NEW BRUNSWICK, N.J., Nov. 17 /PRNewswire-FirstCall/ -- Senesco
Technologies, Inc. ("Senesco" or the "Company") (NYSE Amex: SNT)
today reported financial results for the three months ended
September 30, 2009. Net loss for the three month period ended
September 30, 2009 was $189,296, or $0.01 per share, compared with
a net loss of $1,181,406, or $0.06 per share, for the three month
period ended September 30, 2008. This decrease in net loss was
primarily the result of an increase in non-cash income related to
the change in fair value of a warrant liability, which was
partially offset by an increase in operating expenses and non-cash
expenses associated with the outstanding convertible notes and a
decrease in revenue and interest income. Quarterly and Recent
Highlights -- Senesco presented pre-clinical stability and
biological activity data on multiple myeloma drug candidate SNS-01
at the 2009 American Association for Cancer Research
(AACR)-National Cancer Institute (NCI)-European Organization for
Research and Treatment of Cancer (EORTC) Molecular Targets and
Cancer Therapeutics Conference -- Certain Senesco insiders entered
into definitive stock purchase agreements to purchase all of the
convertible debentures, warrants and common stock which are held by
Stanford Venture Capital Holdings, Inc. and/or Stanford
International Bank, Ltd. -- Senesco entered into separate funding
agreements, totaling $1.7 million, with Partlet Holdings Ltd.,
certain members of Senesco's Board of Directors and certain
accredited investors, including Cato Holding Company, which is the
venture capital affiliate of Cato Research Ltd., a global contract
research and development organization currently assisting Senesco
with its SNS-01 development program; with the emphasis on
initiating a Phase I clinical trial for multiple myeloma -- Richard
Dondero, Vice President of Research & Development at Senesco,
delivered the Company's corporate presentation at the 11th Annual
Rodman & Renshaw Healthcare Conference "SNS-01 continues to
demonstrate potential as a possible treatment for multiple myeloma,
most recently being the subject of a poster presentation at one of
the most important oncology conferences of the year, the annual
AACR-NCI-EORTC Conference," said Jack Van Hulst, President and
Chief Executive Officer of Senesco. The Company did not record any
revenue for the three month period ended September 30, 2009. Total
revenues of $200,000 for the three month period ended September 30,
2008 consisted of a milestone payment in connection with an
agricultural license agreement. Research and development expenses
during the three month period ended September 30, 2009 were
$575,291, compared with $504,386 during the three month period
ended September 30, 2008, an increase of 14.1%. This increase was
primarily a result of an $89,000 loss on the extinguishment of debt
in connection with the issuance of common stock and warrants to
Cato Holding Company in exchange for debt that was owed by Senesco
to Cato Research Ltd. in the amount of $175,000, which was slightly
offset by decrease in the cost of the research performed at the
University of Waterloo as a result of the stronger U.S. dollar
against the Canadian dollar. General and administrative expenses
were $494,955 for the three month period ended September 30, 2009,
compared with $529,865 during the three month period ended
September 30, 2008, a decrease of 6.6%. This decrease was due
primarily to a $34,000 decrease in stock based compensation, and a
$20,000 decrease in professional fees, which were a result of a
decrease in legal and accounting fees related to the review of our
securities filings. These decreases were slightly offset by a
$15,000 increase in director fees associated with an increase in
the size of the board of directors from eight to ten. At September
30, 2009, Senesco had cash, cash equivalents and investments of
$1,075,295, and working capital of $1,596,515, which the Company
estimates will cover its expenses for approximately the next three
months from September 30, 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 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 ability of the Company
to successfully transition to new management; the ability of the
Company to consummate additional financings; 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 (732) 296-8400 SENESCO TECHNOLOGIES,
INC. AND SUBSIDIARY (A DEVELOPMENT STAGE COMPANY) CONDENSED
CONSOLIDATED BALANCE SHEETS September 30, June 30, 2009 2009 ASSETS
(unaudited) CURRENT ASSETS: Cash and cash equivalents $275,295
$380,569 Short-term investments 800,000 1,050,000 Subscriptions
receivable 392,000 - Prepaid expenses and other current assets
1,116,516 1,161,348 --------- --------- Total Current Assets
2,583,811 2,591,917 Property and equipment, net 6,594 5,986
Intangibles, net 4,046,985 3,884,999 Deferred financing costs
488,046 632,324 Security deposit 7,187 7,187 --------- ---------
TOTAL ASSETS $7,132,623 $7,122,413 ========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts
payable $426,088 $976,680 Accrued expenses 561,208 355,937
--------- --------- Total Current Liabilities 987,296 1,332,617
Convertible note, net of discount 18,179 6,217 Warrant liability
1,311,975 - Grant payable 99,728 99,728 Other liability 14,028
16,017 --------- --------- TOTAL LIABILITIES 2,431,206 1,454,579
--------- --------- STOCKHOLDERS' EQUITY: Preferred stock, $0.01
par value; authorized 5,000,000 shares, no shares issued -- --
Common stock, $0.01 par value; authorized 120,000,000 shares,
issued and outstanding 24,777,638 and 19,812,043, respectively
247,776 198,120 Capital in excess of par, net of $88,000
subscription receivable 35,861,069 36,687,846 Deficit accumulated
during the development stage (31,407,428) (31,218,132) ----------
---------- TOTAL STOCKHOLDERS' EQUITY 4,701,417 5,667,834 ---------
--------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $7,132,623
$7,122,413 ========== ========== See Notes to Condensed
Consolidated Financial Statements. SENESCO TECHNOLOGIES, INC. AND
SUBSIDIARY (A DEVELOPMENT STAGE COMPANY) CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (unaudited) From Inception For the Three
For the Three on July 1, Months Ended Months Ended 1998 through
September 30, September 30, September 30, 2009 2008 2009 Revenue
$-- $200,000 $1,450,000 --------- --------- ---------- Operating
Expenses: General and administrative 494,955 529,865 24,426,148
Research and development 575,291 504,386 12,886,850 ---------
--------- ---------- Total Operating Expenses 1,070,246 1,034,251
37,312,998 --------- --------- ---------- Loss From Operations
(1,070,246) (834,251) (35,862,998) Sale of state income tax loss,
net -- -- 586,442 Fair value - warrant Liability 1,888,133 --
6,619,900 Other noncash income -- -- 321,259 Interest income, net
347 23,057 523,660 Amortization of debt discount and financing
costs (807,914) (106,055) (1,954,677) Interest expense on
Convertible notes (199,616) (264,157) (1,641,014) ---------
--------- ---------- Net Loss $(189,296) $(1,181,406) $(31,407,428)
========= =========== ============ Basic and Diluted Net Loss Per
Common Share $(0.01) $(0.06) ========= =========== Basic and
Diluted Weighted Average Number of Common Shares Outstanding
22,046,718 18,379,379 ========== ========== 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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