Lincolnshire-based BioSante Pharmaceuticals has signed a $18 million deal with several investors to sell 10.6 million shares of its common stock.

As part of the deal, the company issued warrants to buy up to 5.3 million additional shares.

BioSante said the deal will allow it to focus on the third phase of the LibiGel clinical study program, which aims to develop a treatment for hypoactive sexual desire disorder in menopausal women. The plan is to submitting a new drug application to the Food and Drug Administration by the end of 2011.