Senetek PLC and OMP, Inc. Announce Settlement of Lawsuit
NAPA and LONG BEACH, Calif., Jan. 24 /PRNewswire-FirstCall/ -- Senetek PLC (Nasdaq: SNTKY - news), senetekplc.com , a biopharmaceutical company that develops products in two key markets, skincare/dermatologicals and sexual dysfunction, and OMP, Inc., a privately held company that develops and markets skin health products, today announced that a settlement has been reached, ending litigation between the parties.
Frank J. Massino, Chairman and CEO of Senetek PLC stated, ``We are extremely pleased with this development. Our companies have agreed to work together for the marketing and distribution of Kinetin products in select territories and market channels. In addition, the settlement calls for an undisclosed financial payment from OMP and confirms the validity of Senetek's patents for Kinetin.''
Austin McNamara, Chairman and CEO of OMP, Inc. said, ``We are very pleased with this agreement and look forward to working with Senetek on expanding the business opportunities for the entire Obagi Skin Health System.''
Senetek's patented skincare ingredient Kinetin (N6-furfuryladenine) is an essential plant growth factor that retards senescence of plants and delays age-related changes in cultured human skin cells. Kinetin products have been successfully tested at the Department of Dermatology, University of California, Irvine, showing good-to-excellent results in reversing the signs of photodamaged skin, and promoting the appearance of healthy looking skin. In clinical trials, Kinetin products demonstrated improvement in the reduction of fine lines and wrinkles and mottled hyperpigmentation without the irritation and photosensitivity associated with the use of retinoids and alpha-hydroxy acids.
OMP, Inc., headquartered in Long Beach, California, is a specialty pharmaceutical company that develops, markets, and sells products for physician-mediated skin health and restoration. OMP sells a comprehensive line of skin health and restoration products for dermatologists and plastic surgeons to dispense and to use for office-based procedures. OMP sells its products to physicians in the United States through its direct sales force, as well as in 29 countries outside the United States, primarily through distributors. Visit the Company's Web site at obagi.com
Senetek PLC, headquartered in Napa, California, is a science driven biopharmaceutical company engaged in the development of skincare/dermatological and sexual dysfunction products. Kinetin, the Company's patented anti-aging skincare technology, has been licensed to leading cosmetic and dermatological companies worldwide. Invicorp(TM) is Senetek's technology for the treatment of Erectile Dysfunction, a condition suffered by more than 100 million men worldwide. To learn more about Senetek, visit the Company's Web site at senetekplc.com .
This news release may contain statements that may be considered ``forward looking statements'' under the Federal securities laws, including statements concerning the revenue and licensing income we may receive in the future under licenses of our products, and the additional licensing agreements we may enter into during 2002. No forward-looking statement we make is a guarantee of future performance or events. Actual results or events may differ materially from those in the forward-looking statements as a result of various factors, including the risks and uncertainties described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2001 filed with the Securities and Exchange Commission.
SOURCE: Senetek PLC |
