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P&G's waves rock local biotech firm; BioSante's shares react to setbacks for rival's female libido treatment.(Markets)(Procter & Gamble Co.)(BioSante Pharmaceuticals Inc.)
Crain's Chicago Business, August, 2005 by Chase, Brett
Byline: BRETT CHASE BioSante Pharmaceuticals Inc. is riding Procter & Gamble Co.'s coattails as both companies seek approval for a libido-boosting treatment for women. Lincolnshire-based BioSante is so dependent on the success of Procter & Gamble (P&G) that the company's stock rises and falls on news related to the Cincinnati-based consumer goods giant's effort to get its treatment approved.
After climbing to a high of $10.44 a share in late November, BioSante plunged 42% in two days last December after a U.S. Food and Drug Administration (FDA) advisory panel said P&G's patch shouldn't be approved because of safety concerns. The stock continued to fall this year, trading late last week at just above $4 a share. The setback didn't affect the shares of...
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