INCOLNSHIRE, Ill.--(BUSINESS WIRE)--BioSante Pharmaceuticals, Inc. (AMEX:BPA) today reported its June 30, 2007 cash balance and its financial results for the second quarter and six months ended June 30, 2007. The Company’s cash, cash equivalents and short-term investments as of June 30, 2007 were approximately $31.3 million, as compared to approximately $11.5 million on December 31, 2006. The increase in cash is due to the private placement of 3,054,999 shares of common stock at a purchase price of $6.00 per share. The placement included, for each share purchased, a warrant to purchase 0.25 shares of common stock at an exercise price of $8.00. The net proceeds from this placement were approximately $17.3 million. The Company’s cash burn rate is expected to increase in the second half of 2007 to approximately $850,000 per month as its LibiGel® program progresses.
