Document:

Exhibit 10.28

[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.]

EXCLUSIVE SUBLICENSE AGREEMENT

This AGREEMENT (“Agreement”),
dated November 7, 2006 (the “Effective Date”),
is made by and between BioSante Pharmaceuticals, Inc., 111 Barclay Boulevard,
Lincolnshire, IL 60069 (“BPA”),
and Bradley Pharmaceuticals, Inc., 383 Route 46 West, Fairfield, New Jersey
07004-2402 (“Company”).

WHEREAS, BPA has certain rights under that certain
License Agreement dated as of June 13, 2000, as amended in a series of six
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; Amendment No. 5 dated
December 30, 2002; and Amendment No. 6 dated October 10, 2006 with three
clarifying letters dated October 27, 2006, November 6, 2006, and November 7,
2006 (the foregoing collectively the “Prime
License Agreement”) from Antares Pharma IPL AG (“Antares”), successor in interest to
Permatec Technologie, AG (“Permatec”).

WHEREAS, pursuant to the rights under the Prime
License Agreement, BPA has developed a product referred to as Bio-E-Gel®, which is a transdermal gel
estradiol product for the treatment of hot flashes.

WHEREAS, as part of its development, BPA has prepared
and filed a New Drug Application (“NDA”)
with the United States Food and Drug Administration (“FDA”) with respect to Bio-E-Gel and the NDA
has been accepted as filed by the FDA in April 2006, and is currently under
review.

WHEREAS, BPA desires to grant and Company desires to
accept an exclusive sublicense for Bio-E-Gel in the Territory of the United
States in the Field, subject to the limitations and applicable terms of the
Prime License Agreement.

1.             Definitions.

(a)           “Affiliate” shall mean any corporation or
other business entity that directly or indirectly controls, is controlled by,
or is under common control with a party. 
Control means ownership or other beneficial interest in 50% or more of
the voting stock or other voting interest of a corporation or other business
entity.

(b)           “Field” shall mean all uses licensed and
permissible under the Prime License Agreement.

(c)           “Generic Equivalent” shall mean an A/B rated
generic equivalent or substitute of a Product on sale in any part of the
Territory.

(d)            “Know How” shall mean all information and
data, which are not generally known including, but not limited to, patent
claims and related information not yet disclosed to the public, formulae,
procedures, protocols, manufacturing processes, regulatory filings

[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.]

including NDAs, techniques and results of experimentation and testing,
which (i) relate to any of the Products, and (ii) are necessary or useful to
the development, marketing or manufacture of any of the Products in the
Territory (in the case of manufacture, worldwide), all to the extent as of the
effective date of this Agreement owned or otherwise controlled by and at the
free disposition of BPA.

(e)           “Launch Indication” shall mean the treatment
of hot flashes in menopausal women.

(f)            “Net Sales” shall mean the aggregate
arms-length gross price invoiced by Company for the sale for commercial use of
Products to non-affiliated third parties during the relevant period, less
deductions for (i) normal and customary trade and cash discounts, credits and
allowances (for rejection or return of Products), rebates or refunds incurred
or granted; and (ii) sales, use or excise taxes and duties, and freight and
insurance, to the extent included in the gross price charged.

(g)           “New Indication” shall mean the development
and commercialization of Products in any other indication but the Launch
Indication.

(h)           “Patents” shall mean those patents and
patent applications that are (1) owned by BPA or (2) licensed to BPA at any
time during the term of this Agreement with the right to sublicense under the
Prime License Agreement and that claim (i) the Product (including methods of
manufacture and/or use) in the United States; or (ii) the manufacture of
Product outside of the United States.
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX.  A list of the Patents in each of (i) and (ii)
as of the Effective Date is attached as Exhibit A, which shall from
time-by-time be updated as necessary to reflect the then-current status of the
Patents.

(i)            “PDE” will mean a Primary Detail Equivalent
calculated as follows:  for a given time
period, PDE shall equal the sum total of (1) the number of Primary Product
Presentations occurring during such time period multiplied by 1.0 and (2) the
number of Secondary Product Presentation occurring during such time period
multiplied by 0.5.  “Primary Product Presentation” shall mean a
presentation in which Product attributes are verbally presented for at least
fifty percent (50%) or more of the total presentation time.  “Secondary
Product Presentation” shall mean a presentation in which Product
attributes are verbally presented for less than fifty percent (50%) of the
total presentation time.

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(j)            “Products” shall mean that certain product,
currently known as Bio-E-Gel® and described in the NDA filed by BPA with the
FDA in April 2006, together with any improvements or modifications thereto.

(k)           “Royalty Term” means the period starting
with the first commercial sale of Product in the Territory and ending upon the
later of (i) the expiration of the last to expire of the Patents with at least
one Valid Claim covering such Product (including its use or manufacture) in the
Territory and (ii) the twelfth (12th) anniversary of the first commercial sale
of such Product in such country. 
However, if BPA or Antares obtains a patent during the term of this
Agreement that achieves exclusivity for the Product in the Territory, then the
Royalty Term shall continue for the life of that patent.

(l)            “Territory” shall mean the United States of
America and those of its territories and possessions over which the FDA has
regulatory authority.

(m)          “Trademark” shall mean the registered
trademark BIO-E-GEL (U.S. Registration No. 
3,046,494) for use on or in connection with pharmaceutical products
(including the Product), and all goodwill associated therewith and symbolized
thereby.  In the event that FDA requests
or requires that a different trademark be used in connection with the Product,
then such trademark submitted by BPA shall be the Trademark in lieu of
BIO-E-GEL; provided that if BPA
has not submitted such different trademark to the FDA on or before the
Effective Date, BPA shall reasonably consult with Company on the selection of
such different trademark.

(n)           “Valid Claim” means any claim of an issued
and unexpired Patent which has not been held unenforceable or invalid by a
court or other governmental agency of competent jurisdiction in an unappealed
or unappealable decision, and which has not been disclaimed or admitted to be
invalid or unenforceable through reissue or otherwise, which claim would be
infringed by the sale by Company of Products but for the licenses granted
herein.

2.             License
Grant.

(a)           BPA grants to the
Company, upon and subject to all the terms and conditions of this Agreement (i)
an exclusive sublicense under BPA’s rights under the Patents and an exclusive
license under BPA’s rights to Know How to make, have made, use, sell, offer for
sale, import, and develop Products in the Field in the Territory (and otherwise
to practice and use such Patents and Know How in the Field in the Territory to
make, have made, use, sell, offer for sale, import, and develop Products in the
Field in the Territory) and (ii) a non-exclusive sublicense (limited to Canada,
New Zealand, South Africa, Israel, Mexico, The People’s Republic of China
(including Hong Kong), and Indonesia) under BPA’s rights under the Patents and
Know How to make and have made Product for importation of such Product into the
Territory for sale by Company in the Field in the Territory, provided  that
Company agrees that it shall not use any such rights for any other purpose.

(b)           BPA grants to the
Company, upon and subject to all the terms and conditions of this Agreement an
exclusive license to use the Trademark on Products in the Field in the
Territory in connection with the foregoing sub-license, as further set forth in
Section 15 below.

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(c)           Company recognizes that
certain rights granted in this Agreement derive from and are subservient to the
Prime License Agreement.  Notwithstanding
any other provision in this Agreement, this Agreement does not and shall not be
read to grant to Company any rights regarding any intellectual property that is
the subject of the Prime License Agreement that are not granted to BPA under
that Prime License Agreement.  The
provisions of the Prime License Agreement that are required to be incorporated
into this Agreement are reproduced in full on the attached Exhibit B.  Such provisions of the Prime License Agreement
in the form attached are hereby incorporated into this Agreement.  Further, Company agrees that it shall be
bound by those obligations set forth in the Prime License Agreement but only to
the extent that the Prime License Agreement affirmatively imposes or requires
such obligations to be imposed on sublicensees of BPA and only to the extent
such obligations were in effect on the Effective Date.  As for any additional obligations under the
Prime License Agreement binding upon sublicensees which arise after the
Effective Date, by amendment of the Prime License Agreement or otherwise,
Company shall be bound only to those specific additional obligations to which
it has agreed to be bound in a written amendment to this Agreement duly
executed by Company.  Company shall not
knowingly take any action (or refuse to take any action) that would cause a
breach of the Prime License Agreement, and any termination of rights resulting
from such a breach shall not be an event of a breach by BPA.  In connection with the foregoing, Company
shall reasonably cooperate with BPA in all respects (including making available
relevant employees, records, papers, information, samples, specimens, and the
like) to timely cure or resolve any dispute between Antares and BPA relating to
the Prime License Agreement, or any alleged breach of the Prime License
Agreement.  Such cooperation shall be at
BPA’s expense unless the underlying dispute or alleged breach results from
action or inaction by Company in contravention of Company’s obligations and
rights hereunder, in which case it shall be at Company’s expense.

