BioSante to secure $12 million in registered direct offering

Fri. August 14, 2009; Posted: 01:16 PM

Aug 14, 2009 (Datamonitor via COMTEX) -- BPAX | Quote | Chart | News | PowerRating -- BioSante Pharmaceuticals, a specialty pharmaceutical company, has received commitments from three institutional investors to purchase $12 million of securities in a registered direct offering.

BioSante expects to receive net proceeds of approximately $11.1 million after deducting placement agent fees and other offering expenses.

BioSante has entered into securities purchase agreements with these investors pursuant to which BioSante has agreed to sell an aggregate of six million shares of its common stock and warrants to purchase up to 2.4 million additional shares of its common stock. Each unit, consisting of one share of common stock and a warrant to purchase 0.4 of a share of common stock, will be sold for a purchase price of $2.

Rodman & Renshaw, a subsidiary of Rodman & Renshaw Capital Group, acted as the exclusive placement agent for the transaction.

Stephen Simes, president and CEO of BioSante, said: "We are pleased to welcome new institutional investors to BioSante. We look forward to using the proceeds from this offering to continue our LibiGel Phase III clinical study program. Our objective continues to be to submit a new drug application to the FDA by mid 2011."

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