Navigation Links
Senesco Technologies Enters Into Agreements For Additional $700,000 In Financing
Date:7/30/2009

NEW BRUNSWICK, N.J., July 30 /PRNewswire-FirstCall/ -- Senesco Technologies, Inc. ("Senesco" or the "Company") (NYSE Amex: SNT) today announced that, on July 29, 2009, the Company entered into definitive purchase agreements with 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-101 development program with the emphasis on initiating a Phase I clinical trial for multiple myeloma.

Pursuant to the respective purchase agreements, Senesco will issue and sell (i) up to 783,332 shares of its common stock (the "Shares") at a price of $0.90 per share, (ii) warrants to purchase an aggregate of up to 705,000 shares of common stock, which warrants are exercisable immediately at an exercise price of $0.01 per share (the "Series A Warrants") and (iii) warrants to purchase an aggregate of up to 714,794 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 "Series B Warrants"). In connection with the private placement, the Company anticipates that it will receive aggregate proceeds, excluding costs and expenses, in the amount of $530,000. In addition, Cato Holding Company has agreed to cancel $175,000 of the Company's indebtedness to Cato Research, Ltd., bringing the proceeds of the offering, excluding costs and expenses, to approximately $705,000.

The closing of the foregoing transactions is contingent upon Senesco receiving stockholder approval for certain aspects of the transactions as well as other customary closing conditions. There are no registration rights associated with the securities to be issued and sold in the private placement and no placement agent was used in connection with the private placement.

Senesco primarily intends to utilize the net proceeds of these transactions to further advance its multiple myeloma research and development program with the goal of initiating a Phase I clinical trial.

"We are excited by the potential of SNS-101 as a novel treatment alternative for multiple myeloma," said Allen Cato, MD, PhD, CEO of Cato Research. "Our recent investment reflects our confidence in the Company's regulatory and development plans. We look forward to significant progress in the months ahead."

"We are gratified by the confidence expressed in us by our CRO, the Board members and accredited investors involved in this transaction," commented Joel Brooks, Chief Financial Officer. "This funding, along with the $1 million in financing secured several weeks ago, enables us to continue moving forward efficiently with 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:
    Senesco Technologies, Inc.      FD
    Joel Brooks                     Brian Ritchie
    Chief Financial Officer         brian.ritchie@fd.com
    jbrooks@senesco.com             (212) 850-5600
    (732) 296-8400

    Media Relations Contact:
    FD
    Irma Gomez-Dib
    irma.gomez-dib@fd.com
    (212) 850-5600

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

Related biology technology :

1. Senesco Technologies Closes on Additional $4.0 Million of Previously Announced Financing
2. Senesco Technologies Reports on Results of Preclinical Multiple Myeloma Studies
3. Senesco Technologies Reports Second Quarter Fiscal 2008 Financial Results
4. Senesco Technologies Regains Compliance With Amexs Continued Listing Requirements
5. Senesco Technologies Reports Third Quarter Fiscal 2008 Financial Results
6. Senesco Technologies to Present at BIO 2008 Business Forum
7. Senesco Signs a Supply Agreement for Polyplus-transfections Delivery System
8. Senesco Technologies Closes Remaining $3.0 Million of Previously Announced Financing
9. Senesco Technologies Announces Successful Completion of First Milestone Related to Agreement with Bayer CropScience
10. Senescos Preclinical Multiple Myeloma Data to be Presented at the 20th EORTC-NCI-AACR Symposium on Molecular Targets and Cancer Therapeutics
11. Senesco Appoints Harlan W. Waksal, M.D., to Board of Directors
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/8/2016)... ... 2016 , ... Franz Inc. , an early innovator ... announced the availability of AllegroGraph 6, the leading Semantic Graph Database with certification ... Program (CCPT). AllegroGraph is the first Semantic Graph Database to be certified ...
(Date:2/8/2016)... England , February 8, 2016 ... Ltd ("Atlas Genetics" or the "Company"), the ultra-rapid Point-Of-Care (POC) ... to CE Mark its Chlamydia trachomatis (CT) test to be ... of the IVD Directive (98/79/EC), the CT test is now ... --> --> The launch of the io® ...
(Date:2/5/2016)... Feb. 5, 2016  In the pharmaceutical industry the ... host of launch activities including the identification and engagement ... activity is especially high in the oncology therapeutic area ... Practices and the Role of Medical Affairs in Oncology ... on oncology therapies find better ways to utilize medical ...
(Date:2/4/2016)... ... February 04, 2016 , ... Morf ... today announced an interactive FDA compliance training course, Writing Effective ... Professional Society) accredited interactive course on Morf Playbook—now conveniently available on smartphones and ...
Breaking Biology Technology:
(Date:2/4/2016)... -- The field of Human Microbiome research and ... hubs of the biotechnology industry. While the Human ... human microbiota, have garnered a lot of attention ... has literally exploded in terms of both basic ... on biomedical aspects of research, development, and commercial ...
(Date:2/3/2016)... 3, 2016 ... the "Emotion Detection and Recognition Market ... Others), Software Tools (Facial Expression, Voice Recognition ... Regions - Global forecast to 2020" ... http://www.researchandmarkets.com/research/d8zjcd/emotion_detection ) has announced the addition ...
(Date:2/2/2016)... 2016 Technology Enhancements Accelerate Growth of X-ray Imaging ... digital and computed radiography markets in Thailand ... Indonesia (TIM). It provides an in-depth ... well as regional market drivers and restraints. The study ... and market attractiveness, both for digital and computed radiography. ...
Breaking Biology News(10 mins):