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Wednesday, November 17, 2010

Biotech/Pharma Stock News; BioSante Pharmaceuticals, Inc. (NASDAQ: BPAX) sells virus technology to Cold Genesys

LINCOLNSHIRE, Ill. - November 17, 2010 (Investorideas.com newswire) BioSante Pharmaceuticals, Inc. (NASDAQ: BPAX) said Wednesday it sold rights to develop and commercialize its oncolytic virus technology to Cold Genesys Inc. for $95,000 and a nearly 20 percent ownership stake in that company.
BioSante, based in Lincolnshire, Ill., also can receive future milestone and royalty payments.
Oncolytic virus therapy uses a virus that causes colds to attack cancer cells. The adenoviruses are engineered to replicate inside targeted cancer cells to kill them and leave healthy cells largely unharmed.
Technology sold to Cold Genesys includes CG0070, an adenovirus that finished early-stage clinical testing for the treatment of superficial bladder cancer.
Cold Genesys, based in Newport Beach, Calif., is a privately-funded specialty pharmaceutical company that currently is focused on finding treatments for bladder cancer.
About BioSante Pharmaceuticals, Inc.
BioSante is a specialty pharmaceutical company focused on developing products for female sexual health and oncology. BioSante's lead products include LibiGel® (transdermal testosterone gel) for the treatment of female sexual dysfunction (FSD) which is in Phase III clinical development under a U.S. Food and Drug Administration (FDA) Special Protocol Assessment, and Elestrin™ (estradiol gel) for the treatment of moderate-to-severe vasomotor symptoms associated with menopause, which is marketed in the U.S. by Azur Pharma, BioSante's licensee. BioSante also is developing a portfolio of cancer vaccines (GVAX), three of which have been granted orphan drug designation, and are currently in several Phase II clinical trials. Other products in development are Bio-T-Gel™, a testosterone gel for male hypogonadism licensed to Teva Pharmaceuticals and an oral contraceptive in Phase II clinical development using BioSante patented technology. The company also is developing its calcium phosphate technology (CaP) for aesthetic medicine (BioLook™), among other uses, as well as seeking opportunities for its 2A/Furin and other technologies. Additional information is available online at: www.biosantepharma.com.
For more information, please contact:
BioSante Pharmaceuticals
For Media:
The Trout Group LLC
Tricia Swanson
(646) 378-2953
tswanson@troutgroup.com
or
For Investors:
McKinney/Chicago
Alan Zachary
(312) 944-6784 ext. 316
azachary@mckinneychicago.com
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