Senesco Announces $3.0 Million Equity Financing
BRIDGEWATER, N.J. -- January 4, 2013
Senesco Technologies, Inc. (“Senesco” or the “Company”) (OTCQB: SNTI)
announced today that it has entered into a securities purchase agreement to
raise approximately $3.0 million in gross proceeds through the sale of
30,000,000 shares of its common stock. The investors will also receive 100%
warrant coverage at an exercise price of $0.12 per share. The common stock and
100% warrant coverage (the “Unit”) was priced at $0.10 per Unit.
The offering is expected to close on or about January 8, 2013. The net
proceeds of the financing will be used primarily for investor and public
relations, working capital, research and development and general corporate
“We are very pleased to be able to supplement our capital resources in order
to advance the on-going Phase 1b/2a study and plan for the next phase,” said
Leslie J. Browne, Ph.D., President and CEO of Senesco.
The shares and warrants are being offered pursuant to a prospectus forming a
part of the Company’s effective registration statement (File No. 333-170140)
filed with the Securities and Exchange Commission (the “SEC”), a copy of which
may be obtained, when available, at the SEC’s website at http://www.sec.gov.
This press release does not and shall not constitute an offer to sell or the
solicitation of an offer to buy, nor will there be any sale of these
securities in any state or jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
Additional terms of this offering (including the full terms and conditions of
the securities purchase agreement and warrants) were disclosed on a Form 8-K
filed with the SEC by Senesco simultaneously with this press release and will
also be disclosed in the prospectus filed with the SEC in connection with this
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 the 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, the Mary Babb
Randolph Cancer Center in Morgantown, WV, and the John Theurer Cancer Center
at Hackensack University Medical Center in Hackensack, NJ.
About Senesco Technologies, Inc.
Senesco, a leader in eIF5A technology, is sponsoring a clinical study to
evaluate its lead therapeutic candidate SNS01-T in multiple myeloma, diffuse
large B-cell lymphoma and mantle cell lymphoma. SNS01-T targets B-cell cancers
and selectively induces 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’ commercialized 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 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 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, 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.
Chief Financial Officer
Leslie J. Browne, Ph.D.
President & CEO
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