Full Press Release Details
| Company Contact: | Investor Relations Contact : | |
| Senesco Technologies, Inc. | Lippert/Heilshorn & Associates, Inc. | |
| Leslie J. Browne, Ph.D. | Anne Marie Fields | |
| President & Chief Executive Officer | afields@lhai.com | |
| (732) 296-8400 | (212) 838-3777 |
TECHNOLOGIES REPORTS FIRST QUARTER FISCAL 2011 FINANCIAL RESULTS
NEW BRUNSWICK, N.J. (November 15,
2010) - Senesco Technologies, Inc. ("Senesco" or the "Company") (NYSE
Amex: SNT) today reported financial results for the first quarter ended
September 30, 2010 of fiscal year 2011.
of the fiscal first quarter and recent weeks include:
2011 has gotten off to a strong start with the QTDP award of nearly a quarter
million dollars to support the continued development of SNS01-T, our lead
therapeutic candidate for the treatment of multiple myeloma, as well as the
resolution of compliance matters with the Exchange," said Leslie J. Browne,
Ph.D., President and CEO of Senesco.
toxicology studies nearing completion, we remain on track to submit an
Investigational New Drug application with the U.S. Food and Drug Administration
by calendar year end in order to begin a Phase 1b/2a study with
SNS01-T. We expect to begin patient dosing in the first half of 2011
at the Mayo Clinic in Rochester, Minnesota. We are very excited to
advance our clinical plans to address the continuing patient needs in this
orphan indication," added Dr. Browne.
Quarter Fiscal 2011 Financial Results
no revenue for the three months ended September 30, 2010 and September 30,
and development expenses for the first quarter of fiscal 2011 were $1,536,507,
compared with $488,759 for the first quarter of fiscal 2010. The
increase was primarily due to the additional costs incurred in connection with
the Company's development of SNS01-T for multiple myeloma.
and administrative expenses for first quarter of fiscal 2011 were $668,884,
compared with $494,955 for the first quarter of fiscal 2010. The
increase was primarily due to higher stock-based compensation expense associated
with warrants granted to consultants and an additional $93,500 of stock-based
compensation in connection with the achievement of a milestone related to its
long-term incentive plan.
applicable to common shares for the first quarter of fiscal 2011 was $2,015,476
or $0.05 per share, compared with a net loss of $189,296 or $0.01 per share for
the first quarter of fiscal 2010. The higher net loss is primarily
the result of a decrease in net other non-operating, non-cash income and an
increase in research and development costs.
September 30, 2010 Senesco had cash and cash equivalents of $6,290,995, compared
with $8,026,296 as of June 30, 2010. The Company believes that its
cash resources are sufficient to fund the current business plan for at least the
next 12 months from September 30, 2010.
Senesco Technologies, Inc.
Technologies is leveraging proprietary technology that regulates programmed cell
death, or apoptosis. Accelerating apoptosis may have application in
treating cancer, while delaying apoptosis may have application in certain
inflammatory and ischemic diseases. The Company is preparing to initiate a
human clinical trial in multiple myeloma with its lead therapeutic candidate
SNS01-T. Senesco has partnered with leading-edge companies engaged in
agricultural biotechnology, and is entitled to earn research and development
milestones and royalties should its gene-regulating platform technology be
incorporated into 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 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 collaborations; 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 continue to comply with the continued listing standards of the
NYSE/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.
