Oppenheimer Reports 4Q10 Lower On R&D Spend On BioSante Pharmaceuticals

In a report published by Oppenheimer, BioSante Pharmaceuticals BPAX reported adjusted EPS of ($0.18) compared to its estimated EPS of ($0.14), owing to higher R&D expenses of ~$12M.

Oppenheimer said that it believes potential efficacy data readout in 3Q11 and safety data release in 2H11 for LibiGel Ph. III trials represent potential upside for the shares. “Additionally, we note the progress that BPAX has made in its early stage development pipeline, specifically BPAX's GVAX vaccine for pancreatic cancer, for which it recently reported positive Ph. II data demonstrating a 35% increase in one-year survival, from 63% to 85%. We are adjusting our estimates to reflect higher R&D costs associated with ongoing Ph. III LibiGel studies and believe current cash balances are sufficient to fund operations through 2012.”

BioSante Pharmaceuticals closed yesterday at $1.85.