Genta Announces One Time Non-Recurring Gain for Year-Ended 2000

Apr 02, 2001, 01:00 ET from Genta Incorporated

    BERKELEY HEIGHTS, N.J., April 2 /PRNewswire/ --
 Genta Incorporated (Nasdaq:   GNTA) announced today that it had recorded a
 one-time gain of $4.9 million for fiscal year 2000 as a result of the exercise
 and sale of warrants related to a 1993 licensing arrangement with CV
 Therapeutics.  This gain will reduce the Company's previously announced net
 loss of $20.8 million, or $(0.54) per common share, to a net loss of
 $15.9 million or $(0.41) per common share.
     Genta Incorporated is a biopharmaceutical company with a diversified
 product portfolio that is focused on anticancer therapy.  The research
 platform is anchored by antisense technology.  Genasense(TM), the Company's
 lead compound, has received "Fast Track" and "Orphan Drug" designation from
 the Food and Drug Administration.  Genasense(TM) is currently undergoing a
 broad series of Phase 2 and Phase 3 clinical tests.  Genta's product pipeline
 also comprises a portfolio of small molecules, including gallium-containing
 compounds for treatment of diseases associated with accelerated bone loss and
 Androgenics compounds for prostate cancer.  Genta aims to become a direct
 marketer of its pharmaceutical products in the United States.  For more
 information about Genta, please visit our website at: http://www.genta.com.
 
     The statements contained in this press release that are not historical are
 forward-looking statements within the meaning of Section 27A of the Securities
 Act of 1933, as amended, and Section 21E of the Securities Exchange Act of
 1934, as amended, including statements regarding the expectations, beliefs,
 intentions or strategies regarding the future. Without limiting the foregoing,
 the words "anticipates," "believes," "expects," "intends," "may" and "plans"
 and similar expressions are intended to identify forward-looking statements.
 The Company intends that all forward-looking statements be subject to the safe
 harbor provisions of the Private Securities Litigation Reform Act of 1995.
 These forward-looking statements reflect the Company's views as of the date
 they are made with respect to future events, but are subject to many risks and
 uncertainties, which could cause the actual results of the Company to differ
 materially from any future results expressed or implied by such
 forward-looking statements.  The Company does not undertake to update
 forward-looking statements. Although the Company believes that the
 forward-looking statements contained herein are reasonable, it can give no
 assurances that the Company's expectations are correct. All forward-looking
 statements are expressly qualified in their entirety by this cautionary
 statement and other factors detailed in the Company's reports filed with the
 Securities and Exchange Commission.
 
 

SOURCE Genta Incorporated
    BERKELEY HEIGHTS, N.J., April 2 /PRNewswire/ --
 Genta Incorporated (Nasdaq:   GNTA) announced today that it had recorded a
 one-time gain of $4.9 million for fiscal year 2000 as a result of the exercise
 and sale of warrants related to a 1993 licensing arrangement with CV
 Therapeutics.  This gain will reduce the Company's previously announced net
 loss of $20.8 million, or $(0.54) per common share, to a net loss of
 $15.9 million or $(0.41) per common share.
     Genta Incorporated is a biopharmaceutical company with a diversified
 product portfolio that is focused on anticancer therapy.  The research
 platform is anchored by antisense technology.  Genasense(TM), the Company's
 lead compound, has received "Fast Track" and "Orphan Drug" designation from
 the Food and Drug Administration.  Genasense(TM) is currently undergoing a
 broad series of Phase 2 and Phase 3 clinical tests.  Genta's product pipeline
 also comprises a portfolio of small molecules, including gallium-containing
 compounds for treatment of diseases associated with accelerated bone loss and
 Androgenics compounds for prostate cancer.  Genta aims to become a direct
 marketer of its pharmaceutical products in the United States.  For more
 information about Genta, please visit our website at: http://www.genta.com.
 
     The statements contained in this press release that are not historical are
 forward-looking statements within the meaning of Section 27A of the Securities
 Act of 1933, as amended, and Section 21E of the Securities Exchange Act of
 1934, as amended, including statements regarding the expectations, beliefs,
 intentions or strategies regarding the future. Without limiting the foregoing,
 the words "anticipates," "believes," "expects," "intends," "may" and "plans"
 and similar expressions are intended to identify forward-looking statements.
 The Company intends that all forward-looking statements be subject to the safe
 harbor provisions of the Private Securities Litigation Reform Act of 1995.
 These forward-looking statements reflect the Company's views as of the date
 they are made with respect to future events, but are subject to many risks and
 uncertainties, which could cause the actual results of the Company to differ
 materially from any future results expressed or implied by such
 forward-looking statements.  The Company does not undertake to update
 forward-looking statements. Although the Company believes that the
 forward-looking statements contained herein are reasonable, it can give no
 assurances that the Company's expectations are correct. All forward-looking
 statements are expressly qualified in their entirety by this cautionary
 statement and other factors detailed in the Company's reports filed with the
 Securities and Exchange Commission.
 
 SOURCE  Genta Incorporated