Document:

Exhibit 10.10

THIRD AMENDMENT TO LEASE

THIS AMENDMENT, Made and
entered into as of the 14th day of August, 2006, by and between Highlands
Park Associates, Landlord, and BioSante Pharmaceuticals, Inc., Tenant.

W I T N E S S E T H :

WHEREAS, under date of September
15, 1997, Landlord and Tenant entered into a written lease (the “Lease”) which
Lease was subsequently amended on September 18, 2003, and on
August 30, 2004, covering the premises located at 4600 A&B Highlands
Parkway, Smyrna, Cobb County, Georgia 30082, and

WHEREAS, the parties desire
to amend said Lease as set out hereinafter,

NOW, THEREFORE, for One
($1.00) Dollar and other valuable consideration paid by each of the parties to
the other, receipt of which is hereby acknowledged, it is agreed between the
parties as follows:

This Amendment is effective
immediately, and is subject to all the terms and conditions of the
aforementioned Lease as amended, which Lease shall remain in full force and
effect, except that:

1.             SECTION 2 TERM.  The
Term of the Lease is extended through October 31, 2008, at midnight,
subject to the early termination provision herein.  Either party may terminate this Lease
effective October 31, 2007, at midnight, provided that at any time on or
before August 31, 2007, at midnight, the terminating party delivers to the
other party (a) written notice of its intent to terminate early, together with
(b) an early termination fee payable to the other party of Two Hundred Fifty
($250.00) Dollars.  If such notice is and
payment is not so made, then the Lease shall not terminate early.

2.             SECTION 3(a). RENT. 
Beginning November 1, 2006, Monthly Minimum Base Rent shall be Six
Thousand Four Hundred Forty Seven and 35/100ths ($6,447.35) Dollars.

3.             SECTION 3(b). RENT.  The
increase in Minimum Base Rent described herein shall continue to apply.  The next date of increase in Minimum Base
Rent shall be November 1, 2007 and thereafter on each November 1st during the remaining Term of the
Lease.

4.             EXHIBIT B. SECTION 49, RESTORATION
IMPROVEMENTS.  Further to Exhibit B, Section 49.  Landlord hereby notifies Tenant of Landlord’s
request to restore the Premises as per this Section 49.  Tenant hereby acknowledges receipt of such
notice (notwithstanding the Notice requirements in Section 36 of the Lease) together
with its obligation to so restore.  The
final, detailed plans and specifications for the restoration work shall be
provided by Tenant and approved by Landlord, which approval shall not be
unreasonably withheld or delayed.  The
restoration work shall be completed in good and workmanlike condition and
according to all applicable governmental requirements.  The restoration work shall be substantially
complete before the expiration of the Term of the Lease.  If the Premises are not surrendered to
Landlord with the restoration work substantially complete before the expiration
of the Term, then the Term shall be

extended one additional calendar month through November 30, of the
calendar year of expiration of the Term, at midnight.  All rentals and other charges under the Lease
shall be due for said extension period.

5.             Section 6 of the Second Amendment to Lease
dated August 30, 2004 is omitted.

IN WITNESS WHEREOF, the
parties herein have hereunto set their hands and seals the date and year first
above written.

	
  

  	
  LANDLORD:
  HIGHLANDS PARK ASSOCIATES

  
	
   

  	
   

  	
  By:

  	
  Dennard
  Properties, Inc. 

  
	
   

  	
   

  	
   

  	
  Managing General
  Partner  

  
	
   

  	
   

  	
  /s/ Don W.
  Dennard

  
	
   

  	
  By: 

  	
  Don W. Dennard 

  
	
   

  	
  Its: 

  	
  President

  
	
   

  	
   

  
	
   

  	
  TENANT:
  BIOSANTE PHARMACEUTICALS, INC.

  
	
   

  	
   

  
	
   

  	
  /s/ Stephen M. Simes

  
	
   

  	
  (Signature)

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Stephen M. Simes

  
	
   

  	
  (Print Name)

  
	
   

  	
   

  
	
   

  	
  Its:

  	
  CEO, President

  
	
   

  	
  (Title)

  
						

 

 2Exhibit 10.27

[PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR
CONFIDENTIALITY UNDER RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED.  A COPY OF THIS EXHIBIT WITH ALL
SECTIONS INTACT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION.]

