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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
__________________
FORM
8-K
Current
Report
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of
1934
__________________
Date
of
Report (Date of earliest event reported):
March
8, 2007
BIOSANTE
PHARMACEUTICALS, INC.
(Exact
name of registrant as specified in its charter)
|
Delaware
|
001-31812
|
58-2301143
|
|
(State
or Other Jurisdiction of Incorporation)
|
(Commission
File Number)
|
(I.R.S.
Employer Identification Number)
|
|
111
Barclay Boulevard
Lincolnshire,
Illinois
|
60069
|
|
(Address
of Principal Executive Offices)
|
(Zip
Code)
|
(847)
478-0500
(Registrant’s
Telephone Number, Including Area Code)
N/A
(Former
Name or Former Address, If Changed Since Last Report)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
| £ |
Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
|
| £ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
| £ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
|
| £ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR
240.13e-4(c))
|
Section
2 - Financial Information
Item
2.02. Results of Operations and Financial Condition.
On
March
8, 2007, BioSante Pharmaceuticals, Inc. publicly announced its financial results
for the year ended December 31, 2006. For further information, please refer
to
the press release attached hereto as Exhibit 99.1, which is incorporated by
reference herein.
The
information contained in this Item 2.02 and Exhibit 99.1 hereto shall
not
be deemed to be “filed” for purposes of Section 18 of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the
liability of that section, and shall not be incorporated by reference into
any
filings made by BioSante
Pharmaceuticals, Inc. under
the
Securities Act of 1933, as amended, or the Exchange Act, except as may be
expressly set forth by specific reference in such filing.
Section
9 - Financial Statements and Exhibits
Item
9.01. Financial Statements and Exhibits.
(c) Exhibits.
|
Exhibit
No.
|
Description
|
|
99.1
|
Press
Release issued March 8, 2007
|
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
BIOSANTE
PHARMACEUTICALS, INC.
By:
/s/
Phillip B. Donenberg
Phillip
B. Donenberg
Chief
Financial Officer, Treasurer and Secretary
Dated:
March
8,
2007
BIOSANTE
PHARMACEUTICALS, INC.
FORM
8-K
Exhibit
Index
|
Exhibit
No.
|
Description
|
Method
of Filing
|
|
99.1
|
Press
Release issued March 8, 2007
|
Furnished
herewith
|
BioSante
Pharmaceuticals, Inc.
FOR
IMMEDIATE RELEASE
Amex: BPABioSante
Pharmaceuticals Reports
Net
Profit of $2.8 million for 2006
And
Investor Conference Call
LINCOLNSHIRE,
Illinois (March 8, 2007)
--
BioSante Pharmaceuticals, Inc. (Amex: BPA) today announced
its 2006 financial results.
For
the
year ended December 31, 2006, BioSante recorded net income of approximately
$2.8
million or $0.13 per basic and diluted share for the year ended December 31,
2006, compared to a net loss of $9.7 million or ($0.50) per basic and diluted
share for the same period in 2005. The company’s cash, cash equivalents and
short-term investments as of December 31, 2006 were approximately $11.5 million,
compared to $9.1 million at December 31, 2005.
“2006
was a very important financial year for
BioSante,” said Stephen M. Simes, BioSante’s president and chief executive
officer. “We recorded our first ever year with
net
income which was primarily
the result of the revenue from our
agreement with
Bradley Pharmaceuticals, Inc. for
the
marketing of Elestrin™ (estradiol gel). Due to a $2.625 million upfront
licensing payment from Bradley and a $7.6 million private
placement completed
in July
2006, we were able to increase our cash balance from a year earlier. Based
on
our current cash balance and the additional milestone payments already due
from
Bradley, we believe we are in a solid financial position to move forward with
our LibiGel development program and our other operations. We look forward to
our
investor conference call scheduled for Friday, March 9, 2007 at 9 am ET,” Simes
concluded
BioSante
will issue its development highlights and host its 2006 earnings conference
call
Friday, March 9, 2007. The conference call will include a discussion of the
company’s development activities, financial results and current news. Details
are provided below
*******************************Conference
Call Information*****************************
BioSante
Pharmaceuticals will host a conference call to discuss its 2006 financial and
development accomplishments.
When
-
Friday, March 9, 2007 at 9:00 a.m. ET
Website
for listen only http://www.vcall.com/IC/CEPage.asp?ID=114862
Live
Domestic and Canada call in: - 877-407-0781
Live
international call in - 201-689-8568
24
hour
replay Domestic and Canada - 877-660-6853
24
hour
replay International - 201-612-7415
24
hour
replay, web access http://www.vcall.com/IC/CEPage.asp?ID=114862
Replay
pass codes, (both required for playback)
Account
#
- 286 Conference ID - 234347
**********************************************************************************
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 bio-identical estradiol and testosterone. BioSante's
lead products include Elestrin™ (estradiol gel), developed through FDA approval
by BioSante, indicated for the treatment of moderate-to-severe vasomotor
symptoms associated with menopause, and LibiGel®
(transdermal testosterone gel) in Phase III development 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. The company also is developing its calcium phosphate
nanotechnology (CaP) for novel vaccines, including hepatitis B, avian flu and
biodefense vaccines for toxins such as anthrax, as well as a system for
delivering drugs via alternative routes of administration. 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, the success of clinical testing, 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 in
BioSante's most recent Forms 10-K and 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.
CONTACT:
Phillip Donenberg
BioSante
Pharmaceuticals, Inc.
(847)
478-0500
donenber@biosantepharma.com