BioSante Pharmaceuticals, Inc. BPAX announced today that on June 20,
2013, it received a letter from NASDAQ informing BioSante that, since the
merger with ANIP Acquisition Company d/b/a ANI Pharmaceuticals, Inc. (ANI)
constituted a business combination resulting in a change of control under
Listing Rule 5110(a), BioSante was required to meet the initial listing
criteria for the NASDAQ Global Market. The letter continued that, since
BioSante did not meet the minimum $4 bid price requirement for initial
listings under Listing Rule 5405(a)(1), NASDAQ had determined to delist
BioSante's securities, and that BioSante could appeal this determination.
As part of its preparations for the merger, BioSante anticipated the delisting
letter and intends to appeal the determination and request a hearing before
the NASDAQ Hearings Panel. This hearing request, if made within the required
timeframe, would mean that BioSante's securities remain listed at least until
the panel renders its decision.
In the meantime, to address the bid price deficiency, the Company intends to
hold, as soon as practicable, a special meeting of its stockholders to approve
a reverse split of its common stock, among other matters. The purpose would be
to increase the per share market price for the common stock to a level greater
than the minimum $4 bid price in order to regain compliance with the NASDAQ
Listing Rules.
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