Senesco Technologies, Inc. (“Senesco” or the “Company”) (NYSE
Amex: SNT) today reported financial results for the second quarter
of fiscal year 2012 which ended on December 31, 2011.
Highlights of the second quarter and recent weeks include:
- Completed a $2 million equity
financing
- Re-structured its research and
development agreement with Rahan Meristem (1998) Ltd
- Demonstrated SNS01-T synergy with
lenalidomide in a cancer model
- Presented at the 53rd Annual Meeting of
the American Society of Hematology
- Received a milestone payment from Bayer
CropScience
- Presented at NYSSA’s 2011 Biotech /
Specialty Pharma Conference
- Initiated dosing in the Company’s Phase
1a/2b clinical study of SNS01-T
“We are pleased with the progress made in the clinical
development of SNS01-T and look forward to reporting initial
preliminary observations from the first cohort, once it’s
completed, of the Phase 1a/2b clinical trial going on at Mayo,”
said Leslie J. Browne, Ph.D., President and CEO of Senesco. “We
expect to add additional clinical sites shortly to continue to
address patient needs in multiple myeloma.”
Second Quarter Fiscal 2012 Financial Results
There was revenue of $200,000 from a milestone payment in
connection with an agricultural license during the three month
period ending December 31, 2011 as compared to no revenue during
the three month period ending December 31, 2010.
Research and development expenses for the three month period
ended December 31, 2011 were $751,517 compared with $798,352 for
the three month period ended December 31, 2010, a decrease of 6%.
The decrease was primarily due to a decrease in the costs incurred
in connection with our development of SNS01-T for multiple myeloma.
Specifically, during the three month period ended December 31,
2010, the Company incurred significant costs related to its pivotal
toxicology study and other preclinical work that it did not incur
during the three month period ended December 31, 2011.
General and administrative expenses for the three month period
ended December 31, 2011 were $904,621, compared with $706,685 for
the three month period ended December 31, 2010, an increase of 28%.
The increase was primarily due to an increase in professional fees
in connection with the exploration of alternative uses of the
Company’s technology and stock-based compensation. The loss
applicable to common shares for the three month period ended
December 31, 2011 was $1,655,185, or $0.02 per share, compared with
a loss of $1,812,171, or $0.03 per share, for the three month
period ended December 31, 2010. The decrease in the loss applicable
to common shares was primarily the result of an increase in revenue
and a decrease in research and development expenses.
As of December 31, 2011 Senesco had cash and cash equivalents of
$1,552,898, compared to cash and cash equivalents of $3,609,954 as
of June 30, 2011. In January 2012, the Company received net
proceeds of approximately $1,805,000 from the issuance of common
stock and warrants. The Company believes that its cash resources
are sufficient to fund the current business plan through August 31,
2012. However the Company has the ability to raise additional
capital through its ATM facility, utilize its unused line of credit
and, if necessary, delay certain costs which will provide Senesco
with enough cash to fund operations at least through December 31,
2012.
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 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.
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.
SENESCO
TECHNOLOGIES, INC. AND SUBSIDIARY
(A DEVELOPMENT
STAGE COMPANY)
CONDENSED
CONSOLIDATED BALANCE SHEETS
(unaudited)
December 31, June 30, 2011 2011 ASSETS
CURRENT ASSETS: Cash and cash equivalents $ 1,552,898 $ 3,609,954
Prepaid research supplies and expenses 1,657,140
1,446,064 Total Current Assets 3,210,038 5,056,018
Equipment, furniture and fixtures, net 7,048 3,782 Intangibles, net
3,634,869 3,524,731 Deferred income tax assets, net - - Security
deposit 5,171 12,358 TOTAL ASSETS $ 6,857,126
$ 8,596,889
LIABILITIES AND
STOCKHOLDERS' EQUITY
CURRENT LIABILITIES: Accounts payable $ 443,752 $ 559,525
Accrued expenses 802,307 509,806 Line of credit 2,199,108
2,199,108 Total Current Liabilities 3,445,167
3,268,439 Warrant liabilities 478,948 711,259 Grant payable
99,728 99,728 TOTAL LIABILITIES
4,023,843 4,079,426 STOCKHOLDERS' EQUITY:
Preferred stock, $0.01 par value, authorized 5,000,000 shares
Series A 10,297 shares issued and 3,645 and 3,690 shares
outstanding, respectively 37 37 (liquidation preference of
$3,736,125 and $3,792,252 at December 31, 2011 and June 30, 2011,
respectively) Series B 1,200 shares issued and outstanding 12 12
(liquidation preference of $1,230,000 and $1,230,000 at December
31, 2011 and June 30, 2011, respectively) Common stock, $0.01 par
value, authorized 350,000,000 shares, issued and outstanding
80,864,443 and 77,769,677, respectively 808,644 777,697 Capital in
excess of par 66,376,039 64,488,152 Deficit accumulated during the
development stage (64,351,449) (60,748,435)
Total Stockholders' Equity 2,833,283 4,517,463
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 6,857,126 $ 8,596,889
See Notes to Condensed Consolidated Financial
Statements
SENESCO
TECHNOLOGIES, INC. AND SUBSIDIARY
(A DEVELOPMENT
STAGE COMPANY)
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Cumulative
Three months ended December 31, Six months ended December 31,
Amounts from
2011
2010
2011
2010
Inception
Revenue
$ 200,000 $
- $ 200,000 $
- $ 1,790,000
Operating expenses: General and administrative 1,550,580 706,685
1,550,580 1,375,569 30,441,113 Research and development
1,385,703 798,352
1,385,703 2,334,859
20,055,061 Total operating expenses
2,936,283 1,505,037
2,936,283 3,710,428
50,496,174 Loss from operations (2,736,283)
(1,505,037) (2,736,283) (3,710,428) (48,706,174) Other
non-operating income (expense) Grant income - 244,479 -
244,479 244,479 Fair value – warrant liability 232,311
149,910 232,311 469,386 8,089,978 Sale of state income tax
loss – net - - - - 586,442 Other noncash (expense) income,
net - (4,604) - (115,869) 205,390 Loss on extinguishment of
debt - - - - (361,877) Write-off of patents abandoned - - -
- (1,588,087) Amortization of debt discount and financing
costs - - - - (11,227,870) Interest expense – convertible
notes - - - - (2,027,930) Interest (expense) income - net
(62,582) (21,311)
(62,582) (39,607)
348,474 Net loss (2,566,554) (1,136,563)
(2,566,554) (3,152,039) (54,437,175) Preferred dividends
(1,036,460) (675,608)
(1,036,460) (1,682,014)
(9,914,274) Loss applicable to common
shares
$ (3,603,014) $
(1,812,171) $ (3,603,014)
$ (4,834,053) $
(64,351,449) Basic and diluted net loss per
common share
$ (0.04) $
(0.03) $ (0.05)
$ (0.08) Basic and diluted
weighted-average number of common shares outstanding
80,832,267 67,978,776
80,061,012 62,773,481
See Notes to Condensed Consolidated Financial Statements
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