SAN DIEGO, March 20, 2018 /PRNewswire/ -- Senomyx, Inc. (NASDAQ: SNMX), a leading company using proprietary taste science technologies to discover, develop, and commercialize novel flavor ingredients and natural high intensity sweeteners for the food, beverage, and ingredient supply industries, has retained Needham & Company, a leading investment bank, and Conexus Capital Advisors, an independent corporate advisory firm, to explore and evaluate all available strategic options. Needham will act as the lead financial advisor with Conexus serving as an additional strategic advisor.
"The Senomyx 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," said Kent Snyder, Chairman of the Board of Directors of Senomyx. "Given our longstanding relationship with Needham & Company, we are well aware of their expertise and are confident in their ability to skillfully serve as our lead financial advisor through this process. Additionally, following the successful conclusion of our previous strategic review process, which resulted in the monetization of certain cool taste ingredients for a sum of $10 million, we've decided to, once again, engage Conexus Capital Advisors for their sector expertise, knowledge of Senomyx and proven track record."
Senomyx does not expect to disclose further developments relating to the strategic review process, unless and until its Board of Directors has approved a specific transaction, otherwise concludes the review of strategic alternatives or determines that further disclosure is appropriate. There can be no assurance the process will result in the Company pursuing a particular transaction or consummating any such transaction.
About Senomyx, Inc.
Senomyx discovers novel flavor ingredients and natural high intensity sweeteners that allow food and beverage companies to create better-for-you products. Under its direct sales program, Senomyx sells its Complimyx® brand flavor ingredients, Sweetmyx®, Savorymyx®, and Bittermyx®, to flavor companies for use in a wide variety of foods and beverages. In addition, Senomyx has partnerships with leading global food, beverage, and ingredient supply companies, which are currently marketing products that contain Senomyx's flavor ingredients. For more information, please visit www.senomyx.com.
Statements contained in this press release regarding matters that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Such statements include, but are not limited to, statements regarding Senomyx's future prospects and the Board's review of strategic alternatives, the timing of such review, and the possible outcomes of such review. Senomyx's actual results or outcomes and the timing of certain events may differ significantly from those discussed in any forward-looking statements, including as a result of the uncertainty associated with being able to identify, evaluate and complete any transaction or alternative and the impact on Senomyx's business, including its financial and operating results and its employees and customers, of both the announcement of the Board's review of strategic alternatives and any transaction or alternative that may be pursued. Risks that contribute to the uncertain nature of the forward-looking statements include but are not limited to: the price of our common stock is volatile and our business and operating results may be adversely affected by unfavorable economic and market conditions. These and other risks and uncertainties are described more fully in our most recently filed SEC documents, including our most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K, under the headings "Risks Related to Our Business" and "Risks Related to Our Industry." All forward-looking statements contained in this press release speak only as of the date on which they were made. We undertake no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
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SOURCE Senomyx, Inc.