----

|   | A. | In      the course of conducting research and primary clinical observations,      Professor Moshe Mittleman of Rabin Medical Center, Hasharon Hospital,      Petach- Tikva (“RMC”) and Professor      Nechama Haran-Ghera of the department of Immunology of the Weizmann      Institute of Science, Rehovot (the “Institute”), have discovered the      positive effects of the use of recombinant human erythropoietin (“EPO”) as a factor that      may lead to tumor regression in the treatment of myeloma cancer, all as      more particularly described in the patent abstract entitled      “Pharmaceutical Compositions Comprising Erythropoietin for Treatment of      Cancer”, attached hereto as Attachment A, and      forming the basis of certain patent applications submitted in different      jurisdictions and listed in an appendix attached hereto as Attachment B (the “Existing Patent      Applications”, as further defined below). The inventions covered by      the Existing Patents Applications, and all associated discoveries,      products, materials, methods, processes, procedures, techniques, know-how,      data, formulas, clinical and preclinical results (if any), analytical      reference materials, chemical substance and other information shall be      collectively referred to as the “Existing      Technology”. |
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|   | B. | Yeda      and Mor are the joint owners, in accordance with the Ownership Breakdown      (as described in Section 6 below) of the Existing Technology (Yeda and Mor      shall be collectively referred to as the “Licensors”); |
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|   | C. | The      Licensors are interested in entering into an agreement with a party having      an ability and willingness to (i) finance the performance of certain      initial research (“the      Initial Research”) under the leadership of Professor Nechama      Haran-Ghera (“Prof.      Haran-Ghera”) and Professor Moshe Mittleman (“Prof. Mittelman”) (Prof.      Haran-Ghera and Prof. Mittelman shall be collectively referred to as      “the Chief      Investigators”) as more fully described in the research programs      attached hereto as Attachment Cl for the      Research at the Institute (as defined below) and Attachments C2 for the      Initial Clinical Research (as defined below) (“the Initial Research      Program”) and any further research that will be needed to      accomplish the objectives hereunder (collectively called the “Research”); and to (ii)      pursue clinical studies in order to obtain approval from appropriate      governmental agencies for marketing drugs based upon EPO for the treatment      in human patients of certain types of cancer that are covered by the      license(s) granted to the Company hereunder, as further detailed in      Section 8 herein (the “Product” or “Products”); and (iii) to      the extent to which such rights are covered by an applicable Patent, to      manufacture and market the Products;and |
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|   | D. | The      Company represents and warrants that it has such ability and wishes to      enter into an agreement as aforesaid with the Licensors, according to      which the Licensors shall grant the Company and the Company shall accept      from the Licensors a worldwide, exclusive license to use the Licensed      Information (as such term is hereinafter defined) for the manufacture,      production, marketing and sale of the Products, all in accordance with,      and subject to, the terms and conditions set forth in this Agreement;      and |
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----

|   | E. | Yeda      and Mor are willing to procure the performance of the Initial Research,      each with respect to that portion of the Initial Research as is detailed      in Section 2 below, and subject to and in accordance with the terms and      conditions of this Agreement; and |
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|   | F. | By      operation of Israeli law and/or under the terms of employment of Prof.      Haran-Ghera at the Institute and/or pursuant to an agreement between the      Institute, Yeda and Prof. Haran-Ghera, all right, title and interest of      Prof. Haran-Ghera’s or the Institute’s in and to the Licensed Information,      and in any results deriving from the performance of the Research at the      Institute (as defined below in Section 2.2) are and shall be the sole      property of Yeda; and |
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|   | G. | By      operation of Israeli law and/or under the terms of employment of Prof.      Mittleman, all right, title and interest of Prof. Mittleman’s in and to      the Licensed Information, and in any results deriving from the performance      of the Initial Clinical Research (as defined below in Section 2.3) are and      shall be the sole property of Mor. |
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| 1. | Preamble,      Appendices andInterpretation |
|----|---------------------------------------------|

| 1.1 | The      Preamble and Attachments hereto form an integral part of this      Agreement. |
|-----|----------------------------------------------------------------------------------------|

| 1.2. | In this Agreement      the terms below shall bear the meanings assigned to them below,      unless the context shall indicate a contrary      intention: |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 1.2.1 | “Affiliated Entity” -      shall mean a person, company, corporation, partnership or other entity      (hereinafter collectively (an “Entity”) which directly or indirectly, is      controlled by, or controls, or is under common control with, another      entity. For the purposes of this definition, “control” shall mean the      ability, directly or indirectly, to direct the activities of the relevant      entity and includes without limitation the holding, directly or      indirectly, of 50% (fifty percent) or more of the issued share capital or      of the voting power of the relevant entity or the holding, directly or      indirectly, of a right to appoint 50% (fifty percent) or more of the      directors of such entity; |
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|  | 1.2.2 | The      “Biogal Group”      shall mean the Company and BiogalIsrael. |
|--|-------|-----------------------------------------------------------------------------------|

|  | 1.2.3 | The      “Effective Date”      shall mean the date of execution of this Agreement and the Founders      Agreement by all of the partieshereto. |
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|  | 1.2.4 | An      “Entitling Event”      - shall mean any of the following: (i) the issuance of shares of any class      (including securities convertible to shares) of the Company which grant      the holder(s) thereof 50% or more of the issued and outstanding share      capital of the Company or of any means of control of the Company; or (ii)      a consolidation, merger or reorganization of the Company with or into      another entity, or (iii) a sale or an assignment (other than to an      Affiliated Entity) of all or substantially all of the Company’s assets, or      substantially all of the Company’s issued and outstanding capital stock,      or the granting of an exclusive license in all or substantially all of the      Company’s strategic assets (other than the granting of such license to an      entity within the Biogal Group or an Affiliated Entity thereof) in which      the consideration for the granting of such license is payable in whole or      in part in one or more payments in cash or cash equivalent (provided that      a bona fide transaction with a third party in which the sole consideration      for the granting of such a license shall be royalties based upon future      sales of Products shall not be deemed an “Entitling Event” hereunder). For      the purposes of this definition, references to the Company shall include      any member of the Biogal Group and/or any successor or assign thereof      and/or an Affiliated Entity thereof that is a Sublicensee pursuant to      Section 9 below. |
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|  | 1.2.5 | “First Commercial Sale”      shall mean the first commercial sale of a Product in any country. For the      purposes of this definition, “commercial sale” shall not include a sale      for an experiment or for test market purposes or for the purposes of use      at a clinical trial. |
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|  | 1.2.6 | “Founders Agreement”      shall mean the founders agreement executed concurrently with this      Agreement by the founders of the Company, including among others,      Mor. |
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|  | 1.2.7 | The      “Initial Research      Budget” - shall mean the research budgets, expressed in U.S.      Dollars, attached hereto as Attachment DI for the Research at the      Institute (as defined below) and Attachment D2 for the Initial Clinical      Research (as defined below), as such budgets may be amended, if amended,      by written agreement between theparties; |
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|  | 1.2.8 | The      “Initial Research      Period” - shall mean, with respect to the Research at the Institute      (as defined below) the period commencing on the date hereof and ending      thirteen (13) months thereafter, or as extended or shortened by written      agreement of the parties hereto and with respect to the Initial Clinical      Research (as defined below) the period commencing on the date hereto and      ending eighteen (18) month thereafter, or as extended or shortened by      written agreements of the partieshereto; |
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|  | 1.2.9 | The      “License” - shall      mean the license granted to the Company by Yeda and Mor pursuant to      Section 8 below; |
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|  | 1.2.10 | The      “Licensed      Information” - shall mean the Existing Patent Applications, the      Existing Technology and all and any inventions, discoveries, products,      materials, methods, formulas, processes, procedures, techniques, know-how,      trade secrets, data, information and other results whatsoever, which are      discovered or developed in the course of the Research and any development      activities financed or performed by the Company or by any other member of      Biogal Group during the period of the License, and any patent application      filed or issued in respect of the above and any drawings, plans, diagrams,      specification and other documents or files including computer files      containing any of the above. |
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|  | 1.2.11 | The      “Patents” - shall      mean the Existing Patents Applications and other patent applications or      applications for certificates of invention covering any portion of the      Licensed Information, as well as all continuations, continuations-in-part,      patents of addition, divisions and renewals thereof, and all patents or      certificates of invention which may be granted on any of the foregoing,      and all reissues and extensionsthereof. |
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|  | 1.2.13 | “Product Approval” -      shall mean an approval given by the U.S. Food and Drug Administration for      the marketing of the Product. |
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|  | 1.2.14 | “Sublicensee” - shall      mean any permitted sublicensee under the License, in accordance with the      provisions of Section 9. |
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| 1.3 | The      headings in this Agreement are intended solely for convenience or      reference and shall be given no effect in the interpretation of this      Agreement. |
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| 2.  | The      Research |
|----------|-------------------|

