From Earlier: BioSante Pharmaceuticals Announces Reverse Stock Split in Order to Maintain NASDAQ Listing

BioSante Pharmaceuticals, Inc.

announced yesterday that it intends to effect a reverse split of its common stock and class C special stock at a ratio of 1-for-6. The reverse stock split will become effective at 5:00 p.m. EDT on Friday, June 1, 2012. BioSante's common stock will begin trading on The NASDAQ Global Market on a split-adjusted basis when the market opens on Monday, June 4, 2012. At an annual meeting of stockholders held on May 30, 2012, BioSante's stockholders, by an affirmative vote of at least a majority of the outstanding shares and approximately 80 percent of the votes cast, granted to the Board of Directors the authority to effect a reverse stock split, determine the exact split ratio so long as it is not less than 1-for-2 and not more than 1-for-10 and proceed with the reverse stock split, in the Board's discretion. The purpose of the reverse stock split is to raise the per share trading price of BioSante's common stock to regain compliance with the $1.00 per share minimum bid price requirement for continued listing of BioSante's common stock on The NASDAQ Global Market. As previously disclosed, in order to maintain BioSante's listing on The NASDAQ Global Market, on or before July 30, 2012, the common stock must have a minimum closing bid price of $1.00 per share for a minimum of 10 prior consecutive trading days. There can be no assurance that the reverse stock split will have the desired effect of raising the closing bid price of BioSante's common stock prior to July 30, 2012 to meet this requirement.