"We are pleased to welcome Great Point and Deerfield, two new large institutional investors, to BioSante," said Stephen M. Simes, BioSante's president and chief executive officer. This additional funding from these two high quality institutional investors provides us with a strong cash cushion ensuring our ongoing focus on our LibiGel?® Phase III clinical study program. Our objective is to submit a new drug application (NDA) to the U.S. Food and Drug Administration (FDA) by mid-2011. LibiGel remains the lead pharmaceutical product in the U.S. in active development for the treatment of hypoactive sexual desire disorder (HSDD) in menopausal women, and we continue to believe that LibiGel has the potential to be the first product approved by the FDA for this common and unmet medical need.

The warrants to purchase additional shares will be exercisable at an exercise price of $2.08 per share beginning six months and one day after the date of issuance and will expire five years from the date that the warrants first become exercisable. 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 March 8, 2010, subject to customary closing conditions.

SOURCE BioSante Pharmaceuticals, Inc.