BioSante Pharmaceuticals is rebounding after the drop, and one investor apparently thinks that it's on solid ground or will continue higher. optionMONSTER's monitoring systems detected the sale of more than 3,000 Oct 3 puts for $0.45 to $0.47. Roughly 1,000 Oct 2.50 puts were also sold for $0.15 and $0.16. Volume was more than twice open interest in both strikes. The activity reflects the belief that the developer of women's health products will hold its ground or push higher over the next five weeks. The sale of the Oct 3 puts is especially noteworthy because they are in the money , which makes the position similar to owning calls. (See our Education section) BPAX is up 0.36 percent to $2.75 in morning trading. It more than doubled in value between the end of 2010 and July, then plunged down to its 200-day moving average. Since then shares have been working their way higher and are attempting to hold support above the $2.75 level where they twice hit resistance last month. Overall option volume is more than triple the daily average so far today.