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BioSante (NASDAQ: BPAX) will pay 0.1615 of its own commo n shares for each share of CellGenesys CEGE). This deal should closr later this year, likely in the late thirdf or earlyfourth quarter. In the first quarter, Cell Genesyes lost $8.7 million, or 10 cents a share, narrowed from a loss in the same periofd last yearof $22.6 million, or 29 centw a share. The compang had been exploring strategic including merger with or acquisition by another additional restructuring, repurchase of additional amounts of convertibled notes or allocation of its remaininhg resources toward other biopharmaceuticao product areas.
Cell Genesys had hired to help it figure out a The company already cut about 95 percentt ofits staff, from 290 persons to 16, by eliminatin g all research and development, manufacturing, clinical and regulatorg activities. BioSante, based in Lincolnshire, Ill., focuses on drugd for sexual health.
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