LINCOLNSHIRE, Ill. - July 26, 2011 (Investorideas.com newswire) - BioSante Pharmaceuticals, Inc. (NASDAQ:BPAX) today announced its financial results for the second quarter of 2011.
The Company's cash and cash equivalents as of June 30, 2011 were approximately $37.1 million. BioSante incurred a net loss of approximately $15.0 million or ($0.16) per share for the quarter ended June 30, 2011, compared to a net loss of $10.8 million or ($0.17) per share for the same period in 2010. This expected increase in net loss was due primarily to the conduct of the three ongoing LibiGel� (testosterone gel) Phase III clinical studies to support submission of a new drug application (NDA) for U.S. Food and Drug Administration (FDA) approval.
As a result of this focus on LibiGel development and the Company's planned conduct of the LibiGel program, research and development expenses increased to approximately $11.1 million and $26.0 million for the three and six month periods ended June 30, 2011 from $8.7 million and $18.1 million for the three and six month periods ended June 30, 2010.
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. BioSante also is developing a portfolio of cancer vaccines, four 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 seeking opportunities for its other technologies. Additional information is available online at: www.biosantepharma.com.
Contact:
BioSante Pharmaceuticals
For Investors:
The Trout Group LLC
Tricia Swanson
(646) 378-2953
tswanson@troutgroup.com
or
For Media:
McKinney/Chicago
Alan Zachary
(312) 944-6784 ext. 316
azachary@mckinneychicago.com
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