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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