Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT - Eloxx Pharmaceuticals, Inc. | v174616_8-k.htm |
EXHIBIT
99.1
PRESS
RELEASE
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Company
Contact:
|
Investor
Relations Contact:
|
|
Senesco
Technologies, Inc.
|
FD
|
|
Joel
Brooks
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Brian
Ritchie
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|
Chief
Financial Officer
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brian.ritchie@fd.com
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jbrooks@senesco.com
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212-850-5600
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(732)
296-8400
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Senesco
Technologies Reports Second Quarter Fiscal 2010 Financial Results
NEW
BRUNSWICK, N.J. (February 17, 2010) - 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
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|
-
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Senesco
appointed life sciences industry veteran Jack Van Hulst to serve as the
Company’s President and Chief Executive
Officer
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|
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-
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Harlan
W. Waksal, M.D., Senesco's Chairman of the Board, delivered the Company’s
corporate presentation at the Annual OneMedPlace Finance
Forum
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|
|
-
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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
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|
|
-
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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.
Research
and development expenses during the three month period ended December 31, 2009
were $467,544, compared with $579,286 during the three month period ended
December 31, 2008, a decrease of 19.2%. The decrease was primarily
due to a decrease in the costs incurred in connection with our development of
SNS01 for multiple myeloma due to the timing of certain aspects of the
development and the cost of the research performed at the University of Waterloo
as a result of a decrease in the annual budget that began on September 1,
2009.
General
and administrative expenses were $685,409 for the three month period ended
December 31, 2009, compared with $649,056 during the three month period ended
December 31, 2008, an increase of 5.5%. This increase was due
primarily to a $58,000 increase in payroll and benefits, primarily the result of
the severance agreement with the Company’s former President and CEO, and a
$17,000 increase in share-based compensation. These increases were partially
offset by a $64,000 decrease in investor relations costs; primarily the result
of the Company having not incurred the costs of holding its annual meeting for
the current year during this period, as it did in the corresponding period of
2008.
At
December 31, 2009, Senesco’s cash balance totalled $751,787, with working
capital of $881,652, which the Company estimates will cover its expenses for
approximately the next two to three months from December 31, 2009.
About
Senesco Technologies, Inc.
Senesco
Technologies, Inc. is a U.S. biotechnology company, headquartered in New
Brunswick, NJ. Senesco has initiated preclinical research to trigger
or delay cell death in mammals (apoptosis) to determine if the technology is
applicable in human medicine. Accelerating apoptosis may have applications
to development of cancer treatments. Delaying apoptosis may have
applications to certain diseases inflammatory and ischemic diseases.
Senesco takes its name from the scientific term for the aging of plant cells:
senescence. Delaying cell breakdown in plants extends freshness after
harvesting, while increasing crop yields, plant size and resistance to
environmental stress. The Company believes that its technology can be used
to develop superior strains of crops without any modification other than
delaying natural plant senescence. Senesco has partnered with leading-edge
companies engaged in agricultural biotechnology and earns research and
development fees for applying its gene-regulating platform technology to enhance
its partners’ products.
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 successfully transition to new
management; 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 joint ventures; the success of the Company's license
agreements; the acceptance by the market of the Company’s products; success of
the Company’s preliminary studies and preclinical research; competition and the
timing of projects and trends in future operating performance, the Company’s
ability to meet its funding milestones under its financing transaction, the
Company’s ability to comply with the continued listing standards of the 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.
(tables
to follow)
SENESCO TECHNOLOGIES, INC.
