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Senetek Extends Monoclonal Antibodies License
Posted on 2005-04-07 06:11:00
Senetek PLC has reached a targeted milestone in the extension of its agreement with a major research foundation, which grants Senetek the rights to manufacture and sell diagnostic monoclonal antibodies used for research in various disease states such as Alzheimer's Disease in exchange for royalties. Concurrent with reaching this agreement, Senetek also announced that it has finalized an amendment to its April, 2004 agreement with its marketing partner, Signet Laboratories, Inc., which will manufacture, market and distribute the monoclonal antibodies licensed to Senetek in exchange for sharing of the revenues. Signet has acted as Senetek's marketing arm since August, 2000.
The new Signet amendment is designed to incentivize Signet to grow the business while assuring Senetek's revenues, net of Senetek's royalty payments to the research foundation, are consistent with historical results. For fiscal 2004, Senetek received $1.3 million in revenues from the sale of monoclonal antibodies and over the past four years has averaged $1.15 million a year in revenues from the sale of monoclonal antibodies.
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