BioSante Gives Up Gains From Early in the Week After Excitement Dissipates

BioSante Pharmaceuticals (NASDAQ:BPAX) is giving up gains from Tuesday’s momentary spike and is down 22%, from $1.66 to $1.35. The company reported completion of a Phase III safety study of LibiGel, the company’s lead product, on the 4^th, which prompted renewed interest and momentum buying in BPAX. PropThink detailed the history of the company’s lead candidate in a report on the same day, citing a rocky trial advancement path prior to the completed study as reason to be wary of BPAX’s strength. The company may also need capital within a few months to continue running the trials, which are expected to cost over $35M, and will result in further debt or shareholder dilution. That article can be found here.