BERKELEY HEIGHTS, NJ - December 15, 2004
-Genta Incorporated (Nasdaq: GNTA) announced that it has entered
into a definitive agreement with two institutional investors to
sell 15 million shares of its common stock at a price of $1.50 per
share for gross proceeds of $22.5 million, before fees and
expenses. The shares are being sold pursuant to the Company's
registration statement on Form S-3 declared effective by the
Securities and Exchange Commission on May 11, 2004. Rodman &
Renshaw, LLC acted as placement agent for the offering.
About Genta
Genta Incorporated is a pharmaceutical company with a
diversified product portfolio that is focused on delivering
innovative products for the treatment of patients with cancer. The
Company's research platform is anchored by two major programs that
center on oligonucleotides (RNA and DNA-based medicines) and small
molecules. Genasense® (oblimersen sodium) Injection, the Company's
lead compound from its oligonucleotide program, is currently
undergoing late-stage, Phase 3 clinical testing. The leading drug
in Genta's small molecule program is Ganite® (gallium nitrate
injection), which the Company is exclusively marketing in the U.S.
for treatment of patients with cancer-related hypercalcemia that is
resistant to hydration. For more information about Genta, please
visit our website at:
http://www.genta.com/
.
Genta Forward Looking Statement
This press release contains forward-looking statements with
respect to business conducted by Genta Incorporated. By their
nature, forward-looking statements and forecasts involve risks
and uncertainties because they relate to events and depend on
circumstances that will occur in the future. There are a number
of factors that could cause actual results and developments to
differ materially. For a discussion of those risks and
uncertainties, please see the Company's Prospectus relating to
the shares.
