Senesco Technologies Reports Third Quarter Fiscal 2003 Financial Results.Business Editors/Health/Medical Writers 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.--(BUSINESS WIRE)--May 16, 2003 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 March 31, 2003. The net loss for the third quarter of fiscal 2003 was $515,683, or $0.04 per share, compared with a net loss of $482,820, or $0.05 per share, for the comparable period in fiscal 2002. For the third quarter of fiscal 2003, the Company reported no revenue, similar to its comparable period in fiscal 2002. 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 third quarter of fiscal 2003 were $532,090, compared with $495,495 for the comparable period in fiscal 2002. The increase of $36,595, or 7.4%, was attributable primarily to an increase in research and development expenses, which were partially offset by a decrease in general and administrative expenses and stock-based compensation. Research and development expenses rose substantially to $237,687, from $100,949 in the comparable period in fiscal 2002. The increase of $136,738, or 135.5%, was attributable primarily to the expansion of the Company's research and development program 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. , the implementation of the Company's mammalian cell research programs and the implementation of new plant research being conducted in connection with a collaboration agreement with Anawah, Inc. (formerly Tilligen, Inc.). General and administrative expenses for the third quarter of fiscal 2003 were $294,403, down slightly from $300,400 for the comparable period in fiscal 2002. The decrease of $5,997, or 2.0%, was attributable primarily to lower payroll and professional fees, which were mostly offset by an increase in investor relations Investor relations The process by which the corporation communicates with its investors. costs and depreciation and amortization. The Company reported no stock-based compensation for the third quarter of fiscal 2003, compared with $94,146 for the comparable period in fiscal 2002. The decrease of $94,146, or 100%, was primarily the result of a decrease in stock options granted and becoming vested to members of the Scientific Advisory Board and consultants and warrants granted and becoming vested to certain financial advisors. At March 31, 2003, Senesco had cash and investments of $3.1 million and working capital of $2.8 million. "Our recent fiscal quarter was marked by the receipt of our first patent, reinforcing our commitment to protect our intellectual property," stated Bruce Galton, President and Chief Executive Officer of Senesco. Mr. Galton added: "We are actively continuing our discussions with the Tianjin Academy of Agricultural Sciences regarding its letter of intent for the exclusive use of the Company's technology in a variety of fruit and vegetable crops in China (the "LOI LOI Letter of Indemnity (international trade and carriage business) LOI Letter Of Intent LOI Loss On Ignition LOI Letter of Inquiry LOI Lack Of Information LOI Lack of Interest LOI Letter of Invitation LOI List Of Items ") and have initiated contact with a Chinese biotechnology seed company. This is a necessary step in order to secure the financing envisioned and to commercialize the seeds to be developed pursuant to the LOI. However, due to the current SARS health crisis in China, certain parties within various governmental positions in China have been difficult to contact, which has made the process more lengthy than we originally anticipated. We expect discussions to be ongoing over the next several months." Recent Corporate Highlights In March, Senesco announced that it was awarded Patent No. 6,538,182 from the U.S. Patent and Trademark Office entitled "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 Deoxyhypusine Synthase synthase /syn·thase/ (-thas) a term used in the names of some enzymes, particularly lyases, when the synthetic aspect of the reaction is dominant or emphasized. syn·thase n. , A Plant Eukaryotic Initiation Factor There exist many more eukaryotic initiation factors (eIF) than prokaryotic initiation factors due to greater biological complexity. Processes eIF is involved in include: formation of initation complexes with 5' mRNA and complexing with Met-tRNAi 5A, Transgenic trans·ge·nic adj. 1. Of, relating to, or being an organism whose genome has been altered by the transfer of a gene or genes from another species or breed: transgenic mice. 2. 