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<SEC-DOCUMENT>0001140361-07-011147.txt : 20070525
<SEC-HEADER>0001140361-07-011147.hdr.sgml : 20070525
<ACCEPTANCE-DATETIME>20070525170421
ACCESSION NUMBER:		0001140361-07-011147
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20070525
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Unregistered Sales of Equity Securities
FILED AS OF DATE:		20070525
DATE AS OF CHANGE:		20070525

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BIOSANTE PHARMACEUTICALS INC
		CENTRAL INDEX KEY:			0001023024
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		IRS NUMBER:				582301143
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31812
		FILM NUMBER:		07881274

	BUSINESS ADDRESS:	
		STREET 1:		111 BARCLAY BLVD STE 280
		CITY:			LINCOLNSHIRE
		STATE:			IL
		ZIP:			60069
		BUSINESS PHONE:		8474780500

	MAIL ADDRESS:	
		STREET 1:		111 BARCLAY BLVD STE 280
		CITY:			LINCOLNSHIRE
		STATE:			IL
		ZIP:			60069

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BEN ABRAHAM TECHNOLOGIES INC
		DATE OF NAME CHANGE:	19991027
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>pipe8k2.htm
<DESCRIPTION>BIOSANTE 8K FOR PIPE
<TEXT>
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      D.C.&#160;&#160;20549</strong></font></div>
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                material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
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                communications pursuant to Rule 13e-4(c) under the Exchange Act (17
                CFR
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            </td>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Section
      1&#160;&#160;&#8212;&#160;&#160;Registrant&#8217;s Business and
      Operations</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Item
      1.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font id="TAB1" style="MARGIN-LEFT: 122.5pt;"></font>Entry into a Material
      Definitive
      Agreement</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">On
      May
      25, 2007, BioSante Pharmaceuticals, Inc. announced that it had entered into
      definitive subscription agreements with certain institutional and other
      accredited investors, as defined in Rule 501 of Regulation D promulgated under
      the Securities Act of 1933, as amended, pursuant to which BioSante agreed to
      sell in a private placement an aggregate of 2,754,999 shares of its common
      stock
      and warrants to purchase an aggregate of 688,750 shares of its common stock,
      at
      a purchase price of $6.00 per unit.&#160;&#160;Each unit is comprised of one
      share of common stock and a warrant to purchase 0.25 of a share of common
      stock.&#160;&#160;Subsequent to such announcement, one of the investors in the
      private placement submitted an amended and restated subscription agreement
      that
      increased the investor&#8217;s subscription commitment by $1.8
      million.&#160;&#160;Otherwise, the terms and conditions of the subscription
      agreement were identical to the previous subscription agreement entered into
      by
      the investor and BioSante.&#160;&#160;A form of the subscription agreement was
      filed as Exhibit 10.1 to BioSante&#8217;s Current Report on Form 8-K, as filed with
      the Securities and Exchange Commission on May 25, 2007 and is incorporated
      herein by reference.&#160;&#160;BioSante accepted the amended and restated
      subscription agreement from the investor on May 25, 2007, and as a result,
      has
      agreed to sell an aggregate of 3,054,999 shares of its common stock and warrants
      to purchase an aggregate of 763,750 shares of its common stock, for an aggregate
      purchase price of approximately $18.3 million, resulting in net proceeds to
      BioSante of approximately $17.3 million, after the deduction of placement agent
      commissions and estimated offering expenses.&#160;&#160;As previously announced,
      the private placement is expected to be completed upon approval of an Additional
      Listing Application with the American Stock Exchange.</font></div>
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      report does not constitute an offer to sell or the solicitation of an offer
      to
      buy any securities. The shares of common stock and the underlying shares of
      common stock issuable upon exercise of the warrants have not been registered
      under the Securities Act of 1933, as amended, or any applicable state securities
      laws and may not be offered or sold in the United States, absent registration
      or
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Section
      3&#160;&#160;&#8212;&#160;&#160;Securities and Trading Markets</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Item
      3.02&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font id="TAB1" style="MARGIN-LEFT: 122.5pt;"></font>Unregistered Sale of Equity
      Securities</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">As
      described in more detail above, on May 25, 2007, BioSante Pharmaceuticals,
      Inc.
      announced that it had entered into definitive subscription agreements with
      certain institutional and other accredited investors, as defined in Rule 501
      of
      Regulation D promulgated under the Securities Act of 1933, as amended, pursuant
      to which BioSante agreed to sell in a private placement an aggregate of
      2,754,999 shares of its common stock and warrants to purchase an aggregate
      of
      688,750 shares of its common stock, at a purchase price of $6.00 per
      unit.&#160;&#160;Each unit is comprised of one share of common stock and a
      warrant to purchase 0.25 of a share of common stock.&#160;&#160;Subsequent to
      such announcement, one of the investors in the private placement submitted
      an
      amended and restated subscription agreement that increased the investor&#8217;s
      subscription commitment by $1.8 million.&#160;&#160;BioSante accepted the
      amended and restated subscription agreement, and as a result, has agreed to
      sell
      an aggregate of 3,054,999 shares of its common stock and warrants to purchase
      an
      aggregate of 763,750 shares of its common stock, for an aggregate purchase
      price
      of approximately $18.3 million, resulting in net proceeds to BioSante of
      approximately $17.3 million, after the deduction of placement agent commissions
      and estimated offering expenses.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      offer
      of the securities was made and the sale of the securities will be made in
      reliance upon exemptions from the registration requirements pursuant to Section
      4(2) under the Securities Act of 1933, as amended, and Regulation D promulgated
      thereunder.&#160;&#160;There was no general solicitation or advertising with
      respect to the private placement and each of the purchasers provided written
      representations of an intent to acquire the securities for investment only
      and
      not with a view to or for sale in connection with any distribution of the
      securities.&#160;&#160;Appropriate legends will be affixed by BioSante to each
      of the share certificates representing shares to be issued in the private
      placement.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Additional
      information regarding the private placement is incorporated herein by reference
      to &#8220;Item 1.01.&#160;&#160;Entry into a Material Definitive Agreement&#8221; of this
      Current Report on Form 8-K.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
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        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
      </div>
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    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>SIGNATURE</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Pursuant
      to the requirements of the Securities Exchange Act of 1934, the registrant
      has
      duly caused this report to be signed on its behalf by the undersigned hereunto
      duly authorized.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 216pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>BIOSANTE
      PHARMACEUTICALS, INC.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 216pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">By:<u>&#160;&#160;/s/
      Phillip B. Donenberg</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 234pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Phillip
      B. Donenberg</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 234pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>Chief
      Financial Officer, Treasurer and Secretary</em></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Dated:&#160;&#160;May
      25, 2007</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>&#160;</div>
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