Senesco Technologies Receives Notice of Non Compliance From AMEX
NEW BRUNSWICK, N.J. -- Senesco Technologies, Inc. (the "Company") (NYSE Amex: SNT) has received a notice from the NYSE Amex LLC ("NYSE") providing notification that the Company does not meet one of the NYSE's continued listing standards as set forth in Part 10 of the NYSE company guide and the Company has therefore become subject to the procedures and requirements of Section 1009 of the NYSE company guide. Specifically, the Company is not in compliance with Section 1003(a)(iii) of the NYSE company guide with stockholder's equity of less than $6,000,000 and losses from continuing operations and/or net losses in its five most recent fiscal years. The Company reported stockholder's equity of $5,667,834 at June 30, 2009.
The notice is based on a review by the NYSE of information which the Company has publicly disclosed, including information contained in the Company's Form 10-K for the period ended June 30, 2009, which disclosed the financial status of the Company at that time.
To maintain an NYSE listing, Senesco must submit a plan by November 30, 2009 advising the NYSE of action it has taken, or will take; that would bring Senesco into compliance with the continued listing standards within a maximum of 18 months from the date of notification by the NYSE. The Company is taking steps to prepare and submit such a plan to the NYSE on or before November 30, 2009.
The Listings Qualifications Department of the NYSE will evaluate Senesco's plan and determine whether it reasonably demonstrates the Company's ability to regain compliance with the continued listing standards within 18 months. If the NYSE accepts Senesco's plan, the Company may be able to continue its listing during the plan period, provided that Senesco demonstrates progress consistent with its plan and complies with other applicable NYSE listing qualifications. If the Company fails to submit a satisfactory plan or fails to demonstrate progress consistent with the plan accepted by the NYSE, the NYSE may initiate delisting procedures. During the plan period, Senesco will be subject to periodic review to determine whether it is achieving progress consistent with the plan.
About Senesco Technologies, Inc.
Senesco Technologies, Inc. is a U.S. biotechnology company, headquartered in New Brunswick, NJ. Senesco has initiated preclinical research to trigger or delay cell death in mammals (apoptosis) to determine if the technology is applicable in human medicine. Accelerating apoptosis may have applications to development of cancer treatments. Delaying apoptosis may have applications to certain inflammatory and ischemic diseases. Senesco takes its name from the scientific term for the aging of plant cells: senescence. Delaying cell breakdown in plants extends freshness after harvesting, while increasing crop yields, plant size and resistance to environmental stress. The Company believes that its technology can be used to develop superior strains of crops without any modification other than delaying natural plant senescence. Senesco has partnered with leading-edge companies engaged in agricultural biotechnology and earns research and development fees for applying its gene-regulating platform technology to enhance its partners' products.