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 |
Senesco Technologies Reports Third Quarter Fiscal 2009
NEW BRUNSWICK, N.J. (May 4,
2009) - Senesco Technologies, Inc. ( Senesco
or the Company ) (NYSE Amex: SNT) today reported financial results for the
three months ended March 31, 2009.
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.
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.
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 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
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.
TECHNOLOGIES, INC. AND SUBSIDIARY
(A DEVELOPMENT STAGE COMPANY)
CONDENSED CONSOLIDATED STATEMENTS
| For the Three Months Ended March 31, | For the Three Months Ended March 31, | For the Nine Months Ended March 31, | For the Nine Months Ended March 31, | From Inception on July 1, 1998 through March 31, | ||||||||||||
| 2009 | 2008 | 2009 | 2008 | 2009 | ||||||||||||
| Revenue | $ | 75,000 | $ | 79,167 | $ | 275,000 | $ | 456,667 | $ | 1,450,000 | ||||||
| Operating Expenses: | ||||||||||||||||
| General and administrative | 532,245 | 876,966 | 1,711,166 | 1,851,876 | 23,436,622 | |||||||||||
| Research and development | 540,494 | 474,176 | 1,624,166 | 1,219,325 | 11,581,761 | |||||||||||
| Total Operating Expenses | 1,072,739 | 1,351,142 | 3,335,332 | 3,071,201 | 35,018,383 | |||||||||||
| Loss From Operations | (997,739 | ) | (1,271,975 | ) | (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 | 737 | 43,907 | 41,788 | 76,013 | 522,025 | |||||||||||
| Amortization of debt discount and financing costs | (107,240 | ) | (66,676 | ) | (319,637 | ) | (120,271 | ) | (988,400 | ) | ||||||
| Interest expense on convertible notes | (227,235 | ) | (187,473 | ) | (799,043 | ) | (255,309 | ) | (1,233,197 | ) | ||||||
| Net Loss | $ | (1,331,477 | ) | $ | (1,482,217 | ) | $ | (4,137,224 | ) | $ | (2,914,101 | ) | $ | (34,360,254 | ) | |
| Basic and Diluted Net Loss Per Common Share | $ | (0.07 | ) | $ | (0.08 | ) | $ | (0.22 | ) | $ | (0.17 | ) | ||||
| Basic and Diluted Weighted Average Number of Common Shares Outstanding | 19,033,091 | 17,583,461 | 18,678,109 | 17,510,410 |
SENESCO TECHNOLOGIES, INC. AND
(A DEVELOPMENT STAGE COMPANY)
CONDENSED CONSOLIDATED BALANCE
| March 31, | June 30, | ||||||
| 2009 | 2008 | ||||||
| (unaudited) | |||||||
| ASSETS | |||||||
| 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 |