LINCOLNSHIRE, Ill.--(BUSINESS WIRE)--BioSante Pharmaceuticals, Inc. (NASDAQ: BPAX) today announced that it has received commitments from two institutional investors to purchase $18 million of securities in a registered direct offering. The investors are Great Point Partners, LLC and Deerfield Management Company. BioSante expects to receive net proceeds of approximately $17.5 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 10.4 million shares of its common stock and warrants to purchase up to approximately 5.2 million additional shares of its common stock. Each unit, consisting of one share of common stock and a warrant to purchase 0.5 of a share of common stock, will be sold for a purchase price of $1.73, which is equal to the closing price of BioSante’s stock yesterday on the NASDAQ Stock Market.
