BERKELEY HEIGHTS, N.J., Feb. 22 GentaIncorporated (Nasdaq: GNTA) today announced that Richard J. Moran, SeniorVice-President and Chief Financial Officer, has indicated his intention toretire from the Company effective February 29, 2008. Upon Mr. Moran'sretirement, Gary Siegel, currently Vice President of Finance, will assume theroles of Principal Accounting Officer and Principal Financial Officer. Mr.Siegel has served the Company for the past 5 years in financial roles ofincreasing responsibility. An executive recruitment firm, Spencer Stuart, hasbeen engaged by Genta to assist in the search for Mr. Moran's successor. Mr.Moran has agreed to serve as a consultant to the Company to ensure a smoothtransition during this period.
Genta also announced the appointment of Michael M. Yoshitsu, PhD, anexperienced pharmaceutical executive, as Vice President, Global BusinessDevelopment. In this capacity, Dr. Yoshitsu will lead activities related toin-licensing of new products, as well as partnering negotiations for theCompany's existing products, including Genasense(R) (oblimersen sodium)Injection, Ganite(R) (gallium nitrate injection), and G4544, a new oral drugfor accelerated bone loss. Mr. Yoshitsu's background appears below.
"On behalf of the Board, I want to thank Dick Moran for his years ofoutstanding service and contributions during his tenure at Genta," said Dr.Raymond P. Warrell, Jr., Chairman and Chief Executive Officer. "We are alsopleased that Dr. Yoshitsu has agreed to join us in leading our key businessdevelopment activities that are currently active on a number of fronts."
Biographical Sketch of Michael M. Yoshitsu, PhD
Dr. Yoshitsu has more than 20 years of experience in the pharmaceuticalindustry. Most recently, he was Vice President, Pharmaceutical BusinessDevelopment and Consulting, at IMS Healthcare Consulting. Previously, Dr.Yoshitsu held a similar role at Fujitsu Consulting. Dr. Yoshitsu has alsoserved senior corporate development roles in several biotechnology andpharmaceutical companies, including Xanthus Life Sciences, Inc., Genaera,Inc., and Sandoz, Inc. Previously, he held strategic planning roles at bothMerck, Inc. and Pfizer, Inc. Dr. Yoshitsu received a Ph.D. in Japan'sPolitical Economy from Columbia University and a Bachelor of Arts degree inEast Asian Studies from Stanford University.
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.Ganite(R) and Genasense(R) 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,