BioSante Pharmaceuticals Reports Second Quarter Financial Results and Pipeline Update
For Investors:The Trout Group LLCTricia Swanson(646) 378-2953orFor Media:Harris D. McKinney, Inc.Alan Zachary312-506-5220
BioSante Pharmaceuticals, Inc. (NASDAQ: BPAX) today reported on its cash balance as of June 30, 2012, its financial results for the second quarter of 2012 and provided an update on the Company’s pipeline.
The Company’s cash and cash equivalents as of June 30, 2012 were approximately $42.4 million. BioSante incurred a net loss of approximately $7.3 million or ($0.36) per share for the quarter ended June 30, 2012, compared to a net loss of $15.0 million or ($0.96) per share for the same period in 2011. The decrease in the net loss was due primarily to lower expenses associated with the clinical development of LibiGel (testosterone gel) as a result of the conclusion of the prior two Phase III efficacy trials; the LibiGel Phase III cardiovascular event and breast cancer safety study continues.
A Phase II open label study titled, “Allogeneic GM-CSF Vaccine and Lenalidomide in Treating Myeloma Patients With Near Complete Remission,” is recruiting subjects for treatment with the combination of BioSante’s GVAX Myeloma vaccine and lenalidomide (Revlimid; Celgene). Estimated enrollment is 15 subjects. The primary endpoint of the study is improvement in the clinical response of subjects by adding GVAX Myeloma vaccine to subjects already receiving lenalidomide.
BioSante is continuing the development of two new LibiGel Phase III efficacy trials, and intends to provide additional trial design information and timing of trial initiation, as appropriate. As stated previously, BioSante intends to apply for an FDA Special Protocol Assessment (SPA) agreement prior to initiating the efficacy trials. It is expected that any new efficacy trials will include the same FDA-required efficacy endpoints as prior Phase III efficacy trials: an increase in the number of satisfying sexual events and sexual desire, and decreased distress associated with low desire. BioSante targets an SPA agreement by year-end.
The ninth unblinded review of safety data from the LibiGel Phase III safety study by the independent Data Monitoring Committee (DMC) is expected to occur during the third quarter 2012. BioSante remains blinded to all safety data in the Phase III safety study.
BioSante’s testosterone gel for male hypogonadism, which is licensed to Teva Pharmaceuticals, was approved by the FDA in the first quarter 2012. Teva is responsible for all regulatory and marketing activities. Patent litigation between Teva and Abbott Laboratories, a marketer of a testosterone for men, was settled in December 2011; however terms of the settlement agreement are confidential and have not been disclosed publicly. A launch date has not been announced. According to IMS, the current U.S. market for male testosterone products is estimated at over $1.6 billion.
BioSante’s corporate strategy is the development of high value medically-needed pharmaceutical products, as well as seeking to implement strategic alternatives with respect to its products and its company, including licenses, business collaborations and other business combinations or transactions with other pharmaceutical and biotechnology companies. BioSante´s products include LibiGel (transdermal testosterone gel) for the treatment of female sexual dysfunction (FSD), specifically hypoactive sexual desire disorder (HSDD), which is in Phase III clinical development. BioSante also is developing a portfolio of cancer vaccines, with 17 Phase I and Phase II clinical trials currently on-going. Four of these vaccines have been granted Orphan Drug designation by the U.S. Food and Drug Administration (FDA). BioSante´s other products include an FDA-approved testosterone gel for male hypogonadism, which is licensed to Teva Pharmaceuticals USA, Inc., and the Pill-Plus™, an oral contraceptive in Phase II clinical development by Pantarhei Bioscience B.V. BioSante´s first FDA-approved product, Elestrin™ (estradiol gel) indicated for the treatment of hot flashes associated with menopause, is marketed in the U.S. by Jazz Pharmaceuticals, BioSante´s licensee. Additional information is available online at: .