Senesco signs letter of intent with Tianjin Academy of Agricultural Sciences

New Brunswick, New Jersey
November 5, 2002

Senesco Technologies, Inc. ("Senesco" or the "Company") (AMEX:SNT) announced today that following negotiations in Tianjin, China, the Company signed a Letter of Mutual Intent (the "Letter") with the Tianjin Academy of Agricultural Sciences (the "Academy"). The Letter outlines the structure for the
exclusive use of the Company's technology by the Academy in a variety of fruit and vegetable crops in China.

The proposed terms provide for a $35 million (subject to further negotiations) technology transfer fee to be paid to Senesco upon the initial transfer of the Company's technology. Subsequent payments would be made to Senesco over a multi-year period in conjunction with training and support provided by the Company as well as after the first harvest of selected crop varieties. In addition, the Company may receive royalties on future sales.

The Letter is not binding and is subject to further negotiations of the final terms of agreement. Due to the size and complexity of the proposed transaction, it is anticipated that three to six months will be required to complete the agreement.

Bruce Galton, President and CEO of Senesco, stated, "This is a tremendous first step towards the worldwide commercialization of our technology. We believe, and the members of the Tianjin Academy agree, that implementing Senesco's technology in Chinese agriculture will be advantageous to all involved. As the Chinese agricultural industry evolves to feed a growing population, Senesco's technology will enable the more efficient production of crops on a national level. We are certainly quite excited at the prospect of bringing our technology to the world's most populous market."

About Senesco Technologies, Inc.

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 the freshness of perishable produce (e.g. flowers, fruits and vegetables) after harvesting and also increases crop yields, plant size and resistance to environmental stress. The Company believes that Senesco's technology can be used to develop superior strains of crops by delaying natural plant senescence and reducing the incidence of premature senescence due to environmental stress. Senesco has also begun to explore ways to trigger or delay cell death in mammals (apoptosis) to determine the extent to which the technology may be 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 partners' 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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