BALA CYNWYD, Pa., June 30, 2009 (GLOBE NEWSWIRE) -- Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Cell Genesys, Inc. ("Cell Genesys" or the "Company") (Nasdaq:CEGE) related to the proposed merger with BioSante Pharmaceuticals, Inc. ("BioSante") (Nasdaq:BPAX) in an all stock deal. BioSante has offered Cell Genesys shareholders $0.1615 a share for their stock. Based on BioSante's closing price on June 29, 2009, the deal is presently worth $0.347 a share for Cell Genesys shareholders, with the total consideration being approximately $38 million. The deal appears to be unfair, in part, given the fact that since April 2009, Cell Genesys stock has traded at or above the offer price and as recently as May 2008 traded at over $0.68 a share. Moreover, the 200 day Moving Average on BioSante shares is only $1.75.
If you are a Cell Genesys shareholder and wish to discuss the legal ramifications of the proposed acquisition by BioSante, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Marc L. Ackerman, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at clients@brodsky-smith.com, or by calling toll free 877-LEGAL-90.