(d)           BPA covenants with
Company that during the term of this Agreement (i) BPA shall not take any
action (or refuse to take any action) that would cause a breach of the Prime
License Agreement or termination of the rights granted under the Prime License
Agreement; (ii) BPA shall take all reasonable actions to timely cure any breach
of the Prime License Agreement, and (iii) if BPA becomes aware of any alleged
or actual breach by BPA of the Prime License Agreement (including without
limitation by receipt of a notice from Antares thereof), BPA shall promptly
provide Company a detailed notice of the nature and circumstances of such
breach and a copy of any notice provided by Antares to BPA.

(e)           All rights and
interests not expressly granted to Company are reserved by BPA.

(f)            Company and its
Affiliates and sublicensees shall not sell or otherwise distribute Products to
customers outside of the Territory or to any party who the Company or BPA has
reasonable grounds to believe is likely to export the Products outside the
Territory.  Company shall require its
distributors who sell or otherwise distribute Products to make a covenant
similar to that provided by Company in this Section 2(f) with respect to
Products.  All inquiries or orders
received by Company for the Products to be delivered outside the Territory
shall be referred to BPA.  BPA and its
Affiliates and sublicensees shall not sell or otherwise distribute Products to
customers within the Territory or to any party who the Company or BPA has
reasonable grounds to believe is likely to import the Products into the
Territory.  BPA shall require its
distributors who sell or otherwise distribute Products to make a covenant
similar to

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[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.]

that provided by BPA in this Section 22(f) with respect to
Products.  All inquiries or orders
received by BPA for the Products to be delivered within the Territory shall be
referred to Company.

(g)           Within thirty (30) days
of the Effective Date, BPA shall provide Company with a written report setting
forth a summary and status of all Patents and Know How as of such date.  Thereafter, on each anniversary of the
Effective Date during the term of this Agreement, BPA shall provide Company
with a detailed written report setting forth a summary and status of (i) all
additional BPA Know How that BPA may develop or acquire or that BPA has not
previously disclosed to Company pursuant to this Section 21(a) and (ii)
all BPA Patents that have not been previously disclosed to Company pursuant to
this Section 21(a).

(h)           During the term of this
Agreement, BPA shall, at Company’s request, exercise commercially reasonable
efforts to enforce the exclusivity of the license rights granted to BPA
pursuant to the Prime License Agreement if such rights are violated by Antares
or any third-party licensee of BPA outside the Territory.

3.             Up-Front
License Fees, Royalties and Milestones.

(a)           In consideration of the
rights granted herein, the Company shall pay to BPA:

(i)            a royalty of XXX% of
Net Sales of the Product distributed or sold in the Territory in all years
during the Royalty Term, as adjusted as provided below.

(1)           Generic Competition.  If a Generic Equivalent is reasonably
notified by either party under Section 14(b) to infringe a Patent available for
a Product in a country in the Territory during the Royalty Term, and Company
furnishes evidence that the marketing of such Generic Equivalent has led to a
reduction in sales of the affected Product in such country of the Territory by
more than XXXXX percent (XXX%), and (i) in the case of notification of
infringement XXXXXXXXXXXXXXX, BioSante takes no action against the third party,
but Company does take action under Section 14(b)(i), or (ii) in the case of
notification of infringement XXXXXXXXXXXXXXX, Company takes action under
Section 14(b)(ii), then the royalty rates set forth in Section 3(a)(i)
with respect to such Product in such country shall be reduced by XXXXX
percentage XXXXX (i.e. from XXX % to XXX %) on a going-forward basis for such
Products in such country, during all times in which the Generic Equivalent with
respect to such Products remains on sale in such country.

(2)           Single Royalty.  The royalty provided in Section 3(a)(i), as
adjusted, shall not increase for a Product by reason of such Product being
covered by more than one Valid Claim or such Product being covered both by one
or more Valid Claims and by Know How.

(ii)           milestone payments as
follows:

(1)           $3.5 million on signing
of this Agreement; and

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[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.]

(2)           $7 million that becomes
fully earned and accrued in favor of BPA on receipt of FDA approval to commence
marketing a Product for the Launch Indication in the United States (“FDA Approval”), provided that Company may for its convenience delay the
actual payment of such milestone until the earlier of fourteen weeks after FDA
Approval or first commercial sale of a Product in the United States; and

(3)           $3 million on the first
anniversary of achievement of the milestone described in Section 3(a)(ii)(2); provided, however,
that in the event that FDA Approval is received for the lowest dose that BPA
tested in Phase III clinical trials, BPA shall be entitled to an additional
$500,000 (total of $3.5 million) for this milestone.

(iii)          additional milestone
payments as follows:

(1)           $XXXXXX upon the first
achievement of $XXXXXX of Net Sales of the Product in the Territory in a
calendar year;

(2)           and additional $XXXXXX
upon the first achievement of $XXXXXX of 
Net Sales of the Product in the Territory in a calendar year;

(3)           an additional $XXXXXX
upon the first achievement of $XXXXXX of Net Sales of the Product in the
Territory in a calendar year;

(4)           an additional $XXXXXX
upon the first achievement of $XXXXXX of Net Sales of the Product in the
Territory in a calendar year;

(5)           after the achievement
of the milestone provided in Section 3(a)(iii)(4) and after commercial launch
of the Product in the Territory for the Launch Indication, a bonus sales
milestone of either (A) an additional $XXXXXX if Net Sales of the Product in
the Territory in the immediately following calendar year is at least $XXXXXX
but less than $XXXXXX or
(B) an additional $XXXXXX if Net Sales of the Product in the Territory in the
immediately following calendar year is at least $XXXXXX (but not both (A) and
(B));

(6)           after the achievement
of the milestone provided in Section 3(a)(iii)(5), a bonus sales milestone of
either (A) an additional $XXXXXX if Net Sales of the Product in the Territory
in the immediately following calendar year is at least $XXXXXX but less than
$XXXXXX or
(B) an additional $XXXXXX if Net Sales of the Product in the Territory in the
immediately following calendar year is at least $XXXXXX (but not both (A) and
(B)); and

(7)           after the achievement
of the milestone provided in Section 3(a)(iii)(6), a bonus sales milestone of
either (A) an additional $XXXXXX if Net Sales of the Product in the Territory
in the immediately following calendar year is at least $XXXXXX but less than
$XXXXXX or
(B) an additional $XXXXXX if Net Sales of the Product in the Territory in the
immediately following calendar year is at least $XXXXXX (but not both (A) and
(B)).

Company shall make
each of the payments provided in 3(a)(iii) within ten (10) business days after
the occurrence of the applicable milestones. 
Company shall make the payments provided in 

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[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.]

3(a)(ii), and
(iii) above only once, upon the first achievement of the applicable milestone
by the first Product in a country in the Territory, no matter how many
additional times the applicable milestone is achieved.

With the exception
of the initial payment required by 3(a)(ii)(1), Company shall make the payments
provided in 3(a)(ii) and 3(a)(iii) above into an escrow account identified to
Company by BPA that is established for the benefit of both BPA and
Antares.  BPA agrees that each such
payment by Company into such escrow account shall satisfy Company’s obligation
for such payment to BPA notwithstanding any dispute that may arise concerning
the operation of the escrow account. 
Antares is a third party beneficiary of this Agreement solely with
respect to this provision concerning payments into the escrow account.  Company shall make the initial payment
required by 3(a)(ii)(1) by paying 75% ($2,625,000) to BioSante and 25% ($875,000)
to Antares by wire transfer as follows:

For Antares:

Bank name and
address:

XXXXXXXXXXXXXXXXXXXX

XXXXXXXXXXXXXXXXXXXX

XXXXXXXXXXXXXXXXXXXX

Account name:
XXXXXXXX

Account number: XXXXXXXX

ABA: XXXXXXXX

For BioSante:

XXXXXXXXXXXXXXXXXXXX

XXXXXXXXXXXXXXXXXXXX

XXXXXXXXXXXXXXXXXXXX

ABA XXXXXXXX

Acct XXXXXXXX

Account Name - XXXXXXXX

4.             Reports
and Payments.

(a)           On or before the last
business day of January, April, July, and October of each year of this
Agreement, the Company shall submit to BPA a written report with respect to the
preceding calendar quarter (the “Payment
Report”) stating:

(i)            Gross sales and Net
Sales made by the Company during such quarter and an itemization of deductions
from gross sales to Net Sales;

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[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.]

(ii)           In the case of
transfers of Products to an Affiliate of the Company for sale, rental, or lease
of such Products by the Affiliate to third parties, Net Sales by the Affiliate
to third parties during such quarter;

(iii)          A calculation under
Section 3 of the amounts due to BPA, making reference to the application
subsection thereof.

(b)           Simultaneously with the
submission of each Payment Report, the Company shall make payments to BPA of
the amounts due for the calendar quarter covered by the Payment Report.

