BIOSANTE PHARMACEUTICALS ANNOUNCES $7.6 MILLION PRIVATE PLACEMENT OF COMMON STOCK

BioSante Pharmaceuticals, Inc. today announced that it has entered into definitive agreements with institutional and other accredited investors with respect to the private placement of 3,812,978 shares of its common stock at a purchase price of $2.00 per share, for gross proceeds of $7,625,956, before payment of placement agent commissions and offering expenses. Investors also will receive warrants to purchase 1,334,542 shares of common stock at an exercise price of $2.75 per share. Rodman & Renshaw, LLC served as placement agent for the transaction. The transaction is expected to be completed upon approval of an additional listing application with the American Stock Exchange.

Genetic Engineering News (http://www.genengnews.com/news/bnitem.aspx?name=3239217)