BioSante Pharmaceuticals first-quarter net loss increases to $10.5 million

BioSante Pharmaceuticals, Inc.May 14 2010

BioSante Pharmaceuticals, Inc. (NASDAQ:BPAX) today reported on its recent developments and financial results for the first quarter, and its cash balance as of March 31, 2010.

Recent BioSante Developments

• Closed $18 million Registered Direct Financing: BioSante added approximately $18 million to its cash balance as a result of its March 2010 registered direct offering, bringing its March 31, 2010 cash balance to approximately $41.2 million.
• Positive LibiGel^® Safety Data in Ongoing Phase III Clinical Development Program: For the second time, unblinded safety data were reviewed by the independent Data Monitoring Committee (DMC) of the LibiGel Cardiovascular and Breast Cancer Safety Study. The LibiGel safety study continues, with no modifications, based on the excellent safety profile observed to date.
• Positive GVAX Clinical Results and Two GVAX Orphan Drug Designations: BioSante reported positive Phase II clinical results for GVAX AML in the treatment of acute myeloid leukemia (AML) and GVAX CML in the treatment of chronic myeloid leukemia (CML). BioSante also received two Orphan Drug designations from the FDA's Office of Orphan Products Development for GVAX AML Vaccine in the treatment of acute myeloid leukemia and GVAX Pancreas Vaccine in the treatment of pancreatic cancer.
• Reinitiation of Prostate Cancer Vaccine Development: Development of GVAX Prostate Cancer Vaccine (GVAX Prostate) has been reinitiated for the treatment of prostate cancer. Manufacturing of new GVAX Prostate is in process, regulatory steps to lift the GVAX Prostate clinical hold prior to trial initiation are being taken, and prostate cancer patients are expected to be treated in a Phase II human clinical trial anticipated to begin in the fourth quarter of 2010. This is a cooperative program among BioSante, Johns Hopkins Sidney Kimmel Comprehensive Cancer Center and the Prostate Cancer Foundation.
• 2A/Furin Option Agreement: BioSante entered into an Option Agreement with an undisclosed large multi-national pharmaceutical company to obtain a non-exclusive worldwide license for the use of its 2A/Furin technology to express antibodies. BioSante's 2A/Furin technology allows rapid generation of stable, high producing antibody cell lines. The subsequent cell lines may greatly reduce the time and lower the cost of antibody production compared to current commercial technologies.

First Quarter 2010 Financial Results

BioSante's cash balance as of March 31, 2010 was approximately $41.2 million, as compared to a cash balance of approximately $29.9 million on December 31, 2009.

BioSante incurred a net loss of approximately $10.5 million or $(0.19) per share for the quarter ended March 31, 2010, compared to a net loss of $4.1 million or $(0.15) per share for the same period in 2009. This expected increase in net loss was due primarily to the conduct of the three ongoing LibiGel^® (testosterone gel) Phase III clinical studies to support submission of a new drug application (NDA) and U.S. Food and Drug Administration (FDA) approval. The LibiGel Phase III safety and efficacy studies are being conducted under an FDA approved SPA (special protocol assessment).