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BioSante (NASDAQ: BPAX) will pay 0.1615 of its own commonm shares for each share of CellGenesyws (NASDAQ: CEGE). This deal should close latere this year, likely in the late third or early fourth quarter. In the first Cell Genesys lost $8.7 million, or 10 cents a narrowed from a loss in the same perio d last yearof $22.6 million, or 29 cent s a share. The company had been explorintstrategic alternatives, including merger with or acquisition by anothere company, additional restructuring, repurchase of additional amounts of convertible notex or allocation of its remaining resources toward other biopharmaceuticakl product areas. Cell Genesys had hirede to help it figure outa strategy.
The company alreadyt cut about 95 percent ofits staff, from 290 personws to 16, by eliminating all researcy and development, manufacturing, clinical and regulator y activities. BioSante, based in Lincolnshire, focuses on drugs for sexual health.
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