Replies to post #82360 on Biotech Values

[DewDiligence]

BPAX addendum: It’s a shame that such impressive clinical data had to be marred by a classic Rodman & Renshaw swindle. The timing of the BPAX’s two PR’s—8am ET for the clinical data and 2:16pm ET for the financing—allowed investors who bought into the financing to short BPAX with abandon all morning and half the afternoon.

[swampboots]

DEW re: BPAX do I detect a buying bias?

[rkrw]

Interesting they did a PIPE despite the upcoming merger with CEGE for their cash.

[wallstarb]

BPAX yet another biotech scam

[mcbio]

Antares (AIS)/BPAX connection

BioSante is a specialty pharmaceutical company focused on developing products for female sexual health, menopause, contraception and male hypogonadism. BioSante's lead products include LibiGel® (transdermal testosterone gel) in Phase III clinical development by BioSante under a U.S. Food and Drug Administration (FDA) SPA (Special Protocol Assessment) for the treatment of female sexual dysfunction (FSD), and Elestrin™ (estradiol gel) developed through FDA approval by BioSante, indicated for the treatment of moderate-to-severe vasomotor symptoms associated with menopause, currently marketed in the U.S. The gel formulation used in LibiGel is licensed from Antares Pharma, Inc. Also in development are Bio-T-Gel™, a testosterone gel for male hypogonadism, and an oral contraceptive in Phase II clinical development using BioSante patented technology. The current market in the U.S. for estrogen and testosterone products is approximately $2.5 billion and for oral contraceptives approximately $3 billion. The company also is developing its calcium phosphate technology (CaP) for aesthetic medicine (BioLook™), as a vaccine adjuvant, including for an H1N1 (swine flu) vaccine, and drug delivery. Additional information is available online at: www.biosantepharma.com.‹

I didn't catch the link to Antares (symbol: AIS) when you first posted this and only caught the connection upon digging into BPAX a little more. Do you know anything about Antares? They are a similarly sized drug company (~$65 million market cap). Here's a link to their Web site: http://www.antarespharma.com/index.html . They've been around for awhile and were formerly known as Medi-Ject Corporation.

Anyways, apparently BPAX licensed the U.S. rights to LibiGel from AIS while AIS maintains all rights ex-U.S. Per the 2Q09 AIS conference call I just listened to, AIS is entitled to 25% of any sub-licensing fees BPAX receives from licensing the U.S. rights to LibiGel, plus royalties. I would be curious to know what U.S. royalty rate AIS is entitled to as the 25% figure appeared to be strictly related to sub-licensing fees and not also royalties.

Antares has a lot more going on than LibiGel as the FDA just approved the Tev-Tropin Tjet Injector system (human growth hormone delivered in a needle-free injection system). AIS sells the device to Teva and is also due royalties on the sales of Tev-Tropin Tjet. They also have a Phase 3 compound for overactive bladder called Anturol (oxybutynin delivered via AIS' proprietary ATD gel) that they expect to partner in the next 6-9 months. Finally, they indicated they have enough cash to last 12 months based on current cash balance and expect to launch one product per year for the next 5 years.

[genisi]

BPAX/LibiGel more safety data in Phase III program

An independent data monitoring committee reviewed all unblinded adverse events in the safety study of LibiGel. There have been no deaths, one myocardial infarction and three breast cancers reported in the study. The committee recommended the continuation of the trial.

http://www.reuters.com/article/marketsNews/idCNBNG24088920091020?rpc=44