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Genta Incorporated Announces Second Quarter 2007 Financial Results and Corporate Highlights
Date:8/19/2007

mpany reported a net loss of $8.2 million, or $0.27 per share, for the second quarter of 2007, compared to a net loss of $14.6 million, or $0.66 per share, for the second quarter of 2006. For the six months ended June 30, 2007, the Company reported a net loss of $13.8 million, or $0.48 per share, compared to a net loss of $24.5 million, or $1.17 per share, for the comparable period in 2006.

Net product sales of Ganite in the second quarter and first six months of 2007 of $0.1 million and $0.2 million, respectively, declined from the prior- year periods of $0.4 million and $0.4 million, respectively. The second quarter of 2006 included the effects of a reduction in the provision for Ganite sales returns of $0.3 million. Excluding this adjustment, sales slightly increased in the second quarter and first six months of 2007. Operating expenses declined in the second quarter and first six months of 2007, 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 provides 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 June 30, 2007, the revised estimated value of the common shares portion of the litigation settlement is $3.5 million, based on a closing price of Genta's common stock of $1.74 per share, resulting in a reduction in the provision of $0.2 million in the second quarter and a reduction of $1.8 million for the first six months of 2007.

As of June 30, 2007, Genta had no long-term debt, $0.2 million in short- term debt, and had cash, cash equivalents and marketable securities of $22.4 million, compared to $29.5 million as of December 31, 2006. Duri
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SOURCE Genta Incorporated

Copyright©2007 PR Newswire.

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