It is a shock for many that the product from BioSante Pharmaceuticals Inc has failed in its final testing. The solution is found to be less arousing than its competitive products and these reports has bought about a huge difference in the company’s market share and seems to have affected the value of its shares. However, the authorities in the firm have ordered to get the complete details for the product and plan to sort the problem as soon as possible. The representative of the company has come out that there is a partial doubt if the product has failed to satisfy the old aged consumers of is it a stress on the entire consuming population.
The product libigel phase 3 is essentially formulated for the ailments such as breast cancer and cardiovascular problems and the experts are finding the best way forward to solve the unexpected failure of the product. The representatives also came out and indicated that the company has been lucky to have maintained a stable balance sheet and it has in no way left a void in planning its experiences and trial runs. There has been a notable amount of huge sums that is spent on these activities is what is bought to the notice. Reviling the balance data of the company it is told that the firm had a cash balance of 69.6 million and it is expected that this healthy amount will clash down to around 56 million by the time the year ends.
It is not that all bad for the firm as it has a royalty deal and a cancer vaccine program with the major medicine producer Teva Pharmaceuticals (TEVA O) that will play the role of savior resource. However, the company’s losses amount to about 80 % from their previous value soon after the declaration and closed at $2.12 on NASDAQ.
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