Senesco Technologies Reports Second 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 December 31, 2004. The Company narrowed its net loss to $484,511, or $0.04 per share, for the three months ended December 31, 2004, compared to a net loss of $798,186, or $0.07 per share, for the three months ended December 31, 2003. The smaller net loss was primarily attributable to an increase in revenue and a decrease in general and administrative expenses, which were partially offset by an increase in research and development expenses. Revenues were $87,502 for the quarter ended December 31, 2004 and consisted of the amortized portion of the initial fee on a development and license agreement and a milestone payment received from another development agreement. The Company did not report any revenue during the quarter ended December 31, 2003. 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. , which consist of general and administrative expenses, research and development expenses and stock-based compensation were $735,024 for the quarter ended December 31, 2004, compared to $898,671 for the quarter ended December 31, 2003. This decrease was primarily the result of a decrease in stock-based compensation and other general and administrative expenses. Research and development expenses for the three months ended December 31, 2004 increased to $337,929 compared to $301,144 for the three months ended December 31, 2003. This increase was primarily the result of an increase in stock based compensation, additional staff related costs and expanded research programs at the University at Waterloo and other institutions as well an unfavorable foreign exchange rate variance between the U.S. and Canadian dollar Noun 1. Canadian dollar - the basic unit of money in Canada; "the Canadian dollar has the image of loon on one side of the coin" loonie dollar - the basic monetary unit in many countries; equal to 100 cents . These increases were offset by a decrease in other costs related to certain human health research projects that were ended during the fiscal year ended June 30, 2004 and in December 2004. General and administrative expenses for the second quarter of fiscal 2005 were $397,095, compared to $597,527 for the comparable period in fiscal 2004. This decrease was primarily the result of a decrease in stock based compensation and professional fees, which was partially offset by an increase in payroll related costs. At December 31, 2004, Senesco had cash, cash equivalents and short-term investments of $3.1 million and working capital of $2.7 million. Recent Corporate Highlights During the second quarter of fiscal 2005, Senesco entered into a license agreement with the Broin Companies ("Broin") to license the Company's proprietary gene technology with the goal of improving aspects of Broin's ethanol production capabilities. Senesco will receive an annual payment for each Broin facility that incorporates Senesco's technology. Recent Research and Development Highlights On December 16, 2004, Senesco announced the expansion of its human health research program. Senesco's proprietary technologies will be evaluated in certain cancer and inflammatory disease Noun 1. inflammatory disease - a disease characterized by inflammation disease - an impairment of health or a condition of abnormal functioning NEC, necrotizing enterocolitis - an acute inflammatory disease occurring in the intestines of premature infants; models. These new preclinical studies preclinical studies, n.pl a term used to describe research done before a clinical study. May be laboratory or epidemiologic research. are being conducted at the Mayo Clinic Mayo Clinic: see Mayo, Charles Horace. Mayo Clinic voluntary association of more than 500 physicians in Rochester, Minnesota. [Am. Hist.: EB, 11: 723] See : Medicine and the University of Virginia. In addition, 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 published the Company's study entitled "The Role of eIF5A in TNF-alpha -- Mediated me·di·ate v. me·di·at·ed, me·di·at·ing, me·di·ates v.tr. 1. To resolve or settle (differences) by working with all the conflicting parties: 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 study demonstrated that in cell line experiments, inhibition of the Company's proprietary eIF5A ("Factor 5A") gene protected human optic nerve optic nerve: see vision. cells from programmed cell death pro·grammed cell death n. See apoptosis. programmed cell death proposed system of cell death, often including poly(ADP)-ribosylation, ensures that a cell will not survive if it is so badly damaged that its recovery would harm the , or apoptosis. Blindness caused by 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). can result from TNF-alpha induced apoptosis of the optic nerve. An abstract based on this research was presented in April at the 2004 Annual Meeting of the Association for Research in Vision and Ophthalmology (ARVO ARVO Association for Research in Vision and Ophthalmology. ). Senesco's researchers also 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 interferon (ĭn'tərfēr`ŏn), any of a group of proteins produced by cells in the body in response to an attack by a virus. A cell infected by a virus releases minute amounts of interferons, which attach themselves to neighboring cells, 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 abstracts were titled: "The Reduction of TNF-alpha Secretion by siRNA Against Eukaryotic Translation Eukaryotic translation is the process by which messenger RNA is translated into proteins in eukaryotes. Initiation The cap-dependent initiationInitiation of translation usually involves the interaction of certain key proteins with a special tag bound to 5'-end Initiation Factor initiation factorn. Abbr. IF Any of several soluble proteins involved in the initiation of protein synthesis and released from the ribosome as it progresses into chain elongation. 