Senesco closes remaining financing

New Jersey, USA-based Senesco Technologies says that it recently closed on the remaining $3.0 million of its previously-announced private placements with YA Global Investments and Stanford Venture Capital Holdings. Senesco has now received the entire amount of the milestone-dependent $10.0 million private placements of secured convertible debentures and warrants.

The company primarily intends to utilize the proceeds of this financing to advance its research in multiple myeloma with the goal of filing an Investigational New Drug application. It estimates that it will take around 12 additional months from now to complete the steps necessary to file an IND, which steps include, but are not limited to, having the pharmaceutical-grade materials manufactured and formulation and toxicology studies performed. Senesco believes that the proceeds from the combined $10 million private placements from YA Global and Stanford should be sufficient to allow it to complete these steps.

"Achieving the final funding milestones in less than one year further demonstrates the progress that we continue to make with our human health research program," said Bruce Galton, chief executive, adding: "closing on this last funding milestone allows Senesco to aggressively move forward in planning our toxicology studies and other activities necessary to prepare for our planned IND filing for our multiple myeloma product candidate."