BioSante settles unit sale; Exiqon seeks DKK 19.7 million via placement; Aurcana to sell units

By Stephanie N. Rotondo

Portland, Ore., June 24 - BioSante Pharmaceuticals Inc. said Thursday it had completed a previously announced registered direct offering of units.

The company raised $15 million in the transaction. The proceeds will be used for clinical trials.

Away from that, several foreign issuers were seen in the PIPE market, including Copenhagen-based Exiqon AS and Canadian mining company Aurcana Corp.

Exiqon announced a private placement of stock. The company hopes to raise DKK 19.7 million from the financing, which will be used to strengthen its balance sheet.

And, Aurcana said it would privately sell common share units in its effort to raise up to C$6 million. The deal is non-brokered.

BioSante settles direct deal

BioSante Pharmaceuticals, a Lincolnshire, Ill.-based pharmaceutical company, wrapped a $15 million registered direct offering of units, according to a press release.

The deal originally priced June 21. Among the participating investors was Deerfield Management Co.

The company issued approximately 7.1 million common shares and warrants for another 3.55 million shares. The units were sold at $2.105 and included one common share and one half-share warrant.

Whole warrants are exercisable at $2.45 and expire June 22, 2015. The strike price represents a 29.62% premium over the June 24 closing price of $1.89 (Nasdaq: BPAX).

Proceeds from the financing will be used for phase 3 trials of BioSante's LibiGel, a drug intended for the treatment of female sexual dysfunction, and for general corporate purposes.

BioSante's market capitalization is $121.07 million.

Exiqon plans stock sale

Copenhagen-based Exiqon announced a DKK 19.7 million private placement of equity.

The biotechnology company intends to sell 3.03 million shares at DKK 6.50 per share.

Proceeds will be used to strengthen capital resources in support of the continued operations and development of the business.

"With this share issue we have ensured funds that will allow us to bring new products to market and strengthen our sales in our continued efforts to bring Exiqon to profitability in 2011," remarked Lars Kongsbak, chief executive officer, in a press release.

Exiqon's stock (Pink Sheets: EXQNF) closed steady at $1.55.

Aurcana to issue units

Mineral explorer Aurcana said it would raise up to C$6 million via a non-brokered private placement of units.

The company will sell between 12 million and 24 million of the units at C$0.25 each. The units will contain one common share and one warrant.

The warrants are exercisable at C$0.40 for 18 months. The strike price represents a 37.9% premium over the company's C$0.29 closing price on June 23.

Proceeds will be used to repay debt, for continued permitting at the company's Shafter Silver Mine and for working capital.

Aurcana's equity (TSX Venture: AUN) was unchanged at C$0.29. Market capitalization is C$35.13 million.

Aurcana is based in Vancouver, B.C.

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