LINCOLNSHIRE, Ill.--(BUSINESS WIRE)--BioSante Pharmaceuticals, Inc. (NASDAQ: BPAX) today announced the closing of the sale, directly to three institutional investors, of an aggregate of 6,000,000 shares of BioSante’s common stock and warrants to purchase up to 2,400,000 additional shares of its common stock, resulting in gross cash proceeds to BioSante of approximately $12.0 million. BioSante expects to receive net proceeds of approximately $11.1 million after deducting placement agent fees and other offering expenses. Each unit, consisting of one share of common stock and a warrant to purchase approximately 0.40 of a share of common stock, was sold for a purchase price of $2.00.
