Senesco Technologies reports second quarter fiscal 2003 financial results

New Brunswick, New Jersey
February 19, 2003

Senesco Technologies, Inc. ("Senesco" or the "Company") (AMEX:SNT) today reported financial results for the three months ended December 31, 2002.

The net loss for the second quarter of fiscal year 2003 was $562,410, or $0.05 per share, compared with a net loss of $604,766, or $0.07 per share, for the comparable period in fiscal 2002. The decrease of $42,356, or 7.0%, was attributable primarily to lower operating expenses. For the second quarter of fiscal 2003, the Company reported no revenue, compared with $125,000 in revenue reported for the comparable period in fiscal 2002 from the initial license fee in connection with the license of the Company's technology to Harris Moran Seed Company.

Total operating expenses for the second quarter of fiscal 2003 were $712,089, compared with $876,422 for the comparable period in fiscal 2002. The decrease of $164,333, or 18.8%, was attributable primarily to a decrease in stock-based compensation, partially offset by an increase in general and administrative and research and development expenses.

Research and development expenses for the second quarter of fiscal 2003 were $215,803, compared with $93,821 for the comparable period in fiscal 2002. The increase of $121,982, or 130.0%, was attributable primarily to increased costs in connection with the expansion of the Company's research and development program at the University of Waterloo, the implementation of the Company's mammalian cell research programs and the implementation of new plant research being conducted in connection with a collaboration agreement with Tilligen, Inc.

General and administrative expenses for the second quarter of fiscal 2003 were $398,789, compared with $395,409 for the comparable period in fiscal 2002. The increase of $3,380, or 0.9%, was attributable primarily to increased payroll and investor relations costs as a result of the Company's strategy to increase its recognition in the public market, which were mostly offset by a decrease in recruiting costs, professional fees and consulting costs.

Stock-based compensation for the second quarter of fiscal 2003 was $97,497, compared with $387,192 for the comparable period in fiscal 2002. The decrease of $289,695, or 74.8%, was primarily the result of a decrease in stock options granted to members of the Scientific Advisory Board and consultants and warrants granted to certain financial advisors.

At December 31, 2002, Senesco had cash and investments of $3.6 million and working capital of $3.4 million.

"Our results to date have reinforced our commitment to move ahead with both our pre-clinical medical research and our agricultural initiatives, as we continue to engage in potential partnership discussions for certain crops," stated Bruce Galton, President and Chief Executive Officer of Senesco. "In addition, we are continuing discussions with the Tianjin Academy of Agricultural Sciences regarding the letter of intent that Senesco signed in November 2002. Due to the scope and complexity of the agreement, we anticipate that negotiations will continue for the next several months."

Research and Development Update

Senesco is progressing in all areas of its agricultural research programs. To this end, the Company is currently planning additional field trials in lettuce and banana, expanding its research in canola and continuing its collaborative programs with its partners in forestry and forage crops. In addition, the Company's mammalian research in models for certain cancers, glaucoma and heart ischemia continues to provide pre-clinical data that supports the role of the Factor 5A gene in apoptosis-related diseases.

Senesco takes its name from the scientific term for the aging of plant 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. Accelerating apoptosis may have applications to development of cancer treatments. Delaying apoptosis may have applications to certain diseases such as Alzheimer's, glaucoma, ischemia and arthritis, among others. 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 utilizes research laboratories at the University of Waterloo in Ontario, Canada and the University of Colorado in Denver, Colorado.

               SENESCO TECHNOLOGIES, INC. AND SUBSIDIARY
                     (A DEVELOPMENT STAGE COMPANY)
            CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                              (unaudited)
                         For the Three Months     For the Six Months
                            Ended Dec. 31,          Ended Dec. 31,
                            2002      2001          2002      2001
Revenue                      $--   $125,000      $10,000     $125,000

Operating Expenses:
 General and

  administrative         398,789    395,409      762,013      676,128

 Research and

  development            215,803     93,821      360,087      156,976

 Stock-based

  compensation            97,497    387,192      137,177      541,040

Total Operating

 Expenses                712,089    876,422    1,259,277    1,374,144
Loss From Operations    (712,089)  (751,422)  (1,249,277)  (1,249,144)

Sale of state income

 tax loss                130,952    150,551      130,952      150,551

Interest income

 (expense), net           18,727     (3,895)      41,283       (7,448)
Net Loss               $(562,410) $(604,766) $(1,077,042) $(1,106,041)

Basic and Diluted Net

 Loss Per Common Share $   (0.05) $   (0.07) $     (0.09) $     (0.14)

Basic and Diluted
 Weighted Average
 Number of Common

Shares Outstanding    11,880,045  8,403,231   11,880,045    8,138,262
              SENESCO TECHNOLOGIES, INC. AND SUBSIDIARY
                    (A DEVELOPMENT STAGE COMPANY)
                 CONDENSED CONSOLIDATED BALANCE SHEET
                                              December 31,  June 30,
                                                 2002         2002
                                              (unaudited)
                    ASSETS

CURRENT ASSETS:

Cash and cash equivalents                      $  436,784  $  798,711
Short-term investments                          3,136,791   2,872,432
Accounts receivable                                    --      75,000
Prepaid expenses and other current assets         217,032      55,772
   Total Current Assets                         3,790,607   3,801,915
Long-term investments                                  --     993,535
Property and equipment, net                        69,323      79,581
Intangibles                                       404,436     347,978
Security deposit                                    7,187       7,187
   TOTAL ASSETS                                $4,271,553  $5,230,196
     LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:

Accounts payable                               $   47,481  $   80,201
Accrued expenses                                  299,201     296,347
       Total Current Liabilities                  346,682     376,548
Grant payable                                      79,061      67,972
   TOTAL LIABILITIES                              425,743     444,520

STOCKHOLDERS' EQUITY:
Preferred stock, $0.01 par value; authorized

 5,000,000 shares, no shares issued                    --          --

Common stock, $0.01 par value; authorized 30,000,000 shares, issued and outstanding

 11,880,045 shares                                118,800     118,800
Capital in excess of par                       12,234,373  12,157,679

Deficit accumulated during the development

 stage                                         (8,507,363) (7,430,321)

Deferred compensation related to issuance of

 options and warrants                                  --     (60,482)
 Total Stockholders' Equity                     3,845,810   4,785,676
 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY    $4,271,553  $5,230,196
 
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