Amendment No. 6

to the

License Agreement 

dated 13th of June 2000

by and between

Antares Pharma IPL AG, Zug, Switzerland as
Licensor

(formerly known as Permatec Technologies AG)

and

BioSante Pharmaceuticals, Inc., Lincolnshire,
IL, USA as Licensee

WHEREAS, Antares Pharma IPL AG, Zug, Switzerland (“Antares”)
and BioSante Pharmaceuticals, Inc., Lincolnshire, Illinois, United States of
America (“BioSante”) have previously entered into a License Agreement dated
June 13, 2000 (“License Agreement”), as amended in a series of five amendments,
as follows:  Amendment No. 1, dated May
20, 2001; Amendment No. 2, dated July 5, 2001; Amendment No. 3, dated August
30, 2001; Amendment No. 4, dated August 8, 2002; and Amendment No. 5, dated
December 30, 2002 (collectively the Amendments and with the License Agreement,
the “Agreement”); and

NOW THEREFORE, Antares and BioSante agree pursuant to this
Amendment No. 6 dated October 20, 2006 to the Agreement (“Amendment No. 6”) to
amend the Agreement as follows:

1.             License Grant.  The
licenses granted under the Agreement are hereby amended as follows:

(a)           Paragraph
1.10 of the Agreement is hereby amended and restated in its entirety as
follows:

“Products” shall have the meaning set forth in Exhibit
B of this License Agreement.”

(b)           Exhibit
B of this Agreement is hereby amended and replaced in its entirety as follows:

“A.          Products
shall include all estrogen gels, all testosterone gels, all E and T gels, and
all E and P gels, whether or not if any of the above gel formulations contain
lauryl alcohol, except as noted in Section B below.

[PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR
CONFIDENTIALITY UNDER RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED.  A COPY OF THIS EXHIBIT WITH ALL
SECTIONS INTACT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION.]

B.            BIOSANTE
owns on an exclusive worldwide basis, free and clear of any claims by ANTARES,
its product and formulation currently known as and referred to as Bio-T-Gel (XXXXXXXXXXXXXXXXXXXXXXX  XXXXXXXXXX), and has no
obligation to share information regarding Bio-T Gel with ANTARES, including
data generated during development.

C.            Notwithstanding
the above, AP-108l (gel containing norelgestromin and ethinyl estradiol and
which is a competitor to Ortho Evra) shall not be included in Products.

D.            Notwithstanding
the above, Nestorone (gel formulation made pursuant to Joint Development
Agreement with The Population Council) shall not be included in Products.

E.             Notwithstanding
the above, Antares shall retain its rights to testosterone gels for prevention
or treatment of diseases in males in the Territory but only for products for
which regulatory approval is sought and obtained by submission of (what in the
United States would be known as) a full New Drug Application, and not an
Abbreviated New Drug Application, “paper NDA” under section 505(b)(2) of the
United States FD&C Act, or other form of application that relies on
clinical studies conducted by others as to which the applicant does not have a right
of reference.”

(c)           Paragraph
I-1 of Amendment No. 4 to the License Agreement is no longer applicable and is deleted
in its entirety.

(d)           Paragraph
2.1 of the Agreement is hereby amended and replaced in its entirety as follows:

“2.1.1      ANTARES hereby grants to BIOSANTE an exclusive
license, with the right to grant sublicenses as provided in this License
Agreement, to Develop the Products in the field of transdermal gel preparations
(“Field”) in the Territory for purposes of obtaining Approvals, and upon
receipt of the Approvals, to Market and sell the Products in the Field in the
Territory, and to use the Patents and Know-How exclusively for that purpose,
all in accordance with provisions contained in this Agreement.  It is the parties’ intention that any product
characterized by its marketing approval, as opposed to Products, developed by BIOSANTE
and based on PERMATECH’S Technology will be and remain the property of BIOSANTE
but BIOSANTE will not be allowed to use or market the products in case this
License Agreement between ANTARES and BIOSANTE is terminated.

 2
 

2.1.2        ANTARES hereby grants to BIOSANTE a
non-exclusive license, with the right to grant sublicenses as provided in this
License Agreement, under the Patents and Know-How, to make and have made
Bio-E-Gel in the Territory.

2.1.3        ANTARES additionally grants to BIOSANTE a non-exclusive
license with the right to grant sublicenses as provided in this License
Agreement, to conduct the following activities:  investigation, research, conduct clinical
trials and perform market research in any country outside of the Territory.  For purposes of clarity the above license
shall not include a license or right to apply or seek any regulatory
approval/marketing authorization for any Product outside the Territory.”

(e)           Paragraph
B(2) of Amendment No. 5 to the License Agreement is no longer applicable and is
deleted in its entirety.

