OK Gassy,My interpretation.Ryn posted the Santhera (Vamorolone)...

OK Gassy,

My interpretation.

Ryn posted the Santhera (Vamorolone) - Catalyst deal partly to interrupt the Punch and Judy pantomime but mainly to make the point that $75 mill up front deal was a better (and more valuable deal) reference for ANP than their quoted CAPR/NS deal with $30 mill up front.

Akki then replied that the Santhera deal was actually worth less than the CAPR deal if all later milestones were hit as there was approximately $200 mill in potential future milestone payments in the Santhera deal versus $700 mill in the CAPR deal. [My note: it’s a bit hard to compare undisclosed royalties on sales, but it’s unlikely the Santhera royalties of low teen percentage is in excess of the CAPR/NS “meaningful double digit” royalties.]

Akki made the point that the more front weighted Santhera deal was likely due to them needing to pay down their debt in the short term.

ANP is not in debt as you point out, so this makes less pressure for ANP to structure the deal like Santhera’s (front loaded at the cost of having lower back end), which further supports his point (that the CAPR deal was higher in value, assuming it goes beyond the initial payment).