BioSante Pharmaceuticals, Inc. Announces Private Placement of US$3,700,000

Bulletin Board: BTPH

Canadian Venture Exchange: BAI



Apr 04, 2001, 01:00 ET from BioSante Pharmaceuticals Inc.

    LINCOLNSHIRE, IL, April 4 /PRNewswire/ - BioSante Pharmaceuticals, Inc.
 (OTCBB- BTPH; CDNX-BAI) today announced it has raised US$3,700,000 in a
 private placement. Proceeds of this offering will be used to fund human
 clinical trials of BioSante's hormone replacement gel products, continue
 development of its proprietary calcium phosphate nanoparticles (CAP) as a
 vaccine adjuvant and protein delivery system, and for working capital and
 other general corporate purposes.
     This private placement involved the issuance of units, which consisted of
 an aggregate of 9,250,000 common shares and five-year warrants to purchase an
 aggregate of 4,625,000 common shares. The price of each unit, which consisted
 of one share plus a warrant to purchase one half-share was US$0.40, the
 approximate market price of BioSante's common stock at closing. The exercise
 price of the warrants is US$0.50 per full share. The placement was self-
 directed by BioSante and no commissions or finders fees were paid. As a result
 of this offering, the company's cash balance currently stands at approximately
 US$5.5 million.
     President and Chief Executive Officer of BioSante Mr. Stephen M. Simes
 commented on the positive results expected from the offering: "These proceeds
 will allow us to aggressively pursue the clinical development of our hormone
 replacement products as per our plans and on schedule. When considering the
 timing of this private placement, we concluded that staying on schedule would
 be the best way to enhance shareholder value. Since our clinical trials are of
 relatively short duration with well-defined end points, we will be able to
 keep our burn rate at a reasonable level while making excellent progress."
     Shares from the offering were placed with new and existing shareholders,
 including four members of the company's board of directors and all members of
 the company's executive management team. Purchases by board members and
 officers totaled approximately 40 percent of the placement.
     BioSante is an emerging pharmaceutical company developing a robust
 pipeline of hormone replacement products to treat testosterone deficiency in
 men and estrogen deficiency in women. BioSante also is developing its
 nanoparticulate-based platform technology for novel vaccines, vaccine
 adjuvants and drug delivery systems.
 
     This press release contains forward-looking statements within the meaning
 of the Private Securities Litigation Reform Act of 1995, including statements
 regarding the timing of the development of BioSante's products and BioSante's
 current burn rate. These statements and the other statements regarding
 BioSante contained in this press release that are not historical in nature,
 particularly those that utilize terminology such as "may," "will," "should,"
 "likely," "expects," "anticipates," "estimates," "believes" or "plans," or
 comparable terminology, are forward-looking statements based on current
 expectations and assumptions, and entail various risks and uncertainties that
 could cause actual results to differ materially from those expressed in such
 forward-looking statements. Important factors known to BioSante that could
 cause such material differences are identified and discussed from time to time
 in BioSante's filings with the Securities and Exchange Commission, including
 those factors discussed on pages 14 to 19 of BioSante's Form 10-KSB, which
 discussion also is incorporated herein by reference.
 
     The Canadian Venture Exchange has neither approved nor disapproved the
 information herein contained.
 
 

SOURCE BioSante Pharmaceuticals Inc.
    LINCOLNSHIRE, IL, April 4 /PRNewswire/ - BioSante Pharmaceuticals, Inc.
 (OTCBB- BTPH; CDNX-BAI) today announced it has raised US$3,700,000 in a
 private placement. Proceeds of this offering will be used to fund human
 clinical trials of BioSante's hormone replacement gel products, continue
 development of its proprietary calcium phosphate nanoparticles (CAP) as a
 vaccine adjuvant and protein delivery system, and for working capital and
 other general corporate purposes.
     This private placement involved the issuance of units, which consisted of
 an aggregate of 9,250,000 common shares and five-year warrants to purchase an
 aggregate of 4,625,000 common shares. The price of each unit, which consisted
 of one share plus a warrant to purchase one half-share was US$0.40, the
 approximate market price of BioSante's common stock at closing. The exercise
 price of the warrants is US$0.50 per full share. The placement was self-
 directed by BioSante and no commissions or finders fees were paid. As a result
 of this offering, the company's cash balance currently stands at approximately
 US$5.5 million.
     President and Chief Executive Officer of BioSante Mr. Stephen M. Simes
 commented on the positive results expected from the offering: "These proceeds
 will allow us to aggressively pursue the clinical development of our hormone
 replacement products as per our plans and on schedule. When considering the
 timing of this private placement, we concluded that staying on schedule would
 be the best way to enhance shareholder value. Since our clinical trials are of
 relatively short duration with well-defined end points, we will be able to
 keep our burn rate at a reasonable level while making excellent progress."
     Shares from the offering were placed with new and existing shareholders,
 including four members of the company's board of directors and all members of
 the company's executive management team. Purchases by board members and
 officers totaled approximately 40 percent of the placement.
     BioSante is an emerging pharmaceutical company developing a robust
 pipeline of hormone replacement products to treat testosterone deficiency in
 men and estrogen deficiency in women. BioSante also is developing its
 nanoparticulate-based platform technology for novel vaccines, vaccine
 adjuvants and drug delivery systems.
 
     This press release contains forward-looking statements within the meaning
 of the Private Securities Litigation Reform Act of 1995, including statements
 regarding the timing of the development of BioSante's products and BioSante's
 current burn rate. These statements and the other statements regarding
 BioSante contained in this press release that are not historical in nature,
 particularly those that utilize terminology such as "may," "will," "should,"
 "likely," "expects," "anticipates," "estimates," "believes" or "plans," or
 comparable terminology, are forward-looking statements based on current
 expectations and assumptions, and entail various risks and uncertainties that
 could cause actual results to differ materially from those expressed in such
 forward-looking statements. Important factors known to BioSante that could
 cause such material differences are identified and discussed from time to time
 in BioSante's filings with the Securities and Exchange Commission, including
 those factors discussed on pages 14 to 19 of BioSante's Form 10-KSB, which
 discussion also is incorporated herein by reference.
 
     The Canadian Venture Exchange has neither approved nor disapproved the
 information herein contained.
 
 SOURCE BioSante Pharmaceuticals Inc.