NEW BRUNSWICK, N.J., Nov. 17 /PRNewswire-FirstCall/ -- Senesco Technologies, Inc. ("Senesco" or the "Company") (NYSE Alternext US: SNT) today reported financial results for the three months ended September 30, 2008. Net loss for the three month period ended September 30, 2008 was $1,181,406, or $0.06 per share, compared with a net loss of $382,046, or $0.02 per share, for the three month period ended September 30, 2007. This increase in net loss was primarily the result of an increase in non-cash expenses associated with the outstanding convertible notes that were issued during the year ended June 30, 2008, an increase in operating expenses and a decrease in revenue. Quarterly and Recent Highlights -- Senesco appointed Harlan W. Waksal, M.D., co-founder of ImClone Systems Incorporated, to the Company's Board of Directors. Dr. Waksal was instrumental in moving forward the clinical development program for ERBITUX(R) (cetuximab), an oncology drug now approved in colorectal and head & neck cancers. -- Catherine Taylor, one of Senesco's funded researchers, presented data related to the Company's preclinical multiple myeloma research at the 20th EORTC-NCI-AACR Symposium on "Molecular Targets and Cancer Therapeutics" -- Sascha P. Fedyszyn, Vice President, Corporate Development of Senesco, delivered the Company's corporate presentation at the 10th Annual Rodman & Renshaw Healthcare Conference "Our top priority is filing an IND for multiple myeloma and we continue progressing toward this goal," said Bruce Galton, President and CEO of Senesco. Revenue of $200,000 for the three month period ended September 30, 2008 consisted of milestone payments in connection with certain agricultural license agreements. Revenue of $371,250 for the three month period ended September 30, 2007 consisted of the initial payments and the amortized portion of previous milestone payments received in connection with certain agricultural license agreements. Research and development expenses during the three month period ended September 30, 2008 were $504,386, compared with $352,895 during the three month period ended September 30, 2007, an increase of 43%. This increase was primarily a result of an expansion of Senesco's human health programs, specifically the Company's multiple myeloma research program, which was partially offset by a decrease in the cost of Senesco's research agreement with the University of Waterloo due to the strengthening of the U.S. dollar against the Canadian dollar. General and administrative expenses were $529,865 for the three month period ended September 30, 2008, compared with $389,059 during the three month period ended September 30, 2007, an increase of 36%. This increase was primarily due to an approximately $83,000 increase in professional fees, which were the result of an increase in legal fees and accounting fees, an approximately $28,000 increase in director fees and a $23,000 increase in stock based compensation. At September 30, 2008, Senesco had cash, cash equivalents and investments of $4,907,202, and working capital of $4,804,634, which the Company estimates will fund its operations for approximately the next ten months, as of September 30, 2008. About Senesco Technologies, Inc. Senesco Technologies, Inc. is a U.S. biotechnology company, headquartered in New Brunswick, NJ. Senesco has initiated preclinical research to trigger or delay cell death in mammals (apoptosis) to determine if the technology is applicable in human medicine. Accelerating apoptosis may have applications to development of cancer treatments. Delaying apoptosis may have applications to certain diseases inflammatory and ischemic diseases. Senesco takes its name from the scientific term for the aging of plant cells: senescence. Delaying cell breakdown in plants extends freshness after harvesting, while increasing crop yields, plant size and resistance to environmental stress. The Company believes that its technology can be used to develop superior strains of crops without any modification other than delaying natural plant senescence. Senesco has partnered with leading-edge companies engaged in agricultural biotechnology and earns research and development fees for applying its gene-regulating platform technology to enhance its partners' products. Certain statements included in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from such statements expressed or implied herein as a result of a variety of factors, including, but not limited to: the development of the Company's gene technology; the approval of the Company's patent applications; the successful implementation of the Company's research and development programs and joint ventures; the success of the Company's license agreements; the acceptance by the market of the Company's products; success of the Company's preliminary studies and preclinical research; competition and the timing of projects and trends in future operating performance, the Company's ability to meet its funding milestones under its financing transaction, the Company's ability to comply with the continued listing standards of the AMEX, as well as other factors expressed from time to time in the Company's periodic filings with the Securities and Exchange Commission (the "SEC"). As a result, this press release should be read in conjunction with the Company's periodic filings with the SEC. The forward-looking statements contained herein are made only as of the date of this press release, and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances. (tables to follow) SENESCO TECHNOLOGIES, INC. AND SUBSIDIARY (A DEVELOPMENT STAGE COMPANY) CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) For the Three For the Three From Inception on Months Ended Months Ended July 1, 1998 September 30, September 30, through September 2008 2007 30, 2008 Revenue $200,000 $371,250 $1,375,000 Operating Expenses: General and administrative 529,865 389,059 22,255,321 Research and development 504,386 352,895 10,461,981 Total Operating Expenses 1,034,251 741,954 32,717,302 Loss From Operations (834,251) (370,704) (31,342,302) Sale of state income tax loss, net -- -- 586,442 Other noncash income -- -- 321,259 Interest income, net 23,057 6,879 503,294 Amortization of debt discount and financing costs (106,055) (15,221) (774,818) Interest expense on convertible notes (264,157) (3,000) (698,311) Net Loss $(1,181,406) $(382,046) $(31,404,436) Basic and Diluted Net Loss Per Common Share $(0.06) $(0.02) Basic and Diluted Weighted Average Number of Common Shares Outstanding 18,379,379 17,473,694 SENESCO TECHNOLOGIES, INC. AND SUBSIDIARY (A DEVELOPMENT STAGE COMPANY) CONDENSED CONSOLIDATED BALANCE SHEETS September 30, June 30, 2008 2008 ASSETS (unaudited) CURRENT ASSETS: Cash and cash equivalents $2,457,202 $5,676,985 Short-term investments 2,450,000 500,000 Prepaid expenses and other current assets 784,241 180,556 Total Current Assets 5,691,443 6,357,541 Property and equipment, net 4,678 5,459 Intangibles, net 3,346,366 3,213,543 Deferred financing costs 953,308 1,059,230 Security deposit 7,187 7,187 TOTAL ASSETS $10,002,982 $10,642,960 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $499,925 $370,167 Accrued expenses 386,884 314,267 Total Current Liabilities 886,809 684,434 Convertible notes, net of discount 190 57 Grant payable 99,728 99,728 Other liability 21,301 23,062 TOTAL LIABILITIES 1,008,028 807,281 STOCKHOLDERS' EQUITY: Preferred stock, $0.01 par value; authorized 5,000,000 shares, no shares issued -- -- Common stock, $0.01 par value; authorized 100,000,000 shares, issued and outstanding 18,573,184 and 18,375,117, respectively 185,732 183,751 Capital in excess of par 40,213,658 39,874,958 Deficit accumulated during the development stage (31,404,436) (30,223,030) TOTAL STOCKHOLDERS' EQUITY 8,994,954 9,835,679 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $10,002,982 $10,642,960 Company Contact: Investor Relations Contact: Senesco Technologies, Inc. FD Joel Brooks Brian Ritchie Chief Financial Officer 212-850-5600 (732) 296-8400 DATASOURCE: Senesco Technologies, Inc. CONTACT: Joel Brooks, Chief Financial Officer of Senesco Technologies, Inc., +1-732-296-8400, ; or Investor Relations, Brian Ritchie of FD, +1-212-850-5600, Web site: http://www.senesco.com/

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