Berkeley Heights, NJ, June 11, 2002 -
Genta Incorporated (NASDAQ: GNTA) announced today that the
Company is commencing a stock repurchase program whereby up to
5,000,000 shares of its common stock may be repurchased by the
Company at prices deemed desirable by the Company. Aggregate
repurchases, if any, may be less than 5,000,000 shares.
Such repurchases, it was announced, may be made from time to
time in open-market transactions at prevailing prices or in
privately negotiated transactions on such terms as are mutually
agreed upon. The Company stated that it is commencing the
repurchase program at this time because the Board of Directors
believes that the Company's common stock is undervalued and that,
therefore, the repurchase program is in the best interests of the
Company and its stockholders. The repurchases are being
financed, at this time, from the working capital of the
Company.
