Senesco Technologies Reports First Quarter Fiscal 2009 Financial Results

NEW BRUNSWICK, N.J., Nov. 17  /PRNewswire-FirstCall/ -- Senesco Technologies, Inc. ("Senesco" or the "Company") (NYSE Alternext US: SNT) today reported financial results for the three months ended September 30, 2008.

Net loss for the three month period ended September 30, 2008 was $1,181,406, or $0.06 per share, compared with a net loss of $382,046, or $0.02 per share, for the three month period ended September 30, 2007.  This increase in net loss was primarily the result of an increase in non-cash expenses associated with the outstanding convertible notes that were issued during the year ended June 30, 2008, an increase in operating expenses and a decrease in revenue.

Quarterly and Recent Highlights

-- Senesco appointed Harlan W. Waksal, M.D., co-founder of ImClone Systems Incorporated, to the Company's Board of Directors.  Dr. Waksal was instrumental in moving forward the clinical development program for ERBITUX(R) (cetuximab), an oncology drug now approved in colorectal and head & neck cancers.

-- Catherine Taylor, one of Senesco's funded researchers, presented data related to the Company's preclinical multiple myeloma research at the 20th EORTC-NCI-AACR Symposium on "Molecular Targets and Cancer Therapeutics"

-- Sascha P. Fedyszyn, Vice President, Corporate Development of Senesco, delivered the Company's corporate presentation at the 10th Annual Rodman & Renshaw Healthcare Conference

"Our top priority is filing an IND for multiple myeloma and we continue progressing toward this goal," said Bruce Galton, President and CEO of Senesco.

Revenue of $200,000 for the three month period ended September 30, 2008 consisted of milestone payments in connection with certain agricultural license agreements.  Revenue of $371,250 for the three month period ended September 30, 2007 consisted of the initial payments 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 September 30, 2008 were $504,386, compared with $352,895 during the three month period ended September 30, 2007, an increase of 43%.  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 $529,865 for the three month period ended September 30, 2008, compared with $389,059 during the three month period ended September 30, 2007, an increase of 36%.  This increase was primarily due to an approximately $83,000 increase in professional fees, which were the result of an increase in legal fees and accounting fees, an approximately $28,000 increase in director fees and a $23,000 increase in stock based compensation.

At September 30, 2008, Senesco had cash, cash equivalents and investments of $4,907,202, and working capital of $4,804,634, which the Company estimates will fund its operations for approximately the next ten months, as of September 30, 2008.

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.

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 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 circumstances.

                            (tables to follow)



                SENESCO TECHNOLOGIES, INC. AND SUBSIDIARY
                      (A DEVELOPMENT STAGE COMPANY)
             CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                               (unaudited)

                             For the Three  For the Three  From Inception on
                             Months Ended   Months Ended      July 1, 1998
                             September 30,  September 30,  through September
                                 2008           2007             30, 2008

  Revenue                       $200,000       $371,250         $1,375,000

  Operating Expenses:
    General and
     administrative              529,865        389,059         22,255,321
    Research and development     504,386        352,895         10,461,981
  Total Operating Expenses     1,034,251        741,954         32,717,302

  Loss From Operations          (834,251)      (370,704)       (31,342,302)


  Sale of state income tax
   loss, net                          --             --            586,442
  Other noncash income                --             --            321,259
  Interest income, net            23,057          6,879            503,294
  Amortization of debt discount
   and financing costs          (106,055)       (15,221)          (774,818)
  Interest expense on
   convertible notes            (264,157)        (3,000)          (698,311)

  Net Loss                   $(1,181,406)     $(382,046)      $(31,404,436)

  Basic and Diluted Net Loss
   Per Common Share               $(0.06)        $(0.02)

  Basic and Diluted Weighted
   Average Number of Common
   Shares Outstanding         18,379,379     17,473,694



                SENESCO TECHNOLOGIES, INC. AND SUBSIDIARY
                      (A DEVELOPMENT STAGE COMPANY)
                  CONDENSED CONSOLIDATED BALANCE SHEETS

                                              September 30,     June 30,
                                                   2008           2008
                         ASSETS                (unaudited)

  CURRENT ASSETS:
  Cash and cash equivalents                     $2,457,202     $5,676,985
  Short-term investments                         2,450,000        500,000
  Prepaid expenses and other current assets        784,241        180,556
    Total Current Assets                         5,691,443      6,357,541

  Property and equipment, net                        4,678          5,459
  Intangibles, net                               3,346,366      3,213,543
  Deferred financing costs                         953,308      1,059,230
  Security deposit                                   7,187          7,187
    TOTAL ASSETS                               $10,002,982    $10,642,960

          LIABILITIES AND STOCKHOLDERS' EQUITY

  CURRENT LIABILITIES:
  Accounts payable                                $499,925       $370,167
  Accrued expenses                                 386,884        314,267
    Total Current Liabilities                      886,809        684,434

  Convertible notes, net of discount                   190             57
  Grant payable                                     99,728         99,728
  Other liability                                   21,301         23,062
    TOTAL LIABILITIES                            1,008,028        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
   18,573,184 and 18,375,117, respectively         185,732        183,751
  Capital in excess of par                      40,213,658     39,874,958
  Deficit accumulated during the development
   stage                                       (31,404,436)   (30,223,030)
    TOTAL STOCKHOLDERS' EQUITY                   8,994,954      9,835,679

    TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $10,002,982    $10,642,960



   Company Contact:               Investor Relations Contact:
   Senesco Technologies, Inc.     FD
   Joel Brooks                    Brian Ritchie
   Chief Financial Officer                    212-850-5600
   [phone]


DATASOURCE: Senesco Technologies, Inc.



CONTACT:  Joel Brooks, Chief Financial Officer of Senesco Technologies,

Inc., [phone], ; or Investor Relations, Brian

Ritchie of FD, [phone], 



Web site:  http://www.senesco.com/ 

Copyright