Senetek PLC Grants Paid Up License to Valeant Pharmaceuticals

Senetek PLC (OTCBB: SNTKY), a life sciences product development
company targeting the science of aging, today announced the signing of
a monetization agreement with Valeant Pharmaceuticals North America
Inc., the lead licensee of Senetek's patented Kinetin anti-aging
active ingredient and the exclusive licensee of Zeatin, a new Kinetin
analog. Under the agreement, Senetek has granted Valeant a paid up
license for Kinetin and Zeatin and has assigned to Valeant future
royalties from other Kinetin licensees, in return for Senetek
receiving a cash payment of $21 million, forgiveness of a $6 million
prepaid royalty credit reimbursement obligation that Senetek otherwise
would have owed to Valeant, and a right to share in future royalties
due to Valeant from other Kinetin licensees through 2011.

Under an August 2005 agreement with Valeant, Senetek had granted
Valeant a global exclusive license for Zeatin and had similarly
broadening its license for Kinetin, subject to the terms of
pre-existing Kinetin license agreements with third parties, and in
return Valeant had agreed to minimum royalties of $27 million through
2010 net of prepaid royalties.

Frank J. Massino, Chairman and Chief Executive Officer of Senetek
PLC, commented, "This transaction is non-dilutive to our shareholders
and provides us the working capital to rapidly accelerate development
of our rich pipeline of proprietary compounds, to acquire products,
and to achieve our corporate goal of commercializing one new compound
each year. Senetek's new focus will place increased emphasis on direct
marketing efforts of new products with our sights on achieving greater
revenues and larger economic benefits. This new strategic direction
will also redirect our product development efforts to target unmet
needs in the lucrative and growing prescription dermatological
therapeutic market."

About Senetek PLC

Senetek PLC (OTCBB: SNTKY) is a life sciences product development
company with a portfolio of intellectual properties targeting the
science of aging, including skincare and dermatological therapeutics,
erectile dysfunction and nutrition. Kinetin, Senetek's lead commercial
product, is currently licensed and marketed by 14 pharmaceutical and
cosmeceutical companies, and Senetek has entered into an exclusive
global license with Valeant Pharmaceuticals for Senetek's proprietary
anti-aging skincare compound Zeatin. In addition, Senetek has entered
into exclusive licenses for Europe and North America, respectively,
for its patented combination drug treatment for erectile dysfunction,
Invicorp(R), has an exclusive manufacturing distributorship for its
proprietary diagnostic monoclonal antibodies, and recently sold, with
retained rights of profit participation, its patented drug delivery
system, Reliaject(R).

For more information, visit the company's website at
http://www.senetekplc.com/

This news release contains statements that may be considered
'forward-looking statements' within the meaning of the Private
Securities Litigation Reform Act, including those that might imply
commercial potential and successful evaluation and development of new
compounds and success in forging direct distribution arrangements.
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/A for the
year 2005. 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.