Genta Awaits FDA Decision

Genta Inc. (GNTA) announced early Friday that it has recieved special protocol assessment from the FDA for its RNA-based drug Genasense for patients afflicted with Chronic Lymphocytic Leukemia (CLL).

A New Drug Application (FDA) was previously filed by Genta for Genasense with chemotherapy in CLL patients, which did not recieve a favorable review by the FDA back in September of 2006. The NDA has a target date of October 29, 2006 for marketing approval.

Shares of Genta have been on a wild rollercoaster of late. The stock price was as high as $1.10 back in September after the company announced favorable news from its clinical study, and secured institutional financing.

It seems however that investing in Genta should be considered more like day trading. Its share price is tied to daily events and non-events ever since the FDA started its negative string of reviews that started in 2005.

Genta seemed like it was on its way to the land of biotech have-beens as it continues to tread water trying to sustain that $1 level.

It all rests on the FDA's October decision. If the news is positive shares of Genta could skyrocket, much like shares of Acorda (ACOR).

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