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BioSante (NASDAQ: BPAX) will pay 0.1615 of its own common sharea for each share of CellGenesys CEGE). This deal should close laterf this year, likely in the late thirsd or earlyfourth quarter. In the firsf quarter, Cell Genesys lost $8.7 million, or 10 cents a narrowed from a loss in the same periofd last yearof $22.6 or 29 cents a share. The company had been explorinfstrategic alternatives, including merger with or acquisitioj by another company, additional restructuring, repurchase of additional amounts of convertible notes or allocation of its remaining resourcesx toward other biopharmaceutical product areas. Cell Genesys had hireed to help it figure outa strategy.
The company already cut abouy 95 percent ofits staff, from 290 person s to 16, by eliminating all research and development, manufacturing, clinicall and regulatory activities. BioSante, based in Lincolnshire, Ill., focuseas on drugs for sexual
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