Senesco Announces $2.0 Million Equity Financing
10 January 2012 - 12:30AM
Business Wire
Senesco Technologies, Inc. (“Senesco” or the “Company”) (NYSE
AMEX: SNT) announced today that it has entered into a securities
purchase agreement to raise approximately $2.0 million in gross
proceeds through the sale of 7,692,308 shares of its common stock.
The investors, excluding officers and directors of Senesco or funds
affiliated with such officers or directors participating in the
offering, 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 offering is expected to close on or about January 11, 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 to have the participation of both new and
existing investors to supplement our financial resources despite
the current challenging economic climate,” said Leslie J. Browne,
Ph.D., President and CEO of Senesco. “Progress in the clinical
development of SNS01-T in multiple myeloma and positive results
from our non-clinical evaluation of SNS01-T in other B-cell
cancers, is delivering additional options that we believe is
recognized as adding value for our investors.”
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 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.
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