Genta Incorporated Announces Fourth Quarter and Year End 2007 Financial Results and Corporate ...(ded December31 2007 the Company reported...),Health

Date:3/12/2008

ded December 31, 2007, the Company reported a net loss of $23.3 million, or $0.79 per share, compared with a net loss of $56.8 million, or $2.52 per share, for the year ended December 31, 2006. (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.)

Net product sales of $0.3 million for the fourth quarter of 2007 increased from $0.1 million for the fourth quarter of 2006, primarily due to a reduction in a provision for sales returns of Ganite(R) of $0.1 million. Net product sales for the year ended December 31, 2007 of $0.6 million declined from the prior-year period of $0.7 million as product sales in 2007 and 2006 included favorable adjustments to a reserve for returns of Ganite of $0.1 million and $0.3 million, respectively. Operating expenses for the fourth quarter and the year ended December 31, 2007 declined from their comparable prior-year periods, as the prior year included a buildup of sales, marketing and manufacturing expenses incurred in preparation for a possible commercial launch of Genasense. In addition, lower expenses in 2007 reflect the impact of a staff reduction in December 2006.

In the fourth quarter of 2006, the Company recorded an expense of $5.3 million that provided for the issuance of 2 million shares of Genta common stock, for a settlement in principle of class action litigation. The expense is net of insurance recovery of $18.0 million. At December 31, 2007, the revised estimated value of the common shares portion of the litigation settlement is $1.0 million based on a closing price of Genta's common stock of $0.52 per share, resulting in a reduction in the provision of $1.6 million and $4.2 million for the fourth quarter and year ended December 31, 2007, respectively.

Also in the fourth quarter of 2006, we accounted for the impairment of prepaid royalties and recorded a write-off of this asset of $1.3 million due to the non-approvabl
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SOURCE Genta Incorporated Copyright©2008 PR Newswire. All rights reserved

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