- A number of U.S. cities are reporting an increase in complaints about more brazen rat populations, prompting officials in New York City and elsewhere to devote greater revenues to control measures
- While many rodent control efforts involve traps and poisons, Arizona-based SenesTech Inc., is successfully marketing a one-of-a-kind non-lethal alternative that focuses on chemically preventing rats from birthing an astronomical number of pups throughout the year
- The company recently rolled out a soft bait fertility control product, adding it to its existing liquid product, opening up the vast professional and consumer rodent control market
- SenesTech also recently closed a public offering that will add $5 million to its balance sheet for further development of fertility control for animal pest populations
Rodent control innovator SenesTech (NASDAQ: SNES) is adding approximately $5 million to its balance sheet that it can use for research and development, capital expenditures, working capital, and general and administrative expenses, as well as potential acquisitions.
SenesTech recently closed a public offering of 3.8 million shares of its common stock and accompanying warrants to help advance its corporate strategies (https://ibn.fm/fXvTU). The company has been in a growth phase that includes the introduction of a soft bait fertility control product.
SenesTech’s Evolve(TM) Soft Bait joins its trademarked liquid ContraPest(R) bait as non-lethal methods of controlling rat populations by limiting the fertility of male and female pests that may carry diseases, damage infrastructure and destroy stored foods.
“We are addressing one of the world’s most challenging problems — rodent control — through a completely different way than has ever been done before, by addressing the root cause of the problem — reproduction,” SenesTech President and CEO Joel Fruendt said during an October interview for the Lytham Partners Fall 2023 Investor Conference (https://ibn.fm/kCcv6). “The existing solutions’ effectiveness, namely poisons that are in the marketplace, are limited by rats’ reproduction rates, resistance and aversion, as well as the enhanced social and political limitations on the use of poison.”
After New York City created its office of “rat czar” (or, director of rodent mitigation) earlier this year to deal with its “public enemy number one” (https://ibn.fm/9hpwo), other cities dealing with infestations have taken note.
Boston’s public 311 service request database has catalogued more than 3,900 rodent-related complaints so far this year about the increasingly brazen behavior of rats, prompting calls to centralize rodent control efforts under one office much like New York’s effort (https://ibn.fm/OMgGV). In Chicago, more than 50,000 such complaints were filed with the city last year (https://ibn.fm/hc8pO).
SenesTech is offering its products to pest management professionals and directly to consumers through the company’s e-commerce portal and through big box retailers. The contraceptive bait is designed to be easy to use, and attractive to rats so that they continue to consume it, bringing greater results over time (https://ibn.fm/RmLeL).
“We have been consistently growing revenues with an 87 percent CAGR over the past few years,” Fruendt said.
Q3 revenue announced Nov. 9 was $360,000, an increase of 44 percent over $250,000 in Q3 2022. The company’s gross profit margin during the same period was 49 percent, growing from $122,000 in 2022 to $176,000 in 2023 (https://ibn.fm/ORMCH).
For more information, visit the company’s website at www.SenesTech.com.
NOTE TO INVESTORS: The latest news and updates relating to SNES are available in the company’s newsroom at https://ibn.fm/SNES
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