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| 8-K - GENTA INC DE/ | v173778_8k.htm |
200
Connell Drive
Berkeley
Heights, NJ 07922
Genta
Receives $2.8 Million in Non-Dilutive Proceeds from Tax Sale
and
Designation by EMEA as a Small Business Entity
BERKELEY HEIGHTS, NJ – February 10,
2010 - Genta Incorporated (OTCBB: GETA) announced that it has received
$2.8 million in non-dilutive cash proceeds from the sale of net operating tax
losses and research tax credits generated in prior tax years as part of the
Technology Business Tax Certificate Program sponsored by the New Jersey Economic
Development Authority (NJEDA), pursuant to the rules, regulations and
stipulations set forth by the program. This program, which focuses on
biotechnology and other research-based companies, is designed to attract and
retain knowledge-intensive businesses that will enhance the State’s strategic
and competitive interests in these areas.
Genta
also announced that the Company’s request for designation as a Small-to-Medium
Sized Enterprise (SME) had been granted by the European Medicines Agency
(EMEA). SME status provides certain financial and administrative
assistance to small businesses as they advance their regulatory filings and
submissions through the EMEA.
About the NJ Economic Development
Authority
The NJEDA
is a state financing and development agency that works to strengthen New
Jersey’s economy by retaining and growing businesses through financial
assistance, by renewing communities, and by promoting the State’s strategic
advantages to attract domestic and international business. Opportunities for
business growth throughout New Jersey can be viewed at the State’s business
portal: www.njeda.com.
About
Genta
For more
information about Genta, please visit our new website at: www.genta.com.
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. Genasense® is being
developed as an agent that may enhance the effectiveness of current anticancer
therapy. The Company is currently collecting long-term followup data
on durable response and overall survival from its recently completed randomized
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 proprietary oral
formulations of the active ingredient in Ganite®, which
have completed preliminary clinical study as a potential treatment for diseases
associated with accelerated bone loss. The Company is developing
tesetaxel, a
novel, orally absorbed, semi-synthetic taxane that is in the same class of drugs
as paclitaxel and docetaxel. Genta intends to evaluate the clinical
activity of tesetaxel in a range of human cancers. Ganite® and
Genasense® are
available on a “named-patient” basis
in countries outside the United States.
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:
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the Company’s ability to
obtain necessary regulatory approval for its product candidates from
regulatory agencies, such as the U.S. Food and Drug Administration and the
European Medicines Agency;
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the safety and efficacy of the
Company’s products or product
candidates;
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the commencement and
completion of any clinical
trials;
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the Company’s assessment of
its clinical trials;
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the Company’s ability to
develop, manufacture, license, or sell its products or product
candidates;
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the Company’s ability to enter
into and successfully execute any license and collaborative
agreements;
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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;
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the adequacy of the Company’s
patents and proprietary
rights;
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the impact of litigation that
has been brought against the Company;
and
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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.
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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