ANI Pharmaceuticals (ANIP)

[Just the facts maam]

Jeff, I found interesting in Simes presentation on Biotech mergers. It may shed a little more light on how the GVAX deal is structured.

In addition, what do we do post-merger? So we took all of these assets that were now under one roof and we accelerated. So the big, first thing was we accelerated our phase three development of LibiGel and I’ll talk more about that in a moment. We maintained the 11. We maintain until today the 11% of Ceregene but we spun out a couple of different technologies that we had at BioSante and that Cell Genesys had and owned pieces of other small private companies and let them have the funding headache rather than us under one roof. We monetized our Elestrin, the product that was FDA approved, not only we licensed it out and get about $25 million in milestone payments but we monetized the royalties.

We then, recently in the last months or so have sold the portfolio of cancer vaccines for only $1 million upfront but the milestones and some of you might know these are referred to as bio world deals that is $1 million upfront and let’s say $1 billion in the future if anything ever happens. The way the deal is structured, today there are 17 phase one and phase two clinical trials and 6 different cancers. The way it’s structured is that each one of those vaccines could result in a $100 to $200 million of income. The assigned probabilities and so that’s why it’s only a million dollars upfront. And then we had an agreement with Teva for the male testosterone product because they had to come to a patent settlement agreement with AbbVie because of their AndroGel. Our launch is delayed or their launch is delayed but we were able to convince them that they needed to pay us some money now and we’ve collected about $3.25 million to date and we’ll get future milestones in royalties just to a side note. If in fact you’re ever going to have a patent fight, you want Teva on your side and not fighting against them. And if in fact you’re going to have anything in the generic market, you probably want Teva on your side as opposed to fighting against them.

Simes presentation