BPA Biosante Pharmaceuticals

Rodman & Renshaw, LLC initiated research coverage of BioSante Pharmaceuticals (AMEX: BPA) with a Market Outperform Rating and a 12-month price target $7. Ilya Kravets, Senior Specialty Pharmaceuticals Analyst, issued the report. About Rodman & Renshaw, LLC Rodman & Renshaw is a privately held, full-service investment bank committed to fostering the long-term success of growth companies through capital raising, strategic advice, insightful research, and the development of institutional support. More information is available at www.rodmanandrenshaw.com None of the research analysts or the research analyst's household has a financial interest in the securities of BioSante Pharmaceuticals (including, without limitation, any option, right, warrant, future, long or short position). As of August 31, 2005, neither Rodman & Renshaw, LLC nor its affiliates beneficially own 1% or more of any class of common equity securities of BioSante Pharmaceuticals. Neither the research analyst nor Rodman & Renshaw, LLC has any material conflict of interest with BioSante Pharmaceuticals, of which the research analyst knows or has reason to know at the time of publication of this research report. Rodman & Renshaw, LLC or its affiliates did not receive compensation from BioSante Pharmaceuticals for investment banking services within the last twelve months and Rodman & Renshaw, LLC intends to seek compensation from BioSante Pharmaceuticals for investment banking services within three months, following publication of the research report. Neither the research analyst nor any member of the research analyst's household nor Rodman & Renshaw, LLC serves as an officer, director or advisory board member of BioSante Pharmaceuticals. Rodman & Renshaw, LLC does not make a market in BioSante Pharmaceuticals' securities as of the date of this research report. The above information is not intended to be used as a primary basis of investment decisions. It is not a representation by Rodman & Renshaw, LLC or an offer or the solicitation of an offer to buy any security. Before investing in BioSante Pharmaceuticals, you should carefully consider your risk tolerance and financial objectives.