Senesco (AMEX:SNT)
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2 Years : From May 2011 to May 2013
Senesco Technologies, Inc. (“Senesco” or the “Company”) (NYSE AMEX: SNT)
announced today that it has entered into a securities purchase
agreement to raise an additional $1.0 million in gross proceeds through
the sale of 3,846,154 shares of its common stock. The investor will also
receive 50% warrant coverage at an exercise price of $0.286 per share.
The common stock and 50% warrant coverage (the “Unit”) was priced at
$0.26 per Unit.
The follow-on to the January 2012 offering is expected to close on or
about March 6, 2012. The net proceeds of the financing will be used
primarily for working capital, research and development and general
corporate purposes.
“We are very pleased that an investor in the previous round of financing
in January 2012 wanted to invest additional funds that are now
available,” said Leslie J. Browne, Ph.D., President and CEO of Senesco.
“The result with this financing is that the January raise has rounded
out at a total of approximately $3.0 million.”
The shares and warrants are being offered pursuant to a prospectus
forming a part of the Company’s effective registration statement (File
No. 333-170140) filed with the Securities and Exchange Commission (the
“SEC”), a copy of which may be obtained, when available, at the SEC’s
website at http://www.sec.gov.
This press release does not and shall not constitute an offer to sell or
the solicitation of an offer to buy, nor will there be any sale of these
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
Additional terms of this offering (including the full terms and
conditions of the securities purchase agreement and warrants) were
disclosed on a Form 8-K filed with the SEC by Senesco simultaneously
with this press release and will also be disclosed in the prospectus
filed with the SEC in connection with this offering.
About Senesco Technologies, Inc.
Senesco, a leader in eIF5A technology, is running a clinical study in
multiple myeloma with its lead therapeutic candidate SNS01-T, which
targets B-cell cancers by selectively inducing apoptosis by modulating
eukaryotic, translation, initiation Factor 5A (eIF5A), which is believed
to be an important regulator of cell growth and cell death. Accelerating
apoptosis may have applications in treating cancer, while delaying
apoptosis may have applications in treating certain inflammatory and
ischemic diseases. Senesco has already partnered with leading-edge
companies engaged in agricultural biotechnology and biofuels development
and is entitled to earn research and development milestones and
royalties if its gene-regulating platform technology is incorporated
into its partners’ products.
About Multiple Myeloma
Multiple myeloma is an incurable cancer of plasma cells, a type of white
blood cell derived from B-lymphocytes, normally responsible for the
production of antibodies. Senesco was previously granted orphan drug
status for SNS01-T, the Company’s lead drug candidate for treatment of
multiple myeloma.
Forward-Looking Statements
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 ability of the Company to
consummate additional financings; 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 collaborations; the success of the Company's license
agreements; the acceptance by the market of the Company’s products; the
timing and success of the Company’s preliminary studies, preclinical
research and clinical trials; competition and the timing of projects and
trends in future operating performance, the Company’s ability to comply
with the continued listing standards of the NYSE Amex, as well as other
factors expressed from time to time in the Company’s periodic filings
with 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.
