BioSante's net loss for the quarter up to $3.2 million

By Lisa Kerner

Erie, Pa., May 12 - BioSante Pharmaceuticals' net loss rose to $3.2 million, or $0.17 per share, for the quarter ended March 31, up from $2.8 million, or $0.14 per share, for the same period in 2005.

The company's cash, cash equivalents and short-term investments as of March 31, 2006 were approximately $7.1 million, a decrease from the $9.1 million on December 31, 2005.

BioSante said its cash burn rate of $2 million was slightly lower than projected and it believes the cash balance is sufficient to begin phase 3 clinical development of LibiGel for female sexual dysfunction.

"We were pleased to start the year by submitting our new drug application for Bio-E-Gel, which we believe, if and when approved, may offer the lowest effective dose of estrogen on the market for the treatment of hot flashes," president and chief executive officer Stephen M. Simes said in a company news release.

"Also in the first quarter, positive data from pre-clinical trials with BioVant, our calcium phosphate nanoparticle technology, demonstrated its effectiveness as an adjuvant for flu vaccines, including bird flu."

Other company highlights for the quarter include the signing of an exclusive option and license agreement with Medical Aesthetics Technology Corp. for the use of CaP technology in the field of aesthetic medicine, and a $250,000 subcontract from the University of Nebraska-Lincoln for the development of recombinant Factor IX formulations using CaP technology.

Based in Lincolnshire, Ill, BioSante develops gel formulation hormone therapy products to treat men and women.

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