BioSante Pharmaceuticals says net loss shrinks to $0.50 per share in 2005

By Angela McDaniels

Seattle, March 31 - BioSante Pharmaceuticals Inc.'s net loss decreased by 19% to $9.7 million, or $0.50 per share, for the year ended Dec. 31 from $12 million, or $0.70 per share, for 2004, according to a company news release.

Cash, cash equivalents and short-term investments as of Dec. 31 were about $9.1 million, compared with $17.3 million at Dec. 31, 2004.

BioSante attributed the decrease in cash in 2005 to the completion of clinical activities for Bio-E-Gel (transdermal estradiol gel) for the treatment of moderate-to-severe hot flashes in menopausal women and the filing of a New Drug Application for the product. This is the company's first New Drug Application filing.

The burn rate in early 2006 is estimated to be $750,000 per month, according to the release. The company estimated that its cash balance is sufficient to allow it to begin planned phase 3 development of LibiGel for female sexual dysfunction.

BioSante is a pharmaceutical company based in Lincolnshire, Ill., that develops hormone therapy products.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.