Senesco Technologies Receives Notice of Non-Compliance from NYSE Amex
October 26 2011 - 7:30AM
Business Wire
Senesco Technologies, Inc. (the “Company”) (NYSE Amex:
SNT) has received a notice from the NYSE Amex LLC (the “NYSE Amex”)
providing notification that the Company does not meet one of the
NYSE Amex’s continued listing standards as set forth in Part 10 of
the NYSE Amex Company Guide (the “Company Guide”), and therefore,
the Company has become subject to the procedures and requirements
of Section 1009 of the Company Guide. Specifically, the Company is
not in compliance with Section 1003(a)(iii) of the Company Guide
with stockholder’s equity of less than $6,000,000 at June 30, 2011
and losses from continuing operations and/or net losses in its five
most recent fiscal years. The Company reported stockholder’s equity
of $4,517,463 at June 30, 2011.
The notice is based on a review by the NYSE Amex of information
which the Company has publicly disclosed, including information
contained in the Company’s Annual Report on Form 10-K for the
period ended June 30, 2011, which disclosed the financial status of
the Company at that time.
To maintain an NYSE Amex listing, the Company must submit a plan
by November 21, 2011 advising the NYSE Amex of action it has taken,
or will take, to regain compliance with Section 1003(a)(iii) of the
Company Guide by July 20, 2012 (the “Plan Period”). The Company is
taking steps to prepare and submit such a plan (the “Plan”) to the
NYSE Amex on or before November 21, 2011.
The Corporate Compliance Department management of the NYSE Amex
will evaluate the Company’s Plan and determine whether it
reasonably demonstrates the Company’s ability to regain compliance
with Section 1003(a)(iii) of the Company Guide by July 20, 2012. If
the NYSE Amex accepts the Company’s Plan, the Company may be able
to continue its listing during the Plan Period; provided that the
Company demonstrates progress consistent with its Plan and complies
with other applicable NYSE Amex listing qualifications. If the
Company fails to submit a satisfactory Plan or fails to demonstrate
progress consistent with the Plan accepted by the NYSE Amex, the
NYSE Amex may initiate delisting proceedings. During the Plan
Period, the Company will be subject to periodic review to determine
whether it is achieving progress consistent with the Plan.
About Senesco Technologies, Inc.
Senesco Technologies is leveraging proprietary technology that
regulates programmed cell death, or apoptosis. Accelerating
apoptosis may have applications in treating cancer, while delaying
apoptosis may have applications in treating certain inflammatory
and ischemic diseases. The Company has initiated a clinical study
in multiple myeloma with its lead therapeutic candidate, SNS01-T.
Senesco has already partnered with leading-edge companies engaged
in agricultural biotechnology and is entitled to earn research and
development milestones and royalties if its gene-regulating
platform technology is incorporated into its partners’
products.
Forward-Looking Statements
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 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 collaborations; the
success of the Company's license agreements; the acceptance by the
market of the Company’s products; the timing and success of the
Company’s preliminary studies, preclinical research and clinical
trials; competition and the timing of projects and trends in future
operating performance, the Company’s ability to comply with the
continued listing standards of the NYSE 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.
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