UDPATE: Jefferies Downgrades BioSante Pharma to Hold

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Jefferies & Company has published a research report on BioSante Pharmaceuticals (NASDAQ: BPAX) downgrading the company from Buy to Hold and lowering the price target from $5 to $0.70.In the report, Jefferies writes, "BPAX announced top-line LibiGel Ph III data, and in a surprise, missed on all 6 efficacy endpoints. Given the magnitude of the miss, the LibiGel story seems to be done; thus we now remove all LibiGel-related revenue from our model. BPAX still has cash (estimated runway to mid-'13) and a Feb '12 catalyst w/ Bio-T-Gel's PDUFA, so the story's not over yet."BioSante Pharmaceuticals closed yesterday at $2.12.

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