Genta Considers Scaling Back Operations
Times Staff and Wire Reports
San Diego-based Genta Inc. said it is considering scaling back its operations or selling some assets as a result of a lack of funding. The biotechnology company said it is also in talks with other companies regarding collaborative agreements and is actively seeking additional financing. Genta said it will deplete its cash in December and will be forced to sell assets, license technology or further reduce its work force and spending if it can’t raise additional funding. The company said it may even have to discontinue its operations if the measures are not completed. Genta shares lost 20 cents to close at 31 cents on Nasdaq.
