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GNTA Annual Meeting Summary

By: plwilson $$$
Reply To: 2300 by plwilson $$$ Thursday, 14 Jun 2001 at 4:25 PM EDT
Post # of 2341


Todays Annual Meeting Summary,from yahoo thread.Thanks to (Tommny). - First 15 minutes were scripted legal stuff regarding the proxy votes. (all three votes passed with approximately 75% of the votes cast)

- Genta is no longer an antisense company. It is now considered a "diversified oncology company".

- Statistically over the past few months Genta has done better than the biotech index, the nasdaq, and "anything else you can measure it against".

- Company has recently consolidated it's operations and all of it's previous offices (California, Lexington Mass, NYC,) in Berkley Heights NJ in a heartland of the pharmaceutical industry. Warrell joked that it will now be easier to plunder the other pharma's employees.

- Many new and improved marketing initiatives from hiring the new Marketing director to two recent revisions to the website.

- Discussed analysts coverage (Needham, Gruntal, Janney Montgomery, and Ladenburg) All of which have issued Strong Buys)

- Technical discussion used the slides from the Wall Street Analysts Conference from last week.

- Four current areas: Antisense (Genasense), Gallium (Ganite - this is the intravenous therapy for bone loss), Androgenics (this is the prostate therapy), and Decoy Aptemers (which were not discussed)

- Genasense will be manufactured by Avecia Ltd., a U.K. company. Company has contracted for two years and has manufacturing facilities in Scotland (for the European manufacturing) and in Massachusettes for the U.S. Each site can be used as back up for the other.

- Androgenics and Gallium. Anticipates these to be in clinical trials by this time next year. (Gallium clinical will be for the oral ganite)

- Still anticipate partnering for Europe. Have spoken with all of the majors. European partner will have to handle the NDA in Europe.

- Still anticipate keeping the US market for ourself but Warrell did not seem as adament about this.

- Asked the IR person Tara Spiess about Janney's comment about a potential takeout. She said they do not comment on analysts speculation. She said it would not be prudent to entirely rule out a sale if the price were right.

- Genasense is the only unpartnered blockbuster cancer drug out there at this time. Our clinical trial efficacy puts us ahead of the market.

All good news no big announcement.

My impression?...This is going to be HUGE.
Warrell commented that he has been involved in four NDA's and Dr. Itri (isn't that Mrs. Dr. Itri-Warrell???) has been involved in at least 10 NDA's. Lot's of good experience. (Sorry I couldn't bring myself to ask how many of these were approved).

Warrell is one smooth dude. Much more comfortable and confident than last year. He knows he has a winner here. (Can you say Nobel Prize??)
No specific discussion of the number of people in the trial but it did not seem that small as it is being conducted at many medical centers around the country and abroad. In fact two people specifically asked how someone goes about getting into the trials. One person seemed very desperate. Warrell was asked about European Partner and was also asked about when the company would be profitable.

His answer to the partnering was that Genasense is the only blockbuster cancer drug that is not partnered at this time. Everyone has wanted to speak with our guys regarding partnering and, I assume, acquistion. I think he was alluding to the fact that any partnering agreement we sign would be significant.

Regarding profitability, Warrell said that if we partner this year, it will do alot towards making us profitable. I personally believe he was understating the obvious.
I think that if a partnering agreement is announced it will be huge for the stock price. Because it will demonstrate that someone is willing to "share" some of the risk.

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