Senesco Technologies Reports Fiscal Year 2012 Financial Results
Senesco Technologies, Inc. ("Senesco" or the "Company") (NYSE MKT: SNT) today announced financial results for the 12 months ended June 30, 2012 (“Fiscal 2012”).
Fiscal Fourth Quarter and Recent Highlights
- The Company completed the first cohort of patients in its Phase 1b/2a clinical trial for the treatment of multiple myeloma in which SNS01-T, the Company’s lead drug candidate, was well tolerated and met the criteria for Stable Disease in 2 of the 3 evaluable patients that comprised cohort 1.
- The Company began dosing patients in the second cohort at the next higher dose level in its Phase 1b/2a clinical trial for the treatment of multiple myeloma.
- The Company was informed that the U.S. Food and Drug Administration (FDA) has granted orphan-drug designation for SNS01-T for treatment of both mantle cell lymphoma (MCL) and diffuse large B-cell lymphoma (DLBCL).
- The Company reported that the combination of bortezomib (the active component of VELCADE ® marketed by Millennium, the Takeda Oncology Company) and SNS01-T performs significantly better than either treatment alone in mouse xenograft models.
- The Company reported that combining SNS01-T with lenalidomide (the active ingredient in REVLIMID ® marketed by Celgene Corporation) inhibits tumor growth more effectively than either drug alone in mouse xenograft models.
- The Company delivered a presentation at the 14 th Annual Rodman & Renshaw Healthcare Conference.
- A poster describing the ongoing SNS01-T study in multiple myeloma was presented at the 2012 Annual Meeting of the American Society of Clinical Oncology.
- The Company completed a warrant exchange program in August 2012 whereby outstanding warrants to purchase 17,262,500 shares of common stock were exchanged for shares of common stock and certain Series A Convertible Preferred Stock and all outstanding shares of Series B Convertible Preferred Stock were converted into an aggregate of 20,686,807 shares of common stock. Subsequent to the warrant exchange and as of September 15, 2012, the capitalization table of the Company consisted of the following:
|Common Stock outstanding||116,753,186|
|Preferred Stock *||3,826,923|
* Represents 995 shares of Series A 10% Convertible Preferred Stock, with a stated value of $1,000 per share. Such 10% Convertible Preferred Stock is currently convertible into common stock at a conversion rate of $0.26 per common share.
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