Cell Genesys CEO to Represent BIO at SEC Panel on Sarbanes-Oxley Section 404 Reform

WASHINGTON, D.C. (May 9, 2006) -- Stephen A. Sherwin, M.D., Chairman and Chief Executive Officer of Cell Genesys, Inc., will represent the Biotechnology Industry Organization (BIO) tomorrow in a roundtable discussion with the Securities and Exchange Commission (SEC) concerning the second year implementation of Sarbanes-Oxley Section 404, internal control reporting provisions of the corporate governance law.

The roundtable will take place from 9 a.m. to 5:30 p.m. on Wednesday, May 10, 2006, at the SEC’s headquarters, 100 F Street N.E., in Washington, D.C.  Dr. Sherwin will discuss the cost burdens of Section 404 in the panel entitled “Management’s Evaluation and Assessment,” which is scheduled for 10:45 a.m. – 12:15 p.m.

Section 404 applies a “one-size-fits-all” approach to internal controls requirements and therefore places disproportionate costs and time-consuming burdens on small public companies.  The SEC’s Advisory Committee on Smaller Public Companies recently voted 18-3 in favor of scaled reform recommendations for Section 404. These recommendations reflect a majority of BIO’s reform suggestions.

BIO seeks internal control requirements that are “scaled” and “proportional” to the size of product revenues and the complexity of corporate structures. BIO fully embraces the importance of good corporate governance and transparency, and seeks expeditious regulatory reform for Section 404.

BIO is leading a coalition of 10 healthcare technology, high-technology, electronics and information technology, and semiconductor and venture capital industries in an effort to urge the SEC to ease the law.

For more information on the panel, visit the SEC’s website at http://www.sec.gov/news/press/2006/2006-62.htm.

Dr. Sherwin serves as a Director and Treasurer of BIO’s Board of Directors and is also the Chairman of BIO’s Emerging Companies Section Governing Body.

Cell Genesys is focused on the development and commercialization of novel biological therapies for patients with cancer. The company is currently pursuing two clinical stage product platforms -- GVAX(R) cancer immunotherapies and oncolytic virus therapies. Ongoing clinical trials include Phase 3 trials of GVAX immunotherapy for prostate cancer, Phase 2 trials of GVAX immunotherapy for pancreatic cancer and leukemia, and a Phase 1 trial of CG0070 oncolytic virus therapy for bladder cancer. Cell Genesys continues to hold an equity interest in its former subsidiary, Ceregene, Inc., which is developing gene therapies for neurodegenerative disorders. Cell Genesys is headquartered in South San Francisco, Calif. and has its principal manufacturing operation in Hayward, Calif. For additional information, please visit the company's website at www.cellgenesys.com .

BIO represents more than 1,100 biotechnology companies, academic institutions, state biotechnology centers and related organizations across the United States and 31 other nations. BIO members are involved in the research and development of healthcare, agricultural, industrial and environmental biotechnology products.

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