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Senesco Technologies Reports Second Quarter Fiscal 2012 Financial Results

Stocks in this article: SNT

Senesco Technologies, Inc. (“Senesco” or the “Company”) (NYSE Amex: SNT) today reported financial results for the second quarter of fiscal year 2012 which ended on December 31, 2011.

Highlights of the second quarter and recent weeks include:

  • Completed a $2 million equity financing
  • Re-structured its research and development agreement with Rahan Meristem (1998) Ltd
  • Demonstrated SNS01-T synergy with lenalidomide in a cancer model
  • Presented at the 53 rd Annual Meeting of the American Society of Hematology
  • Received a milestone payment from Bayer CropScience
  • Presented at NYSSA’s 2011 Biotech / Specialty Pharma Conference
  • Initiated dosing in the Company’s Phase 1a/2b clinical study of SNS01-T

“We are pleased with the progress made in the clinical development of SNS01-T and look forward to reporting initial preliminary observations from the first cohort, once it’s completed, of the Phase 1a/2b clinical trial going on at Mayo,” said Leslie J. Browne, Ph.D., President and CEO of Senesco. “We expect to add additional clinical sites shortly to continue to address patient needs in multiple myeloma.”

Second Quarter Fiscal 2012 Financial Results

There was revenue of $200,000 from a milestone payment in connection with an agricultural license during the three month period ending December 31, 2011 as compared to no revenue during the three month period ending December 31, 2010.

Research and development expenses for the three month period ended December 31, 2011 were $751,517 compared with $798,352 for the three month period ended December 31, 2010, a decrease of 6%. The decrease was primarily due to a decrease in the costs incurred in connection with our development of SNS01-T for multiple myeloma. Specifically, during the three month period ended December 31, 2010, the Company incurred significant costs related to its pivotal toxicology study and other preclinical work that it did not incur during the three month period ended December 31, 2011.

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