05) $ (0. WASHINGTON, On March 2, the Food and Agriculture
Organization (FAO) and World Health Organization (WHO) Joint Expert Committee
on Food Additives
(JECFA) released a report on acrylamide in food."
The Food Products Association is the science
-based trade association
serving the food and beverage industry in the United States and worldwide
.
agroindustrial horticultural
Research and development expenses for the three month period ended
March 31, 2005 were $364,080
, compared with $320,559 recorded in
fiscal 2004 third quarter. Senesco
now has five issued U.
On
May 12, 2005, the Company added two preclinical human health
research programs to further characterize
the role of its proprietary
technologies, one for bladder cancer and the other for inflammatory
bowel
disease ("IBD"). None of the untreated mice survived. FPA agrees with the cautionary note made
by
the JECFA report, as well as by WHO and FAO, in addressing reduction
options, that 'any major changes
would need to be checked for consumer
acceptability, nutritional quality and the possible increased
formation of
other undesirable substances.arboreta postharvest
In addition to
these banana disease tolerance data
, Senesco and Rahan have previously
shown both an increase in banana fruit shelf life and increase
in
growth rates of banana plants in field trials.ashs taxonomists
About Senesco Technologies, Inc.arboreta maca
The increase
was primarily the result of an increase in
payroll and benefits, investor relations, and professional
fees, which
was partially offset by a decrease in stock-based compensation., Executive Vice
President
and Chief Science Officer of the Food Products Association (FPA)
made the following remarks:
"WHO and FAO, in announcing the JECFA report, continue to recommend that
national governments
encourage consumers to follow established dietary
guidelines and eat a well-balanced diet consisting
of a wide variety of foods
in moderation.cultivar socioeconomic
'
"Acrylamide is found in a wide variety of foods
, both commercially
prepared and those cooked at home, and is likely to be impossible to totally
eliminate
from foods.S.This category contains websites concerned with the science and technology of growing plants
on an intensive or on a small scale basis, as opposed to the extensive cultivation of arable cultivation
.
agnic horticultural
S. Much related material regarding domestic gardens will be found in the related category Home: Gardening
.
crops arboriculture
Patent and Trademark Office, including its first pertaining to
uses in human health.
On April
13, 2005, the Company announced that its trials of
Senesco/Rahan banana plants have shown increased
tolerance to the
Black Sigatoka disease, as measured on an index of tolerance widely
used in the
industry for this disease.
postharvest ashs
The Company reported revenues of $12,500 during the three
month
period ended March 31, 2005, compared with $4,167 in the prior year's
third quarter.
Senesco
had cash and investments of approximately $2.crops maca
The Company expects operating expenses to increase over
the next twelve months as it continues to expand its research and
development activities. The
increase was primarily the result of an
increase in payroll and benefits related to the addition
of a Vice
President of research in July 2004, and an increase in the number of
research projects
related to human health. It includes turf science, arboriculture, and nursery science.
arboriculture ornamentals
3 million and
working capital of $2.
Senesco takes its name from the scientific term for the aging of
plant
cells: senescence. Senesco has undertaken preclinical research
in certain areas of human health.
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
development of the Company's gene technology;
the success and timing
of the Company's studies and pre-clinical trials; the approval of the
Company
's patent applications; the successful implementation of the
Company's research and development programs
and joint ventures; the
success of the Company's license agreements; the successful conversion
of
the Company's letter of intent into a license agreement; the
acceptance by the market of the Company
's products; competition and
the timing of projects and trends in future operating performance, as
well as other factors expressed from time to time in the Company's
periodic filings with the Securities
and Exchange Commission (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.hdra ornamentals
These field
trial data corroborate the Company's earlier findings
that its proprietary Factor 5A technology confers
resistance to fungal
pathogens by preventing premature plant cell death. As a result, this press
release should be read in conjunction
with the Company's periodic filings with the SEC.
mutants arboreta
These increases
were
partially offset by a decrease in the amortization of an initial fee
paid by the Company
in connection with an agricultural research
project.0 million as of March 31, 2005. The other three
issued Patents focus on the
Company's proprietary gene technology for use in agriculture. Patents
.
The Company believes that its technology can be used to develop
superior strains of crops without
any modification other than delaying
natural plant senescence.
Certain statements included
in this press release are
forward-looking statements within the meaning of the Private
Securities
Litigation Reform Act of 1995. AND SUBSIDIARY
(A DEVELOPMENT STAGE COMPANY)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited
)
For the For the From
Three Three Inception on
Months Months
July 1, 1998
Ended Ended through
March 31, March 31, March 31,
2005
2004 2005
------------ ------------ ------------
-
Revenue $ 12,500 $ 4,167 $ 339,167
------------ ------------ -------------
Operating Expenses:
General and administrative
340,950 294,125 10,975,211
Research and development 364,080 320,559
4,611,110
------------ ------------ -------------
Total Operating
Expenses 705,030 614,684 15,586,321
-----------
- ------------ -------------
Loss From Operations (692,530) (610,517) (15,247
,154)
Sale of state income tax loss -- -- 586,442
Other noncash income
-- 185,627 185,627
Interest income, net 13,127
7,879 182,848
------------ ------------ -------------
Net
Loss $ (679,403) $ (417,011) $(14,292,237)
============ ============ =============
Basic and Diluted Net Loss Per
Common Share
$ (0.01 par value; authorized
30,000,000 shares, issued and
outstanding 13
,871,737 and
13,787,250 shares, respectively 138,717 137,873
Capital in excess
of par 17,412,607 17,168,043
Deficit accumulated during the development
stage (14,292,237) (12,574,941)
------------- -------------
Total Stockholders' Equity 3,259,087
4,730,975
------------- -------------
TOTAL
LIABILITIES AND STOCKHOLDERS'
EQUITY $ 3,702,838 $ 5,211,092
============= =============
This is consistent
with advice given by numerous public health
authorities around the world.hdra floriculture
("Senesco" or the "Company
") (AMEX:SNT) reported
financial results for the three months ended March 31, 2005.05 per share, compared
with a net loss of $417,011, or
$0.
