BioSante Pharmaceuticals, Inc. (NASDAQ: BPAX) today reported on its financial results for the first quarter of 2012 and cash balance as of March 31, 2012.
BioSante’s cash balance as of March 31, 2012 was approximately $49.5 million, compared to a cash balance of approximately $57.3 million on December 31, 2011.
BioSante incurred a net loss of approximately $10.3 million or $(0.09) per share for the quarter ended March 31, 2012, compared to a net loss of $17.3 million or $(0.20) per share for the same period in 2011. The decrease in the net loss was due primarily to lower expenses associated with the clinical development of LibiGel® (testosterone gel).
BioSante’s corporate strategy always has included product development of high value medically-needed pharmaceutical products. In light of the top-line results from the two pivotal LibiGel Phase III efficacy trials, which indicated that LibiGel did not meet its co-primary or secondary endpoints, management continues to assess LibiGel’s path forward and potential alternative strategies to utilize the continuing LibiGel Phase III cardiovascular events and breast cancer safety study. Management also has expanded efforts to explore new product development projects through in-licensing and mergers and acquisitions as well as to develop further the GVAX cancer vaccine portfolio.
The current projected cash burn rate for 2012 is approximately $2.5 million per month, including expenditures related to the ongoing LibiGel safety study. If a decision is made to halt the LibiGel safety study, the monthly cash burn rate will decline to approximately $1.5 million per month, pending other product development and corporate activities.
Read more here: http://www.sunherald.com/2012/05/08/3934773/biosante-pharmaceuticals-reports.html#storylink=cpy
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