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Senesco Technologies Reports Second Quarter Fiscal 2009 Financial Results
Date:2/18/2009

NEW BRUNSWICK, N.J., Feb. 18 /PRNewswire-FirstCall/ -- Senesco Technologies, Inc. ("Senesco" or the "Company") (NYSE Alternext US: SNT) today reported financial results for the three months ended December 31, 2008.

Net loss for the three month period ended December 31, 2008 was $1,624,341, or $0.09 per share, compared with a net loss of $1,049,838 or $0.06 per share, for the three month period ended December 31, 2007. This increase in net loss was primarily the result of an increase in non-cash expenses associated with the outstanding convertible notes that were issued during the year ended June 30, 2008, and an increase in operating expenses.

Quarterly and Recent Highlights

  • Senesco announced results of maximum tolerated dose, preclinical toxicology, and efficacy / dose-range finding studies in mice for SNS-01, the Company's multiple myeloma drug candidate.
  • Senesco's data was presented at the 2008 Annual Meeting of the American Society of Hematology in a presentation entitled "Preclinical Studies Using Polyethylenimine (PEI) Nanoparticles Complexed with Eukaryotic Translation Initiation Factor 5A (eIF5A) siRNA and eIF5A Plasmid DNA Demonstrates Significant Anti-Myeloma Activity in Vitro and in Vivo".
  • Senesco's preclinical multiple myeloma data was presented at the 20th EORTC-NCI-AACR Symposium on "Molecular Targets and Cancer Therapeutics".
  • Senesco appointed Harlan W. Waksal, M.D., co-founder of ImClone Systems Incorporated, to the Company's Board of Directors. Dr. Waksal was instrumental in moving forward the clinical development program for ERBITUX(R) (cetuximab), an oncology drug now approved in colorectal and head & neck cancers.
  • Management delivered the Company's corporate presentation at the 10th Annual Rodman & Renshaw Healthcare Conference, and the 11th Annual BIO CEO & Investor Conference.

"We remain focused on our goal of filing an Investigational New Drug Application for SNS-01 before the end of calendar year 2009," said Bruce Galton, President and CEO of Senesco. "The recently announced results of the maximum tolerated dose, preclinical toxicology, and efficacy / dose range finding studies for SNS-01 was an important step toward accomplishing this goal."

The Company did not record any revenue for the three month period ended December 31, 2008. Total revenues of $6,250 for the three month period ended December 31, 2007 consisted of the amortized portion of previous milestone payments received in connection with certain agricultural license agreements.

Research and development expenses during the three month period ended December 31, 2008 were $579,286, compared with $392,254 during the three month period ended December 31, 2007, an increase of 47.7%. This increase was primarily a result of an expansion of Senesco's human health programs, specifically the Company's multiple myeloma research program, which was partially offset by a decrease in agricultural research expenses as a result of a decrease in the allocation of resources from agriculture to human health at the University of Waterloo.

General and administrative expenses were $649,056 for the three month period ended December 31, 2008, compared with $585,851 during the three month period ended December 31, 2007, an increase of 10.8%. This increase was primarily due to a $64,000 increase in stock based compensation, an approximately $21,000 increase in professional fees, which were the result of an increase in legal fees, and an approximately $16,000 increase in director fees, which were due to the Company implementing a cash compensation plan for non-employee directors beginning July 1, 2008.

At December 31, 2008, Senesco had cash, cash equivalents and investments of $3,615,788, and working capital of $3,562,743, which the Company estimates will fund its operations for approximately the next seven months, as of December 31, 2008.

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 diseases such as glaucoma, ischemia and arthritis, among others. 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 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, the Company's ability to meet its funding milestones under its financing transaction, the Company's ability to comply with the continued listing standards of the 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.

