BioSante Pharmaceuticals Listed on Merrill Lynch, Punk Ziegel Nanotechnology Stock Indices.

Business Editors

LINCOLNSHIRE, Ill.--(BUSINESS WIRE)--April 7, 2004

BioSante Pharmaceuticals, Inc. (Amex:BPA) announced today that the investment firms Merrill Lynch and Punk, Ziegel & Company have included BioSante in their respective indices of nanotechnology companies.

"This is a key acknowledgment and validation of the important work we are doing with our calcium phosphate nanotechnology for drug delivery and vaccines," said Stephen M. Simes, president and chief executive officer of BioSante. "We are continuing to achieve important advances with this exclusive and innovative nanotechnology, which now appears to offer substantial potential for increasing stockholder value."

Merrill Lynch included BioSante on an index (Amex:NNZ) of 25 "pure play" nanotech companies in its March 31 report on the nanotechnology sector. Punk, Ziegel & Company included BioSante in its recently launched Nanotechnology Index (http://punkziegel.com/nanotech2.php) of 15 publicly traded companies in this sector.

BioSante's nanotechnology, known as CAP, consists of microscopic particles of material similar to calcium phosphate, a natural compound found in teeth and bones. CAP is nontoxic and biodegradable, offering a multitude of potential medical uses. BioSante's formulation contains nanoparticles of roughly uniform size, between approximately 100 and 1,000 nanometers, which can be adjusted in the manufacturing process.

BioSante is developing CAP for several applications, including its use as a superior alternative to aluminum salts (alum) as an adjuvant for potential vaccines. An adjuvant is a substance that enhances the immunogenicity, and thus the efficacy, of a vaccine. In addition, the company is now working with the U.S. Navy, U.S. Army and Department of Defense to develop non-injected vaccines to protect against malaria, anthrax, ricin, staph and bubonic plague based on the CAP nanotechnology.

"Because of their microscopic size, CAP nanoparticles also have proven very effective for improved delivery methods for therapeutic proteins that currently must be injected, such as insulin," Simes said. To date the company has successfully completed preclinical trials of formulations for the delivery of therapeutic proteins, including long-acting insulin injections, inhaled insulin and oral insulin, among other proteins tested.

About BioSante Pharmaceuticals, Inc.

BioSante is developing a pipeline of hormone therapy products to treat both men and women. The company also is developing its calcium phosphate nanotechnology (CAP) for novel vaccines, including biodefense vaccines such as anthrax and ricin, and drug delivery systems. Additional information is available online at www.biosantepharma.com.

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The statements regarding BioSante contained in this press release that are not historical in nature, particularly those that utilize terminology such as "may," "will," "should," "likely," "expects," "anticipates," "estimates," "believes" or "plans," or comparable terminology, are forward-looking statements. Forward-looking statements are based on current expectations and assumptions, and entail various risks and uncertainties that could cause actual results to differ materially from those expressed in such forward-looking statements. Important factors known to BioSante that cause actual results to differ materially from those expressed in such forward-looking statements are the difficulty of developing pharmaceutical products and especially of new vaccines, obtaining regulatory and other approvals and achieving market acceptance, and other factors identified and discussed from time to time in BioSante's filings with the Securities and Exchange Commission, including those factors discussed on pages 18 to 25 of BioSante's Form 10-KSB, which discussion also is incorporated herein by reference. The information contained in this press release does not necessarily reflect the position or the policy of the U.S. Government and no official endorsement should be inferred.