NYSE Amex Accepts Senesco Technologies’ Plan of Compliance
December 27 2011 - 7:30AM
Business Wire
Senesco Technologies, Inc. (the “Company” or “Senesco”)
(NYSE Amex: SNT) announced today that on December 22, 2011, it
received notice from the NYSE Amex LLC (“NYSE”) stating that the
exchange had accepted the Company’s compliance plan and granted it
an extension until July 20, 2012 to regain compliance with the
NYSE’s continued listing standards. As previously disclosed,
Senesco is not in compliance with Section 1003(a)(iii) of the NYSE
company guide with stockholder’s equity of less than $6,000,000 and
losses from continuing operations and/or net losses in its five
most recent fiscal years. Based on this, the Company submitted a
plan advising the NYSE of action it will take, that the Company
believes would bring Senesco into compliance with the NYSE’s
continued listing standards by the end of the extension period.
During the extension period, the Company remains subject to
periodic review by NYSE Staff. Failure to make progress consistent
with the plan or to regain compliance with the continued listing
standards by the end of the extension period could result in
Senesco being delisted from the NYSE.
About Senesco Technologies, Inc.
Senesco, the leader in eIF5A technology, is running a clinical
study in multiple myeloma with its lead therapeutic candidate
SNS01-T, which targets B-cell cancers by selectively inducing
apoptosis by modulating eukaryotic, translation, initiation Factor
5A (eIF5A), which is believed to be an important regulator of cell
growth and cell death. Accelerating apoptosis may have applications
in treating cancer, while delaying apoptosis may have applications
in treating certain inflammatory and ischemic diseases. 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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