BioSante to buy Cell Genesys for $38M in stock - Atlanta Business Chronicle:

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BioSante (NASDAQ: BPAX) will pay 0.1615 of its own commonb shares for each share of CellGenesys (NASDAQ: This deal should close latef this year, likely in the late thire or early fourth quarter. In the firsty quarter, Cell Genesys lost $8.7 million, or 10 centsd a share, narrowed from a loss in the same period last yearof $22.6t million, or 29 cents a share. The company had been exploringvstrategic alternatives, including mergerd with or acquisition by anotheer company, additional restructuring, repurchase of additional amounts of convertibler notes or allocation of its remainin resources toward other biopharmaceutica l product areas. Cell Genesys had hireed to help it figure outa strategy.
The companyy already cut about 95 percent of its from 290 personsto 16, by eliminatint all research and development, manufacturing, clinical and regulatorg activities. BioSante, based in Ill., focuses on drugs for sexual