Press Release (December 8th, 2008)

BioSante Pharmaceuticals Signs Elestrin™ Marketing Agreement with PharmaSwiss SA for Israel

Lincolnshire, Illinois (December 8, 2008) - BioSante Pharmaceuticals, Inc. (NASDAQ: BPAX) today announced that it has signed an exclusive agreement with PharmaSwiss SA for the marketing of Elestrin(estradiol gel) in Israel. Elestrin is indicated in the U.S. for the treatment of moderate-to-severe vasomotor symptoms (hot flashes) associated with menopause. PharmaSwiss is responsible for regulatory and marketing activities in Israel. Financial terms of the agreement were not disclosed.

PharmaSwiss will submit BioSante's approved U.S. NDA (new drug application) to the Israeli authorities based on BioSante results and manufacturing information. Approval in Israel is expected to take approximately one year.

"We are happy to sign this agreement with PharmaSwiss," said Stephen M. Simes, president & CEO of BioSante. "We believe PharmaSwiss is in an excellent position to capture an important share of the Israeli estrogen therapy market once Elestrin is approved in Israel. We look forward to working with PharmaSwiss on the regulatory approval and on the successful marketing of Elestrin in Israel."

About Elestrin™

Elestrin is a fast-drying gel formulation of estradiol, the same estrogen produced naturally in women. Elestrin is absorbed through the skin after topical application on the upper arm, and delivers estradiol to the bloodstream evenly over time in a non-irritating, painless manner. Elestrin is administered using a metered dose applicator that delivers 12.5 micrograms of estradiol, one of the two lowest estradiol doses and 67 percent lower than the lowest dose estrogen patch approved by the FDA for the treatment of hot flashes. The gel dries quickly in one to two minutes.

About PharmaSwiss

Established in 2000 and based in Zug, Switzerland, PharmaSwiss offers full third party representation of specified drugs or portfolios from research-based pharmaceutical and biotech companies, including drug registration, promotion, sales, compliance and pharma-covigilance. It represents several blue chip clients such as Amgen, Bristol-Myers Squibb, Wyeth Pharmaceuticals, Ipsen, Astellas Pharma, Eli Lilly and Ferring.

PharmaSwiss currently operates not only in Israel, but also in Serbia, Croatia, Slovenia, the Baltic countries, the Czech Republic, Bulgaria, Slovakia, Albania, and Greece. During the course of 2008 PharmaSwiss has launched operations in Hungary, Romania and Turkey. Development plans for the following years include also entering Poland, Russia and CIS.. The company has nearly 550 employees and achieved turnover of 103 million Euros in 2007.

About BioSante Pharmaceuticals, Inc.

BioSante is a specialty pharmaceutical company focused on developing products for female sexual health, menopause, contraception and male hypogonadism. BioSante's lead products include LibiGel® (transdermal testosterone gel) in Phase III clinical development by BioSante under a U.S. Food and Drug Administration (FDA) SPA (Special Protocol Assessment) for the treatment of female sexual dysfunction (FSD), and Elestrin™ (estradiol gel) developed through FDA approval by BioSante, indicated for the treatment of moderate-to-severe vasomotor symptoms associated with menopause, currently marketed in the U.S. Under BioSante's license agreement with Antares Pharma, BioSante is required to pay Antares 25 percent of license and milestone payments received for products covered by that agreement in the U.S. Also in development are Bio-T-Gel™, a testosterone gel for male hypogonadism, and an oral contraceptive in Phase II/III clinical development using BioSante patented technology. The current market in the U.S. for estrogen and testosterone products is approximately $2.5 billion and for oral contraceptives approximately $3 billion. The company also is developing its calcium phosphate technology (CaP) for novel vaccines, drug delivery and aesthetic medicine (BioLook™). Additional information is available online at:

http://www.biosantepharma.com

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