Replies to post #14897 on ANI Pharmaceuticals (ANIP)

[Just the facts maam]

Silvr, listening to the Conference Call, I wonder if there was a later agreement regarding dilution or if the non-dilution does not refer t common shares.

Stephen Carey

Yeah, Vamil, good morning, and thanks for taking our call this morning. Yeah, in terms of our equity position in CG Oncology, this is a position that harkens back to the November 15, 2010, transaction where the company sold assets to CG Oncology. And at that time, right, way back in that time, our equity stake was 19.9%. Obviously, during the intervening years, that ownership position has been diluted down and upon CG Oncology's IPO in January of 2024, we hold just shy of 220,000 shares of their common stock, which, as you see, as of March 31th, was worth about $9.7 million.

[Just the facts maam]

Silvr, having read the agreement, based on case law related to collecting royalties beyond patent coverage, I believe several issues will pop up.

Good for ANIP - they tied compensation to Patents and BioSante Know-how. (patents alone they would be dead in the water.)

Possibly troubling for ANIP- the running royalties does not provide an end date.

Larger issue many drugs get marketed late in patent life. This is a case that could settle the issue for the industry.

I agree that pulling the IND could help.

In the end I see an out of court settlement rather than either side losing in court, especially as CG Oncology gets closer to filing an NDA.

JMHO