BioSante Pharmaceuticals Engages Deutsche Bank As Its Strategic Advisor
Lincolnshire, Illinois (June 10, 2008) – BioSante Pharmaceuticals, Inc. (NASDAQ: BPAX) today announced that it has engaged Deutsche Bank Securities Inc. as its strategic advisor in connection with the company’s ongoing process to explore strategic alternatives in order to maximize value to its stockholders.
“In view of our dramatic progress in the last year, we believe the time is right to conduct a thorough review of our strategic alternatives. Especially important is our clear path to U.S. FDA approval for LibiGel® (transdermal testosterone gel) in the treatment of female sexual dysfunction, for which we currently are conducting three Phase III clinical trials. Our objective is to submit a LibiGel new drug application (NDA) to the FDA in 2010 for a potential commercial launch in 2011,” said Stephen M. Simes, president and CEO of BioSante. “We are delighted to be working with Deutsche Bank to review strategic alternatives, based on its experience and broad global reach.”
About BioSante Pharmaceuticals, Inc.
BioSante is a specialty pharmaceutical company focused on developing products for female sexual health, menopause, contraception and male hypogonadism. BioSante’s lead products include LibiGel® (transdermal testosterone gel) in Phase III clinical development by BioSante under a U.S. Food and Drug Administration (FDA) SPA (Special Protocol Assessment) for the treatment of female sexual dysfunction (FSD), and Elestrin™ (estradiol gel) developed through FDA approval by BioSante, indicated for the treatment of moderate-to-severe vasomotor symptoms associated with menopause, currently marketed in the U.S. Also in development are Bio-T-Gel™, a testosterone gel for male hypogonadism, and an oral contraceptive in Phase II clinical development using BioSante patented technology. The current market in the U.S. for estrogen and testosterone products is approximately $2.5 billion and for oral contraceptives approximately $3 billion. The company also is developing its calcium phosphate technology (CaP) for novel vaccines, drug delivery and aesthetic medicine (BioLook™). Additional information is available online at: biosantepharma.cdmail.biz.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The statements regarding BioSante contained in this news release that are not historical in nature, particularly those that utilize terminology such as “could,” “believe,” “objective,” “goal,” “will,” “intends” “plans” or comparable terminology, are forward-looking statements. Examples of forward-looking statements in this news release include statements regarding BioSanteís exploration of strategic alternatives, the expected timing of its clinical trials and the submission of regulatory applications. No timetable has been set for completion of the exploration of strategic alternatives, and there can be no assurance that the exploration of strategic alternatives will result in any agreements or transactions, or that, if completed, any agreements or transactions will be successful or on attractive terms. The company does not intend to disclose developments with respect to the process unless and until the exploration of strategic alternatives has been completed. Forward-looking statements are based on current expectations and assumptions, and entail various risks and uncertainties that could cause actual results to differ materially from those expressed in such forward-looking statements.
Important factors known to BioSante that could cause actual results to differ materially from those expressed in such forward-looking statements include market conditions applicable to strategic alternatives, the availability of strategic alternatives to BioSante, timely and successful implementation by BioSante of one or more strategic alternatives, whether such strategic alternatives will result in increasing stockholder value, BioSanteís eventual need for additional financing to implement its current business plan, the difficulty of developing pharmaceutical products, obtaining regulatory and other approvals and achieving market acceptance, the success of clinical testing, and other factors identified and discussed from time to time in BioSante’s filings with the Securities and Exchange Commission, including those factors discussed in BioSante’s most recent annual report on Form 10-K and subsequent quarterly report on Form 10-Q, which discussions also are incorporated herein by reference. All forward-looking statements speak only as of the date of this news release. BioSante undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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Harris D. McKinney, Inc.