Senesco Technologies, Inc. ("Senesco" or the "Company") (NYSE Amex: SNT) today reported financial results for the three months ended September 30, 2009.
Net loss for the three month period ended September 30, 2009 was $189,296, or $0.01 per share, compared with a net loss of $1,181,406, or $0.06 per share, for the three month period ended September 30, 2008. This decrease in net loss was primarily the result of an increase in non-cash income related to the change in fair value of a warrant liability, which was partially offset by an increase in operating expenses and non-cash expenses associated with the outstanding convertible notes and a decrease in revenue and interest income.
Quarterly and Recent Highlights
- Senesco presented pre-clinical stability and biological activity data on multiple myeloma drug candidate SNS-01 at the 2009 American Association for Cancer Research (AACR)-National Cancer Institute (NCI)-European Organization for Research and Treatment of Cancer (EORTC) Molecular Targets and Cancer Therapeutics Conference
- Certain Senesco insiders entered into definitive stock purchase agreements to purchase all of the convertible debentures, warrants and common stock which are held by Stanford Venture Capital Holdings, Inc. and/or Stanford International Bank, Ltd.
- Senesco entered into separate funding agreements, totaling $1.7 million, with Partlet Holdings Ltd., certain members of Senesco's Board of Directors and certain accredited investors, including Cato Holding Company, which is the venture capital affiliate of Cato Research Ltd., a global contract research and development organization currently assisting Senesco with its SNS-01 development program; with the emphasis on initiating a Phase I clinical trial for multiple myeloma
- Richard Dondero, Vice President of Research & Development at Senesco, delivered the Company's corporate presentation at the 11th Annual Rodman & Renshaw Healthcare Conference
"SNS-01 continues to demonstrate potential as a possible treatment for multiple myeloma, most recently being the subject of a poster presentation at one of the most important oncology conferences of the year, the annual AACR-NCI-EORTC Conference," said Jack Van Hulst, President and Chief Executive Officer of Senesco.
The Company did not record any revenue for the three month period ended September 30, 2009. Total revenues of $200,000 for the three month period ended September 30, 2008 consisted of a milestone payment in connection with an agricultural license agreement.