NAPA, Calif., Oct. 13 Senetek PLC(OTC Bulletin Board: SNKTY), a life sciences company engaged in thedevelopment of technologies that target the science of healthy aging,announced today that the company continues to maintain a strong, debt-freefinancial position. Current cash balances are in excess of $16 Million;$10 Million of which is invested in fully FDIC insured bank certificates ofdeposits and $6 Million on deposit in a money market account with ColumbiaManagement, a wholly owned subsidiary of Bank of America, one of the strongestand most stable financial institutions in the world.
Management and the Board of Directors are closely monitoring currenteconomic conditions relative to planned infrastructure spending and are takingall necessary steps to manage cash reserves while developing new technologiesand investing in marketing and sales of current products to ensure growth andprofitability. Given the current economy, Senetek plans a gradual build outof the infrastructure and new launches.
CEO, Frank Massino and CFO, Bill O'Kelly have requested that a portion oftheir salaries be paid in stock in lieu of cash. This proposal will beformally presented and voted upon at a board meeting this week. Existingtrading window rules have precluded company insiders from purchasing stocksince September 16, 2008. "By taking stock instead of cash salaries, theexecutive team demonstrates its faith in the company while working to conservecash reserves," says Mr. O'Kelly.
The company will continue the launch of Pyratine-6(TM), Senetek's nextgeneration of skin care based on advanced cytokinin technology, which isgarnering support from leading dermatologists, plastic surgeons and thoughtleaders in aesthetic medicine. Physician feedback has shown Pyratine-6(TM) tobe effective in treatments related to pre and post light facial peels, postlaser resurfacing and bruising from injectable fillers with clinical trialsbeing scheduled to confirm these findings. Senetek remains confident thatPyratine-6(TM) revenues will reach a $10.8 Million annual run rate by December2009 as previously forecasted. By first establishing brand credibility withkey influencers, Senetek's growing sales team will have the tools needed toquickly and effectively achieve sales goals.
"Despite current world economic uncertainty, Senetek is in a secure andstrong position to execute on its sales, marketing and development strategy,"says Mr. Massino. "Senetek's strength will continue to be the development andcommercialization of patentable products with treatment advantages."
About Senetek, PLC
Senetek PLC (OTCBB: SNKTY) is a life sciences company engaged in thedevelopment of technologies that target the science of healthy aging. Thecompany's extensive research collaborations have resulted in a strong pipelineof patented compounds and products with broad therapeutic applications and aleading presence in dermatology. Senetek collaborates with establishedspecialty pharmaceutical companies in the final development and marketing ofits proprietary products, most recently resulting in the development of thebest-selling anti-aging product sold in the North American physician market.For more information, visit the company's website at www.senetekplc.com.
This news release contains statements that may be considered 'forward-looking statements' within the meaning of the Private Securities LitigationReform Act. Forward-looking statements by their nature involve substantialuncertainty, and actual results may differ materially from those that might besuggested by such statements. Important factors identified by the Company thatit believes could result in such material differences are described in theCompany's Annual Report on Form 10-K for the year 2007. However, the Companynecessarily can give no assurance that it has identified or will identify allof the factors that may result in any particular forward-looking statementmaterially differing from actual results, and the Company assumes noobligation to correct or update any forward-looking statements which may proveto be inaccurate, whether as a result of new information, future events orotherwise.
SOURCE Senetek PLC