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CELL GENESYS ANNOUNCES EXERCISE OF OVER-ALLOTMENT OPTION OF INITIAL PUBLIC OFFERING

 FOSTER CITY, Calif. Jan. 26 /PRNewswire/ -- Cell Genesys Inc. (NASDAQ: CEGE) announced today that Invemed Associates Inc. has exercised in full the over-allotment option to purchase an additional 500,000 shares of common stock in its initial public offering, bringing the total number of shares sold to 4 million. Yesterday, Cell Genesys announced the pricing of its initial public offering at $11.00 per share through its underwriters Robertson, Stephens & Co., Invemed Associates Inc. and Oppenheimer & Co. Inc.
 Cell Genesys began trading today on the NASDAQ National Market System.
 Net proceeds to the company from the sale of stock will be used for research and development, capital expenditures related to the expansion of facilities and other general corporate purposes.
 Cell Genesys is a leader in the application of gene targeting technology to the development of human therapeutic healthcare products. Gene targeting is a new cellular genetic engineering technology which enables precise and permanent activation, inactivation and replacement of specific genes in living cells. The company is applying gene targeting and related technologies to develop products in three areas: universal cell transplant products, human therapeutic protein products and human monoclonal antibody products.
 This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. All offers and sales will be made through the use of a prospectus.
 A copy of the written prospectus can be obtained from Robertson, Stephens & Co., One Embarcadero Center, Suite 3100, San Francisco, CA 94111; Invemed Associates Inc., 375 Park Ave., New York, NY 10152; or Oppenheimer & Co. Inc., Oppenheimer Tower, One World Financial Center, New York, NY 10281.
 -0- 1/26/93
 /CONTACT: Stephen A. Sherwin, president and chief executive officer of Cell Genesys, 415-358-9600/
 (CEGE)


CO: Cell Genesys Inc. ST: California IN: MTC SU:

SG-TB -- SF007 -- 9352 01/26/93 18:45 EST
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Publication:PR Newswire
Date:Jan 26, 1993
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