BioSante Pharmaceuticals, Inc. (BPAX)

[Just the facts maam]

Professor you have a point, but many shareholders were here because of GVAX and they have been shut out from following what they believed in. It is now in private hands. It would be interesting to see if Tang was able to get in on Aduro, since he came over as many did from the Cell Genesys merger.

SALE OF GVAX CANCER VACCINE ASSETS

On January 31, 2013, the Company entered into an asset purchase agreement with Aduro pursuant to which the Company sold all of its assets related to its GVAX cancer vaccine portfolio in exchange for a $1.0 million cash payment plus the potential for future royalty, milestone and sublicense payments. The royalty rate payable by Aduro to the Company on net sales of GVAX products is 2% of net sales for the longer of: (1) the remaining life on any applicable GVAX patent; or (2) the seventh anniversary of the first commercial sale of each GVAX product. A $2.0 million milestone payment will be payable by Aduro to the Company upon the achievement of $10.0 million in net sales of GVAX-pancreas products and a $2.0 million milestone payment will be payable by Aduro to the Company upon the achievement of $10.0 million in net sales of GVAX-prostate products, with a maximum amount payable of $50.0 million for each category of products. Additional launch and sales-based milestone payments will be payable by Aduro to the Company upon the achievement of certain specified net sales of other GVAX containing products, other than products to treat pancreas or prostate cancer. The maximum amount payable by Aduro to the Company under the agreement for royalties and milestone payments is $162.0 million. The Company also is entitled to receive 50 percent of all amounts received by Aduro from milestone and royalty payments from The John P. Hussman Foundation related to melanoma, net of related costs borne by Aduro.