BioSante Pharmaceuticals, Inc. Reports Third Quarter Financial Results and Merger Update

LINCOLNSHIRE, Ill.--(BUSINESS WIRE)--BioSante Pharmaceuticals, Inc. (NASDAQ: BPAX) today reported on its cash balance as of September 30, 2012 and financial results for the third quarter of 2012 and provided an update on the Company’s previously announced proposed merger transaction with ANI Pharmaceuticals, Inc. As of September 30, 2012, the Company’s cash and cash equivalents were approximately $38.0 million, accounts payable were approximately $2.0 million and convertible notes payable on May 1, 2013 were approximately $8.3 million. BioSante incurred a net loss of approximately $6.1 million or $(0.27) per share for the quarter ended September 30, 2012, compared to a net loss of $12.7 million or $(0.73) per share for the same period in 2011. The decrease in the net loss was due primarily to lower clinical development expenses for LibiGel® (testosterone gel) during the most recent period as a result of the conclusion of all current LibiGel clinical studies.