BioSante Pharmaceuticals Signs Option and License for its CaP Technology for Use in Aesthetic Medicine
Within the first 12 months MATC has the exclusive right to exercise an option to secure a license to this technology in the field of aesthetic medicine upon payment to BioSante of a license fee. BioSante has the right to receive additional milestone payments upon approval by the U.S. Food and Drug Administration or first commercial sale of each product containing CaP, a royalty on net sales of any such products, and a share of any milestones and license fees from third party sublicenses.
Stephen M. Simes, BioSante's president and chief executive officer, stated, "The area of aesthetic medicine is growing both in prescription and non-prescription products. We are pleased to be working with MATC in this potential new use for our CaP technology in this growing market. This new CaP Option and License Agreement is another step in our strategic effort to maximize the value of CaP to our stockholders."
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. BioSante 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.
About Medical Aesthetic Technologies Corporation
Medical Aesthetic Technologies is engaged in research and development to produce novel products in the field of aesthetic medicine. MATC has assembled a team of accomplished professionals out of Harvard and MIT with expertise in the aesthetic field as well as technology development.
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. An example of a forward-looking statement in this press release is the statement that the market for aesthetic prescription and non-prescription products is growing. 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 22 to 34 of BioSante's most recent Form 10-Q, 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.