(f)            Paragraph
2.2 of the Agreement is hereby amended by the deletion of “(with only the commercial
terms redacted)” from the last sentence therein.

(g)           Paragraph
2.2 of the Agreement is hereby further amended by the insertion of the
following sentence after the end of the sentence beginning with “Furthermore,
BIOSANTE undertakes . . .” with the following sentence:

“Additionally, BIOSANTE covenants that any and all
sublicense agreements, in which Bio-E-Gel is sublicensed, shall provide that
(i) all up-front, sublicense and milestone payments due from such sublicense
agreement shall be paid into an interest bearing escrow account established for
the benefit of both ANTARES and BIOSANTE and shall be the account designated by
both ANTARES and BIOSANTE (“Escrow Account”) and (ii) that ANTARES is a third
party beneficiary of such sublicense agreement solely with respect to
subsection (i) above.  The parties agree
that the terms of the Escrow Account shall provide that (a) ANTARES is
responsible for all costs and fees to establish and maintain the Escrow
Account, (b) seventy-five (75%) of funds deposited shall immediately be
released to BIOSANTE, and (c) the remaining twenty-five (25%) of funds
deposited plus any and all interest accrued shall be released to ANTARES upon
thirty days from deposit.”

2.             Credit for Sublicense Payments for Bio-E-Gel.  In
the event that BioSante (i) terminates a sublicense agreement for Bio-E-Gel (“Sublicense
Agreement”) prior to February 15, 2007 and where such termination is based on
BioSante failing to receive regulatory approval for Bio-E-Gel by the FDA (as
defined below) and (ii) has to return all or a portion of the upfront
consideration received pursuant to such Sublicense Agreement, then Antares will
credit the pro rata portion of such upfront consideration that it received to
future payments due by BioSante for Bio-E-Gel.

3.             Disclosure of Confidential Information.  Each
party may disclose non-public confidential information of the other party to
subcontractors or potential licensees who are under a binding obligation of
confidentiality to such party, at least as strict as in the Agreement and so
long as such party remains responsible for the potential licensees’ compliance.

 3
 

[PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR
CONFIDENTIALITY UNDER RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED.  A COPY OF THIS EXHIBIT WITH ALL
SECTIONS INTACT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION.]

4.             Patent Prosecution and Maintenance.  From
the effective date of this Amendment No. 6, Antares will, at its cost and
expense, file, prosecute, and maintain the Patents, including, but not limited
to, those listed on Appendix A hereto.  If Antares determines to abandon or not file
any Patent, then Antares shall provide BioSante with written notice at least
thirty (30) days or if less, as long as reasonably practicable, prior to the
date such abandonment or failure to file would become effective for BioSante to
act in its stead, provided, that BioSante has received from Antares any and all
reasonable documentation and information it reasonably needs to make a decision
and take the necessary action in reasonable sufficient time to avoid
abandonment.  For purposes of clarity,
discontinuance shall be elected on a country-by-country basis.  BioSante may elect at its sole discretion to
continue prosecution or maintenance of any discontinued Patent at its sole
expense.  BioSante shall then own any
such Patent, and Antares shall execute such documents and perform such acts, at
BioSante’s cost, as may be reasonably necessary for BioSante to continue prosecution
or maintenance, including assigning and transferring ownership of such Patent
to BioSante and directing its counsel to transfer the complete file to BioSante
or its counsel as BioSante may request.  Upon
the assignment or transfer of any Patent to BioSante, Antares shall not be
thereafter entitled to any royalties from sales of a Product sold in a country
where such Patent was abandoned and where such Patent claims such Product.

5.             Patent Reports and Updates.  Antares will (at its sole cost and expense)
provide BioSante with a complete paper, organized file set of material
prosecution documents for each of the Patents.  Going forward, Antares will at its sole cost
and expense copy BioSante on all material communications with respective patent
offices in the Territory and provide BioSante with twice-yearly update
summaries reviewed by its patent counsel regarding each of the Patents
(including filing, prosecution, and maintenance status in each country in the
Territory).  Additionally, Antares will, at
BioSante’s expense, make its counsel reasonably available to consult with
BioSante and potential licensees regarding the status of the Patents.

6.             Patent Enforcement.  To
the extent BioSante consents in writing, BioSante’s exclusive sublicensee(s) in
the United States shall have those rights possessed by BioSante as set forth in
section 8.2.2 and 8.2.4 of the Agreement.

