Nanotechnology Now

Our NanoNews Digest Sponsors





Heifer International

Wikipedia Affiliate Button


android tablet pc

Home > Press > BioSante Pharmaceuticals Reports Second Quarter 2007 Financial Results

Abstract:
BioSante Pharmaceuticals, Inc. (AMEX:BPA) today reported its June 30, 2007 cash balance and its financial results for the second quarter and six months ended June 30, 2007.

BioSante Pharmaceuticals Reports Second Quarter 2007 Financial Results

LINCOLNSHIRE, IL | Posted on August 14th, 2007

The Company's cash, cash equivalents and short-term investments as of June 30, 2007 were approximately $31.3 million, as compared to approximately $11.5 million on December 31, 2006. The increase in cash is due to the private placement of 3,054,999 shares of common stock at a purchase price of $6.00 per share. The placement included, for each share purchased, a warrant to purchase 0.25 shares of common stock at an exercise price of $8.00. The net proceeds from this placement were approximately $17.3 million. The Company's cash burn rate is expected to increase in the second half of 2007 to approximately $850,000 per month as its LibiGel® program progresses.

BioSante incurred a net loss of approximately $2.4 million or ($0.10) per share for the quarter ended June 30, 2007 and $4.2 million or ($0.18) per share for the six months ended June 30, 2007, compared to a net loss of $2.2 million or ($0.17) per share and $5.5 million or ($0.28) per share for the same periods in 2006. This decrease was due primarily to a reduction in business development and legal expenses and a decrease in non-cash stock-based compensation expense.

Recent Product Development Highlights

Hormone Therapy

In June 2007, Elestrin™ (estradiol gel) was launched in the U.S. for the treatment of hot flashes by Bradley Pharmaceuticals, Inc. (NYSE:BDY), BioSante's U.S. marketing licensee. Elestrin was approved by the U.S. Food and Drug Administration (FDA) in December 2006. Upon execution of the marketing agreement with Bradley in November 2006, BioSante received $3.5 million. The December FDA approval triggered a payment of $10.5 million to BioSante. In March 2007, the Company received $7.0 million of this payment with the balance to be received by year-end 2007. Sales-based milestone payments could bring payments from Bradley to BioSante up to an additional $40 million over several years. In addition, Bradley has agreed to pay to BioSante royalties on sales of Elestrin.

Also in June 2007, the Company announced that it and a subsidiary of Teva Pharmaceutical Industries Ltd., will reinitiate their development of a male testosterone therapy product for the U.S. market.

In May 2007, the Company announced an exclusive license agreement with Pantarhei Bioscience for the development and marketing of an oral contraceptive in the United States. In June 2007, the Company announced that it and Pantarhei have begun a Phase II clinical trial of an oral contraceptive. The Phase II study, being conducted in the Netherlands, will include approximately 72 women in a double-blind, placebo controlled, randomized, comparative 2-way crossover study to determine the effect of a new patented oral contraceptive on sexual arousability and the vascular component of the sexual arousal response in women.

Calcium Phosphate Nanotechnology

In July 2007, the Company announced new positive results for its calcium phosphate nanotechnology (CaP) as an adjuvant for a bird flu vaccine. The data indicate that a significantly lower dose bird flu vaccine may be possible based on CaP's adjuvanting ability.

Also in July 2007, the Company announced positive pre-clinical results using CaP as a potential wrinkle filler in cosmetic medicine. BioSante previously signed an option and license agreement with Medical Aesthetics Technology Corporation for use of CaP in aesthetic medicine.

####

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 bio-identical estradiol and testosterone. BioSante's lead products include Elestrin™ (estradiol gel) developed through 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 is 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, including hepatitis B, avian flu and biodefense vaccines for toxins such as anthrax, as well as a system for delivering drugs via alternative routes of administration and for 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. 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 click here

Contacts:
BioSante Pharmaceuticals, Inc.
Phillip Donenberg, 847-478-0500

Copyright © Business Wire 2007

If you have a comment, please Contact us.

Issuers of news releases, not 7th Wave, Inc. or Nanotechnology Now, are solely responsible for the accuracy of the content.

Bookmark:
Delicious Digg Newsvine Google Yahoo Reddit Magnoliacom Furl Facebook

Related News Press

Nanomedicine

New imaging agent provides better picture of the gut July 25th, 2014

Scientists Test Nanoparticle "Alarm Clock" to Awaken Immune Systems Put to Sleep by Cancer July 25th, 2014

Researchers create vaccine for dust-mite allergies Main Page Content: Vaccine reduced lung inflammation to allergens in lab and animal tests July 22nd, 2014

NIST shows ultrasonically propelled nanorods spin dizzyingly fast July 22nd, 2014

Announcements

Stanford team achieves 'holy grail' of battery design: A stable lithium anode - Engineers use carbon nanospheres to protect lithium from the reactive and expansive problems that have restricted its use as an anode July 27th, 2014

Iranian Scientists Produce Reusable Nanoadsorbent to Detect Sulfamide in Chicken July 27th, 2014

Breakthrough laser experiment reveals liquid-like motion of atoms in an ultra-cold cluster: University of Leicester research team unlocks insights into creation of new nano-materials July 25th, 2014

Scientists Test Nanoparticle "Alarm Clock" to Awaken Immune Systems Put to Sleep by Cancer July 25th, 2014

Financial Reports

Harris & Harris Group to Host Conference Call on Second-Quarter 2014 Financial Results on August 15, 2014 July 23rd, 2014

Aspen Aerogels, Inc. Schedules Second Quarter 2014 Earnings Release and Conference Call July 15th, 2014

Nanometrics to Announce Second Quarter Financial Results on July 30, 2014 July 9th, 2014

Small, but heading for the big time: Nanobiotix revenue for the 1st quarter of 2014 and new composition of the shareholding May 12th, 2014

NanoNews-Digest
The latest news from around the world, FREE



  Premium Products
NanoNews-Custom
Only the news you want to read!
 Learn More
NanoTech-Transfer
University Technology Transfer & Patents
 Learn More
NanoStrategies
Full-service, expert consulting
 Learn More














ASP
Nanotechnology Now Featured Books




NNN

The Hunger Project







© Copyright 1999-2014 7th Wave, Inc. All Rights Reserved PRIVACY POLICY :: CONTACT US :: STATS :: SITE MAP :: ADVERTISE