Senomyx Inc. (SNMX) said it is in the process of firming up an agreement with Coca-Cola Co. (KO) that would extend the companies' collaboration on the development of new flavor ingredients that can be used in beverages.

A Senomyx spokeswoman said the companies are planning to extend a collaborative research program related to ingredients that boost the sweetness of sugar and other sweeteners used in a beverage. Food and beverage companies have been putting a big part of their research dollars into finding new sweeteners or related technologies to satisfy consumers' thirst for offerings that are perceived as healthier.

Senomyx has been developing a technology that essentially allows a manufacturer to use less sugar in its offerings while maintaining their taste and reducing the calories in beverages and other items.

Coke and Senomyx have already been collaborating for several years and are now working toward developing a new formal agreement. The companies have agreed to negotiate the terms of a new collaborative agreement over the next 60 days, and during this period, Senomyx will continue to receive funding at the same rate provided under the parties' original collaboration agreement. The companies didn't disclose specific financial terms.

-By Anjali Cordeiro, Dow Jones Newswires; 212-416-2200; anjali.cordeiro@dowjones.com
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