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BioSante Pharma $BPAX 1q-2012 Updates

|Includes: ANI Pharmaceuticals, Inc. (ANIP), ATRS, JAZZ

The day-trading frenzy in shares of BioSante Pharma $BPAX may have settled down momentarily, but I don't expect that to last forever.

Yet more data from the early stage combination trial of GVAX prostate cancer vaccine plus ipilimumab (YERVOY) will be presented at ASCO 2012 (abstract will be released May 16th). This is at least the third time this trial has been presented and each has involved a PR from the company and a brief stock price pop. We'll see whether that pattern remains. There are currently a total of 17 ongoing early stage clinical trials involving various BioSante-owned cancer vaccines.

BioSante released 1q-2012 results and filed its 10-Q quarterly report on May 10th.

Key stats include an outstanding share count that is now up to 120.86 million, cash balance of $49.5 million, and outstanding convertible debt of $11.8 million (due May 2013). Check out the resulting enterprise valuation calculation for BPAX and many other companies over on my Stocks page.

Other notes:

  • Cash balance on hand sufficient through mid-2013
  • Cash burn $2.5 per month in 2012 (or $1.5m is LibiGel safety study is abandoned)
  • The company issued 2.1m stock options at $0.68 exercise price in first quarter 2012
  • Board of Directors is seeking reverse split somewhere in the range of 1:2 to 1:10, pending shareholder approval.
  • Still expect to make decision in 2q-2012 on whether or not to continue the LibiGel safety study (primary analysis of safety data would be on track for 2h-2012)
  • Royalty revenue for the quarter was $114,000 for ELESTRIN from Jazz Pharma $JAZZ via Azur Pharma acquisition. Note that 100% of these payments are passed along to Antares Pharma $AIS - BPAX does not retain any revenue from this drug.
  • No further disclosures have been made about Teva Pharma $TEVA male testosterone gel product. This has been FDA approved, but a patent litigation settlement is keeping the drug off the market for an undisclosed period. Therefore, BPAX does not currently royalties for this product either.
  • BPAX has until July 30, 2012 to regain compliance with NASDAQ $1.00 minimum bid requirement.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.