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In November 2007, BioSante licensed the exclusive, world-wide rights for the use of its patented calcium phosphate nanotechnology (CaP) as a facial filler (BioLook™) in the field of aesthetic medicine to Medical Aesthetics Technology Corporation (MATC). MATC is responsible for continued development of BioLook including required clinical trials, regulatory filings and all manufacturing and marketing associated with the product. In exchange for this license, BioSante has taken an ownership position in MATC and is eligible to receive milestone payments and royalties, and a share of payments if MATC sublicenses the technology. MATC is a privately held and engaged in the research and development of novel products in the field of aesthetic medicine. MATC has assembled a team of accomplished professionals out of Harvard and MIT with expertise in aesthetic medicine as well as technology development.
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In June 2007, BioSante and Teva Pharmaceuticals USA, Inc. agreed to amend a December 2002 license and development agreement, thereby reinitiating their development of a male testosterone therapy product, Bio-T-Gel™ for the U.S. market. Teva is responsible for the continued development of Bio-T-Gel, including required clinical trials, regulatory filings and all manufacturing and marketing associated with the product. In addition to receiving $1.5 million upfront, BioSante is eligible for certain milestone payments, along with royalties if and when the product is commercialized.
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In May 2007, BioSante signed an exclusive agreement with Pantarhei Bioscience B.V. for the development and marketing of an oral contraceptive, The Pill-Plus™ in the United States. BioSante will co-fund the early development of The Pill-Plus, up to $1.0 million while Pantarhei will be responsible for all other expenses to develop and market the product. In addition to receiving $1.0 million upfront, BioSante will be eligible to receive certain development and regulatory milestone payments, along with royalty payments on the sales of The Pill-Plus in the U.S. Further, if the product is sublicensed by Pantarhei to another company, BioSante will receive a percentage of any and all payments received by Pantarhei from a third party.
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Azur Pharma International II Limited is marketing Elestrin in the U.S. using its women's health sales force that targets estrogen prescribing physicians in the U.S. comprised mostly of gynecologists. In December 2009, we entered into an amendment to our original licensing agreement with Azur which permanently reduced the royalty percentage due to us related to Azur's sales of Elestrin, for this Azur has paid us $3.16 million. We maintain the right to receive up to $140 million in sales-based milestone payments from Azur if Elestrin reaches certain predefined sales per calendar year.
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In December 2008 BioSante signed a license with PharmaSwiss for the marketing of Elestrin in Israel. In May, PharmaSwiss submitted the documents needed to gain regulatory approval for the sale of Elestrin in Israel, and hopes to have the approval in 2010. PharmaSwiss is responsible for all regulatory and marketing activities in Israel. BioSante received an upfront payment, and is entitled to receive a royalty as well as sales based milestone payments.
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