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Last $1.05 USD
Change Today -0.11 / -9.48%
Volume 60.5K
SVON On Other Exchanges
As of 8:10 PM 04/24/15 All times are local (Market data is delayed by at least 15 minutes).

sevion therapeutics inc (SVON) Snapshot

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52 Week High
05/1/14 - $3.25
52 Week Low
12/3/14 - $0.51
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sevion therapeutics inc (SVON) Details

Sevion Therapeutics, Inc., a development stage biotechnology company, engages in the development of products and technologies for human therapeutic applications to treat cancer and inflammatory diseases. The company’s therapeutic candidate includes SNS01-T, which completed Phase Ib/IIa clinical study for the potential treatment of multiple myeloma, mantle cell lymphoma, and non-Hodgkin’s B-cell lymphomas. It also discovers and develops gene technologies to confer positive traits on fruits, flowers, vegetables, forestry species, agronomic crops, and biofuel feedstock crops. The company was formerly known as Senesco Technologies, Inc. and changed its name to Sevion Therapeutics, Inc. in October 2014. Sevion Therapeutics, Inc. was founded in 1964 and is based in Bridgewater, New Jersey.

13 Employees
Last Reported Date: 09/29/14
Founded in 1964

sevion therapeutics inc (SVON) Top Compensated Officers

Scientific Founder
Total Annual Compensation: $67.5K
Chief Financial Officer, Principal Accounting...
Total Annual Compensation: $178.0K
Chief Scientific Officer and Director
Total Annual Compensation: $23.1K
Compensation as of Fiscal Year 2014.

sevion therapeutics inc (SVON) Key Developments

Sevion Therapeutics, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2014; Announces Impairment of Goodwill for the Second Quarter Ended December 31, 2014

Sevion Therapeutics, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended December 31, 2014. For the quarter, the company reported loss from operations of $10,747,122 against $1,588,907 a year ago. Net loss was $10,746,127 against $1,619,638 a year ago. Loss applicable to common shares was $10,763,849 against $1,640,255 a year ago. Basic and diluted net loss per common share was $0.78 against $0.48 a year ago. This increase in the loss applicable to common shares was primarily the result of the impairment of goodwill, and an increase in research and development expenses and general and administrative expenses. For the six months, the company reported loss from operations of $15,932,714 against $3,341,636 a year ago. Net loss was $15,929,934 against $3,403,971 a year ago. Loss applicable to common shares was $15,962,156 against $3,446,211 a year ago. Basic and diluted net loss per common share was $1.15 against $1.20 a year ago. During the second quarter 2015, due to the decline of the company's market value, the company recorded an impairment to goodwill in the amount of $8.1 million.

Sevion Therapeutics, Inc. Announces Management Changes

On January 8, 2015, Sevion Therapeutics, Inc. announced the Christopher Forbes delivered a notice of his resignation as a member of the Board of Directors the company, as well as from his position as a member of the Nominating and Corporate Governance Committee of the Board, effective upon delivery of the notice. The Board accepted Mr. Forbes' notice of resignation. Also, on January 8, 2015, Ronald Martell delivered a notice of his resignation as Chief Executive Officer and as a member of the Board, effective upon delivery of the notice. The Board accepted Mr. Martell's notice of resignation. Effective January 9, 2015, David Rector, a current member of the Board, will assume the roles of President and Chief Executive Officer of the company on an interim basis. David Rector has been director since February 2002. Mr. Rector also serves as a director and member of the compensation and audit committee of the Dallas Gold and Silver Exchange Companies Inc. Since Mr. Rector is no longer considered an independent director, effective as of January 9, 2015, he stepped down from his position as a member of the company's Compensation Committee and Audit Committee. Steven Rubin, a current member of the company's Compensation Committee, was subsequently appointed to serve as chairman of the company's Compensation Committee in Mr. Rector's place.

Sevion Announces Antibody Discovery Collaboration with Johnson & Johnson Innovation and Janssen

Sevion Therapeutics Inc. announced a collaboration agreement with CNA Development, LLC, to discover antibodies using Sevion’s spatially addressed library platform. The collaboration facilitated by the Johnson & Johnson Innovation center in California will include discovery of antibodies against multiple targets in several therapeutic areas. Sevion and Janssen will jointly conduct research on antibodies discovered by Sevion, and Janssen will have an option to an exclusive license to develop, manufacture, and commercialize candidates resulting from the collaboration. Under the terms of the agreement, Sevion will receive an up-front payment and research support payments for activities conducted in collaboration with Janssen. For candidates licensed by Janssen, Sevion would be eligible to receive payments upon the achievement of certain development and commercial milestones potentially totaling up to $125 million as well as low single digit royalties on product sales. Unlike traditional antibody drug discovery methods, such as display methods or immunization, the Sevion platform enables discovery of antibodies against proteins that cannot be easily purified in functional form. Sevion’s addressed libraries allow screening directly on the cell surface, opening difficult transmembrane targets to antibody discovery.


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