BioSante Exchanges $4 Million Aggregate Principal Amount of Convertible Senior Notes for 4.5 Million Shares of Common Stock
2012-02-16 07:00 ET - News Release
LINCOLNSHIRE, Ill. -- (Business Wire)
BioSante Pharmaceuticals, Inc. (NASDAQ: BPAX), announced today that the company has entered into a privately-negotiated securities exchange agreement with a holder of BioSante’s 3.125% convertible senior notes due May 1, 2013. Pursuant to the terms of the agreement, BioSante issued 4,485,159 shares of its common stock to the note holder in exchange for an aggregate of $4.0 million principal amount of notes, including accrued and unpaid interest. Following such exchange, an aggregate of $11.8 million principal amount of the notes will remain outstanding.
“This transaction further extends BioSante’s cash runway and is important as we reported FDA approval of Bio-T-Gel™, continue to analyze the best path forward for LibiGel®, to investigate alternative strategies and to explore new product development projects through in-licensing and mergers and acquisitions,” stated Phillip Donenberg, BioSante’s senior vice president of finance and chief financial officer. “We appreciate the flexibility and continued support of our note holder as we rebuild BioSante to maximize value for our stockholders.”
About BioSante Pharmaceuticals, Inc.
BioSante is a specialty pharmaceutical company focused on developing products for female sexual health and oncology. BioSante's products include LibiGel® (transdermal testosterone gel) for the treatment of female sexual dysfunction (FSD), specifically hypoactive sexual desire disorder (HSDD), which is in Phase III clinical development. BioSante also is developing a portfolio of cancer vaccines, with 17 Phase I and Phase II clinical trials currently on-going. Four of these vaccines have been granted Orphan Drug designation by the U.S. Food and Drug Administration (FDA). BioSante’s other products include Bio-T-Gel™, a testosterone gel for male hypogonadism, for which a New Drug Application (NDA) was just approved by the FDA, which is licensed to Teva Pharmaceuticals, and the Pill-Plus™, an oral contraceptive in Phase II clinical development by Pantarhei Bioscience B.V. BioSante's first FDA-approved product is Elestrin™ (estradiol gel) indicated for the treatment of hot flashes associated with menopause, marketed in the U.S. by Jazz Pharmaceuticals, BioSante's licensee. Additional information is available online at: www.biosantepharma.com.