New Brunswick, New Jersey
November 15, 2002

Senesco Technologies, Inc. ("Senesco" or the "Company") (AMEX:SNT) today reported financial results for the three months ended September 30, 2002.

The net loss for the first quarter of fiscal year 2003 was $514,632, or $0.04 per share, compared with a net loss of $501,275, or $0.06 per share, for the comparable period in fiscal 2002. The increase of $13,357, or 2.7%, was attributable primarily to an increase in operating expenses, partially offset by an increase in revenues. For the first quarter of fiscal 2003, the Company reported $10,000 in revenue generated from the initial license fee associated with its Cal/West agreement. No revenue was reported for the comparable period in fiscal 2002.

Total operating expenses for the first quarter of fiscal 2003 were $547,188, compared with $497,722 for the comparable period in fiscal 2002. The increase of $49,466, or 9.9%, was attributable primarily to an increase in general and administrative and research and development expenses, partially offset by a decrease in stock-based compensation.

Research and development expenses for the first quarter of fiscal 2003 were $144,284, compared with $63,155 for the comparable period in fiscal 2002. The increase of $81,129, or 128.5%, was attributable primarily to increased costs in connection with the Company's research and development agreement with the University of Waterloo and the implementation of the Company's mammalian cell research programs.

General and administrative expenses for the first quarter of fiscal 2003 were $363,224, compared with $280,719 for the comparable period in fiscal 2002. The increase of $82,505, or 29.4%, was attributable primarily to increased payroll, professional and investor relations costs, partially offset by a decrease in consulting costs.

At September 30, 2002, Senesco had cash and investments of $4.1 million and working capital of $3.4 million.

"We believe that we made excellent progress during this quarter and subsequent weeks, in particular regarding our agricultural initiatives," stated Bruce Galton, President and Chief Executive Officer of Senesco. "As we previously reported, we signed a non-binding letter of intent with the Tianjin Academy of Agricultural Sciences and executed agreements with Cal/West and ArborGen. We also made progress in preclinical research in cancer cell lines and ischemic human heart tissue."

Recent Corporate Highlights

• In November, Senesco announced that following negotiations in Tianjin, China, the Company signed a Non-Binding Letter of Mutual Intent ("The Letter") with the Tianjin Academy of Agricultural Sciences. The Letter outlines the structure for the exclusive use of the Company's technology by the Academy in a variety of fruit and vegetable crops in China. The proposed terms provide for a $35 million (subject to further negotiations) technology transfer fee to be paid to Senesco upon the initial transfer of the Company's technology. Subsequent payments would be made to Senesco over a multi-year period in conjunction with training and support provided by the Company as well as after the first harvest of selected crop varieties. In addition, the Company may receive royalties on future sales.
• In October, Senesco announced that its patent-pending gene, apoptosis eukaryotic initiation Factor 5A ("Factor 5A"), is expressed in heart tissue from ischemic and non-ischemic patients who have undergone surgery.
• In September, Senesco announced that it signed a Development and License Agreement with Cal/West Seeds, enabling the two companies to incorporate Senesco's technology into the enhanced proprietary alfalfa varieties being developed by Cal/West. The agreement includes options for the development of various other forage crops.
• Also in September, Senesco announced that Factor 5A had been shown to kill human cancer cells in pre-clinical experiments performed with cell lines derived from tumors. The Factor 5A gene was isolated and identified in human cells. 
• In July, Senesco announced that it signed a Development and Option Agreement with ArborGen(TM), LLC enabling the two companies to incorporate Senesco's technology into the enhanced forestry products being developed by ArborGen.

The full text of the Company's press releases are available at www.senesco.com. 

Senesco takes its name from the scientific term for the aging of plant cells: senescence. The Company has developed technology that regulates the onset of cell death. Delaying cell breakdown in plants extends freshness after harvesting, while increasing crop yields, plant size and resistance to environmental stress for flowers, fruits and vegetables. 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 begun to explore ways 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 diseases such as Alzheimer's, glaucoma, ischemia and arthritis, among others. Senesco partners with leading-edge companies and earns research and development fees for applying its gene-regulating platform technology to enhance its partners' products. Senesco is headquartered in New Brunswick, New Jersey, and utilizes research laboratories at the University of Waterloo in Ontario, Canada and the University of Colorado in Denver, Colorado.