March 30, 2010 (FinancialWire) — Senesco Technologies, Inc. (AMEX: SNT) said it has entered into definitive agreements with institutional and accredited investors for a private placement of up to 11,497 shares of convertible preferred stock of the company and warrants to purchase up to 35,928,125 shares of common stock for a gross purchase price of around $11,497,000.

Investors in this financing included certain members of Senesco's board of directors, including Harlan Waksal, M.D., and Christopher Forbes.

Senesco said it primarily intends to utilize the proceeds of this private placement to help advance its multiple myeloma research & development program; with the goal of initiating a Phase 1b/2a clinical trial for multiple myeloma.

New Jersey-based Senesco Technologies is a U.S. biotechnology company that has initiated preclinical research to trigger or delay cell death in mammals to determine if the technology is applicable in human medicine.

According to the company, accelerating this process may have applications to development of cancer treatments. It also may have applications to certain inflammatory and ischemic diseases.

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