BERKELEY HEIGHTS, NJ - December 24, 2007 -
Genta Incorporated (NASDAQ: GNTA) announced today that the Company
has been notified by the Listing Qualifications Staff of The NASDAQ
Stock Market that it no longer complies with NASDAQ Marketplace
Rule 4450(a)(5), which requires a minimum closing bid price of
$1.00 per share.
In accordance with Marketplace Rule 4450(e)(2), the Company has
until June 16, 2008 to regain compliance, which requires a closing
bid price of the Company's common stock at or above $1.00 per share
for a minimum of 10 consecutive business days.
In the event the Company does not regain compliance within this
period, the Company may appeal a delisting determination by the
Staff to the NASDAQ Listing Qualifications Panel, and the Company's
securities would remain listed pending the Panel's decision.
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.
Two major programs anchor the Company's
research platform
: DNA/RNA-based Medicines and Small Molecules.
Genasense® (oblimersen sodium)
Injection is the Company's lead compound from its DNA/RNA Medicines
program.
Genta is currently recruiting patients to the
AGENDA
Trial
, a global Phase 3 trial of Genasense in 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.
The Company has developed G4544, an oral formulation of the active
ingredient in Ganite, that has recently entered clinical trials as
a potential treatment for diseases associated with accelerated bone
loss.
Ganite® and Genasense® are available on a "
named-patient
" basis in countries outside the United States.
For more information about Genta, please visit our website at:
www.genta.com
.
Safe Harbor
This press release may contain 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 and any proposed
settlement of such litigation;
-
the Company's ability to retain compliance with the
NASDAQ's 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 2006 and its most recent
quarterly report on Form 10-Q.
CONTACT:
Nichol Harber
Genta Investor Relations
info@genta.com
908-286-3980