| 2.1 | The      Company undertakes to fund and pursue the Initial Research in accordance      with the terms contained herein, and to make its reasonable commercial      efforts to actively pursue the performance of the Research, and to secure      funding for the Research. The parties hereto acknowledge that the      administration of the Company’s research and development activities in      Israel shall be performed by Biogal Israel, as a sublicensee of the      Company, pursuant to the terms and conditions of the Sublicense Agreement      executed concurrently with this Agreement by and between the Company and      Biogal Israel, attached hereto as Attachment E. The      Parties hereto acknowledge that the financing of the Company’s research      and development activities in Israel shall be performed by the Company and      that the Company and Biogal Israel shall be jointly and severally liable      for such financing. The Initial Research shall be performed at the      Institute and certain hospitals and medical institutes as set forth in the      Initial Research Program, and within the framework of the Initial Research      Budget. The Initial Research Budget with regard to the Research at the      Institute shall consist of one thirteen (13) month period and payments for      the performance of the Research at the Institute shall be made in four      installments, as follows (i) for the first nine-month period of the      Initial Research, payment shall be made for each three month period in      advance; and (ii) for the last four month period of the Initial Research,      payment shall be made in one installment in advance. The Initial Research      Budget with regard to the Initial Clinical Research shall consist of one      eighteen (18) month period, and payments for the performance of the      Initial Research Budget shall be made for each three (3) month period in      advance. |
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| 2.2 | Subject      to the terms and conditions hereof, Yeda undertakes to procure the      performance of the laboratory portion of the Initial Research designated      to be performed at the Institute according to the Initial Research Program      (the “Research at the      Institute”), under the supervision of Prof. Haran-Ghera provided      however that the fact that Prof. Haran-Ghera shall cease to be available      for the supervision of the performance of the Research at the Institute      shall not constitute a breach of this Agreement by Yeda. In such event,      Yeda shall make its reasonable effort to find from amongst the scientists      of the Institute a replacement scientist acceptable to the Company (such      acceptance to be in writing, and not to be unreasonably withheld) to      continue the supervision of the Research at the Institute, provided      however that Yeda does not undertake to find such a replacement. If no      replacement scientist acceptable to both parties is found within 30      (thirty) days of the date on which Prof. Haran-Ghera ceases to supervise      the Research at the Institute, the Company shall be entitled, by written      notice to Yeda, to terminate the Research at the Institute, and the      Initial Research Period shall terminate with respect to the Research at      the Institute upon the expiration of 60 (sixty) days from the date of      receipt by Yeda of such written notice. Upon such termination, Yeda shall      be released from any obligation to procure the performance of the Research      at the Institute and the Company shall be released from any obligation to      finance the Research at the Institute with respect to the period following      such termination. The termination of the provisions relating to the      performance and financing of the Research at the Institute shall not      affect the validity of the remaining terms and provisions of this      Agreement, including, without limitation, with respect to the License      granted to the Company pursuant to Section 8 hereto, the Company’s      obligation to pay Compensation pursuant to Section 10 below, and the      continuation of the Initial Clinical Research (as defined in Section 2.3      below). To avoid doubt, in the event that the provisions relating to the      performance and financing of the Research at the Institute have been      terminated as provided herein, the Company shall be entitled to freely      pursue such research as it deems fit outside of the    Institute. |
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| 2.3 | Subject      to the terms and conditions hereof, Mor undertakes to procure the conduct      of the clinical portion of the Initial Research at hospitals or medical      institutes, as set forth in the Initial Research Program (the “Initial Clinical      Research”), and under the supervision of Prof. Mittleman, provided      however that the fact that Prof. Mittleman shall cease to be available for      the supervision of the performance of the Initial Clinical Research shall      not constitute a breach of this Agreement by Mor. In such event, Mor shall      attempt to find a replacement scientist acceptable to the Company (such      acceptance to be in writing, and not to be unreasonably withheld) to      continue the supervision of the Initial Clinical Research, provided      however that Mor does not undertake to find such a replacement. If no      replacement scientist acceptable to both parties is found within 30      (thirty) days of the date on which Prof. Mittleman has ceased to supervise      the Research at the Institute, the Company shall be entitled, by written      notice to Mor, to terminate the Initial Clinical Research, and the Initial      Research Period shall terminate with respect to the Initial Clinical      Research upon the expiration of 60 (sixty) days from the date of receipt      by Mor of such written notice. Upon such termination, Mor shall be      released from any obligation to procure the performance of the Initial      Clinical Research and the Company shall be released from any obligation to      finance the Initial Clinical Research with respect to the period following      such termination. The termination of the provisions relating to the      performance and financing of the Initial Clinical Research shall not      affect the validity of the remaining terms and provisions of this      Agreement, including, without limitation, with respect to the License      granted to the Company pursuant to Section 8 hereto, the Company’s      obligation to pay Compensation pursuant to Section 10 below, the      continuation of the Research at the Institute and the continuation of the      clinical portion of the Research in other medical institutes or hospitals      under the supervision of anotherscientist. |
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| 2.4 | The      Company shall make payments to Yeda and Mor in consideration of the      performance of the Research at the Institute and the Initial Clinical      Research in accordance with the Initial Research Budget. All such payments      shall be made in US Dollars at such times and in such amounts as are set      forth in the Initial Research Budget or in the Research Budget (as defined      in Section 2.5. below), asapplicable |
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| 2.5 | It      is agreed that at the request from time to time of the Chief Investigators      or any party hereto, the parties shall consult with a view to considering      the advisability of variations in the Initial Research Program and/or in      the Initial Research Budget. Such variations approved by the parties in      writing shall constitute amendments to the Initial Research Program and/or      in the Initial Research Budget, as applicable. Without limiting the      generality of the foregoing, the parties agree, no fewer than thirty (30)      days prior to the end of the Initial Research Period, to consult in good      faith concerning an extension of the Initial Research Period for a further      one-year period. If, as a result of such consultation, the parties agree      to extend the Initial Research Period, and agree upon a research program      and a budget in respect thereof, the Initial Research Period shall be      extended by such one-year period (the “Extended Research      Period”), and such research program and budget shall be deemed the      “Research program” and the “Research Budget” for such year. This process      shall thereafter be repeated annually for each of the following one-year      periods after the termination of each one-year period of the Extended      Research Period. Nothing herein contained shall be interpreted as imposing      on either party any obligation to agree to any such amendment, extension,      research program or budget. |
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| 2.6 | Charges      in respect of research expenditures made by the Licensors shall be made in      accordance with the procedures then prevailing at the Institute or at Mor,      as applicable, for charging research expenditures to individual projects      of applied research. The Company acknowledges and is aware that the      Institute’s internal regulations and procedures and the internal      regulations and procedures of Mor and its affiliated medical institutions      require that a portion of research funding received from external sources      be allocated to cover overhead expenses, and that amounts to paid to the      Institute and Mor in connection with the Initial Research (and any      subsequent research performed by them) will be subject to such regulations      and procedures, as set forth in the Initial Research    Budget. |
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| 3. | Reporting |
|----|-----------|

