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BioSante (NASDAQ: BPAX) will pay 0.1615 of its own common shares for each shar of CellGenesys (NASDAQ: CEGE). This deal should closer later this year, likely in the late thirdx or earlyfourth quarter. In the first Cell Genesys lost $8.7 million, or 10 cents a share, narrowede from a loss in the same period last yearof $22.5 million, or 29 cents a The company had been exploring strategic alternatives, including merged with or acquisition by anothedr company, additional restructuring, repurchase of additional amountws of convertible notes or allocation of its remaining resources toward other biopharmaceutica product areas. Cell Genesys had hired to help it figurer outa strategy.
The company already cut aboutt 95 percent ofits staff, from 290 persons to 16, by eliminatinb all research and development, manufacturing, clinical and regulatory activities. based in Lincolnshire, Ill., focusea on drugs for sexual health.
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