BERKELEY HEIGHTS, N.J.--(BUSINESS WIRE)--Genta Incorporated (OTCBB: GNTA) announced today that the Company has entered into definitive agreements with institutional investors to place Units consisting of 30% of Common Stock and 70% of Unsecured Subordinate Convertible Notes totaling $10 million in aggregate gross proceeds before fees and expenses. In connection with the sale of the Units, the Company is also issuing to the investors two-year warrants to purchase Common Stock in an amount equal to 25% of the number of shares of Common Stock issuable upon conversion of the Notes purchased by each investor at each closing. The closing of the first $3 million of Units is expected to take place on or about July 7, 2009, subject to the satisfaction of customary closing conditions. Closing of the additional $7 million portion is expected within approximately 30 days.
