Genta Jago signs agreements with Krypton for six GEOMATRIX controlled-release products.SAN DIEGO San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. and HERGISWIL, Switzerland--(BUSINESS WIRE)--Oct. 31, 1996--Genta Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :GNTA) Thursday announced that Genta Jago Technologies B.V., a joint venture between Genta and Jagotec AG, has signed an agreement with Krypton krypton (krĭp`tŏn) [Gr.,=hidden], gaseous chemical element; symbol Kr; at. no. 36; at. wt. 83.80; m.p. −156.6°C;; b.p. −152.3°C;; density 3.73 grams per liter at STP; valence usually 0. Ltd., a subsidiary of London-based SkyePharma PLC (LoSE:SKPU), whereby Genta Jago would sublicense sub·li·cense n. A license giving rights of production or marketing of products or services to a person or company that is not the primary holder of such rights. tr.v. to Krypton rights to develop and potentially bioequivalent bi·o·e·quiv·a·lent n. A value indicating the rate at which a substance enters the bloodstream and becomes available to the body. GEOMATRIX versions of five currently marketed products and a second agreement granting Krypton an option to sublicense rights to develop and commercialize an improved version of a sixth product. In addition to royalties, the deal, including up-front and milestone payments and development fees, has the potential to add significant value to Genta Jago over a period of years. In accordance with the terms of the agreements, Krypton has paid $1 million in aggregate up-front fees to Genta Jago. The joint venture has agreed to offset the payment against working capital loans allowing Genta to receive the $1 million payment. This infusion of cash will sustain Genta's operations into December 1996. Additional payments to the joint venture will be made on achievement of certain development milestones on a product by product basis. Genta Jago was formed in December 1992 to develop controlled-release formulation of approximately 30 FDA-approved and marketed products. In May 1995, Genta Jago expanded its joint venture to include an additional 30 products. The joint venture has corporate partnerships with Bristol-Myers Squibb's Apothecon and Gensia/Boehringer Mannheim for the development of potentially bioequivalent formulations of Oruvail (ketoprofen) and Procardia XL (nifedipine nifedipine /ni·fed·i·pine/ (ni-fed´i-pen) a calcium channel blocking agent used as a coronary vasodilator in the treatment of coronary insufficiency and angina pectoris; also used in the treatment of hypertension. ), respectively. Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties, including whether the proposed product can be successfully formulated, scaled-up, developed and commercialized, whether regulatory approvals can be obtained, the impact of competitive products and pricing, whether Genta will be able to raise additional funds necessary in the future to maintain its corporate existence, and other risks detailed from time-to-time in Genta's Securities and Exchange Commission (SEC) reports, including the report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended Dec. 31, 1995 and Genta's quarterly reports on Form 10-Q Form 10-Q See 10-Q. . These forward-looking statements represent Genta's judgment as of the date of this release. Actual results may differ materially from those projected. Genta disclaims, however, any intent or obligation to update these forward-looking statements. Jago Holding AG, Hergiswil, Switzerland, the parent corporation of Jagotec and JAGO Pharma AG, was acquired in May 1996 by the London-based SkyePharma PLC. Jagotech AG, is a drug delivery technology company with patented oral controlled-release (GEOMATRIX), aerosol and topical delivery technologies. Jagotec's GEOMATRIX technology is the subject of issued patents in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Europe, Japan and certain other countries; and pending patent applications. JAGO Pharma, based in Muttenz/Basel, Switzerland, is the operational subsidiary of Jago Holding. Genta Inc. is an integrated biopharmaceutical company with a diversified product development pipeline. In the near term the company is seeking funding to develop, through Genta Jago Technologies B.V., oral controlled-release drugs utilizing the patented GEOMATRIX drug delivery technology. Longer term, Genta is seeking funding to develop proprietary "Anticode" technologies to treat diseases at their genetic source. CONTACT: Genta Inc., San Diego Robert Wang, 619/455-2700 |
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