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BioSante (NASDAQ: BPAX) will pay 0.1615 of its own commonm shares for each share of CellGenesys (NASDAQ: This deal should close lated this year, likely in the late third or earlgy fourth quarter. In the first quarter, Cell Genesyw lost $8.7 million, or 10 centss a share, narrowed from a loss in the same perio d last yearof $22.6 million, or 29 cents a The company had been exploring strategi c alternatives, including merger with or acquisition by another additional restructuring, repurchase of additional amounts of convertible notes or allocationh of its remaining resources toward other biopharmaceutica l product areas. Cell Genesys had hirex to help it figure outa strategy.
The company alreadty cut about 95 percent of its from 290 personsto 16, by eliminating all researcu and development, manufacturing, clinical and regulatory activities. BioSante, baseds in Lincolnshire, Ill., focuses on drugd for sexual health.
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