NEW BRUNSWICK, N.J., Feb. 15 /PRNewswire-FirstCall/ -- Senesco Technologies, Inc. ("Senesco" or the "Company") today reported financial results for the three months ended December 31, 2007.
Net loss for the three month period ended December 31, 2007 was $1.3 million, or $0.07 per share, compared with a net loss of $1.1 million, or $0.07 per share, for the three month period ended December 31, 2006. This increase in net loss was primarily the result of a decrease in revenue and an increase in expenses associated with the outstanding convertible notes that were issued during the current fiscal year, which was partially offset by a decrease in operating expenses.
"As our recent accomplishments indicate, we continue to execute on our strategy," said Bruce Galton, President and CEO of Senesco. We believe we have advanced our human health preclinical research program via the selection of a CRO and the successful completion of certain in-vivo preclinical studies in multiple myeloma. Our objectives for the remainder of the year are to continue to evaluate dosing regimens and encapsulation vehicles in preclinical multiple myeloma cancer models, to identify contract manufacturing centers to produce cGMP materials, to plan and carry out the necessary toxicology studies, and to work with our CRO to begin preparation of an Investigational New Drug Application."
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 inflammatory and ischemic diseases. 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.
brian.ritchie@fd.comjbrooks@senesco.com
CONTACT: Joel Brooks, Chief Financial Officer of Senesco Technologies,
Inc., +1-732-296-8400, jbrooks@senesco.com; or Investor Relations - Brian
Ritchie of FD, +1-212-850-5600, brian.ritchie@fd.com
Web site: http://www.senesco.com/
