"We are very pleased that Great Point and Deerfield, two large institutional investors, new to BioSante, made the decision to invest in 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 continues to be 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 believe that LibiGel has the potential to be the first product approved by the FDA for this common and unmet medical need.

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

Source: BioSante Pharmaceuticals, Inc.