| 3.1 | Yeda      shall procure the submission by Prof. Haran-Ghera to the Company of an      interim written report on the progress and the results deriving from the      Research at the Institute covering each ***** period during the Initial      Research Period and any Extended Research Period thereafter, within *****      of the end of  each such ***** period, and of a written report      summarizing the final results of the Research at the Institute within      ***** of the end of the Initial Research Period or any Extended Research      Periods thereafter (as applicable). Yeda will notify the Company of any      significant event or results of which it shall become aware (including,      without limitation, any invention) arising out of the Research at the      Institute during the course of any such ***** period. In addition, Yeda      shall submit to the Company, with respect to each ***** period of the      Initial Research Period and any Extended Research Period thereafter, a      separate financial report setting forth the monies received and expended      by it in connection with the Research at the Institute during such *****      period. Each report as aforesaid shall be submitted to the Company not      later than ***** after the end of the period covered by such report. In      the event of a delay exceeding ***** of the submission of any of the      reports mentioned above, the Company shall have the right to postpone the      payments for the Research at the Institute, as set forth in the Initial      Research Budget or in the Research Budget (as applicable), until such      delayed report shall be submitted to the Company in  full. |
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----

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| 3.2 | Mor      shall procure the submission by Prof. Mittleman to the Company of an      interim written report on the progress and the results deriving from the      Initial Clinical Research covering each ***** period of the Initial      Research Period and any Extended Research Period thereafter, within *****      of the end of each such ***** period, and of a written report summarizing      the final results of the Initial Clinical Research within ***** of the end      of the Initial Research Period or any Extended Research Period thereafter      (as applicable). Mor will notify the Company of any significant event or      results of which it shall become aware (including, without limitation, any      invention) arising out of the Initial Clinical Research during the course      of any such ***** period. In addition, Mor shall submit to the Company,      with respect to each ***** period of the Initial Research Period and any      Extended Research Period thereafter, a separate financial report setting      forth the monies received and expended by it in connection with the      Initial Clinical Research during such ***** period. Each report as      aforesaid shall be submitted to the Company not later than ***** after the      end of the period covered by such report. In the event of a delay      exceeding ***** of the submission of any of the reports mentioned above,      the Company (or any other company in the Bio-Gal Group) shall have the      right to postpone the payments for the Initial Clinical Research, as set      forth in the Initial Research Budget or in the Research Budget (as      applicable), until such delayed report shall be submitted to the Company      in full. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | No      Warranties |
|----|--------------------|

| 4.1 | The      Licensors make no warranties whatsoever as to the Licensed Information,      including, without limitation, regarding the success or results of the      Initial Research, or the scope and validity of the Existing Patent      Applications and/or the Patents (if any) and/or the chances of receiving      approval for Existing Patent Application or future application in any      jurisdiction and/or that the use and exploitation of the Licensed      Information and the exercise of any rights of the License under this      Agreement, including the development of any Product as contemplated      hereunder, will not infringe any third party’s rights and/or with respect      to the technical or commercial feasibility of developing any Product on      the basis of the Licensed Information and/or receiving Product Approval      for any such Product. |
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| 4.2 | Without      derogating from the foregoing, the parties hereto acknowledge that Johnson      & Johnson and Hoffman Laroche currently possess one or more patents      covering the manufacture of EPO (which the Company believes will expire      prior to 2005), and that the production and marketing of the Products may      be dependent, upon securing an arrangement with Johnson & Johnson and      Hoffman Laroche for the purchase and/or production of EPO for      incorporation in the Products. |
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| 5. | Development      and Commercialization |
|----|----------------------------------------|

| 5.1 | The      Company will use reasonable efforts to develop, manufacture, produce,      market and sell the Products throughout the world during the term of the      License. For such purpose, and without derogating from the generality of      the foregoing, the Company undertakes to use reasonable efforts to perform      the activities described in the development program attached hereto as      Attachment F, (the “Development Program”, including all additions or      amendments made by written agreement of the parties hereto) with respect      to the development, for the purpose of manufacture and marketing, of the      Products, including the timetable for the completion of the various stages      of such development. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| 5.2 | The      Company shall provide the Licensors with written reports on the progress      and results of the Development Program with respect to each Product. Prior      to the First Commercial Sale of each such Product, such reports shall be      made once every six (6) months. The Company shall notify the Licensors as      soon as practicable of any significant results arising out of the said      Development Program during any six (6) month  period. |
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| 5.3 | For      the removal of doubt, nothing contained in this Agreement shall be      construed as a warranty by the Company that the Development Program to be      carried out by it as aforesaid will achieve its aims and the Company makes      no warranties whatsoever as to any results to be achieved in consequence      of the carrying out of such DevelopmentProgram. |
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| 6. | Title |
|----|-------|

