NEW BRUNSWICK, N.J., December 21 /PRNewswire-FirstCall/ -- Senesco Technologies, Inc. ("Senesco" or the "Company") (Amex: SNT) today announced that the Company recently closed on an additional $4.0 million of its previously announced private placements with YA Global Investments, LP ("YA Global") and Stanford Venture Capital Holdings, Inc. ("Stanford"). Senesco has now closed on an aggregate of $7 million of the $10 million private placements of secured convertible debentures and warrants. Each of the next $1.5 million traunches will occur upon the Company fulfilling certain development milestones.
Senesco primarily intends to utilize the proceeds of this financing to advance its research in multiple myeloma with the goal of initiating a Phase I clinical trial. The Company estimates that it will take approximately 18-24 months to complete the steps necessary to initiate a Phase I clinical trial. Senesco believes that the proceeds from the combined $10 million private placements from YA Global and Stanford should be sufficient to allow it to complete these steps.
"We are pleased with the confidence YA Global and Stanford have shown in Senesco's ability to execute its business strategy through these private placements," said Joel Brooks, Chief Financial Officer and Treasurer of Senesco.
H.C. Wainwright acted as the placement agent for this transaction. The terms of the debentures and warrants were previously disclosed on a Form 8-K, dated August 1, 2007 and August 29, 2007 and in the Company's annual report on Form 10-K.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities in any state in which such offer, solicitation or s
|SOURCE Senesco Technologies, Inc.|
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