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Senesco Technologies Reports Second Quarter Fiscal 2013 Financial Results

Senesco Technologies, Inc. (“Senesco” or the “Company”) (OTCQB: SNTI) today reported financial results for the second quarter of fiscal year 2013 which ended on December 31, 2012.

Highlights of the second quarter and recent weeks include:

  • The Company completed an offering of common stock and warrants for gross proceeds of $3,000,000.
  • The Company expanded its Phase 1b/2a clinical trial to include Diffuse Large B-Cell Lymphoma and Mantle Cell Lymphoma.
  • The first Diffuse Large B-Cell Lymphoma patient was treated in the Phase 1b/2a study.
  • 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 presented at RetailInvestorConferences.com.

“We are pleased with the current results of the SNS01-T Phase 1b/2a trial even at the low starting dose,” said Leslie J. Browne, Ph.D., President and CEO of Senesco. “We look forward to reporting on the results of the remaining cohorts of the trial using SNS01-T at higher dose levels this year.”

Second Quarter Fiscal 2013 Financial Results

There was no revenue for the three month period ended December 31, 2012. Revenue in the amount of $200,000 for the three month period ended December 31, 2011 consisted of a milestone payment in connection with an agricultural license agreement.

Research and development expenses for the three month period ended December 31, 2012 were $591,079 compared with $751,517 for the three month period ended December 31, 2011, a decrease of 21%. The lower expenditures were primarily due to a decrease in the costs incurred in connection with the Company’s agricultural research programs as well as a decrease in costs associated with potential formulation improvements of SNS01-T.

General and administrative expenses for the three month period ended December 31, 2012 were $708,968, compared with $904,621 for the three month period ended December 31, 2011, a decrease of 22%. The decrease was primarily due to a decrease in investor relations, professional fees, payroll benefits and stock-based compensation.

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