| 6.1 | Subject      only to the License, all right, title and interest in and to the Licensed      Information and in and to the Patents, and all right, title and interest      in and to any drawings, plans, diagrams, specifications, other documents,      models or any other physical matter in any way containing, representing or      embodying any of the Licensed Information, is and shall be the exclusive      property of the Licensors, whose respective rights, title and interest in      the same, as between themselves, shall be divided as follows: ***** (the      “Ownership      Breakdown”). |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | For      the avoidance of doubt, the Licensors shall retain exclusive ownership      (according to the Ownership Breakdown) of all right, title and interest in      any and all discoveries, inventions, results, and works of authorship made      during the Research by any person or entity, as well as any modifications,      applications and derivates thereof. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | Patents;      Patent Infringements |
|----|------------------------------------|

| 7.1 | At      the initiative of any party hereto, the parties shall consult with one      another in good faith regarding the filing of patent applications (such      term herein to include any applications for continuations,      continuations-in-part, divisions, patents of addition or renewals) in      respect of any portion of the Licensed Information including, but without      limitation, the jurisdictions in which such applications should be filed,      the timing of the filing of such applications and the contents thereof and      regarding any other applications or filings giving similar statutory      protection to such Licensed Information. Following such consultations, the      Licensors shall, at the Company’s written request, prepare, file and      prosecute patent applications as aforesaid in such jurisdiction or      jurisdictions as shall be specified in the Company’s said request and, in      addition, the Licensors shall make reasonable efforts to prosecute the      Existing Patent Applications and maintain and protect at the applicable      patent office the existing patents, if any, all the above provided that      the Company shall have previously secured, to the satisfaction of the      Licensors, the payment by the Company of the amounts of all costs and fees      involved with such preparation, filing, prosecution, maintenance and      protection. The Parties agree that their joint policy will be to seek a      comprehensive patent protection for all Licensed Information licensed to      the Company hereunder. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| 7.2 | All      applications to be filed by the Licensors in accordance with the      provisions of Section 7.1 above, shall be filed in the name of the      Licensors or, should the law of the relevant jurisdiction so require, in      the name of the inventor and then assigned to the Licensors. As of April      2001, the Company shall bear all costs and fees incurred by the Licensors      in the preparation, filing, prosecution, and the like of all patent      applications filed in accordance with the provisions of Section 7.1 above      and in the maintenance, protection at the appropriate patent office and      the like of all patents issuing therefrom, as well as of the existing      patents, if any, or, if so instructed by the Licensors, shall pay all      costs and fees relating to such patent applications directly to the third      parties to whom they are due, as they come due. The Company agrees to pay      any amounts due to the Licensors or third parties pursuant hereto within      30 (thirty) days of the Licensors’ first written request. Upon request by      the Company, the Licensors shall submit to the Company receipts or other      appropriate documents evidencing such costs and fees. For the avoidance of      doubt, other than amounts already paid by the Company the Licensors shall      not be entitled for reimbursement for out-of-pocket costs and fees      incurred prior to the Effective Date in connection with the Existing      Patent Applications and the existing patents included in the      Patents. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.3 | In      the event that, following such consultations between the parties regarding      the filing of patent applications pursuant to Section 7.1 above, the      Company shall not wish to file and/or continue to prosecute a patent      application in relation to any part of the Licensed Information, then the      Licensors may file and/or continue to prosecute such specific patent      application at their own cost and expense. In such event, the License      shall automatically expire with respect to the subject matter of such      patent application (or patent) in the country or countries in which it is      being filed and/or prosecuted, and the Licensors shall be entitled to      freely exploit such patent application and associated portions of the      Licensed Information in such country or countries as they see fit,      including by granting licenses with respect thereto to third parties in      such country or countries. The Company shall be entitled to subsequently      renew the License with respect to any such patent application (or patent)      in any such country or countries, provided that the Licensors have not      granted rights with respect to such patent application or patent to a      third party, by reimbursing the Licensors for the Licensors’ aggregate      out-of-pocket costs and fees (as supported by receipts or other      appropriate documents evidencing such costs and fees) incurred in      connection with the said patent application (in the preparation, filing,      prosecution, maintenance and the like of such application) and in      connection with the patent received as aforesaid as a result of such      application (in the maintenance, protection and the like of such patent),      such costs and fees to be expressed in the currency in which paid by the      Licensors and to be reimbursed by the Company to the Licensors in US      Dollars , as well as interest thereupon for the period from the date of      such payments by the Licensors until the date on which they are      reimbursed, in accordance with the provisions relating to late payments      set forth in Section 14 below. The Company shall bear all additional and      future expenses relating to such patent application or patent, and the      provisions of Section 7.2 shall apply as if the relevant patent      application had been filed in accordance with Section 7.1      above. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 7.4 | Nothing      herein contained shall be deemed to be a warranty by the Licensors that      they can or will be able to obtain any patent or patents on any Patent      Application or applications relating to the Licensed Information or any      portion thereof, or that the Patents or any patents obtained on any of the      said patent applications, if obtained, are or will be valid or will afford      proper protection. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.5 | (a) | Each      party shall promptly notify the other in writing of any alleged      infringement or misappropriation by third parties of the Licensed      Information and provide any information available to that party relating      to such alleged infringement ormisappropriation |
|-----|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Should      the Company (i) determine that a third party is infringing one or more of      the Patents, by manufacturing, using or selling any Product; or (ii) be      sued on the grounds that the manufacture, use or sale of a Product by it      or by a Sublicensee infringes upon the patent rights of a third party,      then the Company shall be entitled to sue for such infringement or defend      such action (as the case may be), and, to the extent required by the      relevant law, the Licensors shall consent to being named as a party in any      such litigation and shall cooperate with the Company, its attorneys and      its agents, and upon request, provide the Company with the complete copies      of any and all documents or other materials that the Company may      reasonably deem necessary in order to undertake such responsibilities and      shall use its best efforts to cause the Chief Investigators to cooperate      with the Company in prosecuting or defending such litigation, provided      that any expenses or costs incurred in connection with such litigation      (including, without limitation, legal costs and other sums awarded to the      counter party in such action) shall be borne by the Company, who (without      derogating from the provisions of Section 13 below) shall indemnify the      Licensors against any such expenses orcosts. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (c) | In      the event that the Company receives any monetary awards due to action or a      suit, then such monetary awards shall be allocated to defray the costs and      expenses (including reasonable attorneys’ fees) incurred by the Company,      and any remaining balance will be divided as follows:    *****. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Notwithstanding      that stated in subsection (b) above, the Company shall not be entitled to      oblige the Licensors to take any action whatsoever for the protection of      or against infringement of any Patents. In the event that the Company      shall not exercise its right under this Section 7.6, any action of the      Licensors shall be entirely at the Licensors’ discretion, and the costs of      any such action, as well as any costs or other sums awarded to any      counter-party in such action, shall be paid by the Licensors exclusively,      and any recovery in any such action shall be retained exclusively by the      Licensors. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| 8.  | License |
|----------|---------|

