BioSante Pharmaceuticals, Inc. (BPAX)

[Just the facts maam]

Jadite, there is an ethical question that needs addressing here.

The BOD signed off on the merger with the artificially low valuations knowing full well this would help keep the PPS low and encourage a higher reverse split ratio.

I, as many other shareholders would rather have had them use an ethical approach starting by articulating the $172 million merger valuation. Even better a truly ethical approach would have incorporated an independent evaluation including a Discounted Cash Flow total for all products plus cash on hand.

Likewise the CVRs should have been guaranteed to be issued and that regardless if Libigel was sold, out-licensed or taken to market by ANI that Biosante shareholders would have been compensated up to the the $40 million. The bonuses for ANI's management are based on annual sales there is no reason a similar approach could not be used for the CVR should ANI decide to market Libigel.

And then request a R/S in order to give Przybyl the flexibility to take advantage of deals as they arise. We are educated group who could see the value in such an approach.

Unfortunately this it makes us question everything, even when they are telling the truth. A reputation is easy to destroy but hard to repair.

In the end they may have been acting in our best interest but their ethical reputation appears to have taken a severe blow in the process.