LINCOLNSHIRE, Ill.--(BUSINESS WIRE)--BioSante Pharmaceuticals, Inc. (NASDAQ: BPAX) today announced the closing of the sale, directly to funds affiliated with two institutional investors, of an aggregate of approximately 10.4 million shares of BioSante’s common stock and warrants to purchase up to approximately 5.2 million shares of its common stock, resulting in gross cash proceeds to BioSante of $18 million. The investors are Great Point Partners, LLC and Deerfield Management Company. BioSante received net proceeds of approximately $17.5 million after deducting placement agent fees and other estimated 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 for a purchase price of $1.73, which is equal to the closing price of BioSante’s common stock on the day before the securities purchase agreements were signed, as reported by the NASDAQ Stock Market.
