Navigation Links
Senesco Technologies Enters Into Agreement For Up To $1.0 Million In Financing
Date:7/10/2009

NEW BRUNSWICK, N.J., July 10 /PRNewswire-FirstCall/ -- Senesco Technologies, Inc. ("Senesco" or the "Company") (NYSE Amex: SNT) today announced that, on July 9, 2009, the Company entered into a definitive purchase agreement with Partlet Holdings Ltd. for the issuance and sale of (i) up to 1,111,111 shares of its common stock (the "Shares") at a price of $0.90 per share, (ii) warrants to purchase an aggregate of up to 1,000,000 shares of common stock, which warrants are exercisable immediately at an exercise price of $0.01 per share (the "Partlet Series A Warrants") and (iii) warrants to purchase an aggregate of up to 2,055,555 shares of common stock, which warrants are exercisable 6 months from the date of issuance at an exercise price of $0.60 per share (the "Partlet Series B Warrants"). In connection with the private placement, the Company anticipates that it will receive aggregate proceeds in the amount of $1,000,000.

On July 9, 2009, the Company closed on $950,000 of aggregate proceeds of the private placement and, on that date, issued (i) a total of 1,055,555 shares (ii) a Partlet Series A Warrant to purchase 950,000 shares of the Company's common stock and (iii) a Partlet Series B Warrant to purchase 1,952,778 shares of the Company's common stock. The remaining $50,000 in proceeds cannot be closed upon until the Company receives stockholder approval for certain aspects of the transaction. Assuming all of the proceeds of the private placement can be closed upon, the Company anticipates it will receive gross proceeds equal to $1,000,000.

There are no registration rights associated with the securities sold in the private placement and no placement agent was used in connection with the private placement.

Senesco primarily intends to utilize the proceeds of this private placement as an initial step to help advance its research in multiple myeloma with the goal of initiating a Phase I clinical trial.

"We are pleased to have raised this additional capital," commented Joel Brooks, Chief Financial Officer. "This funding allows us to remain focused on our goal of filing an Investigational New Drug Application and initiating a Phase I clinical trial for SNS-01."

Important Information

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 sale would be unlawful prior to registration or qualification under the securities laws of any such state. The shares of common stock have been sold pursuant to an exemption from state and federal securities laws.

In connection with the private placement, the Company will prepare a proxy statement for the Company's stockholders to be filed with the Securities and Exchange Commission (the "SEC"). The proxy statement will contain information about the Company, the private placement and related matters. STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT CAREFULLY WHEN IT IS AVAILABLE, AS IT WILL CONTAIN IMPORTANT INFORMATION THAT STOCKHOLDERS SHOULD CONSIDER BEFORE MAKING A DECISION ABOUT APPROVING AN AMENDMENT TO THE COMPANY'S CERTIFICATE OF INCORPORATION TO INCREASE THE NUMBER OF AUTHORIZED SHARES.

In addition to receiving the proxy statement from the Company by mail, shareholders will be able to obtain the proxy statement, as well as other filings containing information about the Company, without charge, from the SEC's website (http://www.sec.gov) or, without charge, from the Company's website at www.senesco.com or by directing such request to Senesco Technologies, Inc. 303 George St., Suite 420, New Brunswick, New Jersey 08901 Attention: Joel Brooks.

The Company and its directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies. Information concerning the Company and its directors and executive officers is set forth in the Company's proxy statement and Annual Report on Form 10-K previously filed with the SEC.

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 Company's ability to consummate this financing as well as 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, as well as other factors expressed from time to time in the Company's periodic filings with 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: Media Relations Contact:
    Senesco Technologies, FD                          FD
     Inc.                 Brian Ritchie               Irma Gomez-Dib
    Joel Brooks           brian.ritchie@fd.com        irma.gomez-dib@fd.com
    Chief Financial       (212) 850-5600              (212) 850-5600
     Officer
    jbrooks@senesco.com
    (732) 296-8400


'/>"/>
SOURCE Senesco Technologies, Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related biology technology :

1. ArborGen and Senesco Announce Wood Quality Results
2. Senesco Technologies, Inc. Announces the Appointment of Dr. Harlan W. Waksal, M.D. as Chairman of the Board of Directors and the Addition of Mr. Warren J. Isabelle, CFA to its Board of Directors
3. Senesco Presents Pre-Clinical Multiple Myeloma Data at the 12th Annual Meeting of the American Society of Gene Therapy
4. Senesco Technologies Reports Third Quarter Fiscal 2009 Financial Results
5. Senesco Technologies Reports Second Quarter Fiscal 2009 Financial Results
6. Senesco and Harris Moran Mutually Agree to Terminate Development and License Agreement Due to Restructuring
7. Senesco Appoints Harlan W. Waksal, M.D., to Board of Directors
8. Senescos Preclinical Multiple Myeloma Data to be Presented at the 20th EORTC-NCI-AACR Symposium on Molecular Targets and Cancer Therapeutics
9. Senesco Technologies Announces Successful Completion of First Milestone Related to Agreement with Bayer CropScience
10. Senesco Technologies Closes Remaining $3.0 Million of Previously Announced Financing
11. Senesco Signs a Supply Agreement for Polyplus-transfections Delivery System
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:3/23/2017)... ... March 23, 2017 , ... Lajollacooks4u is proud to announce it has become the ... corporate cooking challenges for companies around the world, such as Illumina, HP and Qualcomm, and ... reason for its increasing popularity is due to its new team building format, a way ...
(Date:3/23/2017)... MILFORD, Mass. , March 23, 2017 ... leading partner to global in vitro diagnostics ... launch of the industry,s first multiplexed ... inherited disease testing by next-generation sequencing ... materials were developed with input from industry ...
(Date:3/23/2017)... ... March 23, 2017 , ... Ellen ... the Connecticut Technology Council (CTC) as a 2017 Women of Innovation® finalist. Matloff ... of Innovation Awards Dinner. , The dinner recognizes women accomplished in science, technology, ...
(Date:3/23/2017)... , March 23, 2017 According to a ... and derivatives market is fragmented due to the presence of a large ... Proliant, Thermo Fisher , and Sigma-Aldrich, compete with each other ... companies, collectively, held more than 76% of this market in 2016.  ... As of now, ...
Breaking Biology Technology:
(Date:3/2/2017)... Australia , March 2, 2017 Australian ... Ltd (ASX: CYP), has signed an agreement with ... from the Monash Biomedicine Discovery Institute and Department of ... to conduct a further preclinical study to support the ... treatment of asthma.  Asthma is a ...
(Date:2/27/2017)... 27, 2017   Strategic Cyber Ventures , the ... led a $3.5 million investment in  Polarity , the ... Ventures is DC based and is led by cybersecurity ... . Ron Gula , also a longtime cybersecurity ... in this series A round of funding. This new ...
(Date:2/21/2017)... -- Der weltweite Biobanking-Sektor wird bis zum ... mit mehr als 50 Vertretern aus verschiedenen Branchen wurde aber ... diese Prognose zu realisieren. ... Zu den Schwierigkeiten für ... für die Biobank, die Implementierung Zeit sparender Technologien, ein ...
Breaking Biology News(10 mins):