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Biotech / Medical : Cell Genesys (CEGE) -- Ignore unavailable to you. Want to Upgrade?

To: SemiBull who wrote (1108)	4/23/2001 5:05:18 PM
From: nigel bates	Respond to of 1298

April 23 /PRNewswire Interactive Press Release/ -- Cell Genesys, Inc. (Nasdaq: CEGE - news) reported a net loss of $203,000 or $0.01 per share for the quarter ended March 31, 2001. This compares with net income of $130 million or $3.56 per fully diluted share in the same quarter of 2000 which included income primarily derived from the sale of a portion of the company's holdings in Abgenix, Inc. Cell Genesys ended the quarter with approximately $243.0 million in cash, cash equivalents and short-term investments, down from $260.0 million at the end of 2000. The decrease can be primarily attributed to the purchase of the operating assets of Chiron's gene therapy business announced in January 2001 and to the company's final estimated tax payment relating to the two Abgenix stock sales which occurred in 2000. Revenues for the quarter ended March 31, 2001 were $6.0 million, compared with $4.6 million for the comparable period in 2000, and the company's research and development costs for the quarter were $10.7 million, compared with $6.4 million for the first quarter of 2000. The increased research and development expenses were primarily due to clinical trial and manufacturing costs related to the company's advancing GVAX® cancer vaccine programs. Interest income for the quarter ended March 31, 2001 was $7.1 million compared with $2.0 million for the first quarter of 2000. ``Cell Genesys continues to operate from a position of financial strength, which is enabling us to simultaneously evaluate our GVAX® cancer vaccines in multiple types of cancer and to expand our manufacturing facilities for future Phase III trials and market launch,'' stated Stephen A. Sherwin, M.D., chairman and chief executive officer of Cell Genesys. ``Additionally, as our business focus increases in the cancer area, we will continue to maximize the value of our other product programs through corporate partnering, or if the technology warrants, through the creation of subsidiaries, as we did with Abgenix in 1996 and with Ceregene earlier this year.'' Cell Genesys Highlights for the First Quarter of 2001: -- Acquired the principal operating assets of Chiron Corporation's gene therapy business, including a fully equipped and staffed GMP manufacturing facility. The approximately 48,000 square foot leased facility is located in San Diego, Calif. and is staffed with approximately 25 highly skilled employees with expertise in the manufacturing of gene therapy products. -- Launched a new majority-owned subsidiary, Ceregene, Inc., which is focused on gene therapies for neurologic disorders such as Alzheimer's disease and Parkinson's disease. Ceregene was formed through the acquisition of Neurologic Gene Therapeutics, a private San Diego-based start-up company. -- Published updated data for a Phase I GVAX® pancreatic cancer vaccine trial in the Journal of Clinical Oncology reporting that three of eight patients who received the higher doses of the vaccine in combination with surgery and standard adjuvant therapy remain alive and disease-free at 38, 35 and 33 months after diagnosis. -- Initiated a Phase I/II clinical trial of GVAX® cancer vaccine in myeloma, a type of bone marrow malignancy. The trial is being conducted in 15 patients at Johns Hopkins Oncology Center and is evaluating the vaccine in combination with chemotherapy and bone marrow stem cell transplantation. Cell Genesys is focused on the development and commercialization of cancer vaccines and gene therapies to treat major, life-threatening diseases. The company is conducting clinical trials of GVAX® cancer vaccines in prostate cancer, pancreatic cancer, lung cancer and myeloma and expects to initiate new studies in acute leukemia during 2001. Preclinical stage programs include gene therapies for cancer, hemophilia and cardiovascular disorders. Cell Genesys' majority-owned subsidiary, Ceregene, is focused on gene therapies for central nervous system disorders. Cell Genesys also continues to hold a 10.5 percent equity interest in its former subsidiary, Abgenix, an antibody product company. For additional information, please visit the company's web site at www.cellgenesys.com. Cell Genesys will host its quarterly analyst call to discuss events that occurred during the first quarter and other recent events at 11:30 a.m. EDT on Tuesday, April 24, 2001. Investors may listen to the live webcast of the conference call on Cell Genesys' web site. A replay of the webcast will be available for two weeks following the call. Alternatively, investors may listen to a replay of the call by dialing 800-633-8284 from locations in the U.S. and 858-812-6440 from outside the U.S. The call-in replay will be available for 48 hours following the call. Please refer to reservation number 18591552.