Genta files for Chapter 7 bankruptcy

Cancer company Genta Inc. (OTCBB:GNTA) said it intends to file for Chapter 7 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware. At March 31, the company had $2.6 million in cash and a three-month net operating cash burn of $1.3 million. In its 1Q12 earnings statement, Genta projected that it would run out of funds during June. The company was founded in 1988, but has never been profitable. ...