(c)           Inspections and
Audit.  Company shall keep full, true
and accurate books of account containing particulars and reasonable supporting
documentation which may be necessary for the purpose of determining the Net
Sales of Products, royalties due thereon and the statements provided by Company
pursuant to Section 4(a) above.  Such
records shall be kept at Company’s principle place of business, and shall be
open at all reasonable times and upon reasonable advance notice to the
inspection of Antares, BPA, or an independent certified public accounting firm
retained by Antares or BPA, and reasonably acceptable to Company, for the
purpose of verifying any payment made under this Agreement.  The party initiating the inspection and audit
(Antares or BPA) shall bear the full cost of any such audit, unless the audit
discloses that the amount due during any period audited exceeds the amount paid
by (i) ten percent (10%) or more during the first two (2) years following first
commercial sale of a Product in any country in the Territory; or (ii) five
percent (5%) or more thereafter, in which case Company shall bear the full cost
of such audit.  Any additional royalty
found in such audit to be due BPA shall be paid by Company within thirty (30)
days after such finding.

(d)           Interest.  In the event any amount due and payable under
this Agreement is not paid by the due date, then the party owing such amount
shall pay to the other party, without being requested by such other party,
interest on the total outstanding amount at one and one half percent (1.5%) per
month, in United States Dollars.

5.             Product
Approvals.

(a)           Launch Indication
Approval.  BPA shall use its
commercially reasonable efforts for the good faith prosecution of its pending
NDA for Bio-E-Gel for the Launch Indication; provided,
BPA’s commercially reasonably efforts shall include, at a minimum, performing
all regulatory and clinical work for FDA Approval in the United States of
Product for the Launch Indication (except for changes arising out of non-FDA
required marketing, packaging, or manufacturing changes) at its sole expense
not to exceed a fully burdened cost of $XXXXXX. 
After the Effective Date, Company will have the right to participate in
all formal meetings with the FDA regarding such FDA Approval.  BPA agrees to provide Company with copies of
all correspondence and documents to and from FDA and all notices received from
FDA and to also provide Company with regular updates as Company may reasonably
request.  If further or additional regulatory
work and clinical studies are required by the FDA in order to obtain such FDA
Approval and the fully burdened cost to BPA will exceed $XXXXXX, Company shall 

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[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.]

have the option, but not
the obligation, to fund the excess.  If
Company declines to fund the excess, and if BPA also declines to fund the
excess, then either party shall be permitted to terminate this Agreement and
such termination will be deemed not to be caused by the breach of either party
and will be deemed not to be a termination by Company under Section 16(d).  In the event of termination under this
Section 5(a), BPA agrees to refund to Company the $3,500,000 initial payment
paid by Company to BPA pursuant to Section 3(a)(ii)(1), less any amount
actually paid by Company to Antares on account of such initial payment under
the Prime License Agreement; provided,
however, BPA shall use its commercially reasonable efforts to obtain
a refund of any portion of sub-licensee payments paid to Antares under the
Prime License Agreement, and shall promptly pay over to Company any such
amounts recovered from or credited by Antares.

(b)           Transfer of NDA.  Upon FDA Approval of Bio-E-Gel for the Launch
Indication, BPA agrees to assign, and hereby assigns, all right, title and
interest in and to its NDA for Bio-E-Gel for the Launch Indication to Company,
shall promptly transfer all documentation related to such NDA to Company and
agrees to take all such further commercially reasonable action and promptly
execute such further documents as may be reasonably necessary or desirable to
give full effect to such assignment (including without limitation filing any
related documents with the FDA).  After
such transfer Company shall be solely responsible for (i) post FDA Approval
regulatory obligations for the Product, including without limitation the
preparation and submission of annual reports, the reporting of adverse events,
and cooperating with governmental regulatory agencies; (ii) communication with
third parties regarding the Product in the Field in the Territory, including
without limitation responding to complaints and medical inquiries; (iii)
investigating all complaints and adverse drug experiences related to the
Product in the Field in the Territory; and (iv) conducting any voluntary or
involuntary recalls of Product in the Territory, including without limitation
recalls required by any governmental authority and recalls deemed reasonably
necessary by Company or BPA.

(c)           Post-Approval
Studies.  In the event the FDA
requires a Phase IV study, BPA shall conduct such study but shall only be
responsible for XXX% of the fully burdened cost and expense of any Phase IV
commitment up to a maximum of $XXXXXX, with Company responsible for the
excess.  BPA shall from time to time
invoice Company for Company’s share of such costs and expenses, and Company
shall pay such invoices within thirty (30) days of receipt.

(d)           Pre-Approval Changes.  Without limiting BPA’s responsibilities
pursuant to Section 5(a), Company shall be solely responsible, at its own
expense, for all regulatory or clinical work, requirements, cost or expense
arising out of any marketing, manufacturing or packaging changes initiated or
requested by Company in writing prior to FDA Approval.  By way of example and not limitation, Company
has requested that BPA develop XXXXXXXX formats of Product for detailing and
sample purposes, which such development BPA has commenced, and Company shall
going forward direct such development at its discretion and shall be
responsible for all such fully burdened development costs and expenses for such
formats incurred after the Effective Date. 
If Company determines to discontinue such 

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[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.]

development, it shall
give reasonable advance written notice to BPA, and BPA shall then have the
right, but not the obligation, to continue such development at its sole cost
and expense.

(e)           New Indications.  Company shall have the right, in its sole
discretion, to conduct development and commercialization of the Product for any
New Indication in the Territory, subject to and in accordance with the terms
and conditions of this Agreement.  If
Company decides to pursue any such New Indication, Company shall be solely
responsible at its sole cost and expense for accomplishing all Product
development and commercialization, including without limitation (1) any
pre-clinical, clinical and regulatory work, additional clinical testing or
other studies and manufacturing requirements relating to the Product for such
New Indication; (2) all FDA and other regulatory obligations post approval for
such New Indication; and (3) any other Product and medical requirements
relating to the sale or marketing of the Product for such New Indication.  Subject to Section 5(f), Company agrees to
provide BPA with copies of all correspondence and documents to and from FDA and
all notices received from FDA regarding such New Indication and to also provide
BPA with regular updates as BPA may reasonably request.

(f)            Data Sharing.  BPA and Company agree to provide one another
immediate, full and free access to the clinical data and results generated by
or on behalf of each (including by Affiliates and sublicensees of such party
and, in the case of BPA, information received from Antares) with respect to the
Products, and each agrees that the other may utilize all such data and results
directly or through permitted (sub) licensees in pursuit of product approvals
in their respective geographical areas (the Territory for Company and all other
areas for BPA).  BPA shall use
commercially reasonable efforts to obtain such data from other licensees or
sublicensees, but BPA shall have no obligation to share or provide any such
information and data regarding Products with Company under this Section 5(f) if
such information is not freely available to BPA with the right to share same
with Company.  For the avoidance of
doubt, BPA shall have the absolute right to freely share all such data and
results obtained from Company with Antares.

(g)           Adverse Events.   The parties shall promptly notify each other
of any material information related to adverse events with Products to the
extent required by applicable law to allow the parties to timely comply with
their adverse event and safety data reporting legal obligations worldwide
(including as these legal obligations may be updated in future).  Each party shall require its Affiliates and
Product licensees and sublicensees to comply with this Section 5(g).

6.             Diligence;
Compliance With Law.

(a)           The Company shall use
its best commercially reasonable efforts to manufacture, market, sell and
distribute Products for commercial sale and distribution throughout the
Territory.

(i)            Company shall provide
a minimum of XXXXXXXXXXXX sales representatives to detail the Product for the
commercial launch for Launch Indication in the 

 10
 

[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.]

Territory at the time of
such commercial launch, and a minimum of XXXXXXXXXXXX sales representatives to
detail the Product for the Launch Indication in the Territory XXXXXXXXXXXX
after such commercial launch.  Without
limiting the foregoing, Company shall provided a minimum cumulative total of
XXXXXXXXXXXX PDEs as of XXXXXXXXXXXX after commercial launch of the Product for
the Launch Indication in the Territory, a minimum cumulative total of
XXXXXXXXXXXX PDEs as of XXXXXXXXXXXX after such commercial launch and a minimum
cumulative total of XXXXXXXXXXXX PDEs as of XXXXXXXXXXXX after such commercial
launch.  Company shall use promotional
and sales efforts for the Product for the Launch Indication in the Territory
that is not less than such promotional and sales efforts and financial
commitment for other products of similar size and market potential promoted and
sold by Company in the Territory and not less than such promotional and sales
efforts and financial commitment made by other similarly situated
pharmaceutical companies for products of similar size and market
potential.  Company shall use best
commercially reasonable efforts to fully launch its promotion and sale of the
Product for the Launch Indication in the Territory within XXXXXXXXXXXX
following FDA Approval, but no later than XXXXXXXXXXXX following receipt of
commercial quantities of salable Product for commercial sale after FDA
Approval.  Failure to launch with
XXXXXXXXXXXX following receipt of such commercial quantities of Product after
FDA Approval shall be deemed a material breach of this Agreement.

