BioSante Pharmaceuticals Inc. has received funding commitments totaling $18 million from two institutional investors.
The company plans to use the proceeds to continue funding a Phase 3 clinical trial of LibiGel, a drug that treats under-active sexual desire in menopausal women. BioSante says it plans to seek approval from the U.S. Food and Drug Administration by the middle of next year to sell the drug, according to a company statement.
The investment comes from Connecticut-based Great Point Partners LLC and Deerfield Management Co. The deals call for BioSante to sell the investors an aggregate of 10.4 million shares of its common stock, plus warrants to purchase up to about 5.2 million additional shares, according to the statement.
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Late last month, BioSante reported a positive safety development for LibiGel when a data-monitoring committee recommended that it continue with the Phase 3 study. Chief Executive Stephen Simes said the company believes LibiGel has the potential to be the first product approved by the FDA for hypoactive sexual desire disorder, which is characterized by a persistently reduced sexual drive or libido that is not attributable to depression.
To use LibiGel, menopausal women would rub the drug daily onto their skin. The testosterone would be absorbed into the bloodstream. In August, the company sold $12 million in common stock to further LibiGel trials.
BioSante also has several other drugs in development, including Bio-T-Gel, which is intended for men suffering from low levels of testosterone. BioSante signed a licensing deal under which Teva Pharmaceuticals will market the drug. It’s currently in late-stage human clinical trials.
