Senesco fiscal 2010 revenue decreases to $140,000

Sep 29 2010

Senesco Technologies, Inc. ("Senesco" or the "Company") (NYSE Amex: SNT) reported financial results for the 12 months ended June 30, 2010 ("Fiscal 2010").

“I am delighted to have joined Senesco at this exciting cross-road and look forward to advancing the Company's potentially ground-breaking therapeutic approach to treating cancer into clinical development.”

Fiscal Fourth Quarter Highlights

• In May, Senesco announced that Leslie J. Browne, Ph.D., an accomplished executive in biopharmaceutical drug development and clinical research, had been named President and Chief Executive Officer of the Company, effective as of May 25, 2010. Dr. Browne succeeded Jack van Hulst, who had served as Senesco's CEO since November 2009 and remains a Director of the Company.
• Also in May, preclinical results for the Company's lead drug candidate SNS01-T were presented at the American Society of Gene and Cell Therapy (ASGCT) Annual Meeting, which demonstrated that the Company has resolved earlier scale-up constraints and now has the ability to produce larger batches of SNS01-T.

"Fiscal 2010 was a transformational year for Senesco as the Company made advances in a number of areas critical to building a sustainable biopharmaceutical company. During Fiscal 2010, the Company significantly simplified and strengthened its capital structure and raised over $10 million to fund the ongoing clinical development of our proprietary gene regulatory platform. In addition, earlier scale-up constraints were resolved, giving us the ability to produce larger batches of our therapeutic candidate. This is particularly important as it gives us confidence that we can produce a reliable supply of SNS01-T for our planned Phase Ib/2a study in multiple myeloma patients," stated Leslie J. Browne, Ph.D., President and Chief Executive Officer of Senesco. "I am delighted to have joined Senesco at this exciting cross-road and look forward to advancing the Company's potentially ground-breaking therapeutic approach to treating cancer into clinical development."

"We are pleased to report that our toxicology studies are near completion and we remain on track to submit our Investigational New Drug Application with the U.S. Food and Drug Administration by December 31, 2010 to begin a Phase 1a/2b study with SNS01-T to treat multiple myeloma. We expect to be treating patients in the first half of 2011," added Dr. Browne.

Full Year Financial Results

Revenue for Fiscal 2010 was $140,000 compared with $275,000 for the 12 months ended June 30, 2009 ("Fiscal 2009"). Revenue for both periods consisted of milestone payments in connection with certain agricultural license agreements.

Research and development expenses for Fiscal 2010 were $2,637,407 compared with $2,353,962 for Fiscal 2009. The increase was primarily due to higher costs incurred in connection with the Company's development of SNS01-T for multiple myeloma and the cost of the research performed at the University of Waterloo due to the weakening of the U.S. dollar versus the Canadian dollar.

General and administrative expenses were $2,349,116 for Fiscal 2010 compared with $2,205,739 for Fiscal 2009. The increase was primarily due to an increase in professional fees and other general and administrative expenses, which was partially offset by a decrease in payroll and benefits.

The loss applicable to common shares for Fiscal 2010 was $19,623,027 or $0.67 per share on 29,112,976 weighted-average common shares outstanding, compared with a net loss for Fiscal 2009 of $5,726,869 or $0.30 per share on 18,888,142 weighted-average common shares outstanding. The higher net loss in Fiscal 2010 was primarily the result of amortization of debt discount and financing costs, which was partially offset by a change in the fair value of a warrant liability.

As of June 30, 2010, Senesco had cash and cash equivalents of $8,026,296, compared with cash, cash equivalents and short-term investments of $1,430,569 as of June 30, 2009. The Company believes that its cash resources are sufficient to fund the current business plan for at least the next 12 months.

SOURCE Senesco Technologies, Inc.