LINCOLNSHIRE, Ill.--(BUSINESS WIRE)--BioSante Pharmaceuticals, Inc. (NASDAQ: BPAX) today announced closing of a previously announced sale of an aggregate of $15 million of securities in a registered direct offering. The investors are Deerfield Management Company and other institutional investors. BioSante received net proceeds of approximately $14.2 million after deducting placement agent fees and other offering expenses. BioSante sold an aggregate of approximately 7.1 million shares of its common stock and warrants to purchase up to approximately 3.55 million shares of its common stock. Each unit, consisting of one share of common stock and a warrant to purchase 0.50 of a share of common stock, was sold for a purchase price of $2.1025, a premium to the closing bid price on Friday June 18, 2010, as reported by the NASDAQ Stock Market.
