FOR
IMMEDIATE
RELEASE
NASDAQ:
BPAX
BioSante
Pharmaceuticals Reports
Third
Quarter 2007 Financial Results
LINCOLNSHIRE,
Illinois - (November 13, 2007) --- BioSante Pharmaceuticals, Inc.
(NASDAQ: BPAX) today reported its September 30, 2007 cash balance and
its
financial results for the third quarter and nine months ended September
30,
2007.
The
Company’s cash, cash equivalents and short-term investments as of September
30,
2007 were approximately $29.4 million, as compared to approximately
$11.5
million on December 31, 2006. The Company’s cash burn rate in the last
quarter of 2007 is expected to be approximately $750,000 per month
as its
LibiGel®
(transdermal testosterone gel) Phase III clinical development progresses
for the
treatment of female sexual dysfunction.
BioSante
incurred a net loss of approximately $1.7 million (or $0.06 per share)
for the
quarter ended September 30, 2007 and $5.9 million (or $0.24 per share)
for the
nine months ended September 30, 2007, compared to a net loss of $0.7
million (or $0.03 per share) and $6.2 million (or $0.30 per share)
for the same
periods in 2006.
About
BioSante Pharmaceuticals, Inc.
BioSante
is developing a pipeline of hormone therapy products to treat both
men and
women. These hormone therapy products are gel formulations for
transdermal administration that deliver bioidentical estradiol and
testosterone. BioSante's lead products include Elestrin™ (estradiol
gel) developed through U.S. Food and Drug Administration (FDA) approval
by
BioSante indicated for the treatment of moderate-to-severe vasomotor
symptoms
associated with menopause, marketed in the U.S. by Bradley Pharmaceuticals,
Inc., BioSante's licensee, and LibiGel®
(transdermal
testosterone gel) in Phase III clinical development by BioSante for
the
treatment of female sexual dysfunction (FSD). Also in development are
Bio-T-Gel™, a testosterone gel for male hypogonadism, and an oral contraceptive
in Phase II clinical development using BioSante patented
technology. The current market in the U.S. for estrogen and
testosterone products is approximately $2.5 billion and for oral contraceptives
approximately $3.0 billion. The company also is developing its calcium
phosphate
nanotechnology (CaP) for novel vaccines, drug delivery, and aesthetic
medicine. Additional information is available online at
www.biosantepharma.com.
This
news release contains forward-looking statements within the meaning
of the
Private Securities Litigation Reform Act of 1995. The statements
regarding BioSante contained in this news release that are not historical
in
nature, particularly those that utilize terminology such as “may,” “will,”
“should,” “would,” “likely,” “expects,” “anticipates,” “estimates,” “believes,”
“plans,” “hopes,” or comparable terminology, are forward-looking
statements. The statement regarding BioSante’s expected cash burn
rate for fourth quarter 2007 is a forward-looking statement. Forward-looking
statements are 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 actual results to differ
materially
from those expressed in such forward-looking statements include the
difficulty
of developing pharmaceutical products, obtaining regulatory and other
approvals
and achieving market acceptance, the success of clinical testing, and
other
factors identified and discussed from time to time in BioSante's filings
with
the Securities and Exchange Commission, including those factors discussed
in
BioSante's most recent annual report on Form 10-K and subsequent quarterly
reports on Form 10-Q, which discussions also are incorporated herein
by
reference. All forward-looking statements speak only as of the date
of this news release. BioSante undertakes no obligation to update or
revise any forward-looking statement, whether as a result of new information,
future events or otherwise.
For
more information, please contact:
Alan
Zachary, McKinney/Chicago; (312) 944-6784 ext. 316; azachary@mckinneychicago.com;
www.mckinneychicago.com
