BioSante second quarter net loss increases to $15.0 million

BioSante Pharmaceuticals, Inc.Jul 26 2011

BioSante Pharmaceuticals, Inc. (NASDAQ: BPAX) today announced its financial results for the second quarter of 2011.

The Company's cash and cash equivalents as of June 30, 2011 were approximately $37.1 million. BioSante incurred a net loss of approximately $15.0 million or ($0.16) per share for the quarter ended June 30, 2011, compared to a net loss of $10.8 million or ($0.17) per share for the same period in 2010. 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) for U.S. Food and Drug Administration (FDA) approval.

As a result of this focus on LibiGel development and the Company's planned conduct of the LibiGel program, research and development expenses increased to approximately $11.1 million and $26.0 million for the three and six month periods ended June 30, 2011 from $8.7 million and $18.1 million for the three and six month periods ended June 30, 2010.