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 4th, 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.