m, and a 30% improvement in its net loss, from $3.7m last year, to $2.6m this year. It also gave a similar picture for the first nine months of the year, with revenue 19% up on the same period in 2010, to $19.2, and 31% narrower loss, from $10.2m to $7.1m.

The company said its increased revenues were largely due its Sweet Taste Program collaborations, which include partnerships with Firmenich and PepsiCo.

Senomyx CEO Kent Snyder said that the company is developing another sucrose enhancer (S9632), which would be complementary to its existing sucrose enhancer S6973, to allow a 50% sugar reduction in a range of foods and beverages. And Senomyx recently announced that it has started taste tests with high fructose corn syrup (HFCS) enhancers, which could enable manufacturers to reduce HFCS in formulations by up to a third.

"Senomyx continues to realize significant accomplishments in the discovery, development, and commercialization of our flavor ingredients," ​he said.

GRAS savory flavors

The company also announced that it has received FEMA (Flavor and Extract Manufacturers Association) GRAS (generally recognized as safe) status for two savory flavors, designed to mimic the taste of monosodium glutamate (MSG). The ingredients (S9229 and S5456) could be used in a range of applications, including snack foods, beverages, soups, seasonings, condiments, baked goods, and meat products, the company said.

"Unlike Senomyx's GRAS sweet enhancers that have no inherent taste but are used to amplify the characteristics of a specific sweetener, each of our Savory Flavors provides a new savory taste sensation,”​ Snyder said. “The taste profiles of the new Savory Flavors closely mimic MSG (monosodium glutamate), which makes them applicable for potentially a total replacement of MSG as well as the creation of new savory blends."

The two new GRAS ingredients bring the number of Senomyx flavor ingredients with GRAS status to ten.

‘Well-positioned’ financially

Although the company continues to make a loss, it is expecting royalty payments from a number of major firms, including Nestlé, PepsiCo, Ajinomoto, and Firmenich as products containing its ingredients come to market.

Vice president and chief financial officer Tony Rogers said: “Considering our current cash balance, collaborator funding commitments, as well as the anticipated future growth of our commercial revenue from our various GRAS approved products, our balance sheet remains healthy and we are well-positioned to continue to advance our programs toward commercialization.”

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