NEW BRUNSWICK, N.J., May 4 /PRNewswire-FirstCall/ -- Senesco
Technologies, Inc. ("Senesco" or the "Company") (NYSE Amex: SNT)
today reported financial results for the three months ended March
31, 2009. Net loss for the three month period ended March 31, 2009
was $1,331,477, or $0.07 per share, compared with a net loss of
$1,482,217, or $0.08 per share, for the three month period ended
March 31, 2008. This decrease in net loss was primarily the result
of a decrease in operating expenses, which was partially offset by
an increase in non-cash expenses associated with the outstanding
convertible notes that were issued during the year ended June 30,
2008. Quarterly Highlights As previously reported: -- 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. --
Management delivered the Company's corporate presentation at the
11th Annual BIO CEO & Investor Conference. "Senesco's goal
continues to be the filing of an Investigational New Drug
application for SNS-01, the Company's multiple myeloma drug
candidate, before the end of calendar year 2009," said Bruce
Galton, President and CEO of Senesco. Total revenues of $75,000 for
the three month period ended March 31, 2009 consisted of a
milestone payment on an agricultural license agreement. Total
revenues of $79,167 for the three month period ended March 31, 2008
consisted of a milestone payment 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 March 31, 2009 were $540,494,
compared with $474,176 during the three month period ended March
31, 2008, an increase of 14.1%. 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 $532,245 for the three
month period ended March 31, 2009, compared with $876,966 during
the three month period ended March 31, 2008, a decrease of 39.3%.
This decrease was primarily due to a 76.2% reduction in stock-based
compensation. As of March 31, 2009, the Company had cash and
investments in the amount of $2,677,581, and working capital of
$2,594,256. Senesco estimates that such amount will cover its
expenses for approximately the next four months from March 31,
2009. 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 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 ability of the Company to consummate a financing; 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; the success of the Company's
preliminary studies and preclinical research; competition and the
timing of projects and trends in future operating performance, 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 (732)
296-8400 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
March 31, March 31, 2009 2008 ------------ ------------ Revenue
$75,000 $79,167 ------------ ------------ Operating Expenses:
General and administrative 532,245 876,966 Research and development
540,494 474,176 ------------ ------------ Total Operating Expenses
1,072,739 1,351,142 ------------ ------------ Loss From Operations
(997,739) (1,271,975) Sale of state income tax loss, net -- --
Other noncash income -- -- Interest income, net 737 43,907
Amortization of debt discount and financing costs (107,240)
(66,676) Interest expense on convertible notes (227,235) (187,473)
------------ ------------ Net Loss $(1,331,477) $(1,482,217)
============ ============ Basic and Diluted Net Loss Per Common
Share $(0.07) $(0.08) ============ ============ Basic and Diluted
Weighted Average Number of Common Shares Outstanding 19,033,091
17,583,461 ============ ============ From Inception For the Nine
For the Nine on July 1, 1998 Months Ended Months Ended through
March 31, March 31, March 31, 2009 2008 2009 ------------
------------ ------------- Revenue $275,000 $456,667 $1,450,000
------------ ------------ ------------- Operating Expenses: General
and administrative 1,711,166 1,851,876 23,436,622 Research and
development 1,624,166 1,219,325 11,581,761 ------------
------------ ------------- Total Operating Expenses 3,335,332
3,071,201 35,018,383 ------------ ------------ ------------- Loss
From Operations (3,060,332) (2,614,534) (33,568,383) Sale of state
income tax loss, net -- -- 586,442 Other noncash income -- --
321,259 Interest income, net 41,788 76,013 522,025 Amortization of
debt discount and financing costs (319,637) (120,271) (988,400)
Interest expense on convertible notes (799,043) (255,309)
(1,233,197) ------------ ------------ ------------- Net Loss
$(4,137,224) $(2,914,101) $(34,360,254) ============ ============
============= Basic and Diluted Net Loss Per Common Share $(0.22)
$(0.17) ============ ============ Basic and Diluted Weighted
Average Number of Common Shares Outstanding 18,678,109 17,510,410
============ ============ SENESCO TECHNOLOGIES, INC. AND SUBSIDIARY
(A DEVELOPMENT STAGE COMPANY) CONDENSED CONSOLIDATED BALANCE SHEETS
March 31, June 30, 2009 2008 ---------- ---------- ASSETS
(unaudited) CURRENT ASSETS: Cash and cash equivalents $378,193
$5,676,985 Short-term investments 2,299,388 500,000 Prepaid
expenses and other current assets 889,822 180,556 ----------
---------- Total Current Assets 3,567,403 6,357,541 Property and
equipment, net 6,896 5,459 Intangibles, net 3,625,476 3,213,543
Deferred financing costs 741,462 1,059,230 Security deposit 7,187
7,187 ---------- ---------- TOTAL ASSETS $7,948,424 $10,642,960
========== ========== LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT
LIABILITIES: Accounts payable $472,375 $370,167 Accrued expenses
500,772 314,267 ---------- ---------- Total Current Liabilities
973,147 684,434 Convertible note, net of discount 1,926 57 Grant
payable 99,728 99,728 Other liability 17,778 23,062 ----------
---------- TOTAL LIABILITIES 1,092,579 807,281 ----------
---------- 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 19,511,199 and 18,375,117, respectively 195,112 183,751
Capital in excess of par 41,020,987 39,874,958 Deficit accumulated
during the development stage (34,360,254) (30,223,030) ----------
---------- TOTAL STOCKHOLDERS' EQUITY 6,855,845 9,835,679
---------- ---------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$7,948,424 $10,642,960 ========== ========== DATASOURCE: Senesco
Technologies, Inc. CONTACT: Investor Relations, FD, Brian Ritchie,
, +1-212-850-5600; or Company Contact, Joel Brooks, Chief Financial
Officer, Senesco Technologies, Inc., , +1-732-296-8400 Web Site:
http://www.senesco.com/
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