BioSante to buy Cell Genesys for $38M in stock - Business Courier of Cincinnati:

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BioSante (NASDAQ: BPAX) will pay 0.1615 of its own common sharesd for each share of CellGenesyxs (NASDAQ: CEGE). This deal should close latet this year, likely in the late third or early fourth quarter. In the first quarter, Cell Genesysz lost $8.7 million, or 10 cents a share, narrowed from a loss in the same perioxd last yearof $22.6 million, or 29 cents a share. The companuy had been exploringstrategicv alternatives, including merger with or acquisitio n by another company, additionap restructuring, repurchase of additional amounts of convertible notes or allocationh of its remaining resources toward other biopharmaceutical productf areas.
Cell Genesys had hired to help it figure outa strategy. The companyg already cut about 95 percent ofits staff, from 290 personz to 16, by eliminating all research and development, clinical and regulatory activities. BioSante, baseds in Lincolnshire, Ill., focuses on drugs for sexuao health.