LINCOLNSHIRE, Ill.--(BUSINESS WIRE)--BioSante Pharmaceuticals, Inc. (Amex:BPA) today announced receipt of a $7.0 million milestone payment under the terms of its Elestrin™ (estradiol gel) licensing agreement with Bradley Pharmaceuticals, Inc. (NYSE:BDY). The payment is the first of two triggered by the December 2006 FDA approval of Elestrin. BioSante is entitled to receive an additional payment for this milestone in the amount of $3.5 million in December 2007. The net amount of the current milestone received by BioSante after payment to its licensor was $5.25 million. The net amount to BioSante of the December 2007 payment will be $2.625 million.
