EXHIBIT 10.52

 

March 30, 2005

 

Nuvelo, Inc.

675 Almanor Avenue

Sunnyvale, CA 94085

 

Re: Term Loan

 

Ladies and Gentlemen:

 

This letter is written in connection with that certain Loan and Security
Agreement between Silicon Valley Bank (“Bank”) and Nuvelo, Inc. (“Borrower”),
dated as of August 31, 2004, as amended, and related loan documents (as amended
from time to time, collectively, the “Loan Agreement”). Bank and Borrower desire
to amend the terms of the Loan Agreement as more particularly described herein.
Defined terms used but not otherwise defined herein shall have the same meanings
as set forth in the Loan Agreement.

 

Notwithstanding anything to the contrary contained under sub letter (b) of
Section 2.5 entitled “Interest Rates”, the interest rate for the second Term
Loan occurring on March 30, 2005, shall accrue interest at a per annum rate
equal to the greater of (i) 36 months Treasury Rate in effect on the Funding
Date plus 2.75% or (ii) 6.43%. All other Term Loans made after March 30, 2005
shall remain unchanged under the terms of the Loan Agreement.

 

By signing below and returning a copy of this letter to Bank, Borrower
acknowledges that the Loan Agreement is hereby modified in accordance with the
provisions set forth above. Borrower further understands and agrees that in
modifying the Loan Agreement, Bank is relying upon Borrower’s representations,
warranties, and agreements, as set forth in the Loan Agreement. Except as
expressly set forth herein, the terms of the Loan Agreement shall remain
unchanged and in full force and effect. Bank’s agreement to this modification
shall in no way obligate Bank to make any future waivers or modifications to the
Loan Agreement. Nothing in this letter shall constitute a satisfaction of the
Borrower’s indebtedness to Bank. It is the intention of Bank and Borrower to
retain as liable parties all makers and endorsers of the Loan Agreement, unless
the party is expressly released by in writing. Unless expressly released herein,
no maker, endorser or guarantor will be released by virtue of this letter. The
terms of this paragraph apply not only to this letter, but also to all
subsequent loan modification agreements.

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The provisions of this letter shall not be deemed effective until such time as
Borrower shall have returned a countersigned copy to Bank.

 

Very truly yours,

SILICON VALLEY BANK

By:

 

/s/ Ron Kundich

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    Ron Kundich     Vice President and     Relationship Manager

 

By executing below, the undersigned acknowledges and confirms the effectiveness
of this letter.

 

NUVELO, INC.

By:

 

/s/ Gary Titus

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Name:

  Gary Titus

Title:

  V.P. of Finance

Dated:

  March 30, 2005

 

2.