BioSante Pharmaceuticals Signs License Option Agreement with European Pharmaceutical Company; Deal Potentially Worth More Than $
14 September 2005 - 9:58PM
Business Wire
BioSante Pharmaceuticals, Inc. (Amex:BPA) today announced that it
has signed a Material Transfer and Option Agreement with an
undisclosed European pharmaceutical company for an exclusive option
to obtain an exclusive, worldwide license to use BioSante's calcium
phosphate nanotechnology (CaP) in the development of a series of
allergy products. The partner company will fund its development of
potential products for the treatment of conditions including
rhinitis, asthma, conjunctivitis, dermatitis, and allergic
gastrointestinal diseases. Under the terms of the option agreement,
BioSante will receive a $250,000 upfront option payment. If the
option is exercised and the parties enter into an exclusive license
agreement, BioSante will receive a one-time license fee, annual
maintenance payments, milestone payments upon the achievement of
regulatory milestones and royalties on commercial sales of any
allergy product that is developed using CaP. The various payments
may total up to $10 million or more, assuming at least three
products are developed. "The U.S. anti-allergy medication market is
expected to exceed $10 billion by 2010, and it is estimated that up
to 25 percent of the U.S. population suffers from at least one
allergy," said Stephen M. Simes, president and chief executive
officer of BioSante. "This agreement is very exciting for BioSante,
as it acknowledges a new potential use for CaP within this growing
market." During the evaluation period, the European company will
evaluate CaP's ability to improve current allergy products. The
European company may exercise its option to enter into an exclusive
license for the use of CaP in allergy products at any time but must
exercise no later than within 60 days of the end of the 22-month
evaluation period. About BioSante Pharmaceuticals, Inc. BioSante is
developing a pipeline of hormone therapy products to treat both men
and women. These hormone therapy products are gel formulations for
transdermal administration that deliver bioidentical estradiol and
testosterone. BioSante's lead products include Bio-E-Gel(TM)
(bioidentical estradiol gel) for the treatment of women with
menopausal symptoms, and LibiGel(TM) (bioidentical testosterone
gel) for the treatment of female sexual dysfunction (FSD). The
current market in the U.S. for estrogen and testosterone products
is approximately $2.5 billion. The transdermal gel formulations
used in the women's gel products are licensed by BioSante from
Antares Pharma Inc. The company also is developing its calcium
phosphate nanotechnology (CaP) for novel vaccines, including
biodefense vaccines for toxins such as anthrax and ricin, and drug
delivery systems. Additional information is available online at
www.biosantepharma.com. This news release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. The statements regarding BioSante contained in
this press release that are not historical in nature, particularly
those that utilize terminology such as "may," "will," "should,"
"likely," "expects," "anticipates," "estimates," "believes" or
"plans," or comparable terminology, are forward-looking statements.
Forward-looking statements are based on current expectations and
assumptions, and entail various risks and uncertainties that could
cause actual results to differ materially from those expressed in
such forward-looking statements. Important factors known to
BioSante that cause actual results to differ materially from those
expressed in such forward-looking statements are the difficulty of
developing pharmaceutical products, obtaining regulatory and other
approvals and achieving market acceptance, and other factors
identified and discussed from time to time in BioSante's filings
with the Securities and Exchange Commission, including those
factors discussed on pages 19 to 31 of BioSante's Form 10-KSB,
which discussion also is incorporated herein by reference. All
forward-looking statements speak only as of the date of this news
release. BioSante undertakes no obligation to update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
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