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

To: nigel bates who wrote (1252)	8/28/2003 8:23:11 PM
From: SemiBull	Read Replies (1) \| Respond to of 1298

Cell Genesys To Receive $16.8 M In Connection With Previously Terminated GVAX(R) Collaboration Pact>CEGE Thursday August 28, 8:09 am ET SOUTH SAN FRANCISCO, Calif. -(Dow Jones)- Cell Genesys Inc. (NasdaqNM:CEGE - News) reached an $16.8 million agreement with Japan Tobacco Inc., which resolves the cancellation of their development collaboration for the GVAX cancer vaccine. In a press release Thursday, Cell Genesys said the pharmaceutical division of Japan Tobacco will pay $8.3 million in cash and waive $8.5 million in future repayment obligations for capital expenditures associated with Cell Genesys' manufacturing facilities in Hayward, Calif., and Memphis. Cell Genesys and Japan Tobacco agreed in Dec. 1998 to collaborate on the development of GVAX cancer vaccines for prostate cancer and lung cancer. In November 2001, the scope of the agreement was significantly reduced to focus primarily on GVAX lung cancer vaccines. Cell Genesys then terminated the agreement in October 2002, and retained all worldwide rights to its entire portfolio of GVAX cancer vaccine products. Cell Genesys representatives weren't immediately available early Thursday to provide further details on the settlement, such as when the cash payment will be made. Company Web site: cellgenesys.com - Nora Devine; Dow Jones Newswires; 201-938-5400