Senesco Receives Milestone Payment from Bayer CropScience
December 01 2011 - 8:30AM
Business Wire
Senesco Technologies, Inc. (“Senesco” or the “Company”)
(NYSE AMEX: SNT) announced today that Bayer CropScience has made an
undisclosed R&D milestone payment related to Bayer’s use of
Senesco’s technology in Brassica oilseeds (Canola oil).
Senesco’s proprietary gene technology was licensed to Bayer
CropScience in November 2006 to enhance Canola yields in
Bayer’s InVigor® canola hybrids and future hybrid’s business
internationally. This is the second milestone that the Company has
received from Bayer pursuant to the November 2006 agreement
relating to Brassica oilseeds.
“We are pleased to see continued progress at Bayer CropScience,”
said Leslie J. Browne, Ph.D., President and CEO of Senesco. “We
believe that our leadership position in eIF5A modulation has broad
application in agricultural crops and human therapeutics.”
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 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.
About Multiple Myeloma
Multiple myeloma is an incurable cancer of plasma cells, a type
of white blood cell derived from B-lymphocytes, normally
responsible for the production of antibodies. Senesco was
previously granted orphan drug status for SNS01-T, the Company’s
lead drug candidate for treatment of multiple myeloma.
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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