Senomyx appoints company to investigate potential strategies
Senomyx, Inc. is a company that specializes in patented taste science technology. To help it assess all of its strategic choices, the company has recruited a consulting firm. According to Senomyx, the principal financial adviser will be the investment bank Needham & Co., and the additional strategic adviser will be the independent corporate advising firm Conexus Capital Advisors.
The chairman of the board of directors of Senomyx, Kent Snyder, stated, “The board has engaged both Needham & Company and Conexus Capital Advisors to evaluate a range of potential strategic alternatives, including the potential sale of the company, with the goal of enhancing value for our shareholders.” We have a long-standing connection with Needham & Company, so we are aware of their experience and trust them to guide us through this process as our principal financial adviser. Furthermore, we have chosen to work with Conexus Capital Advisors once more due to their sector experience, familiarity with Senomyx, and successful completion of our last strategic review process, which culminated in the monetization of some cool taste ingredients for a total of $10 million.
Senomyx stated that until and until its board has approved a specific transaction or has finished reviewing strategic alternatives, it does not plan to provide any other comments on its plans.
Ajinomoto Co., Inc., Firmenich SA, and PepsiCo, Inc. are just a few of the top packaged food, beverage, and ingredient companies in the world with which Senomyx now has cooperation agreements. In the past, collaboration agreements have included provisions for license fees, funding for research and development, reimbursement of specific expenses, milestone payments upon the accomplishment of research or development objectives, and, in the case of commercialization, minimum periodic royalties and/or royalties on sales of goods containing flavor ingredients from Senomyx.
Senomyx has a supplemental commercialization approach in addition to the money from collaborative partnerships. In this strategy, it distributes specific flavor ingredients to taste firms directly so that they can resell them to their consumers in the food and beverage industry. Additionally, Senomyx can directly market taste compounds to consumers of pharmaceuticals, food, beverages, and consumer goods.
As of December 31, 2017, Senomyx held 422 issued international patents, 187 pending foreign applications, 35 pending U.S. patent applications, and 233 issued U.S. patents covering various facets of proprietary technology, either as the only licensee or the owner.
In comparison to the $10,686,000 loss in the fiscal 2016 year, the company saw a loss of $1,263,000 in the fiscal year that concluded on December 31, 2017. In comparison to fiscal 2016’s $23,039,000, total revenues in fiscal 2017 were $29,320,000.