Cell Genesys

In 1988, Cell Genesys was founded to develop novel biological therapies for cancer patients. The company focused on three main platforms: GVAX cancer vaccines, oncolytic virus therapies, and in-vivo cancer gene therapies. One of its key figures was chairman and CEO, Dr. Stephen A. Sherwin. The company showed early promise, and at one point in 2000, its stock was trading above $50. It pursued its mission through clinical trials, including a significant public offering of common stock in 2006. However, the company's trajectory took a downturn in 2008 when a late-stage trial for its lead product, GVAX for prostate cancer, was halted. An independent monitoring board concluded the trial was unlikely to succeed and noted a higher death rate in patients receiving the GVAX treatment. This news caused the company's shares to plummet, and Cell Genesys was forced to lay off the majority of its workforce. Facing financial hardship and developmental setbacks, the company began looking for a buyer or merger. In June 2009, a solution appeared when Cell Genesys announced an all-stock merger with BioSante Pharmaceuticals, valued at approximately $38 million. The merger was completed in October 2009, with BioSante as the surviving company, bringing an end to Cell Genesys' journey as an independent entity.