NEW BRUNSWICK, N.J., Feb. 18 /PRNewswire-FirstCall/ -- Senesco
Technologies, Inc. ("Senesco" or the "Company") (NYSE Alternext US:
SNT) today reported financial results for the three months ended
December 31, 2008. Net loss for the three month period ended
December 31, 2008 was $1,624,341, or $0.09 per share, compared with
a net loss of $1,049,838 or $0.06 per share, for the three month
period ended December 31, 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, and an increase in operating expenses.
Quarterly and Recent Highlights -- Senesco announced results of
maximum tolerated dose, preclinical toxicology, and efficacy /
dose-range finding studies in mice for SNS-01, the Company's
multiple myeloma drug candidate. -- Senesco's data was presented at
the 2008 Annual Meeting of the American Society of Hematology in a
presentation entitled "Preclinical Studies Using Polyethylenimine
(PEI) Nanoparticles Complexed with Eukaryotic Translation
Initiation Factor 5A (eIF5A) siRNA and eIF5A Plasmid DNA
Demonstrates Significant Anti-Myeloma Activity in Vitro and in
Vivo". -- Senesco's preclinical multiple myeloma data was presented
at the 20th EORTC-NCI-AACR Symposium on "Molecular Targets and
Cancer Therapeutics". -- 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. -- Management delivered the Company's corporate
presentation at the 10th Annual Rodman & Renshaw Healthcare
Conference, and the 11th Annual BIO CEO & Investor Conference.
"We remain focused on our goal of filing an Investigational New
Drug Application for SNS-01 before the end of calendar year 2009,"
said Bruce Galton, President and CEO of Senesco. "The recently
announced results of the maximum tolerated dose, preclinical
toxicology, and efficacy / dose range finding studies for SNS-01
was an important step toward accomplishing this goal." The Company
did not record any revenue for the three month period ended
December 31, 2008. Total revenues of $6,250 for the three month
period ended December 31, 2007 consisted of 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 December 31, 2008 were
$579,286, compared with $392,254 during the three month period
ended December 31, 2007, an increase of 47.7%. 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 agricultural
research expenses as a result of a decrease in the allocation of
resources from agriculture to human health at the University of
Waterloo. General and administrative expenses were $649,056 for the
three month period ended December 31, 2008, compared with $585,851
during the three month period ended December 31, 2007, an increase
of 10.8%. This increase was primarily due to a $64,000 increase in
stock based compensation, an approximately $21,000 increase in
professional fees, which were the result of an increase in legal
fees, and an approximately $16,000 increase in director fees, which
were due to the Company implementing a cash compensation plan for
non-employee directors beginning July 1, 2008. At December 31,
2008, Senesco had cash, cash equivalents and investments of
$3,615,788, and working capital of $3,562,743, which the Company
estimates will fund its operations for approximately the next seven
months, as of December 31, 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 such as glaucoma, ischemia and
arthritis, among others. 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. Company Contact: Investor Relations Contact:
Senesco Technologies, Inc. FD Joel Brooks Brian Ritchie Chief
Financial Officer 212-850-5600 SENESCO TECHNOLOGIES, INC. AND
SUBSIDIARY (A DEVELOPMENT STAGE COMPANY) CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (unaudited) For the Three For the Three
Months Ended Months Ended December 31, December 31, 2008 2007
Revenue $-- $6,250 Operating Expenses: General and administrative
649,056 585,851 Research and development 579,286 392,254 Total
Operating Expenses 1,228,342 978,105 Loss From Operations
(1,228,342) (971,855) Sale of state income tax loss, net -- --
Other noncash income -- -- Interest income, net 17,994 25,227
Amortization of debt discount and financing costs (106,342)
(38,374) Interest expense on convertible notes (307,651) (64,836)
Net Loss $(1,624,341) $(1,049,838) Basic and Diluted Net Loss Per
Common Share $(0.09) $(0.06) Basic and Diluted Weighted Average
Number of Common Shares Outstanding 18,629,575 17,474,870 From
Inception For the Six For the Six on July 1, Months Ended Months
Ended 1998 through December 31, December 31, December 31, 2008 2007
2008 Revenue $200,000 $377,500 $1,375,000 Operating Expenses:
General and administrative 1,178,921 974,910 22,904,377 Research
and development 1,083,672 745,149 11,041,267 Total Operating
Expenses 2,262,593 1,720,059 33,945,644 Loss From Operations
(2,062,593) (1,342,559) (32,570,644) Sale of state income tax loss,
net -- -- 586,442 Other noncash income -- -- 321,259 Interest
income, net 41,051 32,106 521,288 Amortization of debt discount and
financing costs (212,397) (53,595) (881,160) Interest expense on
convertible notes (571,808) (67,836) (1,005,962) Net Loss
$(2,805,747) $(1,431,884) $(33,028,777) Basic and Diluted Net Loss
Per Common Share $(0.15) $(0.08) Basic and Diluted Weighted Average
Number of Common Shares Outstanding 18,504,477 17,474,282 SENESCO
TECHNOLOGIES, INC. AND SUBSIDIARY (A DEVELOPMENT STAGE COMPANY)
CONDENSED CONSOLIDATED BALANCE SHEETS December 31, June 30, 2008
2008 (unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents
$1,115,788 $5,676,985 Short-term investments 2,500,000 500,000
Prepaid expenses and other current assets 828,919 180,556 Total
Current Assets 4,444,707 6,357,541 Property and equipment, net
3,893 5,459 Intangibles, net 3,515,565 3,213,543 Deferred financing
costs 847,385 1,059,230 Security deposit 7,187 7,187 TOTAL ASSETS
$8,818,737 $10,642,960 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT
LIABILITIES: Accounts payable $468,280 $370,167 Accrued expenses
413,684 314,267 Total Current Liabilities 881,964 684,434
Convertible note, net of discount 609 57 Grant payable 99,728
99,728 Other liability 19,539 23,062 TOTAL LIABILITIES 1,001,840
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 19,027,719 and 18,375,117, respectively 190,277 183,751
Capital in excess of par 40,655,397 39,874,958 Deficit accumulated
during the development stage (33,028,777) (30,223,030) TOTAL
STOCKHOLDERS' EQUITY 7,816,897 9,835,679 TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $8,818,737 $10,642,960 DATASOURCE: Senesco
Technologies, Inc. CONTACT: Joel Brooks, Chief Financial Officer,
Senesco Technologies, Inc., +1-732-296-8400, ; or Investor
Relations, Brian Ritchie, FD, +1-212-850-5600, Web Site:
http://www.senesco.com/
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