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Biotech / Medical : Genta, Inc. (GNTA) -- Ignore unavailable to you. Want to Upgrade?

To: bob zagorin who wrote (1263)	12/23/1999 3:13:00 PM
From: bob zagorin	Read Replies (1) \| Respond to of 1870

Genta Incorporated Raises $11.4 Million Through Private Placement of Equity Securities LEXINGTON, Mass., Dec. 23 /PRNewswire/ -- Genta Incorporated (Nasdaq: GNTA) today announced that it raised gross proceeds of $11.4 million through the private placement of 114 units of the Company. Each unit consists of 33,333 shares of Genta Common Stock, par value $.001 per share, and warrants to purchase 8,333 shares of Genta Common Stock at any time prior to the fifth anniversary of the closing. "We are very pleased at the overwhelming interest shown by investors in Genta and its technologies, as evidenced by the oversubscription of the offering," said Dr. Raymond P. Warrell, Jr., President and CEO of Genta Incorporated. "The funds will be used primarily to accelerate Genta's clinical trials of its proprietary Anticode(TM) (antisense) products, which are intended to treat cancer at its genetic source, and to fund the development of compounds from our recent acquisition of Androgenics Technologies, Inc." Recently, the Company received "fast-track" designation from the FDA for its bcl-2 antisense compound, G3139, for use in combination with DTIC for treatment of advanced malignant melanoma. In conjunction with the National Cancer Institute, Genta has launched additional studies in acute leukemia and colorectal cancer. The Company is also currently conducting studies in patients with lymphoma, breast and prostate cancer. Dr. Warrell further commented, "This response by the investment community reflects continued confidence in the validity of the bcl-2 protein as a central target for regulation of cancer cell death. In 1999, our collaborating investigators publicly presented compelling evidence that systemic treatment with G3139 reliably down-regulates this protein in human subjects. The Company is focusing its development strategy upon combining G3139 with major cancer treatment drugs in order to enhance their ability to induce apoptosis, the key pathway of cancer cell death." Genta Incorporated is a biopharmaceutical company whose strategy consists of building a product and technology portfolio concentrating on cancer therapy including its Anticode(TM) (antisense) products intended to treat cancer at its genetic source. For more detailed information about Genta, please visit its web site at www.genta.com . To receive Genta Incorporated's latest news release and other corporate announcements via fax, at no cost, dial 1-800-PRO-INFO; use the Company's symbol GNTA. Or visit The Financial Relations Board's web site at www.frbinc.com . The statements contained in this press release that are not historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the expectations, beliefs, intentions or strategies regarding the future. Without limiting the foregoing, the words "anticipates," "believes," "expects," "intends," "may" and "plans" and similar expectations are intended to identify forward-looking statements. The Company intends that all forward-looking statements be subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect the Company's views as of the date they are made with respect to future events, but are subject to many risks and uncertainties, which could cause the actual results of the Company to differ materially from any future results expressed or implied by such forward-looking statements. For example, the results obtained in pre-clinical studies may not be indicative of results that will be obtained in clinical trials; Genta has not successfully completed human clinical trials of a product based on antisense technology; and delays in the completion of clinical trials as a result of delays in patient enrollment or other factors may occur. Examples of such risks and uncertainties also include, but are not limited to, the obtaining of sufficient financing to maintain the Company's planned operations; the timely development, receipt of necessary regulatory approvals and acceptance of new products; the successful application of the Company's technology to produce new products; the obtaining of proprietary protection for any such technology and products; the impact of competitive products and pricing and reimbursement policies; and the changing of market conditions. The Company does not undertake to update forward-looking statements. SOURCE Genta, Incorporated CO: Genta, Incorporated; Androgenics Technologies, Inc. ST: Massachusetts IN: HEA MTC SU: 12/23/1999 15:00 EST prnewswire.com