Biosante Pharma (AMEX:BPA)
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BioSante Pharmaceuticals, Inc. (AMEX:BPA) today reported
its financial results for the second quarter and six months ended June
30, 2006.
As previously announced, BioSante completed a private placement
subsequent to the end of its second quarter, which resulted in net
proceeds to BioSante of $7.2 million, resulting in a cash balance of
approximately $11.0 million on July 31, 2006. BioSante's cash burn
rate for the first half of 2006 was approximately $750,000 per month.
BioSante's cash, cash equivalents and short-term investments as of
June 30, 2006 were approximately $4.5 million, as compared to
approximately $9.1 million on December 31, 2005. BioSante remains
confident that its existing cash resources, including the net proceeds
it received from its recent private placement, should be sufficient to
maintain its current planned development activities, including the
initiation of LibiGel Phase III clinical development, and its
corresponding level of expenditures through at least the next twelve
months.
BioSante incurred a net loss of approximately $2.2 million or
($0.11) per share for the quarter ended June 30, 2006, compared to a
net loss of $2.6 million or ($0.13) per share for the same period in
2005. This decrease was due primarily to a reduction in research and
development expense and an increase in licensing and grant revenue.
For the six months ended June 30, 2006, BioSante incurred a net loss
of approximately $5.5 million or ($0.28) per share, compared to a net
loss of $5.4 million or ($0.28) per share for the same period in 2005.
This increase was due primarily to the impact of BioSante adopting
SFAS No. 123(R) "Share-Based Payment" and increases in general and
administrative expenses, offset by reductions in research and
development expense and an increase in licensing and grant revenue.
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 bioidentical
estradiol and testosterone. BioSante's lead products include
Bio-E-Gel(R) (transdermal estradiol gel) for the treatment of women
with menopausal symptoms, and LibiGel(R) (transdermal testosterone
gel) for the treatment of female sexual dysfunction (FSD). A Bio-E-Gel
new drug application (NDA) was submitted to the FDA in the first
quarter 2006. 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 Inc. The company also is developing its
calcium phosphate nanotechnology (CaP) for novel vaccines, including
avian flu and biodefense vaccines for toxins such as anthrax and
ricin, and drug delivery systems. 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, 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 on pages 22 to 34 in BioSante's most recent Form
10-K, which discussion also is incorporated herein by reference.
Additional risk factors include the risk that BioSante's cash balances
will not be sufficient to continue its current planned development
activities for at least the next 12 months and that LibiGel Phase III
trials may not begin in 2006. 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.