BioSante inks $39M pact on melanoma vax

BioSante Pharmaceuticals is picking up a nominal $100,000 upfront fee from the John P. Hussman Foundation in exchange for an exclusive worldwide license on a preclinical melanoma vaccine. The foundation plans to quickly move the vaccine into clinical trials and is on the hook for up to $39 million in milestones. BioSante also stands to gain up to 33% of any sublicensing revenue. "Assuming a successful outcome of the first Phase I clinical trial, the foundation will fund a Phase II clinical trial with the objective of obtaining further clinical evidence and engaging a corporate sponsor for Phase III clinical trials," says BioSante CEO Stephen Simes. Release