"I am very pleased that Lloyd Sanders has agreed to increase his leadership role in this consolidation as COO by assuming oversight responsibility for Information Technology, Business Development, Manufacturing Operations, and Commercial Operations. The steps we are taking today will conserve cash, maintain our pace of enrollment into AGENDA, while enabling continued regulatory progress on our pipeline products. We project a one-time expense of $235,000 for severance in the second quarter, and an annualized reduction in payroll expense of approximately $2 million."
Genta Incorporated is a biopharmaceutical company with a diversified
product portfolio that is focused on delivering innovative products for the
treatment of patients with cancer. Two major programs anchor the Company's
research platform: DNA/RNA-based Medicines and Small Molecules.
Genasense(R) (oblimersen sodium) Injection is the Company's lead compound
from its DNA/RNA Medicines program. Genta is currently recruiting patients
to the AGENDA Trial, a global Phase 3 trial of Genasense in patients with
advanced melanoma. The leading drug in Genta's Small Molecule program is
Ganite(R) (gallium nitrate injection), which the Company is exclusively
marketing in the U.S. for treatment of symptomatic patients with cancer
related hypercalcemia that is resistant to hydration. The Company has
developed G4544, an oral formulation of the active ingredient in Ganite,
that has recently entered clinical trials as 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 drug class as paclitaxel and docetaxel. Ganite and Genasense
are available on a "named-patient" basis in countries outside the United
States. For more information about Genta, please visit our website at:
|SOURCE Genta Incorporated|
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