BERKELEY HEIGHTS, NJ - May 6, 2008
- Genta Incorporated (Nasdaq: GNTA) announced today that the
Company has received notification from the NASDAQ Listing
Qualifications Panel that the Company had failed to demonstrate its
ability to sustain compliance with the minimum stockholders' equity
requirement for continued listing on The NASDAQ Capital
Markets. The Panel has also determined that de-listing from
The NASDAQ Capital Markets will occur at the market open effective
Tuesday May 6, 2008.
In view of this event, the Company intends to move the trading
of its common stock from The NASDAQ Capital Markets to the
Over-the-Counter Bulletin Board (OTCBB) maintained by FINRA
(formerly, the NASD). The Company has been advised that a
"market maker" has filed the requisite Form 211 application to
quote the Company's securities on the OTCBB with the Financial
Industry Regulatory Authority (FINRA). The Company is not
aware of any deficiencies in that application, and it is the
Company's expectation that FINRA will promptly clear the market
maker's application, and that the Company's securities will be
eligible for trading on the OTCBB.
The Company plans to make a further announcement on the timing
of the transfer to the OTCBB following formal receipt of the FINRA
clearance notice. If cleared, quotations for the Company's
common stock on the OTCBB will continue under the symbol
GNTA. Until such formal notice is received, the Company's
common stock will be traded under the symbol GNTA.PK.
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. The Company
is also developing
tesetaxel
, a novel, orally absorbed, semi-synthetic taxane that is in the
same class of drugs as paclitaxel and docetaxel. 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:
http://www.genta.com//
.
About the OTCBB
The OTC Bulletin Board (OTCBB) is a regulated quotation service
that displays real-time quotes, last-sale prices, and volume
information in OTC equity securities. An OTC equity security
generally is any equity that is not listed or traded on a national
securities exchange. OTCBB securities include national, regional,
and foreign equity issues, warrants, units, ADRs, and Direct
Participation Programs. More information is available at
www.otcbb.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 2007 and its most recent
quarterly report on Form 10-Q.
SOURCE: Genta Incorporated
CONTACT:
Genta Investor Relations
908-286-3980
info@genta.com
