Senetek PLC Reports 2008 Financial Results
Published: Apr 01, 2009
Media Attention Builds for Pyratine-6(TM) and Pyratine XR(TM)
NAPA, Calif., March 31 /PRNewswire-FirstCall/ -- Senetek PLC , a Life Sciences company engaged in the development of technologies that target the science of healthy aging, announced results for the fourth quarter and year ended December 31, 2008.
Revenue for the year ended December 31, 2008 was $1,845,000, compared with $26,471,000 reported in 2007. Revenues for the fourth quarter of 2008 were $230,000, compared with $223,000 for the same period in the prior year.
Net loss for the year ended December 31, 2008 totaled $3,759,000 or $0.49 per diluted share compared to net income of $18,632,000 or $2.41 per diluted share in 2007. Net loss for the fourth quarter of 2008 was $1,209,000, or $0.16 per diluted share compared with net loss of $1,706,000, or $0.22 per diluted share in the fourth quarter of 2007.
Cash used in operations for the year ended December 31, 2008 was $3,971,000, compared with cash provided by operations of $18,019,000 in 2007.
Revenues, net income and cash flow in 2007 reflect the effect of the grant of a paid up license for Kinetin and Zeatin to Valeant Pharmaceuticals Inc. in March 2007 which contributed $24,750,000 to skincare revenues.
The Company continues to garner media attention related to its September 2008 launch of Pyratine-6(TM) and its March 2009 launch of Pyratine XR(TM) at the American Academy of Dermatology's 67th Annual Meeting. Pyratine-6(TM) and Pyratine XR(TM) have been featured in magazines including Prevention, Dermatology Times, Inside Cosmeceuticals, Les Nouvelles Esthetiques and Skin Inc. and in radio and television spots in Las Vegas, Nevada and Baltimore, Maryland.
Commenting on media coverage of Pyratine-6(TM) and Pyratine XR(TM), Frank J. Massino, Chairman and Chief Executive Officer of Senetek PLC stated "The high-profile consumer and trade media placements for Pyratine-6(TM) and Pyratine XR(TM) have raised product and brand visibility in the medical community, as well as directly with consumers, increasing product awareness and demand. With additional media coverage slated for early 2009 and an ongoing public relations campaign, we are confident that Pyratine-6(TM) and Pyratine XR(TM) will attain the success we know is possible."
About Senetek PLC:
Senetek PLC is a life sciences company engaged in the development of breakthrough technologies that target the science of healthy aging. The company's extensive research collaborations have resulted in a strong pipeline of patented compounds and products with broad therapeutic applications and a leading presence in dermatology. Senetek collaborates with established specialty pharmaceutical companies in the final development and marketing of its proprietary products, most recently resulting in the development of kinetin, the best-selling anti-aging product sold in the North American physician market. For more information, visit the company's websites www.senetekplc.com www.pyratine-6.com www.pyratinexr.com
This news release contains statements that may be considered 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act. Forward-looking statements by their nature involve substantial uncertainty, and actual results may differ materially from those that might be suggested by such statements. Important factors identified by the Company that it believes could result in such material differences are described in the Company's Annual Report on Form 10-K for the year 2008. However, the Company necessarily can give no assurance that it has identified or will identify all of the factors that may result in any particular forward-looking statement materially differing from actual results, and the Company assumes no obligation to correct or update any forward-looking statements which may prove to be inaccurate, whether as a result of new information, future events or otherwise.
CONTACT: William O'Kelly of Senetek, PLC, +1-707-226-3900, ext. 102; or
Media, Maggie Carr, firstname.lastname@example.org, or Michael Rogers,
email@example.com, both of Michael Rogers Public Relations,
+1-212-255-7210, ext. 22, for Senetek PLC
Web site: http://www.senetekplc.com./