BioSante Pharmaceuticals, Inc. Closes $3,475,000 Registered Direct Offering
Published: Aug 21, 2012
LINCOLNSHIRE, Ill.--(BUSINESS WIRE)--BioSante Pharmaceuticals, Inc. (NASDAQ: BPAX) today announced the closing of the sale of 2,359,932 shares of its common stock and warrants to purchase up to 1,179,966 additional shares of its common stock in a registered direct offering, resulting in gross cash proceeds to BioSante of $3,475,000. BioSante received net proceeds of approximately $3.3 million after deducting placement agent fees and other offering expenses. Each unit, consisting of one share of common stock and a warrant to purchase 0.5 of a share of common stock, was sold to one institutional investor for a purchase price of $1.4725, which was a premium to the closing price on the day before pricing. The warrants are exercisable immediately at an exercise price of $1.50 per share and will expire on August 17, 2017.