By a News Reporter-Staff News Editor at Clinical Trials Week -- Senesco Technologies, Inc. ("Senesco" or the "Company") (OTCQB:SNTI) announced financial results for the three months ended December 31, 2013 ("Second Quarter 2014"). Fiscal Second Quarter and Recent Highlights The Company completed cohort 3 of its Phase 1b/2a clinical trial for its drug candidate, SNS01-T, for the treatment of multiple myeloma and lymphoma. The Data Review Committee's review of the results of cohort 3 concluded that SNS01-T was safe and well tolerated at a dose of 0.2 mg/Kg. No drug-related serious adverse events or dose limiting toxicities have been observed in the study (see also Senesco Technologies, Inc.).
The Company received approval from its Data Review Committee to proceed to cohort 4, which is expected to require six evaluable patients. The patients in cohort 4 are receiving 0.375 mg/Kg of SNS01-T.
The Company made two presentations on its gene regulation technology (SNS01-T) for blood-borne cancer care at the 55th American Society of Hematology (ASH) Annual Meeting.
The Company presented at the Biotech Showcase 2014 Conference.
The Company completed an equity offering of $5.4 million in gross proceeds in December 2013.
The Company executed a non-binding Letter of Intent to acquire Fabrus, Inc.
"We are excited to be in cohort 4, at the top dose planned, of our Phase 1b/2a with SNS01-T," stated 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 Research and development expenses for the Second Quarter 2014 were $647,123, compared with $591,079 for the Second Quarter 2013, a 9.5% 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% 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.
Keywords for this news article include: Therapy, Drug Development, Adverse Drug Reaction, Senesco Technologies Inc., Clinical Trials and Studies.
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