Senesco Technologies Reports First Quarter Fiscal 2005 Financial Results.NEW BRUNSWICK New Brunswick, province, Canada New Brunswick, province (2001 pop. 729,498), 28,345 sq mi (73,433 sq km), including 519 sq mi (1,345 sq km) of water surface, E Canada. , N.J. -- Senesco Technologies, Inc. ("Senesco" or the "Company") (AMEX AMEX See: American Stock Exchange :SNT SNT Safer Neighbourhood Team (UK) SNT Scalable Network Technologies, Inc. SNT Syntrophin SNT Serial Number Tracking SNT Surgical Navigation Technologies (Medtronic) SNT Serum Neutralization Test ) reported financial results for the three months ended September 30, 2004. The net loss for the first quarter of fiscal 2005 was $553,382, or $0.04 per share, compared with a net loss of $1,400,482, or $0.12 per share, in the comparable period in fiscal 2004. The decrease of $847,100, or 60.5%, in net loss was primarily the result of a reduction in general and administrative expenses and research and development expenses. The Company reported revenues of $12,498 during the three-month period ended September 30, 2004 from the amortized portion of the initial fee on a development and license agreement. The Company reported no revenues during the three-month period ended September 30, 2003. Total operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. for the first quarter of fiscal 2005 were $573,748, compared with $1,411,393 for the comparable period in fiscal 2004. This decrease in operating expenses was primarily the result of a decrease in stock-based compensation and research and development expenses, which was partially offset by an increase in other general and administrative expenses. Research and development expenses for the three-month periods ended September 30, 2004 and September 30, 2003 were $245,985 and $272,001, respectively, a decrease of $26,016, or 9.6%. This decrease was primarily the result of a decrease in costs related to certain human health research projects that were completed during the year ended June 30, 2004. General and administrative expenses, inclusive of inclusive of prep. Taking into consideration or account; including. stock-based compensation, for the first quarter of fiscal 2005 were $327,763, down from $1,139,392 for the comparable period in fiscal 2004. During the quarter ended September 30, 2004, there was a decrease in stock-based compensation which was primarily the result of a warrant being granted in connection with a financial advisory agreement during the three-month period ended September 30, 2003, which was partially offset by an increase in other general and administrative expenses primarily as a result of an increase in payroll and benefits and investor relations Investor relations The process by which the corporation communicates with its investors. expenses. At September 30, 2004, Senesco had cash and investments of approximately $3.5 million and working capital of $3.1 million. Recent Corporate Highlights Subsequent to the end of the first quarter of fiscal 2005, on October 19, 2004, Senesco entered into a license agreement with the Broin Companies ("Broin") to license the Company's proprietary gene technology to Broin to improve aspects of Broin's ethanol production capabilities. Senesco will receive an annual payment for each Broin facility that incorporates Senesco's technology. Also subsequent to the end of the first quarter of fiscal 2005, Senesco participated in the Rodman & Renshaw Techvest Healthcare Conference, held October 26-28, 2004 at the Waldorf Astoria Hotel in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Bruce Galton presented at the conference on October 27, 2004. Recent Research and Development Highlights On August 10, 2004, Senesco was granted its second Patent, which is titled "DNA DNA: see nucleic acid. DNA or deoxyribonucleic acid One of two types of nucleic acid (the other is RNA); a complex organic compound found in all living cells and many viruses. It is the chemical substance of genes. Encoding A Plant Lipase lipase (lī`pās), any enzyme capable of degrading lipid molecules. The bulk of dietary lipids are a class called triacylglycerols and are attacked by lipases to yield simple fatty acids and glycerol, molecules which can permeate the membranes , Transgenic Plants and A Method For Controlling Senescence senescence /se·nes·cence/ (se-nes´ens) the process of growing old, especially the condition resulting from the transitions and accumulations of the deleterious aging processes. se·nes·cence n. in Plants," from the United States Patent and Trademark Office The United States Patent and Trademark Office (PTO or USPTO) is an agency in the United States Department of Commerce that provides patent protection to inventors and businesses for their inventions, and trademark registration for product and intellectual property ("PTO PTO abbr. 1. Parent Teacher Organization 2. or p.t.o. please turn over 3. power takeoff PTO or pto please turn over Noun 1. "). On September 2, 2004, Senesco and Rahan Meristem meristem (mĕr`istĕm'), a specialized section of plant tissue characterized by cell division and growth. Much of the mature plant's growth is provided by meristems. , Ltd announced that its second round of banana field trials in Israel yielded positive results. Rahan Meristem, Senesco's 50/50 joint venture partner for development of delayed-senescence bananas, confirmed that harvested fruit from the second trial showed a shelf-life enhancement of up to 100% in comparison to control fruit. In addition to the shelf-life benefits, field trials are being conducted in tropical locations through this winter to generate disease resistance data for banana plants. Subsequent to the end of the first quarter of fiscal 2005, Senesco's researchers presented two abstracts at the joint meeting of the International Cytokine Cytokine Any of a group of soluble proteins that are released by a cell to send messages which are delivered to the same cell (autocrine), an adjacent cell (paracrine), or a distant cell (endocrine). Society and the International Society for Interferon and Cytokine Research, which was held in San Juan, Puerto Rico San Juan (IPA: [saŋ hwaŋ]) (from the Spanish San Juan Bautista, "Saint John the Baptist") is the capital and largest municipality on Puerto Rico. , from October 21-25, 2004. The topic of this year's meeting was "Cytokines Cytokines Chemicals made by the cells that act on other cells to stimulate or inhibit their function. Cytokines that stimulate growth are called "growth factors. in