BioSante Pharmaceuticals, Inc. (BPAX) to Raise $3,475,000 in Registered Direct Offering
8/17/2012 9:24:18 AM
LINCOLNSHIRE, Ill.--(BUSINESS WIRE)--BioSante Pharmaceuticals, Inc. (NASDAQ: BPAX) today announced that it has received a commitment from an institutional investor to purchase $3,475,000 of securities in a registered direct offering. BioSante expects to receive net proceeds of approximately $3.3 million after deducting placement agent fees and other offering expenses. BioSante has entered into a securities purchase agreement with this investor pursuant to which BioSante has agreed to sell 2,359,932 shares of its common stock and warrants to purchase up to 1,179,966 additional shares of its common stock. Each unit, consisting of one share of common stock and a warrant to purchase 0.5 of a share of common stock, will be sold for a purchase price of $1.4725, a premium to the closing price on the day before pricing.