5A in PBMCS," and "Eukaryotic Translation Initiation Factor 5A Regulates Interferon Gamma-Stimulated NF-KB Activation and Cytokine Secretion in HT-29." About Senesco Technologies, Inc. Senesco takes its name from the scientific term for the aging of plant cells: 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. . 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 The class Mammalia (the Mammals) is divided into two subclasses based on reproductive techniques: egg laying mammals (the Monotremes); and mammals which give live birth. The latter subclass is divided into two infraclasses: pouched mammals (the marsupials); and the placental 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 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, New Jersey This article is about the city in New Jersey. For the Canadian province, see New Brunswick. New Brunswick, also known as "the Healthcare City"[2] or "Hub City",[3] is a city and the county seat of the County of Middlesex, New Jersey, USA. , 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 preclinical /pre·clin·i·cal/ (-klin´i-k'l) before a disease becomes clinically recognizable. pre·clin·i·cal adj. 1. 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 Three Months For the Three Months
Ended December 31, Ended December 31,
2004 2003
-------------------- --------------------
Revenue $87,502 $--
-------------------- --------------------
Operating Expenses:
General and administrative 397,095 597,527
Research and development 337,929 301,144
-------------------- --------------------
Total Operating Expenses 735,024 898,671
-------------------- --------------------
Loss From Operations (647,522) (898,671)
Sale of state income tax loss 153,160 91,448
Other noncash income -- --
Interest income, net 9,851 9,037
-------------------- --------------------
Net Loss $(484,511) $(798,186)
==================== ====================
Basic and Diluted Net Loss
Per Common Share $(0.04) $(0.07)
==================== ====================
Basic and Diluted Weighted
Average Number of Common
Shares Outstanding 13,802,357 11,950,053
==================== ====================
From
Inception on
For the Six For the Six July 1, 1998
Months Months through
Ended Ended December
December 31, December 31, 31,
2004 2003 2004
------------ ------------ -------------
Revenue $100,000 $-- $326,667
------------ ------------ -------------
Operating Expenses:
General and administrative 724,858 1,736,919 10,634,261
Research and development 583,914 573,145 4,247,030
------------ ------------ -------------
Total Operating Expenses 1,308,772 2,310,064 14,881,291
------------ ------------ -------------
Loss From Operations (1,208,772) (2,310,064) (14,554,624)
Sale of state income tax loss 153,160 91,448 586,442
Other noncash income -- -- 185,627
Interest income, net 17,719 19,948 169,721
------------ ------------ -------------
Net Loss $(1,037,893) $(2,198,668) $(13,612,834)
============ ============ =============
Basic and Diluted Net Loss Per
Common Share $(0.08) $(0.18)
============ ============
Basic and Diluted Weighted
Average Number of Common
Shares Outstanding 13,795,102 11,915,049
============ ============
SENESCO TECHNOLOGIES, INC. AND SUBSIDIARY
(A DEVELOPMENT STAGE COMPANY)
CONDENSED CONSOLIDATED BALANCE SHEET
December 31, June 30,
2004 2004
------------ ------------
(unaudited)
ASSETS
------
CURRENT ASSETS:
Cash and cash equivalents $639,492 $186,248
Short-term investments 2,444,971 3,949,774
Prepaid expenses and other current assets 34,145 93,967
------------ ------------
Total Current Assets 3,118,608 4,229,989
Property and equipment, net 39,592 51,702
Intangibles, net 1,216,374 922,214
Security deposit 7,187 7,187
------------ ------------
TOTAL ASSETS $4,381,761 $5,211,092
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
CURRENT LIABILITIES:
Accounts payable $91,806 $69,008
Accrued expenses 323,457 287,626
Deferred revenue 8,333 33,333
------------ ------------
Total Current Liabilities 423,596 389,967
Grant payable 90,150 90,150
------------ ------------
TOTAL LIABILITIES 513,746 480,117
------------ ------------
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
13,809,750 and 13,787,250 shares,
respectively 138,098 137,873
Capital in excess of par 17,342,751 17,168,043
Deficit accumulated during the development
stage (13,612,834) (12,574,941)
------------ ------------
Total Stockholders' Equity 3,868,015 4,730,975
------------ ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $4,381,761 $5,211,092
============ ============
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