Senetek PLC Highlights Strengthened Financial Situation, Kinetin Commercial Success and Invicorp Progress at U.S. Annual Meeting
NAPA, Calif. and NEW YORK, Feb. 1 /PRNewswire-FirstCall/ -- Senetek PLC (Nasdaq: SNTKY - news), senetekplc.com , a biopharmaceutical company that develops products in two key markets, sexual dysfunction and skincare/dermatologicals, at its annual meeting on January 29th in New York City detailed the significant achievements of the Company, including strengthening the Company's financial position, launching new Kinetin products with well known partners, and recently submitting to the Danish Medicines Agency, the Reference Member State for the Company's European Union Mutual Recognition Procedure, an updated dossier, including data from new clinical trials, on its erectile dysfunction product Invicorp(TM).
Having successfully implemented its business plan, the Company is now cash flow positive and has recently posted two consecutive profitable quarters (the quarters ended June 30, 2001 and September 30, 2001), and gross margins have improved from 35 percent in Fiscal 1998 to 80 percent in the first nine months of 2001. Since 1998 gross profit has improved by an average annual amount of 93 percent, and operating results have improved by an average annual amount of 90 percent. The Company's current ratio as of September 30, 2001 stands at 1.82, up from 0.60 at December 31, 1998.
``We are very pleased with the strategic direction of the Company and the successful commercialization of our lead skincare compound, Kinetin,'' stated Frank J. Massino, Senetek Chairman and CEO. Senetek's CEO informed shareholders that the ``commercial partnerships it has established give the Company a recurring revenue stream of high-margin royalties.'' Mr. Massino updated shareholders on the rich portfolio of skin care products under development by Senetek including Zeatin and newly acquired proprietary compounds.
The Invicorp(TM) discussions focused on the recent submission of an updated dossier to the Reference Member State (the Danish Medicines Agency) marking the assessment phase for pan-European applications for Invicorp(TM) under the Mutual Recognition Procedure. Marketing Authorization Applications are planned in 16 other European States. Mr. Massino informed shareholders that the Company is very encouraged with having met this significant milestone. ``We are confident that Invicorp(TM) will address the unmet needs of men with erectile dysfunction,'' he said.
The Senetek PLC Annual Meeting archived webcast can be accessed through the Company's web site at senetekplc.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 Website at senetekplc.com .
Safe Harbor Statement
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, 2000 filed with the Securities and Exchange Commission.
SOURCE: Senetek PLC |
