Document:

Secured Promissory Note

 Exhibit 10.2 
  
 SECURED PROMISSORY NOTE 
 (Loan C)

  

			
	$3,333,333.00	 	Dated: December 12, 2008

 FOR VALUE RECEIVED, the undersigned, PHARMASSET, INC., a Delaware corporation
(“Borrower”), HEREBY PROMISES TO PAY to the order of HORIZON TECHNOLOGY FUNDING COMPANY V LLC, a Delaware limited liability company (“Lender”) the principal amount of Three Million Three Hundred Thirty-Three
Thousand Three Hundred Thirty-Three and 00/100 Dollars ($3,333,333.00) or such lesser amount as shall equal the outstanding principal balance of the Loan C (the “Loan”) made to Borrower by Lender pursuant to the Loan
Agreement (as defined below), and to pay all other amounts due with respect to the Loan on the dates and in the amounts set forth in the Loan Agreement. 
 Interest on the principal amount of this Note from the date of this Note shall accrue at the Loan Rate or, if applicable, the Default Rate. The Loan Rate for this Note is 12.50% per annum based on a year of
twelve 30-day months. If the Funding Date is not the first day of the month, interim interest accruing from the Funding Date through the last day of that month shall be paid on the first business day of the next calendar month. Commencing
February 1, 2009, through and including April 1, 2010, on the first day of each month (each an “Interest Payment Date”) Borrower shall make payments of accrued interest only on the outstanding principal amount of the Loan
in the amount of Thirty-Four Thousand Seven Hundred Twenty-Two and 22/100 Dollars ($34,722.22). Commencing on May 1, 2010, and continuing on the first day of each month thereafter (each a “Principal and Interest Payment
Date” and, collectively with each Interest Payment Date, each a “Payment Date”), Borrower shall make to Lender thirty (30) equal payments of principal plus accrued interest on the then outstanding principal amount due
hereunder each in the amount of One Hundred Twenty-Nine Thousand Nine Hundred Forty-Eight and 02/100 Dollars ($129,948.02). If not sooner paid, all outstanding amounts hereunder and under the Loan Agreement shall become due and payable on
October 1, 2012. 
 Principal, interest and all other amounts due with respect to the Loan, are payable in lawful money of the United
States of America to Lender as set forth in the Loan Agreement. The principal amount of this Note and the interest rate applicable thereto, and all payments made with respect thereto, shall be recorded by Lender and, prior to any transfer hereof,
endorsed on the grid attached hereto which is part of this Note. 
 This Note is referred to in, and is entitled to the benefits of, the
Venture Loan and Security Agreement dated September 30, 2007, as amended from time to time, by and 

 
between Borrower and Lender (the “Loan Agreement”). The Loan Agreement, among other things, (a) provides for the making of a secured Loan to
Borrower, and (b) contains provisions for acceleration of the maturity hereof upon the happening of certain stated events. 
 This Note
may not be prepaid, except as set forth in Section 2.3 of the Loan Agreement. 
 This Note and the obligation of Borrower to
repay the unpaid principal amount of the Loan, interest on the Loan and all other amounts due Lender under the Loan Agreement is secured under the Loan Agreement. 
 Presentment for payment, demand, notice of protest and all other demands and notices of any kind in connection with the execution, delivery, performance and enforcement of this Note are hereby waived. 
 Borrower shall pay all reasonable fees and expenses, including, without limitation, reasonable attorneys’ fees and costs, incurred by Lender in the
enforcement or attempt to enforce any of Borrower’s obligations hereunder not performed when due. This Note shall be governed by, and construed and interpreted in accordance with, the laws of the State of Connecticut. 
 IN WITNESS WHEREOF, Borrower has caused this Note to be duly executed by one of its officers thereunto duly authorized on the date hereof. 
  

			
	 BORROWER:
 PHARMASSET,
INC.

		
	By:	 	/s/ Kurt Leutzinger
	Name:	 	Kurt Leutzinger 
	Title:	 	CFO

  

 2December 16, 2008 Annual General Meeting Shareholder Presentation

  
	 

 ANNUAL GENERAL MEETING
 December 16, 2008
 Exhibit 10.1
 

  
	 

 SAFE HARBOR STATEMENT
 This
 contains
 statements
 that
 may
 be
 considered
 'forward-looking
 statements' 
 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
 2007.
 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.
 

