Senesco (AMEX:SNT)
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NEW BRUNSWICK, N.J., Feb. 18 /PRNewswire-FirstCall/ -- Senesco Technologies, Inc. ("Senesco" or the "Company") (NYSE Alternext US: SNT) today reported financial results for the three months ended December 31, 2008.
Net loss for the three month period ended December 31, 2008 was $1,624,341, or $0.09 per share, compared with a net loss of $1,049,838 or $0.06 per share, for the three month period ended December 31, 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, and an increase in operating expenses.
Quarterly and Recent Highlights
-- 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.
-- Senesco's data was presented at the 2008 Annual Meeting of the
American Society of Hematology in a presentation entitled "Preclinical
Studies Using Polyethylenimine (PEI) Nanoparticles Complexed with
Eukaryotic Translation Initiation Factor 5A (eIF5A) siRNA and eIF5A
Plasmid DNA Demonstrates Significant Anti-Myeloma Activity in Vitro
and in Vivo".
-- Senesco's preclinical multiple myeloma data was presented at the 20th
EORTC-NCI-AACR Symposium on "Molecular Targets and Cancer
Therapeutics".
-- 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.
-- Management delivered the Company's corporate presentation at the 10th
Annual Rodman & Renshaw Healthcare Conference, and the 11th Annual BIO
CEO & Investor Conference.
"We remain focused on our goal of filing an Investigational New Drug Application for SNS-01 before the end of calendar year 2009," said Bruce Galton, President and CEO of Senesco. "The recently announced results of the maximum tolerated dose, preclinical toxicology, and efficacy / dose range finding studies for SNS-01 was an important step toward accomplishing this goal."
The Company did not record any revenue for the three month period ended December 31, 2008. Total revenues of $6,250 for the three month period ended December 31, 2007 consisted of 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 December 31, 2008 were $579,286, compared with $392,254 during the three month period ended December 31, 2007, an increase of 47.7%. 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 agricultural research expenses as a result of a decrease in the allocation of resources from agriculture to human health at the University of Waterloo.
General and administrative expenses were $649,056 for the three month period ended December 31, 2008, compared with $585,851 during the three month period ended December 31, 2007, an increase of 10.8%. This increase was primarily due to a $64,000 increase in stock based compensation, an approximately $21,000 increase in professional fees, which were the result of an increase in legal fees, and an approximately $16,000 increase in director fees, which were due to the Company implementing a cash compensation plan for non-employee directors beginning July 1, 2008.
At December 31, 2008, Senesco had cash, cash equivalents and investments of $3,615,788, and working capital of $3,562,743, which the Company estimates will fund its operations for approximately the next seven months, as of December 31, 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 such as glaucoma, ischemia and arthritis, among others. 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.
Company Contact: Investor Relations Contact:
Senesco Technologies, Inc. FD
Joel Brooks Brian Ritchie
Chief Financial Officer 212-850-5600
SENESCO TECHNOLOGIES, INC. AND SUBSIDIARY
(A DEVELOPMENT STAGE COMPANY)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
For the Three For the Three
Months Ended Months Ended
December 31, December 31,
2008 2007
Revenue $-- $6,250
Operating Expenses:
General and administrative 649,056 585,851
Research and development 579,286 392,254
Total Operating Expenses 1,228,342 978,105
Loss From Operations (1,228,342) (971,855)
Sale of state income tax
loss, net -- --
Other noncash income -- --
Interest income, net 17,994 25,227
Amortization of debt
discount and financing costs (106,342) (38,374)
Interest expense on
convertible notes (307,651) (64,836)
Net Loss $(1,624,341) $(1,049,838)
Basic and Diluted Net Loss
Per Common Share $(0.09) $(0.06)
Basic and Diluted Weighted
Average Number of Common
Shares Outstanding 18,629,575 17,474,870
From Inception
For the Six For the Six on July 1,
Months Ended Months Ended 1998 through
December 31, December 31, December 31,
2008 2007 2008
Revenue $200,000 $377,500 $1,375,000
Operating Expenses:
General and administrative 1,178,921 974,910 22,904,377
Research and development 1,083,672 745,149 11,041,267
Total Operating Expenses 2,262,593 1,720,059 33,945,644
Loss From Operations (2,062,593) (1,342,559) (32,570,644)
Sale of state income tax
loss, net -- -- 586,442
Other noncash income -- -- 321,259
Interest income, net 41,051 32,106 521,288
Amortization of debt
discount and financing costs (212,397) (53,595) (881,160)
Interest expense on
convertible notes (571,808) (67,836) (1,005,962)
Net Loss $(2,805,747) $(1,431,884) $(33,028,777)
Basic and Diluted Net Loss
Per Common Share $(0.15) $(0.08)
Basic and Diluted Weighted
Average Number of Common
Shares Outstanding 18,504,477 17,474,282
SENESCO TECHNOLOGIES, INC. AND SUBSIDIARY
(A DEVELOPMENT STAGE COMPANY)
CONDENSED CONSOLIDATED BALANCE SHEETS
December 31, June 30,
2008 2008
(unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $1,115,788 $5,676,985
Short-term investments 2,500,000 500,000
Prepaid expenses and other current assets 828,919 180,556
Total Current Assets 4,444,707 6,357,541
Property and equipment, net 3,893 5,459
Intangibles, net 3,515,565 3,213,543
Deferred financing costs 847,385 1,059,230
Security deposit 7,187 7,187
TOTAL ASSETS $8,818,737 $10,642,960
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $468,280 $370,167
Accrued expenses 413,684 314,267
Total Current Liabilities 881,964 684,434
Convertible note, net of discount 609 57
Grant payable 99,728 99,728
Other liability 19,539 23,062
TOTAL LIABILITIES 1,001,840 807,281
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
19,027,719 and 18,375,117, respectively 190,277 183,751
Capital in excess of par 40,655,397 39,874,958
Deficit accumulated during the
development stage (33,028,777) (30,223,030)
TOTAL STOCKHOLDERS' EQUITY 7,816,897 9,835,679
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $8,818,737 $10,642,960
DATASOURCE: Senesco Technologies, Inc.
CONTACT: Joel Brooks, Chief Financial Officer, Senesco Technologies,
Inc., +1-732-296-8400, ; or Investor Relations, Brian
Ritchie, FD, +1-212-850-5600,
Web Site: http://www.senesco.com/