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BioSante Pharmaceuticals, Inc. (Amex: BPA) announced today that it has received notification from The NASDAQ Stock Market LLC® that BioSante's common stock is approved for listing on The NASDAQ Global Market. BioSante's board of directors approved the decision to switch the listing of BioSante's common stock from The American Stock Exchange to The NASDAQ Stock Global Market LLC®. BioSante currently is going through all the required regulatory processes associated with the switch and expects its common stock to begin trading on NASDAQ under the symbol BPAX in early to mid-November 2007. BioSante's common stock will continue to trade on the American Stock Exchange under its current symbol BPA until such date.
"This decision was reached after careful consideration of capital market alternatives and an analysis of the electronic market model, which provides increased visibility and liquidity to our investors," said Stephen M. Simes, BioSante's president and chief executive officer. "We wish to thank The American Stock Exchange as well as our specialist on AMEX, Cohen Specialists, for the years of support and orderly trading."
"We believe that NASDAQ's electronic multiple market maker structure will provide BioSante with enhanced exposure and liquidity, while at the same time provide investors with the fastest execution and lowest cost per trade," said Phillip Donenberg, BioSante's chief financial officer. "This makes the move to NASDAQ a logical step and we expect a very orderly transfer."
NASDAQ® is the largest U.S. electronic stock market. With approximately 3,200 companies, it lists more companies and, on average, its systems trade more shares per day than any other U.S. market. NASDAQ is home to companies that are leaders across all areas of business including technology, retail, communications, financial services, transportation, media and biotechnology. NASDAQ is the primary market for trading NASDAQ-listed stocks. For more information about NASDAQ, visit the NASDAQ website at http://www.nasdaq.com or the NASDAQ NewsroomSM at http://www.nasdaq.com/newsroom .
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 http://www.biosantepharma.com .
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include the anticipated timing of the trading of BioSante’s common stock on The NASDAQ Global Market, the effect of such listing on BioSante, its common stock and investors, and the expectation of an orderly transfer to NASDAQ from the American Stock Exchange. 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 ability of BioSante to continue to satisfy initial listing requirements of The Nasdaq Global Market, 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.
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BioSante Pharmaceuticals, Inc.
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