NAPA, Calif., May 21 /PRNewswire-FirstCall/ -- Senetek PLC , a life sciences product development company targeting the science of aging, announced financial results for the quarter ended March 31, 2007:
Revenue for the quarter ended March 31, 2007 was $25,308,000, compared with $2,269,000 reported in the first quarter of 2006. Revenues for the first quarter of 2007 included $24,750,000 recognized in conjunction with the previously announced grant of a paid up license for Kinetin and Zeatin to Valeant Pharmaceuticals Inc.
Net income for the quarter ended March 31, 2007 totaled $21,733,000 or $0.36 per share compared to a net loss of $13,000, a loss of less than $0.01 per share in the first quarter of 2006. Net income for the quarter ended March 31, 2007 included the effect of the previously announced grant of a paid up license for Kinetin and Zeatin to Valeant Pharmaceuticals Inc. and $1,312,000 from settlement of claims against a professional services provider for past performance related matters. The net loss for the quarter ended March 31, 2006 included a $927,000 non-cash expense for the write-off of the debt discount on retirement of the Senior Secured Notes and a $250,000 gain on the sale of Reliaject(R) assets.
Cash flow from operations for the quarter ended March 31, 2007 was $22,855,000 compared with $2,000 used in first quarter 2006 operations.
“Senetek is in the strongest financial condition that we have enjoyed in many years,” said Frank J. Massino, Senetek’s Chairman and CEO. “Our recently announced agreement with Valeant is the first step in a new strategic direction that will enable accelerated development of our rich pipeline of proprietary compounds, an ability to acquire products, emphasis on larger economic benefits through direct marketing efforts of new products, and the targeting of unmet needs in the lucrative and growing prescription dermatological therapeutic market.”
The Company will announce the date and time of a teleconference call for investors in the near future.
About Senetek PLC
Senetek PLC is a life sciences product development company with a portfolio of intellectual properties targeting the science of aging, including skincare and dermatological therapeutics, erectile dysfunction and nutrition. Kinetin, Senetek’s lead commercial product, is currently licensed and marketed by 14 pharmaceutical and cosmeceutical companies, and Senetek has entered into an exclusive global license with Valeant Pharmaceuticals for Senetek’s proprietary anti-aging skincare compound Zeatin. In addition, Senetek has entered into exclusive licenses for Europe and North America, respectively, for its patented combination drug treatment for erectile dysfunction, Invicorp(R), has an exclusive manufacturing distributorship for its proprietary diagnostic monoclonal antibodies, and recently sold, with retained rights of profit participation, its patented drug delivery system, Reliaject(R).
Visit Senetek PLC’s Web site at http://www.senetekplc.com.
Safe Harbor Statement:
This news release contains statements that may be considered ‘forward- looking statements’ within the meaning of the Private Securities Litigation Reform Act, including those indicating the financial outlook for fiscal 2007 and those that might imply commercial potential and successful evaluation and development of new compounds. 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 2006. 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.
Senetek PLC
CONTACT: Senetek PLC, +1-707-226-3900 ext. 102
Web site: http://www.senetekplc.com/
