I know this is not a reliable news but someone posted on the yahoo boards a headline from reuters that the drug was rejected.
The news just crossed Reuters. The panel recommended rejection. http://biz.yahoo.com/rc/040503/health_genta_1.html
Reuters US FDA panel rejects Genta, Aventis cancer drug Monday May 3, 11:58 am ET GAITHERSBURG, Md., May 3 (Reuters) - A U.S. advisory panel on Monday recommended rejection of an experimental cancer drug developed by biotech firm Genta Inc. (NasdaqNM:GNTA - News) and French drug maker Aventis SA (Paris:AVEP.PA - News). The companies are seeking Food and Drug Administration (News - Websites) clearance to sell the medicine, called Genasense, to treat patients with advanced melanoma, the most deadly form of skin cancer.
this is nuts.. bid @ 20, ask shooting from 1 to 5 ... what will happen now? they release the beast or do they auction onto the new opening? Tiki
It's still sitting in T2, which is dissemination. Once it goes to T3, there will be a quote time and a release time. I am reading some stuff that says it isn't quite over for sure just yet, on Yahoo (by a few who know what they are talking about) and in one other place. The uncertainty is over question #3, which speaks to approvability. I wonder if the media jumped the gun? Stay tuned.
Hey these things are fun (at least more fun then a soap opera) Does anyone have a bio-tech calendar? Tiki
OMG, yes... It is my hope that nobody bought into the stock based on my post. I sold a few hundred puts and covered a nickel lower on Friday; no position in GNTA