Senetek Announces New Licensing Agreement With Enprani Co., Ltd. To Market Kinetin Products in the Republic of Korea
NAPA, Calif., April 16 /PRNewswire-FirstCall/ -- Senetek PLC (Nasdaq: SNTK - news), ( senetekplc.com ), a biopharmaceutical company that develops products in two key markets, skincare/dermatologicals and sexual dysfunction, today announced it has entered into a direct license agreement with Enprani Co., Ltd. of Seoul, Republic of Korea, ( enprani.co.kr ), to market and distribute Kinetin in South Korea in the Cosmetics Specialty Stores channel of distribution under the popular Enprani brand. Enprani Co., Ltd. is also developing and clinically testing a new and unique combination skincare line containing Senetek's patented Kinetin ingredient. Enprani has recently gained functional care approval for Kinetin from the Korean FDA, a substantial step towards its continued success in Korea. The licensing arrangement calls for an undisclosed upfront royalty payment to Senetek, guaranteed annual minimum sales and royalties on future products sold. In addition, the parties agreed to collaborate on the manufacture of Kinetin products.
Enprani, a well-established and highly regarded cosmetic company in Korea, is an affiliate of CJ Corp., ( cheiljedang.com ), one of the largest business conglomerates in Korea with total assets exceeding (US) $2 billion and consolidated sales of (US) $4.5 billion. Established as the parent company of the SAMSUNG Group in 1953, CJ Corp. started its own business activities independent from SAMSUNG in 1993. In addition to skin care, its business interests encompass biopharmaceuticals, food and food services, investment and finance, construction, media businesses and e-commerce. CJ Corp. markets in sixty countries through a network of thirty-two offices worldwide, and it was the first Korean company to achieve more than (US) $100 million in annual pharmaceutical exports.
Mr. H.K. Kim, President, Enprani Co., Ltd., stated, ``We are most delighted to have acquired the rights to such a proven and well-tested product as Kinetin. Kinetin will provide Enprani with a key differential advantage over our competitors. Korean consumers will be able to benefit from the technologically advanced, high quality Kinetin products manufactured at Enprani's state of the art facilities. We are looking forward to the opportunity to collaborate on future development of Kinetin products, as well as on new skincare compounds in the course of our long-term business relationship with Senetek.'' The Enprani brand has been named the outstanding brand of the year in Korea for the past five years.
``We are pleased that a company as prestigious and successful as Enprani Co., Ltd. has become another key partner in endorsing and marketing our Kinetin product. Korea is one of the two key skincare markets in Asia,'' said Frank J. Massino, Senetek Chairman and CEO.
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, is being licensed to leading cosmetics 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 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 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 2001. 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.
SOURCE: Senetek PLC |
