Senesco Technologies Inc. secured additional financing to continue research into genetic technologies designed to deter apoptosis, or programmed cell death, in humans. This technology is applicable in many different diseases including cancer, glaucoma, and cardiovascular problems.
The financing will come in three pieces and will total $705,000. The company will issue 783,332 shares of its common stock at $0.90 per share, and two separate warrant issues.
The first warrant will grant the right to purchase up to 705,000 shares of common stock, at an exercise price of $0.01 per share, exercisable immediately. The balance of the warrants will grant the right to purchase up to 714,794 shares of common stock at an exercise price of $0.60 per share. These warrants are exercisable 6 months from the date of issuance.
Cato Holding Company, one of the purchasers of the stock and warrants, has also agreed to cancel $175,000 of debt owed to it by Senesco Technologies Inc.
Senesco Technologies Inc. has been developing its SNS-101 development program to treat multiple myeloma, which is cancer of the white blood or plasma cells. The company plans to use the funds to continue research in this area, with the long-term goal of entering Phase I cynical trials of its product.
“We are excited by the potential of SNS-101 as a novel treatment alternative for multiple myeloma,” said Allen Cato, MD, PhD, CEO of Cato Research. “Our recent investment reflects our confidence in the Company’s regulatory and development plans. We look forward to significant progress in the months ahead.”