  
	 

 •
 World Class, Science Based Company Engaged in the Development of
 Proprietary Technology Targeting the Science of Healthy Aging
 •
 Developers
 and
 Innovators
 of
 the
 Leading
 Selling
 Anti-aging
 Product
 in
 North 
 American
 Physicians’
 Offices,
 Kinerase
 TM
 •
 Extensive Research Collaborations with Leading Institutions
 •
 Plethora of Proprietary Compounds with a Broad Range of Therapeutic 

Applications
 •
 Three Commercial Contracts in Place (ED, Drug Delivery & Diagnostic
MABs)
 •
 Financially Sound:  $16 Million in Cash ($2.08 per share) with Zero
Debt
 SENETEK PLC: AN OVERVIEW
 

  
	 

 •
 Global Facial Skin Care:  A $20 Billion per Year Market
 •
 U.S. Facial Skin Care:  Estimated at $3 Billion per Year, CAGR of
7%
 Source:  GCI
 FOCUS ON SKIN CARE AND DERMATOLOGICAL 
 THERAPEUTICS
 

  
	 

 A STRATEGY FOR ENTRY
 •
 Achieve Validation of Science Through Product Endorsements by 
 Physician Thought Leaders
 •
 Initial Focus on the North American Physician Channel of Distribution

•
 Pyratine-6
 TM
 Maintains
 High
 Acceptance
 with
 Leading
 Dermatologists
 •
 New
 Pyratine-XR
 TM
 to
 be
 Launched
 at
 the
 Upcoming
 American
 Academy 
 of
 Dermatology,
 March
 ’09
 •
 2
 nd
 New Cytokinin
 with
 Differential Advantages Targeted for Launch to 
 the Physician Community in 2009
 

  
	 

 MAXIMIZING REVENUES
 •
 Establishing a Sales and Marketing InfraStructure
 •
 Expansion of Distribution Channels in North America
 •
 Seeking Licensing Partners for non-U.S.
 •
 Increasing Product Offerings
 •
 Seeking Out Merger and Acquisition Candidates
 

  
	 

 A PIPELINE OF INNOVATIVE TECHNOLOGIES
 •
 Kinetin & Zeatin:  Commercial Success
 •
 Invicorp
 ®
 :
 Licensed
 to
 Plethora
 Holdings
 Ltd.
 For
 North
 America,
 Targeted
 U.S. 
 FDA
 Approval
 in
 December
 ‘09;
 Milestone
 Payments
 and
 Double
 Digit
 Royalties 
 on
 Net
 Product
 Sales
 •
 Reliaject
 ®
 :
 Sale
 to
 Ranbaxy
 with
 Milestone
 Payments
 and
 Royalties
 on
 Net 
 Product
 Sales
 for
 15
 Years
 from
 the
 Date
 of
 First
 Commercial
 Sale
 •
 Diagnostic Monoclonal Antibodies:  Licensed to Covance Representing a
Cash 
 Revenue Stream
 •
 Pyratine-6
 TM
 :
 Launched
 Selectively
 to
 Physicians
 for
 Photo
 Aged
 Skin
 •
 Pyratine-XR
 TM
 :
 To
 Be
 Launched
 at
 the
 Upcoming
 AAD,
 March
 ‘09
 for
 Patients 
 Profiled
 with
 the
 Signs
 and
 Symptoms
 of
 Rosacea
 

  
	 

 A PIPELINE OF INNOVATIVE TECHNOLOGIES 
 Continued
 •
 4HBAP:  Successfully Tested for Photo Damaged Skin with Unsurpassed

 Efficacy in the Treatment of Coarse Wrinkles; To Be Studied for
Acne Vulgaris
 •
 AK801:  Histological Mice Studies and Extended Cellular Culture Data
Shows 
 Unsurpassed Biological Activity Related to a Myriad of
Indications Such as 
 Photodamaged
 Skin, Atopic
 Dermatitis and Others.
 •
 PA100:  Non-Cytokinin
 Derived from the Apple, Demonstrating Success for 
 Aiding Wound Healing
 •
 RNAi
 Treatment Sequence for Glio
 Blastoma, Successful Clinical Data in 46 
 Patients
 •
 50 Plus Compounds Successfully Screened for Biological Activity & No
Toxicity
 

