SEC Form 4 
FORM 4	UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940 	  
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	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).			
1. Name and Address of Reporting Person*
EDELMAN JOSEPH	

(Last)	(First)	(Middle)	
C/O FIRST NEW YORK SECURITIES	
850 THIRD AVENUE, 8TH FLOOR	

(Street) 
NEW YORK	NY	10022	

(City)	(State)	(Zip)	
	2. Issuer Name and Ticker or Trading Symbol 
BIOSANTE PHARMACEUTICALS INC [ BPA ] 	5. Relationship of Reporting Person(s) to Issuer 
(Check all applicable) 
	Director	X	10% Owner	
	Officer (give title below)		Other (specify below)	

	3. Date of Earliest Transaction (Month/Day/Year)
07/15/2004 		
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) 
	Form filed by One Reporting Person	
X	Form filed by More than One Reporting Person	
	
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned	
1. Title of Security (Instr. 3) 	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8) 	4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 	5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 	7. Nature of Indirect Beneficial Ownership (Instr. 4) 	
			Code	V	Amount	(A) or (D)	Price				
Common Stock	07/15/2004		P		6,750	A	$5.9633 	1,706,750	I	Through Master Fund(1) 	
Common Stock	07/15/2004		P		750	A	$5.9633 	750	I	FNYT Account(2) 	
Common Stock	07/16/2004		P		12,648	A	$5.8877 	1,719,398	I	Through Master Fund(1) 	
Common Stock	07/16/2004		P		1,400	A	$5.887 	2,150	I	FNYT Account(2) 	
Common Stock								225,000	D(3) 		
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities) 	
1. Title of Derivative Security (Instr. 3) 	2. Conversion or Exercise Price of Derivative Security 	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8) 	5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 	6. Date Exercisable and Expiration Date (Month/Day/Year)	7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 	8. Price of Derivative Security (Instr. 5) 	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 	11. Nature of Indirect Beneficial Ownership (Instr. 4) 	
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares					
1. Name and Address of Reporting Person*
EDELMAN JOSEPH	

(Last)	(First)	(Middle)	
C/O FIRST NEW YORK SECURITIES	
850 THIRD AVENUE, 8TH FLOOR	

(Street) 
NEW YORK	NY	10022	

(City)	(State)	(Zip)	
	
1. Name and Address of Reporting Person*
PERCEPTIVE LIFE SCIENCES MASTER FUND LTD	

(Last)	(First)	(Middle)	
5437 CONNECTICUT AVE NW STE 100	

(Street) 
WASHINGTON	DC	20015	

(City)	(State)	(Zip)	
	
1. Name and Address of Reporting Person*
PERCEPTIVE ADVISORS LLC	

(Last)	(First)	(Middle)	
PERCEPTIVE CAPITAL	
5437 CONNECTICUT AVENUE NW STE 100	

(Street) 
WASHINGTON	DC	20015	

(City)	(State)	(Zip)	
	
Explanation of Responses:	
1. This transaction was effected through Perceptive Life Sciences Master Fund ("Master Fund"). Master Fund and its investment advisor, Perceptive Advisors LLC ("Advisors"), are jointly filing this statement with Mr. Edelman, the managing member of Advisors, as described on the Joint Filer Information Statement attached as an exhibit hereto. In accordance with Instruction 4(b)(iv) to Form 4, the entire amount of the Issuer's securities held by Master Fund is reported herein. Mr. Edelman and Advisors each disclaims, for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, beneficial ownership of any such securities, except to the extent of its indirect pecuniary interest therein, and this report shall not be deemed an admission that Mr. Edelman or Advisors is the beneficial owner of such securities for purposes of Section 16 or for any other purposes.	
2. This transaction was effected through an account of First New York Trading, LLC ("FNYT"). In accordance with Instruction 4(b)(iv) to Form 4, the entire amount of the Issuer's securities held through the FNYT account is reported herein. Mr. Edelman disclaims, for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, beneficial ownership of any such securities, except to the extent of his indirect pecuniary interest therein, and this report shall not be deemed an admission that Mr. Edelman is the beneficial owner of such securities for purposes of Section 16 or for any other purposes. Each of the Master Fund and the Advisors disclaims beneficial ownership, for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, of any such securities.	
3. These shares are held directly by Mr. Edelman.	
	/s/ Joseph Edelman	07/19/2004	
	** Signature of Reporting Person	Date	
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.	
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).	
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).	
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.	
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.	
                                                                    Exhibit 99.1

                             Joint Filer Information

Names:        Perceptive Life Sciences Master Fund Ltd. and Perceptive Advisors
              LLC

IRS I.D. No.: 980338943 (Master Fund)                      52-2291758 (Advisors)

Address:      c/o First New York Securities, LLC
              850 Third Avenue, 8th Floor
              New York, New York 10022

Designated Filer:                             Joseph Edelman

Issuer and Ticker Symbol:                     Biosante Pharmaceuticals, Inc.
                                              (BPA)

Date of Earliest Transaction (Month/Day/Year) July 15, 2004

The undersigned, Perceptive Life Sciences Master Fund Ltd. and Perceptive
Advisors LLC are jointly filing the attached Statement of Changes in Beneficial
Ownership on Form 4 with Joseph Edelman with respect to the beneficial ownership
of securities of Biosante Pharmaceuticals, Inc.

     PERCEPTIVE LIFE SCIENCES                    PERCEPTIVE ADVISORS LLC
     MASTER FUND LTD.

     By: Perceptive Advisors LLC, its
            investment advisor

     By:    /s/ Joseph Edelman                   By:    /s/ Joseph Edelman
         ---------------------------                 ---------------------------
     Name:  Joseph Edelman                       Name:  Joseph Edelman
     Title: Managing Member                      Title: Managing Member