definiens: shall mean any of the following : ( i ) subject to subsection ( a ) above, a Candidate Compound rejected for development by the [COMPANY] Drug Development Committee, or that [COMPANY] otherwise elects not to develop, after such Candidate Compound has been presented to the [COMPANY] Drug Development Committee by the IRC ; ( ii ) a Candidate Compound approved for development by the [COMPANY] Drug Development Committee after such Candidate Compound has been presented to the [COMPANY] Drug Development Committee by the IRC, which thereby becomes a Development Compound, but for which [COMPANY] does not at least initiate clinical development ( which shall include, for this purpose, process chemistry work necessary to support human clinical studies ) within fifteen ( 15 ) months after such approval by the [COMPANY] Drug Development Committee ; ( iii ) subject to subsection ( a ) above, a Candidate Compound not approved for development by the [COMPANY] Drug Development within twenty - four ( 24 ) months after such Candidate Compound has been presented by the IRC to the [COMPANY] Drug Development Committee ; and ( iv ) a Development Compound for which [COMPANY] begins clinical development and subsequently ceases such development, without a bona fide plan to resume such development . Notwithstanding clause ( i ) of the previous 42 sentence, if the [COMPANY] Drug Development Committee issues a qualified rejection of the Candidate Compound in writing ( a copy of which shall be promptly provided by [COMPANY] to [COMPANY] ), [COMPANY] shall have the opportunity to perform any clinical work or data review requested by the [COMPANY] Drug Development Committee in order to resubmit such Candidate Compound to the [COMPANY] Drug Development Committee before such Candidate Compound shall be considered rejected for purposes of such clause ( i ) ; provided, however, that the [COMPANY] Drug Development Committee will be deemed to have finally rejected a Candidate Compound if it shall not have approved such Candidate Compound prior to the time such Candidate Compound becomes an Abandoned CandidatelDevelopment Compound pursuant to clause ( iii ) of the previous sentence . [COMPANY] shall provide [COMPANY] with written notice within thirty ( 30 ) days after ( a ) each decision by [COMPANY] or the [COMPANY] Drug Development Committee to approve a Candidate Compound for development, to reject a Candidate Compound for development or to cease developing a Development Compound and ( b ) initiating clinical development of each Development Compound . An shall mean a Research Compound or Lead Compound eliminated from the Research Program pursuant to Section 3.3(a )