  
	 

 PYRATINE-6TM
 Baseline
 Week 12
 

  
	 

 Baseline
 Week 12
 PYRATINE-XRTM
 Dr.
 Jerry
 McCullough,
 lead
 investigator
 in
 the
 clinical
 study
 of
 Pyratine-XRTM
 stated:
 “In 
 addition
 to
 the
 encouraging
 results
 in
 the
 treatment
 of
 photodamaged
 skin
 overall,
 another 
 important
 finding
 is
 the
 significant
 reduction
 in
 erythema
 at
 2
 weeks
 and
 the
 additional
 reductions 
 at
 weeks
 4,
 8
 and
 12.
 To
 my
 knowledge,
 this
 is
 the
 first
 report
 to
 show
 reduced
 erythema
 associated 
 with
 use
 of
 a
 topical
 non-prescription
 therapeutic
 product.”
 

  
	 

 4HBAP 
 Reduction in Coarse Wrinkles (L) and Acne Lesions (R) 
 Baseline
 Week 12
 

  
	 

 PA FAMILY OF COMPOUNDS ENHANCES CELL MIGRATION 
 BY
 3.8
 TIMES
 (380%)
 IN
 VITRO
 control
 PA
 treated
 Polycarbonate membranes showing  
 migrated cells from two separate 
 experiments
 

  
	 

 PA FAMILY OF COMPOUNDS ARE A POTENTIAL 
 POWERFUL WOUND HEALER
 •
 Cell Migration and Collagen Contractions are Important Subprocesses During

 Wound Healing
 •
 PA Family of Compounds Enhance Cell Migration by 3.8 Times In Vitro

•
 PA Family of Compounds Contract Collagen Over the Controls by Over 100%

 In Vitro
 •
 PA Family of Compounds Will be Extremely Useful for the Non-Healing

 Impairments and Wound Healing in General
 •
 Marketing Keywords: Scratches, Bandage, Patches, Plastic Surgery, Diabetes

 Cronic Wounds, Soother
 

  
	 

 FINANCIAL OVERVIEW:  “BUSINESS NOT AS USUAL”
 •
 Focus on Profit and Cash Conservation and Compilation
 •
 Recent Economic Downturn has Significantly Impacted Our Market 
 Place:
 –
 Aesthetic Medicine Office Visits are Down 20%
 –
 Major
 Competitors
 have
 Terminated
 Entire
 Sales
 Forces,
 Thrown
 in
 the
 Towel
 or
 Lowered
 Projections
 (Valeant
 Pharma,
 AGI
 Dermatics,
 OMP,
 Artes
 Medical,
 etc.)
 –
 Lack of Available Financing is Slowing our Existing Commercial Partners

–
 Potential Partners are Less Willing to Part with Cash
 •
 We have Slowed the Building of Our Sales & Marketing Organization 

Directly Impacting Market Share/Projected Revenues

  
	 

 FINANCIAL OVERVIEW:  “BUSINESS NOT AS USUAL”
 Continued
 •
 No Salary Increases or Bonuses for 2008
 •
 Reduced Financial Commitments, e.g., Consultants to be Placed Purely 

on Fee for Project Basis
 •
 Complete Review of the Entire Organizational Structure
 •
 2009 Revenue Target Adjustment Downward to $9.6 Million with 
 Projected Break Even Profit and Operating Cash Flow
 –
 Skincare Projections Revised to Reflect Current Market Conditions and
Competitive 
 Intelligence
 

  
	 

 OUR CAPITAL STRUCTURE
 •
 Proxy Proposal  Four on Share Repurchase Approved by Shareholders:

–
 Perhaps a Wise and Judicious Time to Buy Back Shares
 –
 Accretive Ownership for Continued Shareholders
 –
 Potential to Pay Dividends Upon Achieving Significant Profits

  
	 

 SENETEK PLC:  IN SUMMARY
 •
 World Class Science
 •
 Strong Pipeline
 •
 Proven Commercial Successes
 •
 Cash on Hand
 •
 Debt Free
 •
 Dedicated Management Team
 

  
	 

 “THANK YOU FOR YOUR 
 CONTINUED SUPPORT”

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