New Brunswick, New Jersey
February 15, 2007
Senesco Technologies, Inc.
("Senesco" or the "Company") (AMEX:SNT) reported financial
results for the three month period ended December 31, 2006.
The net loss for the three month period ended December 31, 2006
was $1,135,637, or $0.07 per share, compared with a net loss of
$914,009, or $0.06 per share, for the three month period ended
December 31, 2005. This increase in net loss was primarily the
result of increased stock-based compensation included in general
and administrative expenses, which was partially offset by a
decrease in research and development expenses and an increase in
revenue.
The Company reported revenues of $181,250 during the three month
period ended December 31, 2006, compared with $12,500 during the
three month period ended December 31, 2005. Revenue during the
three month period ended December 31, 2006 consisted of initial
payments and the amortized portion of previous milestone
payments received in connection with certain development and
license payments. Revenue during the three month period ended
December 31, 2005 consisted of the amortized portion of previous
milestone payments.
Research and development expenses for the three month period
ended December 31, 2006 were $239,395, compared with $405,439
for the three month period ended December 31, 2005. This
decrease was primarily the result of the timing of various human
health research programs in the application of Senesco's
technology, as certain programs ended while new ones had not yet
begun as well as a decrease in stock-based compensation.
General and administrative expenses for the three month period
ended December 31, 2006 were $1,103,594, compared with $548,742
for the three month period ended December 31, 2005. This
increase was primarily due to an increase in stock-based
compensation in connection with a financial advisory agreement
entered into during the three month period ended December 31,
2006.
As of December 31, 2006, Senesco had cash, cash equivalents and
investments of $1,979,588 and working capital of $1,718,382.
During the quarter, the Company converted its development
agreement with ArborGen, LLC. into a commercial license
agreement for the development and commercialization of certain
species of trees. The Company also entered into a license
agreement with Bayer CropScience GmbH for the development and
commercialization of Canola. The Company now has six license
agreements and one joint venture in agriculture.
Senesco has initiated preclinical research to trigger or
delay cell death in mammals (apoptosis) to determine if its
technology is applicable in human medicine. Accelerating
apoptosis may have applications to the development of cancer
treatments. Delaying apoptosis may have applications to certain
diseases such as glaucoma, ischemia and arthritis, among others.
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. In addition to its human
health research programs, 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 partnered with leading-edge companies
engaged in agricultural biotechnology and earns research and
development fees for applying its gene-regulating platform
technology to enhance its partners' products. Senesco is
headquartered in New Brunswick, N.J. |
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