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BioSante Pharmaceuticals To Sell $12 Million Of Securities

August 14, 2009 (FinancialWire) — BioSante Pharmaceuticals, Inc. (NASDAQ: BPAX) (Current Market Cap: $57.06 Mil.) said it has received commitments from three institutional investors to purchase $12 million of securities in a registered direct offering.

The company has entered into securities purchase agreements with these investors under which BioSante has agreed to sell an aggregate of six million shares of its common stock and warrants to purchase up to 2.4 million additional shares of its common stock.

Each unit, consisting of one share of common stock and a warrant to purchase 0.4 of a share of common stock, will be sold for a purchase price of $2.00.

BioSante said it expects to receive net proceeds of around $11.1 million, which it plans to use to continue a Phase III clinical study program for its LibiGel, which is in active development for the treatment of hypoactive sexual desire disorder in menopausal women.

The warrants to purchase additional shares will be exercisable at an exercise price of $2.50 per share beginning immediately after issuance and will expire five years from the date they are first exercisable.

Lincolnshire, Illinois-based BioSante is a specialty pharmaceutical company focused on developing products for female sexual health, menopause, contraception and male hypogonadism.

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Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).

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