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Senesco Technologies Reports Third Quarter Fiscal 2009 Financial Results
Date:5/4/2009

NEW BRUNSWICK, N.J., May 4 /PRNewswire-FirstCall/ -- Senesco Technologies, Inc. ("Senesco" or the "Company") (NYSE Amex: SNT) today reported financial results for the three months ended March 31, 2009.

Net loss for the three month period ended March 31, 2009 was $1,331,477, or $0.07 per share, compared with a net loss of $1,482,217, or $0.08 per share, for the three month period ended March 31, 2008. This decrease in net loss was primarily the result of a decrease in operating expenses, which was partially offset by an increase in non-cash expenses associated with the outstanding convertible notes that were issued during the year ended June 30, 2008.

Quarterly Highlights

As previously reported:

  • 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.
  • Management delivered the Company's corporate presentation at the 11th Annual BIO CEO & Investor Conference.

"Senesco's goal continues to be the filing of an Investigational New Drug application for SNS-01, the Company's multiple myeloma drug candidate, before the end of calendar year 2009," said Bruce Galton, President and CEO of Senesco.

Total revenues of $75,000 for the three month period ended March 31, 2009 consisted of a milestone payment on an agricultural license agreement. Total revenues of $79,167 for the three month period ended March 31, 2008 consisted of a milestone payment and 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 March 31, 2009 were $540,494, compared with $474,176 during the three month period ended March 31, 2008, an increase of 14.1%. 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 the cost of Senesco's research agreement with the University of Waterloo due to the strengthening of the U.S. dollar against the Canadian dollar.

General and administrative expenses were $532,245 for the three month period ended March 31, 2009, compared with $876,966 during the three month period ended March 31, 2008, a decrease of 39.3%. This decrease was primarily due to a 76.2% reduction in stock-based compensation.

As of March 31, 2009, the Company had cash and investments in the amount of $2,677,581, and working capital of $2,594,256. Senesco estimates that such amount will cover its expenses for approximately the next four months from March 31, 2009.

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 ability of the Company to consummate a financing; 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; the 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 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
    (732) 296-8400



                      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
                                      March 31,       March 31,
                                         2009           2008
                                    ------------    ------------

    Revenue                              $75,000         $79,167
                                    ------------    ------------

    Operating Expenses:
      General and administrative         532,245         876,966
      Research and development           540,494         474,176
                                    ------------    ------------
    Total Operating Expenses           1,072,739       1,351,142
                                    ------------    ------------

    Loss From Operations                (997,739)     (1,271,975)

    Sale of state income tax
     loss, net                                --              --
    Other noncash income                      --              --
    Interest income, net                     737          43,907
    Amortization of debt
     discount and financing costs       (107,240)        (66,676)
    Interest expense on
     convertible notes                  (227,235)       (187,473)
                                    ------------    ------------
    Net Loss                         $(1,331,477)    $(1,482,217)
                                    ============    ============

    Basic and Diluted Net Loss
     Per Common Share                     $(0.07)         $(0.08)
                                    ============    ============

    Basic and Diluted Weighted
     Average Number of Common
     Shares Outstanding               19,033,091      17,583,461
                                    ============    ============



                                                   From Inception
                      For the Nine  For the Nine   on July 1, 1998
                      Months Ended  Months Ended       through
                        March 31,     March 31,       March 31,
                          2009          2008            2009
                      ------------  ------------   -------------

    Revenue               $275,000      $456,667      $1,450,000
                      ------------  ------------   -------------

    Operating
     Expenses:
      General and
       administrative    1,711,166     1,851,876      23,436,622
      Research and
       development       1,624,166     1,219,325      11,581,761
                      ------------  ------------   -------------
    Total Operating
     Expenses            3,335,332     3,071,201      35,018,383
                      ------------  ------------   -------------

    Loss From
     Operations         (3,060,332)   (2,614,534)    (33,568,383)

    Sale of state
     income tax
     loss, net                  --            --         586,442
    Other noncash
     income                     --            --         321,259
    Interest income,
     net                    41,788        76,013         522,025
    Amortization of
     debt discount
     and financing
     costs                (319,637)     (120,271)       (988,400)
    Interest expense
     on convertible
     notes                (799,043)     (255,309)     (1,233,197)
                      ------------  ------------   -------------
    Net Loss           $(4,137,224)  $(2,914,101)   $(34,360,254)
                      ============  ============   =============

    Basic and Diluted
     Net Loss Per
     Common Share           $(0.22)       $(0.17)
                      ============  ============

    Basic and Diluted
     Weighted Average
     Number of Common
     Shares
     Outstanding        18,678,109    17,510,410
                      ============  ============



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

                                                    March 31,     June 30,
                                                       2009         2008
                                                   ----------    ----------
                           ASSETS                  (unaudited)

    CURRENT ASSETS:
    Cash and cash equivalents                        $378,193    $5,676,985
    Short-term investments                          2,299,388       500,000
    Prepaid expenses and other current assets         889,822       180,556
                                                   ----------    ----------
       Total Current Assets                         3,567,403     6,357,541

    Property and equipment, net                         6,896         5,459
    Intangibles, net                                3,625,476     3,213,543
    Deferred financing costs                          741,462     1,059,230
    Security deposit                                    7,187         7,187
                                                   ----------    ----------
       TOTAL ASSETS                                $7,948,424   $10,642,960
                                                   ==========    ==========

            LIABILITIES AND STOCKHOLDERS' EQUITY

    CURRENT LIABILITIES:
    Accounts payable                                 $472,375      $370,167
    Accrued expenses                                  500,772       314,267
                                                   ----------    ----------
       Total Current Liabilities                      973,147       684,434

    Convertible note, net of discount                   1,926            57
    Grant payable                                      99,728        99,728
    Other liability                                    17,778        23,062
                                                   ----------    ----------
       TOTAL LIABILITIES                            1,092,579       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
     19,511,199 and 18,375,117, respectively          195,112       183,751
    Capital in excess of par                       41,020,987    39,874,958
    Deficit accumulated during the development
     stage                                        (34,360,254)  (30,223,030)
                                                   ----------    ----------
    TOTAL STOCKHOLDERS' EQUITY                      6,855,845     9,835,679
                                                   ----------    ----------
    TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY     $7,948,424   $10,642,960
                                                   ==========    ==========


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SOURCE Senesco Technologies, Inc.
Copyright©2009 PR Newswire.
All rights reserved

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