Senesco Technologies, Inc. ("Senesco" or the "Company") (NYSE
Amex: SNT) reported financial results for the 12 months ended June
30, 2010 (“Fiscal 2010”).
Fiscal Fourth Quarter Highlights
- In May, Senesco announced that Leslie
J. Browne, Ph.D., an accomplished executive in biopharmaceutical
drug development and clinical research, had been named President
and Chief Executive Officer of the Company, effective as of May 25,
2010. Dr. Browne succeeded Jack van Hulst, who had served as
Senesco’s CEO since November 2009 and remains a Director of the
Company.
- Also in May, preclinical results for
the Company’s lead drug candidate SNS01-T were presented at the
American Society of Gene and Cell Therapy (ASGCT) Annual Meeting,
which demonstrated that the Company has resolved earlier scale-up
constraints and now has the ability to produce larger batches of
SNS01-T.
"Fiscal 2010 was a transformational year for Senesco as the
Company made advances in a number of areas critical to building a
sustainable biopharmaceutical company. During Fiscal 2010, the
Company significantly simplified and strengthened its capital
structure and raised over $10 million to fund the ongoing clinical
development of our proprietary gene regulatory platform. In
addition, earlier scale-up constraints were resolved, giving us the
ability to produce larger batches of our therapeutic candidate.
This is particularly important as it gives us confidence that we
can produce a reliable supply of SNS01-T for our planned Phase
Ib/2a study in multiple myeloma patients,” stated Leslie J. Browne,
Ph.D., President and Chief Executive Officer of Senesco. “I am
delighted to have joined Senesco at this exciting cross-road and
look forward to advancing the Company’s potentially ground-breaking
therapeutic approach to treating cancer into clinical
development.”
“We are pleased to report that our toxicology studies are near
completion and we remain on track to submit our Investigational New
Drug Application with the U.S. Food and Drug Administration by
December 31, 2010 to begin a Phase 1a/2b study with SNS01-T to
treat multiple myeloma. We expect to be treating patients in the
first half of 2011,” added Dr. Browne.
Full Year Financial Results
Revenue for Fiscal 2010 was $140,000 compared with $275,000 for
the 12 months ended June 30, 2009 (“Fiscal 2009”). Revenue for both
periods consisted of milestone payments in connection with certain
agricultural license agreements.
Research and development expenses for Fiscal 2010 were
$2,637,407 compared with $2,353,962 for Fiscal 2009. The increase
was primarily due to higher costs incurred in connection with the
Company’s development of SNS01-T for multiple myeloma and the cost
of the research performed at the University of Waterloo due to the
weakening of the U.S. dollar versus the Canadian dollar.
General and administrative expenses were $2,349,116 for Fiscal
2010 compared with $2,205,739 for Fiscal 2009. The increase was
primarily due to an increase in professional fees and other general
and administrative expenses, which was partially offset by a
decrease in payroll and benefits.
The loss applicable to common shares for Fiscal 2010 was
$19,623,027 or $0.67 per share on 29,112,976 weighted-average
common shares outstanding, compared with a net loss for Fiscal 2009
of $5,726,869 or $0.30 per share on 18,888,142 weighted-average
common shares outstanding. The higher net loss in Fiscal 2010 was
primarily the result of amortization of debt discount and financing
costs, which was partially offset by a change in the fair value of
a warrant liability.
As of June 30, 2010, Senesco had cash and cash equivalents of
$8,026,296, compared with cash, cash equivalents and short-term
investments of $1,430,569 as of June 30, 2009. The Company believes
that its cash resources are sufficient to fund the current business
plan for at least the next 12 months.
About Senesco Technologies, Inc.
Senesco Technologies is leveraging proprietary technology that
regulates programmed cell death, or apoptosis. Accelerating
apoptosis may have application in treating cancer, while delaying
apoptosis may have application in certain inflammatory and ischemic
diseases. The Company is preparing to initiate a human clinical
trial in multiple myeloma with its lead therapeutic candidate
SNS01-T. Senesco has already partnered with leading-edge companies
engaged in agricultural biotechnology, and is entitled to earn
research and development milestones and royalties if its
gene-regulating platform technology is incorporated into 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 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; 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 comply with the continued listing standards of
the NYSE/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.
SENESCO TECHNOLOGIES, INC. AND
SUBSIDIARY
(A DEVELOPMENT STAGE COMPANY)
CONSOLIDATED BALANCE SHEETS
June 30, June 30, 2010 2009
ASSETS
CURRENT ASSETS: Cash and cash equivalents $ 8,026,296 $
380,569 Short-term investments - 1,050,000 Prepaid research
supplies and expenses 1,304,795 1,161,348
Total Current Assets 9,331,091 2,591,917
Equipment, furniture and fixtures, net 4,554 5,986 Deferred
financing costs, net of accumulated amortization of $592,308 as of
June 30, 2009 - 632,324 Intangibles, net 4,568,895 3,884,999
Deferred income tax assets, net - - Security deposit 7,187
7,187 TOTAL ASSETS $ 13,911,727 $
7,122,413
LIABILITIES AND
STOCKHOLDERS' EQUITY
CURRENT LIABILITIES: Accounts payable $ 557,420 $ 976,680
Accrued expenses 576,857 355,937 Line of credit 2,194,844
- Total Current Liabilities 3,329,121
1,332,617 Warrant liabilities ($490,438 to related parties)
2,493,794 - Convertible notes, net of discount of $9,448,783 as of
June 30, 2009 - 6,217 Grant payable 99,728 99,728 Deferred rent
8,060 16,017 TOTAL LIABILITIES
5,930,703 1,454,579 STOCKHOLDERS'
EQUITY: Preferred stock, $0.01 par value, authorized
5,000,000 shares Series A 10,297 shares issued and 8,035 shares
outstanding 80 - (liquidation preference of $8,235,875 at June 30,
2010) Series B 1,200 shares issued and outstanding 12 -
(liquidation preference of $1,210,000 at June 30, 2010) Common
stock, $0.01 par value, authorized 250,000,000 shares, issued and
outstanding 50,092,204 and 19,812,043, respectively 500,922 198,120
Capital in excess of par 58,321,169 41,419,613 Deficit accumulated
during the development stage (50,841,159 )
(35,949,899 ) Total Stockholders' Equity 7,981,024
5,667,834 TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $ 13,911,727 $ 7,122,413
SENESCO TECHNOLOGIES, INC. AND
SUBSIDIARY
(A DEVELOPMENT STAGE COMPANY)
CONSOLIDATED STATEMENTS OF
OPERATIONS
Year ended June 30,
2010
2009
Revenue
$
140,000
$
275,000
Operating expenses
General and administrative 2,349,116 2,205,739 Research and
development
2,637,407
2,353,962 Total operating expenses
4,986,523 4,559,701
Loss from operations (4,846,523 ) (4,284,701 ) Other
non-operating income (expense) Fair value – warrant
liability 2,516,661 - Loss on extinguishment of debt
(361,877 ) -
Amortization of debt discount and finance
costs
(10,081,107 ) (478,000 ) Interest expense – convertible
notes (586,532 ) (1,007,244 ) Interest (expense) income -
net
(24,135 )
43,076 Net loss (13,383,513 ) (5,726,869
)
Preferred dividends including beneficial
conversion
Feature of $5,330,039
(6,239,514 ) -
Loss applicable to common shares
$
(19,623,027
)
$ (5,726,869 ) Basic
and diluted net loss per common share
$
(0.67 ) $ (0.30
) Basic and diluted weighted-average number of
common shares outstanding
29,112,976
18,888,142
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