Genta And Aventis Terminate Genasense(R) Agreements
DOW JONES NEWSWIRES
May 10, 2005 9:44 a.m.
BERKELEY HEIGHTS, N.J. -- Following a six-month transition period, Genta Inc. (GNTA) and Sanofi-Aventis' (SNY) Aventis unit agreed to terminate their development and commercial collaboration for potential cancer treatment Genasense.
Last November, Aventis said it sent Genta a notice of termation on a collaboration agreement that began in 2002 for Genta's lead cancer drug candidate. Aventis said it couldn't continue to support the development of Genasense, for the contemplated indications, given the recommendation of the Food and Drug Administration's Oncology Drug Advisory Committee, with respect to melanoma, and the results of the chronic lymphocytic leukemia Phase III clinical trial.
In a press release Tuesday, biopharmaceutical company Genta said the termination agreement provides no future financial obligations by either party, and the line of credit established by Aventis to Genta will be retired.
Aventis also will return its current inventory of Genasense drug supply to Genta. In addition, Genta will assume responsibility for the randomized clinical trial of Genasense in combination with docetaxel in patients with hormone-refractory prostate cancer, which is currently ongoing in Europe.
Genasense inhibits production of Bcl-2, a protein made by cancer cells that is thought to block chemotherapy-induced apoptosis.
Shares of Genta were trading recently at $1.22, down 8 cents, or 5.4%.
Company Web site: genta.com |
