John, check out today's news:
Genta closes $2 million overseas placement of convertible
debentures
Source: Business Wire
SAN DIEGO--(BUSINESS WIRE) via Individual Inc. -- Genta Inc. (NASDAQ:GNTA)
Wednesday announced that it has raised gross proceeds of $2 million (approximately $1.9 million net of offering fees and costs) through the sale of convertible debentures to investors in a private
placement outside of the United States.
The convertible debentures bear interest at the rate of 4 percent per annum with principal and interest due and payable Aug. 1, 1997.
The convertible debentures are convertible, at the option of the holders, beginning in October 1996,into shares of Genta's common stock at a conversion price equal to 75 percent of the average NASDAQ closing bid prices of Genta common stock for a specified period prior to the date of conversion. Terms of the convertible debentures also provide for interest payable in shares of the company's common stock.
The company believes the proceeds from this offering may be adequate to finance the company's operations and cover potential restructuring costs into November of 1996.
Genta is in discussions with potential corporate partners, its Series A preferred stockholders, and other entities regarding collaborative agreements, restructurings, licensing or selling certain of its
assets and technology, and other arrangements and is actively seeking additional financing. There can be no assurance that any such transactions will be completed or additional sources of funding will be available on favorable terms, if at all.
Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements that involve risks and uncertainties, including the ability of the company
to obtain sufficient funding to maintain the company's operations, the timely development and receipt of necessary regulatory approvals for the company's potential products, and other risks detailed
from time to time in Genta's Securities and Exchange Commission (SEC) reports and filings, including the company's quarterly report on Form 10-Q for the quarter ended June 30, 1996.
Actual results may differ materially from those projected. These forward-looking statements represent Genta's judgment as of the date of this release. The company disclaims, however, any
intent or obligation to update these forward-looking statements.
Genta Inc. is an integrated biopharmaceutical company with a diversified product development pipeline. In the near term, the company is seeking funding to develop through a joint venture with
Jagotec AG, oral controlled-release drugs utilizing the patented GEMOATRIX drug delivery technology. Longer term, Genta is seeking funding to develop proprietary Anticode products to treat
cancer at its genetic source.
CONTACT: Genta Inc., San Diego | Howard Sampson, 619/455-2700
[09-18-96 at 08:14 EDT, Business Wire] |
