Senesco Technologies Reports Second Quarter Fiscal 2004 Financial Results.

Business Editors/Health/Medical Writers

NEW BRUNSWICK, N.J.--(BUSINESS WIRE)--Feb. 18, 2004

Senesco Technologies, Inc. ("Senesco" or the "Company") (AMEX:SNT) reported financial results for the three months ended December 31, 2003.

The net loss for the second quarter of fiscal 2004 was $798,186, or $0.07 per share, compared with a net loss of $562,410, or $0.05 per share, for the comparable period in fiscal 2003. The net loss increased primarily due to an increase in stock-based compensation, research and development expenses, and other general and administrative expenses.

For the second quarter of fiscal 2004 and the second quarter of fiscal 2003, the Company reported no revenue.

Total operating expenses for the second quarter of fiscal 2004 were $898,671, compared with $712,089 for the same period in fiscal 2003. The increase of $186,582, or 26.2%, was attributable primarily to an increase in stock-based compensation, research and development expenses, and other general and administrative expenses.

Research and development expenses were $301,144, compared with $215,803 in the three months ended December 31, 2002. The increase of $85,341, or 39.5%, was attributable primarily to higher costs incurred in connection with the expanded research undertaken by the Company's program at the University of Waterloo and the implementation of the Company's mammalian cell research programs, as well as an increase in stock-based compensation related to the issuance and vesting of stock options granted to certain research consultants.

General and administrative expenses, inclusive of stock-based compensation, for the second quarter of fiscal 2004 were $597,527, up from $496,286 for the comparable period in fiscal 2003. The increase of $101,241, or 20.4%, was attributable primarily to $189,740 in stock-based compensation calculated under the Black-Scholes model in the second quarter of fiscal 2004 compared with $97,497 in the second fiscal quarter of fiscal 2003 related to the issuance and vesting of stock options and warrants, as well as an increase in other general and administrative expenses, investor relations expenses and corporate insurance, which were mostly offset by a decrease in payroll and benefits, and professional fees.

At December 31, 2003, Senesco had cash and investments of approximately $1.6 million and working capital of approximately $1.2 million. Subsequent to quarter end, the Company effected a private placement of approximately 1.5 million units, comprised of one share of newly issued common stock and a warrant to purchase 0.50 of a share of common stock at an exercise price of $3.79 per share, for aggregate proceeds of approximately $3.6 million.

Recent Research and Development Highlights

In December 2003, Senesco reported that it has demonstrated that the inhibition of its proprietary gene, Eukaryotic Translation Initiation Factor 5A1 ("Factor 5A1"), can significantly reduce apoptosis (cell death) caused by tumor necrosis factor alpha ("TNF-alpha"). TNF-alpha is a powerful pro-inflammatory cytokine that mediates the response of the immune system to infection and trauma, and it is known to activate apoptosis as well as cause inflammation. By inhibiting Factor 5A1, Senesco blocked TNF-alpha-induced apoptosis by 80 percent in lamina cribrosa cells of the human optic nerve head. TNF-alpha is strongly upregulated in the optic nerve head of the glaucomatous eye, and TNF-alpha-induced apoptosis appears to be an important determinant of the progressive neurodegeneration characteristic of glaucoma. Thus, inhibition of TNF-alpha-induced apoptosis may reduce damage to the optic nerve during glaucoma.

In addition, the Company found that inhibition of Factor 5A1 in a human intestinal epithelial cell line not only protects these cells from cytokine-induced apoptosis, but also decreases production of TNF-alpha protein by 90 percent. This dual effect of the Company's inhibitor of Factor 5A1 indicates that it could have therapeutic potential for patients suffering from inflammatory bowel disorders such as Crohn's disease and ulcerative colitis. Crohn's disease can lead to apoptosis of intestinal epithelial cells and destruction of the lining of the bowel through production of cytokines such as TNF-alpha.

Recent Corporate Highlights

In January and February 2004, Senesco announced that it completed a private placement of approximately 1,540,000 units at $2.37 per unit, comprised of one share of newly issued common stock and a warrant to purchase 0.50 of a share of common stock at an exercise price of $3.79 to institutional and other accredited investors. Aggregate proceeds to the Company were approximately $3,650,000.

In October 2003, Senesco announced the appointment of John N. Braca to the Company's Board of Directors. Mr. Braca, a CPA, will also serve on the Company's audit committee. Mr. Braca brings to Senesco a strong financial background in the pharmaceutical industry with over 18 years at GlaxoSmithKline (NYSE:GSK).

