Senesco Technologies, Inc. ("Senesco" or the "Company") (NYSE Amex: SNT) today reported financial results for the three months ended December 31, 2009.
Net loss for the three month period ended December 31, 2009 was $1,703,665 or $0.06 per share, compared with a net loss of $1,624,341, or $0.09 per share, for the three month period ended December 31, 2008. This increase in net loss was primarily the result of an increase in non-cash expenses associated with the outstanding convertible notes, which was mostly offset by a decrease in operating expenses, an increase in revenue and an increase in non-cash income related to the change in fair value of a warrant liability.
Quarterly and Recent Highlights
- Senesco appointed life sciences industry veteran Jack Van Hulst to serve as the Company's President and Chief Executive Officer
- Harlan W. Waksal, M.D., Senesco's Chairman of the Board, delivered the Company's corporate presentation at the Annual OneMedPlace Finance Forum
- 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's top priorities in 2010 are to attract sufficient financing and file an IND for SNS-01, our multiple myeloma drug candidate," said Jack Van Hulst, President and Chief Executive Officer of Senesco. "We remain confident in our ability to accomplish both of these goals."
Total revenues of $140,000 for the three month period ended December 31, 2009 consisted of a milestone payment in connection with an agricultural license agreement. There was no revenue for the three month period ended December 31, 2008.