BERKELEY HEIGHTS, NJ, November 10, 2000
- Genta Incorporated (Nasdaq:
GNTA
) today announced that it raised $28.9 million in cash from the
sale of 4,285,112 shares of common stock. Lead institutional
investors included SAC Capital, Narragansett Capital, and Proquest
Investments.
Funds were raised via an equity placement, primarily through
institutional investors, on financial terms identical to those
placed by the Company in September 2000. Both rounds were completed
without placement of additional warrant coverage to the
investors.
"Together, these two rounds have increased Gentas current cash
position to more than $50 million dollars", noted Dr. Raymond P.
Warrell, Jr., Gentas President and Chief Executive Officer, who
also noted: "The funds will be used to complete planned
registration studies of Genasense
TM
in other cancer indications, and it will also enable us to
accelerate development of our other pipeline products. The cash
position also provides the Company with considerable leverage in
our ongoing partnership negotiations."
