Loss down, but Cell Genesys still in trouble
USA-based biotechnology firm Cell Genesys improved its loss by 53%, year-on-year in 2008, due to cost-cuts and a payout from the termination of the firm's GVAX deal with Japan's Takeda. However, the company is still in trouble and continues to pursue strategic alternatives.
The firm's net loss was reduced to $47.0 million, or $0.56 loss per share, versus a loss of $99.3 million, or $1.39 loss per share. The company had $86.1 million in cash and cash equivalents remaining as of December 31, 2008, reduced by 42%.
Turnover rocketed to $94.6 million, vs just $1.4. million, while R&D expenses were $92.5 million, down 13%. Both results were due to the termination of the GVAX immunotherapy for prostate cancer program, which was halted after the VITAL-2 trial showed an increase in patient deaths among those given drug (Marketletter December 15, 2008).
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