Genta plans $16M stock offering

US biopharmaceutical firm Genta say that it has entered into definitive agreements with institutional investors to sell 20 million shares of common stock through a registered offering for gross proceeds totaling around $16.0 million, before fees and expenses.

The closing is expected to take place on or about September 22, subject to the satisfaction of customary conditions. The shares are being sold pursuant to the company's registration statement on Form S-3 declared effective by the Securities and Exchange Commission on May 11, 2004 and the prospectus supplement dated September 19, 2006.