Biosante Pharma Up After FDA Announces Review of Testosterone Gel

Apr.13.11 | About: ANI Pharmaceuticals, (ANIP)

Shares of BioSante Pharmaceuticals (BPAX ) were up slightly in early trading after the company said Wednesday that the Food and Drug Administration will review an application for a testosterone gel it developed and then licensed to a unit of Teva Pharmaceutical Industries Ltd. (NYSE:TEVA). Regulators will complete their review of the gel, which aims to treat low testosterone levels in men, in November.

Regulators will complete their review of the gel, which aims to treat low testosterone levels in men, in November.

BioSante, based in Lincolnshire, Ill., developed the Bio-T-Gel and licensed it to Israeli-based Teva for late-stage clinical testing. Teva also is responsible for regulatory and marketing work on the gel, and BioSante will receive milestone and royalty payments once the product makes it to market.

Low testosterone can lead to hypogonadism, with symptoms that include fatigue, decreased energy and a lower sex drive. BioSante said the U.S. market for male testosterone products is more than $1.2 billion.

BioSante will receive certain milestone payments and royalties upon commercialization.

BioSante shares were up 6 percent at $2.05 in early trading on Wednesday. They closed at $1.93 on Tuesday on Nasdaq.