BERKELEY HEIGHTS, NJ, November 2, 2000
- Genta Incorporated (Nasdaq:
GNTA
) announced today its operating results for the third quarter which
ended September 30, 2000.
"The Companys financial position strengthened significantly in
the 3rd quarter," said Dr. Raymond P. Warrell, Jr., President and
CEO. "Our cash position increased above $25 million, which provides
us with adequate funding for the completion of our phase 3 melanoma
study. The funds were raised through the private equity placement
in September ($14.6 million), and the out-licensing of our
antisense technology to CV Therapeutics, Oasis, and Sequitur Inc.
($4.9 million)." Dr. Warrell went on to note: "The additional cash
has provided the Company with enormous leverage in our ongoing
licensing discussions."
The Company reported a net loss applicable to common
shareholders totaling $2.3 million, or $(0.05) per common share for
the three months which ended September 30, 2000, compared to a net
loss of $4.0 million, or $(0.21) per common share, for the same
period in 1999. For the nine months which ended September 30, 2000,
the Companys net loss applicable to common shareholders was $17.4
million, or $(0.50) per share, compared to a loss of $7.7 million,
or $(0.48) per share for the same period in 1999. The Companys
total operating expenses for the three months ending September 30,
2000 increased by approximately $0.5 million over the same period
in 1999 due primarily to additional material for clinical trials.
The net loss applicable to common shareholders for the nine months
which ended September 30, 2000 included $8.3 million non-cash
charges related to stock option accounting for employees, board
members and consulting services, and $3.4 million in accrued
dividends payable in common stock to preferred stockholders.
