BioSante Pharmaceuticals Reports Second Quarter 2007 Financial Results
14 Août 2007 - 10:15PM
Business Wire
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. 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.
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