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10 Pharma Stocks Under $3

7. BioSante Pharmaceuticals (BPAX) is a specialty pharmaceutical company focused on developing products for female sexual health, menopause, contraception and male hypogonadism.

Total revenue for the 2011 first quarter decreased 98% to $57,000 from $2.3 million in the year-ago quarter, consequent to recognizing $2.2 million in royalty revenue during the quarter ended March 2010, and the receipt of nonrefundable upfront payments from Azur for eliminating future royalty payments. Cash and cash equivalents stood at $51.3 million, a sequential increase of 34.6%. Current ratio declined marginally to 4.15 from 4.96.

BioSante closed a registered direct offering in March 2011, bringing its cash balance to approximately $51.3 million. The company's management believes this cash balance will be sufficient to finance operations and LibiGel clinical development well into 2012, without the need for additional funds.

Moreover, the company recently revealed that the FDA has lifted clinical hold on the GVAX Prostate Cancer Vaccine (GVAX Prostate). The manufacture of new GVAX Prostate is complete, and planning for a Phase II clinical trial at the Johns Hopkins Kimmel Cancer Center is under way.

Of the five analysts covering the stock, 80% recommend a buy and the rest rate a hold. There are no sell ratings on the stock. On average, analysts estimate 111.5% upside to $5.50 in value from current levels.

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