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Senesco Technologies Reports Second Quarter Fiscal 2013 Financial Results

Forward-Looking Statements

Certain statements included in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from such statements expressed or implied herein as a result of a variety of factors, including, but not limited to: the Company’s ability to continue as a going concern; the Company’s ability to recruit patients for its clinical trial; the ability of the Company to consummate additional financings; the development of the Company’s gene technology; the approval of the Company’s patent applications; the current uncertainty in the patent landscape surrounding small inhibitory RNA and the Company’s ability to successfully defend its intellectual property or obtain the necessary licenses at a cost acceptable to the Company, if at all; the successful implementation of the Company’s research and development programs and collaborations; the success of the Company's license agreements; the acceptance by the market of the Company’s products; the timing and success of the Company’s preliminary studies, preclinical research and clinical trials; competition and the timing of projects and trends in future operating performance, the quotation of the Company’s common stock on an over-the-counter securities market, as well as other factors expressed from time to time in the Company’s periodic filings with the Securities and Exchange Commission (the "SEC"). As a result, this press release should be read in conjunction with the Company’s periodic filings with the SEC. The forward-looking statements contained herein are made only as of the date of this press release, and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

 

SENESCO TECHNOLOGIES, INC. AND SUBSIDIARY

(A DEVELOPMENT STAGE COMPANY)

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)
 
December 31, June 30,
  2012     2012  

ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 640,125 $ 2,001,325
Prepaid research supplies and expenses   1,295,548   1,548,524  
 
Total Current Assets 1,935,673 3,549,849
 
Equipment, furniture and fixtures, net 5,846 5,857
Intangibles, net 3,517,097 3,393,992
Deferred income tax assets, net - -
Security deposit   5,171   5,171  
 
TOTAL ASSETS $ 5,463,787 $ 6,954,869  
 

LIABILITIES AND STOCKHOLDERS' EQUITY
 
CURRENT LIABILITIES:
Accounts payable $ 1,085,629 $ 594,514
Accrued expenses 468,048 369,695
Line of credit   2,199,108   2,199,108  
 
Total Current Liabilities 3,752,785 3,163,317
 
Warrant liabilities 30,299 238,796
Grant payable   99,728   99,728  
 
TOTAL LIABILITIES   3,882,812   3,501,841  
 
STOCKHOLDERS' EQUITY:
 
Preferred stock, $0.01 par value, authorized 5,000,000 shares
Series A 10,297 shares issued and 995 and 3,379 shares outstanding, respectively 10 34
(liquidation preference of $1,019,876 and $3,463,475
at December 31, 2012 and June 30, 2012, respectively)
Series B 1,200 shares issued and 0 and 1,200 outstanding, respectively - 12
(liquidation preference of $0 and $1,230,000
at December 31, 2012 and June 30, 2012, respectively)
Common stock, $0.01 par value, authorized 350,000,000 shares,
issued and outstanding 116,975,283 and 94,112,483, respectively 1,169,753 941,125
Capital in excess of par 71,855,001 69,952,152
Deficit accumulated during the development stage   (71,443,789)   (67,440,295 )
 
Total Stockholders' Equity   1,580,975   3,453,028  
 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 5,463,787 $ 6,954,869  
 
   

SENESCO TECHNOLOGIES, INC. AND SUBSIDIARY

(A DEVELOPMENT STAGE COMPANY)

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

(unaudited)
       
 
Cumulative
Three months ended December 31, Six months ended December 31, Amounts from

2012

2011

2012

2011

Inception
 
Revenue $ -   $ 200,000 $ -   $ 200,000 $ 1,790,000
 
Operating expenses:
General and administrative 708,968 904,621 1,441,688 1,550,580 33,056,365
Research and development   591,079   751,517   1,104,512   1,385,703   22,340,117
Total operating expenses   1,300,047   1,656,138   2,546,200   2,936,283   55,396,482
 
Loss from operations (1,300,047) (1,456,138) (2,546,200) (2,736,283) (53,606,482)
 
Other non-operating income (expense)
 
Grant income - - - - 244,479
 
Fair value – warrant liability 64,440 (39,392) 44,292 232,311 8,374,422
 
Sale of state income tax loss – net - - - - 586,442
 
Other noncash (expense) income, net - - - - 205,390
 
Loss on extinguishment of debt - - (785,171) - (1,147,048)
 
Write-off of patents abandoned - - - - (1,909,224)
 
Amortization of debt discount and financing costs - - - - (11,227,870)
 
Interest expense – convertible notes - - - - (2,027,930)
 
Interest (expense) income - net   (34,278)   (32,041)   (68,260)   (62,582)   215,728
 
Net loss (1,269,885) (1,527,571) (3,355,339) (2,566,554) (60,292,093)
 
Preferred dividends   (23,986)   (127,614)   (648,155)   (1,036,460)   (11,151,696)
 
Loss applicable to common shares $ (1,293,871) $ (1,655,185) $ (4,003,494) $ (3,603,014) $ (71,443,789)
 
Basic and diluted net loss per common share $ (0.01) $ (0.02) $ (0.04) $ (0.05)
 
Basic and diluted weighted-average number
of common shares outstanding   116,975,283   80,832,267   112,212,297   80,061,012
 

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