Senesco Technologies signs definitive agreements with institutional and accredited investors

Senesco Technologies, Inc. ("Senesco" or the "Company") (NYSE Amex: SNT) has, on March 26, 2010, entered into definitive agreements with institutional and accredited investors for a private placement of up to 11,497 shares of Convertible Preferred Stock of the Company and Warrants to purchase up to 35,928,125 shares of Common Stock for a gross purchase price of approximately $11,497,000.  Investors in this financing included certain members of Senesco's Board of Directors, including Harlan Waksal, M.D., and Christopher Forbes.

Senesco primarily intends to utilize the proceeds of this private placement to help advance its multiple myeloma research & development program; with the goal of initiating a Phase 1b/2a clinical trial for multiple myeloma.  

"We are grateful for the support that the institutional and private investors who are participating in this financing are providing to us," said Dr. Waksal, Senesco's Chairman of the Board.  "With the near-term funding overhang removed, our sole focus is now on completing the steps necessary to advance our multiple myeloma drug candidate into and through a Phase 1b/2a clinical trial."

The Preferred Stock is initially convertible into approximately 35,928,125 shares of Common Stock.  The Warrants will have an initial exercise price of $0.35 per share, and will expire five years from the closing date, though they are exercisable in whole or in part at any time prior to expiration.  The Company intends to close on approximately $10.3 million in gross proceeds on or about April 1, 2010, and the remaining $1.2 million in gross proceeds upon the receipt of stockholder approval.  

Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services, Inc. (NYSE Amex: LTS), acted as the sole placement agent for this offering.