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 responsibility for the drug regulatory process for Invicorp(R) in North America and for establishing this breakthrough therapy in the North American market. Senetek will participate with Plethora in the success of Invicorp(R) in North America through royalties based on net sales of Invicorp(R) plus predetermined multi-million dollar milestone payments upon achievement of regulatory approvals and cumulative net sales targets.
Plethora has initiated the U.S. Phase III trial for Invicorp(R) and meetings with the FDA have confirmed the path to submission of the NDA for Invicorp(R) as a front-line therapy for erectile dysfunction (ED). The anticipated market potential in North America is in the range of $150 - 200 million in annual sales.
Invicorp(R) is a highly safe and effective treatment for erectile dysfunction (ED), a condition that affects more than 100 million men worldwide. Invicorp(R) has shown excellent results in a wide range of patients, many of whom have failed on other therapies for the treatment of ED. In completed Phase III clinical trials conducted in the United Kingdom, Denmark, Ireland and Australia, Invicorp(R) demonstrated outstanding efficacy and safety. The market for non-oral drugs is an important, growing segment of the total ED market where existing oral treatments are associated with a number of side effects and are contra-indicated for a large number of individuals including those with diabetes and those receiving nitrate therapies for angina.
Commenting on this development, Frank Massino, Chairman and Chief Executive Officer of Senetek stated, "We are pleased that Invicorp(R) has received this strong endorsement that will help serve to accelerate the Invicorp(R) development program, as leading urologists are eager to add this important therapy to their armamentarium for the treatment of the many patients who are contraindicated for, or unresponsive to oral therapies."
About Senetek PLC:
Senetek PLC (OTCBB: SNKTY) is a Life Sciences company engaged in the development 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. Senetek collaborates with established specialty pharmaceutical companies in the final development and marketing of its proprietary products, most recently resulting in the development of the best-selling anti-aging product sold in the North American physician market.
For more information, visit the company's website at http://www.senetekplc.com.
Plethora is focused on the development and marketing of products for the treatment of urological disorders. The Company has products in clinical development for the treatment of overactive bladder, stress urinary incontinence, interstitial cystitis, gynecological pain, erectile dysfunction and premature ejaculation. In January 2006, Plethora acquired Minneapolis-based Timm Medical Technologies, Inc., which markets products for the treatment of erectile dysfunction (ED) to urology clinics through a US-based specialty sales team. The Company is headquartered in the UK and is listed on the London Stock Exchange (AIM: PLE) Further information is available at http://www.plethorasolutions.co.uk.
This news release contains statements that may be considered 'forward-looking statements' including those that might imply FDA approval and commercial potential for Invicorp, 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 2006. 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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