Full Press Release Details
| 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 |
Technologies Reports First Quarter Fiscal 2010 Financial Results
BRUNSWICK, N.J. (November 17, 2009) - Senesco Technologies, Inc.
("Senesco" or the "Company") (NYSE Amex: SNT) today reported financial results
for the three months ended September 30, 2009.
for the three month period ended September 30, 2009 was $189,296, or $0.01 per
share, compared with a net loss of $1,181,406, or $0.06 per share, for the three
month period ended September 30, 2008. This decrease in net loss was
primarily the result of an increase in non-cash income related to the change in
fair value of a warrant liability, which was partially offset by an increase in
operating expenses and non-cash expenses associated with the outstanding
convertible notes and a decrease in revenue and interest income.
and Recent Highlights
continues to demonstrate potential as a possible treatment for multiple myeloma,
most recently being the subject of a poster presentation at one of the most
important oncology conferences of the year, the annual AACR-NCI-EORTC
Conference," said Jack Van Hulst, President and Chief Executive Officer of
Company did not record any revenue for the three month period ended September
30, 2009. Total revenues of $200,000 for the three month period ended
September 30, 2008 consisted of a milestone payment in connection with an
agricultural license agreement.
and development expenses during the three month period ended September 30, 2009
were $575,291, compared with $504,386 during the three month period ended
September 30, 2008, an increase of 14.1%. This increase was primarily
a result of an $89,000 loss on the extinguishment of debt in connection with the
issuance of common stock and warrants to Cato Holding Company in exchange for
debt that was owed by Senesco to Cato Research Ltd. in the amount of $175,000,
which was slightly offset by decrease in the cost of the research performed at
the University of Waterloo as a result of the stronger U.S. dollar against the
and administrative expenses were $494,955 for the three month period ended
September 30, 2009, compared with $529,865 during the three month period ended
September 30, 2008, a decrease of 6.6%. This decrease was due
primarily to a $34,000 decrease in stock based compensation, and a $20,000
decrease in professional fees, which were a result of a decrease in legal and
accounting fees related to the review of our securities filings. These
decreases were slightly offset by a $15,000 increase in director fees associated
with an increase in the size of the board of directors from eight to
September 30, 2009, Senesco had cash, cash equivalents and investments of
$1,075,295, and working capital of $1,596,515, which the Company estimates will
cover its expenses for approximately the next three months from September 30,
Senesco Technologies, Inc.
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 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.
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 successfully transition to new
management; the ability of the Company to consummate 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, 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
SENESCO TECHNOLOGIES, INC.
(A DEVELOPMENT STAGE
CONDENSED CONSOLIDATED
| September 30, | June 30, | |||||||
| 2009 | 2009 | |||||||
| (unaudited) | ||||||||
| ASSETS | ||||||||
| CURRENT ASSETS: | ||||||||
| Cash and cash equivalents | $ | 275,295 | $ | 380,569 | ||||
| Short-term investments | 800,000 | 1,050,000 | ||||||
| Subscriptions receivable | 392,000 | - | ||||||
| Prepaid expenses and other current assets | 1,116,516 | 1,161,348 | ||||||
| Total Current Assets | 2,583,811 | 2,591,917 | ||||||
| Property and equipment, net | 6,594 | 5,986 | ||||||
| Intangibles, net | 4,046,985 | 3,884,999 | ||||||
| Deferred financing costs | 488,046 | 632,324 | ||||||
| Security deposit | 7,187 | 7,187 | ||||||
| TOTAL ASSETS | $ | 7,132,623 | $ | 7,122,413 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Accounts payable | $ | 426,088 | $ | 976,680 | ||||
| Accrued expenses | 561,208 | 355,937 | ||||||
| Total Current Liabilities | 987,296 | 1,332,617 | ||||||
| Convertible note, net of discount | 18,179 | 6,217 | ||||||
| Warrant liability | 1,311,975 | - | ||||||
| Grant payable | 99,728 | 99,728 | ||||||
| Other liability | 14,028 | 16,017 | ||||||
| TOTAL LIABILITIES | 2,431,206 | 1,454,579 | ||||||
| STOCKHOLDERS' EQUITY: | ||||||||
| Preferred stock, $0.01 par value; authorized 5,000,000 shares, no shares issued | - | - | ||||||
| Common stock, $0.01 par value; authorized 120,000,000 shares, issued and outstanding 24,777,638 and 19,812,043, respectively | 247,776 | 198,120 | ||||||
| Capital in excess of par, net of $88,000 subscription receivable | 35,861,069 | 36,687,846 | ||||||
| Deficit accumulated during the development stage | (31,407,428 | ) | (31,218,132 | ) | ||||
| TOTAL STOCKHOLDERS' EQUITY | 4,701,417 | 5,667,834 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 7,132,623 | $ | 7,122,413 |
to Condensed Consolidated Financial Statements.
SENESCO TECHNOLOGIES, INC.
(A DEVELOPMENT STAGE
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
| For the Three Months Ended September 30, | For the Three Months Ended September 30, | From Inception on July 1, 1998 through September 30, | ||||||||||
| 2009 | 2008 | 2009 | ||||||||||
| Revenue | $ | - | $ | 200,000 | $ | 1,450,000 | ||||||
| Operating Expenses: | ||||||||||||
| General and administrative | 494,955 | 529,865 | 24,426,148 | |||||||||
| Research and development | 575,291 | 504,386 | 12,886,850 | |||||||||
| Total Operating Expenses | 1,070,246 | 1,034,251 | 37,312,998 | |||||||||
| Loss From Operations | (1,070,246 | ) | (834,251 | ) | (35,862,998 | ) | ||||||
| Sale of state income tax loss, net | - | - | 586,442 | |||||||||
| Fair value - warrant liability | 1,888,133 | - | 6,619,900 | |||||||||
| Other noncash income | - | - | 321,259 | |||||||||
| Interest income, net | 347 | 23,057 | 523,660 | |||||||||
| Amortization of debt discount and financing costs | (807,914 | ) | (106,055 | ) | (1,954,677 | ) | ||||||
| Interest expense on convertible notes | (199,616 | ) | (264,157 | ) | (1,641,014 | ) | ||||||
| Net Loss | $ | (189,296 | ) | $ | (1,181,406 | ) | $ | (31,407,428 | ) | |||
| Basic and Diluted Net Loss Per Common Share | $ | (0.01 | ) | $ | (0.06 | ) | ||||||
| Basic and Diluted Weighted Average Number of Common Shares Outstanding | 22,046,718 | 18,379,379 |