Senetek PLC Reports 2009 Financial Results
NAPA, Calif., April 15 Senetek PLC (OTC Bulletin Board: SNKTY), a life sciences company engaged in the development of technologies that target the science of healthy aging, announced results for the fourth quarter and year ended December 31, 2009.
Revenue for the year ended December 31, 2009 was $1,907,000, compared with $1,845,000 reported in 2008. Revenues for the fourth quarter of 2009 were $472,000, compared with $230,000 for the same period in the prior year.
Net loss for the year ended December 31, 2009 totaled $5,105,000, or $0.67 per diluted share compared to net loss of $3,759,000 or $0.49 per diluted share in 2008. Net loss for the fourth quarter of 2009 was $1,408,000 or $0.18 per diluted share compared with net loss of $1,209,000, or $0.16 per diluted share in the fourth quarter of 2008.
Cash used in operations for the year ended December 31, 2009 was $5,215,000, compared with cash used in operations of $3,971,000 in 2008.
In March 2010, the company closed a Security Purchase Agreement, a Note and a Warrant Purchase Agreement with DMRJ Group, LLC which is a Delaware limited liability company affiliated with Platinum Partners Value Arbitrage Fund L.P., an accredited institutional investor with its investment manager headquartered in New York, New York. Based on observations by Miller Tabak, the Board developed a new business strategy to bring revenue, profits and a positive opportunity for Company shareholders. In addition, a condition precedent to the financing was the divestiture of the skin care business.
Mr. Ryan, Senetek's new Chairman and Chief Executive Officer, stated, "I am optimistic about the new direction in which we will be taking Senetek. We are continuing to search for and evaluate new business opportunities for the Company. Additionally we are making solid strides at optimizing the value of our existing life segments and expect to be updating the investment community on these developments as progress is made."
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 that might be suggested by 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 2008 and subsequent Quarterly Reports on Form 10-Q. However, the Company necessarily can give no assurance that it has identified or will identify 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
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