General and administrative expenses for the three month period
ended March 31, 2005 and March 31, 2004 were $340,950 and $294,125,
respectively.
SENESCO TECHNOLOGIES, INC. Commenting
on the report's conclusions, Dr. The purpose of
the JECFA report is to examine available
scientific information to assist national governments in
better understanding
what is known about acrylamide toxicology, and how to evaluate potential ways
to reduce acrylamide concentrations in food. It should be noted that the
JECFA report recommends
that acrylamide be re-evaluated when the results from
ongoing toxicological studies are available
. The JECFA report also points to
the need for additional information about acrylamide in foods to
adequately
consider potential human health concerns.maca horticultural
Senesco Technologies Reports Third Quarter Fiscal
2005 Financial Results
Business Editors/Health/Medical Writers
NEW BRUNSWICK, N.
"As the scientific and technical trade association for the U.ripening hops
----Senesco
Technologies, Inc.4 million
in a private
placement of common stock and warrants.D.horticulture postharvest
Total operating expenses for the three
month period ended March
31, 2005 were $705,030, compared with $614,684 for the third quarter
of
fiscal 2004. Senesco is headquartered in New Brunswick, New Jersey, and
utilizes research laboratories
at universities and research centers
throughout North America.03)
============ ============
Basic and Diluted Weighted
Average Number of Common
Shares
Outstanding 13,827,151 13,137,522
============ ============
SENESCO TECHNOLOGIES, INC.Food Products Association Comments on JECFA Acrylamide
Report
arboriculture maca
This increase was primarily the result of an increase
in general and administrative expenses
and research and development
expenses, which was partially offset by a decrease in stock-based
compensation
. Subsequent to
the close of the quarter, the Company raised $3. The Company has developed technology
that
regulates cell life.
Senesco partners with leading-edge companies and earns research and
development fees for applying its technology to enhance its partners'
products.ripening horticulture
The goal of these
studies is to add more data
to the Company's growing body of work in the research of both cancer
and inflammatory disease.glasshouse hdra
03 per share, in the comparable period in fiscal 2004.
Accelerating apoptosis
may have applications to development of
cancer treatments.viticulture arboriculture
The recorded revenue consisted of the
amortized portion
of the initial fee on a development and license agreement.
On April 29, 2005
, the Company reported that mice treated with
Senesco's proprietary technology had shown a marked
survival benefit
in the lethal sepsis study conducted at the University of Virginia. AND SUBSIDIARY
(A DEVELOPMENT STAGE COMPANY)
CONDENSED CONSOLIDATED BALANCE
SHEET
March 31, June 30,
2005 2004
---
---------- -------------
(unaudited)
ASSETS
------------------------------------------
CURRENT ASSETS:
Cash and cash equivalents
$ 194,953 $ 186,248
Short-term investments 2,091,520
3,949,774
Prepaid expenses and other current assets 74,521 93,967
------------- -------------
Total Current Assets
2,360,994 4,229,989
Property and equipment, net 33,051
51,702
Intangibles, net 1,301,606 922,214
Security deposit
7,187 7,187
------------- -------------
TOTAL ASSETS $ 3,702,838 $ 5,211,092
============= =============
LIABILITIES AND
STOCKHOLDERS' EQUITY
------------------------------------------
CURRENT LIABILITIES:
Accounts
payable $ 109,567 $ 69,008
Accrued expenses
198,201 287,626
Deferred revenue 45,833
33,333
------------- -------------
Total Current
Liabilities 353,601 389,967
Grant payable
90,150 90,150
------------- -------------
TOTAL LIABILITIES 443,751 480,117
------------- -------------
STOCKHOLDERS' EQUITY:
Preferred stock,
$0.01 par value;
authorized 5,000,000 shares,
no shares issued
-- --
Common stock, $0.crops upasi
The net loss for the three month period ended March 31
, 2005 was
$679,403, or $0. In
the model used, groups that received Senesco's Factor 5A inhibitor
,
survival ranged from 20% to 100% of the mice, depending upon the mouse
strain and dosing regime
.upasi arboreta
J. The increase
was primarily attributable to a decrease in other non-cash income and
an increase
in operating expenses. On March 3, commenting on the JECFA report, the
Food and Drug Administration
(FDA) reiterated its advice that consumers should
'eat a balanced diet, choosing a variety of foods
that are low in trans fat
and saturated fat, and rich in high-fiber grains, fruits and vegetables
. food
processing industry, FPA will continue to participate in the ongoing
assessment of acrylamide
in foods.arboriculture postharvest
S. Delaying apoptosis may have applications to certain
diseases such as glaucoma, ischemia
and arthritis, among others. Susan Ferenc, DVM, Ph.mutants ripening
The initial fee was fully amortized in March, 2004
.
Recent Research and Development Highlights
During the quarter, the Company was issued
four Patents from the
U. Delaying cell breakdown in plants extends
freshness after harvesting
, while increasing crop yields and
resistance to environmental stress for flowers, fruits and vegetables
.
"The JECFA report notes that scientists in the food industry and other
institutions are exploring
possible safe and effective ways to reduce
acrylamide levels in various foods.' Clearly, further
research is needed before any
solid recommendations to industry and consumers can be made regarding
reducing
levels of acrylamide in food.cultivar ripening
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