New Brunswick, New Jersey
May 16, 2007
Senesco Technologies, Inc. ("Senesco" or the "Company")
(AMEX:SNT) reported financial results for the three month period
ended March 31, 2007.
The net loss for the three month period ended March 31, 2007 was
$801,317, or $0.05 per share, compared with a net loss of
$717,421, or $0.05 per share, for the three month period ended
March 31, 2006. This increase in net loss was primarily the
result of a decrease in revenue and an increase in general and
administrative expenses, which was partially offset by a
decrease in research and development expenses.
The Company reported revenues of $6,250 during the three month
period ended March 31, 2007, compared with $35,416 during the
three month period ended March 31, 2006. Revenue during the
three month period ended March 31, 2007 consisted of the
amortized portion of previous milestone payments received in
connection with certain agricultural development and license
payments. Revenue during the three month period ended March 31,
2006 consisted of current milestone payments and the amortized
portion of previous milestone payments.
Research and development expenses for the three month period
ended March 31, 2007 were $314,294, compared with $348,868 for
the three month period ended March 31, 2006. This decrease was
primarily the result of the timing of various human health
research programs in the application of Senesco's technology, as
certain programs ended, while new ones had not yet begun, as
well as a decrease in stock-based compensation expense.
General and administrative expenses for the three month period
ended March 31, 2007 were $514,189, compared with $428,579 for
the three month period ended March 31, 2006. This increase was
primarily due to an increase in depreciation and amortization
stemming from an increase in amortization of patent costs. In
addition, professional fees increased due to an increase in
legal and accounting fees, which was partially offset by a
decrease in stock based compensation and investor relations
expenses.
As of March 31, 2007, Senesco had cash, cash equivalents and
investments of $1,214,287 and working capital of $969,814.
During the quarter, Jack Van Hulst, a pharmaceutical industry
consultant, was appointed to serve on the Company's Board of
Directors. In April, James W. Mier, M.D. was appointed to
Senesco's Scientific Advisory Board. Dr. Mier is both an
Associate Professor of Medicine and a practicing oncologist in
the Department of Hematology-Oncology at Beth Israel Deaconess
Medical Center, a teaching hospital of Harvard Medical School,
engaged in cancer research.
Senesco has initiated preclinical research to trigger or
delay cell death in mammals (apoptosis) to determine if its
technology is applicable in human medicine. Accelerating
apoptosis may have applications to the development of cancer
treatments. Delaying apoptosis may have applications to certain
diseases such as glaucoma, ischemia and arthritis, among others.
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. In addition to its human health research programs,
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. |
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