Also in October 2003, Senesco announced it engaged Sands Brothers International, Ltd. as a financial advisor. As part of the agreement, Sands Brothers is providing Senesco with advice in areas such as investment banking, strategic partnering and licensing opportunities.

Senesco participated in the Rodman & Renshaw Techvest Healthcare Conference, held October 21-23, 2003 at the Marriott Longwharf Hotel in Boston. President & CEO Bruce Galton presented at the conference on October 22, 2003.

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. 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, ischemia 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, New Jersey, and utilizes research laboratories at the University of Waterloo in Ontario, Canada and the University of Colorado in Denver, Colorado.

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 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; 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.

NOTE TO EDITORS: The alpha symbol has been replaced with the word "alpha" in the term "TNF-alpha" because the alpha symbol may not appear properly in some systems.

               SENESCO TECHNOLOGIES, INC. AND SUBSIDIARY
                     (A DEVELOPMENT STAGE COMPANY)
            CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                              (unaudited)


                                     For the     For the  For the Six
                                       Three      Three      Months
                                      Months      Months      Ended
                                       Ended      Ended     December
                                     December    December   31, 2003
                                     31, 2003    31, 2002

                                    ----------------------------------

Revenue                                    $--        $--         $--
                                    ----------------------------------

Operating Expenses:
 General and administrative            597,527    496,286   1,736,919
 Research and development              301,144    215,803     573,145
                                    ----------------------------------
Total Operating Expenses               898,671    712,089   2,310,064
                                    ----------------------------------

Loss From Operations                  (898,671)  (712,089) (2,310,064)

Sale of state income tax loss           91,448    130,952      91,448
Interest income, net                     9,037     18,727      19,948
                                    ----------------------------------
Net Loss                             $(798,186) $(562,410)$(2,198,668)
                                    ==================================

Basic and Diluted Net Loss Per
 Common Share                           $(0.07)    $(0.05)     $(0.18)
                                    ==================================

Basic and Diluted Weighted Average
 Number of Common Shares
 Outstanding                        11,950,053 11,880,045  11,915,049
                                    ==================================



                                             For the Six     From
                                                Months    Inception on
                                                 Ended    July 1, 1998
                                               December     through
                                               31, 2002    December
                                                           31, 2003

                                             -------------------------

Revenue                                          $10,000     $210,000
                                             -------------------------

Operating Expenses:
 General and administrative                      884,310    9,312,890
 Research and development                        374,967    3,164,391
                                             -------------------------
Total Operating Expenses                       1,259,277   12,477,281
                                             -------------------------

Loss From Operations                          (1,249,277) (12,267,281)

Sale of state income tax loss                    130,952      433,282
Interest income, net                              41,283      138,672
                                             -------------------------
Net Loss                                     $(1,077,042)$(11,695,327)
                                             =========================

Basic and Diluted Net Loss Per Common Share       $(0.09)
                                             ============

Basic and Diluted Weighted Average Number of
 Common Shares Outstanding                    11,880,045
                                             ============



              SENESCO TECHNOLOGIES, INC. AND SUBSIDIARY
                    (A DEVELOPMENT STAGE COMPANY)
                 CONDENSED CONSOLIDATED BALANCE SHEET


                                               December 31,  June 30,
                                                  2003        2003
                                               (unaudited)
                    ASSETS

CURRENT ASSETS:
Cash and cash equivalents                         $280,967   $319,930
Short-term investments                           1,301,095  2,099,295
Prepaid expenses and other current assets           65,297    185,535
                                               -----------------------
   Total Current Assets                          1,647,359  2,604,760

Property and equipment, net                         62,935     75,203
Intangibles                                        742,342    578,810
Security deposit                                     7,187      7,187
                                               -----------------------
   TOTAL ASSETS                                 $2,459,823 $3,265,960
                                               =======================

     LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
Accounts payable                                   $27,014    $56,136
Accrued expenses                                   402,799    263,160
                                               -----------------------
       Total Current Liabilities                   429,813    319,296

Grant payable                                       90,150     90,150
                                               -----------------------
   TOTAL LIABILITIES                               519,963    409,446
                                               -----------------------

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
 11,992,179 and 11,880,045 shares                  119,922    118,800
Capital in excess of par                        13,515,265 12,234,373
Deficit accumulated during the development
 stage                                         (11,695,327)(9,496,659)
                                               -----------------------
 Total Stockholders' Equity                      1,939,860  2,856,514
                                               -----------------------

 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY     $2,459,823 $3,265,960
                                               =======================