Senesco Technologies Reports First Quarter Fiscal 2008 Financial Results
Net loss for the three month period ended September 30, 2007 was $382,046,or $0.02 per share, compared with a net loss of $600,465, or $0.04 per share,for the three month period ended September 30, 2006. This decrease in netloss was primarily the result of an increase in revenue, which was partiallyoffset by an increase in operating expenses.
Revenue of $371,250 for the three month period ended September 30, 2007consisted of the initial payments and the amortized portion of previousmilestone payments received in connection with certain license agreements.Revenue of $81,250 for the three month period ended September 30, 2007consisted of current milestone payments and the amortized portion of previousmilestone payments received in connection with certain development and licenseagreements.
"Our technology has attracted substantial interest from major players inthe agriculture industry, as evidenced by the license agreements we signedthis past quarter with Bayer CropScience AG for the development andcommercialization of cotton and rice, and with Monsanto Company for thedevelopment and commercialization of corn and soy," said Bruce Galton,President and CEO of Senesco. "Simultaneously, we continue to advance ourplans for a certain cancer candidate for a potential Phase I clinical trial.We believe we have secured the necessary financing and we have recentlyretained a contract research organization to assist us in our efforts."
Research and development expenses during the three month period endedSeptember 30, 2007 were $352,895, compared with $309,348 during the threemonth period ended September 30, 2006. This increase resulted from anincrease in research costs associated with our human health research program,which was partially offset by a decrease in our agricultural researchexpenses. The Company expects research and development expenses to continueto increase as it expands its research activities, particularly in the area ofhuman health.
General and administrative expenses were $389,059 for the three monthperiod ended September 30, 2007, compared with $383,285 during the three monthperiod ended September 30, 2006. This decrease was primarily due to lowerstock-based compensation expense, which was partially offset by an increase indepreciation and amortization.
At September 30, 2007, Senesco had cash, cash equivalents and investmentsof $1,641,003. With the remaining potential gross proceeds of our previouslyannounced $10 million financing, Senesco should be able to operate accordingto the Company's current business plan for the next 24 months. As previouslydisclosed, the Company has closed on $3 million of the $10 million financing.The receipt of the remaining $7 million of proceeds is dependent upon theachievement of certain milestones, including shareholder approval and uponentering into certain supply agreements with third party manufacturers. IfSenesco does not meet all or some of the foregoing funding milestones, thenthe current $3 million is only sufficient for the next 9 months.
About Senesco Technologies, Inc.
Senesco Technologies, Inc. is a U.S. biotechnology company, headquarteredin New Brunswick, NJ. Senesco has initiated preclinical research to triggeror delay cell death in mammals (apoptosis) to determine if the technology isapplicable in human medicine. Accelerating apoptosis may have applications todevelopment of cancer treatments. Delaying apoptosis may have applications tocertain diseases inflammatory and ischemic diseases. Senesco takes its namefrom the scientific term for the aging of plant cells: senescence. Delayingcell breakdown in plants extends freshness after harvesting, while increasingcrop yiel
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