Senetek PLC Guaranteed $37 Million Over Five Years - 500 Beiträge pro Seite

[Huges]

Senetek PLC Guaranteed $37 Million Over Five Years for Expanded Kinetin Rights and Exclusive Zeatin License
Tuesday August 9, 5:00 am ET

NAPA, Calif., Aug. 9 /PRNewswire-FirstCall/ -- Senetek PLC (OTC Bulletin Board: SNTKY - News), www.senetekplc.com, a healthcare technologies company focused on the development and commercialization of products for the growing anti-aging markets worldwide, announced today the signing of a new agreement with its marketing partner, Valeant Pharmaceuticals International (NYSE: VRX - News). Valeant will receive expanded distribution rights for Kinetin which it now markets under the brand Kinerase® and exclusive worldwide manufacturing and marketing rights to Zeatin. In exchange for these grants, Senetek PLC will receive minimum guaranteed annual royalty payments in the amounts of $6 million in 2006, $7 million in 2007 and $8 million each in 2008, 2009 and 2010 before existing credits plus the potential for additional royalties.

Under the agreement Valeant is granted exclusive rights to Zeatin for all distribution channels and Valeant`s existing license for Kinetin is similarly broadened, subject to the rights of Senetek`s existing Kinetin licensees. Senetek currently has fourteen Kinetin licensees, including Valeant, and under the agreement it undertakes not to enter into additional licenses for Kinetin.

Frank J. Massino, Senetek`s Chairman and Chief Executive Officer, stated that "we believe that this agreement places Senetek on a very solid financial footing which should help provide profitability in the future. This will enable the Company to continue to develop new and exciting compounds for various skincare and dermatological indications such as skin lightening, wound healing, scar minimization, psoriasis and others. We know that Valeant has done an excellent job in establishing Kinetin as a leading anti-aging ingredient and believe that they will be even more successful going forward with Zeatin. Valeant is a most important partner to Senetek and our management team welcomes the opportunity to work even closer with the Valeant group."

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