Genta's Genasense Still a Long Shot
SAN DIEGO -- Genta
Still, some investors seemed eager to take a flier on Genta's chances at resurrection. The stock closed up 67 cents, or 48%, to $2.05 on Monday. But that was down from its intraday high of $2.40, or up 74%, reached before a presentation on a form of leukemia at 2:15 p.m. EDT. More than 62 million shares traded hands in a company with a 73 million-share float and a 30-day daily average volume of 2.9 million shares.
At an oral presentation at the American Society of Hematology meeting Monday, the Berkeley Heights, N.J.-based drugmaker said the addition of Genasense to chemotherapy increased "major" responses in patients with advanced chronic lymphocytic leukemia (CLL) in a phase III study.
But this increase in response had no clinically meaningful effect
on patients in terms of increasing their survival or even delaying the
progression of disease. And the Genasense-chemotherapy combination
used in the study is relatively outdated, with newer drugs, including
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