Senesco Announces Letter of Intent to Merge with Fabrus

  Senesco Announces Letter of Intent to Merge with Fabrus

     Phil Frost, Investor in Senesco and Fabrus, comments on Merger Plans

Business Wire

BRIDGEWATER, N.J. -- December 30, 2013

Senesco Technologies, Inc. (“Senesco” or the “Company”) (OTCQB:SNTI), today
announced that it has agreed to terms and executed a non-binding Letter of
Intent to merge with Fabrus, Inc (“Fabrus”), a privately-held, biotechnology
company focused on expanding the clinical impact of antibodies by addressing
drug targets resistant to traditional antibody discovery methods. Fabrus is
committed to developing highly innovative treatments to impact multiple
diseases. Its research and technology is published in the highly respected
scientific journals Nature Biotechnology and Cell.

“We are excited by the opportunity to expand our R&D portfolio with high
quality technology and look forward to potentially advancing a series of
monoclonal antibody-based therapeutic candidates that will address multiple
diseases,” stated Leslie J. Browne, Ph.D., President and CEO of Senesco.
"Fabrus antibodies could complement our eIF5A gene regulatory platform, which
has been shown to kill cancer cells, by directing nanoparticle-based
therapeutics to the cells of interest."

“We are extremely impressed by potential advantages of Fabrus’ high throughput
antibody screening and humanized cow antibodies,” stated Harlan Waksal, M.D.,
Chairman of Senesco. “This merger is a great fit for both companies.”

Fabrus has two collaborations in place with large pharma and biotech companies
to discover antibodies to their targets, and has an internal pipeline that
includes next generation antibodies targeting renal cell carcinoma and
inflammation. The company’s technology has been successful in generating
antibodies against very difficult, therapeutically important cell surface
receptors and ion channels.

“We believe this merger will significantly help speed Fabrus’ trajectory as we
continue our proprietary antibody discovery activities,” commented Dr. Vaughn
Smider, the Founder and President of Fabrus and faculty member at The Scripps
Research Institute in La Jolla, CA. “The early backing of Pfizer, Opko Health,
Inc. (NYSE:OPK), and Dr. Phillip Frost, through a 2010 strategic investment
into Fabrus by Opko alongside Frost Gamma Investments Trust, has been
instrumental in Fabrus’ development to this point. We are enthusiastic about
the enhanced growth opportunities that this merger with Senesco represents,
especially the development of advanced nanoparticle drugs that can be targeted
with our antibody and nanocage systems.”

"We are impressed by Dr. Smider and his strategy to build a cutting edge
technology company developing important drugs,” said Dr. Phillip Frost,
Chairman and CEO of Opko Health, Inc. and the Chairman of the Board of Teva
Pharmaceuticals (NASDAQ: TEVA). “Frost Gamma Investments Trust recently made
an investment in Senesco Technologies, as well, based on Senesco’s strong
technology and preliminary positive clinical data. I believe the combined
company brings significant value for Fabrus and Senesco shareholders.”

Under the terms of the merger agreement, the present shareholders of Senesco
and Fabrus will each receive approximately 50% of the combined companies.
Fabrus will merge with a wholly-owned subsidiary of Senesco, and Senesco
shareholders will be entitled to hold their existing securities. A non-binding
letter of intent has been signed.The parties expect to sign a definitive
agreement in early 2014, and close at the same time or shortly thereafter.
Additional details of the transaction will be disclosed once an agreement is
executed.

About Senesco Technologies, Inc.

Senesco Technologies is a clinical-stage biotech company specializing in
cancer therapeutics. Its proprietary gene regulation technology has
demonstrated the ability to kill cancer cells and protect healthy cells from
premature death in disease models. The Company is currently in a Phase 1b/2a
trial with a product candidate that is designed to treat B-cell cancers, which
include multiple myeloma, chronic lymphocytic leukemia, and non-Hodgkin’s
B-cell lymphomas. Trial sites include Mayo Clinic and the Fred Hutchinson
Cancer Research Center in Seattle. The technology was developed over the last
15 years through the discovery that the genetic pathway for cell growth
control is common to both plants and humans. For more information, please
visit Senesco.com or connect with us on Facebook, Twitter, LinkedIn and
Google+.

About Fabrus Inc.

Fabrus was the first occupant in 2007 of Pfizer Inc.’s (NYSE: PFE) science
incubator in La Jolla, CA and has developed an advanced platform for
therapeutic antibody discovery and development. Its discovery system allows
high-throughput biologic lead identification directly on the cell surface,
enabling drug discovery against difficult transmembrane targets. The company
has also developed unique scaffolds for biologic therapeutics including
ultralong CDR3 antibodies and the chimerasome nanocage. Investors include
Pfizer and Opko Health (NYSE: OPK) and advisors include Locust Walk Partners.
For more information, please visit Fabrus.net or connect with us on LinkedIn.

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.

Contact:

RedChip Companies, Inc.
Dave Gentry
1-800-RED-CHIP (733-2447), ext. 104
Email: info@redchip.com
or
Joel Brooks
Chief Financial Officer

Heather Branham
908-393-9393
info@senesco.com
 
Press spacebar to pause and continue. Press esc to stop.