(ii)           During the term of the
Agreement the Company shall not make, have made, market, sell, offer for sale,
or distribute transdermal estrogen-only products (delivered as a gel and not
with a patch or another transdermal delivery method) for once daily application
that directly compete with the Product for the Launch Indication in the
Territory.  However, in the event that
Company is acquired by a third party that is marketing a competing product in
at the time of acquisition, this Section 6(a)(ii) shall not require the
acquiring company to discontinue sales of such product so long as the acquiring
company complies in all other respects with the obligations to diligently sell
and promote the Product.

(b)           The Company shall at
all times comply with and adhere to all statutes, ordinances, laws,
regulations, and the like in its conduct of all of its activities under this
Agreement, including without limitation in the manufacture, marketing,
advertising, promotion, distribution, and sale of the Products.

(c)           The Company shall
promptly provide BPA with copies of all promotional materials used by Bradley
for marketing the Product in the Field in the Territory.  The Company shall also provide BPA an annual
summary report of its commercialization of the Product, including copies of the
Company’s actual draft sales and marketing plans, and afford BPA a reasonable
opportunity to provide input into same and meet with the Company to discuss; provided, however, that this shall not be construed as a right of BPA
to approve such sales and marketing plans. 
In addition, the Company shall provide BPA a mid-year update to such
report summarizing any further developments in the commercialization of the
Product.

 11
 

(d)           The Company shall
provide BPA with copies of all correspondence and documents to and from FDA and
all notices received from FDA concerning the Product, and also provide BPA with
regular updates as BPA may reasonably request.

7.             Proprietary
Rights.  Company acknowledges and
agrees that as between Company and BPA, BPA shall have and obtain title to and
ownership in the formulation of the Products, the Patents and the Know How (as
that term is defined in the Prime License Agreement), including, but not
limited to, any and all improvements, developments, and inventions thereof that
cover the Products, if any.  For the
avoidance of doubt, any inventions made by Company during the term of the
Agreement that do not cover the Products shall remain the property of
Company.  Nothing in this Agreement shall
be interpreted to grant any ownership, license or other right to any party in
or to any improvement, development or invention of Company arising from its
research and development activities generally to the extent such activities are
not directed toward the Product.  
Nothing in this Agreement shall be interpreted to cause any information
relating to Company’s research and development activities generally to the
extent such activities are not directed toward the Product to be considered the
Confidential Information of any party other than Company.

8.             Manufacturing.

(a)           The Company shall use
its best commercially reasonable efforts to have the Product manufactured at
all times in sufficient quantities to supply any demand and any government or
commercial requirements, and at all times shall ensure that such manufacture
complies with applicable law.

(b)           Technology Transfer.

(i)            Promptly after the
Effective Date, BPA and its Affiliates shall, and BPA shall use its good faith
efforts to cause its contractors, including without limitation DPT
Laboratories, Ltd., 4040 Broadway, Suite 401, San Antonio, TX, 78209 (“DPT”),
who have been manufacturing Product (in any and all forms) to, perform all
technology transfer required to establish all then-current manufacturing
processes (including analytical methods) for Products (in any and all forms) at
Company’s manufacturing facility or the manufacturing facility of Company’s
chosen supplier.  To be clear, this
technology transfer shall include without limitation the transfer by BPA of all
manufacturing data and Know How and copies of any FDA correspondence with
respect to manufacture of Product. 
Company shall have the right to share all such manufacturing data and
Know How with any manufacturer the Company engages to manufacture Product,
under terms of confidentiality and non-use no less stringent than those present
in this Agreement.  Notwithstanding
anything to the contrary in this Section, Company’s right and ability to
receive such information from DPT is subject to the Research and Development
Services Agreement between BPA and DPT dated as of May 28, 2003 (the “DPT Agreement”), and Company may be
required by DPT to undertake certain confidentiality obligations provided in
Section 8 of the DPT Agreement and exclusivity obligations provided in Section
7 of the DPT Agreement, in each case as imposed on BPA in accordance with the
DPT Agreement, in order to receive information from DPT, it being understood,
however, that such exclusivity obligation is conditioned upon DPT honoring its
obligations under the DPT Agreement and the DPT Agreement being in full force
and effect.  If requested by Company, BPA
shall use commercially reasonable efforts (not requiring the payment of money
or

 12
 

assumption of other
obligations) to assist Company in negotiating with DPT a commercially
reasonable manufacturing price for the Product for the benefit of Company.

(ii)           At the request of
Company, BPA shall reasonably assist Company with arranging for manufacture of
Product to be performed after the Effective Date by DPT, including without
limitation by facilitating introductions of Company’s representatives to, and
the commencement of discussions by such representatives with, such contacts
within DPT as are then reasonably available to BPA or any of its Affiliates,
and offering assistance and consultation to Company’s representatives with
respect to the conduct of any such discussions with DPT.  BPA shall request that DPT, and give DPT the
right to, work collaboratively with and disclose BPA Confidential Information
to Company regarding the manufacture of Product in the Field in the Territory
subject to this Agreement and the Prime License Agreement.  Company shall request that DPT, and give DPT
the right to, work collaboratively with and disclose Company Confidential
Information to BPA regarding the manufacture of Product in the Field in the
Territory subject to this Agreement and the Prime License Agreement.

(iii)          Promptly after the
Effective Date, BPA shall assign to Company, and Company shall accept
assignment, of the DPT Agreement, provided
that BPA shall remain responsible for any obligations that it may
have to DPT under the DPT Agreement that are due and existing at the time of
such assignment (including, to be clear, indemnification obligations for
actions occurring prior to the time of such assignment).  Company agrees that any confidential
information of BPA held by DPT shall remain the property of BPA and be governed
by the confidentiality provisions of this Agreement.  Upon the termination or expiration of this
Agreement, the Company shall reassign the DPT Agreement to BPA and BPA shall
accept assignment, provided that
the Company shall remain responsible for any obligations that it may have to
DPT under the DPT Agreement that are due and existing at the time of such
reassignment (including, to be clear, indemnification obligations for actions
occurring prior to the time of such reassignment).

(c)           Tag Along
Manufacturing.  BPA shall have the
right to place orders for reasonable quantities of Product for sale by BPA or
BPA’s licensees outside the Territory when Product is being made by or for
Company; provided, however, if
BPA and BPA’s licensees intend to order sufficient quantities of Product to
comprise a complete manufacturing batch of Product, BPA and its licensees shall
place their own order for such Product independently of Company’s orders.  Company shall give BPA as much advance notice
as reasonably possible, but in no event less than best commercially reasonable
notice, for each manufacturing run to enable BPA to exercise its rights under
this Section 8(c).  BPA shall pay Company’s
actual out of pocket cost for such manufacture including any surcharges imposed
by the manufacturer for partial batches and special packaging and labeling
requirements.  BPA shall make payments
for its orders either directly to the manufacturer or to Company, and shall
take delivery either directly from manufacturer or from Company, with the
details of same to be negotiated in good faith between BPA and Company (subject
to the default rules of the Uniform Commercial Code if agreement on the details
is not reached).  In the event that the
manufacturer is not able to fill the entire quantity ordered by Company and BPA,
it shall fill the orders on a pro rata basis.

 13
 

9.             Confidentiality.

(a)           Confidential
Information.  In connection with this
Agreement, the parties may provide to each other Confidential Information,
including without limitation each party’s invention disclosures, proprietary
materials and/or technologies, economic information, business or research
strategies, trade secrets and material embodiments thereof.  As used herein, “Confidential Information” means any information of a
confidential or proprietary nature disclosed by a party to this Agreement to
the other party, including, in the case of Company, royalty reports or
development reports submitted pursuant to this Agreement.  For the avoidance of doubt, any such
Confidential Information related to the Product shall be considered BPA’s
Confidential Information.

(b)           Confidentiality and
Non Use.  The recipient of the
disclosing party’s Confidential Information shall use such Confidential
Information solely to exercise its rights and perform its obligations under
this Agreement, and in the case of BPA only, under the Prime License Agreement
(including, without limitation, the right to use and disclose such Confidential
Information in regulatory applications and filings), unless otherwise mutually
agreed in writing.  The recipient of a
disclosing party’s Confidential Information shall maintain such Confidential
Information in confidence, and shall disclose such Confidential Information
only to those of its employees, agents, consultants, sublicensees, attorneys,
accountants, advisors, and in the case of BPA only, licensor with respect to
the Product who have a reasonable need to know such Confidential Information
and who are bound by obligations of confidentiality and non-use no less
restrictive then those set forth herein. 
The recipient of the other party’s Confidential Information shall take
the same degree of care that it uses to protect its own confidential and
proprietary information of a similar nature and importance (but in any event no
less than reasonable care).

(c)           Exclusions.  Confidential Information shall not include
information that:  (i) is in the
recipient’s possession prior to receipt from the disclosing party as
demonstrated by contemporaneous documentation; (ii) is or becomes, through no
fault of the recipient, publicly known; (iii) is furnished to the recipient by
an unaffiliated third party without breach of a duty to the disclosing party;
(iv) is independently developed by the recipient without use of, application of
or reference to the disclosing party’s Confidential Information as demonstrated
by contemporaneous documentation.

