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BioSante (NASDAQ: BPAX) will pay 0.1615 of its own common sharess for each share of CellGenesy (NASDAQ: CEGE). This deal shoulxd close later this year, likely in the late thirr or earlyfourth quarter. In the first Cell Genesys lost $8.7 million, or 10 cents a narrowed from a loss in the same periodx last yearof $22.6 million, or 29 centsx a share. The company had been exploring strategic including merger with or acquisitionm byanother company, additional restructuring, repurchase of additional amountws of convertible notes or allocation of its remainin g resources toward other biopharmaceutical product Cell Genesys had hired to help it figurwe out a strategy.
The company already cut abouy 95 percent ofits staff, from 290 personw to 16, by eliminating all researchy and development, manufacturing, clinical and regulatory BioSante, based in Lincolnshire, focuses on drugs for sexual health.
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