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Cell Genesys Reports Fourth Quarter and Year-End 2007 Results
Date:2/28/2008

s lead product development program.

As of December 31, 2007, Cell Genesys had $147.3 million in cash, cash equivalents and short-term investments. Total 2007 spending was $105 million, which includes net cash used in operating activities of $89.7 million and net capital expenditures of $2.3 million offset by cash received in December of $12.0 million from the sale of the company's lentiviral gene delivery technology and $1.0 million from an agreement related to the company's gene activation technology. During 2007, Cell Genesys raised approximately $90 million in gross proceeds from equity financing.

"We believe we made substantial progress across our entire business during 2007 particularly with respect to our lead product program, GVAX immunotherapy for prostate cancer, which is now in advanced Phase 3 development," stated Stephen A. Sherwin, M.D., chairman and chief executive officer of Cell Genesys. "In the years ahead, we remain committed to doing everything we can to achieve our key product development goals and build shareholder value."

Recent Highlights

-- Announced in February 2008 results of an analysis examining the

potential association between immune responses to GVAX immunotherapy

for prostate cancer and increased patient survival in a Phase 2 trial

(G-0010) in patients with metastatic, hormone refractory prostate

cancer. An ongoing analysis of GVAX-induced antibody responses has

shown that at least two of the identified antibody responses are

associated with patient survival. These results were presented at the

American Society of Clinical Oncology's Genitourinary Cancer Symposium

held in mid-February.

-- Announced in January 2008 that the Independent Data Monitoring

Committee (IDMC) for VITAL-1, the first of two ongoing Phase 3 clinical

trials of GVAX immunotherapy for prostate cancer, completed a

pre-planned
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SOURCE Cell Genesys, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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