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Genta Incorporated Announces First Quarter 2008 Financial Results and Corporate Highlights
Date:5/8/2008

e drug has demonstrated anticancer activity in several clinical trials. Due to the occurrence of several fatalities related to neutropenia, the drug is currently on clinical hold in the U.S. Based upon guidance from FDA, Genta has developed a strategy that is intended to lift the clinical hold, thereby enabling clinical testing to resume. If further studies document efficacy and safety, tesetaxel offers substantial opportunities to improve convenience, safety, and activity for patients who are currently receiving conventional taxanes.

Financial Information

The Company reported a net loss of $9.7 million, or $0.29 per share, for the first quarter of 2008, compared with a net loss of $5.6 million, or $0.21 per share, for the first quarter of 2007. (All share and per-share data have been retroactively adjusted to account for the effect of a 1-for-6 reverse stock split on July 13, 2007.)

Research and development expenses were $6.4 million for the three months ended March 31, 2008, compared with $3.4 million for the three months ended March 31, 2007. This increase was primarily due to the recognition in March 2008 of $2.5 million for license payments on tesetaxel, as well as expenses from the AGENDA clinical trial. Selling, general and administrative expenses were $3.6 million for the three months ended March 31, 2008, compared with $4.1 million for the three months ended March 31, 2007. Share-based compensation expenses recognized under Statement of Financial Accounting Standards No. 123 (revised 2004), Share-Based Payment, ("SFAS 123R") declined $0.3 million.

In the fourth quarter of 2006, the Company recorded an expense of $5.3 million that provides for the issuance of 2.0 million shares of Genta common stock, for a settlement in principle of certain class action litigation. At March 31, 2007, the revised estimated value of the common shares portion of the litigation settlement was $3.7 million, based on a closing price of Genta's common st
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SOURCE Genta Incorporated
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