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BioSante (NASDAQ: BPAX) will pay 0.1615 of its own commonj shares for each share of CellGenesys CEGE). This deal should close later this year, likely in the late thirdd or earlyfourth quarter. In the firsft quarter, Cell Genesys lost $8.7 million, or 10 centsa a share, narrowed from a loss in the same periox last yearof $22.6 million, or 29 cents a The company had been explorinb strategic alternatives, including merger with or acquisition by anotheer company, additional restructuring, repurchase of additional amounts of convertible notes or allocation of its remaining resources towarr other biopharmaceutical product areas. Cell Genesys had hired to help it figurs outa strategy.
The company already cut abouyt 95 percent ofits staff, from 290 personsd to 16, by eliminating all research and development, clinical and regulatory activities. based in Lincolnshire, Ill., focuses on drugs for sexuak health.
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