Replies to post #23423 on BioSante Pharmaceuticals, Inc. (BPAX)

[Jeffqdh]

I was not surprised to hear the excuse why not to release final safety ,

It's ironic that efficacy , neve thought , or represented by Bpax to be a issue caused SH a enormous amount I'd VALUE of each share owned , that contributed in completing what appears to be the FIRST PROVEN safety tral of its kind EVER

In short , one has to ask , was efficacy set up to fail ? If so this is a very well thought out CON !

Safety appears to be proven

No value paced on Libigel considered in the MERGER

And there is a excuse WHY ,

What's even more disgusting , is they will impose a RS to fk us more than they have already

Say class action ! Jmho

[Winalov]

Jeff, nice job, interesting not even once reference to S-4.
After knowing the results of previous 2 RS how with the straight face can he give you this BS answer.
RS will dilute..........sooner or later.

"Assuming if the merger goes through, we the existing SH poss go through another RS , resulting in passing our share over to to ANI.....[ dilution ]

Please note that there is no additional dilution to BioSante stockholders due to the potential reverse split. BioSante stockholders will own approximately 47 percent of the combined company AFTER the reverse split".

Of course Prof. will come to RS rational rescue.

[nutsyprofessor]

Excellent correspondence Jeff, thanks!!! The only other question(s) that would have been great to ask revlves around the question of why not submit Libigel for TRT (not HSDD); also I would have asked about the possibility of submitting Libigel in the EMEA given that Intrinsa was previously approved.

Now, these two statements are the most important responses that everyone should walk away with:

1) Please note that there is no additional dilution to BioSante stockholders due to the potential reverse split. BioSante stockholders will own approximately 47 percent of the combined company AFTER the reverse split. - this is what I and others have been trying to tell people on this board...the planned R/S is purely for the purpose of absorbing the merger without having to increase the number of outstanding shares, period!

2) You are quite correct that the merged company could decide not to conduct the required efficacy trials and may choose to license out or sell LibiGel to another company more able to fund the trials. That is where the CVRs come in. - this may be the plan which would then address my two questions about submitting Libigel for TRT and to the European market!

Nice job Jeff, thanks!!!

[Spunkyknight]

Read it and weep Professor Nutley and other shorts/pumpers-

"Since the FDA requires both efficacy and safety data and it should be clear we would need to repeat Phase III efficacy trials which as you rightly point out will cost approximately $35 million there was little positive reaction to the safety data reported to date."


So Simes himself is saying that Libigel comes with a $35 million price tag to bring to market. Value taken directly out of share holders' pockets...

"For clarity, BioSante stockholders will get 66 percent of any and all income due to LibiGel up to $40 million. However, please remember that after the merger BioSante stockholders will own approximately 47 percent of the merged company. Therefore in addition to the 66 percent split, BioSante stockholders will be the beneficiaries of 47 percent of the remaining 34 percent. In summary, in reality BioSante stockholders will receive the benefit of approximately 82 percent of the initial LibiGel income. After the $40 million is reached, BioSante stockholders will still participate on approximately 47 percent of any further income."

For clarity, this means that we are CAPPED at 40 million for any sale of Libigel properties. To achieve that, we have to get about 60 million outright. THEN, we get 47% of anything beyond that. Only IF ANI develops Libigel. So if they sell it, we get 66% of whatever the sale price is- but only up to 40 million, then NOTHING. Or if someone buys the Libigel package for 200 million. Guess how much we get? Do the math.

Happily the safety data to date suggest the LibiGel is safe for women in the doses used in the safety study. However our board determined that the merger with ANI was a lower risk alternative for our stockholders to realize value in the near-term than funding new LibiGel efficacy trials at this time especially given the depressed value of our stock due to the announcement of the efficacy data back in December 2011.

Translation: We thought giving away all our cash and cutting share holders out of THAT value by 50% plus reverse splitting them, then capping their possible Libigel value in hopes of a quick sale was the best choice. Obviously, BPAX does not believe that they could have brought Libigel to market with approval before dying on the vine.

I said all this before. Months ago. Now people are starting to get the picture except you. What is your agenda?

PS Thank you Jeff for posting these Simes responses.

[jadite]

Hi Jeff

I decided to respond to this post instead of your new one. IMO the best post of 2013!
This company is not avoiding SEC.They are meeting w/ SEC re CTO which is rarely granted. BPAX CVR holders will be entitled to 82% of initial Libigel revenue.
BOD felt safety was baked into pps and therefore decided to pass expense of safety analysis onto larger group of shareholders
I am encourged and I thank you for taking the initiative to contact Stephen Simes.

I urge anyone who has not read the attached post to read it.

New questions look good too. Thanks for sharing.