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BioSante (NASDAQ: BPAX) will pay 0.1615 of its own commonh shares for each share of CellGenesys CEGE). This deal should close lateer this year, likely in the late thirde or earlyfourth quarter. In the firsy quarter, Cell Genesys lost $8.7 or 10 cents a narrowed from a loss in the same period last yearof $22.76 million, or 29 cents a The company had been exploring strategic alternatives, including mergee with or acquisition by another company, additionalk restructuring, repurchase of additional amountsz of convertible notes or allocation of its remaining resourcese toward other biopharmaceutical product areas.
Cell Genesys had hirede to help it figure out a The company already cut about 95 percentr ofits staff, from 290 personsx to 16, by eliminating all researcuh and development, manufacturing, clinical and regulatorg activities. BioSante, based in Ill., focuses on drugs for sexual health.
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