Biosante Pharma (AMEX:BPA)
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BioSante Pharmaceuticals, Inc. (Amex: BPA) today announced its 2006
financial results.
For the year ended December 31, 2006, BioSante recorded net income of
approximately $2.8 million or $0.13 per basic and diluted share for the
year ended December 31, 2006, compared to a net loss of $9.7 million or
($0.50) per basic and diluted share for the same period in 2005. The
company’s cash, cash equivalents and
short-term investments as of December 31, 2006 were approximately $11.5
million, compared to $9.1 million at December 31, 2005.
“2006 was a very important financial year for
BioSante,” said Stephen M. Simes, BioSante’s
president and chief executive officer. “We
recorded our first ever year with net income which was primarily the
result of the revenue from our agreement with Bradley Pharmaceuticals,
Inc. for the marketing of Elestrin™
(estradiol gel). Due to a $2.625 million upfront licensing payment from
Bradley and a $7.6 million private placement completed in July 2006, we
were able to increase our cash balance from a year earlier. Based on our
current cash balance and the additional milestone payments already due
from Bradley, we believe we are in a solid financial position to move
forward with our LibiGel development program and our other operations.
We look forward to our investor conference call scheduled for Friday,
March 9, 2007 at 9 am ET,” Simes concluded.
BioSante will issue its development highlights and host its 2006
earnings conference call Friday, March 9, 2007. The conference call will
include a discussion of the company’s
development activities, financial results and current news. Details are
provided below
Conference Call Information
BioSante Pharmaceuticals will host a conference call to discuss its
2006 financial and development accomplishments.
When - Friday, March 9, 2007 at 9:00 a.m. ET
Website for listen only http://www.vcall.com/IC/CEPage.asp?ID=114862
Live Domestic and Canada call in: - 877-407-0781
Live international call in - 201-689-8568
24 hour replay Domestic and Canada - 877-660-6853
24 hour replay International - 201-612-7415
24 hour replay, web access http://www.vcall.com/IC/CEPage.asp?ID=114862
Replay pass codes, (both required for playback)
Account # - 286 Conference ID - 234347
About BioSante Pharmaceuticals, Inc.
BioSante is developing a pipeline of hormone therapy products to treat
both men and women. These hormone therapy products are gel formulations
for transdermal administration that deliver bio-identical estradiol and
testosterone. BioSante's lead products include Elestrin™
(estradiol gel), developed through FDA approval by BioSante, indicated
for the treatment of moderate-to-severe vasomotor symptoms associated
with menopause, and LibiGel®
(transdermal testosterone gel) in Phase III development for the
treatment of female sexual dysfunction (FSD). The current market in the
U.S. for estrogen and testosterone products is approximately $2.5
billion. The transdermal gel formulations used in the women's gel
products are licensed by BioSante from Antares Pharma. The company also
is developing its calcium phosphate nanotechnology (CaP) for novel
vaccines, including hepatitis B, avian flu and biodefense vaccines for
toxins such as anthrax, as well as a system for delivering drugs via
alternative routes of administration. Additional information is
available online at www.biosantepharma.com.
This news release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. The statements
regarding BioSante contained in this news release that are not
historical in nature, particularly those that utilize terminology such
as “may,” “will,”
“should,” “likely,”
“expects,” “anticipates,”
“estimates,” “believes,”
“plans,” “hopes,”
or comparable terminology, are forward-looking statements.
Forward-looking statements are based on current expectations and
assumptions, and entail various risks and uncertainties that could cause
actual results to differ materially from those expressed in such
forward-looking statements. Important factors known to BioSante that
cause actual results to differ materially from those expressed in such
forward-looking statements are the difficulty of developing
pharmaceutical products, the success of clinical testing, obtaining
regulatory and other approvals and achieving market acceptance, and
other factors identified and discussed from time to time in BioSante's
filings with the Securities and Exchange Commission, including those
factors discussed in BioSante's most recent Forms 10-K and 10-Q, which
discussion also is incorporated herein by reference. All forward-looking
statements speak only as of the date of this news release. BioSante
undertakes no obligation to update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise.