BioSante shares yo-yo in response to financings
This article was originally published in Scrip
BioSante Pharmaceuticals proved that shares can go down as well as up as the market responded conversely to two financial transactions. After jumping by 33% from $1.50 on 23 December to close 27 December at $2.00, following the news that it had extended a $25 million committed equity financing facility with Kingsbridge Capital by a year to the end of 2011, the company's stock closed 20% down on 28 December at $1.61 after the firm announced that it would raise $16.9 million net in an after-hours registered direct offering on 27 December.
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