BERKELEY HEIGHTS, NJ - November 3, 2006-
Genta Incorporated (NASDAQ: GNTA) announced today that on
November 2, 2006, the Company received notice from The Nasdaq Stock
Market informing the Company that it does not comply with
Marketplace Rule 4450(a)(5), which requires the Company to maintain
a bid price of $1.00 per share. In accordance with Marketplace Rule
4450(e)(2), the Company has 180 calendar days, or until May 1,
2007, to regain compliance with the Rule. In the event the Company
does not regain compliance by May 1, 2007, the Company shall have
the right to appeal a staff determination to delist the Company's
securities and the Company's securities will remain listed until
completion of the appeal process.
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) Injection is the
Company's lead compound from its oligonucleotide program. The
Company has submitted a New Drug Application (NDA) to the Food and
Drug Administration for the use of Genasense plus fludarabine and
cyclophosphamide for treatment of patients with relapsed or
refractory chronic lymphocytic leukemia (CLL). Genta has also
completed a Marketing Authorization Application to the European
Medicines Agency (EMEA) for use of Genasense plus dacarbazine for
treatment of patients with advanced melanoma. 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 symptomatic patients with cancer related
hypercalcemia that is resistant to hydration. For more information
about Genta, please visit our website at:
http://www.genta.com/
.
Safe Harbor
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. Forward-looking
statements include, without limitation, statements about:
-
the Company's ability to obtain necessary regulatory
approval for Genasense® from the U.S. Food and Drug
Administration ("FDA") or European Medicines Agency
("EMEA");
-
the safety and efficacy of the Company's products or
product candidates;
-
the Company's assessment of its clinical trials;
-
the commencement and completion of clinical trials;
-
the Company's ability to develop, manufacture, license and
sell its products or product candidates;
-
the Company's ability to enter into and successfully
execute license and collaborative agreements, if any;
-
the adequacy of the Company's capital resources and cash
flow projections, and the Company's ability to obtain
sufficient financing to maintain the Company's planned
operations;
-
the adequacy of the Company's patents and proprietary
rights;
-
the impact of litigation that has been brought against the
Company and its officers and directors;
-
the Company's ability to regain compliance with the NASDAQ
listing qualifications; and
-
the other risks described under Certain Risks and
Uncertainties Related to the Company's Business, as contained
in the Company's Annual Report on Form 10- K and Quarterly
Report on Form 10-Q.
The Company does not undertake to update any forward-looking
statements. 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 on Form 10-K for 2005 and its most recent quarterly report
on Form 10-Q.
SOURCE: Genta Incorporated
CONTACTS:
Investor Relations
Tara Spiess/Andrea Romstad
TS Communications Group, LLC
info@genta.com
(908) 286-3980
