BioSante 3Q loss widens on costs

By The Associated Press Friday, November 12, 2023

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BioSante Pharmaceuticals Inc. said Friday its third-quarter loss widened on higher development costs for its drug candidate LibiGel.

The company lost $11.6 million, or 16 cents per share, compared with a loss of $6.4 million, or 21 cents per share, during the same period a year prior. The company reported no revenue in either period.

LibiGel is in late-stage clinical trials. It is intended to treat sexual dysfunction in women. LibiGel is a testosterone gel applied to the skin.

BioSante had $35.5 million in cash and cash equivalents as of Sept 30, up from $29.9 million at the end of last year.

Shares of BioSante fell 6 cents, or 3.8 percent, to close at $1.53. The stock has traded between $1.29 and $2.50 over the last 52 weeks.

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