San Diego, CA, July 7, 2008, 2008 - Senomyx, Inc., 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 a one-year extension of its exclusive collaborative research and license agreement with Cadbury Adams USA LLC, a unit of Cadbury plc, for the discovery and commercialization of new flavor ingredients in the gum confectionery area.
Under the terms of the extended agreement, Cadbury has agreed to pay Senomyx research funding and specified payments upon the achievement of milestones during the collaborative period. Upon commercialization, Senomyx will receive royalty payments based on sales of products using the new flavor ingredients.
"Senomyx's collaboration with Cadbury has been ongoing since July 2005, and we are pleased to extend our partnership for an additional year," said Kent Snyder, President, Chief Executive Officer, and Chairman of the Board of Senomyx. "Cadbury is currently the world's largest confectionery company with gum brands such as Trident, Dentyne, Hollywood and Bubbaloo. We believe their decision to continue our collaboration reflects our excellent working relationship and is an endorsement of Senomyx's innovative technology and the commercial potential of our programs," Snyder noted.