The warrants to purchase additional shares will be exercisable at an exercise price of $2.45 per share beginning immediately and will expire five years from the date that the warrants are issued. All of the securities were offered pursuant to an effective shelf registration statement. Proceeds from the transaction will be used for general corporate purposes, including continuing to fund BioSante's LibiGel Phase III clinical study program, as well as to seek opportunities for its GVAX cancer immunotherapies, 2A/Furin and other technologies. The offering is expected to be consummated by June 23, 2010, subject to customary closing conditions.

Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc., (NASDAQ: RODM), acted as the exclusive placement agent for the transaction. JMP Securities LLC, Oppenheimer & Co. Inc. and Trout Capital LLC acted as financial advisors.

SOURCE BioSante Pharmaceuticals, Inc.