Full Press Release Details
Senesco Technologies Reports Second Quarter Fiscal
2012 Financial Results
BRIDGEWATER, N.J.--(BUSINESS WIRE)--
Senesco Technologies, Inc. ("Senesco" or the "Company") (NYSE Amex: SNT) today reported financial results
for the second quarter of fiscal year 2012 which ended on December 31, 2011.
Highlights of the second quarter
and recent weeks include:
pleased with the progress made in the clinical development of SNS01-T and look forward to reporting initial preliminary observations
from the first cohort, once it's completed, of the Phase 1a/2b clinical trial going on at Mayo," said Leslie J. Browne,
Ph.D., President and CEO of Senesco. "We expect to add additional clinical sites shortly to continue to address patient needs
in multiple myeloma."
Second Quarter Fiscal 2012 Financial
There was revenue of $200,000 from
a milestone payment in connection with an agricultural license during the three month period ending December 31, 2011 as compared
to no revenue during the three month period ending December 31, 2010.
Research and development expenses
for the three month period ended December 31, 2011 were $751,517 compared with $798,352 for the three month period ended December
31, 2010, a decrease of 6%. The decrease was primarily due to a decrease in the costs incurred in connection with our development
of SNS01-T for multiple myeloma. Specifically, during the three month period ended December 31, 2010, the Company incurred significant
costs related to its pivotal toxicology study and other preclinical work that it did not incur during the three month period ended
General and administrative expenses
for the three month period ended December 31, 2011 were $904,621, compared with $706,685 for the three month period ended December
31, 2010, an increase of 28%. The increase was primarily due to an increase in professional fees in connection with the exploration
of alternative uses of the Company's technology and stock-based compensation. The loss applicable to common shares for the
three month period ended December 31, 2011 was $1,655,185, or $0.02 per share, compared with a loss of $1,812,171, or $0.03 per
share, for the three month period ended December 31, 2010. The decrease in the loss applicable to common shares was primarily the
result of an increase in revenue and a decrease in research and development expenses.
As of December 31, 2011 Senesco
had cash and cash equivalents of $1,552,898, compared to cash and cash equivalents of $3,609,954 as of June 30, 2011. In January
2012, the Company received net proceeds of approximately $1,805,000 from the issuance of common stock and warrants. The Company
believes that its cash resources are sufficient to fund the current business plan through August 31, 2012. However the Company
has the ability to raise additional capital through its ATM facility, utilize its unused line of credit and, if necessary, delay
certain costs which will provide Senesco with enough cash to fund operations at least through December 31, 2012.
About Multiple Myeloma
Multiple myeloma is an incurable
cancer of plasma cells, a type of white blood cell derived from B-lymphocytes, normally responsible for the production of antibodies,
in which abnormal cells accumulate in the bone marrow leading to bone lesions and interfering with the production of normal blood
cells. Senesco was previously granted orphan drug status for SNS01-T, the Company's lead drug candidate for treatment of
About Senesco Technologies,
Senesco Technologies is leveraging
proprietary technology that regulates programmed cell death, or apoptosis. Accelerating apoptosis may have applications in treating
cancer, while delaying apoptosis may have applications treating certain inflammatory and ischemic diseases. The Company has initiated
a clinical study in multiple myeloma with its lead therapeutic candidate SNS01-T. Senesco has already partnered with leading-edge
companies engaged in agricultural biotechnology and is entitled to earn research and development milestones and royalties if its
gene-regulating platform technology is incorporated into its partners' products.
Forward-Looking Statements
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 collaborations; the success of the Company's license agreements; the acceptance by the market of the
Company's products; the timing and success of the Company's preliminary studies, preclinical research and clinical
trials; 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 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.
