Struggling to survive, South San Francisco-based Cell Genesys has cut its staff to nine employees, relocated to temporary office space and brought in Lazard Freres & Co. to evaluate its strategic options.
The options include a sale of the company or its assets, more restructuring, licensing deals and liquidation. Cell Genesys reported that over 98 percent, or approximately $67 million aggregate principal amount of its 3.125 percent convertible bonds, were tendered in its previously announced exchange offer. Once the exchange offer is settled, the company is expected to have $36 million in cash and 109.6 million shares of stock are expected to be outstanding.
Last October, Cell Genesys shelved a late-stage trial of GVAX immunotherapy in patients with prostate cancer after its independent monitoring board concluded that the trial had less than a 30 percent chance of success.
- check out the Cell Genesys release [1]
Related Articles:
Takeda dumps GVAX partnership [2]
Cell Genesys halts GVAX program, cuts jobs [3]
Deaths force halt to Cell Genesys cancer vaccine trial [4]
Cell Genesys scores $320M blockbuster deal [5]
Links:
[1] http://www.fiercebiotech.com/press-releases/cell-genesys-announces-tender-offer-results-while-continuing-pursue-strategic-alterna
[2] http://www.fiercebiotech.com/story/takeda-dumps-gvax-partnership/2008-12-03
[3] http://www.fiercebiotech.com/story/cell-genesys-halts-gvax-development-cut-jobs/2008-10-16
[4] http://www.fiercebiotech.com/story/deaths-force-halt-cell-genesys-cancer-vaccine-trial/2008-08-27
[5] http://www.fiercebiotech.com/story/cell-genesys-scores-320m-blockbuster-deal/2008-04-01