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Cell GenesysCEGE said Monday that it's offering 7.1 million shares at $30 million to a single institutional investor. The company will sell 7.1 million shares at $4.22 each to the institutional investor as well as warrants to purchase 8.5 million shares at $10 a share through a registered direct offering. The stock was trading down 13 cents, or 3.3%, at $3.77. Cell Genesys will use the net proceeds to fund product development, including some of the phase III costs for its prostate cancer vaccine GVAX, and also general corporate purposes. As of March 31, the company had about 78.7 million shares outstanding fully diluted, $115 million in cash and an announced team-up with Takeda resulting in $50 million up front. Cell Genesys has $145 million in convertible debt due Nov. 1, 2011, at a conversion price of $9.10. This new private offering, when also factoring in the 8.5 million warrants, has the potential to bring the number of outstanding shares to about 94 million.
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