Full Press Release Details
| Company Contact: | Investor Relations Contact: |
| Senesco Technologies, Inc. | FD |
| Jack Van Hulst | Brian Ritchie |
| Chief Executive Officer | (brian.ritchie@fd.com) |
| (jvanhulst@senesco.com) | (212) 850-5683 |
| (732) 296-8400 |
TECHNOLOGIES RECEIVES NOTICE OF NON COMPLIANCE FROM NYSE AMEX
NEW BRUNSWICK, N.J. (April 8, 2010) - Senesco
Technologies, Inc. (the "Company") (NYSE Amex: SNT) has received a notice
from the NYSE Amex LLC ("NYSE") providing notification that, the Company does
not meet one of the NYSE's continued listing standards as set forth in Part 10
of the NYSE company guide and the Company has therefore become subject to the
procedures and requirements of Section 1009 of the NYSE company
guide. Specifically, the Company is not in compliance with Section
704 of the NYSE company guide in that it failed to hold an annual meeting of it
stockholders during the year ended December 31, 2009.
maintain an NYSE listing, Senesco must submit a plan by April 15, 2010 advising
the NYSE of action it has taken, or will take, that would bring Senesco into
compliance with the continued listing standards by July 1, 2010. The Company is
taking steps to prepare and submit such a plan to the NYSE on or before April
previously disclosed, the Company recently executed a financing and must seek
stockholder approval of certain aspects of the financing. Therefore,
the Company anticipates that it will simultaneously hold its annual meeting at
the same time it holds a meeting to seek stockholder approval of certain aspects
of the financing. The Company expects to file a proxy statement,
which will include the information on its annual meeting, in the near
Listings Qualifications Department of the NYSE will evaluate Senesco's plan and
determine whether it reasonably demonstrates the Company's ability to regain
compliance with the continued listing standards by July 1, 2010. If the NYSE
accepts Senesco's plan, the Company may be able to continue its listing during
the plan period, provided that Senesco demonstrates progress consistent with its
plan and complies with other applicable NYSE listing qualifications. If the
Company fails to submit a satisfactory plan or fails to demonstrate progress
consistent with the plan accepted by the NYSE, the NYSE may initiate delisting
procedures. During the plan period Senesco will be subject to periodic review to
determine whether it is achieving progress consistent with the
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 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 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 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.