Senesco Technologies, Inc. has announced financial results for the three months ended December 31 ("Second Quarter 2014").
"We are excited to be in cohort 4, at the top dose planned, of our Phase 1b/2a with SNS01-T," said Leslie J. Browne, Ph.D, President and Chief Executive Officer of Senesco. "The study is progressing well and we expect to report top-line results by the end of June."
Second Quarter 2014 Financial Results
In a release on February 18, the Company noted that research and development expenses for the Second Quarter 2014 were $647,123, compared with $591,079 for the Second Quarter 2013, a 9.5 percent increase. The increase was primarily due to an increase in costs incurred in connection with the development of the Company's drug candidate, SNS01-T, for multiple myeloma due to the timing of patient recruitment, which was partially offset by a decrease in the cost associated with the research contract with the University of Waterloo.
General and administrative expenses were $941,784 for the Second Quarter 2014 compared with $708,968 for the Second Quarter 2013, a 32.8 percent increase. The increase was primarily due to an increase in stock based compensation and investor relations costs, which was partially offset by a decrease in professional fees.
The loss applicable to common shares for the Second Quarter 2014 was $1,640,255 or $0.48 per share compared with a loss applicable to common shares for the Second Quarter 2013 of $1,293,871 or $1.11 per share.
As of December 31, 2013, the Company had cash and cash equivalents in the amount of $6,121,895, compared to cash and cash equivalents of $1,602,294, as of June 30, 2013.
Senesco has initiated a Phase 1b/2a clinical study for its drug candidate, SNS01-T, in multiple myeloma, diffuse large B-cell lymphoma and mantle cell lymphoma patients. Patients are currently being treated in the fourth cohort of the trial. The Company plans to fund research and development and commercialization activities by utilizing its current cash balance and investments, through the placement of equity and / or debt instruments, by achieving milestones set forth in current licensing agreements, and through the execution of additional licensing agreements. The Company believes that it has sufficient cash on hand to maintain operations at least through December 31.
SNS01-T is a novel approach to cancer therapy that is designed to selectively trigger apoptosis in B-cell cancers such as multiple myeloma and mantle cell and diffuse large B-cell lymphomas. Senesco is the sponsor of a Phase 1b/2a study that is actively enrolling patients at Mayo Clinic in Rochester, MN, the University of Arkansas for Medical Sciences in Little Rock, AR, the Mary Babb Randolph Cancer Center in Morgantown, WV, the John Theurer Cancer Center at Hackensack University Medical Center in Hackensack, NJ, and the Seattle Cancer Care Alliance in Seattle, WA.
Senesco Technologies is a clinical-stage biotech company specializing in cancer therapeutics. Its proprietary gene regulation technology has demonstrated the ability to eliminate cancerous cells and protect healthy cells from premature death.
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