BioSante Pharmaceuticals, Inc. Reports First Quarter Financial Results

  BioSante Pharmaceuticals, Inc. Reports First Quarter Financial Results

Business Wire

LINCOLNSHIRE, Ill. -- May 10, 2013

BioSante Pharmaceuticals, Inc. (NASDAQ: BPAX) today reported on its cash
balance as of March 31, 2013 and financial results for the quarter ended March
31, 2013.

As of March 31, 2013, the Company’s cash and cash equivalents were
approximately $29.4 million and convertible notes payable on May 1, 2013 were
approximately $8.2 million. Subsequent to the end of the quarter and prior to
the May 1, 2013 maturity date of the notes, the Company repaid the outstanding
principal amount of the notes, plus all accrued and unpaid interest thereon.

BioSante incurred a net loss of approximately $2.3 million or $(0.09) per
share for the quarter ended March 31, 2013, compared to a net loss of $10.3
million or $(0.53) per share for the same period in 2012. The decrease in the
net loss was due primarily to lower clinical development expenses for
LibiGel^® (testosterone gel) during the most recent period as a result of the
conclusion of all current LibiGel clinical studies.

About BioSante Pharmaceuticals, Inc.

BioSante’s corporate strategy is to develop high value medically-needed
pharmaceutical products and to implement strategic alternatives with respect
to its products and its company, including licenses, business collaborations
and other business combinations or transactions with other pharmaceutical and
biotechnology companies. BioSante’s products include LibiGel^® (transdermal
testosterone gel) for the treatment of female sexual dysfunction (FSD),
specifically hypoactive sexual desire disorder (HSDD), which is in Phase III
development. BioSante’s other products include an FDA-approved testosterone
gel for male hypogonadism, which is licensed to Teva Pharmaceuticals USA,
Inc., and the Pill-Plus™, an oral contraceptive in development by Pantarhei
Bioscience B.V. BioSante’s first FDA-approved product, Elestrin™ (estradiol
gel) indicated for the treatment of hot flashes associated with menopause, is
marketed in the U.S. by Meda Pharmaceuticals, Inc., BioSante’s licensee.

Contact:

BioSante Pharmaceuticals, Inc.
Phillip B. Donenberg, (847) 478-0500 ext. 120
info@biosantepharma.com