definiens: means, with respect to the activities of [COMPANY] in the Development and/or Commercialization of a Licensed Compound or Licensed Product, the efforts and resources comparable to those that would be undertaken by a research based biotechnology company in the development, manufacture or commercialization of any retinoic acid receptor gamma agonist that is at a similar stage of development and has comparable market potential as such Licensed Compound or Licensed Product, taking into account, in any such case, all relevant factors including, as applicable, the stage of development, efficacy and safety relative to competitive products in the mark etplace, actual or anticipated Regulatory Authority approved labeling, the nature and extent of market exclusivity ( including patent coverage and regulatory exclusivity ), the cost and likelihood of obtaining regulatory approval and actual or projected prof itability . For purposes of clarity, Commercially Reasonable Efforts shall be determined on a market -by - market basis for each Licensed Compound or Licensed Product, and it is anticipated that the level of effort may be different for different markets and ma y change over time, reflecting changes in the status of each Licensed Compound or Licensed Product involved