This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Genta's Genasense Still a Long Shot

SAN DIEGO -- Genta (GNTA) may seek a second shot at marketing approval for its experimental cancer drug Genasense, but don't expect things to turn out any better than the first time.

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 And the Genasense-chemotherapy combination used in the study is relatively outdated, with newer drugs, including Genentech's (DNA) Rituxan, producing better responses in similar CLL patients.

During Monday's presentation, the Genasense study's lead investigator, Dr. Kanti Rai of Long Island Jewish Medical Center, did not specifically endorse a Food and Drug Administration filing based on this clinical data. While he believes in the promise of Genasense in CLL, Rai said different dosing schedules and/or studies of the drug in newly diagnosed (read: less sick) CLL patients is needed.

Genta has not yet said publicly whether it will seek FDA approval for Genasense in CLL, but the down-and-out company has little to lose. In May, Genasense was rejected by an FDA advisory panel as a melanoma treatment, sending shares tumbling into the single digits. At present, Genta has lost its corporate partner, Aventis (AVE), and is running short of cash. A separate phase III study in multiple myeloma, also presented over the weekend at the ASH meeting, was a failure.
1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $110.38 0.00%
FB $92.07 0.00%
GOOG $626.91 0.00%
TSLA $247.57 0.00%
YHOO $30.71 0.00%


Chart of I:DJI
DOW 16,472.37 +200.36 1.23%
S&P 500 1,951.36 +27.54 1.43%
NASDAQ 4,707.7750 +80.6910 1.74%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs