LINCOLNSHIRE, Ill.--(BUSINESS WIRE)--BioSante Pharmaceuticals, Inc. (NASDAQ: BPAX) today announced that it has received commitments from several institutional investors to purchase $15 million of securities in a registered direct offering. The investors are Deerfield Management Company and other institutional investors. BioSante expects to receive net proceeds of approximately $14.2 million after deducting placement agent fees and other offering expenses. BioSante has entered into securities purchase agreements with these investors pursuant to which BioSante has agreed to sell an aggregate of approximately 7.1 million shares of its common stock and warrants to purchase up to approximately 3.55 million additional 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, will be sold for a purchase price of $2.1025, a premium to the closing bid price on Friday June 18, 2010.
