Genta Announces First Closing of its $40 Million Convertible Financing Facility;...

Genta Announces First Closing of its $40 Million Convertible Financing
Facility; Issues $20 Million in Senior Secured Convertible Notes

BERKELEY HEIGHTS, N.J., June 9 /PRNewswire-FirstCall/ -- Genta
Incorporated (OTC Bulletin Board: GNTA) announced today that the Company has
issued $20 million of Senior Secured Convertible Notes due 2010. Holders of
the Notes shall have the right, but not the obligation, for the following 12
months to purchase in whole, or in part, up to an additional $20 million of
the Notes. Rodman & Renshaw, LLC, a wholly-owned subsidiary of Rodman &
Renshaw Capital Group, Inc. (Nasdaq: RODM) served as the exclusive placement
agent for the offering.
About Genta
Genta Incorporated is a biopharmaceutical company with a diversified
product portfolio that is focused on delivering innovative products for the
treatment of patients with cancer. Two major programs anchor the Company's
research platform: DNA/RNA-based Medicines and Small Molecules. Genasense(R)
(oblimersen sodium) Injection is the Company's lead compound from its DNA/RNA
Medicines program. Genta is currently recruiting patients to the AGENDA
Trial, a global Phase 3 trial of Genasense in patients with advanced melanoma.
The Company has recently filed an amendment to its New Drug Application to the
Food and Drug Administration requesting approval for the use of Genasense plus
chemotherapy in patients with relapsed or refractory chronic lymphocytic
leukemia (CLL). The leading drug in Genta's Small Molecule program is
Ganite(R) (gallium nitrate injection), which the Company is exclusively
marketing in the U.S. for treatment of symptomatic patients with cancer
related hypercalcemia that is resistant to hydration. The Company has
developed G4544, an oral formulation of the active ingredient in Ganite, that
has recently entered clinical trials as a potential treatment for diseases
associated with accelerated bone loss. The Company is also developing
tesetaxel, a novel, orally absorbed, semi-synthetic taxane that is in the same
drug class as paclitaxel and docetaxel. Ganite and Genasense are available on
a "named-patient" basis in countries outside the United States. For more
information about Genta, please visit our website at: www.genta.com.
Safe Harbor
This press release may contain forward-looking statements with respect to
business conducted by Genta Incorporated. By their nature, forward-looking
statements and forecasts involve risks and uncertainties because they relate
to events and depend on circumstances that will occur in the future. Forward-
looking statements include, without limitation, statements about:
-- the Company's ability to obtain necessary regulatory approval for
Genasense(R) from the U.S. Food and Drug Administration ("FDA") or
European Medicines Agency ("EMEA");
-- the safety and efficacy of the Company's products or product
candidates;
-- the Company's assessment of its clinical trials;
-- the commencement and completion of clinical trials;
-- the Company's ability to develop, manufacture, license and sell its
products or product candidates;
-- the Company's ability to enter into and successfully execute license
and collaborative agreements, if any;
-- the adequacy of the Company's capital resources and cash flow
projections, the Company's ability to obtain sufficient financing to
maintain the Company's planned operations, or the Company's risk of
bankruptcy if it is unsuccessful in obtaining such financing,
particularly the financial transaction described in this release;
-- the Company's ability to secure the consent of the Company's
shareholders to approve certain covenants in connection with the
financial transaction described in this release;
-- the adequacy of the Company's patents and proprietary rights;
-- the impact of litigation that has been brought against the Company and
its officers and directors and any proposed settlement of such
litigation; and
-- the other risks described under Certain Risks and Uncertainties Related
to the Company's Business, as contained in the Company's Annual Report
on Form 10-K and Quarterly Report on Form 10-Q.

The Company does not undertake to update any forward-looking statements.
There are a number of factors that could cause actual results and developments
to differ materially. For a discussion of those risks and uncertainties,
please see the Company's Annual Report on Form 10-K for 2007 and its most
recent quarterly report on Form 10-Q.
CONTACT:
Genta Investor Relations
info@genta.com

SOURCE Genta Incorporated

Genta Investor Relations, +1-908-286-3980, info@genta.com