On a day when the Dow Jones Industrial Average
But BioSante wasn't done plummeting yet. Shares have been eviscerated after hours, losing more than three-quarters of their value. Why?
Its lead sexual dysfunction drug LibiGel couldn't beat a placebo in phase 3 trials.
Unsurprisingly, Antares Pharma
Female sexual dysfunction is notoriously hard to treat. Heavy hitters Pfizer
Unless management suffers from childlike optimism, I can't imagine them still seeking approval for LibiGel next year. Considering the efficacy data just got a cold shower, as well as a potentially increased likelihood for breast cancer among patients, the FDA getting isn't too excited over this drug.
What's next for BioSante? Well, the company still has Bio-T-Gel licensed to Teva
At the end of last quarter, BioSante had just under $70 million in cash and is burning through about $12 million a quarter. The new low share price will make equity raises like the one in late July even more difficult and painful.
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David Williamson owns shares of Pfizer and Dendreon, but he holds no other position in any company mentioned. Click here to see his holdings and a short bio. The Motley Fool owns shares of Dendreon and Teva Pharmaceutical Industries. Motley Fool newsletter services have recommended buying shares of Teva Pharmaceutical Industries, Pfizer, and Procter & Gamble. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.