Law Office of Brodsky & Smith, LLC Announces Investigation on Behalf of Shareholders of Cell Genesys, Inc.
BALA CYNWYD, Pa., June 30, 2009 (GLOBE NEWSWIRE) -- Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Cell Genesys, Inc. ("Cell Genesys" or the "Company") (Nasdaq:CEGE) related to the proposed merger with BioSante Pharmaceuticals, Inc. ("BioSante") (Nasdaq:BPAX) in an all stock deal. BioSante has offered Cell Genesys shareholders $0.1615 a share for their stock. Based on BioSante's closing price on June 29, 2009, the deal is presently worth $0.347 a share for Cell Genesys shareholders, with the total consideration being approximately $38 million. The deal appears to be unfair, in part, given the fact that since April 2009, Cell Genesys stock has traded at or above the offer price and as recently as May 2008 traded at over $0.68 a share. Moreover, the 200 day Moving Average on BioSante shares is only $1.75.Filed by admin at June 30th, 2009 under News