BioSante Pharmaceuticals Reports Net Profit of $2.8 million for 2006 And Investor Conference Call
March 08 2007 - 4:34PM
Business Wire
BioSante Pharmaceuticals, Inc. (Amex: BPA) today announced its 2006
financial results. For the year ended December 31, 2006, BioSante
recorded net income of approximately $2.8 million or $0.13 per
basic and diluted share for the year ended December 31, 2006,
compared to a net loss of $9.7 million or ($0.50) per basic and
diluted share for the same period in 2005. The company�s cash, cash
equivalents and short-term investments as of December 31, 2006 were
approximately $11.5 million, compared to $9.1 million at December
31, 2005. �2006 was a very important financial year for BioSante,�
said Stephen M. Simes, BioSante�s president and chief executive
officer. �We recorded our first ever year with net income which was
primarily the result of the revenue from our agreement with Bradley
Pharmaceuticals, Inc. for the marketing of Elestrin� (estradiol
gel). Due to a $2.625 million upfront licensing payment from
Bradley and a $7.6 million private placement completed in July
2006, we were able to increase our cash balance from a year
earlier. Based on our current cash balance and the additional
milestone payments already due from Bradley, we believe we are in a
solid financial position to move forward with our LibiGel
development program and our other operations. We look forward to
our investor conference call scheduled for Friday, March 9, 2007 at
9 am ET,� Simes concluded. BioSante will issue its development
highlights and host its 2006 earnings conference call Friday, March
9, 2007. The conference call will include a discussion of the
company�s development activities, financial results and current
news. Details are provided below Conference Call Information �
BioSante Pharmaceuticals will host a conference call to discuss its
2006 financial and development accomplishments. � When - Friday,
March 9, 2007 at 9:00 a.m. ET � Website for listen only
http://www.vcall.com/IC/CEPage.asp?ID=114862 � Live Domestic and
Canada call in: - 877-407-0781 � Live international call in -
201-689-8568 � 24 hour replay Domestic and Canada - 877-660-6853 �
24 hour replay International - 201-612-7415 � 24 hour replay, web
access http://www.vcall.com/IC/CEPage.asp?ID=114862 � Replay pass
codes, (both required for playback) � Account # - 286 Conference ID
- 234347 About BioSante Pharmaceuticals, Inc. BioSante is
developing a pipeline of hormone therapy products to treat both men
and women. These hormone therapy products are gel formulations for
transdermal administration that deliver bio-identical estradiol and
testosterone. BioSante's lead products include Elestrin� (estradiol
gel), developed through FDA approval by BioSante, indicated for the
treatment of moderate-to-severe vasomotor symptoms associated with
menopause, and LibiGel� (transdermal testosterone gel) in Phase III
development for the treatment of female sexual dysfunction (FSD).
The current market in the U.S. for estrogen and testosterone
products is approximately $2.5 billion. The transdermal gel
formulations used in the women's gel products are licensed by
BioSante from Antares Pharma. The company also is developing its
calcium phosphate nanotechnology (CaP) for novel vaccines,
including hepatitis B, avian flu and biodefense vaccines for toxins
such as anthrax, as well as a system for delivering drugs via
alternative routes of administration. Additional information is
available online at www.biosantepharma.com. This news release
contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. The statements
regarding BioSante contained in this news release that are not
historical in nature, particularly those that utilize terminology
such as �may,� �will,� �should,� �likely,� �expects,�
�anticipates,� �estimates,� �believes,� �plans,� �hopes,� or
comparable terminology, are forward-looking statements.
Forward-looking statements are based on current expectations and
assumptions, and entail various risks and uncertainties that could
cause actual results to differ materially from those expressed in
such forward-looking statements. Important factors known to
BioSante that cause actual results to differ materially from those
expressed in such forward-looking statements are the difficulty of
developing pharmaceutical products, the success of clinical
testing, obtaining regulatory and other approvals and achieving
market acceptance, and other factors identified and discussed from
time to time in BioSante's filings with the Securities and Exchange
Commission, including those factors discussed in BioSante's most
recent Forms 10-K and 10-Q, which discussion also is incorporated
herein by reference. All forward-looking statements speak only as
of the date of this news release. BioSante undertakes no obligation
to update or revise any forward-looking statement, whether as a
result of new information, future events or otherwise.
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