August 19, 2012
Pharmaceutical Company Raises $ 3,475,000
BioSante Pharmaceuticals announced on Friday, 17th of August 2012 that it received $ 3,475,000 in direct offering of securities from an institutional investor. The company anticipates that it will receive a net amount of $ 3,3 million after the fees of the placement agent and offering expenses.
BioSante Pharmaceuticals has offered its consent to sell 2,359,932 shares of the common stock and warrants and wants to purchase 1,179,966 supplementary shares of the common stock. Every unit, that represents one share of the common stock and warrant will be sold for the price of $1.4725.
BioSate Pharmaceuticalsâ€™ president and chief executive officer, Mr. Stephen M. Simes declared that they are very pleased to have that commitment from the new institutional investor. He also said that that funding offers an additional working capital to increase the companyâ€™s cash reserve for payment of the near â€“ term debt, continue seeking and implementing alternatives regarding the products of the company (licenses, business arrangements and collaborations, transactions with other biotech and pharmaceutical companies) and fund the clinical activities of their LibiGelÂ®.
The offering of the investment is expected to happen by 21st of August 2012, after the closing conditions.
BioSante Pharmaceutical is a company specialized on creating products for oncology and female sexual health, for sexual dysfunction and cancer vaccines. At the beginning of June 2012 the company had 20.1 million common shares outstanding and at the end of March 2012 around $ 49.5 million in cash and cash equivalents.
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