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Senesco Technologies Inc. Message Board

  • investora2z investora2z Nov 15, 2013 12:06 PM Flag

    10Q

    In the 10Q filed by Senesco for the quarterly period ending September 30, the management has expressed confidence about the progress of the trials. The President of the company stated “We are pleased with the progress we have recently made in the SNS01-T study. Enrollment in cohort 3, where the dose level is a four-fold increase in the dose level in cohort 2 from 0.05 mg/kg to 0.2 mg/kg, is proceeding at a better pace than the previous two cohorts. If we do not have any additional dropouts in this cohort, we should be in a position to announce the results from this cohort within the next month.” The preclinical cancer models in mice had yielded encouraging results at this dose. During the quarter, it began treating patients at the Company’s newly opened clinical-trial site at Seattle Cancer Care Alliance, and also completed an equity offering of $1,725,000 in gross proceeds in October 2013. It received a revenue of $100,000 which relates to a milestone payment in connection with an agricultural license agreement. The loss in Q1'14 was $1.8 million or $0.78 per share compared to $2.7 million or $2.52 per share in Q1'13. The decrease in the loss applicable to common shares was primarily the result of a decrease in a non-cash loss on settlement of warrant liabilities and decrease in dividends on preferred stock. Cash & equivalents on September 30, 2013 were $789,176, compared to $1,602,294, as of June 30, 2013. In October 2013 the Company received net proceeds of approximately $1,505,000 from the placement of common stock which has improved the cash position. The Company plans to fund future R&D and commercialization activities by utilizing their current cash, by achieving milestones set forth in current licensing agreements, by execution of additional licensing agreements, and through the placement of equity and / or debt instruments. It has sufficient cash on hand to maintain operations till March 2014.

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