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Genta Incorporated Announces Second Quarter 2008 Financial Results and Corporate Highlights
Date:8/7/2008

e, resulting in amortization of $0.8 million in the month of June 2008. On June 30, 2008, based upon a Black-Scholes valuation model that included a closing price of Genta's common stock of $0.38 per share, an additional expense of $380 million was recorded to mark the conversion feature liability to market, resulting in a total fair value conversion feature liability expense in June of $720.0 million and an expense of $7.2 million was recorded to mark the warrant liability to market.

Net other expense was $0.2 million for the second quarter of 2008 compared to net other income of $0.3 million for the second quarter of 2007, and net other expense was $0.1 million for the six months ended June 30, 2008 compared to net other income of $0.5 million. The difference resulted from lower investment income, owing to lower investment balances, and accrued interest on the convertible notes. The Company has no exposure to auction rate securities.

At June 30, 2008, Genta had cash, cash equivalents and marketable securities totaling $16.3 million compared with $7.8 million at December 31, 2007. During the first six months of 2008, cash used in operating activities was $14.4 million compared with $16.8 million for the same period in 2007, primarily as a result of the timing of payments in the two respective periods. The Company estimates that its average net cash outflow will be $2.0 to $2.5 million per month for the remainder of 2008.

Conference Call and Webcast

Genta management will host a conference call and live audio webcast to discuss these financial results and corporate activities on Thursday, August 7, 2008, at 8:00 am EDT. Participants can access the live call by dialing (877) 634-8606 (U.S. and Canada) or (706) 679-3140 (International). The access code for the live call is Genta Incorporated. The call will also be webcast live at http://www.genta.com/investorrelation/e
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SOURCE Genta Incorporated
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