BERKELEY HEIGHTS, NJ, October 2, 2000
- Genta Incorporated (Nasdaq:
GNTA
) today announced that it raised gross proceeds of $14.6 million
through the private placement of the Company"s common stock.
Gruntal & Co. acted as lead advisor for the placement.
"We are very pleased with the enthusiastic subscription to this
offering and particularly by the confidence shown by the leading
institutions in this round, including S.G. Cowen, Kaufmann Fund,
and Narragansett Asset Management," said Dr. Raymond P. Warrell,
Jr., President and CEO of Genta Incorporated, who also noted:
"These proceeds will primarily be used to complete our ongoing
phase 3 trial, to launch additional registration studies of
Genasense
TM
and to fund pre-marketing activities. This substantial
improvement in our cash position will also facilitate ongoing
negotiations with licensing partners."
