Senesco Technologies, Inc. ("Senesco" or the "Company") (AMEX:SNT) reported financial results for the three months ended March 31, 2005.

The net loss for the three month period ended March 31, 2005 was $679,403, or $0.05 per share, compared with a net loss of $417,011, or $0.03 per share, in the comparable period in fiscal 2004. The increase was primarily attributable to a decrease in other non-cash income and an increase in operating expenses.

The Company reported revenues of $12,500 during the three month period ended March 31, 2005, compared with $4,167 in the prior year's third quarter. The recorded revenue consisted of the amortized portion of the initial fee on a development and license agreement.

Total operating expenses for the three month period ended March 31, 2005 were $705,030, compared with $614,684 for the third quarter of fiscal 2004. This increase was primarily the result of an increase in general and administrative expenses and research and development expenses, which was partially offset by a decrease in stock-based compensation. The Company expects operating expenses to increase over the next twelve months as it continues to expand its research and development activities.

Research and development expenses for the three month period ended March 31, 2005 were $364,080, compared with $320,559 recorded in fiscal 2004 third quarter. The increase was primarily the result of an increase in payroll and benefits related to the addition of a Vice President of research in July 2004, and an increase in the number of research projects related to human health. These increases were partially offset by a decrease in the amortization of an initial fee paid by the Company in connection with an agricultural research project. The initial fee was fully amortized in March, 2004.

General and administrative expenses for the three month period ended March 31, 2005 and March 31, 2004 were $340,950 and $294,125, respectively. The increase was primarily the result of an increase in payroll and benefits, investor relations, and professional fees, which was partially offset by a decrease in stock-based compensation.

Senesco had cash and investments of approximately $2.3 million and working capital of $2.0 million as of March 31, 2005. Subsequent to the close of the quarter, the Company raised $3.4 million in a private placement of common stock and warrants.

Recent Research and Development Highlights

During the quarter, the Company was issued four Patents from the U.S. Patent and Trademark Office, including its first pertaining to uses in human health. The other three issued Patents focus on the Company's proprietary gene technology for use in agriculture. Senesco now has five issued U.S. Patents.

On May 12, 2005, the Company added two preclinical human health research programs to further characterize the role of its proprietary technologies, one for bladder cancer and the other for inflammatory bowel disease ("IBD"). The goal of these studies is to add more data to the Company's growing body of work in the research of both cancer and inflammatory disease.

On April 29, 2005, the Company reported that mice treated with Senesco's proprietary technology had shown a marked survival benefit in the lethal sepsis study conducted at the University of Virginia. In the model used, groups that received Senesco's Factor 5A inhibitor, survival ranged from 20% to 100% of the mice, depending upon the mouse strain and dosing regime. None of the untreated mice survived.

On April 13, 2005, the Company announced that its trials of Senesco/Rahan banana plants have shown increased tolerance to the Black Sigatoka disease, as measured on an index of tolerance widely used in the industry for this disease.

These field trial data corroborate the Company's earlier findings that its proprietary Factor 5A technology confers resistance to fungal pathogens by preventing premature plant cell death. In addition to these banana disease tolerance data, Senesco and Rahan have previously shown both an increase in banana fruit shelf life and increase in growth rates of banana plants in field trials.

Senesco takes its name from the scientific term for the aging of plant cells: senescence. The Company has developed technology that regulates cell life. Delaying cell breakdown in plants extends freshness after harvesting, while increasing crop yields 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 undertaken preclinical research in certain areas of human health.

Accelerating apoptosis may have applications to development of cancer treatments. Delaying apoptosis may have applications to certain diseases such as glaucoma, ischemia and arthritis, among others. Senesco partners with leading-edge companies and earns research and development fees for applying its technology to enhance its partners' products. Senesco is headquartered in New Brunswick, New Jersey, and utilizes research laboratories at universities and research centers throughout North America.