BioSante to raise $18 million in

LINCOLNSHIRE - BioSante Pharmaceuticals Inc. announced it has received commitments from two institutional investors to purchase $18 million of securities in a registered direct offering. The investors are Great Point Partners LLC and Deerfield Management Company. BioSante expects to receive net proceeds of approximately $17.5 million after deducting placement agent fees and other offering expenses. BioSante has entered into securities purchase agreements with these investors, agreeing to sell approximately 10.4 million shares of its common stock and warrants in order to purchase up to approximately 5.2 million additional shares of its common stock.