BERKELEY HEIGHTS, N.J., March 20 GentaIncorporated (Nasdaq: GNTA) announced today that in its 2007 financialstatements included in the Company's Annual Report on Form 10-K, the auditor'sopinion contained a "going concern" qualification. NASDAQ's marketplace rulesrequire NASDAQ-listed companies to publicly announce the receipt of an auditopinion containing a "going concern" qualification.
Genta Incorporated is a biopharmaceutical company with a diversifiedproduct portfolio that is focused on delivering innovative products for thetreatment of patients with cancer. Two major programs anchor the Company'sresearch platform: DNA/RNA-based Medicines and Small Molecules. Genasense(R)(oblimersen sodium) Injection is the Company's lead compound from its DNA/RNAMedicines program. Genta is currently recruiting patients to the AGENDATrial, a global Phase 3 trial of Genasense in patients with advanced melanoma.The leading drug in Genta's Small Molecule program is Ganite(R) (galliumnitrate injection), which the Company is exclusively marketing in the U.S. fortreatment of symptomatic patients with cancer related hypercalcemia that isresistant to hydration. The Company has developed G4544, an oral formulationof the active ingredient in Ganite, that has recently entered clinical trialsas a potential treatment for diseases associated with accelerated bone loss.The Company is also developing tesetaxel, a novel, orally absorbed,semi-synthetic taxane that is in the same class of drugs as paclitaxel anddocetaxel. Ganite and Genasense are available on a "named-patient" basis incountries outside the United States. For more information about Genta, pleasevisit our website at: www.genta.com.
This press release may contain forward-looking statements with respect tobusiness conducted by Genta Incorporated. By their nature, forward-lookingstatements and forecasts involve risks and uncertainties because they relateto events and depend on circumstances that will occur in the future.Forward-looking statements include, without limitation, statements about:
The Company does not undertake to update any forward-looking statements.There are a number of factors that could cause actual results and developmentsto differ materially. For a discussion of those risks and uncertainties,please see the Company's Annual Report on Form 10-K for 2007 and its mostrecent quarterly report on Form 10-Q.-- the Company's ability to obtain necessary regulatory approval for Genasense(R) from the U.S. Food and Drug Administration ("FDA") or European Medicines Agency ("EMEA"); -- the safety and efficacy of the Company's products or product candidates; -- the Company's assessment of its clinical trials; -- the commencement and completion of clinical trials; -- the Company's ability to develop, manufacture, license and sell its products or product candidates; -- the Company's ability to enter into and successfully execute license and collaborative agreements, if any; -- the adequacy of the Company's capital resources and cash flow projections, and the Company's ability to obtain sufficient financing to maintain the Company's planned operations; -- the adequacy of the Company's patents and proprietary rights; -- the impact of litigation that has been brought against the Company and its officers and directors and any proposed settlement of such litigation; -- the Company's ability to retain compliance with the NASDAQ's listing qualifications; and -- the other risks described under Certain Risks and Uncertainties Related to the Company's Business, as contained in the Company's Annual Report on Form 10-K and Quarterly Report on Form 10-Q.
SOURCE Genta Incorporated