GNTA News GENTA Symbol U : GNTA Recent Sedar Doc

GNTA News GENTA
Symbol U : GNTA
Recent Sedar Documents 
Genta Completes Financing of Up to $12.0 Million

2012-03-29 08:05 ET - News Release

-- Proceeds enable initiation of randomized trials of tesetaxel in both gastric and breast cancer --

-- Transaction eliminates conversion price reset and requirement for reverse stock split --

BERKELEY HEIGHTS, N.J., March 29, 2012 (GLOBE NEWSWIRE) -- Genta Incorporated (OTCBB:GNTA) announced today that the Company has entered into definitive agreements with institutional investors in a private placement to sell Senior Secured Convertible Notes for up to $12.0 million in aggregate gross proceeds before fees and expenses. The transaction is expected to close with initial gross proceeds of $2.0 million on or about March 30, 2012, subject to satisfaction of customary closing conditions.  Proceeds of the financing will be used to initiate late-stage, randomized clinical trials with tesetaxel in two major oncology indications: gastric cancer and breast cancer. Tesetaxel is the leading oral taxane in clinical development.

"We greatly appreciate the investors' continued interest and enthusiasm for the Company's major initiatives," said Dr. Raymond P. Warrell, Jr., Genta's Chief Executive Officer.  "Gastric cancer and breast cancer are unmet global needs, and they remain the lead indications for registration of tesetaxel. We look forward to the announcement of the trial initiations along with key features of their design and objectives