7.             LibiGel Package.  BioSante will promptly provide Antares with a
copy of all material filings and submissions submitted to date to the United
States Food and Drug Administration (“FDA”) regarding LibiGel and the minutes
from the BioSante LibiGel meeting held with the FDA on or about XXXXXXXXXXX
(collectively, the “LibiGel Package”).

8.             XXXXXXXXXXXXXX.  BioSante
consents to Antares’ engagement of XXXXXXXXXXXXXX in Europe for work on
testosterone gel for women; provided that Antares agrees that no BioSante
confidential information is used or disclosed in connection with the
engagement.

9.             Steering Committee.  Antares
and BioSante will each send at least one representative who is an officer to a
steering committee meeting to be held on a twice-yearly basis alternating

 4
 

between Antares’ facility
and BioSante’s facility.  Each party will
provide a summary update twice-yearly to the other of its activities being
conducted to establish that it is in substantial compliance with its material
obligations under the Agreement.

10.           Further Sublicensing.  BioSante may, in connection with the exercise
of its sublicense rights under the Agreement, authorize (i) its sublicensee(s)
to solely grant a further sublicense to their contract manufacturer(s) for the
sole purpose of manufacturing Product for such sublicensee(s) to the extent
that BioSante has such license right itself or (ii) an exclusive sublicensee of
BioSante (“Sublicensee”) the right to further sublicense Bio-E-Gel subject to
Antares’ written consent (not to be unreasonably withheld), provided, that all
payments due to BioSante from its Sublicensee, directly or indirectly, for the
grant of such further sublicense by the Sublicensee shall be paid into the
Escrow Account and disbursed in accordance with the procedures and allocation
percentages provided in Paragraph 2.2 of the Agreement.

11.           Audits of Sublicensees.  With
respect to any audits that Antares may conduct of sublicensees pursuant to
Sections 2.2 and 3.5.2.4 of the Agreement, Antares agrees that it and any
independent certified public accounting firm retained by Antares to conduct the
audit will treat any information obtained from the sublicensee during the
course of the inspection and audit as confidential pursuant to Section 7 of the
Agreement, and if requested by the sublicensee will execute a commercially
reasonable confidentiality agreement before beginning the audit in which
Antares and such public accounting firm agree to maintain the confidentiality
of the sublicensees’ books and records and to use all information received from
the sublicensee only for such audit purpose.

12.           Effect of Termination on Sublicensee.  Antares agrees that if so provided in a
sublicense agreement signed by BioSante and its sublicensee of its rights
hereunder and where such sublicense has been granted in accordance with the
Agreement, then a termination of the Agreement due to BioSante’s breach that is
not caused by the sublicensee will not terminate the sublicensee’s license
rights and that in such case the sublicense agreement (and all future payments
and performance under the sublicense agreement by the sublicensee) will
continue between the sublicense and Antares.  In the event the aforesaid termination was
caused by BioSante’s non-payment of monies due to Antares, such continuation of
the sublicense agreement between sublicense and Antares shall not effect
BioSante’s obligation to pay Antares for any and all monies due from BioSante
to Antares as of the date of termination.

13.           Representation.  Antares
hereby represents that, to its knowledge as of the effective date of this
Amendment No. 6, Bio-E-Gel does not infringe any patent or other proprietary
right of any third party in the United States.

14.           Amended and Restated Agreement.  The
parties will exercise good faith efforts to prepare and execute an amended and
restated agreement of this Agreement as it exists as of the execution of this
Amendment No. 6 as soon as practicable, and no later than within 90 days,
following execution of this Amendment No. 6, with ANTARES to prepare a full and
complete initial draft of same at its expense.  After preparation of such initial draft by
ANTARES, each party will be responsible for its own costs and expenses incurred
in the completion of such amended and restated agreement.  For clarity, such amended and restated
agreement shall strictly conform in all respects to this Agreement as it exists
as of the execution of this Amendment No. 6.

 5
 

15.           Headings.  The captions to the
paragraphs/section in this Amendment No. 6 are not a part of this Amendment No.
6 or the Agreement, and are included merely for convenience of reference only
and shall not affect its meaning or interpretation.

16.           Counterparts.  This
Amendment may be signed in any number of counterparts with the same effect as
if the signatures thereto and hereto were upon the same instrument.

17.           Construction.  This
Amendment No. 6 (i) was drafted by both parties and thus any rule of contract
interpretation calling for documents to be construed against the drafter shall
not apply to the construction of this Amendment, and (ii) shall not affect the
construction of the Agreement as it existed before the effective date of this
Amendment.

