Biosante Pharma (AMEX:BPA)
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BioSante Pharmaceuticals, Inc. (Amex:BPA) today
announced that it has signed an exclusive option and license agreement
with Medical Aesthetics Technology Corporation ("MATC") for the use of
BioSante's calcium phosphate nanotechnology (CaP) in the field of
aesthetic medicine. Under the terms of the option and license
agreement, MATC will use BioSante's CaP technology to develop products
for commercialization in the field of aesthetic medicine,
specifically, the improvement and/or maintenance of the external
appearance of the head, face, neck and body.
Within the first 12 months MATC has the exclusive right to
exercise an option to secure a license to this technology in the field
of aesthetic medicine upon payment to BioSante of a license fee.
BioSante has the right to receive additional milestone payments upon
approval by the U.S. Food and Drug Administration or first commercial
sale of each product containing CaP, a royalty on net sales of any
such products, and a share of any milestones and license fees from
third party sublicenses.
Stephen M. Simes, BioSante's president and chief executive
officer, stated, "The area of aesthetic medicine is growing both in
prescription and non-prescription products. We are pleased to be
working with MATC in this potential new use for our CaP technology in
this growing market. This new CaP Option and License Agreement is
another step in our strategic effort to maximize the value of CaP to
our stockholders."
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(TM) (bioidentical estradiol gel) for the treatment of women
with menopausal symptoms, and LibiGel(TM) (bioidentical testosterone
gel) 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
Inc. BioSante also is developing its calcium phosphate nanotechnology
(CaP) for novel vaccines, including biodefense vaccines for toxins
such as anthrax and ricin, and drug delivery systems. Additional
information is available online at: www.biosantepharma.com.
About Medical Aesthetic Technologies Corporation
Medical Aesthetic Technologies is engaged in research and
development to produce novel products in the field of aesthetic
medicine. MATC has assembled a team of accomplished professionals out
of Harvard and MIT with expertise in the aesthetic field as well as
technology development.
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 press release that are
not historical in nature, particularly those that utilize terminology
such as "may," "will," "should," "likely," "expects," "anticipates,"
"estimates," "believes" or "plans," or comparable terminology, are
forward-looking statements. An example of a forward-looking statement
in this press release is the statement that the market for aesthetic
prescription and non-prescription products is growing. 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 of BioSante's most recent Form 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.