| 8.1 | The      Licensors hereby grants to the Company and the Company hereby accepts from      the Licensors, an exclusive worldwide license under the Patents and the      Licensed Information for the development, use, marketing, distribution and      sale of the Products, and, to the extent to which such rights are covered      by an applicable Patent, to manufacture the Products (“the License”), all      for such period, for such consideration and upon such terms and conditions      as are set forth in this Agreement. The License granted herein, and the      use of the terms “Product” or “Products” in connection therewith, shall      apply to the treatment in human patients of myeloma, and to any other      additional cancer indications within the scope of the Patents and the      Licensed Information with respect to which the Company has submitted to      the Licensors a satisfactory detailed research and development plan      including a timetable and budget substantially similar to Attachments C      and D hereto (each an “Additional Indication”). The term of the License      with respect to such Additional Indication shall commence upon the      confirmation by the Licensors that an appropriate research and development      program has been submitted by the Company and extend for the period set      forth in Section 8.2 below and all undertakings, obligations, liabilities      and responsibilities hereunder shall apply also to such Additional      Indication (myeloma and any Additional Indication shall be referred to      hereunder as an “Indication”). For the avoidance of any doubt, the      Licensors shall be entitled to freely grant licenses to third parties      under the Patents and the Licensed Information relating to the treatment      of any medical indication that is not an  Indication. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.2 | The      License shall remain in force with respect to any of the Products for each      particular Indication in any country (if not previously terminated      according to the provisions of this Agreement) as  follows: |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.2.1 | In      a country where a Patent or Patents has been issued relating to such      Product, until the latter of (i) the date of expiry of the Patent (or the      last of the Patents) covering such Product in such country or (ii) the      fifteenth (15th) anniversary of the date of the First Commercial Sale by      the Company (or a Sublicensee) in suchcountry; |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.2.2 | In      any other country, upon the fifteenth (15th) anniversary of the date of      the First Commercial Sale (with respect to such Indication) by the Company      (or a Sublicensee) in such country. |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.2.3 | The      Company shall promptly notify the Licensors in writing upon the occurrence      of a First Commercial Sale for any given Product, specifying the date, the      country in which such sale took place and the type of Product      sold. |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 9. | Sublicense |
|----|------------|

| 9.1 | A      sublicense to all or any portion of the rights granted under the License      (a “Sublicense”)      may be granted by the Company only if: (1) the proposed sublicense is for      monetary consideration or its equivalent (ii) the proposed sublicense is      to be granted in a bona fide arms-length commercial transaction,      including, for the avoidance of doubt, a bona fide subcontracting      agreement for the manufacture of a Product by a third party on the      Company’s behalf (to the extent that the Company has received a license to      manufacture such Product from the Licensors) , and (iii) the proposed      sublicense is made by written agreement, whose provisions are consistent      with the terms of the License and contain, inter alia, the following terms      and conditions: |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 9.1.1 | The      Sublicense shall expire automatically on the termination of the License      for any reason; |
|--|-------|-------------------------------------------------------------------------------------------------------|

|  | 9.1.2 | The      Sublicensee shall undertake in writing to the Licensors to be bound by      provisions substantially similar to those contained in Sections 11 and 13      below; |
|--|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 9.1.3 | Such      terms necessary to enable performance by the Company of its obligations      hereunder; |
|--|-------|---------------------------------------------------------------------------------------------------|

|  | 9.1.4 | Any      act or omission by the Sublicensee which would have constituted a breach      of this Agreement by the Company had it been committed (or failed to be      performed) by the Company, shall constitute a breach of the sublicense      agreement with the Company entitling the Company to terminate the      sublicense. |
|--|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 9.1.5 | The      sublicense shall not be assignable, transferable or subject to further      sublicensing without the express prior written consent of the      Licensors; |
|--|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.2 | Sublicenses      under the License may be granted by the Company to Affiliated Entities of      the Company, provided that, in addition to the terms and conditions listed      in Sections 9.1.1. to 9.1.5 above, the sublicense agreement shall      stipulate that the sublicense shall automatically expire in the event that      the Sublicensee ceases to be an Affiliated Entity of the      Company; |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.3 | A      copy of the proposed agreement granting a sublicense pursuant to Sections      9.1 or 9.2above      shall be submitted to each of the Licensors for review at least twenty-one      (21) days prior to its execution, and an executed copy shall be provided      to each of the Licensors promptly upon execution      thereof. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.4 | The      Company hereby undertakes to promptly inform the Licensors upon receipt of      knowledge by the Company of any breach of the sublicense agreement by a      Sublicensee, and, if so requested by the Licensors, to exercise the      Company’s right of termination under said agreement with the      Sublicensee. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10. | Consideration |
|-----|---------------|

|  | 10.1.1 | The      Company shall pay to Yeda a license grant fee of ***** (the “License Grant      Fee”). |
|--|--------|-------------------------------------------------------------------------------------------------------------|

----

----

|  | 10.1.2. | The      License Grant Fee shall be payable in four installments, the first of      which shall be in the amount of *****, due and payable upon completion of      three months from the Effective Date; the second of which shall be in the      amount of *****, due and payable upon completion of four months from the      Effective Date; the third of which shall be in the amount of *****, due      and payable upon the completion of eight months from the Effective Date;      and the fourth of which shall be in the amount of *****, due and payable      upon the completion of twelve (12) months from the Effective Date. The      first and second installments (in the total amount of ***** shall be      payable regardless of the prior termination of this agreement for any      reason whatsoever, however the payment of the third and fourth      installments shall not apply in the event that this Agreement has been      terminated in accordance with the terms and conditions of this Agreement      prior to the date upon which such payment is due. All payments of the      License Grant Fee hereunder shall be made in US  dollars. |
|--|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.2 | Annual      License Fees. |
|------|---------------------------|

|  | 10.2.1 | In      addition to the License Grant Fee, the Company shall pay to Yeda an annual      license fee of ***** per year (“Annual License Fee”),      subject to the terms and conditions set out in this Section 10.2 and      Section 14 below. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 10.2.2 | The      initial payment of Annual License Fees shall be due and payable upon the      first anniversary of the EffectiveDate. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------|

|  | 10.2.3 | Subsequent      Annual License Fees shall be payable on each anniversary of the Effective      Date thereafter, for the duration of the period in which the License is in      effect. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 10.2.4 | Upon      receipt of Product Approval, during the term of the License, the Annual      License Fees shall be increased to ***** per  year. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------|

