$4.5M raised in self-underwritten public offering by BioSante.(BioSante Pharmaceuticals Inc.)(Brief Article)

2002 NOV 7 - (NewsRx.com & NewsRx.net) -- BioSante Pharmaceuticals, Inc., (BISP) announced that it has raised $4,500,000 in a self-underwritten, best efforts public offering under a registration statement filed with the Securities and Exchange Commission.

Proceeds of the offering will be used to fund human clinical trials of BioSante's hormone replacement gel products, continue development of its proprietary calcium phosphate nanoparticles (CAP) as a vaccine adjuvant and drug delivery system, and for working capital and other general corporate purposes.

"These proceeds will allow us to aggressively pursue the clinical development of our hormone replacement products on schedule and according to plan," said Stephen M. Simes, president and chief executive officer of BioSante. "The environment for raising funds in the current equity market is as difficult as we have ever seen it. In approving this offering, our board of directors balanced the need to continue to aggressively fund product development against potential stockholder dilution. We believe the amount raised will ...