Cancer and Immunity." Also subsequent to the end of the first quarter of fiscal 2005, the peer-reviewed journal peer-reviewed journal Refereed journal Academia A professional journal that only publishes articles subjected to a rigorous peer validity review process. Cf Throwaway journal. "Investigative Ophthalmology ophthalmology (ŏf'thălmŏl`əjē), branch of medicine specializing in the anatomy, function and diseases of the eye. Ophthalmologists specialize in the medical and surgical treatment of eye disorders, vision measurements for and Visual Science" has published Senesco's study titled "The Role of eIF5A in TNF TNF abbr. tumor necrosis factor TNF, n an abbreviation for tumor necrosis f -- alpha -- Mediated Apoptosis apoptosis or programmed cell death Mechanism that allows cells to self-destruct when stimulated by the appropriate trigger. It may be initiated when a cell is no longer needed, when a cell becomes a threat to the organism's health, or for other reasons. of Lamina Cribrosa Cells" in the October 2004 issue. The full text of the Company's press releases is available at www.senesco.com. About Senesco Technologies, Inc. Senesco takes its name from the scientific term for the aging of plant cells: senescence. The Company has developed technology that regulates the onset of cell death. Delaying cell breakdown in plants extends freshness after harvesting, while increasing crop yields, plant size and resistance to environmental stress for flowers, fruits and vegetables. The Company believes that its technology can be used to develop superior strains of crops without any modification other than delaying natural plant senescence  This article or section is in need of attention from an expert on the subject.Please help recruit one or [ improve this article] yourself. See the talk page for details. . Senesco has begun to explore ways to trigger or delay cell death in mammals (apoptosis) to determine if the technology is applicable in human medicine. Accelerating apoptosis may have applications to development of cancer treatments. Delaying apoptosis may have applications to certain diseases such as Alzheimer's, glaucoma glaucoma (glôkō`mə), ocular disorder characterized by pressure within the eyeball caused by an excessive amount of aqueous humor (the fluid substance filling the eyeball). , ischemia Ischemia Definition Ischemia is an insufficient supply of blood to an organ, usually due to a blocked artery. Description Myocardial ischemia is an intermediate condition in coronary artery disease during which the heart tissue is and arthritis, among others. Senesco partners with leading-edge companies and earns research and development fees for applying its gene-regulating platform technology to enhance its partners' products. Senesco is headquartered in New Brunswick, and utilizes research laboratories at the University of Waterloo The University of Waterloo (also referred to as UW, UWaterloo, or Waterloo) is a medium-sized research-intensive public university in the city of Waterloo, Ontario, Canada. The school was founded in 1957. in Ontario, Canada, and the University of Colorado University of Colorado may refer to:
Certain statements included in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 development of the Company's gene technology; the approval of the Company's patent applications; the successful implementation of the Company's research and development programs and joint ventures; the success of the Company's license agreements; the successful conversion of the Company's letter of intent into a license agreement; the acceptance by the market of the Company's products; success of the Company's preliminary studies and preclinical research; competition and the timing of projects and trends in future operating performance, 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 STATEMENTS OF OPERATIONS
(unaudited)
For the For the From
Three Three Inception on
Months Months July 1, 1998
Ended Ended through
Sept. 30, Sept. 30, Sept. 30,
2004 2003 2004
----------- ------------ -------------
Revenue $12,498 $-- $239,165
----------- ------------ -------------
Operating Expenses:
General and administrative 327,763 1,139,392 10,237,166
Research and development 245,985 272,001 3,909,101
----------- ------------ -------------
Total Operating Expenses 573,748 1,411,393 14,146,267
----------- ------------ -------------
Loss From Operations (561,250) (1,411,393) (13,907,102)
Sale of state income tax loss -- -- 433,282
Other noncash income -- -- 185,627
Interest income, net 7,868 10,911 159,870
----------- ------------ -------------
Net Loss $(553,382) $(1,400,482) $(13,128,323)
=========== ============ =============
Basic and Diluted Net Loss Per
Common Share $(0.04) $(0.12)
=========== ============
Basic and Diluted Weighted
Average Number of Common
Shares Outstanding 13,787,848 11,880,045
=========== ============
SENESCO TECHNOLOGIES, INC. AND SUBSIDIARY
(A DEVELOPMENT STAGE COMPANY)
CONDENSED CONSOLIDATED BALANCE SHEET
Sept. 30, June 30,
2004 2004
------------ ------------
(unaudited)
ASSETS
--------------------------------------------
CURRENT ASSETS:
Cash and cash equivalents $119,294 $186,248
Short-term investments 3,348,358 3,949,774
Prepaid expenses and other current assets 59,816 93,967
------------ ------------
Total Current Assets 3,527,468 4,229,989
Property and equipment, net 46,707 51,702
Intangibles, net 1,088,852 922,214
Security deposit 7,187 7,187
------------ ------------
TOTAL ASSETS $4,670,214 $5,211,092
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
--------------------------------------------
CURRENT LIABILITIES:
Accounts payable $148,852 $69,008
Accrued expenses 227,659 287,626
Deferred revenue 20,835 33,333
------------ ------------
Total Current Liabilities 397,346 389,967
Grant payable 90,150 90,150
------------ ------------
TOTAL LIABILITIES 487,496 480,117
------------ ------------
STOCKHOLDERS' EQUITY:
Preferred stock, $0.01 par value; authorized
5,000,000 shares, no shares issued -- --
Common stock, $0.01 par value; authorized
30,000,000 shares, issued and outstanding
13,789,750 and 13,787,250 shares,
respectively 137,898 137,873
Capital in excess of par 17,173,143 17,168,043
Deficit accumulated during the development
stage (13,128,323) (12,574,941)
------------ ------------
Total Stockholders' Equity 4,182,718 4,730,975
------------ ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $4,670,214 $5,211,092
============ ============
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