After struggling for four years under the weight of a failed late-stage study for a lead cancer drug, long-time penny stock company Genta ($GNTA) is giving up the ghost. The biotech filed an 8-K outlining its last remaining option: Chapter 7 bankruptcy liquidation.
The end has been a long time coming for Genta. Back in 2008 the New Jersey-based biotech was forced to lay off half of its staff as it hunted for cash after the FDA rejected Genasense. By early 2009 its reserves had dwindled down to only $600,000, and bankruptcy was one of several options put on the table. Its stock dropped at the time to 1.5 cents a share. We last covered Genta back in early 2011, when we noted that Genasense failed its second late-stage study.
Genta, though, wasn't finished. Just days ago the biotech announced that it had struck a Special Protocol Assessment for its Phase III trial of oral tesetaxel as initial chemotherapy for women with metastatic breast cancer. And it was working with the EMA as well.
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