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BioSante Pharmaceuticals, Inc. (NASDAQ: BPAX) and ANIP Acquisition Company d/b/a ANI Pharmaceuticals, Inc. announced today that ANI stockholders have approved the merger of ANI into BioSante, and that BioSante has adjourned its stockholders meeting until April 12, 2013 to give BioSante stockholders additional time to vote.
A majority of all outstanding shares of BioSante stock must vote in favor for the merger to occur. As of March 15, 2013, 33% of the outstanding shares have been voted in favor of the merger, which is short of the required majority. Of those shares that have been voted on the merger, 84% have been voted in favor. A total of approximately 15 million shares, however, have not been voted at all with respect to the merger.
BioSante strongly encourages ALL stockholders to vote their shares for the merger by calling (800) 357-9167.Each BioSante stockholder’s vote is critical to the success of the merger whether the position be 100,000 shares or 100 shares.
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.
Dr. Louis W. Sullivan, chairman of the board of BioSante stated, “The votes received to date have been voted overwhelmingly in favor of the merger with ANI. We believe that most BioSante stockholders recognize the benefits of our proposed merger with ANI. We are concerned, however, that many of them may not realize how important their individual votes are to approving the merger. The board of directors of BioSante unanimously approved this merger and we continue to believe strongly that it is very much in the best interest of our stockholders from a financial perspective.”