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. 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 in Plants." Also in March, the Company announced that inhibiting the expression of its patent-pending gene, 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. eucaryotic eucaryotic see eukaryotic. Initiation Factor initiation factor n. 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 ("Factor 5A"), has been shown to reduce apoptosis (cell death) in preclinical studies preclinical studies, n.pl a term used to describe research done before a clinical study. May be laboratory or epidemiologic research. with human lamina cribrosa cells from the optic nerve optic nerve: see vision. head of human eyes. The lamina LAMINA - A concurrent object-oriented language. ["Experiments with a Knowledge-based System on a Multiprocessor", Third Intl Conf Supercomputing Proc, 1988]. cribrosa is a supporting structure for the optic nerve at the point of connection with the eye. Apoptosis is a critical factor leading to blindness in 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). patients. Also during March, the Company announced results from certain preclinical studies being conducted at the University of Colorado University of Colorado may refer to:
An inadequate supply of blood to a part of the body, caused by partial or total blockage of an artery. Mentioned in: Antiangiogenic Therapy, Subarachnoid Hemorrhage, Ventricular Fibrillation ischemic heart tissue to two 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. , interleukin-1 beta and interleukin-18 ("IL-1" and "IL-18"). IL-1 is associated with a variety of inflammatory diseases and IL-18 has been reported to cause premature programmed cell death. 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, 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 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 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; 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
Three Months Three Months
Ended March 31, Ended March 31,
2003 2002
Revenue $-- $--
Operating Expenses:
General and administrative 294,403 300,400
Research and development 237,687 100,949
Stock-based compensation -- 94,146
Total Operating Expenses 532,090 495,495
Loss From Operations (532,090) (495,495)
Sale of state income tax loss -- --
Interest income, net 16,407 12,675
Net Loss $(515,683) $(482,820)
Basic and Diluted Net Loss Per
Common Share $(0.04) $(0.05)
Basic and Diluted Weighted
Average Number of Common
Shares Outstanding 11,880,045 10,527,346
For the For the From
Nine Nine Inception
Months Months on July 1,
Ended Ended 1998,
March 31, March 31, through
2003 2002 March 31,
2003
Revenue $10,000 $125,000 $210,000
Operating Expenses:
General and administrative 1,056,416 976,528 6,084,193
Research and development 597,774 257,925 2,097,350
Stock-based compensation 137,177 635,186 1,498,435
Total Operating Expenses 1,791,367 1,869,639 9,679,978
Loss From Operations (1,781,367) (1,744,639) (9,469,978)
Sale of state income tax loss 130,952 150,551 341,834
Interest income, net 57,690 5,227 105,098
Net Loss $(1,592,725) $(1,588,861) $(9,023,046)
Basic and Diluted Net Loss Per
Common Share $(0.13) $(0.18)
Basic and Diluted Weighted
Average Number of Common
Shares Outstanding 11,880,045 8,925,427
SENESCO TECHNOLOGIES, INC. AND SUBSIDIARY
(A DEVELOPMENT STAGE COMPANY)
CONDENSED CONSOLIDATED BALANCE SHEET
March 31, June 30,
2003 2002
(unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $76,239 $798,711
Short-term investments 3,045,108 2,872,432
Accounts receivable -- 75,000
Prepaid expenses and other current assets 170,917 55,772
Total Current Assets 3,292,264 3,801,915
Long-term investments -- 993,535
Property and equipment, net 82,867 79,581
Intangibles 465,614 347,978
Security deposit 7,187 7,187
TOTAL ASSETS $3,847,932 $5,230,196
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $62,131 $80,201
Accrued expenses 365,524 296,347
Total Current Liabilities 427,655 376,548
Grant payable 90,150 67,972
TOTAL LIABILITIES 517,805 444,520
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
11,880,045 shares 118,800 118,800
Capital in excess of par 12,234,373 12,157,679
Deficit accumulated during the development
stage (9,023,046) (7,430,321)
Deferred compensation related to issuance of
options and warrants -- (60,482)
Total Stockholders' Equity 3,330,127 4,785,676
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $3,847,932 $5,230,196
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