AND SUBSIDIARY
(A DEVELOPMENT STAGE
COMPANY)
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(unaudited)
|
For
the Three Months
Ended
December
31,
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For
the Three Months
Ended
December
31,
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For
the Six Months
Ended
December
31,
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For
the Six Months
Ended
December
31,
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From
Inception
on
July 1, 1998
through
December
31,
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||||||||||||||||
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2009
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2008
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2009
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2008
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2009
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||||||||||||||||
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Revenue
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$ | 140,000 | $ | — | $ | 140,000 | $ | 200,000 | $ | 1,590,000 | ||||||||||
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Operating
Expenses:
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||||||||||||||||||||
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General
and administrative
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685,409 | 649,056 | 1,180,364 | 1,178,921 | 25,111,557 | |||||||||||||||
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Research
and development
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467,544 | 579,286 | 1,042,835 | 1,083,672 | 13,354,394 | |||||||||||||||
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Total
Operating Expenses
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1,152,953 | 1,228,342 | 2,223,199 | 2,262,593 | 38,465,951 | |||||||||||||||
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Loss
From Operations
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(1,012,953 | ) | (1,228,342 | ) | (2,083,199 | ) | (2,062,593 | ) | (36,875,951 | ) | ||||||||||
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Sale
of state income tax loss, net
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— | — | — | — | 586,442 | |||||||||||||||
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Fair
value – warrant liability
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451,208 | — | 2,339,341 | — | 7,071,108 | |||||||||||||||
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Other
noncash income
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— | — | — | — | 321,259 | |||||||||||||||
| Interest income, net | 679 | 17,994 | 1,026 | 41,051 | 524,339 | |||||||||||||||
| Amortization of debt discount and financing costs | (959,946 | ) | (106,342 | ) | (1,767,860 | ) | (212,397 | ) | (2,914,623 | ) | ||||||||||
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Interest
expense on convertible notes
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(182,653 | ) | (307,651 | ) | (382,269 | ) | (571,808 | ) | (1,823,667 | ) | ||||||||||
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Net
Loss
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$ | (1,703,665 | ) | $ | (1,624,341 | ) | $ | (1,892,961 | ) | $ | (2,805,747 | ) | $ | (33,111,093 | ) | |||||
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Basic
and Diluted Net Loss Per Common Share
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$ | (0.06 | ) | $ | (0.09 | ) | $ | (0.08 | ) | $ | (0.15 | ) | ||||||||
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Basic
and Diluted Weighted Average Number of Common
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||||||||||||||||||||
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Shares
Outstanding
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26,250,566 | 18,629,575 | 24,146,382 | 18,504,477 | ||||||||||||||||
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SENESCO TECHNOLOGIES,
INC. AND SUBSIDIARY
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(A DEVELOPMENT STAGE
COMPANY)
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|
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CONDENSED CONSOLIDATED
BALANCE SHEETS
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December
31,
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June
30,
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|||||||
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2009
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2009
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|||||||
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ASSETS
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(unaudited)
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|||||||
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CURRENT
ASSETS:
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||||||||
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Cash
and cash equivalents
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$ | 751,787 | $ | 380,569 | ||||
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Short-term
investments
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— | 1,050,000 | ||||||
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Accounts
receivable
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140,000 | — | ||||||
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Deferred
financing costs
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361,057 | — | ||||||
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Prepaid
expenses and other current assets
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1,132,004 | 1,161,348 | ||||||
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Total Current
Assets
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2,384,848 | 2,591,917 | ||||||
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Property
and equipment, net
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6,088 | 5,986 | ||||||
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Intangibles,
net
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4,292,859 | 3,884,999 | ||||||
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Deferred
financing costs
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— | 632,324 | ||||||
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Security
deposit
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7,187 | 7,187 | ||||||
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TOTAL ASSETS
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$ | 6,690,982 | $ | 7,122,413 | ||||
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LIABILITIES AND
STOCKHOLDERS’ EQUITY
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||||||||
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CURRENT
LIABILITIES:
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||||||||
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Accounts
payable
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$ | 998,192 | $ | 976,680 | ||||
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Accrued
expenses
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452,371 | $ | 355,937 | |||||
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Convertible
note, net of discount
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52,633 | — | ||||||
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Total Current
Liabilities
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1,503,196 | 1,332,617 | ||||||
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Convertible
note, net of discount
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— | 6,217 | ||||||
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Warrant
liability
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860,767 | — | ||||||
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Grant
payable
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99,728 | 99,728 | ||||||
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Other
liability
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12,038 | 16,017 | ||||||
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TOTAL LIABILITIES
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2,475,729 | 1,454,579 | ||||||
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STOCKHOLDERS’
EQUITY:
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||||||||
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Preferred
stock, $0.01 par value; authorized 5,000,000 shares, no shares
issued
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— | — | ||||||
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Common
stock, $0.01 par value; authorized 120,000,000 shares,
issued
and outstanding 28,640,934 and 19,812,043, respectively
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286,409 | 198,120 | ||||||
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Capital
in excess of par,
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37,039,937 | 36,687,846 | ||||||
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Deficit
accumulated during the development stage
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(33,111,093 | ) | (31,218,132 | ) | ||||
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TOTAL
STOCKHOLDERS’ EQUITY
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4,215,253 | 5,667,834 | ||||||
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TOTAL
LIABILITIES AND STOCKHOLDERS’ EQUITY
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$ | 6,690,982 | $ | 7,122,413 | ||||