| 10.3 | Payment Upon Approval      of Patents. In addition, the Company shall pay to Yeda a one-time      payment of ***** upon the later of (i) the first anniversary of the      Effective Date or (ii) within fourteen (14) days of issuance or      registration of the first Patent registered hereunder. For the removal of      doubt, Yeda shall not be entitled to receive any payment upon the approval      of any subsequent Patent. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.4 | Payment upon Product      Approval. In addition, the Company shall pay to Yeda a onetime      payment of *****, within fourteen (14) days of receipt of the Product      Approval for the first Product. To remove doubt, Yeda shall be entitled to      payment under this Section 10.4 once, for the first Product to receive      Product Approval only. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.5 | Payment upon an      Entitling Event. In addition, within fourteen (14) days of receipt      of the proceeds from an Entitling Event, Yeda shall be entitled to receive      from the Company an/or other member(s) of the Biogal Group and/or      its/their shareholders (as the case may be) *****. Notwithstanding the      aforesaid, if the consideration paid in the Entitling Event is in the form      of securities of a third party, Yeda will be entitled to receive such      number of the same type of securities being offered in the Entitling Event      having equal value to the cash consideration to which Yeda is entitled      hereunder for such Entitling Event. In the event that the consideration      received in the context of an Entitling Event is payable in installments,      Yeda shall be entitled to receive payments from each installment paid in      accordance with the provisions of this Section 10.5, until its entitlement      to payment hereunder has been fullysatisfied. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| 10.6 | Acknowledgement by      Mor. Mor acknowledges and confirms that it has been issued an      equity interest in the Company in consideration of the granting of the      License, and accordingly, shall not be entitled to any additional fee or      payment for the granting of the License. The foregoing shall not derogate      in any manner from Mor’s entitlement to receive funds hereunder in      connection with the Initial Research (or in connection with any further      Research or services it may provide to a member of the Biogal      Group). |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11. | Confidentiality |
|-----|-----------------|

| 11.1 | Each      member of the Biogal Group shall maintain in confidence of all      confidential information relating to the Research and all technical,      medical, financial or other information or data relating to the Licensed      Information, or to any patent applications included in the Patents, except      and to the extent that :(a) any such information or data is in the public      domain at the date of the signing hereof or becomes part of the public      domain thereafter (other than through a violation by the Company or a      Sublicensee of this obligation of confidentiality); or (b) such      confidential information (or any portion thereof) that is expressly      released by the Licensors from this obligation of confidentiality by      notice in writing to the Company to such effect; or (c) the Licensed      Information was received by the Company from a third party legally      entitled to disclose it without breach of a confidentiality undertaking to      Yeda. Notwithstanding the foregoing, the Company may disclose to its      personnel and other third parties (including Sublicensees) the Licensed      Information to the extent necessary for the exercise by it of its rights      hereunder or in the fulfillment of its obligations hereunder, provided      that such personnel and other third parties shall be subject to written      confidentiality undertakings no less strict than those contained      herein. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.2 | The      Licensors shall maintain in confidence of all information and data      received from the Company and explicitly identified in writing as      confidential, except and to the extent that: (a) any such information or      data is in the public domain at the date of the signing hereof or becomes      part of the public domain thereafter (other than through a violation by      the Licensors of this obligation of confidentiality); or (b) any such      information or data is expressly released by the Company from this      obligation of confidentiality by notice in writing to the Licensors to      such effect; or (c) the information was rightfully received by the      Licensors from a third party without any restrictions on disclosure or      use. Notwithstanding the foregoing, the Licensors may disclose to its      personnel any such confidential information or data to the extent      necessary for the exercise by it of its rights hereunder or in the      fulfillment of its obligations hereunder, provided that such personnel      shall be subject to written confidentiality undertakings no less strict      than those contained herein. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.3 | In      addition to and without derogating from the foregoing, the Company      undertakes not to make mention of the names of Yeda, Mor, the Institute or      any scientists or other employee thereof in any manner or for any purpose      whatsoever in relation to this Agreement, its subject matter and any      matter arising from this Agreement or otherwise, without the prior written      approval of Yeda or Mor (as applicable) which will not be unreasonably      withheld. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 11.4 | Notwithstanding      the provisions of Sections 11.1, 11.2 and 11.3 above, the Company shall      not be prevented from mentioning the name of Yeda, Mor, the Institute, or      any hospital or medical institute which was involved in the Research      and/or any scientists or other employees thereof or from disclosing any      information: |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | If,      and to the extent that such mention or disclosure (i) is to competent      authorities for the purposes of obtaining approval or permission for the      exercise of the License, or is in the fulfillment of any legal duty owed      to any competent authority (including, without limitation, a duty to make      regulatory filings); or (ii) is the fact of the execution of this      Agreement to any third party; or (iii) relates to any information relating      to this Agreement (to the extent necessary and to the extent such      information does not constitute Licensed Information or any other      information that the Company is obliged to maintain in full confidence      pursuant to clause 11.1 above); or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | In      the event of (i) a private placement; or (ii) an initial public offering      of shares of the Company; or (iii) a merger or acquisition of the Company,      the Company will be authorized to disclose any information to any      prospective investor or any other relevant party, subject to the written      undertaking of confidentiality addressed to the Company in a form      reasonably acceptable to the Licensors, of such prospective investor or      recipient of such information (and provided that it shall be clearly      indicated any document so provided to such a party, that Yeda has not      reviewed or approved the information so provided);  or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The      Company shall be entitled to mention that the Company is a Licensee of      Yeda and Mor to develop, use, market, manufacture (if applicable), sell      and distribute the Products, in any business presentations, press      interviews, brochures and company profiles, copies of which shall be      provided to the Licensors within a reasonable time of printing,      publication or disclosure thereof. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.5 | The      termination of this Agreement for any reason whatsoever, shall not release      the Company from any of its obligations under this Section 11 and such      obligations shall survive any suchtermination. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.6 | Yeda,      the Institute and the scientists of the Institute may publish articles      relating to the Licensed Information in scientific journals or posters or      to give lectures or seminars to third parties relating to the Licensed      Information, or in any other way to publish the Research or the results      thereof, on condition that, to the extent that the information to be      published or disclosed is not in the public domain, a draft copy of the      said contemplated publication or disclosure shall have been furnished to      the Company at least sixty (60) days before the making of any such      publication or disclosure and the Company shall have failed to notify Yeda      in writing, within thirty (30) days from receipt of the said draft      publication or disclosure, of its opposition to the making of the      contemplated publication or disclosure. Should the Company notify Yeda in      writing within thirty (30) days from the receipt of the draft contemplated      publication or disclosure that it opposes the making of such publication      or disclosure because it includes material information (which has been      specified in said notice), in respect of which there are reasonable      grounds, such grounds also to be specified in the said-notice, requiring      the preventing or postponement, as the case may be, of such publication or      disclosure so as not adversely to affect the patentability of the Licensed      Information, then Yeda shall not permit such publication or disclosure      unless there shall first have been filed an appropriate patent application      in respect of the material information to be published or disclosed as      aforesaid, and if this cannot reasonably be undertaken, then Yeda shall      not permit such publication or disclosure unless the material information      specified in the Company’s notice as aforesaid has been deleted therefrom.      The Company acknowledges that it is aware of the importance to the      researchers of publishing their work and, accordingly, the Company will      use its best efforts not to oppose such  publications. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 12. | No      Assignment |
|-----|--------------------|

