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Nano
Biz...in depth
This
story has been adapted from a news release
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Nano
Biz ... im
detail
Diese
Meldung basiert auf einer Pressemitteilung
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BioSante Pharmaceuticals Completes $17.7 Million
Private Placement of Common Stock
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LINCOLNSHIRE,
Ill.--(BUSINESS WIRE)--May 14, 2004--BioSante Pharmaceuticals,
Inc. (Amex:BPA) today announced that it has completed
its previously announced $17.7 million private placement
of shares of its common stock and warrants to institutional
and other accredited investors. A total of 2,949,000
shares of common stock were sold at a purchase price
of $6.00 per share. Investors also received warrants
to purchase 442,350 shares of common stock at an exercise
price of $7.00 per share. Leerink Swann & Company
served as placement agent for the transaction.
After deducting estimated closing costs and fees, the
company received net proceeds of approximately $16.5
million. The proceeds will be used to fund the late
stage development of the company's new product pipeline,
including Bio-E-Gel(TM), currently in its pivotal Phase
III clinical trial to reduce the frequency and severity
of hot flashes, and LibiGel(TM), soon to complete a
Phase II clinical trial for Female Sexual Dysfunction,
as well as for general corporate purposes.
"We are pleased by this important private placement,
which provides us with capital to implement our plan
to develop our hormone therapy products," said
Stephen M. Simes, president and chief executive officer
of BioSante. "This placement brings our cash up
to about $25 million, which is equivalent to more than
two years of our capital requirements."
The securities sold in this placement have not been
registered under the Securities Act of 1933, as amended,
or state securities laws, and cannot be offered or sold
in the United States absent registration with the Securities
and Exchange Commission (SEC) or an applicable exemption
from the registration requirements. As part of the transaction,
the company agreed to file a registration statement
with the SEC covering the resale of the shares of common
stock issued in the offering, including the shares of
common stock issuable upon exercise of the warrants.
This news release is neither an offer to sell nor a
solicitation of an offer to buy any of the securities
discussed herein.
About BioSante Pharmaceuticals, Inc.
BioSante is developing a pipeline of hormone therapy
products to treat both men and women. BioSante's hormone
therapy products are gel formulations for transdermal
administration that deliver bioidentical estradiol and
testosterone. Symptoms treated with hormone therapy
in men include impotence, diminished sex drive, muscle
weakness and osteoporosis. Symptoms in menopausal women
include hot flashes, vaginal atrophy, decreased libido
and osteoporosis. The estrogen and testosterone markets
in the United States alone account for over $2.5 billion
in annual sales.
The company also is developing its calcium phosphate
nanotechnology (CAP) for novel vaccines, including biodefense
vaccines for toxins such as anthrax and ricin, and drug
delivery systems.
Additional information is available online at www.biosantepharma.com.
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Nano Biz
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