Investor Conference Call Scheduled for November 20
NAPA, Calif., Nov. 14 /PRNewswire-FirstCall/ -- Senetek PLC (OTC Bulletin Board: SNTKY), a specialty life sciences company engaged in the study of senescense, the science of aging with an initial focus on skincare and dermatological therapeutics today announced financial results for the quarter ended September 30, 2007.
Revenues for the third quarter 2007 were $469,000 compared to $2,027,000 for the same period in the prior year. The decrease is a direct result of the March 30, 2007, License Acquisition Agreement with Valeant Pharmaceuticals Inc. which contributed $24,750,000 to skincare revenues in the first quarter of 2007 but eliminated Kinetin royalties after the first quarter of 2007.
Revenues for the nine months ended September 30, 2007 were $26,248,000 compared to $6,301,000 for the same period in 2006. This increase is directly attributed to the March 30, 2007, completion of the License Acquisition Agreement with Valeant.
The Company realized a net loss of $998,000 (a loss of $0.02 per share) in the third quarter of 2007 compared to net income of $771,000 ($0.01 per share) in the third quarter of 2006.
Net income for the nine months ended September 30, 2007 totaled $20,338,000 ($0.33 per share) compared to net income of $1,309,000 ($0.02 per share) for the first nine months of 2006. Net income for the nine months ended September 30, 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 net income for the nine months ended September 30, 2006 included a $927,000 non-cash expense for the write-off of the debt discount on retirement of the Senior Secured Notes and a $250,000 gain on the sale of Reliaject(R) assets.
Senetek will conduct a teleconference call f
|SOURCE Senetek PLC|
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