9. REDEEMABLE CONVERTIBLE PREFERRED STOCK

Prior to the Merger (Note 2), ANIP had four issuances of redeemable convertible preferred stock: Series A, B, C and D. The ANIP’s Series A, B, C and D preferred stock was redeemable at the option of the holders, subject to certain additional requirements. The carrying value of ANIP’s redeemable convertible preferred stock was increased by the accretion of any related discounts and accrued but unpaid dividends so that the carrying amount would equal the redemption amount at the dates the stock became redeemable. All of ANIP’s Series D preferred stock was exchanged for shares of BioSante common stock and all of ANIP’s Series A, B and C preferred stock were canceled in conjunction with the Merger (Note 2). There was no Series A, B, C, or D redeemable convertible preferred stock outstanding at December 31, 2013.

The following table presents the highlights of each series of redeemable convertible preferred stock as of December 31, 2012:

(in thousands, except per share amounts)

Series	Shares Authorized		Shares Issued and Outstanding		Carrying Value		Stated Value per share		Dividend Accrual per Annum			Accrued Dividends
A		108		103	$	11,579	$	100		10	%	$	2,186
B		119		78	$	10,560	$	110		10	%	$	1,837
C		38		35	$	4,815	$	110		12	%	$	994
D		3,400		2,375	$	21,797	$	30		10	%	$	4,185

For all Series of redeemable convertible preferred stock, dividends compounded quarterly and were payable in cash. All accrued dividends were included in Redeemable Convertible Preferred Stock in the accompanying consolidated balance sheets. Each share of preferred stock was initially convertible into one share of common stock of ANIP at the option of the holder. The conversion rate was subject to adjustment upon the occurrence of certain events including the issuance of dividends payable in the form of common stock, a recapitalization, reorganization or other similar change in the outstanding common stock, or upon the occurrence of certain dilutive financings, as defined.