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EXHIBIT 10.23.2

AMENDMENT NO. 1 TO LICENSE AND SUPPLY AGREEMENT

This Amendment No. 1 to the License and Supply Agreement (this “Amendment”) is
entered into and effective as of December 21, 2012 (the “Amendment Date”), by
and between ULURU Inc., a Nevada corporation having an address at 4452 Beltway
Drive, Addison, TX 75001, USA (“ULURU”) and MELMED HOLDING AG, a corporation
organized and existing under the Laws of Switzerland and having an address at
Bahnhofstrasse 10, CH6301 Zug (“MELMED HOLDING”) (each of ULURU and MELMED
HOLDING, a “Party” or together, the “Parties”).

WHEREAS, ULURU and MELMED HOLDING are parties to that certain License and Supply
Agreement, dated as of January, 11, 2012 (the “Original Agreement”);

WHEREAS, the Original Agreement provides MELMED HOLDING with certain rights and
licenses to patents and other intellectual property that cover ULURU’s product,
Altrazeal®, including exclusive registration, marketing, promotion, sale and
distribution rights in specified countries;

WHEREAS, pursuant to the Original Agreement, ULURU retains the right, and has an
obligation, to manufacture and supply the Products to MELMED HOLDING; and

WHEREAS, ULURU and MELMED HOLDING now wish to amend the Original Agreement to
provide, among other things, that MELMED HOLDING shall be granted exclusive
rights to additional territories, reduce the royalty payable on net sales and
will adjust the purchase price of Altrazeal® for the territory.

 
 

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AGREEMENT

NOW, THEREFORE ULURU and MELMED HOLDING agree as follows:

1.  
Definitions. Unless otherwise expressly defined herein, all capitalized terms
used herein have the meaning ascribed to them in the Original Agreement. The
term “Agreement” means the Original Agreement as amended by this Amendment No.
1.

2.  
Amendment of Territory. Exhibit F of the Original Agreement is hereby amended to
read as Exhibit F attached to this Amendment No. 1.

3.  
Amendment to 5.1 Price. Exhibit D of the Original Agreement is hereby amended in
its entirety to read as Exhibit D attached to this Amendment No. 1.

4.  
Amendment to Section 5.3. Section 5.3 of the Original Agreement is hereby
amended to read as follows:

“5.3 Royalty Payments. In addition to the payments set forth above. MELMED
HOLDING shall pay to ULURU a royalty (the “Royalty”), on a country-by-country
basis in the Territory, equal to five percent (5%) of Net Sales of the Product
in such country during each calendar quarter (or portion thereof) during the
Term (each such period, a “Royalty Period”), commencing as of the date on which
the Product is sold by MELMED HOLDING for the first time to a Third Party for
commercial distribution in such country. Each Royalty will be payable not later
than thirty (30) days following the expiration of each applicable Royalty
Period. MELMED HOLDING shall pay the Royalty with respect to a country that
accrues during the Term of this Agreement for so long as the license granted by
ULURU under Section 2.1.1 remains in effect in such country. MELMED HOLDING will
include with each such payment a written report detailing (i) the number of
Product units, per country, and the sales price of such Product units by MELMED
HOLDING and its affiliates; and (ii) Net Sales of the Product during the
applicable Royalty Period, all in a manner consistent with MELMED HOLDING’s
internal sales reporting.

5.  
No other Changes; Consolidated Agreement. All other terms and conditions of the
Original Agreement are hereby confirmed and shall remain in full force and
effect. In the event of any conflict with the provisions of this Amendment and
any provisions of the Original Agreement, the provisions of this Amendment shall
control. Upon the request of either Party, the Parties shall prepare an Amended
and Restated License and Supply Agreement that incorporates the terms of this
Amendment into the Original Agreement and eliminates all terms in the Original
Agreement that have been rendered obsolete or unnecessary due to this Amendment.

6.  
Multiple Counterparts. This Amendment may be executed in multiple counterparts,
each of which shall be deemed an original but all of which shall constitute one
and the same agreement. Facsimile or PDF signatures of this Amendment shall have
the same force and effect as an original signature.

IN WITNESS WHEREOF, the Parties have caused this Amendment to be executed by
their respective duly authorized representatives as of the date first above
written:

MELMED HOLDING AG
 
ULURU Inc.
By:
/s/ Helmut Kerschbaumer
 
By:
/s/ Kerry P. Gray
Name:
Helmut Kerschbaumer
 
Name:
Kerry P. Gray
Title:
CEO
 
Title:
President and CEO

 
 

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EXHIBIT D

ALTRAZEAL®
 
PRICING
     
0.75 gram
 
3.00 EURO
     
2.0 gram
 
4.75 EURO
                           
ROYALTY
     
Revised from 10% to 5%

 
 

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EXHIBIT F

Territory

European Union:
 
Middle East:
     
  Austria
 
  Bahrain
  Belgium
 
  Egypt
  Bulgaria
 
  Jordan
  Cyprus
 
  Kuwait
  Czech Republic
 
  Oman
  Denmark
 
  Quatar
  Estonia
 
  Saudi Arabia
  Finland
 
  Syria
  France
 
  UAE
  Germany
   
  Hungary
 
North Africa / French Speaking Africa:
  Ireland
   
  Italy
 
  Algeria
  Latvia
 
  Angola
  Lithuania
 
  Cote dİvorie
  Malta
 
  Equatorial Guinea
  Netherlands
 
  Gaban
  Norway
 
  Lybia
  Poland
 
  Morocco
  Portugal
 
  Namibia
  Romania
 
  Tunesia
  Slovakia
   
  Slovenia
   
  Spain
 
Asia and Pacific
  Sweden
    ** Excluding China, Hong Kong, Macau, Taiwan, South Korea and Japan
  Switzerland
 
 
  United Kingdom    

 
 

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