Oppenheimer Drops Coverage of BioSante Pharmaceuticals

In a published report, Oppenheimer drops its coverage on BioSante Pharmaceuticals BPAX as the company fails to achieve endpoints in a pivotal study, which takes it back to square one. Oppenheimer says, “Per the results of the first phase III study (BLOOM-1), LibiGel patients did not show a statistically significant increase in satisfying sexual events (SSE) vs. placebo. Specifically, Libigel patients showed an increase of 1.47 days with a SSE vs. 1.26 days for placebo (p=0.463). … We expect BPAX to trade near cash until progress on LibiGel is made, which we view as unlikely; BPAX had approximately ~$37M net cash based on yesterday's conference call.” BPAX closed at $2.12 per share, down 15.87 percent, on Wednesday.