(d)           Legal Disclosures.  It shall not be a violation of this Section 9
to disclose Confidential Information to the extent required to be disclosed
under applicable law, provided
that the recipient, to the extent possible and in accordance with applicable
law, shall give the disclosing party prior written notice of the proposed
disclosure and shall cooperate fully with the disclosing party to minimize the
scope of any such required disclosure.

(e)           Survival.  All obligations of confidentiality and
non-use imposed under this Section 9 shall survive for five (5) years after the
termination or expiration of this Agreement.

(f)            Communications with
BPA’s Licensor.  For clarity and
without limitation, during the term of this Agreement, the Company shall not
directly communicate with BPA’s 

 14
 

licensor with respect to
the Product unless specifically provided for in this Agreement or unless
otherwise specifically authorized in writing by BPA.

10.           Warranty.

(a)           BPA represents and
warrants to, and covenants with, Company as follows:

(i)            Title; Encumbrances.  As of the Effective Date, (a) it is the sole
and lawful owner or exclusive licensee of the entire right, title and interest
in the Patents and Know How in the Territory; and (b) there are no material
outstanding liens, security interests, pledges, charges, mortgages,
restrictions, interests and/or encumbrances of any kind in or burdening any of
the Patents or Know How in the Territory.

(ii)           Prime License
Agreement.  As of the Effective Date,
(a) the Prime License Agreement is in full force and effect; (b) the copy of
the Prime License Agreement that BPA has disclosed to Company on or before the
Effective Date is a true and accurate copy of such agreement as in effect as of
the Effective Date; (c) the Prime License Agreement is fully enforceable
against Antares to the same extent as it would have been against Permatec upon
execution thereof; (d) BPA has made all payments and fulfilled all material
obligations due and/or owed under the Prime License Agreement for which the
payment or other obligation arose on or before the Effective Date; (e) BPA is
not in material breach of the Prime License Agreement and has received no
notice of breach thereunder; and (f) the only Patents that as of the Effective
Date have been in-licensed were in-licensed pursuant to the Prime License
Agreement.

(iii)          Other Licenses.  As of the Effective Date, BPA has not
granted, and shall not grant during the term of this Agreement, expressly or
otherwise, any assignment, license or other extension or rights, covenant not
to sue, or other similar interest or benefit, exclusive or otherwise, to, under
or in the Patents or the Trademark, in the Field and in the Territory, that
remains in effect or in force as of the Effective Date, other than to Company
pursuant to this Agreement.

(iv)          Non-infringement of
Third Party Rights.  To the best
knowledge of BPA’s executive officers without a duty of inquiry, no patents or
trade secret rights owned or controlled by an unaffiliated third party
dominate, or would be infringed or misappropriated by the manufacture, use,
sale, offer for sale or importation of Products (in the case of all activities
other than manufacture, in the Territory), and BPA has received no written claims
relating to any claims of such domination, infringement or misappropriation.

(v)           Claims.  As of the Effective Date, (a) there are no
claims, actions, suits or proceedings commenced, pending or threatened against
it or any of its Affiliates that will, could or might in any way materially
affect or relate to the rights and benefits granted to Company hereunder; and
(b) BPA has not received written notice that any third party intends to
challenge the patentability or validity of any Patent or Trademark.

(vi)          Third-Party
Activities; Grounds.  As of the
Effective Date, to the best knowledge of BPA’s executive officers without a
duty of inquiry, BPA is unaware of any (a) activities by third parties
that would constitute material infringement or misappropriation of 

 15
 

the Patents or Trademark
(in the case of pending claims, evaluating them as if they were issued); and
(b) grounds existing on which any claims, actions, suits or proceedings might
be commenced against Company with respect to the Patents or Trademark.

(vii)         Patents.  Exhibit A contains a complete list of
all Patents that it or any of its Affiliates owns or controls, as of the
Effective Date, that cover the Products or their manufacture.

(viii)        Clinical Data.  As of the Effective Date, (a) the NDA pending
for the Product contains a complete data package that is to the best knowledge
of BPA’s executive officers without a duty of inquiry and BPA’s good faith
belief sufficient for FDA Approval of such NDA; (b) BPA has disclosed all
material pre-clinical and clinical data regarding the Product in the Territory
to both the FDA and Company; (c) BPA has provided Company with copies of all
correspondence and documents to and from FDA and all notices received from FDA
regarding the Product or the NDA; (d) BPA has performed all clinical studies
regarding the Product in material compliance with all applicable laws and
guidelines and good clinical practice; (e) to the extent post-FDA Approval
studies are required by the FDA as further described in Section 5(c) for the
Launch Indication for the Product, BPA shall perform all such studies in
material compliance with all applicable law and guidelines and good clinical
practice.

(ix)           Safety and Efficacy
Data.  As of the Effective Date, BPA
has disclosed to Company all material safety- and efficacy-related data and
information (including without limitation toxicology, carcinogenicity and
mutagenicity data and information) generated by, disclosed to and/or known to
BPA (or that BPA reasonably should know) regarding Products and any information
required to fairly and accurately interpret such data and information and make
BPA’s disclosures thereof to Company complete, accurate and not misleading.

(x)            No Debarment.  As of the Effective Date, in the course of
developing Products, BPA has not, and to its knowledge no other party has,
engaged any person who has been debarred by the FDA or is the subject a
debarment proceedings by the FDA, and BPA hereby covenants that it and its
Affiliates shall not do so during the Term.

(xi)           Competing Products.  During the term of the Agreement BPA shall
not make, have made, market, sell, offer for sale, or distribute transdermal
estrogen-only products (delivered as a gel and not with a patch or another
transdermal delivery method) for once daily application that directly compete
with the Product for the Launch Indication in the Territory.  However, in the event that BPA is acquired by
a third party that is marketing a competing product in at the time of acquisition,
this Section 10(a)(xi) shall not require the acquiring company to discontinue
sales of such product so long as the acquiring company complies in all other
respects with the terms of this Agreement.

(b)           Other than as expressly
provided in this Agreement, neither party makes any warranty and makes no
representation, express or implied, regarding the Product, Patents or the
Trademark or Materials.  IN PARTICULAR,
BUT WITHOUT LIMITATION OF THE GENERALITY OF THE PRECEDING SENTENCE, EACH PARTY
HEREBY EXPRESSLY DISCLAIMS AND DOES NOT GIVE ANY WARRANTY AND MAKES NO
REPRESENTATION WITH RESPECT TO THE PRODUCTS, PATENTS, AND 

 16
 

TRADEMARK AND MATERIALS
OR ANY CLINICAL TRIALS CONDUCTED BY EITHER PARTY REGARDING THE PRODUCT AND THE
RESULTS THEREOF, INCLUDING WITHOUT LIMITATION, ANY WARRANTY OF COMPLETENESS,
ACCURACY, VALIDITY, ENFORCEABILITY, NON-INFRINGEMENT, MERCHANTABILITY OR
FITNESS FOR A PARTICULAR PURPOSE THEREOF, IN PARTICULAR WITH RESPECT TO FDA
APPROVAL OF THE NDA.  ALL LIABILITIES,
REPRESENTATIONS,  AND WARRANTY BY EACH
PARTY ARE EXPRESSLY DISCLAIMED.

(c)           IN NO EVENT WILL EITHER
PARTY HAVE ANY LIABILITY TO THE OTHER FOR ANY INDIRECT, INCIDENTAL, SPECIAL,
CONSEQUENTIAL OR PUNITIVE DAMAGES, EVEN IF ADVISED OF THE POSSIBILITY
THEREOF.  THE ALLOCATION OF LIABILITY IN
THIS PARAGRAPH REPRESENTS THE AGREED AND BARGAINED FOR UNDERSTANDING WITH
RESPECT TO THE ALLOCATION OF RISKS INHERENT IN THIS AGREEMENT.

11.           Prohibition
Against Use of Names; Confidentiality of Agreement.

(a)           Neither
party shall use the name, insignia, or symbols of the other party, its
faculties or departments, or any variation or combination thereof, or the name
of any director, officer, employee, agent or representative of such other party
for any advertising, packaging or other promotional or publicity purpose
without such other party’s prior written consent; provided, however,
that either party may identify the other party if required by law, regulation,
court order or the rules of any securities exchange on which the identifying
party’s stock is traded.  Upon execution
of this Agreement, BPA and Company may each issue a press release in the form
annexed hereto as Exhibit C1 and Exhibit C2, respectively.  Either party may issue future press releases
regarding this Agreement with the prior written approval of the other party,
such approval not to be unreasonably withheld or delayed (and in any event
provided within three (3) days).  Once
the content of a press release has been approved by the other party, a party
may release future press releases that contain substantially the same content
without additional approval.  Upon
issuing any press release, the party doing so shall simultaneously copy the
other party.

