What strikes me as odd, is that the 10K states:
The Company currently has a commitment with Aptar Pharma to purchase a gel filling machine for $842,740. As of December 31, 2011, the Company has paid $337,096 resulting in a remaining obligation of $505,644.
This is not just a nice gadget to have.
1) Bio T-Gel and Elestrin are both 'out-house' gels.
2) BioSante has years of gel-making behind it.
Why the need for a gel filling machine now?
So now BioSante has has the patent out to produce LibiGel in large quantities, hold and dose it in specialized containers, and a gel filling machine on order. Having LibiGel as an 'in-house' product, makes me wonder even more....