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Senesco Technologies Reports Fiscal 2012 Third Quarter Results

Stocks in this article: SNT

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

Highlights of the third quarter and recent weeks include:

  • Combination of lenalidomide and SNS01-T eliminated tumors in over 80% of animals treated in a mouse xenograft model of multiple myeloma;
  • Senesco added two additional clinical sites to enhance enrollment into the SNS01-T clinical trial to treat multiple myeloma;
  • In March, Senesco raised an additional $1 million in equity financing to add to approximately $2M raised in January 2012; and
  • BioCorp Ventures and Senesco entered into a license agreement for the application of eIF5A to sustainable energy applications.

“We are pleased with the progress we have made in the development of SNS01-T, and look to accelerate enrollment in the clinical trial with the two additional sites we added this past quarter,” said Leslie J. Browne, Ph.D., President and CEO of Senesco. “It is exciting to see how well SNS01-T has performed alone and in combination with lenalidomide, the active ingredient of REVLIMID ® by completely eradicating myeloma tumors in 83% of the treated animals that received SNS01-T combined with the optimal study dose of lenalidomide.”

Third Quarter Fiscal 2012 Financial Results

There was no revenue for the three month period ending March 31, 2012 and March 31 2011.

Research and development expenses for the three month period ended March 31, 2012 were $540,789 compared with $800,341 for the three month period ended March 31, 2011, a decrease of 32%. The decrease was primarily due to a decrease in the costs incurred in connection with the development of SNS01-T for multiple myeloma. Specifically, during the three month period ended March 31, 2011, the Company incurred significant costs related to the filing and follow up of its investigational new drug application and other preclinical work that Senesco did not incur during the three month period ended March 31, 2012.

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