|   | The      Company may assign, transfer or encumber all or any of its rights or      obligations under this Agreement or arising therefrom, provided it has      received the prior written consent of both of the Licensors, which shall      not be unreasonably withheld. A Licensor opposing such assignment,      transfer or encumbrance of rights, shall provide the Company with a      written explanation of the grounds for its opposition. The Licensors shall      be entitled to condition their consent to an assignment inter alia on the      receipt of written assurances and/or guarantees (including an undertaking      by the Company to guarantee payment of all fees and payments due hereunder      to Yeda). |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Notwithstanding      the foregoing, the Company shall be entitled to make an assignment of all      (but not part) of its rights and obligations under this Agreement to an      Affiliated Entity without prior written consent of the Licensors, provided      that: (i) prior written notice of such intended assignment, together with      the copy of the agreement of the proposed assignment shall be submitted to      the Licensors at least 30 (thirty) days before signing; (ii) the terms of      the assignment shall ensure that it shall be consistent with the      provisions of this Agreement and will not derogate in any manner from the      rights of the Licensors hereunder; (iii) the assignment shall expire      automatically if the assignee ceases to be an Affiliated Entity of the      Company; (iv) the Affiliated Entity shall assume all obligations of the      Company under this Agreement without releasing the Company of its      obligations hereunder. Any assignment or attempted assignment contrary to      the provisions hereof shall be null andvoid. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13. | Exclusion      of Liability andIndemnification |
|-----|------------------------------------------------|

| 13.1 | Yeda,      Mor, the Institute, RMC and the directors, officers and employees thereof      (hereinafter collectively “the Indemnitees”) shall      not be liable for any claims, demands, liabilities, costs, losses, damages      or expenses (including legal costs and attorney’s fees) of whatever kind      or nature caused to or suffered by any person or entity (including,      without limitation, to the Company or any Sublicensee) that directly or      indirectly arises out of or result from or are encountered in connection      with this Agreement or the exercise of the License, including, without      limiting the generality of the foregoing, directly or indirectly arising      out of or resulting from or encountered in connection with the      development, manufacture, sale or use of any Product by any member of the      Biogal Group, any Sublicensee or any person acting in the name of or on      behalf of any of the foregoing, or acquiring any of the Products from any      of the foregoing, or directly or indirectly arising out of or resulting      from or encountered in connection with the exploitation or use by any      member of the Biogal Group or any Sublicensee of the Licensed Information      or any part thereof, including, without limitation, of any data or      information given, if given, in accordance with this      Agreement. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 13.2 | In      the event that any of the Indemnitees should suffer any damages, claim,      demand, liability, loss, cost or expense as aforesaid in Section 13.1, or      shall be requested or obliged to pay to any person or entity any amount      whatsoever as compensation for any damages, demand, claim, liability,      cost, loss or expense as aforesaid, then the Company, the Biogal Group      and/or each of their successors or assigns (each jointly and severally)      shall defend, indemnify and hold harmless such Indemnitees from and      against any and all such damages, claim, demand, liability, cost, loss or      expense (including attorney fees and legal costs) of whatever kind or      nature as aforesaid. Without limiting the generality of the foregoing, the      foregoing indemnification and the exclusion of liability set forth in      Section 13.1 above shall extend to product liability claims and to      damages, claims, demands, liabilities, losses, costs and expenses      attributable to death, personal injury or property damage or to penalties      imposed on account of the violation of any law, regulations or      governmental requirement. Notwithstanding the foregoing, the Company, the      Biogal Group shall have no obligation to indemnify an Indemnitee in the      event and to the extent that any damages, claim, liability, demand, loss,      cost or expense as aforesaid results from the fraudulent misconduct of      such Indemnitee. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.3 | The      Company and Biogal Israel shall each, at its own expense, insure its      liability pursuant to Section 13.2 above during the period beginning on      the date of (i) the commencement of the clinical trials of a Product in      any country or in-vivo research, in the case of Products which are drugs,      or (ii) the first sale by a member of the Biogal Group (whether commercial      or for experimental or test-market purposes) in the case of any other      Product, for the entire period that the License is in force, and for an      additional ***** thereafter. Such insurance shall be in reasonable amounts      and on reasonable terms in the circumstances, having regard, in      particular, to the nature of the Products, and shall be subscribed for      from a reputable insurance company. The beneficiaries of such insurance      shall be the Company, Yeda and Mor. The policy or policies so issued shall      include a “cross-liability” provision pursuant to which the insurance is      deemed to be separate insurance for each insured party (without right of      subrogation as against any of the insured under the policy, or any of      their representatives, employees, officers, directors or anyone in their      name) and shall further provide that the insurer will be obliged to notify      each insured in writing at least 60 days in advance of the expiry or      cancellation of the policy or policies. The Company hereby undertakes to      comply with all obligations imposed upon it under such policy or policies      and in particular, without limiting the generality of the foregoing, to      pay in full all premiums and other payments for which it is liable      pursuant to such policy or policies. The Company shall be obliged to      submit to the Licensors, upon issuance, copies of the aforesaid insurance      policy or policies. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.4 | The      provisions of this Section 13 shall survive the termination of this      Agreement for any reasonwhatsoever. |
|------|-----------------------------------------------------------------------------------------------------------------------|

| 14. | Term      and Termination |
|-----|---------------------------|

| 14.1 | Term.      Unless previously terminated in accordance with the provisions hereof,      this Agreement shall terminate upon the expiration of the      License. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| 14.2 | Termination |
|------|-------------|

