BERKELEY HEIGHTS, NJ - August 8, 2005 -
Genta Incorporated (Nasdaq: GNTA) announced that it has entered
into a definitive agreement with institutional investors to sell
approximately 19.1 million shares of its common stock for gross
proceeds of approximately $17.5 million, before fees and expenses.
The closing is expected to take place on August 11, 2005, subject
to the satisfaction of customary closing conditions. 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. Piper Jaffray & Co. served as exclusive placement
agent for the offering.
About Genta
Genta Incorporated is a biopharmaceutical 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) Injectio n, 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 developme nts to
differ materially. For a discussion of those risks and
uncertainties, please see the Company's Annual Report/Form 10-K
for 2004.
This communication shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any state in which such offer, solicitation
or sale would be unlawful prior to registration or qualification
under the securities laws of any such state.
SOURCE: Genta Incorporated
