Genta Incorporated (OTCBB: GNTA.OB) today announced financial results for the quarter ending September 30, 2010. Recent corporate highlights include:
- Survival results from AGENDA Phase 3 trial of Genasense ® in advanced melanoma on track for expected followup completion in Q1 2011
- Tesetaxel Phase 2a-2b studies now open in 4 indications: gastric, breast and bladder cancer, and melanoma
- Scientific Advice for Phase 3 study of tesetaxel in gastric cancer received from European Medicines Agency (EMA). Regulatory discussions ongoing with other agencies.
- Tesetaxel clinical data in breast and gastric cancer to be presented at the San Antonio Breast Cancer Symposium, the AACR/NIH/EORTC “Targets” Meeting, and the Chemotherapy Foundation meeting
- Pharmacokinetic data from Ganite ® clinical study in patients with serious infections presented at North American Cystic Fibrosis meeting.
The results for the three and nine months ended September 30, 2010 and 2009, respectively, include the impact of the mark-to-market accounting for the liabilities for the conversion features of the Company’s notes, debt warrants and warrants that were issued in its financings, including the financing that was closed in March 2010. These liabilities fluctuated according to the price of Genta’s common stock up until the implementation of a 1-for-100 reverse stock split that became effective in August 2010, and as a consequence, these fluctuations have caused the Company to report positive net income for the third quarter of 2010.
For the third quarter of 2010, the Company reported net income of $7.7 million, or net income per basic share of $0.88 per share and net income per fully diluted share of $0.16 per share, compared with a reported net loss of $(20.4) million, or $(14.66) per basic and diluted share, for the third quarter of 2009. All share and per share data prior to July 9, 2010 included in this press release have been retroactively adjusted to account for the effect of the aforementioned reverse stock split for all periods presented. For the nine months ended September 30, 2010, the Company reported a net loss of $(133.4) million, or $(22.29) per basic and diluted share, compared with a net loss of $(74.6) million, or $(98.32) per basic and diluted share, for the nine months ended September 30, 2009. Presently, the Company has approximately 111 million outstanding shares of Common Stock.