Exhibit 10.26
 
 
The Frost Group, LLC

4400 Biscayne Boulevard

Miami, Florida 33137

Date:
March 11, 2009

To:
Modigene Inc.

 
3 Sapir Street

 
Weizmann Science Park

 
Nes-Ziona, Israel 74170

Re:
Credit Agreement

Reference is hereby made to (i) the Credit Agreement ( the “Credit Agreement”)
dated as of March 25, 2008 among Modigene, Inc. as the borrower (the
“Borrower”), and The Frost Group, LLC, as the lender (the “Lender” capitalized
terms used and not otherwise defined herein shall have the meaning assigned to
them in the Credit Agreement), and (ii) the Note.

By signing below, the Lender hereby agrees that, effective as of the date
hereof:

 
1.
Notwithstanding anything to the contrary in the Credit Agreement or the Note,
the One-Year Anniversary (as defined in the Note) shall be extended and deemed
to be April 30, 2009.

 
2.
The Lender hereby agrees and acknowledges that the Credit Agreement is binding
and enforceable against the Lender and that, except for the modifications
contained herein, the terms, conditions and provisions of the Credit Agreement
and the Note, and any other documents referred to herein or therein, shall
continue in full force and effect.

This agreement shall be governed by, and shall be construed and enforced in
accordance with, the internal laws of the State of Florida.

[THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.]
 

--------------------------------------------------------------------------------

SIGNED:

THE FROST GROUP, LLC.

By:
/s/ Steven D. Rubin
   
Name:
Steven D. Rubin
   
Title:
Member

MODIGENE, INC.

By:
/s/ Shai Novik
       
Name:
Shai Novik
       
Title:
President
 

 
2

--------------------------------------------------------------------------------