NAPA, Calif., Nov. 14 /PRNewswire-FirstCall/ -- Senetek PLC , a specialty life sciences company engaged in the study of senescense, the science of aging with an initial focus on skincare and dermatological therapeutics today announced financial results for the quarter ended September 30, 2007.
Revenues for the third quarter 2007 were $469,000 compared to $2,027,000 for the same period in the prior year. The decrease is a direct result of the March 30, 2007, License Acquisition Agreement with Valeant Pharmaceuticals Inc. which contributed $24,750,000 to skincare revenues in the first quarter of 2007 but eliminated Kinetin royalties after the first quarter of 2007.
Revenues for the nine months ended September 30, 2007 were $26,248,000 compared to $6,301,000 for the same period in 2006. This increase is directly attributed to the March 30, 2007, completion of the License Acquisition Agreement with Valeant.
The Company realized a net loss of $998,000 (a loss of $0.02 per share) in the third quarter of 2007 compared to net income of $771,000 ($0.01 per share) in the third quarter of 2006.
Net income for the nine months ended September 30, 2007 totaled $20,338,000 ($0.33 per share) compared to net income of $1,309,000 ($0.02 per share) for the first nine months of 2006. Net income for the nine months ended September 30, 2007 included the effect of the previously announced grant of a paid up license for Kinetin and Zeatin to Valeant Pharmaceuticals Inc. and $1,320,000 from settlement of claims against a professional services provider for past performance related matters. The net income for the nine months ended September 30, 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.
Senetek will conduct a teleconference call for investors to provide a detailed update on developments on Tuesday, November 20, 2007 at 9:00 a.m. Pacific, 12:00 p.m. Eastern. The domestic dial-in number is 877-593-8638; the international dial-in number is 706-634-9240, conference ID 24562764. Mr. Frank J. Massino, Chairman and CEO and Mr. William F. O’Kelly, Chief Financial Officer, will discuss Company operations. Replay of the conference call will be available until November 27, 2007. Domestic Replay dial-in 800-642-1687, International Replay dial-in 706-645-9291, replay conference ID 24562764.
About Senetek PLC
Senetek PLC is a specialty life sciences company engaged in the study of senescense, the science of aging with an initial focus on skincare and dermatological therapeutics. Senetek recently announced a Marketing Collaboration Agreement for its second-generation cytokinin with Triax Aesthetics LLC which will guarantee a minimum of $10.8 million in revenues in 2008 and granted Valeant Pharmaceuticals a paid up license for Senetek’s first generation patented skin care active ingredient Kinetin and its analog Zeatin in return for $21 million cash and forgiveness of $6 million prepaid royalty credit, and is negotiating third party license agreements for new patent-pending second generation dermatological active ingredients and is completing development of a number of additional compounds. In addition, Senetek has entered into exclusive licenses for Europe and North America, respectively, for 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). For more information, visit the company’s website at http://www.senetekplc.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 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.
CONTACT: William F. O’Kelly, Chief Financial Officer of Senetek, PLC,
+1-707-226-3900 ext. 102
Web site: http://www.senetekplc.com//
