BioSante Pharmaceuticals raises $12 million through private placement

Mon. August 17, 2009; Posted: 02:25 PM

Aug 17, 2009 (Datamonitor Financial Deals Tracker via COMTEX) -- BPAX | Quote | Chart | News | PowerRating -- BioSante Pharmaceuticals, Inc., a US-based specialty pharmaceutical company focused on female health and male hypogonadism, has completed the sale of approximately $12 million of securities in a registered direct offering to three institutional investors.

Announcement (August 13, 2009):

BioSante has received commitments from three institutional investors to purchase $12 million of securities in a registered direct offering.

BioSante has agreed to issue an aggregate of 6 million common shares and warrants to purchase up to 2.4 million additional shares of its common shares. Each unit, consisting of one share of common stock and a warrant to purchase 0.4 of a share of common stock, at a purchase price of $2. The warrants to purchase additional shares would be exercisable at an exercise price of $2.50 per share beginning immediately after issuance and will expire 5 years from the date they are first exercisable.

The expected net proceeds from the offering is approximately $11.1 million after deducting placement agent fees and other offering expenses.

Rodman & Renshaw, LLC is acting as placement agent for the transaction.

The offering is expected to close by August 19, 2009.

Deal Value (US$ Million) 12
Deal Type                Private Placement
Sub-Category             None
Deal Status              Completed: 2009-08-14

Deal Participants

Target (Company)   BioSante Pharmaceuticals, Inc.
Acquirer (Company) Undisclosed Investors

Deal Rationale

BioSante intends to use the net proceeds from the offering for general corporate purposes, including to fund its Phase III clinical study program for LibiGel(R).

Offer Price ($ per share) 2
No. Shares Issued         6000000

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