Exhibit 99.1
BIOSANTE PHARMACEUTICALS, INC.
SELECTED FINANCIAL DATA
|
| Year Ended December 31, |
| Three Months Ended |
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| 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
| 2012 |
| 2011 |
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| (in thousands, except per share data) |
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Statement of Operations Data: |
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Revenue |
| $ | 435 |
| $ | 2,474 |
| $ | 1,258 |
| $ | 3,781 |
| $ | 493 |
| $ | 114 |
| $ | 57 |
|
Expenses |
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Research and development |
| 44,182 |
| 39,706 |
| 13,681 |
| 15,790 |
| 4,751 |
| 5,183 |
| 14,864 |
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General and administration |
| 6,982 |
| 5,940 |
| 5,374 |
| 5,125 |
| 4,331 |
| 1,832 |
| 1,594 |
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Acquired in-process research and development |
| — |
| — |
| 9,000 |
| — |
| — |
| — |
| — |
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Excess consideration paid over fair value |
| — |
| — |
| 20,192 |
| — |
| — |
| — |
| — |
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Licensing expense |
| 50 |
| 269 |
| 300 |
| 836 |
| — |
| — |
| — |
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Depreciation and amortization |
| 148 |
| 168 |
| 137 |
| 43 |
| 90 |
| 31 |
| 42 |
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Total expenses |
| 51,362 |
| 46,083 |
| 48,684 |
| 21,794 |
| 9,172 |
| 7,046 |
| 16,500 |
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Other (expense) income — Convertible note fair value adjustment |
| (23 | ) | (1,871 | ) | 33 |
| — |
| — |
| (3,210 | ) | (639 | ) | |||||||
Other expense — Investment impairment charge |
| — |
| (286 | ) | — |
| — |
| — |
| — |
| — |
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Other interest (expense) income |
| (673 | ) | (675 | ) | (135 | ) | 588 |
| 1,095 |
| (124 | ) | (172 | ) | |||||||
Other income |
| 15 |
| 245 |
| — |
| — |
| — |
| 2 |
| 3 |
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Net loss |
| $ | (51,608 | ) | $ | (46,196 | ) | $ | (47,528 | ) | $ | (17,425 | ) | $ | (7,584 | ) | $ | (10,264 | ) | $ | (17,251 | ) |
Basic and diluted net loss per common share* |
| $ | (3.15 | ) | $ | (4.21 | ) | $ | (8.40 | ) | $ | (3.83 | ) | $ | (1.79 | ) | $ | (0.53 | ) | $ | (1.22 | ) |
Weighted average number of common shares and common equivalent shares outstanding* |
| 16,398 |
| 10,985 |
| 5,659 |
| 4,551 |
| 4,248 |
| 19,378 |
| 14,127 |
|
|
| As of December 31, |
| As of March 31, |
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|
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
| 2012 |
| 2011 |
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| (in thousands) |
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Balance Sheet Data: |
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Cash, cash equivalents and short-term investments |
| $ | 57,225 |
| $ | 38,155 |
| $ | 29,858 |
| $ | 14,787 |
| $ | 30,655 |
| $ | 49,474 |
| $ | 51,349 |
|
Total assets |
| 62,380 |
| 44,767 |
| 36,437 |
| 17,679 |
| 31,241 |
| 54,575 |
| 56,805 |
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Total current liabilities (includes short-term convertible senior notes in 2010) |
| 7,228 |
| 8,183 |
| 3,930 |
| 3,853 |
| 1,516 |
| 6,085 |
| 12,633 |
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Convertible senior notes, total long-term |
| 17,337 |
| 17,436 |
| 16,676 |
| — |
| — |
| 10,494 |
| 18,037 |
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Stockholders’ equity |
| 37,815 |
| 19,147 |
| 15,830 |
| 13,826 |
| 29,725 |
| 37,996 |
| 26,136 |
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* All share and per share numbers have been adjusted retroactively to reflect the one-for-six reverse stock split effected on June 1, 2012.