Senetek Announces Kinetin Agreement for Greece With Lavipharm, Top Pharmaceutical Company in Nation
Friday April 4, 7:48 am ET
NAPA, Calif., April 4 /PRNewswire-FirstCall/ -- Senetek PLC (Nasdaq SNTK), ( www.senetekplc.com ), a healthcare technologies company focused on developing and co-marketing products applicable to the anti-aging markets in key skin care/dermatological and sexual dysfunction categories worldwide, today announced the signing of a license agreement with Lavipharm S.A. ( www.lavipharm.gr ), in Athens, Greece, a major manufacturer and marketer of pharmaceutical, cosmetic and consumer health products with an extensive R&D activity.
Under the agreement, Lavipharm will launch a line of Kinetin-based skin care products in the ethical and OTC pharmacy market under its well-known brand name "Castalia." The launch in Greece and Cyprus is targeted for the second half of 2003. In addition, the two companies will work together to develop additional proprietary Kinetin-based products using Lavipharm's exclusive technologies.
Founded in 1911, Lavipharm is a leader in the dermatological market in Greece and Cyprus, with fast-growing presence in the rest of Europe, U.S.A., Japan and selected countries in Middle East and Asia. Senetek and Lavipharm are currently in process of evaluating these capabilities for the enhancement of both company's portfolio worldwide.
Andreas O. Tobler, Chief Operating Officer & Managing Director Europe of Senetek, commented, "The Greek dermatological market is attractive and Lavipharm is by far the largest player. Additionally, Lavipharm has strong R&D capabilities and is working with us on the development of new and proprietary products, in particular its 'Solid Gel Technology,' incorporating Kinetin. Lavipharm will also prove to be a valuable partner in opening additional markets where Kinetin is not represented yet."
Dr. Athanase Lavidas, Chairman and CEO of Lavipharm, commented, "The Kinetin-based skin care products and the leading position we have in the Greek pharmacy market, combined with our historical strong franchise with dermatologists, will add significant value to our well established brand Castalia, currently exported to a number of markets. We believe this new agreement with Senetek, a healthcare technologies expert, marks the beginning for exciting future collaborations. Combining our proprietary technologies, such as Solid Gel, with Senetek's product portfolio, new horizons will open up for both companies."
Senetek's patented ingredient, Kinetin, is a naturally occurring cytokinin that has proven to be highly effective in treated aging skin virtually without any side effects that are seen with other competing products. Senetek's other licensees to include ICN Pharmaceuticals, Revlon Inc. and The Body Shop have successfully introduced Kinetin in their respective channels of distribution and territories.
About Lavipharm
Lavipharm is the largest integrated Group of companies in the development, production, import, promotion and distribution of pharmaceutical, dermocosmetic and consumer health products in Greece with a strong international activity. In 2002 Lavipharm's consolidated turnover exceeded euro 300 million.
Visit Senetek PLC's web site: senetekplc.com .
Senetek PLC Investor Relations Contact:
1-707-226-3900 ext. 102
E-Mail: Pknopick@eandecommunications.com
Safe Harbor Statement:
This news release may contain statements that may be considered "forward- looking statements" within the meaning of the Private Securities Litigation Reform Act, including the Company's expectation about future revenue and profitability, operating expenses, liquidity, growth, regulatory approval, and license agreements. Forward-looking statements by their nature involve substantial uncertainty, and actual results may differ materially from those expressed in 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 2002. However, the Company necessarily can give no assurance that it has identified 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.
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Source: Senetek PLC |
