CEGE - This must be what had it moving so much after hours, these both came out after 4pm.
Robertson Stephens Reiterates Buy Rating on CEGE
(BusinessWire, Feb 16, 2000 16:21 hrs)
SAN FRANCISCO--(BUSINESS WIRE)--Feb. 16, 2000--Robertson Stephens Biopharmaceuticals Analyst Lesley Wright Marino today reiterated her Buy rating on Cell Genesys (NASDAQ:CEGE).
"We are reiterating our Buy rating on shares of Cell Genesys, as we believe the stock represents one of the best values in biotech today," said Marino. "We believe Cell Genesys has a promising cancer vaccine in Phase II studies, an intellectual property estate of more than 200 issued and allowed patents, a very strong financial position and a negative technology value."
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and this...
Cell Genesys (NASDAQ:CEGE) cash rises to $230 mln
(Reuters, Feb 16, 2000 17:53 hrs)
FOSTER CITY, Calif., Feb. 16 (Reuters) - Cell Genesys Inc on Wednesday said it has over $230 million in cash to boost drug development programs after its sale of stock in Abgenix Inc.'s recent share offering.
Cell Genesys Inc said it sold 840,000 shares of Abgenix stock in the offer that was priced at $210 a share, netting $168 million for Cell Genesys. The sale was part of Abgenix's secondary offer of 3 million shares priced on Monday.
Drug developer Cell Genesys retained over 2.5 million Abgenix shares, or 12.5 percent of Abgenix's primary shares.
Excluding shares sold as part of an overallotment option underwriters may take, Cell Genesys said its cash position will rise to about $230 million, and it expects the majority of capital gains will be sheltered by operating losses.
"With our new financial resources...Cell Genesys can more aggressively execute on our ongoing programs in cancer and hemophilia as well as pursue new product opportunities from our current portfolio or obtained through acquisition," Chairman Stephen Sherwin said in a statement.
Cell Genesys has a product pipeline that includes ongoing development programs in cancer, hemophilia and other serious diseases. Its lead clinical program is a treatment vaccine for cancer called GVAX cancer vaccine.
The company's shares were up 4-1/2 at 27-7/8 in active trading on the Nasdaq stock market system.
Copyright 2000, Reuters News Service |