|  | 14.2.1 | Without      derogating from the parties’ rights hereunder or by law, to any other or      additional remedy or relief, it is agreed that each of the Licensors or      the Company may terminate this Agreement and the License hereunder by      serving a written notice, effective immediately, on the infringing party      upon  the occurrence of:(a) a material breach hereof by the      other (which breach cannot be cured or, if curable, has not been cured by      the party in breach within ***** or, in the case of failure by the Company      to pay any amount due by the Company to Yeda pursuant to or in connection      with this Agreement on or before due date of payment, thirty (30) days      after receipt of a written notice from the other party in respect of such      breach, and in such event this Agreement and the License hereunder shall      be terminated forthwith upon receipt of notice as    aforesaid. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 14.2.2 | Without      derogating from the provisions of Section 14.2.1 above, each of the      Licensors shall be entitled to cancel this Agreement (including the      License hereunder) with immediate effect, by delivery of a written notice      to such effect to theCompany: |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 14.2.2.1 | If      the Company (or a permitted Sublicensee) shall not within ***** of the      date of expiry of the Initial Research Period have received a Product      Approval and/or commenced the commercial sale or manufacture, of a      Product, or shall cease such manufacture or sale for a period of more than      twelve (12) months, provided however, that such period shall be extended      if the cessation of the manufacture or sale results solely from an act or      omission of a third party, which the Company cannot remedy or repair by      other means, and of which the Company has informed the Licensors in      writing not less than three months from its occurrence or non-occurrence      (the “Preventing Event”), for as long as the Preventing Event exists, but      not to extend more than twenty-four (24)months. |
|--|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 14.2.2.2 | If      the Company shall not have received additional funding for the continued      development of the Products of at least ***** of the Effective Date, at      least ***** of which shall be allocated to research and development      activities of the Company. |
|--|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 14.2.2.3 | Upon      the filing of a petition in bankruptcy, liquidation, insolvency,      reorganization or receivership that is not dismissed within sixty (60)      days of the date on which it is filed against or by the Company and/or      Biogal Israel and/or an Affiliated Entity Sublicensee thereof, or if any      of the foregoing shall be subject to an arrangement with creditors,      whether by law or agreement, or shall otherwise becoming      insolvent. |
|--|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|  | 14.2.2.4 | Upon      the assignment or transfer of this Agreement or any rights or obligations      hereunder by the Company and/or Biogal Israel and/or an Affiliated Entity      Sublicensee thereof in contravention of the provisions of this      Agreement. |
|--|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 14.2.2.5 | Upon      termination of the Founders Agreement for any reason, or upon the      occurrence of an event which would entitle either Licensor to terminate      the Founders Agreement. |
|--|----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 14.2.3 | For      the purposes of this Section 14.2, a notice of termination of this      Agreement sent by either Yeda or Mor to the Company shall be deemed in all      circumstances to have been jointly issued by both of the      Licensors. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.3 | The      Company shall be entitled, on the giving to the Licensors of one hundred      and twenty (120) days prior written notice to such effect, to terminate      this Agreement, in the event that the Company considers that for      scientific, medical, or commercial reasons, the development of any Product      is not feasible, provided that: (1) such termination shall not take effect      prior to the termination of the Initial Research Period, provided however,      that the Company may terminate this Agreement for sufficient scientific,      medical or commercial grounds upon the completion of a period of *****      from the Effective Date, with three (3) months prior written notice to the      Licensors, if no Product is being marketed, distributed or sold at such      time and (ii) the Company shall continue, after termination of this      Agreement in accordance with the foregoing, to be liable for all expenses      and costs incurred by the Licensors prior to the termination of the      Agreement, in respect of the Initial Research Program or the Research      Program within the scope of the Initial Research Budget or the Research      Budget (or any mutually agreed upon extension thereof) which Yeda or Mor      is not entitled to cancel (pursuant to law or contract) and all costs and      expenses incurred by either of the Licensors, prior the termination of      this Agreement in connection with the Patents pursuant to Section 7.1      above. The provisions of Section 14.3(ii) shall survive termination of      this Agreement. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.4 | Upon      the termination of this Agreement for whatever reason, all of the      Company’s rights hereunder in and to the Licensed Information shall revert      to the Licensors and the Company or other members of Biogal Group shall      not be entitled to make any further use of the Licensed Information and      the Company and other members of the Biogal Group shall deliver to the      Licensors all drawings, plans, diagrams, specifications, other      documentation, models or any other physical matter in their possession in      any way containing, representing or embodying the Licensed Information.      Notwithstanding the foregoing, the Company may retain copies of all such      documentation relating to any development and other work performed by the      Company in connection with the Products provided that: (i) such      documentation may be used by the Company for the sole purpose of defending      itself in any future claims relating to the exercise by the Company (prior      to termination) of its rights hereunder; (ii) the Company shall otherwise      maintain such documentation in strict confidence as long as the obligation      of confidentiality under Section 11 shall continue to apply thereto; and      (iii) the retention of such documentation shall in no way be deemed to      establish any right to the further exercise of the License or of the      Licensed Information. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| 14.5 | The      termination of this Agreement for any reason shall not relieve the parties      of any obligations, which shall have accrued prior to such      termination. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15. | Late      Payments |
|-----|--------------------|

|   | Any      amount payable hereunder by one of the parties to another, that has not      been paid by its due date of payment shall bear interest from its due date      of payment until the date of actual payment, at the average LIBOR rate for      Dollar deposits for a period of 3 (three) months prevailing from time to      time during the period of arrears, *****. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16. | Notices. |
|-----|----------|

|   | Any      notice to be given pursuant to or in connection with this Agreement shall      be given, in writing, by facsimile or by prepaid registered mail, to the      following address (or such other address in Israel as a party may from      time to time notify the other parties hereto in writing shall serve as its      address for this purpose): |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17. | Guarantee. |
|-----|------------|

|   | The      Company hereby undertakes to serve as guarantor for the full and timely      performance by the Company and/or Biogal Israel of all of its/their      obligations hereunder, including without limitation, the full and prompt      payment of all fees and payments (including license fees and payments,      payment of the Research Budget and the reimbursement of costs and      expenses) due to Yeda and Mor under this  Agreement. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| 18. | Value      Added Tax. |
|-----|-----------------------|

|   | Each      party shall reimburse the other party against submission of appropriate      tax invoices, all amounts of Value Added Tax imposed on such other party      in connection with the transactions under this  Agreement. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19. | Miscellaneous. |
|-----|----------------|

| 19.1 | Entire      Agreement. This Agreement and the Founders Agreement constitutes      the entire agreement between the parties hereto in respect of the subject      matter hereof, and supersedes all prior agreements or understandings      between the parties relating to the subject matter hereof, and this      Agreement may be amended only by a written document signed by both parties      hereto. |
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| 19.2 | Counterparts.      This Agreement may be signed in any number of counterparts, no one of      which need be signed by more than one party, and all such copies, when      duly executed, shall be considered an original of one and the same      document. |
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| 19.3 | Waiver. No      waiver by any party hereto, whether express or implied, of its rights      under any provision of this Agreement shall constitute a waiver of such      party's rights under such provisions at any other time or a waiver of such      party's rights under any other provision of this Agreement. No failure by      any party hereto to take any action against any breach of this Agreement      or default by another party hereto shall constitute a waiver of the former      party's rights to enforce any provision of this Agreement or to take      action against such breach or default or any subsequent breach or default      by such other party. |
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| 19.4 | Governing Law;      Venue. This Agreement shall be governed in all respects by the laws      of Israel, and the courts of Israel shall have exclusive jurisdiction over      all disputes arising hereunder |
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| 19.5 | Independent      Contractors. Nothing contained in this Agreement shall be construed      to place the parties in relationship of partners or parties to a joint      venture or to constitute either party an agent, employee or legal      representative of the other party and neither party shall have power or      authority to act on behalf of the other party or to bind the other party      in any manner whatsoever. |
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| 19.6 | Severability.      In the event that any provision of this Agreement is held invalid or      unenforceable in any circumstances by a court of competent jurisdiction,      the remainder of this Agreement, and the application of such provision in      any other circumstances, shall not be affected  thereby. |
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| 19.7 | No Set-Off. All      payments to be made to the Licensors hereunder shall be made free and      clear of and without any deduction for or on account of any set-off,      counterclaim or tax. |
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| YEDA      RESEARCH ANDDEVELOPMENT      COMPANY LTD |   | MOR      RESEARCH APPLICATIONSLTD. |
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| HAVERFIELD      LTD.                               |   |                               |
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