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Senesco Technologies Reports First Quarter Fiscal 2013 Financial Results



  Senesco Technologies Reports First Quarter Fiscal 2013 Financial Results

Business Wire

BRIDGEWATER, N.J. -- November 15, 2012

Senesco Technologies, Inc. (“Senesco” or the “Company”) (NYSE MKT: SNT) today
reported financial results for the first quarter of fiscal year 2013 which
ended on September 30, 2012.

Highlights of the first quarter and recent weeks include:

  * The Company expanded its Phase 1b/2a clinical trial to include Diffuse
    Large B-Cell Lymphoma and Mantle Cell Lymphoma.
  * The Company dosed the first Diffuse Large B-Cell Lymphoma patient.
  * The Company began dosing patients in the second cohort at the next higher
    dose level in its Phase 1b/2a clinical trial for the treatment of multiple
    myeloma.
  * The Company completed the first cohort of patients in its Phase 1b/2a
    clinical trial for the treatment of multiple myeloma in which SNS01-T, the
    Company’s lead drug candidate, was well tolerated and met the criteria for
    Stable Disease in 2 of the 3 evaluable patients that comprised cohort 1.
  * The Company was informed that the U.S. Food and Drug Administration (FDA)
    has granted orphan-drug designation for SNS01-T for treatment of both
    mantle cell lymphoma and diffuse large B-cell lymphoma.
  * The Company reported that the combination of bortezomib (the active
    component of VELCADE^® marketed by Millennium, the Takeda Oncology
    Company) and SNS01-T performs significantly better than either treatment
    alone in mouse xenograft models.
  * The Company reported that combining SNS01-T with lenalidomide (the active
    ingredient in REVLIMID^® marketed by Celgene Corporation) inhibits tumor
    growth more effectively than either drug alone in mouse xenograft models.
  * The Company delivered a presentation at the 14^th Annual Rodman & Renshaw
    Healthcare Conference.
  * A poster describing the ongoing SNS01-T study in multiple myeloma was
    presented at the 2012 Annual Meeting of the American Society of Clinical
    Oncology.
  * The Company presented at the 2012 BIO Investor Forum Conference.

“We are pleased that the SNS01-T Phase 1b/2a trial is progressing well and
providing indicators of tolerability and effectiveness,” said Leslie J.
Browne, Ph.D., President and CEO of Senesco. “We look forward to reporting on
the results of the second cohort of the trial using SNS01-T at higher dose
levels early in 2013.”

First Quarter Fiscal 2013 Financial Results

There was no revenue for the three month periods ended September 30, 2012 and
September 30, 2011.

Research and development expenses for the three month period ended September
30, 2012 were $513,433 compared with $634,186 for the three month period ended
September 30, 2011, a decrease of 19%. The lower expenditures were primarily
due to a decrease in the costs incurred in connection with the Company’s
agricultural research programs, which was partially offset by an increase in
costs associated with the development of SNS01-T for multiple myeloma.

General and administrative expenses for the three month period ended September
30, 2012 were $732,720, compared with $645,959 for the three month period
ended September 30, 2011, an increase of 13%. The increase was primarily due
to an increase in professional fees, director fees and stock-based
compensation.

The loss applicable to common shares for the three month period ended
September 30, 2012 was $2,709,623, or $0.03 per share, compared with a loss of
$1,947,829, or $0.02 per share, for the three month period ended September 30,
2011. The increase in the loss applicable to common shares was primarily the
result of a non-cash loss on extinguishment of debt.

As of September 30, 2012, Senesco had cash and cash equivalents of $1,312,056,
compared to cash and cash equivalents of $2,001,325 as of June 30, 2012. The
Company believes that its cash resources are sufficient to fund the current
business plan through December 31, 2012. However the Company has the ability
to utilize its unused line of credit and, if necessary, delay certain costs
which will provide Senesco with enough cash to fund operations through March
31, 2013.

About SNS01-T

SNS01-T is a novel approach to cancer therapy that is designed to selectively
trigger  apoptosis in B-cell cancers such as multiple myeloma, and mantle cell
and diffuse large B-cell lymphomas. Senesco is the sponsor of a Phase 1b/2a
study that is actively enrolling patients at Mayo Clinic in Rochester, MN, the
University of Arkansas for Medical Sciences in Little Rock, AK, and the Mary
Babb Randolf Cancer Center in Morgantown, WV.
http://www.clinicaltrials.gov/ct2/show/NCT01435720?term=SNS01-T&rank=1.

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 multiple myeloma.

About Diffuse Large B-Cell Lymphoma (DLBCL)

Diffuse large B-cell lymphoma is the most common type of non-Hodgkin lymphoma
(NHL) accounting for up to 30 percent of newly diagnosed cases. DLBCL is a
fast-growing B-cell lymphoma that can arise in lymph nodes or outside of the
lymphatic system in several organs. It can progress rapidly if untreated. The
prevalence of DLBCL in the United States is approximately 137,000 patients

About Senesco Technologies, Inc.