Leslie J. Browne, Ph.D., 908-864-4444
Robert Woods, 212-732-4300
SENESCO TECHNOLOGIES, INC. AND
DEVELOPMENT STAGE COMPANY)
CONDENSED CONSOLIDATED
| December 31, | June 30, | |||||||
| 2011 | 2011 | |||||||
| ASSETS | ||||||||
| CURRENT ASSETS: | ||||||||
| Cash and cash equivalents | $ | 1,552,898 | $ | 3,609,954 | ||||
| Prepaid research supplies and expenses | 1,657,140 | 1,446,064 | ||||||
| Total Current Assets | 3,210,038 | 5,056,018 | ||||||
| Equipment, furniture and fixtures, net | 7,048 | 3,782 | ||||||
| Intangibles, net | 3,634,869 | 3,524,731 | ||||||
| Deferred income tax assets, net | - | - | ||||||
| Security deposit | 5,171 | 12,358 | ||||||
| TOTAL ASSETS | $ | 6,857,126 | $ | 8,596,889 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Accounts payable | $ | 443,752 | $ | 559,525 | ||||
| Accrued expenses | 802,307 | 509,806 | ||||||
| Line of credit | 2,199,108 | 2,199,108 | ||||||
| Total Current Liabilities | 3,445,167 | 3,268,439 | ||||||
| Warrant liabilities | 478,948 | 711,259 | ||||||
| Grant payable | 99,728 | 99,728 | ||||||
| TOTAL LIABILITIES | 4,023,843 | 4,079,426 | ||||||
| STOCKHOLDERS' EQUITY: | ||||||||
| Preferred stock, $0.01 par value, authorized 5,000,000 shares | ||||||||
| Series A 10,297 shares issued and 3,645 and 3,690 shares outstanding, respectively (liquidation preference of $3,736,125 and $3,792,252 at December 31, 2011 and June 30, 2011, respectively) | 37 | 37 | ||||||
| Series B 1,200 shares issued and outstanding (liquidation preference of $1,230,000 and $1,230,000 at December 31, 2011 and June 30, 2011, respectively) | 12 | 12 | ||||||
| Common stock, $0.01 par value, authorized 350,000,000 shares, issued and outstanding 80,864,443 and 77,769,677, respectively | 808,644 | 777,697 | ||||||
| Capital in excess of par | 66,376,039 | 64,488,152 | ||||||
| Deficit accumulated during the development stage | (64,351,449 | ) | (60,748,435 | ) | ||||
| Total Stockholders' Equity | 2,833,283 | 4,517,463 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 6,857,126 | $ | 8,596,889 |
See Notes to Condensed Consolidated Financial
SENESCO TECHNOLOGIES,
DEVELOPMENT STAGE COMPANY)
CONDENSED CONSOLIDATED STATEMENTS
| Three months ended December 31, | Six months ended December 31, | Cumulative Amounts from | ||||||||||||||||||
| 2011 | 2010 | 2011 | 2010 | Inception | ||||||||||||||||
| Revenue | $ | 200,000 | $ | - | $ | 200,000 | $ | - | $ | 1,790,000 | ||||||||||
| Operating expenses: | ||||||||||||||||||||
| General and administrative | 904,621 | 706,685 | 1,550,580 | 1,375,569 | 30,441,113 | |||||||||||||||
| Research and development | 751,517 | 798,352 | 1,385,703 | 2,334,859 | 20,055,061 | |||||||||||||||
| Total operating expenses | 1,656,138 | 1,505,037 | 2,936,283 | 3,710,428 | 50,496,174 | |||||||||||||||
| Loss from operations | (1,456,138 | ) | (1,505,037 | ) | (2,736,283 | ) | (3,710,428 | ) | (48,706,174 | ) | ||||||||||
| Other non-operating income (expense) | ||||||||||||||||||||
| Grant income | - | 244,479 | - | 244,479 | 244,479 | |||||||||||||||
| Fair value - warrant liability | (39,392 | ) | 149,910 | 232,311 | 469,386 | 8,089,978 | ||||||||||||||
| Sale of state income tax loss - net | - | - | - | - | 586,442 | |||||||||||||||
| Other noncash (expense) income, net | - | (4,604 | ) | - | (115,869 | ) | 205,390 | |||||||||||||
| Loss on extinguishment of debt | - | - | - | - | (361,877 | ) | ||||||||||||||
| Write-off of patents abandoned | - | - | - | - | (1,588,087 | ) | ||||||||||||||
| Amortization of debt discount and financing costs | - | - | - | - | (11,227,870 | ) | ||||||||||||||
| Interest expense - convertible notes | - | - | - | - | (2,027,930 | ) | ||||||||||||||
| Interest (expense) income - net | (32,041 | ) | (21,311 | ) | (62,582 | ) | (39,607 | ) | 348,474 | |||||||||||
| Net loss | (1,527,571 | ) | (1,136,563 | ) | (2,566,554 | ) | (3,152,039 | ) | (54,437,175 | ) | ||||||||||
| Preferred dividends | (127,614 | ) | (675,608 | ) | (1,036,460 | ) | (1,682,014 | ) | (9,914,274 | ) | ||||||||||
| Loss applicable to common shares | $ | (1,655,185 | ) | $ | (1,812,171 | ) | $ | (3,603,014 | ) | $ | (4,834,053 | ) | $ | (64,351,449 | ) | |||||
| Basic and diluted net loss per common share | $ | (0.02 | ) | $ | (0.03 | ) | $ | (0.05 | ) | $ | (0.08 | ) | ||||||||
| Basic and diluted weighted-average number of common shares outstanding | 80,832,267 | 67,978,776 | 80,061,012 | 62,773,481 |
See Notes to Condensed Consolidated Financial