Senetek PLC announced signing a marketing and distribution agreement for Invicorp, their premier erectile dysfunction product, for New Zealand with Douglas Pharmaceuticals. The agreement calls for Douglas to assume full marketing responsibility for Invicorp in New Zealand in exchange for revenue sharing. Douglas will receive rights of first offer for future Senetek products in development, not limited to sexual dysfunction. In addition, Douglas will provide assistance for regulatory filings in Australia as well as marketing support for launching in other countries. The New Zealand launch is scheduled for late first quarter or early second quarter 2003.
Senetek PLC, headquartered in Napa, California, is a science driven biopharmaceutical company engaged in the development of skincare/dermatological and sexual dysfunction products. Kinetin, the Company's patented anti-aging skincare technology, has been licensed to leading cosmetic and dermatological companies worldwide. Invicorp is Senetek's technology for the treatment of Erectile Dysfunction, a condition suffered by more that 100 million men worldwide.
Douglas Pharmaceuticals is the only New Zealand owned pharmaceutical manufacturing company and one of the dominant players in the New Zealand pharmaceutical industry. The company enjoys marketing alliances or distribution agreements with a number of multinational pharmaceutical companies. Up until the acquisition of Warner Lambert by Pfizer, Douglas marketed Viagra in New Zealand and had the highest Viagra market penetration and sales per capita worldwide.
Frank J. Massino, Senetek's Chairman and CEO, stated, "This marketing and distribution agreement marks a significant milestone achievement for Senetek. We are most proud to have a partner the caliber of Douglas Pharmaceuticals for Invicorp, one of our lead technologies. Over the past couple of years, we have come to learn a great deal about Douglas and know that they can help establish Invicorp as a leading erectile dysfunction treatment."
Mike Siermans, Marketing Manager, Douglas Pharmaceuticals, stated, "The Douglas management team is pleased to have the opportunity to market Invicorp, a product that is known to have superior efficacy in the treatment of the moderate to severe ED patient. We believe that our unprecedented success in the launch of Viagra in this therapeutic category will provide us the know-how to maximize Invicorp sales."