BioSante Pharmaceuticals Reports Second Quarter 2006 Financial Results
August 14 2006 - 10:02AM
Business Wire
BioSante Pharmaceuticals, Inc. (AMEX:BPA) today reported its
financial results for the second quarter and six months ended June
30, 2006. As previously announced, BioSante completed a private
placement subsequent to the end of its second quarter, which
resulted in net proceeds to BioSante of $7.2 million, resulting in
a cash balance of approximately $11.0 million on July 31, 2006.
BioSante's cash burn rate for the first half of 2006 was
approximately $750,000 per month. BioSante's cash, cash equivalents
and short-term investments as of June 30, 2006 were approximately
$4.5 million, as compared to approximately $9.1 million on December
31, 2005. BioSante remains confident that its existing cash
resources, including the net proceeds it received from its recent
private placement, should be sufficient to maintain its current
planned development activities, including the initiation of LibiGel
Phase III clinical development, and its corresponding level of
expenditures through at least the next twelve months. BioSante
incurred a net loss of approximately $2.2 million or ($0.11) per
share for the quarter ended June 30, 2006, compared to a net loss
of $2.6 million or ($0.13) per share for the same period in 2005.
This decrease was due primarily to a reduction in research and
development expense and an increase in licensing and grant revenue.
For the six months ended June 30, 2006, BioSante incurred a net
loss of approximately $5.5 million or ($0.28) per share, compared
to a net loss of $5.4 million or ($0.28) per share for the same
period in 2005. This increase was due primarily to the impact of
BioSante adopting SFAS No. 123(R) "Share-Based Payment" and
increases in general and administrative expenses, offset by
reductions in research and development expense and an increase in
licensing and grant revenue. 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 Bio-E-Gel(R) (transdermal estradiol gel) for the treatment
of women with menopausal symptoms, and LibiGel(R) (transdermal
testosterone gel) for the treatment of female sexual dysfunction
(FSD). A Bio-E-Gel new drug application (NDA) was submitted to the
FDA in the first quarter 2006. The current market in the U.S. for
estrogen and testosterone products is approximately $2.5 billion.
The transdermal gel formulations used in the women's gel products
are licensed by BioSante from Antares Pharma Inc. The company also
is developing its calcium phosphate nanotechnology (CaP) for novel
vaccines, including avian flu and biodefense vaccines for toxins
such as anthrax and ricin, and drug delivery systems. 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," "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 cause actual results to differ materially from those
expressed in such forward-looking statements are the difficulty of
developing pharmaceutical products, obtaining regulatory and other
approvals and achieving market acceptance, and other factors
identified and discussed from time to time in BioSante's filings
with the Securities and Exchange Commission, including those
factors discussed on pages 22 to 34 in BioSante's most recent Form
10-K, which discussion also is incorporated herein by reference.
Additional risk factors include the risk that BioSante's cash
balances will not be sufficient to continue its current planned
development activities for at least the next 12 months and that
LibiGel Phase III trials may not begin in 2006. 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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