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.
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