Dutton & Associates Announces Investment Opinion: BioSante Speculative Buy Rating Issued by Dutton & Associates.Business Editors NOTE TO EDITORS: The following is an investment opinion issued by Dutton & Associates EL DORADO El Dorado, legendary country of South America El Dorado (ĕl`dərä`dō, –rā`–) [Span.,=the gilded man], legendary country of the Golden Man sought by adventurers in South America. HILLS, Calif.--(BUSINESS WIRE)--June 16, 2003 J.M. Dutton & Associates initiates coverage of BioSante Pharmaceuticals (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :BISP BISP Business Information Systems Programs BISP Base Information Systems Plan BISP Boner in Sweat Pants BISP Business Information System Program ) with a Speculative Buy rating. The 18-page report by J.M. Dutton senior analyst Stephen L. Handley is available at www.jmdutton.com, and from Bloomberg (JMDA JMDA Japan Muscular Dystrophy Association JMDA Journal of Macrodynamic Analysis JMDA Jamaica Medical Doctors Association JMDA Joni Massengale Design Arts ), First Call, Zacks, Multex, and other leading financial portals Financial Portal A website that provides a variety of financial data and information, acting as an information hub for clients who are individual investors requiring timely financial news and data to make their investment decisions. . BioSante is an emerging biopharmaceutical company developing hormone therapy Hormone therapy Treating cancers by changing the hormone balance of the body, instead of by using cell-killing drugs. Mentioned in: Breast Cancer, Thyroid Cancer hormone therapy gel products to treat women as well as men. These products are topical gels, four advancing to Phase II, Phase II/III, or Phase III clinical trials Noun 1. phase III clinical trial - a large clinical trial of a treatment or drug that in phase I and phase II has been shown to be efficacious with tolerable side effects; after successful conclusion of these clinical trials it will receive formal approval from the . BISP is developing a proprietary nanoparticulate-based platform technology (CAP) using extremely small, solid, uniform particles called nanoparticles. Management has an enviable track record of developing and subsequently selling small pharmaceutical companies, and is likely to replicate this pattern at BioSante. Important milestones have been achieved, and several more are anticipated over the next 18 months. We judge that BioSante's current $26 million equity valuation represents less than what any one of several prospective products could ultimately be worth, so that the stock in effect offers the patient investor a bargain price for the Company's promising portfolio. About Dutton & Associates Dutton & Associates is one of the largest independent investment research firms in the U.S. Its 19 analysts, primarily CFAs, have wide industry coverage experience. Dutton & Associates provides bias-free, continuing analyst coverage of over 60 enrolled companies, and its institutional-quality research, estimates, and recommendations are carried in all the major databases serving institutions and online investors. The cost of enrollment in our one-year continuing research program is US $25,000 prepaid pre·pay tr.v. pre·paid, pre·pay·ing, pre·pays To pay or pay for beforehand. pre·pay  ment n. before commencement of our research activities. We received $25,000 from the Company for coverage for the year, and do not accept payment of our fees in company stock. Our principals and analysts are prohibited from owning or trading in securities of covered companies. The views expressed in this research report accurately reflect the analyst's personal views about the subject securities or issuer. Neither the analyst's compensation nor the compensation received by us is in any way related to the specific ratings or views contained in this research report or note. Please read full disclosures and analyst background at www.jmdutton.com before investing.
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