BioSante Pharmaceuticals, Inc. (NASDAQ: BPAX) announced its third quarter 2009 financial results.
BioSante incurred a net loss of approximately $6.4 million or ($0.21) per share for the quarter ended September 30, 2009, compared to a net loss of $6.6 million or ($0.24) per share for the same period in 2008. This decrease in net loss was due to BioSante’s decision in April 2009 to delay screening of new subjects for its ongoing LibiGel (testosterone gel) Phase III safety study, partially offset by the recognition of acquisition related costs of approximately $1.5 million related to the Company’s merger with Cell Genesys Inc., which closed October 14, 2009. Screening of new subjects for the safety study has been reinitiated.
The Company’s cash and cash equivalents as of September 30, 2009 were approximately $13.2 million, as compared to cash, cash equivalents and short-term investments of approximately $14.8 million on December 31, 2008. As of the completion of the merger with Cell Genesys on October 14, 2009, BioSante gained $23.2 million in cash, cash equivalents and short-term investments, after deducting anticipated estimated merger-related and other expenses, and assumed $22.0 million in principal amount of 3.125% convertible senior notes issued by Cell Genesys. In addition to the $23.2 million in cash, the Company obtained, as a result of the merger, a portfolio of cancer immunotherapies (known as GVAX Immunotherapies) and other technologies. Acquisition of these assets significantly expands the Company’s product portfolio. Several GVAX Immunotherapies now are in human clinical trials at the Johns Hopkins Sidney Kimmel Comprehensive Cancer Center, at minimal cost to the Company.
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