(b)           Subject
to the provisions of this Section 11, including the exception for any public
disclosures made in compliance with the terms of Section 11(a), the parties
agree that the terms of this Agreement are confidential and will not be
disclosed by either party to any third party (except to a party’s professional
advisor) without advance written permission of the other party, provided that either party may make any
filings or disclosures of this Agreement or its terms required by law or
regulation in any country so long as such party uses its reasonable efforts to
obtain confidential treatment for portions of this Agreement as available,
consults with the other party, and permits the other party to participate, to
the extent practicable, in seeking a protective order or other confidential
treatment, and further provided that either
party may disclose the terms of this Agreement to a third party (and its
professional advisors) when such disclosure is reasonably necessary in
connection with (i) a merger, acquisition, placement, investment, or other such
transaction with such third party, or (ii) the sale of securities to or other financing
from such third party or a financing underwritten by such third party, in which
case disclosure may be made to any person or entity to whom such third party
sells such securities (and its 

 17
 

professional advisers).  Advance written permission for disclosure
will not be required when a party is ordered to disclose information concerning
the Agreement by a competent tribunal or such disclosures are required by law,
regulation, or stock exchange rules, except that such party will make all
reasonable efforts to limit any disclosure as may be required in the course of
legal proceedings by entry of an appropriate protective and confidentiality
order, and will provide the other party with as much advance notice of such
circumstances as is practicable.

12.           Compliance
with Governmental Obligations.

(a)           Each party shall comply
upon reasonable notice from the other party with all governmental requests
related to the Product or this Agreement directed to either party, including
without limitation by providing all information, data and assistance necessary
to comply with legitimate governmental requests related to the Product or this
Agreement.  Each party shall promptly
notify the other party of all such governmental requests.

(b)           The Company shall
ensure that its activities under this Agreement including but not limited to
marketing, sale and commercial distribution of the Product comply with all
government regulations in force and effect including, but not limited to,
federal, state, and municipal legislation and regulations.

13.           Indemnity
and Insurance.

(a)           The Company will
indemnify and hold BPA, its Affiliates and their respective officers,
directors, employees and agents (collectively the “BPA Indemnitees”) harmless against any and all losses,
damages, liabilities, judgments, fines, amounts paid in settlement, expenses
and costs of defense (including without limitation reasonable attorneys’ fees)
(collectively “Losses”) resulting
from any action, suits, claims, demands, or prosecutions brought or initiated
by a third party (each a “Third Party Claim”)
to the extent such Third-Party Claim arises out of  (i) the breach or alleged breach of any
representation, warranty or covenant by Company contained herein; (ii) the
negligence or willful misconduct of any Company Indemnitee; and (iii) the
development, manufacture, storage, handling, use, sale, offer for sale or
importation of Product by or for Company and its Affiliates, sublicensees and
distributors; provided that such
indemnity shall not apply to the extent BPA has an indemnification obligation
pursuant to Section 13(b)(ii) for such Loss.

(b)           BPA shall indemnify,
hold harmless and defend Company, its Affiliates and sublicensees, and their
respective officers, directors, employees and agents (the “Company Indemnitees”) from and against any
and all Losses resulting from any Third Party Claim against them to the extent
that such Third Party Claim arises out of 
(i) the breach or alleged breach of any representation, warranty or
covenant by BPA contained herein; (ii) the negligence or willful
misconduct of any BPA Indemnitee, or (iii) the development, manufacture,
storage, handling, use, sale, offer for sale or importation of Products by or
for BPA Indemnitees; provided
that such indemnity shall not apply to the extent Company has an
indemnification obligation pursuant to Section 13(a)(ii) for such Loss.

(c)           Procedure.  A party whose BPA Indemnitee or Company
Indemnitee is entitled to be indemnified pursuant to this Section 13 (the “Indemnified Party”) shall give prompt 

 18
 

notice of the Third Party
Claim to the other party (the “Indemnifying
Party”) and the Indemnifying Party shall defend against such Third
Party Claim with the reasonable cooperation of the Indemnified Party; provided that the Indemnifying Party shall
not make any settlement of any such Third Party Claim that includes an
admission of liability by the Indemnified Party or adversely affects the
intellectual property of the Indemnified Party without the prior written
consent of the Indemnified Party, which consent shall not be unreasonably
withheld, conditioned or delayed.  The
Indemnified Party shall have the right to be present in person or through
counsel at substantive legal proceedings relating to the Third Party Claim
giving rise to the Indemnified Party’s right to indemnification hereunder.  If the parties cannot agree as to the
application of Sections 13(a) and 13(b) to any Loss or Third Party Claim,
the parties may conduct separate defenses of such Third Party Claim.  In such case, each party further reserves the
right to claim indemnity from the other in accordance with Sections 13(a)
and 13(b) upon resolution of such underlying Third Party Claim.

(d)           Company shall maintain,
during the term of this Agreement, comprehensive products liability insurance
with reputable and financially secure insurance carriers reasonably acceptable
to BPA (but in no event less than rated A by AM Best) to cover the activities
of the parties related to the Product hereunder, for minimum limits of
$10,000,000 combined single limit for bodily injury and property damage per
occurrence and in the aggregate.  Such
insurance shall include BPA as an additional named insured.  Such insurance shall be written to cover
claims incurred, discovered, manifested, or made during or within three (3)
years after the expiration of this Agreement.

(e)           Each of BPA and Company
shall at all times comply with all statutory workers’ compensation and
employers liability requirements covering its employees with respect to
activities performed under this Agreement.

(f)            BPA shall add Company
as an additional named insured on BPA’s clinical trial insurance, solely with
respect to clinical trials conducted by BPA relating to the Product in the
Field in the Territory, should it be necessary to conduct Phase IV clinical
trials as per Section 5(c).  BPA shall
maintain: (i) comprehensive general liability insurance and (ii) during any
such clinical trials conducted by BPA related to the Product in the Field in
the Territory, comprehensive clinical trial liability insurance to cover such
clinical trials, in each case with reputable and financially secure insurance
carriers reasonably acceptable to Company (but in no event less than rated A by
AM Best).

14.           Intellectual
Property.

(a)           Patent Prosecution.  As between the parties and to the extent that
BPA has the right to do so under the Prime License Agreement: (i) BPA shall be
responsible for the preparation, filing, prosecution and maintenance of the
Patents in the Territory; provided, however, that Company shall reimburse BPA
for any such costs and (ii) BPA shall reasonably cooperate with Company to seek
Company’s input and comments on prosecution strategy, and shall provide Company
with a copy of each submission made by BPA to a patent authority in the
Territory regarding a Patent. 
Notwithstanding anything in the foregoing, if BPA (and any

 19
 

[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.]

third party with the right to prosecute or maintain any Patent under
the Prime License Agreement) determines in its sole discretion to abandon or
not maintain such Patent anywhere in the Territory, then BPA shall provide
Company with thirty (30) days prior written notice before any relevant deadline
relating to the relevant Patent and shall offer in writing to Company the
transfer of the respective Patent (if owned by BPA) or transfer of the right to
prosecute and maintain the relevant Patent (if in-licensed to BPA).  In the event Company accepts such offer to
transfer the Patent within thirty (30) days after receipt of the offer, BPA
shall take all measures necessary for the transfer and assignment of the Patent
to Company and shall execute all documents necessary therefore.  In the event Company does not accept BPA’s
offer within the thirty (30) days time period, BPA is free to abandon the
respective Patent.  Further, to the
extent permissible under the Prime License Agreement, BPA agrees to use good
faith efforts to persuade Antares to add independent claims that solely cover
estrogen-only products to any U.S. patent applications within the Patents.  The cost and expense associated therewith
shall be borne and reimbursed by Company.

(b)           Patent Enforcement.

(i)            XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX.

(ii)           XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
XXX XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX.

 20

(c)                                  Parallel
Importation Enforcement.  BPA will
use commercially reasonable efforts to take such legal action as may be
appropriate against its licensees or sublicensees causing the importation into
the Territory of Product sold and intended for sale outside of the Territory
(so called “grey market” goods).

(d)                                 Patent
Term Restoration and Regulatory Exclusivity.  The parties shall take commercially
reasonable efforts to cooperate with each other in obtaining patent term
restoration or extension, supplementary protection certificates, regulatory
data extensions or exclusivity, or their equivalents, in the Territory where
applicable, with any expense for same directed at the Product to be paid by
Company.  For the avoidance of doubt,
this paragraph imposes no obligation on BPA to conduct or fund clinical
studies.

(e)                                  Patent
Marking and Rights.  Prior to the
issuance of patents, the Company will mark Products made, sold, or otherwise
disposed of by it under the license granted in this Agreement with the words “Patent
Pending,” and following the issuance of one or more patents, with the numbers
of such patents, in accordance with the requirements set forth in 35 U.S.C.
§ 287(a), in each case subject to regulatory restrictions imposed by the
FDA or any other regulatory agency with jurisdiction over approval of human
pharmaceuticals in the Territory.  The
Company shall not challenge or contest, or assist or encourage others to
challenge or contest, the validity and enforceability of the Patents.

