Under the deal, Hussman Foundation has paid $10,000 to BioSante and will further pay up to $39m in milestone payments and royalties on sales.
Additionally, Hussman Foundation has agreed to fund up to $11m for clinical development of Melanoma Vaccine.
BioSante is also entitled to get between 15 and 33% of any sublicense payments received by the Hussman Foundation depending on the timing of any sublicense by the foundation to a corporate sub-licensee.
BioSante president and CEO Stephen Simes said the foundation intends to move into human clinical trials.
"Assuming a successful outcome of the first Phase I clinical trial, the Foundation will fund a Phase II clinical trial with the objective of obtaining further clinical evidence and engaging a corporate sponsor for Phase III clinical trials," Simes said.
Hussman Foundation director John Hussman said they chose to license and fund BioSante’s Melanoma Vaccine based on its potential to enhance the effective treatment options that are available to melanoma patients in need.