By The Associated Press
Wednesday, October 14, 2009
BioSante Pharmaceuticals Inc. said Wednesday that it completed an all-stock buyout of Cell Genesys Inc. and the combined company will focus on developing a topical testosterone gel intended to treat sexual dysfunction in women.
In June, BioSante said it would buy Cell Genesys in a deal valued at $38 million. BioSante will focus primarily on LibiGel, a topical testosterone gel intended to treat sexual dysfunction in women. The company said it plans on asking for Food and Drug Administration approval on LibiGel in the first half of 2011.
The company also plans to develop Cell Genesys' cancer treatment GVAX. Cell Genesys, based in South San Francisco, Calif., was developing GVAX, as an immune treatment for prostate cancer, but discontinued testing last year after one trial was likely to fail and another had an unexpectedly high rate of patient deaths.
The company said GVAX is now being tested as a potential treatment for pancreatic cancer, leukemia and breast cancer.
BioSante said it also now owns a stake in Ceregene Inc., a former subsidiary of Cell Genesys, which is developing gene therapies for neurodegenerative disorders.
Shares of BioSante fell 1 cent to $1.81 in afternoon trading.