Exhibit 10.25 


PURDUE TECHNOLOGY CENTER
 3000 kent avenue
 west lafayette, indiana 47906
  
EXTENSION OF LEASE 


THIS EXTENSION OF LEASE is made this 9th day of December, 2014 by and between PURDUE RESEARCH FOUNDATION (“Landlord”), an Indiana corporation (formed and existing under the Indiana Foundation or Holding Companies Act, Acts of 1921, ch. 246), and ENDOCYTE (“Tenant”). Landlord and Tenant have previously entered into a lease (the “Lease”) dated January 30, 2013, with a First Amendment dated May 17, 2013, Second Amendment dated July 7, 2013, Extension of Lease dated November 20, 2013, Third Amendment dated January 31, 2014 and Fourth Amendment dated April 1, 2014, for space outlined
on Exhibit A of this Extension of Lease, at the Purdue Technology Center, located at 3000 Kent Avenue, West Lafayette, Indiana 47906. 


In consideration of mutual benefits to be derived by the parties, it is agreed that the Lease Term provided under the Lease is hereby extended for a period of Twelve (12) months, commencing January 1, 2015, and expiring December 31, 2015 (the “Extension Period”). All other terms and conditions of the Lease shall be applicable to such Extension Period(s), except as follows: 


		1.	The Monthly Rent Installment for leased space shall be $48,781.14 ($17.71 × 16, 724 square feet of office space, and $33.29 × 8,687 square feet of lab space/12 months) and shall remain in effect during the Extension Period unless otherwise altered under the provisions of Section 4 of the Lease. 



		2.	The Monthly Rent for the leased furniture shall be $886.31 for the months of January, February and March 2015 only. Furniture rent shall end on March 31, 2015. 



		3.	The Rent for leased space and leased furniture shall be $588,032.61 ($48,781.14 × 12 months plus $886.31 × 3 months) and shall remain in effect during the Extension Period unless otherwise altered under the provisions of Section 4 of the Lease. 



It is further agreed that all other terms and conditions of the Lease are hereby affirmed and shall remain in full force and effect during the Extension Period. 


WITNESS the signatures and seals of the above parties as of the day and year first above written. 





		 	
	LANDLORD:	 	PURDUE RESEARCH FOUNDATION
 an Indiana corporation (formed and existing under the Indiana Foundation or Holding Companies Act, Acts of 1921, ch. 246)
	  	 	By:
/s/ David L. Hodde


David L. Hodde
 Assistant Vice President
 Director of Real Estate





ATTEST: 


		By:	/s/ Gregory S. Napier

Gregory S. Napier
 Director — Physical Facilities and Purdue Research Parks 






		 	
	TENANT:	 	ENDOCYTE

	  	 	By:
/s/ P. Ron Ellis

P. Ron Ellis
 President/CEO
















    	 



    	 



    




 









EXHIBIT A
 LEASED PREMISES 





		 		 	
	Unit A1-200	 	Office Space	 	9,131 square feet
	Unit B1-100	 	Office Space	 	1,715 square feet
	Unit B1-008	 	Office Space	 	80 square feet
	Unit B1-200	 	Office Space	 	168 square feet
	Unit B1-201	 	Office Space	 	230 square feet
	Unit B1-202	 	Office Space	 	224 square feet
	Unit B1-203	 	Office Space	 	363 square feet
	Unit B1-300	 	Office Space	 	906 square feet
	Unit B1-400	 	Office Space	 	(included in A1-200)
	Unit A2-101	 	Office Space	 	253 square feet
	Unit A2-104	 	Office Space	 	216 square feet
	Unit A2-105	 	Office Space	 	161 square feet
	Unit A2-108	 	Office Space	 	215 square feet
	Unit A2-301	 	Office Space	 	325 square feet
	Unit A2-304	 	Office Space	 	216 square feet
	Unit A2-305	 	Office Space	 	161 square feet
	Unit B2-300	 	Office Space	 	149 square feet
	Unit B2-400	 	Office Space	 	1,513 square feet
	Unit B2-500	 	Office Space	 	148 square feet
	Unit B2-603	 	Office Space	 	253 square feet
	Unit B2-700	 	Office Space	 	148 square feet
	Unit B2-900	 	Office Space	 	149 square feet
	Total	 	Office Space	 	16,724 square feet
	Unit A1-100	 	Lab Space	 	4,069 square feet
	Unit B1-500	 	Lab Space	 	690 square feet
	Unit A2-102	 	Lab Space	 	367 square feet
	Unit A2-103	 	Lab Space	 	325 square feet
	Unit A2-106	 	Lab Space	 	495 square feet
	Unit A2-107	 	Lab Space	 	477 square feet
	Unit A2-302	 	Lab Space	 	339 square feet
	Unit A2-303	 	Lab Space	 	409 square feet
	Unit B2-300	 	Lab Space	 	379 square feet
	Unit B2-500	 	Lab Space	 	380 square feet
	Unit B2-700	 	Lab Space	 	378 square feet
	Unit B2-900	 	Lab Space	 	379 square feet
	Total	 	Lab Space	 	8,687 square feet