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On March 9, 2009, biotech drug developer Cell Genesys ( CEGE) announced that its Q4 FY08 net loss reduced on recognition of a non-refundable payment from Takeda as revenue and a gain from the purchase of convertible senior notes. The result was adversely impacted by impairment and restructuring charges. Net loss for the quarter was $13.26 million or $0.15 per share compared to a net loss of $33.40 million or $0.43 per share in the prior year's quarter. The most recent consensus loss estimate was $0.16 per share.

Cell Genesys' revenue was $47.44 million compared to $102,000 in the year-ago quarter. Revenue for the latest fourth quarter reflects the recognition of an outstanding balance of deferred revenue worth $40.90 million received from Takeda Pharmaceutical Co. Ltd. due to the termination of a collaborative agreement between the two companies. At the same time, research and development costs declined 53.0% to $13.39 million from $28.46 million a year ago. Moreover, the company recorded an impairment charge of $71.66 million related to long-lived assets, restructuring charges of $13.80 million, and gain of $42.67 million on purchase of convertible senior notes.

During Q4 FY08, CEGE terminated the development of its prostate cancer vaccine GVAX after two studies failed to show positive results. The company implemented a restructuring plan that includes a 90.0% reduction in its total workforce, termination of the lease for its facility in South San Francisco, California, and the temporary relocation of its corporate headquarters to Hayward, California. The company repurchased 3.125% Convertible Senior Notes due 2011, with an aggregate face value of $74.10 million, for $29.60 million in cash. In January 2009, the company repurchased additional notes with an aggregate face value of $2.60 million, for $1.00 million in cash.

Revenue for FY08 grew several times over to $94.57 million from $1.38 million in the previous year. Additionally, net loss decreased to $46.98 million or $0.56 per share from $99.27 million or $1.39 per share.

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