BioSante Pharmaceuticals, Inc. (BPAX)

[homeslice10]

Simes is making calls today. My major concerns are met. Simply put ANI offered us the best option to continue without dilution, and we will own more of the total company than the other options. GVAX and Libigel trials phase III were too expensive to continue. Unblinding the data, again, a 10 million dollar ordeal and we'd still need 30 million for phase III efficacy. Because FDA will not accept CV data for women as efficacy, the trial will not double for efficacy even if the safety data endpoints were met (which again costs 8-10 million to find out).

We do still own a royalty of tens or hundreds of million potential on the GVAX.

He is going to call around, good luck with your questions. He said the Nasdaq is treating the merger as a new listing so we have to have a 4 dollar share price to stay on nasdaq. Thus reason for reverse split.

All in all this merger is probably a good thing. At least we are cash neutral and they can use the cash we have to get generics approved, which only cost 2 million, not 30 million.