BERKELEY HEIGHTS, NJ, November 28, 2001
- Genta Incorporated (Nasdaq: GNTA) today announced that the
Company has raised $28.6 million in gross proceeds through a
private sale of 2.2 million shares of common stock to Franklin
Templeton and SF Capital Partners. UBS Warburg, Needham & Co.,
and U.S. Bancorp Piper Jaffray acted as advisors to the Company in
this transaction.
"As Franklin is already one of our largest institutional
holders, this new purchase represents a tremendous vote of
confidence in the Companys recent progress and future prospects",
said Dr. Raymond P. Warrell, Jr., Chairman and CEO of Genta. "Based
upon recent spending, our cash position now exceeds a year of
expenses. With these proceeds, we will be able to maintain our
aggressive R&D program, complete next years NDA process for
GenasenseTM, ensure the manufacturing of a sufficient drug supply
for the marketing launch, and retain maximum flexibility in our
ongoing partnership discussions."
