Senesco Technologies Provides Corporate Update
October 26 2011 - 7:30AM
Business Wire
Senesco Technologies, Inc. (“Senesco” or the “Company”) (NYSE
AMEX: SNT) provided an update on Company activities.
Clinical Trial Status Update
Senesco has its first clinical trial of SNS01-T open at the Mayo
Clinic in Rochester, MN. The study is an open-label, multiple-dose,
dose-escalation study to evaluate the safety and tolerability of
SNS01-T administered by intravenous infusion in patients with
relapsed or refractory multiple myeloma. The study plan is to have
four groups of patients with each group receiving increasingly
higher doses. The first group will be initiated as soon as the
first patient is enrolled. The study protocol calls for
twice-weekly dosing at a fixed dose for 6 weeks with a 4 week
observation period at the end of dosing before escalating to the
next higher dose level. While the primary objective is to evaluate
safety and tolerability, the effect of SNS01-T on tumor response
and time to progression or relapse will be assessed using multiple
well-established metrics including the monoclonal protein
(M-protein). Senesco is planning to open a second clinical site to
enhance patient recruitment.
Agricultural Update
Senesco has provided licenses to several agricultural companies
that continue to actively pursue crops that have been designed to
have improved characteristics based on Senesco’s eIF5A technology.
Several of Senesco’s licensees currently are performing field
trials to evaluate crops incorporating Senesco’s eIF5A technology.
Although not all the agricultural agreements are the same, they
generally provide for payments upon the achievement of certain
milestones, from time to time in the short term, and royalty
payments if products are marketed by the licensees.
Plans for the 2012 Fiscal Year
On October 24, 2011, Senesco outlined its plans for the current
fiscal year. The Company’s focus is on multiple aspects of clinical
development, financial planning and corporate development.
- Contributions relating to the
development of our SNS01-T assets:
- Demonstrate the pre-clinical effects of
SNS01-T in combination with certain approved therapeutic
products;
- Develop an improved SNS01-T
formulation;
- Complete treatment under the Phase
1b/2a clinical study for SNS01-T in multiple myeloma; and
- Plan a clinical study for SNS01-T in B
cell cancers in addition to multiple myeloma;
- Contributions relating to finance
objectives:
- Maintain sufficient working capital and
plan and execute financing activities; and
- Regain and maintain NYSE Amex
compliance;
- Contributions relating to corporate
development:
- Expand product portfolio; and
- Investigate partnering
opportunities.
Financial Update
On September 28, 2011, Senesco reported that as of June 30,
2011, the Company had cash and cash equivalents in the amount of
$3,609,954, compared to cash and cash equivalents of $8,026,296, as
of June 30, 2010. The Company plans to fund research and
development and commercialization activities by, utilizing their
current cash balance and investments, achieving milestones set
forth in current licensing agreements and through the placement of
equity and / or debt instruments.
Today Senesco reported that it has received a notice from the
NYSE Amex LLC (the “NYSE Amex”) providing notification that the
Company does not meet one of the NYSE Amex’s continued listing
standards. To maintain an NYSE Amex listing, the Company must
submit a plan by November 21, 2011 advising the NYSE Amex of action
it has taken, or will take, to regain compliance. The Company will
prepare and submit such a plan to the NYSE Amex on or before
November 21, 2011.
About Multiple Myeloma
Multiple myeloma is an incurable cancer of plasma cells, a type
of white blood cell derived from B-lymphocytes, normally
responsible for the production of antibodies, in which abnormal
cells accumulate in the bone marrow leading to bone lesions and
interfering with the production of normal blood cells. Senesco was
previously granted orphan drug status for SNS01-T, the Company’s
lead drug candidate for treatment of multiple myeloma.
About Senesco Technologies, Inc.
Senesco Technologies is leveraging proprietary technology that
regulates programmed cell death, or apoptosis. Accelerating
apoptosis may have applications in treating cancer, while delaying
apoptosis may have applications treating certain inflammatory and
ischemic diseases. The Company has initiated a clinical study for
SNS01-T in multiple myeloma. 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.
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 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; 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 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.
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