SOUTH SAN FRANCISCO, Calif., April 11 /PRNewswire-FirstCall/ -- Cell
Genesys, Inc. (Nasdaq: CEGE) today announced that the Company has entered
into definitive agreements with selected institutional investors to sell
10.8 million shares of its common stock and warrants to purchase 2.2
million shares of its common stock through a registered direct offering for
gross proceeds of $60 million, before deducting offering fees and expenses.
Credit Suisse Securities (USA) LLC acted as lead placement agent for the
offering and Needham & Company, LLC, Canaccord Adams Inc. and Cantor
Fitzgerald & Co. acted as co-placement agents.
The Company intends to use the net proceeds from this offering to fund
development of its product candidates, including ongoing Phase 3 trials of
its lead product, GVAX immunotherapy for prostate cancer, as well as for
general corporate purposes.
The shares and warrants are being offered pursuant to the Company's
effective shelf registration statement previously filed with the Securities
and Exchange Commission. The shares and warrants may be offered only by
means of a prospectus. The shares of common stock and warrants are
immediately separable and will be issued separately. The five-year warrants
will not be exercisable prior to six months after issuance. The closing of
the offering is expected to take place on April 16, 2007, subject to
satisfaction of customary closing conditions.
Additional information and details with respect to the offering will be
included in a final prospectus supplement and related prospectus that will
be filed with the SEC prior to closing. When available, copies of the final
prospectus supplement and accompanying prospectus relating to this offering
may be obtained from Credit Suisse Securities (USA) LLC, Prospectus
Department, One Madison Avenue, New York, New York 10010 (1-800-221-1037).
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities in any state in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws
of any such state.
About Cell Genesys
Cell Genesys is focused on the development and commercialization of
novel biological therapies for patients with cancer. The company is
currently pursuing two clinical stage product platforms -- GVAX(TM) cancer
immunotherapies and oncolytic virus therapies. Ongoing clinical trials
include Phase 3 trials of GVAX immunotherapy for prostate cancer, Phase 2
trials of GVAX immunotherapies for pancreatic cancer and for leukemia, and
a Phase 1 trial of CG0070 oncolytic virus therapy for bladder cancer. Cell
Genesys continues to hold an equity interest in its former subsidiary,
Ceregene, Inc., which is developing gene therapies for neurodegenerative
disorders. Cell Genesys is headquartered in South San Francisco, CA and has
its principal manufacturing operation in Hayward, CA. For additional
information, please visit the company's website at http://www.cellgenesys.com.
Statements made herein about the company, other than statements of
historical fact, including statements about the company's progress, results
and timing of clinical trials and preclinical programs and the nature of
product pipelines are forward-looking statements and are subject to a
number of uncertainties that could cause actual results to differ
materially from the statements made, including risks associated with the
success of clinical trials and research and development programs, the
regulatory approval process for clinical trials, competitive technologies
and products, patents, continuation of corporate partnerships and the need
for additional financings. For information about these and other risks
which may affect Cell Genesys, please see the company's Annual Report on
Form 10-K for the year ended December 31, 2006 filed on March 1, 2007 as
well as Cell Genesys' reports on Form 10-Q and 8-K and other reports filed
from time to time with the Securities and Exchange Commission. The company
assumes no obligation to update the forward-looking information in this
press release.
CONTACT: Ina Cu
Investor Relations
650-266-3200
SOURCE Cell Genesys, Inc.
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Related links:
http://www.cellgenesys.com/
CONTACT:
Ina Cu, Investor Relations of Cell Genesys,
Inc., +1-650-266-3200
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