15.                                 Trademark.

(a)                                  Quality.  The Company shall ensure that the Products,
as well as all packaging, advertisements, and marketing materials
(collectively, “Materials”) shall
be of high quality and comply in all respects with all applicable laws,
regulations, FDA requirements, and the descriptions and standards of the NDA.

(b)                                 Use
of Trademark.

(i)                                     Company
may brand all Products and Materials with the Trademark and if so shall use the
notation ® in association with the Trademark along with an indication that the
Trademark is registered to BPA.  To be
clear, Company shall also be free to market the Products and Materials within
the Territory with trademark(s) of its own choosing; provided, however,
that upon any termination of this Agreement other than termination by Company
pursuant to Sections 16(b) or 16(c) (and, to be clear, other than expiration of
this Agreement), ownership of any such trademark shall be transferred to BPA
along with any applicable goodwill. 
Company shall not join any term to the Trademark to create a new trademark.

(ii)                                  Company
shall use the Trademark in accordance with usual trademark practice.  Company shall not, by any act or omission,
tarnish, disparage, degrade, dilute or injure the reputation of the Trademark
or BPA and/or the goodwill associated therewith.  The Trademark must not be used in any manner
that causes confusion as to the source or origin of the Product.  Company shall not use any other trade name,
trademark or service mark, in combination with the Trademark in such a manner
as to create or appear to create a combination or unitary trademark.

 21
 

[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.]

(c)                                  Ownership.  Company agrees that notwithstanding any
provision of this Agreement, all uses of the Trademark (and the goodwill
represented thereby) shall inure to the benefit of BPA.  Company acknowledges the exclusive ownership
of the Trademark by BPA and shall not do anything inconsistent with or in
derogation of such ownership.

(d)                                 The
Trademark Rights.  The Company shall
not challenge or contest, or assist or encourage others to challenge or
contest, the validity and enforceability of the Trademark.

16.                                 Term
of Agreement.

(a)                                  This
Agreement shall be effective as of the date first set forth above and shall
continue in full force and effect until its expiration or termination in accordance
with this Section 16.

(b)                                 This
Agreement may be terminated by either party upon written notice after written
notice specifying such alleged breach in reasonable detail and a reasonable
opportunity to cure.  In the case of
non-payment, such reasonable opportunity to cure shall not be greater than ten
(10) calendar days and BPA and Company shall not be relieved of any obligations
as a result of any termination of this Agreement for reason of non-payment.

(c)                                  Either
party may immediately terminate this Agreement upon written notice  should the other party file a petition under
any bankruptcy or insolvency act or have any such petition filed against it
that is not dismissed within ninety (90) days.

(d)                                 If
FDA Approval in the United States of Product for the Launch Indication is
obtained, but the total of (i) Company’s share of the fully burdened cost of
post-approval studies required by FDA and (ii) the fully burdened cost of any
additional studies required to obtain approval by the FDA for the lowest dose
of the Product that BPA tested in Phase III clinical trials together exceeds
$XXXXXX, Company shall have the right to terminate this Agreement and return
the rights granted hereunder to BPA upon ninety (90) days prior written notice
to BPA; provided, however, that Company must within thirty
(30) days after the effective date of such termination pay BPA $XXXXXX plus any
further amounts that as of the effective date of such termination had accrued
or were due BPA under any other provisions of this Agreement, excluding,
however, any milestone payments under Sections 3(a)(ii)(2) ($7 million) or
3(a)(ii)(3) ($3.0 million or $3.5 million) regardless of whether or not such
milestone payment has then accrued.  For
clarity, Company shall not have the obligation to pay BPA under this Section
16(d) if Company terminates this Agreement under Section 5(a).

(e)                                  If
not terminated under (b)-(d) above, this Agreement shall expire upon the
expiration of the Royalty Term in the Territory with respect to the
Product.  Upon such expiration, the
licenses granted under Sections 2(a) and 2(b) shall survive, the licenses
granted in Section 2(a) shall automatically become non-exclusive,
irrevocable, fully paid-up, and royalty-free licenses, and the license granted
in Section 2(b) shall automatically become an exclusive, irrevocable,
fully paid-up and royalty-free license.

 22
 

(f)                                    Upon
any termination of this Agreement other than termination by Company pursuant to
subsections (b) or (c) above (and, to be clear, other than expiration of this
Agreement), the licenses granted under Sections 2(a) and 2(b) to Company
shall terminate and any and all information, trademarks, documents, Patents,
and Know How (as that term is defined in Section 1.6 of the Prime License
Agreement) relating to the Product, including all copies in whatever form or
media, shall be immediately provided to and assigned to BPA; provided, however,
Company may maintain one copy of any such information solely for purposes of
exercising its legal rights hereunder. 
After such transfer Company agrees to provide BPA with copies of all
correspondence and documents to and from FDA and all notices received from FDA
and to also provide BPA with regular updates as BPA may reasonably
request.  Further, upon any such
termination of this Agreement, Company assigns all right, title and interest in
and to the NDA to BPA, shall promptly transfer all documentation related to
such NDA to BPA, and agrees to take all such further best commercially
reasonable action and promptly execute such further documents as may be
reasonably necessary or desirable to give full effect to such assignment,
including without limitation submitting a letter to the FDA requesting transfer
and any related documents with the FDA to effect such transfer.  After such transfer of the NDA to BPA,
Company agrees to cooperate with BPA, at Company’s own expense for a reasonable
transition period, regarding (i) post FDA Approval regulatory obligations for
the Product, including without limitation the preparation and submission of
annual reports, the reporting of adverse events, and cooperating with
governmental regulatory agencies; (ii) communication with third parties
regarding the Product, including without limitation responding to complaints
and medical inquiries; (iii) investigating all complaints and adverse drug
experiences related to the Product; and (iv) giving such notice as BPA may
request to the FDA and to DPT or any other contract manufacturer of Product.

(g)                                 Upon
termination of this Agreement by Company pursuant to subsections(b) or (c)
above, the licenses granted in Sections 2(a) and 2(b) to Company shall
survive such termination until expiration of the Royalty Term.  In such case, upon expiration of the Royalty
Term in the Territory with respect to the Product, the provisions of Section
16(e) shall take effect as if this Agreement had expired.

(h)                                 If
this Agreement terminates for any reason, Company shall have the right to sell
any Product that it has in process or in inventory as of the effective date of
notice of such termination, provided
that Company pays all royalties and milestones due on Net Sales thereof in
accordance with Section 3 and further
provided that such sell-off period shall be limited to 90 days from
termination.  Upon termination of this
Agreement, Company shall remain liable for any involuntary or voluntary recalls
of Product sold pursuant to this Agreement.

(i)                                     In
the event that the Prime License Agreement terminates for breach by BPA that is
not caused by the action or inaction of Company, this Agreement together with
all of BPA’s rights and obligations hereunder (including all future payments
and performance under this Agreement by Company) shall be deemed to be
irrevocably assigned to Antares automatically without the need for any further
action by any party, and this Agreement shall thereafter continue in full force
and effect between Company as the direct licensee and Antares as licensor.  For the avoidance of doubt, upon such
assignment all obligations of Company to BPA other than confidentiality
obligations shall cease to be of any further force or effect, with the
exception of amounts due or payable to BPA on account of sales or other
activities that 

 23
 

occurred prior to such
assignment (even if the date for actual payment of such amounts is under the
terms of this Agreement after such assignment), which shall be paid to BPA when
they would otherwise be due under this Agreement.

(j)                                     In
the event that the Prime License Agreement terminates for liquidation or
bankruptcy of BPA, this Agreement together with all of BPA’s rights and
obligations hereunder (including all future payments and performance under this
Agreement by Company) shall be deemed to be irrevocably assigned to Antares
automatically without the need for any further action by any party, and this
Agreement shall thereafter continue in full force and effect between Company as
the direct licensee and Antares as licensor. 
For the avoidance of doubt, upon such assignment all obligations of
Company to BPA other than confidentiality obligations shall cease to be of any
further force or effect, with the exception of amounts due or payable to BPA on
account of sales or other activities that occurred prior to such assignment
(even if the date for actual payment of such amounts is under the terms of this
Agreement after such assignment), which shall be paid to BPA when they would
otherwise be due under this Agreement.

17.                                 Notices.  Any notice required or permitted to be given
under this Agreement shall be sufficient if sent by certified mail (return
receipt requested), postage pre-paid, to the attention of the Chief Executive
Officer of the respective company at the address set forth above or to such
other address as a party may specify by notice hereunder.

18.                                 No
Agency or Joint Venture.  The Company
is not an agent, joint venturer or partner of BPA, and the parties do not
intend to create an agency, joint venture or partner relationship.  Company and BPA shall be independent
contractors.  Neither Company nor BPA
shall have the authority to make any statements, representations or commitments
of any kind, or take any action, which shall be binding on the other, without
the prior consent of the party to do so, except as expressly provided for
herein.

