Cell Genesys gains $75M in R&D funds

Cell Genesys has come up with a fresh $75 million in financing to back its R&D work on new cancer therapies. Kingsbridge Capital will provide the money over three years through its purchase of new shares. Cell Genesys has exhausted the funds from an earlier financing deal with Kingsbridge.

"We are very pleased with the outcome of our first CEFF with Kingsbridge," said Sharon E. Tetlow, chief financial officer of Cell Genesys. "We raised about $35.1 million in proceeds by selling 8.7 million shares over a nine-month period. We are fortunate to continue to have the resources necessary to advance our lead program, GVAX immunotherapy for prostate cancer, through Phase III development."

- see the press release
- read the AP report on the funding

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