Senetek PLC Retains Investment Banking Firm to Assist in Finding Licensees for Invicorp
Thursday July 3, 8:00 am ET
NAPA, Calif., July 3 /PRNewswire-FirstCall/ -- Senetek PLC (Nasdaq: SNTK - News), ( www.senetekplc.com ), a biopharmaceutical company focused on developing, licensing and co-marketing products in the key skin care/dermatologicals and sexual dysfunction categories globally, today announced that it has retained Cherry Tree Development, LLC, Minneapolis, Minn., to act as an advisor to the Company for the licensing of Invicorp(TM), Senetek's premier erectile dysfunction product, and the manufacture of Senetek's patented Reliaject® autoinjector for use with Invicorp(TM).
Cherry Tree will assist Senetek in preparing evaluation materials and in negotiating licensing agreements with prospective licensees. "This is in line with Senetek's announced strategy to accelerate marketing approvals and the launch of Invicorp(TM) and Reliaject® by joining with partners who would bring strong medical device manufacturing and urological product sales capabilities. Cherry Tree has an impressive background in healthcare, and we are confident that they are the right firm to allow us to find the appropriate partner and business transaction to bring Invicorp(TM) to the U.S.," said Wade Nichols, Senetek's Executive Vice President for Corporate Development. Invicorp(TM) has received marketing approval in Denmark and New Zealand and is in the process of obtaining Pan-European approval under the Mutual Recognition Procedure. It has not undergone clinical trials in the U.S. at this time.
Cherry Tree is a private investment banking firm specializing in serving entrepreneurially-managed companies. Founded in 1980, Cherry Tree has provided services to more than 200 companies in a wide variety of industries. It has formed and managed five private equity funds, and has participated in more than 250 private equity financings, 50 merger & acquisition transactions and 25 public offerings. The firm has a team of seasoned professionals representing more than 150 years of investment and CEO operating experience and is experienced in product launches as well as having an extensive involvement with the drug industry.
Senetek PLC is a biopharmaceutical company focused on developing, licensing and co-marketing products in key skin care/dermatologicals and sexual dysfunction categories worldwide. Its patented Kinetin ingredient is currently licensed to some nine other companies with leading positions in their fields including Revlon, The Body Shop and ICN Pharmaceuticals.
Visit Senetek PLC 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" under the Federal securities laws, including statements concerning the revenue and licensing income the Company may receive in the future under licenses of the Company's products, and the additional licensing agreements the Company may enter into during 2002. No forward-looking statement the Company makes 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 the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2001 and Quarterly Report on Form 10-Q for the three months ended June 30, 2002, filed with the Securities and Exchange Commission.
Source: Senetek PLC |
