Cell Genesys Q4 net loss narrows to $13.3m

Cell Genesys, a biotechnology company, has reported a net loss of $13.3m, or $0.15 per diluted share, for the fourth quarter of 2008, compared to a net loss of $33.4m, or $0.43 per diluted share, for the corresponding period in 2007.

Net loss for the year ended December 31, 2008 was $47m, or $0.56 per diluted share, compared to a net loss of $99.3m, or $1.39 per diluted share, for the year ended December 31, 2007.

The company reported revenues of $47.44m for the fourth quarter of 2008, compared to $102,000 for the same period of 2007. For the year ended December 31, 2008, the company reported revenues of $94.57m, compared to $1.38m for 2007.

Due to the termination of the company’s collaborative agreement with Takeda Pharmaceutical Company for GVAX immunotherapy for prostate cancer in December 2008, all deliverables under this agreement were cancelled.

As a result, during the fourth quarter of 2008, the company recognized as revenue the remaining balance of deferred revenue of $40.9m of the $50m upfront non-refundable payment received from Takeda in April 2008. For the full year 2008, the company recognized as revenue the full $50m of this upfront payment.