BERKELEY HEIGHTS, NJ - May 28, 2009
- Genta Incorporated (OTCBB: GNTA.OB) today announced that it has
scheduled a special meeting for stockholders of record as of May
27, 2009. The meeting will be held on June 26, 2009 at 2:30
PM ET at Connell Corporation Park, 300 Connell Drive, Building 300,
Day's Café 2nd Floor, Berkeley Heights, New Jersey 07922.
As disclosed in the proxy statement ("Proxy") that has been
filed with the Securities and Exchange Commission, the purpose of
the meeting will be to authorize the Genta Board of Directors to
potentially implement a reverse stock split of the Company's common
stock in any ratio up to 1:100.
Genta's Board of Directors recommends approval of this
resolution. As previously disclosed in the Proxy, if our
stockholders do not adopt the reverse stock split resolution, it
will constitute an event of default under the provisions of the
convertible debt financing announced on April 2, 2009, which the
Board believes will potentially result in serious and negative
consequences for stockholders that are outlined in the Proxy.
Additional Information and Where to Find It
On May 28, 2009, Genta filed with the Securities and Exchange
Commission (the "SEC") a proxy statement prepared in connection
with the proposed reverse stock split. The proxy statement
contains important information about the proposed reverse stock
split and related matters. STOCKHOLDERS ARE URGED TO READ THE
PROXY STATEMENT AS WELL AS ANY OTHER RELEVANT DOCUMENTS FILED WITH
THE SEC WHEN THEY BECOME AVAILABLE. Stockholders may obtain
free copies of the proxy statement and other documents filed with
the SEC by Genta through the web site maintained by the SEC at
http://www.sec.gov/
. In addition, stockholders may obtain free copies of the
definitive proxy statement from Genta, when available, by
contacting Investor Relations by telephone at (908) 286-3980, by
mail at Genta, Inc., Investor Relations, 200 Connell Drive, 2nd
Floor, Berkeley Heights, NJ, 07922, or (preferably) by e-mail at
info@genta.com
.
In connection with the special meeting of Genta stockholders to
approve the adoption of the reverse stock split, Genta will mail
copies of the definitive proxy statement to Genta stockholders who
are entitled to attend and vote at the special meeting.
Genta and its directors and executive officers may be deemed to be
participants in the solicitation of proxies from the stockholders
of Genta in connection with the proposed reverse stock split.
Information regarding the interests of these directors and
executive officers in the proposed reverse stock split is included
in the proxy statement described above.
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
