BioSante Pharmaceuticals Closes $48.0 Million Public Offering of Common Stock
LINCOLNSHIRE, Illinois (August 2, 2011) – BioSante Pharmaceuticals, Inc. (NASDAQ: BPAX) today announced the closing of its underwritten public offering of 16.0 million shares of common stock at a public offering price of $3.00 per share, for total gross proceeds of $48.0 million before underwriting discounts and commissions. The offering resulted in net proceeds to BioSante of approximately $45.0 million. All of the shares in the offering were sold by BioSante. BioSante has granted the underwriters a 30-day option to purchase up to an aggregate of 2.4 million additional shares of common stock at the same price to cover over-allotments, if any.
BioSante anticipates using the net proceeds from the offering for general corporate purposes, including, without limitation, funding the ongoing Phase III clinical study program for LibiGel® for the treatment of female sexual dysfunction (FSD), specifically hypoactive sexual desire disorder (HSDD), which is in development under a U.S. Food and Drug Administration (FDA) Special Protocol Assessment (SPA). Jefferies & Company, Inc. acted as the sole book-running manager for the offering. Rodman & Renshaw, LLC, JMP Securities LLC, and Roth Capital Partners, LLC acted as co-managers for the offering.
A shelf registration statement on Form S-3 relating to the public offering of the shares of common stock described above was filed with the Securities and Exchange Commission (SEC) and is effective. A final prospectus supplement relating to the offering has been filed with the SEC and is available on the SEC’s website at www.sec.gov. Copies of the final prospectus supplement may also be obtained from the offices of Jefferies & Company, Inc., Equity Syndicate Prospectus Department, at 520 Madison Avenue, 12th Floor, New York, NY 10022, at 877-547-6340 and at Prospectus_Department@Jefferies.com.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About BioSante Pharmaceuticals, Inc.
BioSante is a specialty pharmaceutical company focused on developing products for female sexual health and oncology.
To the extent any statements made in this news release deal with information that is not historical, these are forward-looking statements under the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about BioSante’s plans, objectives, expectations and intentions with respect to future operations and products, the timing of anticipated regulatory submissions and other statements identified by words such as “will,” “could,” “should,” “believe,” “intends,” “continue,” “expects,” “anticipates,” “estimates,” “may,” other words of similar meaning, derivations of such words or the use of future dates. Forward-looking statements by their nature address matters that are, to different degrees, uncertain.
Uncertainties and risks may cause BioSante’s actual results to be materially different than those expressed in or implied by BioSante’s forward-looking statements. For BioSante, particular uncertainties and risks include, among others, the difficulty of developing pharmaceutical products, obtaining regulatory and other approvals and achieving market acceptance; the marketing success of BioSante’s licensees or sublicensees; the success of clinical testing; and
BioSante’s need for and ability to obtain additional financing.
More detailed information on these and additional factors that could affect BioSante’s actual results are described in BioSante’s filings with the Securities and Exchange Commission, including its most recent annual report on Form 10-K, subsequent quarterly report on Form 10-Q and final prospectus supplement dated July 28, 2011. All forward-looking statements in this news release 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.
For more information please contact:
Harris D. McKinney, Inc.
The Trout Group LLC