New Trading Symbol is "GETA"
BERKELEY HEIGHTS, NJ - July 13, 2009
- Genta Incorporated (formerly GNTA.OB ) will begin trading today
under the symbol GETA.OB after implementation of the Company's
previously announced one-for-fifty reverse stock split of its
common stock. The reverse split will reduce the outstanding
number of shares of Genta's common stock from approximately 5.4
billion to approximately 108 million shares.
As a result of the reverse stock split, holders of certificates
representing shares of "old" Genta common stock prior to the
effective date have the right to receive, upon surrender of those
certificates, "new" shares of Genta common stock at the ratio of
one share of "new" common stock for every fifty shares of "old"
common stock. No fractional shares will be issued in connection
with the reverse stock split. Instead, holders of "old" shares who
otherwise would have received fractional shares will receive an
amount in cash equal to the value of such fractional shares based
on the closing price of Genta's common stock on July 10, 2009.
Effective July 13, 2009, Genta's common stock will trade on the OTC
Bulletin Board on a split-adjusted basis under the trading symbol
"GETA". The change is expected to be temporary.
Existing stockholders holding Genta common stock certificates
will receive a Letter of Transmittal from the Company's transfer
agent, BNY Mellon Shareowner Services, with specific instructions
regarding the exchange of shares. Questions regarding this exchange
process can be addressed by contacting BNY Mellon Shareowner
Services at 1-800-777-3674 (or 1-201-680-6654 from outside the
U.S.).
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. 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//
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. Such
forward-looking statements include those that express plan,
anticipation, intent, contingency, goals, targets, or future
developments and/or otherwise are not statements of historical
fact. The words "potentially", "anticipate", "could", "calls
for", and similar expressions also identify forward-looking
statements. The Company does not undertake to update any
forward-looking statements. Factors that could affect actual
results include, without limitation, risks associated with:
- the Company's ability to obtain necessary regulatory approval
for Genasense® from the U.S. Food and Drug Administration
("FDA");
- 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, the Company's ability to obtain sufficient financing
to maintain the Company's planned operations, or the Company's
risk of bankruptcy;
- the adequacy of the Company's patents and proprietary
rights;
- the impact of litigation that has been brought against the
Company; 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.
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 2008 and its most recent quarterly report
on Form 10-Q.
SOURCE: Genta Incorporated
CONTACT:
Genta Investor Relations
info@genta.com
