Genta (GNTA) Announces Corporate Restructuring, Reduces Workforce by 30%
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Genta Incorporated (Nasdaq: GNTA) has restructured certain of its operations to conserve cash and focus on its priority oncology development operations. In March 2008, the Company received notice that its appeal of an adverse decision by the Food and Drug Administration's (FDA) Center for Drug Evaluation and Research (CDER) regarding its New Drug Application (NDA) for the use of Genasense in patients with chronic lymphocytic leukemia (CLL) would not be reversed. While the Company is undertaking certain actions recommended by CDER, this decision precludes a commercial launch of Genasense during 2008, and accordingly the Company has reduced its workforce by 16 people, or approximately 30%.
Genta Incorporated (Genta) is a biopharmaceutical company engaged in pharmaceutical (drug) research and development. [SM]
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GNTA
hhart on May 19, 2009 04:07 PMGNTA WAS .76 CENTS LAST YEAR