Senesco Technologies Reports Third Quarter Fiscal 2008 Financi...(2008 were $474176 compared with $314294 ...)

Date:5/16/2008

2008 were $474,176, compared with $314,294 during the three-month period ended March 31, 2007. This increase resulted from an expansion of Senesco's human health programs, including the Company's cancer research program, and an unfavorable exchange rate variance in connection with Senesco's research agreement at the University of Waterloo. The Company expects research and development expenses to continue to increase as it expands its research activities, particularly in the area of human health.

General and administrative expenses were $876,966 for the three-month period ended March 31, 2008, compared with $514,189 during the three-month period ended March 31, 2007. This increase was primarily due to a $458,000 increase in stock-based compensation, which includes the Black-Scholes value of $384,000 of warrants extended and repriced in connection with an amendment to a financial advisory agreement entered into February 14, 2008, the amortized portion of the compensation charge in connection with our short-term stock incentive plan and the amortized portion of the Black-Scholes value of options and warrants previously granted to directors, employees and consultants. This was partially offset by a $79,000 decrease in depreciation and amortization.

At March 31, 2008, Senesco had cash, cash equivalents and investments of $4,549,233. With the remaining potential gross proceeds of $3 million of the Company's previously announced $10 million financing, Senesco should be able to operate according to the Company's current business plan for the next 18 months. The receipt of the remaining $3 million of proceeds is dependent upon entering into certain supply agreements with third party manufacturers. If Senesco does not meet all or some of the foregoing funding milestones, then the current $4.5 million is sufficient for the next 12 months.

About Senesco Technologies, Inc.

Senesco Technologies, Inc. is a U.S. biotechnology company, headquartered in N
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SOURCE Senesco Technologies, Inc. Copyright©2008 PR Newswire. All rights reserved

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