New Brunswick, New Jersey
May 14, 2002
Senesco
Technologies, Inc.
("Senesco" or the "Company") (OTCBB:SENO) reported financial
results for the three months ended March 31, 2002. The net loss
for the third quarter ended March 31, 2002 was $482,820, or
$0.05 per share, compared with a net loss of $448,888, or $0.06
per share, for the comparable period in 2001. There were no
revenues in either period. At March 31, 2002, Senesco had $3.5
million in cash and cash equivalents.
Research and development expenses for the third quarter ended
March 31, 2002 were $100,949, compared with $120,367 for the
comparable period in 2001. The decrease is primarily
attributable to a reconciling adjustment made in connection with
the Company's R&D agreement with the University of Waterloo and
fluctuations in currency exchange rates. Overall, operating
expenses for the third quarter ended March 31, 2002 were
$495,495 compared with $453,919 for the comparable period in
2001. The overall increase resulted primarily from non-cash
charges for options and warrants issued by the Company in
exchange for consulting and professional services.
"We are pleased with the progress that we made during the
quarter," stated Bruce Galton, president and chief executive
officer of Senesco. "We made several key appointments to both
our Board of Directors and our Scientific Advisory Board that
better position us to continue developing our technologies while
pursuing our commercialization strategy. We also tapped the
equity markets to raise funds to help us continue putting the
necessary pieces in place to build an emerging functional
genomics company."
Mr. Galton added, "Most recently, we filed a new patent
application related to the possible use of our technology in
cancer."
Corporate Highlights
From November 2001 to April 2002, Senesco completed several
private placements with accredited investors for aggregate gross
proceeds of $6,477,500. In connection with this successful
fundraising effort, the Company issued 3,701,430 shares of
common stock and warrants to purchase 2,744,375 shares of common
stock.
In February, Senesco announced that Charles A. Dinarello, M.D.
agreed to join the Company's Scientific Advisory Board. Dr.
Dinarello is a Professor of Medicine at the University of
Colorado School of Medicine, a member of the U.S. National
Academy of Sciences and the author of more than 500 published
research articles. In addition to his active academic research
career, Dr. Dinarello has held advisory positions with two
branches of the National Institutes of Health and positions on
the Board of Governors of both the Weizmann Institute and Ben
Gurion University.
Also in February, Senesco announced that Russell L. Jones,
Ph.D., joined the Company's Scientific Advisory Board. Dr.
Jones, a Professor at the University of California, Berkeley, is
an expert in plant cell biology and cell death. His expertise in
plant physiology led to his appointment as Editor of Planta,
Annual Review of Plant Physiology and Plant Molecular Biology
and Research Notes in Plant Science. He has held additional
positions on the editorial boards of Plant Physiology and Trends
in Plant Science.
In March, Senesco announced that David Rector had been elected
to its Board of Directors. Mr. Rector brings to the Board more
than 20 years of management and executive experience in a wide
variety of commercial fields. Mr. Rector's addition increased
Board membership to six Directors.
Senesco takes its name from the scientific term for the aging
of cells: senescence. The Company has developed technology that
regulates the onset of cell death. Delaying cell breakdown in
plants extends freshness after harvesting, while increasing crop
yields, plant size and resistance to environmental stress for
flowers, fruits and vegetables. 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 begun to explore ways to trigger or
delay cell death in mammals (apoptosis) to determine if the
technology is applicable in human medicine. Senesco partners
with leading-edge companies and earns research and development
fees for applying its gene-regulating platform technology to
enhance its partner's products. Senesco is headquartered in New
Brunswick, New Jersey, and has research laboratories at the
University of Waterloo in Ontario, Canada.
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