Senesco Technologies, Inc. (AMEX:SNT) has completed a private placement of approximately one million units at $2.37 per unit, comprised of one share of newly issued common stock and a warrant to purchase 0.35 of a share of common stock at an exercise price of $3.79 per share to institutional and other accredited investors. Aggregate proceeds to the Company were approximately $2.5 million. In connection with the private placement, Senesco has agreed to file a registration statement on Form S-3 by March 18, 2004, to register the shares of common stock and the shares underlying the warrants.

"We have been making progress with the research and development of our proprietary Factor 5A gene technology for both agricultural and human health applications," commented Bruce Galton, Senesco's President and CEO. "We believe that this financing provides sufficient funds so that we can continue to execute our operating and research plans at least through June 2005."

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.