Cell Genesys makes $60M stock offering

California, USA-based Cell Genesys has entered into definitive agreements with selected institutional investors to sell 10.8 million shares of its common stock and warrants to purchase 2.2 million of its shares through a registered direct offering for gross proceeds of $60.0 million, before deducting offering fees and expenses. Credit Suisse Securities (USA) acted as lead placement agent for the offering and Needham & Co, Canaccord Adams and Cantor Fitzgerald & Co acted as co-placement agents.

The company intends to use the net proceeds to fund development of its product candidates, including ongoing Phase III trials of its lead product, GVAX immunotherapy for prostate cancer, as well as general corporate purposes.

The closing of the offering is expected to take place on April 16, subject to satisfaction of customary closing conditions.