NEW BRUNSWICK, N.J., May 4 /PRNewswire-FirstCall/ -- Senesco Technologies, Inc. ("Senesco" or the "Company") today reported financial results for the three months ended March 31, 2009.
Net loss for the three month period ended March 31, 2009 was $1,331,477, or $0.07 per share, compared with a net loss of $1,482,217, or $0.08 per share, for the three month period ended March 31, 2008. This decrease in net loss was primarily the result of a decrease in operating expenses, which was partially offset by an increase in non-cash expenses associated with the outstanding convertible notes that were issued during the year ended June 30, 2008.
Quarterly Highlights
As previously reported:
"Senesco's goal continues to be the filing of an Investigational New Drug application for SNS-01, the Company's multiple myeloma drug candidate, before the end of calendar year 2009," said Bruce Galton, President and CEO of Senesco.
Total revenues of $75,000 for the three month period ended March 31, 2009 consisted of a milestone payment on an agricultural license agreement. Total revenues of $79,167 for the three month period ended March 31, 2008 consisted of a milestone payment and the amortized portion of previous milestone payments received in connection with certain agricultural license agreements.
Research and development expenses during the three month period ended March 31, 2009 were $540,494, compared with $474,176 during the three month period ended March 31, 2008, an increase of 14.1%. This increase was primarily a result of an expansion of Senesco's human health programs, specifically the Company's multiple myeloma research program, which was partially offset by a decrease in the cost of Senesco's research agreement with the University of Waterloo due to the strengthening of the U.S. dollar against the Canadian dollar.
General and administrative expenses were $532,245 for the three month period ended March 31, 2009, compared with $876,966 during the three month period ended March 31, 2008, a decrease of 39.3%. This decrease was primarily due to a 76.2% reduction in stock-based compensation.
As of March 31, 2009, the Company had cash and investments in the amount of $2,677,581, and working capital of $2,594,256. Senesco estimates that such amount will cover its expenses for approximately the next four months from March 31, 2009.
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 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 ability of the Company to consummate a financing; 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; the success of the Company's preliminary studies and preclinical research; 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.
CONTACT: Investor Relations, FD, Brian Ritchie, brian.ritchie@fd.com,
+1-212-850-5600; or Company Contact, Joel Brooks, Chief Financial Officer,
Senesco Technologies, Inc., jbrooks@senesco.com, +1-732-296-8400
Web site: http://www.senesco.com/