18.           Miscellaneous.  Antares
and BioSante confirm and acknowledge that the Agreement is in full force and
effect, that there have been no uncured events of breach to date, and that each
is in material compliance with the Agreement.  Nothing in this Amendment No. 6 shall
constitute an admission of wrongdoing by either party vis a vis the other and
each party expressly denies any wrongdoing.  Except for the changes made by this Amendment
No. 6 to the Agreement, the Agreement remains in full force and effect without
modification.

IN WITNESS WHEREOF, the parties hereto have caused this
instrument to be executed by their duly authorized officers with effect as of
the 20th day of
October, 2006.

Antares Pharma IPL AG

	
  By:

  	
   

  	
  /s/ Jack E. Stover

  	
   

  	
  /s/ Dario Carrara

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
  Jack E. Stover

  	
   

  	
  Dario Carrara

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
  President & CEO

  	
   

  	
  Managing Dir. Swiss Operations

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
  10/20/06

  	
   

  	
  10/20/06

  
	
   

  	
   

  	
   

  
	
  BioSante Pharmaceuticals, Inc.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
  /s/ Stephen M. Simes

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
  Stephen M. Simes

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
  President * CEO

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
  10/20/06

  	
   

  	
   

  

 

 6

[PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR
CONFIDENTIALITY UNDER RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED.  A COPY OF THIS EXHIBIT WITH ALL
SECTIONS INTACT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION.]

Appendix A

Patents

1.             U.S.
Appl. No. 10/798,111

2.             U.S.
Appl. No. 10/343,570

3.             U.S.
Appl. No. 10/798,161

4.             U.S.
Appl. No. 11/371,042

5.             U.S.
Patent. No. 5,891,462

6.             U.S.
Appl. No. 11/441,311

7.             XXXXXXXXXXXXXXXXXX

BioSante
Pharmaceuticals, Inc.

111
Barclay Boulevard

Lincolnshire, IL  60069

October
27, 2006

Antares Pharma IPL AG

c/o Antares Pharma Inc.

Princeton Crossroads Corporate Center

250 Phillips Boulevard, Suite 290

Ewing,
NJ  08618

	
  

  	
  Re:

  	
  License Agreement between Antares Pharma IPL AG
  (“Antares”) and BioSante Pharmaceuticals, Inc. (“BioSante”), dated June 13,
  2000, as amended in six amendments (collectively, the “Agreement”)

  

 

Gentlemen:

I
write to clarify paragraph 12 of Amendment No. 6 (dated as of October 20, 2006)
of the Agreement.  Specifically, it is
BioSante’s understanding that in the event that a sublicense agreement is
assigned to Antares under that paragraph 12, any moneys that the sublicensee
owed BioSante as a result of events (such as sales or milestone-triggering
events) that occurred before the effective date of the termination of the
Agreement would still be owed and paid to BioSante, even if the actual payment
date were to fall after the effective date of the termination.

If
this clarification is agreeable to Antares, please countersign below and return
a copy of this letter to me.  Thank you.

	
  

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  BIOSANTE PHARMACEUTICALS, INC.

  
	
   

  	
   

  	
   

  
	
  

  	
  By: 

  	
  /s/ Phillip B.
  Donenberg

  
	
   

  	
  Phillip B.
  Donenberg

  
	
   

  	
  Chief Financial
  Officer

  
				

 

Agreed and Accepted:

ANTARES
PHARMA IPL AG

	
  By:

  	
   /s/ Jack E. Stover

  	
   

  	
   

  	
   

  
	
   

  	
     Jack E. Stover

  	
   

  	
   

  
	
   

  	
     President and CEO

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  DATED: October 27, 2006

  	
   

  	
   

  

 

BioSante
Pharmaceuticals, Inc.

111
Barclay Boulevard

Lincolnshire, IL  60069

November
6, 2006

Antares Pharma IPL AG

c/o Antares Pharma Inc.

Princeton Crossroads Corporate Center

250 Phillips Boulevard, Suite 290

Ewing,
NJ  08618

	
  

  	
  Re:

  	
  License Agreement between Antares Pharma IPL AG
  (“Antares”) and BioSante Pharmaceuticals, Inc. (“BioSante”), dated June 13,
  2000, as amended in six amendments (collectively, the “Agreement”)

  

 

Gentlemen:

I
write to seek clarification of two paragraphs of Amendment No. 6 (dated as of
October 20, 2006) of the Agreement.

