BERKELEY HEIGHTS, N.J., Nov. 16 /PRNewswire-FirstCall/ -- Genta Incorporated announced that it has received a Staff Determination letter from the NASDAQ Stock Market stating that the Company’s common stock is subject to delisting from The NASDAQ Global Market because the Company does not comply with the requirement to maintain a minimum $10,000,000 value in stockholders’ equity, as set forth in Marketplace Rule 4450(a)(3). The Company intends to provide a plan to NASDAQ Staff to resume compliance with the Marketplace Rule on or before November 27, 2007. However, the Company cannot make any representation that NASDAQ Staff will accept this plan. A delisting decision by NASDAQ Staff may be appealed to a NASDAQ Listing Qualifications Panel.
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(R) (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(R) (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. Ganite(R) and Genasense(R) are available on a “named-patient” basis in countries outside the United States. For more information about Genta, please visit our website at: 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. Forward- looking statements include, without limitation, statements about:
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 2006 and its most recent quarterly report on Form 10-Q.
info@genta.com
CONTACT: Nichol Harber of Genta Investor Relations, info@genta.com; or
Brian Korb of The Trout Group, +1-908-286-3980, for Genta Incorporated
Web site: http://www.genta.com/
