"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
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,
|SOURCE Senesco Technologies, Inc.|
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