Procept (PRCT): 50% rise on high volume. Why? Message Board

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Biotech / Medical : Procept (PRCT): 50% rise on high volume. Why?

PRCT 31.91

+1.9%

Nov 7 9:30 AM EST

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To: Douglas who wrote (182)	7/8/1997 8:55:00 AM
From: Douglas	of 455

WHO IS MICHAEL S. WEISS? Michael S. Weiss, Senior Managing Director of Paramount Capital, Inc., was elected to the Board of Directors of Genta and as Interim Chairman of the Board. Weiss is also a director of AVAX Technologies, Inc., Xytronyx, Inc. and Palatin Technologies, Inc., each a publicly traded biotechnology company. Following the completion of a $3 million investment by The Aries Fund and The Aries Domestic Fund, L.P. in February 1997, Genta has embarked on an aggressive restructuring program. In recent months the Company has : focused its product and technology development efforts on a few core areas; reduced head count by almost 50 percent; effected a one-for-ten reverse stock split; appointed a transitional management team; and raised private placement funds in excess of $12 million. Genta expects to appoint additional directors and a new chief executive officer during the third quarter of 1997. Genta is also seeking additional acquisition candidates which support their strategy of building a product portfolio that represents varying degrees of development risk and market potential. Weiss would seem to be a "positive" for Procept.

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