Genta Incorporated Announces Stock Repurchase Program
June 11, 2002 10:51:00 AM ET
BERKELEY HEIGHTS, N.J., June 11 /PRNewswire-FirstCall/ -- Genta Incorporated GNTA announced today that the Company is commencing a stock repurchase program whereby up to 5,000,000 shares of its common stock may be repurchased by the Company at prices deemed desirable by the Company. Aggregate repurchases, if any, may be less than 5,000,000 shares.
Such repurchases, it was announced, may be made from time to time in open-market transactions at prevailing prices or in privately negotiated transactions on such terms as are mutually agreed upon. The Company stated that it is commencing the repurchase program at this time because the Board of Directors believes that the Company's common stock is undervalued and that, therefore, the repurchase program is in the best interests of the Company and its stockholders. The repurchases are being financed, at this time, from the working capital of the Company.
Genta Incorporated is a biopharmaceutical company with a diversified product portfolio that is focused on anticancer therapy. The Company's research platform is anchored by DNA Medicines, particularly applications of antisense and decoy aptamers. Genasense(TM), the Company's lead compound, is currently in Phase 3 trials for melanoma, multiple myeloma, chronic lymphocytic leukemia, and non-small cell lung cancer. The drug is also being studied in Phase 2 trials for leukemia, lymphoma, and prostate and small cell lung cancers. Genta's drug pipeline also comprises a portfolio of small molecules, including Gallium Products for treatment of cancer and accelerated bone loss, and Androgenics Compounds for treatment of prostate cancer. Genta aims to become a direct marketer of its pharmaceutical products in North America. For more information about Genta, please visit our website at: genta.com. |
