Cell Genesys Inc. announced Monday that it filed an amendedregistration statement with the Securities and ExchangeCommission (SEC) for its initial public offering of 3 millionshares of common stock.
The Foster City, Calif., company anticipates that the offeringprice will be $9-11 per share. The underwriting group ismanaged by Robertson, Stephens & Co., Invemed AssociatesInc. and Oppenheimer & Co. Inc.
The amended statement, which Cell Genesys filed Dec. 16, wasessentially an update of its earlier IPO filing of March 17,Stephen Sherwin, president and chief executive officer, toldBioWorld. At that time the company had hoped to sell 3 millionshares at $11-13, but postponed the offering in April, when theIPO market dried up. "We were determined not to go forwardat that point in time," Sherwin explained. (At least two othercompanies, Tanox Biosystems Inc. of Houston and GenDermCorp. of Lincolnshire, Ill., postponed or withdrew their IPOs atthe same time.)
Cell Genesys uses gene targeting in its quest to develop humantherapeutic health care products, especially in the areas ofuniversal cell transplants and human therapeutic proteins, andmonoclonal antibodies. Gene targeting technology allows theprecise and permanent activation, inactivation or replacementof specific genes in living cells. To date, Cell Genesys hasattracted about $25 million in private equity funding and anumber of research collaborations with other biotechcompanies.
Cell Genesys received an infusion of $9 million in October fromprivate investors General Electric Investment Corp., New YorkLife Insurance Co., Frazier & Co. and Invemed Associates Inc.
Cell Genesys' most recent R&D collaborator is Advanced TissueSciences Inc. (NASDAQ:ATIS) of La Jolla, Calif. In a projectaimed at merging tissue engineering and genetic engineering,the two companies will explore the development of a universalfull-thickness skin replacement product.
Cell Genesys is also collaborating with Bio-Technology GeneralCorp. (NASDAQ:BTGC) of New York on T cell transplant productsfor treating cytomegalovirus infection and with MedImmuneInc. (NASDAQ:MEDI) of Gaithersburg, Md., on cytotoxic T celltransplant products to treat HIV infection.
-- Jennifer Van Brunt Senior Editor
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