Senetek PLC Reports First Quarter 2008 Financi...( Agreement in Principle Reached to Te...)

Agreement in Principle Reached to Terminate Marketing Agreement with Triax

Aesthetics, LLC for Pyratine-6(TM) on Most Favorable Terms

NAPA, Calif., May 15 /PRNewswire-FirstCall/ -- Senetek PLC (OTC Bulletin Board: SNKTY), a Life Sciences company engaged in the development of technologies that target the science of healthy aging, today announced financial results for the quarter ended March 31, 2008 and an agreement in principle to terminate its marketing agreement with Triax Aesthetics, LLC ("Triax") for Pyratine-6(TM) on most favorable terms.

Revenue for the quarter ended March 31, 2008 was $441,000, compared with $25,308,000 reported in the first quarter of 2007. Revenues for the first quarter of 2007 included $24,750,000 recognized in conjunction with the previously announced grant of a paid up license for Kinetin and Zeatin to Valeant Pharmaceuticals Inc.

Net loss for the quarter ended March 31, 2008 totaled $1,757,000, a loss of $0.23 per share compared to a net income of $21,733,000 or $2.85 per share in the first quarter of 2007. Net loss for the quarter ended March 31, 2008 included $926,000 of sales and marketing fee expense to Triax. Net income for the quarter ended March 31, 2007 included the effect of the previously announced grant of a paid up license for Kinetin and Zeatin to Valeant Pharmaceuticals Inc. and $1,320,000 from settlement of claims against a professional services provider for past performance related matters.

The Company has reached an agreement in principle, subject to receipt of certain documentation and information, to terminate its marketing agreement with Triax for Pyratine-6(TM) on most favorable terms. These terms would include the return of $1,125,000 in cash from Triax and a service provider, return of all intellectual property, product inventory and promotional materials, access and ownership of all accounts opened, a non-competition agreement from Triax and certain related parties prohi
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