ANI Pharmaceuticals (ANIP)

[Just the facts maam]

North, BPAX issued CVRs at a rate of one CVR for each share just prior to the merger with ANI. Since the merger with ANI they have had a reverse split of 6:1.

The CVR's were not included in the reverse. These CVRs will equally divide the $60 million attributable to a transaction for Libigel. If there is upfront money 66% of it is divided equally among the CVRs. The remainder of the $60 million relating to Libigel has the CVR being paid at a rate of 5% of net revenues from direct sales of Libigel, providing ANI does not incurr more than $2.5 million in development expenses.