CELL GENESYS RAISES $9 MILLION IN PRIVATE FINANCING
CELL GENESYS RAISES $9 MILLION IN PRIVATE FINANCING FOSTER CITY, Calif., Oct. 8 /PRNewswire/ -- Cell Genesys Inc.
announced today that it has successfully concluded a $9 million private placement financing. This brings the company's total private equity funds raised to date to approximately $25 million.
"The successful conclusion of this financing by Cell Genesys reflects an increasing appreciation of the value of our proprietary gene targeting technology," said Stephen A. Sherwin, M.D., president and chief executive officer. "Our strong cash position will allow us to continue to vigorously explore the broad commercial applicability of gene targeting in multiple product development areas." New investors in this financing include General Electric Investment Corp., New York Life Insurance Co., Frazier & Co. and Invemed Associates, Inc. Investors in earlier private financings also participated in the current transaction, including The Mayfield Fund, Robertson, Stephens & Co., U.S. Venture Partners, Interwest Partners, JT America Inc. and Stanford University. Frazier & Co. and Invemed served as advisors to Cell Genesys during the financing. In addition to its private equity financing activities, Cell Genesys has previously secured corporate funding of certain research and development activities. In June 1991, Cell Genesys and JT Immunotech, a subsidiary of Japan Tobacco Inc., entered into a joint venture agreement which is providing Cell Genesys with up to $25 million in research and development funding for the development of human monoclonal antibody products based on gene targeting. Cell Genesys is a privately held biotechnology company which is a pioneer in the application of gene targeting to the development of human therapeutic products. Gene targeting is a new cellular genetic engineering technology which enables precise and permanent activation and inactivation of specific genes in living cells. The company is applying the broad potential of gene targeting and related technologies to develop products in three areas: universal cell transplant products, therapeutic protein products and human monoclonal antibody products. -0- 10/8/92 R /CONTACT: Stephen A. Sherwin, M.D., president and CEO of Cell Genesys, 415-358-9600, ext. 212/ CO: Gell Genesys ST: California IN: MTC SU:
SG-TM -- SF002 -- 8204 10/09/92 08:31 EDT
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|Date:||Oct 9, 1992|
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