LINCOLNSHIRE, Illinois — BioSante Pharmaceuticals closed on a sale of $12 million in common stock to fund its Phase III study of LibiGel, which treats low sexual desire in women.
BioSante finalized the sale of approximately 6 million shares — with warrants to purchase 2.4 million more shares — to three institutional investors. It sold the 6 million shares for $2 apiece. The additional shares can be purchased for $2.50 a share through mid-2014.
It will collect $11.1 million from the sale, after fees.
A Personalized Approach to Medication Nonadherence
At the Abarca Forward conference earlier this year, George Van Antwerp, managing director at Deloitte, discussed how social determinants of health and a personalized member experience can improve medication adherence and health outcomes.
BioSante has been gathering cash to complete testing of LibiGel, which menopausal women would rub daily on their skin to receive testosterone into their bloodstream. In late June the company announced the acquisition of Cell Genesys, through which it would use $20 million to fund the LibiGel study.
The company also announced that data from its Phase III study showed almost no cardiovascular problems related to the drug, which triggered a spike in its price near the end of the week. The stock lost most of that increase by Friday, closing at $1.96.
BioSante wants to submit a new drug application to the FDA for LibiGel by mid-2011.
