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Dec 16, 2008

BioSante to Pocket $25M from Kingsbridge Capital

  • Kingsbridge Capital has committed to provide BioSante Pharmaceuticals $25 million in cash over the next two years. In connection with the committed equity financing facility (CEFF), BioSante issued a warrant to Kingsbridge to purchase 300,000 shares of common stock at an exercise price of $4.

    “The new CEFF with Kingsbridge provides us with added financial flexibility and strength as we continue to move forward with our LibiGel® clinical development program, which is currently in Phase III under an SPA (special protocol assessment) for the treatment of female sexual dysfunction, specifically hypoactive sexual desire disorder in menopausal women,” remarks Stephen M. Simes, BioSante’s president and CEO. “Our ability to choose if, and when, to access funds under this facility, provides us with the flexibility to operate in this challenging economic and market environment while minimizing the dilution for our stockholders.”

    Under the terms of the CEFF, BioSante is not obligated to utilize any of the $25 million available under the CEFF and there are no minimum commitments or minimum use penalties. The CEFF will be provided at BioSante’s discretion through the potential purchase of newly issued shares of its common stock.

    The funds that can be raised under the CEFF over the two-year term will depend on the then-current price for BioSante's stock and the number of shares actually sold, which may not exceed an aggregate of approximately 5.7 million shares. BioSante may access capital under the CEFF by providing Kingsbridge with common stock at discounts ranging from 8–14%, depending on the average market price of its common stock at that time.



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