19.                                 Assignment.  Neither party may assign this Agreement
without the prior written consent of the other, which consent shall not be
unreasonably withheld or delayed.  Such
consent shall not be required for any assignment to a party that succeeds to
all or substantially all of the assigning party’s (or, in the case of Company,
the Kenwood Therapeutics Products division of Company’s) business or assets  (whether by sale, merger, operation of law
or otherwise), provided that such
assignee agrees in writing to be bound by the terms and conditions of this
Agreement.  Notwithstanding the
foregoing, Company may assign this Agreement without BPA’s consent to its
Kenwood Therapeutics Products division or other Affiliate of Company, provided that Company guarantees the
performance of such assignee.  Any
purported assignment in contravention of this provision shall be null and void.

20.                                 Non-Waiver
and Entirety.  Any failure of either
party to enforce any obligations under this Agreement shall not be deemed a
waiver of such obligations.  This
Agreement constitutes the entire agreement and understanding of the parties and
supersedes all previous communication between the parties.  Notwithstanding the foregoing, the parties
acknowledge that certain rights granted to Company under this Agreement are
derived from, and subservient to, the rights granted to BPA under the Prime
License Agreement.

 24
 

21.                                 Governing
Law.  This Agreement is governed by
and construed in all respects in accordance with the laws of the State of
Illinois, USA and the United States of America (without regard to conflicts of
laws principles), excluding the United Nations Convention on Contracts for the
International Sale of Goods.  

22.                                 Dispute
Resolution.

(a)                                  Conciliation.  The parties wish first to seek an amicable
settlement of all disputes, controversies or claims arising out of or relating
to this Agreement by conciliation in accordance with the UNCITRAL Conciliation
Rules now in force.  The conciliation
shall take place in Chicago, Illinois (USA) before a conciliator.  If assistance is needed in connection with
the appointment of a conciliator or other administrative matters, JAMS
Endispute, Inc., 222 S. Riverside Plaza, Chicago, Illinois, US (telephone
312-739-0200) shall be the institution to render such assistance.  The language to be used in the conciliation
proceedings shall be English.

(b)                                 Arbitration.  Subject to possible court proceedings under
Section 22(d) of this Agreement, if any conciliation proceedings under
Section 22(a) of this Agreement are terminated in accordance with Article
15 of the UNCITRAL Conciliation Rules or rejected in accordance with Article 2
of those Rules, without resolution of the disputes, controversies or claims,
then all said disputes, controversies or claims shall be determined by
arbitration in accordance with the UNCITRAL Arbitration Rules now in force, as
supplemented by the IBA Rules on the Taking of Evidence in International
Commercial Arbitration, as adopted June 1, 1999, insofar as said IBA Rules are
not inconsistent with the express provisions of this Agreement.  The language to be used in the arbitral
proceedings shall be English.  There
shall be three (3) arbitrators, the place of arbitration shall be Chicago,
Illinois (USA) and the appointing authority shall be JAMS Endispute, Inc.  In rendering the award, the arbitrator shall
follow and apply the substantive laws of the State of Illinois (without regard
to conflict or choice of laws principles). 
The arbitrator shall have the authority to award compensatory damages
only, subject to the limitations described in this Agreement.  Each party shall pay the fees of its own
attorneys, expenses of witnesses and all other expenses and costs in connection
with the presentation of such party’s case (collectively, “Attorneys’ Fees”).  The remaining cost of the arbitration, including
without limitation, fees of the arbitrator, costs of records or transcripts and
administrative fees (collectively, “Arbitration
Costs”) shall be borne equally by the parties.  Notwithstanding the foregoing, the arbitrator
in the award may apportion said Attorneys’ Fees and Arbitration Costs, pursuant
to Articles 38 through 40 of the UNCITRAL Arbitration Rules.  The award rendered by the arbitrator shall be
final, and judgment may be entered in accordance with the applicable law by any
court having jurisdiction thereof.

(c)                                  Confidentiality.  The existence and resolution of any
conciliation and/or arbitration shall be kept confidential, and the parties,
the conciliator and the arbitrator shall not disclose to any person any
information about such arbitration.

(d)                                 Court
Proceedings.  Notwithstanding the
arbitration provisions in Section 22(b) of this Agreement, either party
shall have the right to sue in any court of competent jurisdiction to collect
from the other party funds due and owing such party hereunder.  Section 22(b) of this Agreement shall
not be construed to prevent either party from seeking injunctive relief against

 25
 

the other party from any
judicial or administrative authority of competent jurisdiction to enjoin that
party from breaching this Agreement pending the resolution of a dispute by
arbitration, pursuant to said Section 22(b).  Any action to confirm an arbitration award or
any other legal action related to this Agreement between the parties may be
instituted in any court of competent jurisdiction.  BPA and Company each waive their right to a
trial by jury in any such court proceedings.

23.                                 Severability.  Each party hereby acknowledges that it does
not intend to violate any public policy, statutory or common laws, rules,
regulations, treaty or decision of any government agency or executive body
thereof of any country or community or association of countries.  Should one or more provisions of this
Agreement be or become invalid, the parties agree that it is their intent that
the remainder of the Agreement shall continue in effect, and shall substitute,
by mutual consent, valid provisions for such invalid provisions which valid
provisions in their economic effect are sufficiently similar to the invalid
provisions that it can be reasonably assumed that the parties would have
entered into this Agreement with such valid provisions.

24.                                 Headings.  Section headings contained in this
Agreement are for convenience of reference only and shall not in any way affect
the interpretation of this Agreement.

25.                                 Further
Assurances.  Each party agrees to
take or cause to be taken such further actions, and to execute, deliver and
file or cause to be executed, delivered and filed such further documents and
instruments, and to obtain such consents, as may be reasonably required or
requested in order to effectuate fully the purposes, terms and conditions of
this Agreement.

26.                                 Execution.  This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument.

[signature
page follows]

 26
 

IN WITNESS THEREOF, BPA and the Company have caused
this Agreement to be executed by their duly authorized representatives as of
the day and year first written above.

	
  

  	
  BioSante Pharmaceuticals,
  Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By 

  	
  /s/ Stephen M.
  Simes

  	
   

  
	
   

  	
   

  	
  Stephen M. Simes

  	
   

  
	
   

  	
   

  	
  Chief Executive
  Officer and President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Bradley
  Pharmaceuticals, Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By 

  	
  /s/ Daniel
  Glassman

  	
   

  
	
   

  	
   

  	
  Daniel Glassman

  	
   

  
	
   

  	
   

  	
  President and
  Chief Executive Officer

  	
   

  
					

 

 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.]

EXHIBIT A

PATENTS

	
  (i) – United States Patents

  	
   

  	
  (ii) Ex-U.S. Patents

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

  	
   

  	
  PCT Application
  No. PCT/US04/007291

  
	
  U.S. Patent
  Application No. 10/798,111

  	
   

  	
  Canadian
  Application No. 2,515,426

  
	
  U.S. Patent
  Application No. 10/798,161

  	
   

  	
  Canadian
  Application No. 2,207,144

  
	
  XXXXXXXXXXXXXXXXXXXXXXX

  	
   

  	
  China
  Application No. 200480005123.9

  
	
   

  	
   

  	
  Indonesian
  Application No. W-00200502415

  
	
   

  	
   

  	
  Israeli
  Application No. 170454

  
	
   

  	
   

  	
  Mexican
  Application No. PA/a/2005/008648

  
	
   

  	
   

  	
  New Zealand
  Patent No. 328021

  
	
   

  	
   

  	
  New Zealand
  Application No. NZ 541854

  
	
   

  	
   

  	
  South African
  Patent No. 97/4981

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

 28
 

EXHIBIT B

PRIME LICENSE
AGREEMENT FLOW-THROUGH PROVISIONS

[See the License
Agreement, dated June 13, 2000, between Permatec Technologie, AG (now known as
Antares Pharma) and BioSante Pharmaceuticals, Inc., as amended by Amendments
Nos. 1, 2, 3, 4, 5 and 6 thereto, that are Exhibits 10.21 through 10.27,
respectively, to BioSante’s Annual Report on Form 10-K for the year ended
December 31, 2006.  Confidential
treatment under Rule 24b-2 of the Securities Exchange Act of 1934, as amended,
has been granted with respect to designated portions of Exhibits 10.21 through
10.26 and confidential treatment has been requested with respect to designated
portions of Exhibit 10.27.

 29Exhibit 10.36

BIOSANTE PHARMACEUTICALS, INC.

DESCRIPTION OF NON-EMPLOYEE DIRECTOR

COMPENSATION ARRANGEMENTS

Retainer and Meeting Fees.  Except as described below, each of our
non-employee directors is paid a $20,000 annual retainer and $1,000 for each
board or committee meeting attended in person and $500 for each board or
committee meeting attended via telephone. 
Our Chairman of the Board is paid a $45,000 annual retainer and our
Chairman of the Audit and Finance Committee is a paid a $25,000 annual retainer.

Stock Options.  Non-employee directors are
granted options to purchase shares of BioSante common stock from time to time
in the sole discretion of the board of directors.

Reimbursement of
Expenses. 
Non-employee directors are reimbursed for actual expenses, include
travel expenses, incurred in attending board and committee meetings.

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