NAPA, Calif., April 1, 2008 /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 that its North American partner for Invicorp(R) has secured financing in an amount up to $28 million to further advance the development of its portfolio of men's health treatments, including Invicorp(R).
Plethora Solutions Holdings PLC, a London-based specialty pharmaceutical company focusing on urological disorders, which is Senetek's partner for its patented erectile dysfunction drug Invicorp(R) in North America, has entered into a revenue interest financing agreement with Paul Capital Healthcare. Under the terms of the agreement, Plethora initially will receive $15 million to provide working capital to underwrite ongoing Phase III clinical trials for its two development stage therapies including Invicorp(R). In return, Paul Capital Healthcare will receive an interest in the revenues generated from Plethora's sales of these products.
In a press release issued by Plethora, Dr. Ken Macleod, Principal at Paul Capital Healthcare, said, "As with all of our transactions, we conducted rigorous due diligence on both the clinical and commercial potential of Plethora's male health portfolio. We believe that the products within this portfolio are very well positioned to address the needs of men with sexual dysfunction, a condition that affects 20-30 percent of men at some point during their lifetime. Given this large market, Plethora's male health products are an attractive investment opportunity for our fund."
Dr. Michael Wyllie, Chief Technical Officer, of Plethora stated, "The ability to raise this level of funding in today's financial climate says much about the excellent commercial potential of our products, including Invicorp."
Under terms of the license agreement with Senetek, Plethora maintains
full financial respons
|SOURCE Senetek PLC|
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