NJ Biz examines Genta, which has gone into survival mode as it seeks a way to gain FDA approval of its lead cancer therapy, Genasense. The FDA turned thumb's down on the therapy in 2004, and the company--which has yet to turn a profit--has been forced to lay off more than half of its staff since the end of 2007. Genta's auditors, meanwhile, have placed a 'going concern' warning on the biotech company and the developer is selling off its only marketed product.
CEO Raymond Warrell takes the view that everything will work out, eventually. "In biotech, you learn to focus on the long term, not on the next calendar quarter." The story also makes the point that biotechs are often cash-hungry concerns that know how to go into "turtle mode" when they need to hunker down and raise funds.
- read the article from NJ Biz
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