    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
     

                      SENESCO TECHNOLOGIES, INC. AND SUBSIDIARY
                            (A DEVELOPMENT STAGE COMPANY)
                   CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                     (unaudited)

                                    For the Three   For the Three
                                     Months Ended    Months Ended
                                     December 31,    December 31,
                                         2008            2007

    Revenue                                 $--         $6,250

    Operating Expenses:

      General and administrative        649,056        585,851
      Research and development          579,286        392,254
    Total Operating Expenses          1,228,342        978,105

    Loss From Operations             (1,228,342)      (971,855)


    Sale of state income tax
     loss, net                               --             --
    Other noncash income                     --             --
    Interest income, net                 17,994         25,227
    Amortization of debt
     discount and financing costs      (106,342)       (38,374)
    Interest expense on
     convertible notes                 (307,651)       (64,836)
    Net Loss                        $(1,624,341)   $(1,049,838)

    Basic and Diluted Net Loss
     Per Common Share                    $(0.09)        $(0.06)

    Basic and Diluted Weighted
     Average Number of Common
     Shares Outstanding              18,629,575     17,474,870

                                                               From Inception
                                   For the Six    For the Six    on July 1,
                                   Months Ended   Months Ended  1998 through
                                   December 31,   December 31,  December 31,
                                       2008          2007           2008

    Revenue                          $200,000      $377,500     $1,375,000

    Operating Expenses:

      General and administrative    1,178,921       974,910     22,904,377
      Research and development      1,083,672       745,149     11,041,267
    Total Operating Expenses        2,262,593     1,720,059     33,945,644

    Loss From Operations           (2,062,593)   (1,342,559)   (32,570,644)

    Sale of state income tax
     loss, net                             --            --        586,442
    Other noncash income                   --            --        321,259
    Interest income, net               41,051        32,106        521,288
    Amortization of debt
     discount and financing costs    (212,397)      (53,595)      (881,160)
    Interest expense on
     convertible notes               (571,808)      (67,836)    (1,005,962)
    Net Loss                      $(2,805,747)  $(1,431,884)  $(33,028,777)

    Basic and Diluted Net Loss
     Per Common Share                  $(0.15)       $(0.08)

    Basic and Diluted Weighted
     Average Number of Common
     Shares Outstanding            18,504,477    17,474,282

                        SENESCO TECHNOLOGIES, INC. AND SUBSIDIARY
                               (A DEVELOPMENT STAGE COMPANY)
                           CONDENSED CONSOLIDATED BALANCE SHEETS

                                                    December 31,    June 30,
                                                        2008          2008
                                                    (unaudited)
                         ASSETS

    CURRENT ASSETS:
    Cash and cash equivalents                        $1,115,788    $5,676,985
    Short-term investments                            2,500,000       500,000
    Prepaid expenses and other current assets           828,919       180,556
       Total Current Assets                           4,444,707     6,357,541

    Property and equipment, net                           3,893         5,459
    Intangibles, net                                  3,515,565     3,213,543
    Deferred financing costs                            847,385     1,059,230
    Security deposit                                      7,187         7,187
       TOTAL ASSETS                                  $8,818,737   $10,642,960

          LIABILITIES AND STOCKHOLDERS' EQUITY

    CURRENT LIABILITIES:
    Accounts payable                                   $468,280      $370,167
    Accrued expenses                                    413,684       314,267
           Total Current Liabilities                    881,964       684,434

    Convertible note, net of discount                       609            57
    Grant payable                                        99,728        99,728
    Other liability                                      19,539        23,062
       TOTAL LIABILITIES                              1,001,840       807,281

    STOCKHOLDERS' EQUITY:

    Preferred stock, $0.01 par value; authorized
     5,000,000 shares, no shares issued                      --            --
    Common stock, $0.01 par value; authorized
     100,000,000 shares, issued and outstanding
     19,027,719 and 18,375,117, respectively            190,277       183,751
    Capital in excess of par                         40,655,397    39,874,958
    Deficit accumulated during the
     development stage                              (33,028,777)  (30,223,030)
      TOTAL STOCKHOLDERS' EQUITY                      7,816,897     9,835,679

      TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY     $8,818,737   $10,642,960


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SOURCE Senesco Technologies, Inc.
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