BioSante Pharmaceuticals, Inc. (NASDAQ: BPAX) today provided an update on the Company’s proposed merger transaction with ANI Acquisition Company d/b/a ANI Pharmaceuticals, Inc. and reported on its cash balance as of December 31, 2012 and financial results for the year ended December 31, 2012.
The special meeting of BioSante’s stockholders to vote on the proposed merger with ANI currently is scheduled to be held at 8:00 a.m., Central Time, at BioSante’s corporate office located at 111 Barclay Boulevard, Lincolnshire, Illinois 60069.
The required vote to approve the merger is a majority of the outstanding shares of capital stock of BioSante. As of February 28, 2013, a significant number of shares have not yet been voted. However, of those shares that have been voted, 84.2% have been voted in favor of the merger proposal and 80.6% have been voted in favor of the reverse split proposal required in order to maintain the merged company’s NASDAQ Global Market listing. Each stockholder’s vote is critical to the success of the merger whether the position be 100,000 shares or even 1,000 shares. BioSante encourages ALL stockholders to vote their shares promptly by calling (800) 357-9167. This call should take less than one minute. No confidential information will be required.The board of directors of BioSante unanimously recommends that stockholders vote “FOR” the adoption of the merger agreement and all related matters being submitted to a vote of BioSante stockholders. BioSante stockholders who need assistance in voting their shares or who have questions regarding BioSante’s special meeting may contact The BioSante Proxy Information Line toll-free at (800) 357-9167 or AST Phoenix Advisors at (877) 478-5038. About the Proposed Merger Under the terms of the merger agreement, if the proposed merger is completed, ANI will merge with and into BioSante, with BioSante continuing as the surviving company. The combined company that will result from the merger will be a fully integrated specialty branded and generic pharmaceutical company focused on developing, manufacturing and marketing branded and generic prescription pharmaceuticals. BioSante and ANI both believe that the merger of the two companies will be able to create more value than either company could achieve individually. BioSante stockholders are encouraged to read the definitive joint proxy statement/prospectus as it provides, among other things, financial and other information regarding ANI.
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