Senetek PLC Reports Third Quarter 2009 Financial Results
NAPA, Calif., Nov. 16 Senetek PLC (OTC Bulletin Board: SNKTY), a Life Sciences company engaged in the research, development and commercialization of technologies that target the science of healthy aging, today announced revenues for its fiscal third quarter ended September 30, 2009 were $550,000, compared with $424,000 in the quarter ended June 30, 2009 and $483,000 reported in the comparable prior year period ended September 30, 2008.
Net loss for the quarter was $1.251 million or $(0.16) per share, compared with net loss of $1.050 million or $(0.14) per share in the third quarter of 2008. Revenues from the Pyratine family of proprietary Cytokinin-based skincare products --PyratineXR(TM) and Pyratine-6(TM) -- totaled $67,000 in the third quarter of 2009 compared to $28,000 in the third quarter of 2008. Royalties on sales of monoclonal antibodies were $440,000, an increase from the $412,000 in monoclonal antibody royalties in the third quarter of 2008.
Gross profit margin for the third quarter of 2009 showed an increase to 63% versus third quarter 2008 at 58% of revenue. Skincare gross profit rate for the three months ended September 30, 2009, increased to 93% from 77% for the three months ended September, 2008, due to sales of higher margin Pyratine-6 and PyratineXR products in the current quarter. Pharmaceutical gross profit was consistent at 55% for the three months ended September 30, 2009 and 2008.
Senetek PLC continues to focus on sales of Pyratine-6 and PyratineXR while carefully watching the current economic landscape. The third quarter saw the introduction of PyratineXR Soothing Anti-Oxidant Cleanser and the launch of a new website for PyratineXR, incorporating product information and educational resources, among other features, at www.PyratineXR.com. The PyratineXR product offerings are also expanding in the fourth quarter to include a one ounce Lotion and Creme as well as a four ounce PyratineXR Soothing Anti-Oxidant Cleanser. For more information, call 1-888-467-9728 or visit www.PyratineXR.com. To watch a brief video news segment about PyratineXR, visit www.youtube.com/watch?v=i8oa3N99e_o.
Senetek PLC recently announced the hiring of Miller Tabak + Co., LLC as financial and strategic advisors. The Board has retained the firm to evaluate the Company's technology and business model and to make recommendations on the development of a plan that will benefit shareholders. Once the Board approves a definitive plan of action or a transaction, a public announcement will be made and a shareholder teleconference will be scheduled.
About Senetek PLC: Senetek PLC (OTCBB: SNKTY) is a Life Sciences company engaged in the research, development and commercialization of breakthrough technologies that target the science of healthy aging. The company's extensive research collaborations have resulted in a strong pipeline of patented compounds and products with broad therapeutic applications and a leading presence in dermatology, most recently resulting in the development of kinetin, the active ingredient in the best-selling anti-aging product sold in the North American physician market. For more information, visit the company's websites -- www.Senetekplc.com, www.Pyratine6.com and www.PyratineXR.com -- or call 877-SENETEK (United States and Canada) or 707-259-6278 (International Locations).
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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