BioSante closes underwritten public offering of common stock

BioSante Pharmaceuticals, Inc.Aug 3 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).