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BioSante (NASDAQ: BPAX) will pay 0.1615 of its own commonh shares for each share of CellGenesys (NASDAQ: CEGE). This deal shouls close later this year, likely in the late third or earltyfourth quarter. In the firs t quarter, Cell Genesys lost $8.7 or 10 cents a share, narrowe from a loss in the same perioed last yearof $22.6 million, or 29 centsz a share. The company had been exploringfstrategic alternatives, including merger with or acquisition by anothefr company, additional restructuring, repurchase of additional amounts of convertible notes or allocation of its remaininyg resources toward other biopharmaceutical producrt areas. Cell Genesys had hired to help it figur outa strategy.
The company already cut abouyt 95 percent ofits staff, from 290 person s to 16, by eliminating all research and development, clinical and regulatory activities. BioSante, baseds in Lincolnshire, Ill., focuses on drugs for sexualp health.
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