BERKELEY HEIGHTS, NJ - September 16, 2005 -
Genta Incorporated (NASDAQ: GNTA) announced today that its Board of
Directors adopted a Stockholder Rights Plan designed to enhance the
Board's ability to protect stockholders against, among other
things, unsolicited attempts to acquire control of Genta, which do
not offer an adequate price to all stockholders or are otherwise
not in the best interests of Genta and its stockholders. The Plan
was not adopted in response to any specific effort to acquire
control of the Company, and the Company is not aware of any such
effort.
"The rights are intended to enable all Genta stockholders to
realize the long-term value of their investment in Genta," said Dr.
Raymond P. Warrell, Jr., Chairman of the Board and Chief Executive
Officer of Genta. "While it would not prevent an unsolicited
acquisition of Genta, the rights plan should encourage anyone
seeking to acquire Genta to negotiate with the Company's Board of
Directors."
For additional information regarding the Rights Plan, please refer
to the Form 8-K being filed today with the Securities and Exchange
Commission.
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 Annual Report/Form 10-K
for 2004.
SOURCE: Genta Incorporated
