Exhibit 10.12(b)


 


 


 


Pathfinder, LLC

12 Bow Street

Cambridge


MA 02138


USA


 


	STRICTLY PRIVATE AND CONFIDENTIAL	28 March 2013




 


Dear Sirs


 


Research Agreement — Extension
No. 3


 


We
refer to our recent discussions regarding the research agreement between The University Court of the University of Glasgow (the
University) and Pathfinder, LLC (now a wholly owned subsidiary of Pathfinder Cell Therapy, Inc., previously known as SyntheMed,
Inc.) (the Company) (contract no. 49974/1) dated 23 March 2009, as extended by way of an extension letters from the University
to the Company dated 29 March 2011 and 19 April 2012 (the Research Agreement). Terms defined in the Research Agreement
will have the same meaning where used herein.


 


The Research Agreement
was due to expire on 24 March 2013. The purpose of this letter is to document the parties' agreement to vary the terms of the
Research Agreement in order to extend the term of the Research Agreement for a further period of twelve months.


 


Therefore, notwithstanding
the date hereof and with effect from 24 March 2013, each of the University and the Company have agreed as follows:


 





		1.	The
                                         Subsequent Period will be extended for a further period of twelve (12) months (and so
                                         the Subsequent Period will now expire on 23 March 2014);



		2.	The
                                         research to be carried out by the University during the extended portion of the Subsequent
                                         Period is set out in Appendix 1 to this letter;



		3.	In
                                         consideration of the research services to be conducted by the University during the extended
                                         portion of the Subsequent Period, the Company shall pay to the University the sum of
                                         two hundred and five thousand pounds (£205,000). Such sum will be
                                         payable in twelve (12) equal instalments monthly in arrears, the first instalment being
                                         due on 23 April 2013 and each subsequent instalment being due on the 23rd
                                         day of the relevant calendar month. Such sums shall be paid by the Company to the University
                                         by way of a bank transfer.



		4.	The
                                         Research Agreement will continue in full force and effect, as varied by the terms of
                                         this letter, unless and until terminated in accordance with its terms.



 


Research Support Office


University of Glasgow


10 The Square


Glasgow


G12 8QQ


 


Email: paul,ellis@glasaow.ac.uk www.glasgow.ac.uk


The University of Glasgow, charity number
SC004401


 






    	



    	 



    

 


	 	5.	This letter will be governed by and construed
    in accordance with the laws of Scotland



 





Please
confirm your acceptance of the terms of this letter by signing, dating and returning the enclosed copy hereof.


 





	Yours faithfully	 	 



 


 


 


For
and on behalf of The University Court of the University of Glasgow


 


We accept the terms of the above letter
and agree to be bound by its terms:


 





	 	 	4/8/13
	For and on behalf of Pathfinder, LLC	 	Date



 


 


2