SENESCO TECHNOLOGIES, INC. AND SUBSIDIARY
(A DEVELOPMENT STAGE COMPANY)
CONDENSED CONSOLIDATED BALANCE SHEETS
| September 30, | June 30, | |||||||
| 2010 | 2010 | |||||||
| ASSETS | ||||||||
| CURRENT ASSETS: | ||||||||
| Cash and cash equivalents | $ | 6,290,995 | $ | 8,026,296 | ||||
| Prepaid research supplies and expenses | 990,696 | 1,304,795 | ||||||
| Total Current Assets | 7,281,691 | 9,331,091 | ||||||
| Equipment, furniture and fixtures, net | 5,879 | 4,554 | ||||||
| Intangibles, net | 4,662,960 | 4,568,895 | ||||||
| Deferred income tax assets, net | - | - | ||||||
| Security deposit | 7,187 | 7,187 | ||||||
| TOTAL ASSETS | $ | 11,957,717 | $ | 13,911,727 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Accounts payable | $ | 494,365 | $ | 557,420 | ||||
| Accrued expenses | 744,497 | 576,857 | ||||||
| Line of credit | 2,194,844 | 2,194,844 | ||||||
| Deferred rent | 6,045 | - | ||||||
| Total Current Liabilities | 3,439,751 | 3,329,121 | ||||||
| Warrant liabilities ($15,587 and $490,438 to related parties, respectively) | 1,207,452 | 2,493,794 | ||||||
| Grant payable | 99,728 | 99,728 | ||||||
| Deferred rent | - | 8,060 | ||||||
| TOTAL LIABILITIES | 4,746,931 | 5,930,703 | ||||||
| STOCKHOLDERS' EQUITY: | ||||||||
| Preferred stock, $0.01 par value, authorized 5,000,000 shares | ||||||||
| Series A 10,297 shares issued and 4,852 and 8,035 shares outstanding, respectively | 49 | 80 | ||||||
| (liquidation preference of $5,094,600 and $8,235,875 | ||||||||
| at September 30, 2010 and June 30, 2010, respectively) | ||||||||
| Series B 1,200 shares issued and outstanding | 12 | 12 | ||||||
| (liquidation preference of $1,240,000 and $1,210,000 | ||||||||
| at September 30, 2010 and June 30, 2010, respectively) | ||||||||
| Common stock, $0.01 par value, authorized 250,000,000 shares, | ||||||||
| issued and outstanding 64,302,322 and 50,092,204, respectively | 643,022 | 500,922 | ||||||
| Capital in excess of par | 60,430,744 | 58,321,169 | ||||||
| Deficit accumulated during the development stage | (53,863,041 | ) | (50,841,159 | ) | ||||
| Total Stockholders' Equity | 7,210,786 | 7,981,024 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 11,957,717 | $ | 13,911,727 |
to Condensed Consolidated Financial Statements
TECHNOLOGIES, INC. AND SUBSIDIARY
DEVELOPMENT STAGE COMPANY)
CONSOLIDATED STATEMENTS OF OPERATIONS
| Cumulative | ||||||||||||
| Three months ended September 30, | Amounts from | |||||||||||
| 2010 | 2009 | Inception | ||||||||||
| Revenue | $ | - | $ | - | $ | 1,590,000 | ||||||
| Operating expenses: | ||||||||||||
| General and administrative | 668,884 | 494,955 | 26,949,195 | |||||||||
| Research and development | 1,536,507 | 488,759 | 16,485,471 | |||||||||
| Total operating expenses | 2,205,391 | 983,714 | 43,434,666 | |||||||||
| Loss from operations | (2,205,391 | ) | (983,714 | ) | (41,844,666 | ) | ||||||
| Other non-operating income (expense) | ||||||||||||
| Fair value - warrant liability | 319,476 | 1,888,133 | 7,567,904 | |||||||||
| Sale of state income tax loss - net | - | - | 586,442 | |||||||||
| Other noncash (expense) income, net | (111,265 | ) | - | 209,994 | ||||||||
| Loss on extinguishment of debt | - | (86,532 | ) | (361,877 | ) | |||||||
| Amortization of debt discount and financing costs | - | (807,914 | ) | (11,227,870 | ) | |||||||
| Interest expense - convertible notes | - | (199,616 | ) | (2,027,930 | ) | |||||||
| Interest (expense) income - net | (18,296 | ) | 347 | 480,882 | ||||||||
| Net loss | (2,015,476 | ) | (189,296 | ) | (46,617,121 | ) | ||||||
| Preferred dividends | (1,006,406 | ) | - | (7,245,920 | ) | |||||||
| Loss applicable to common shares | $ | (3,021,882 | ) | $ | (189,296 | ) | $ | (53,863,041 | ) | |||
| Basic and diluted net loss per common share | $ | (0.05 | ) | $ | (0.01 | ) | ||||||
| Basic and diluted weighted-average number | ||||||||||||
| of common shares outstanding | 56,930,150 | 22,046,718 |
to Condensed Consolidated Financial Statements