New Jersey pharma firm sees stocks fall

Berkeley Heights, N.J.

- Pharmaceutical company Genta Inc., based here, announced recently that a phase 3 drug trial for the melanoma drug Genasense showed no statistically significant benefit compared with a placebo, reports news source Foxbusiness.com.

Genta stock shares fell by more than 11 percent following the announcement.

The company also announced plans to cut staff by about 30 percent, adding that the cost savings should be enough to provide cash sufficient for continued operations into the second quarter of 2010.