BioSante exchanges common stock for $4 million of 3.125% convertibles

By Ashley Montgomery

Kansas City, Kan., Feb. 16 - BioSante Pharmaceuticals, Inc. has issued 4,485,159 shares of common stock in exchange for $4 million principal amount of its 3.125% convertible senior notes due May 1, 2013, according to a company news release.

The company said it entered into a privately negotiated securities exchange agreement with a holder of the notes.

Accrued interest is included in the payment amount.

Following the transaction, $11.8 million principal amount of the notes will remain outstanding.

BioSante is a biotechnology company based in Lincolnshire, Ill., focused on hormone therapies.

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