BioSante Pharmaceuticals, Inc. (BPAX)

[Just the facts maam]

I was looking at the EBITDA to revenue projections ratio for ANI operations without a merger as outlined in the 424B3. According to their projections Przybyl had a long term ratio of approx. 38%. Akorn sits at 37.5% for the last year. Without the merger they projected to reach a 37% ratio by 2016.

If his projections were correct and Bio-T-Gel revenues start rolling in not to mention Libigel related revenue. An EBITDA to revenue ratio of 45% - 50% is very possible.

If this is the case, this may be a stock I will keep in portfolio well beyond the six month lock up.