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Biotech / Medical : Genta, Inc. (GNTA)

GNTA 2.300

+0.4%

Nov 7 9:30 AM EST

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From: Doc Bones	11/26/2004 9:03:42 AM
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Genta Cancer Drug Fails Late-Stage Trial Friday November 26, 8:52 am ET NEW YORK (Reuters) - Genta Inc. (NasdaqNM:GNTA - News) said on Friday a late-stage trial of its experimental drug for multiple myeloma -- a blood cancer -- showed the drug did not confer any benefit over standard therapy. Genta's shares fell 15 percent to $1.40 in electronic trading before the market opened from a close on Wednesday of $1.65. On Thursday the market was closed for the Thanksgiving holiday. The company said the drug, Genasense, did not meet the main goal of the trial, which was designed to establish whether the addition of Genasense to standard therapy could increase the time to development of the disease in patients who had previously received extensive therapy. "While we are disappointed with these results, we plan to analyze this trial in considerably more detail before making decisions regarding the Genasense program in myeloma," Genta said. The news is the latest blow for a drug with a checkered history. In May a U.S. advisory panel rejected the company's application to market the drug as a treatment for skin cancer, saying there was not enough evidence that the drug was effective. The decision sent the company's shares down 40 percent. Later that month, Genta said it would cut its work force by 45 percent and stop marketing its only drug in order to focus on Genasense. Earlier this month Genta's partner, Franco-German Aventis, part of Sanofi-Aventis (Paris:SASY.PA - News), said it would terminate its agreements to develop and commercialize Genasense. biz.yahoo.com

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