With
respect to paragraph 6, BioSante would like to clarify that in the event that
it and/or its sublicensee assert any of the Patents listed in Appendix A to
Amendment No. 6 against an infringer, Antares would agree if commercially
reasonable and if requested to join as a coplaintiff (to assure standing) at
the sole cost and expense of the party making the request (BioSante or the sublicensee,
as the case may be).

With
respect to paragraph 12, BioSante we would like to clarify that the provisions
of this paragraph would also apply if the Agreement is terminated due to
BioSante’s bankruptcy, by inserting the phrase “or bankruptcy” after the phrase
“BioSante’s breach” in the third line.

If
this is agreeable, please countersign below and return a copy of this letter to
me.

	
  

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  BIOSANTE
  PHARMACEUTICALS, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Stephen M.
  Simes

  
	
   

  	
   

  	
  Name and title:

  
	
   

  	
   

  	
  Stephen M. Simes

  
	
   

  	
   

  	
  President &
  CEO

  
				

 

Agreed and Accepted:

ANTARES
PHARMA IPL AG

	
  By:

  	
   /s/ Jack
  E. Stover

  	
   

  
	
   

  	
  Name and title:

  
	
   

  	
  Jack E. Stover

  
	
   

  	
  President &
  CEO

  
				

 

DATED:  November 6, 2006

BioSante
Pharmaceuticals, Inc.

111
Barclay Boulevard

Lincolnshire, IL  60069

November
7, 2006

Antares Pharma IPL AG

c/o Antares Pharma Inc.

Princeton Crossroads Corporate Center

250 Phillips Boulevard, Suite 290

Ewing,
NJ  08618

	
   

  	
  Re:

  	
  License Agreement between Antares Pharma IPL AG
  (“Antares”) and BioSante Pharmaceuticals, Inc. (“BioSante”), dated June 13,
  2000, as amended in six amendments (collectively, the “Agreement”)

  

 

Gentlemen:

I
write to provide language to embody a clarification and amendment to the
Agreement.

With
respect to the proposed sublicense of Bio-E-Gel to Bradley Pharmaceuticals,
Inc. (“Sublicensee”) by BioSante (“Sublicense Agreement”), BioSante and Antares
agree that Antares shall receive twenty-five percent (25%) of all up-front,
sublicense and milestone payments due from such Sublicense Agreement as provided
in Amendment No. 6 of the Agreement dated October 20, 2006 (“Amendment No. 6”),
and in the event that BioSante is to receive at least seven million dollars
upon the regulatory approval of Bio-E-Gel in the United States, then BioSante
shall not be obligated to pay any additional milestone payments on the
regulatory approval of Bio-E-Gel for the United States other than twenty-five
percent (25%) of the payment it receives for regulatory approval of Bio-E-Gel
from Sublicensee for the United States. 
For purposes of clarity, if Sublicensee is obligated to pay seven
million dollars to BioSante upon regulatory approval of Bio-E-Gel in the United
States, then Antares shall receive twenty-five percent of such amount - $1,750,000
to be paid as provided in paragraph 1(g) in Amendment No. 6.

Additionally,
because the escrow account contemplated by Amendment No. 6 has not been
established and we are on the verge of executing the Sublicense Agreement for
Bio-E-Gel with the Sublicensee, we ask Antares’ agreement that the escrow
requirement of Amendment No. 6 is satisfied if the Sublicensee pays directly
upon signing to Antares twenty-five percent (25%) of all payments due to
BioSante or its Affiliates upon signing by wire to the following account:

Bank
name and address:

Wells
Fargo Bank, N.A.

6th and Marquette

Minneapolis,
MN  55479

Account
name:  Antares Pharma, Inc.

Account
number:  323-869-1379

ABA:  121000248

Except
for the changes made by this letter, the Agreements remains in full force and
effect without modification.

If
this is agreeable, please countersign below and return a copy of this letter to
me.

	
  

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  BIOSANTE
  PHARMACEUTICALS, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Stephen
  M. Simes

  
	
   

  	
   

  	
  Name:

  	
  Stephen M. Simes

  
	
   

  	
   

  	
  Title”

  	
  President & CEO

  

 

	
  Agreed and Accepted:

  
	
   

  
	
  ANTARES PHARMA IPL AG

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Robert Apple

  	
   

  
	
   

  	
  Name:

  	
  Robert Apple

  
	
   

  	
  Title:

  	
  CFO

  
	
   

  	
   

  	
   

  
	
  DATED: November 7, 2006

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}]]