Published on March 6, 2010 at 5:44 AM
Senesco Technologies, Inc. ("Senesco" or the "Company") (NYSE SNT) reported today that the insiders of the Company who had previously purchased all of the convertible debentures, warrants and common stock of Senesco which were formerly held by Stanford Venture Capital Holdings, Inc. have elected, subject to shareholder approval, to convert the convertible debentures at a conversion price of $0.83. Under the terms of the convertible debentures, such convertible debentures could have converted at a floating conversion rate equal to the lower of $0.83, or 80 percent of the lowest daily Volume-Weighted Average Price (VWAP) for the five-day period immediately preceding the conversion date, which equated to $0.22.
"Although insiders had the option to convert at a lower price based on the VWAP, they elected to convert at $0.83, which was the highest contractual conversion price possible," said Harlan Waksal, M.D., Senesco's Chairman of the Board. "This both minimizes shareholder dilution and strengthens Senesco's balance sheet. As a company, we remain committed to attracting sufficient financing and filing an IND for SNS-01, our multiple myeloma drug candidate."
SOURCE Senesco Technologies, Inc.