BioSante Female Libido Drug Hype Was Fraudulent: Suit

Law360, New York (February 6, 2012, 12:09 PM EST) -- An investor hit BioSante Pharmaceuticals Inc. with a securities fraud class action Friday in Illinois claiming CEO Stephen Simes told tall tales about how an experimental women's libido drug was bound for torrid sales before clinical results threw cold water on shareholders.

By the time the Lincolnshire, Ill.-based company told investors in December that late-stage tests had shown its LibiGel drug was no better than a placebo at making women feel frisky, Simes had spent more than a year hyping the drug's prospects — and BioSante...
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