Senesco, a leader in eIF5A technology, is running a clinical study in multiple
myeloma with its lead therapeutic candidate SNS01-T, which targets B-cell
cancers by selectively inducing apoptosis by modulating eukaryotic,
translation, initiation Factor 5A (eIF5A), which is believed to be an
important regulator of cell growth and cell death. Accelerating apoptosis may
have applications in treating cancer, while delaying apoptosis may have
applications in treating certain inflammatory and ischemic diseases. Senesco
has already partnered with leading-edge companies engaged in agricultural
biotechnology and biofuels development, 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 Company’s ability to continue as a going concern; the
Company’s ability to recruit patients for its clinical trial; 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 current uncertainty in the patent landscape surrounding small inhibitory
RNA and the Company’s ability to successfully defend its intellectual property
or obtain the necessary licenses at a cost acceptable to the Company, if at
all; 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 quotation of the Company’s common stock on an
over-the-counter securities market, 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
(unaudited)
                                                              
                                           September 30,       June 30,
                                           2012                2012
                                                                              
ASSETS
                                                                              
CURRENT ASSETS:
Cash and cash equivalents                  $ 1,312,056         $ 2,001,325
Prepaid research supplies and                1,459,643           1,548,524    
expenses
                                                                              
Total Current Assets                         2,771,699           3,549,849
                                                                              
Equipment, furniture and                     6,491               5,857
fixtures, net
Intangibles, net                             3,476,784           3,393,992
Deferred income tax assets, net              -                   -
Security deposit                             5,171               5,171        
                                                                              
TOTAL ASSETS                               $ 6,260,145         $ 6,954,869    
                                                                              
LIABILITIES AND STOCKHOLDERS' EQUITY
                                                                              
CURRENT LIABILITIES:
Accounts payable                           $ 932,167           $ 594,514
Accrued expenses                             304,986             369,695
Line of credit                               2,199,108           2,199,108    
                                                                              
Total Current Liabilities                    3,436,261           3,163,317
                                                                              
Warrant liabilities                          94,739              238,796
Grant payable                                99,728              99,728       
                                                                              
TOTAL LIABILITIES                            3,630,728           3,501,841    
                                                                              
STOCKHOLDERS' EQUITY:
                                                                              
Preferred stock, $0.01 par value,
authorized 5,000,000 shares
Series A 10,297 shares issued and
995 and 3,379 shares outstanding,            10                  34
respectively
(liquidation preference of
$1,044,750 and $3,463,475
at September 30, 2012 and June 30,
2012, respectively)
Series B 1,200 shares issued and 0           -                   12
and 1,200 outstanding, respectively
(liquidation preference of $0 and
$1,230,000
at September 30, 2012 and June 30,
2012, respectively)
Common stock, $0.01 par value,
authorized 350,000,000 shares,
issued and outstanding 116,753,185           1,167,532           941,125
and 94,112,483, respectively
Capital in excess of par                     71,611,793          69,952,152
Deficit accumulated during the               (70,149,918 )       (67,440,295 )
development stage
                                                                              
Total Stockholders' Equity                   2,629,417           3,453,028    
                                                                              
TOTAL LIABILITIES AND STOCKHOLDERS'        $ 6,260,145         $ 6,954,869    
EQUITY
                                                                              
                                                                              
See Notes to Condensed Consolidated Financial Statements
                                                                              
                                                                              

                                                              
                                                                              
SENESCO TECHNOLOGIES, INC. AND SUBSIDIARY
(A DEVELOPMENT STAGE COMPANY)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
                                                                              
                                                                              
                                                               Cumulative
                        Three months ended September 30,       Amounts from
                        2012                2011               Inception
                                                                              
Revenue                 $ -                 $ -                $ 1,790,000    
                                                                              
Operating expenses:
General and               732,720             645,959            32,347,397
administrative
Research and              513,433             634,186            21,749,038   
development
Total operating           1,246,153           1,280,145          54,096,435   
expenses
                                                                              
Loss from operations      (1,246,153  )       (1,280,145 )       (52,306,435 )
                                                                              
Other non-operating
income (expense)
                                                                              
Grant income              -                   -                  244,479
                                                                              
Fair value – warrant      (20,148     )       271,703            8,309,982
liability
                                                                              
Sale of state income      -                   -                  586,442
tax loss – net
                                                                              
Other noncash             -                   -                  205,390
(expense) income, net
                                                                              
Loss on
extinguishment of         (785,171    )       -                  (1,147,048  )
debt
                                                                              
Write-off of patents      -                   -                  (1,909,224  )
abandoned
                                                                              
Amortization of debt
discount and              -                   -                  (11,227,870 )
financing costs
                                                                              
Interest expense –        -                   -                  (2,027,930  )
convertible notes
                                                                              
Interest (expense)        (33,982     )       (30,541    )       250,006      
income - net
                                                                              
Net loss                  (2,085,454  )       (1,038,983 )       (59,022,208 )
                                                                              
Preferred dividends       (624,169    )       (908,846   )       (11,127,710 )
                                                                              
Loss applicable to      $ (2,709,623  )     $ (1,947,829 )     $ (70,149,918 )
common shares
                                                                              
Basic and diluted net   $ (0.03       )     $ (0.02      )
loss per common share
                                                                              
Basic and diluted
weighted-average
number
of common shares          107,449,311         79,289,756  
outstanding
                                                                              
                                                                              
See Notes to Condensed Consolidated Financial Statements
                                                                              
                                                                              

Contact:

Company:
Senesco Technologies, Inc.
Leslie J. Browne, Ph.D., 908-393-9393
President & CEO
info@senesco.com
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