BERKELEY HEIGHTS, NJ - November 16, 2007 - Genta
Incorporated (NASDAQ: GNTA) announced that it has received a Staff
Determination letter from the NASDAQ Stock Market stating that the
Company's common stock is subject to delisting from The NASDAQ
Global Market because the Company does not comply with the
requirement to maintain a minimum $10,000,000 value in
stockholders' equity, as set forth in Marketplace Rule
4450(a)(3). The Company intends to provide a plan to NASDAQ
Staff to resume compliance with the Marketplace Rule on or before
November 27, 2007. However, the Company cannot make any
representation that NASDAQ Staff will accept this plan. A
delisting decision by NASDAQ Staff may be appealed to a NASDAQ
Listing Qualifications Panel.
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.
SOURCE: Genta Incorporated
CONTACT:
Nichol Harber
Genta Investor Relations
info@genta.com
Brian Korb
The Trout Group
908-286-3980
