Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of specialty pharmaceutical company BioSante Pharmaceuticals (Nasdaq: BPAX) dipped by nearly 20% in intraday trading on heavy volume.

So what: Just yesterday, investors were watching BioSante shares soar on huge volume. But just a day later it's a very different story, as investors reacted to a new share sale by the company. The company highlighted that the 10.6 million units were being sold at $1.70, a premium to the Dec. 23 closing price. Of course, this is a bit of a silly comparison, since the new units each include half of a warrant to buy an additional share, so the units are more valuable than a share of common stock. In addition, BioSante's stock closed much higher yesterday than it did on the 23rd.

Now what: The sale will bring in $16.9 million to BioSante, cash that could help the company continue its development efforts. Although the sale does significantly dilute current shareholders, the bottom line for BioSante will still be whether it can bring a blockbuster to market -- and if it needs additional funding to do that, this sale could benefit investors over the long run.

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Fool contributor Matt Koppenheffer owns no shares of any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or on his RSS feed. The Fool’s disclosure policy assures you that no Wookiees were harmed in the making of this article.