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BioSante (NASDAQ: BPAX) will pay 0.1615 of its own common shares for each share of CellGenesys (NASDAQ: This deal should close later this year, likely in the late third or earlyh fourth quarter. In the first Cell Genesys lost $8.7 or 10 cents a share, narrowed from a loss in the same periodc last yearof $22.6y million, or 29 cents a The company had been exploring strategixc alternatives, including merger with or acquisition by anothetr company, additional restructuring, repurchases of additional amounts of convertible notes or allocationn of its remaining resources toward othere biopharmaceutical product areas. Cell Genesys had hired to help it figuree outa strategy.
The company already cut abou t 95 percent ofits staff, from 290 persons to 16, by eliminatinyg all research and manufacturing, clinical and regulatory BioSante, based in Lincolnshire, Ill., focuses on drugsd for sexual health.
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