The loss applicable to common shares for the three month period ended December 31, 2012 was $1,293,871, or $0.01 per share, compared with a loss of $1,655,185, or $0.02 per share, for the three month period ended December 31, 2011. The decrease in the loss applicable to common shares was primarily the result of a decrease in operating expenses, preferred dividends and a change in the fair value of the warrant liability.
As of December 31, 2012, Senesco had cash and cash equivalents of $640,125, compared to cash and cash equivalents of $2,001,325 as of June 30, 2012. In January 2013, the Company received $2,300,000 in net proceeds from the issuance of common stock and warrants. The Company believes that its cash resources, including the net proceeds from the issuance of common stock and warrants in January 2013, are sufficient to fund the current business plan through July 2013.
SNS01-T is a novel approach to cancer therapy that is designed to selectively trigger apoptosis in B-cell cancers such as multiple myeloma, and, mantle cell and diffuse large B-cell lymphomas. Senesco is the sponsor of the Phase 1b/2a study that is actively enrolling patients at Mayo Clinic in Rochester, MN, the University of Arkansas for Medical Sciences in Little Rock, the Mary Babb Randolph Cancer Center in Morgantown, WV, and the John Theurer Cancer Center at Hackensack University Medical Center in Hackensack, NJ. http://www.clinicaltrials.gov/ct2/show/NCT01435720?term=SNS01-T&rank=1About Senesco Technologies, Inc. Senesco, a leader in eIF5A technology, is sponsoring a clinical study to evaluate its lead therapeutic candidate SNS01-T in multiple myeloma, diffuse large B-cell lymphoma and mantle cell lymphoma. SNS01-T targets B-cell cancers and selectively induces apoptosis by modulating eukaryotic translation initiation factor 5A (eIF5A), which is believed to be an important regulator of cell growth and cell death. Accelerating apoptosis may have applications in treating cancer, while delaying apoptosis may have applications in treating certain inflammatory and ischemic diseases. Senesco has already partnered with leading-edge companies engaged in agricultural biotechnology and biofuels development, and is entitled to earn research and development milestones and royalties if its gene-regulating platform technology is incorporated into its partners’ commercialized products.
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