This Day On The Street
Continue to site
ADVERTISEMENT
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: 1998-2012

And at his side, through it all, stood Genta's chief medical officer Loretta Itri, also known as Warrell's wife. Surely, the Warrell/Itri combo must be near the top of any biotech Power Couple list.

In reward for their ignominious track record -- and to "incentivize and retain" the duo -- Genta's board of directors, just six weeks prior the filing bankruptcy, awarded Warrell and Itri a combined 1.45 billion shares of Genta restricted stock.

Alas, as they say, all good things must come to and end. On August 2, biotech flags around the world were lowered to half-staff to recognize Genta's filing of Chapter 7 bankruptcy liquidation.

That Genta was able to survive for 24 years, burn through $1.2 billion dollars of investors money, finance themselves through deeply discounted converts for over two decades, with a single CEO for its final 13 years, even after losing 100% of shareholder value, is truly a remarkable, perhaps never-to-be-replicated story.

R.I.P. Genta.

Silverman has no position in Genta -- thankfully.

Jim Silverman is the managing member of RRC Bio Fund LP, a Boston-based hedge fund focused on small-cap biotech. RRC Bio was launched in 2007. Silverman also founded Risk/Reward Capital Management in 1997, a registered investment advisory. He lives in Cambridge, Mass., and received a BBA in finance from The George Washington University.
3 of 3

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
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
CTIC $1.84 1.10%
SNY $51.37 -0.60%
AAPL $127.60 2.28%
FB $83.09 2.87%
GOOG $535.38 2.16%

Markets

DOW 18,034.93 +208.63 1.17%
S&P 500 2,100.40 +19.22 0.92%
NASDAQ 4,994.6020 +62.7870 1.27%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs