Document:

EXHIBIT 10.33

    

      
        	
                

              	
                1317 King Street

                Alexandria,
VA  22314

                P 703-739-5695

                F 703-548-7457

                Email: bcg@bcg-usa.com

                www.biologicsconsulting.com

              

      

      
        

      

      
        CONSULTING
AGREEMENT

      

      
        BETWEEN

      

      
        

      

      
        BIOLOGICS CONSULTING GROUP, INC.
(Hereinafter “BCG”)

      

      
        
          	
                  Address:

                	
                  1317
      King Street

                

        

      

      
        
          	
                   
      

                	
                  Alexandria,
      Virginia 22314

                

        

      

      
        
          	
                  TAX
      I.D.#:

                	
                  84-1693476

                

        

      

      
        

      

      
        AND

      

      
        

      

      
        

      

      
        MEDGENICS, INC. (Hereinafter
“COMPANY”)

      

      
        
          	
                  Address:

                	
                  P.O.Box
      14

                

        

      

      
        
          	
                   
      

                	
                  Teradion
      Business Park

                

        

      

      
        
          	
                   
      

                	
                  D.N.
      Misgav 20179

                

        

      

      
        
          	
                   
      

                	
                  Israel

                

        

      

      
        

      

      
        DATED: June 18,
2008

      

      
        

      

      
        

      

      
        Term of
Consulting Service:

      

      
        

      

      
        	 
      	
                From:
      January 1, 2008

                 

                Through:
      December 31, 2009

              

      

      
        

      

      
        COMPANY
and BCG (the “Parties”) hereby agree as follows:

      

      
        

      

      
        
          	
                  1.

                	
                  Scope
      of Work

                

        

      

      
        
          	
                   
      

                	
                  BCG
      shall perform the consulting services for COMPANY described in Exhibit 1
      (the “SERVICES”) attached hereto and made a part
  hereof.

                

        

      

      
        

      

      
        
          	
                  2.

                	
                  Compensation

                

        

      

      
        
          	
                   
      

                	
                  COMPANY
      shall pay BCG a consulting fee in the amount and on the terms specified in
      Exhibit 1 (the “FEE”) attached hereto and made a part
    hereof.

                

        

      

      
        

      

      
        
          	
                  3.

                	
                  Representations
      of BCG

                

        

      

      
        
          	
                   
      

                	
                  BCG
      represents that its employees have the requisite education, expertise,
      experience and skill to render the desired SERVICES and BCG shall perform
      the SERVICES in a competent and efficient
      manner. BCG does not warrant that any particular result will be produced.
      BCG shall abide by all laws, rules and regulations that apply to the
      performance of the SERVICES, including applicable requirements regarding
      equal employment opportunity and the
provisions

                

        

      

      

      
        	
                
                  Version
      10, 4/28/2008

                

              	
                
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                Biologics Consulting Group,
      Inc.

              

      

      
        

      

      
        
          	
                   
      

                	
                  of
      Executive Order 11246 and related rules. BCG when on COMPANY premises
      shall comply with COMPANY policies with respect to conduct of
      visitors.

                

        

      

      
        

      

      
        
          	
                   
      

                	
                  BCG
      certifies that neither BCG nor any person employed by BCG has been
      debarred under Section 306 (a) or 306 (b) of the Federal Food, Drug and
      Cosmetic Act {codified at 21 U.S.C. 335(a) and 335(b)} and that no
      debarred person will in the future be employed by BCG to perform any
      services in connection with any application for approval of a drug by the
      Food and Drug Administration. BCG certifies that neither BCG nor any
      person employed by BCG has a conviction on their record for which a person
      can be debarred as described in Section 306 (a) or 306 (b) of the Federal
      Food, Drug and Cosmetic Act. BCG further certifies that should BCG or any
      person employed by BCG be convicted in the future, of any act for which a
      person can be debarred as described in Section 306 (a) or 306 (b) of the
      Federal Food, Drug and Cosmetic Act, BCG shall immediately notify COMPANY
      of such conviction.

                

        

      

      
        

      

      
        
          	
                   
      

                	
                  EXCEPT
      FOR ANY EXPRESS WARRANTIES AND REPRESENTATIONS STATED HEREIN, BCG MAKES NO
      WARRANTIES, EXPRESS OR IMPLIED, AND BCG SPECIFICALLY DISCLAIMS ANY IMPLIED
      WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR
      PURPOSE.

                

        

      

      
        

      

      
        
          	
                   
      

                	
                  In
      no event shall BCG be liable under any legal theory for any indirect,
      special or consequential damages, including, but not limited to, loss of
      profits, even if BCG has notice of the possibility of such
      damages.

                

        

      

      
        

      

      
        
          	
                   
      

                	
                  Without
      limiting the effect of the preceding paragraph (i.e., limitation of
      consequential damages), BCG’s maximum liability, if any, for damages under
      any circumstance, shall not exceed the amount which has actually been paid
      by COMPANY to BCG.

                

        

      

      
        

      

      
        
          	
                  4.

                	
                  Confidentiality

                

        

      

      
        
          	
                   
      

                	
                  During
      the performance of SERVICES contemplated by this Agreement, it is
      anticipated that COMPANY may disclose or deliver to BCG certain of
      COMPANY’S trade secrets or confidential or proprietary
      information.

                

        

      

      
        

      

      
        
          	
                   
      

                	
                  As
      used in this Agreement, the term “Proprietary Information” shall mean any
      COMPANY trade secrets or confidential or proprietary information disclosed
      by COMPANY to BCG and designated as such in writing by COMPANY whether by
      letter or by the use of an appropriate proprietary stamp or legend, prior
      to or at the time any such trade secret or confidential or proprietary
      information is disclosed by COMPANY to
BCG.

                

        

      

      
        

      

      
        
          	
                   
      

                	
                  BCG
      shall hold in confidence, and shall not disclose (or permit or suffer its
      personnel to disclose) to any person outside its organization, any
      Proprietary Information. BCG and its personnel shall use such Proprietary
      Information only for the purpose for which it was disclosed and neither
      BCG nor such personnel shall use or exploit such Proprietary Information
      for its own benefit or the benefit of another without the prior written
      consent of COMPANY.

                

        

      

      
        

      

      
        
          	
                   
      

                	
                  The
      obligations of BCG specified in the preceding paragraph shall not apply,
      and BCG shall have no further obligations, with respect to any Proprietary
      Information to the extent such
Proprietary

                

        

      

       

       

      
        	
                
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                Biologics Consulting Group,
      Inc.

              

      

      
        

      

      
        
          	
                   
      

                	
                  Information:
      (a) was generally known to the public at the time of disclosure or becomes
      generally known through no wrongful act on the part of BCG; (b) is in
      BCG’s possession at the time of disclosure otherwise than as a result of
      BCG’s breach of any legal obligation; or (c) becomes known to BCG through
      disclosure by sources other than COMPANY having the legal right to
      disclose such Proprietary Information. Notwithstanding anything contained
      in this Agreement to the contrary, this Agreement shall not prohibit BCG
      from disclosing Proprietary Information to the extent required in order
      for BCG to comply with applicable laws and regulations, provided that
      BCG provides prior written notice of such required disclosure to the
      COMPANY and takes reasonable and lawful actions to avoid and/or minimize
      the extent of such
disclosure.

                

        

      

      
        

      

      
        
          	
                   
      

                	
                  BCG
      shall, upon request of COMPANY return to COMPANY all drawings, documents
      and other tangible manifestations of Proprietary Information received by
      BCG pursuant to this Agreement (and all copies and reproductions
      thereof).

                

        

      

      
        

      

      
        
          	
                  5.

                	
                  Independent
      Contractor

                

        

      

      
        
          	
                   
      

                	
                  BCG
      shall be an Independent Contractor, and BCG and any employees of BCG
      performing SERVICES shall not be employees of COMPANY. The means, methods
      and manner in which SERVICES are rendered by BCG shall be within BCG’s
      sole control and discretion. COMPANY shall not be responsible for BCG’s
      acts or the acts of its employees while performing the services whether on
      COMPANY premises or elsewhere, and BCG and its employees shall not have
      authority to speak for, represent, obligate, or legally bind COMPANY in
      any way.

                

        

      

      
        

      

      
        
          	
                  6.

                	
                  Ownership
      of Property and
Developments

                

        

      

      
        
          	
                   
      

                	
                  All
      materials and documents supplied to BCG during the Term of this Agreement
      by COMPANY or third parties which relate to the SERVICES and all materials
      and documents developed by BCG for COMPANY, with the exception of general
      consulting and training materials (e.g. strategies, tutorials, study
      designs, project outlines) owned and copyrighted by BCG that are not
      related to any specific client project, pursuant to this Agreement
      (“DEVELOPMENTS”) shall be the sole and exclusive property of COMPANY. BCG
      agrees to hold all DEVELOPMENTS confidential in accordance with Paragraph
      4 of this Agreement. All property and developments shall be returned,
      delivered or assigned to COMPANY immediately upon expiration or
      termination of this
Agreement.

                

        

      

      
        

      

      
        
          	
                  7.

                	
                  Term
      and Termination

                

        

      

      
        
          	
                   
      

                	
                  The
      term of this Agreement is as specified on the first page of this
      Agreement. In the event that this Agreement expires or is terminated, BCG
      shall have no further obligation to COMPANY, other than those contained in
      Paragraph 4 hereof.

                

        

      

      
        

      

      
        
          	
                   
      

                	
                  Either
      COMPANY or BCG may terminate this Agreement at any time by giving written
      notice. In such event, COMPANY shall (i) pay for SERVICES actually
      performed by BCG as of the date of notice; and (ii) reimburse BCG for any
      reasonable expenses incurred by BCG as of the date of such
      notice.

                

        

      

      
        

      

      
        
          	
                   
      

                	
                  This
      Agreement may be extended upon mutual agreement by both
      Parties.

                

        

      

       

       

      
        	
                
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                Biologics Consulting Group,
      Inc.

              

      

      
        

      

      
        
          	
                  8.

                	
                  Right
      of Review

                

        

      

      
        
          	
                   
      

                	
                  During
      the term of this Agreement and for a period of one year after expiration
      or termination, COMPANY and/or its representatives at reasonable times,
      and upon reasonable notice to BCG, shall have the right to review all
      contracts, correspondence, books, accounts, files, and records of BCG
      which pertain in any manner to performance of this Agreement and services
      rendered hereunder and the charges
therefore.

                

        

      

      
        

      

      
        
          	
                  9.

                	
                  Indemnity

                

        

      

      
        
          	
                   
      

                	
                  COMPANY
      shall defend, indemnify and hold BCG harmless from any loss or expense
      arising out of any claim, action, suit or governmental proceeding relating
      to SERVICES performed. This provision shall not apply to any loss or
      expense caused by BCG’s negligence, bad faith, intentional misconduct or
      gross negligence.

                

        

      

      
        

      

      
        
          	
                   
      

                	
                  BCG
      shall defend, indemnify and hold COMPANY, its officers, directors,
      employees and agents harmless from any and all claims, suits, actions, and
      proceedings, and related costs and expenses (including reasonable
      attorneys fees) for personal injury or property damage resulting from
      BCG’s negligence or willful misconduct arising out of the performance of
      this Agreement.

                

        

      

      
        

      

      
        
          	
                  10.

                	
                  Hiring
      of Employees

                

        

      

      
        
          	
                   
      

                	
                  During
      the term of this Agreement and for a period of twelve months thereafter,
      COMPANY will not solicit, directly or indirectly, for employment or employ
      any employee of BCG who is or was actively involved in the performance or
      evaluation of the SERVICES without the prior written consent of BCG. In
      the event of any breach of the provisions of the preceding sentence,
      COMPANY shall pay BCG an amount equal to 100% of such employee’s salary
      and bonus from BCG on an annualized basis for the calendar year preceding
      such breach. COMPANY and BCG hereby acknowledge and agree that the
      foregoing sum represents an enforceable liquidated damages remedy, and
      does not (and in no event shall be deemed to) constitute a penalty, the
      parties hereby further acknowledging that BCG’s loss of any such employee
      will resulting a significant detriment to its
  business.

                

        

      

      
        

      

      
        
          	
                  11.

                	
                  Miscellaneous
      Provisions

                

        

      

      
        
          	
                   
      

                	
                  No
      assignment by BCG of this Agreement or any of its rights, duties or
      obligations hereunder, shall be binding on COMPANY without COMPANY’S prior
      written consent.

                

        

      

      
        

      

      
        
          	
                   
      

                	
                  This
      Agreement supersedes all prior agreements and understandings between the
      parties, and all prior representations and negotiations, whether written
      or oral, and is intended by the parties as the complete and exclusive
      statement of the terms of their Agreement. No modification, addition to,
      or waiver of any of the terms hereof shall be effective unless in writing
      and signed by an authorized officer of
BCG.

                

        

      

      
        

      

      
        
          	
                   
      

                	
                  Any
      delivery times quoted by BCG or its personnel are estimates only and BCG
      shall not be liable for any delays in
delivery.

                

        

      

      
        

      

      
        
          	
                   
      

                	
                  BCG’s
      failure to perform any obligation hereunder shall not constitute a breach
      of this Agreement, or any warranty hereunder, where such failure of
      performance is the result of any force majeure, including but not limited
      to, riots, failure of contractors and subcontractors
  to

                

        

      

       

       

      
        	
                
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                Biologics Consulting Group,
      Inc.

              

      

      
        

      

      
        
          	
                   
      

                	
                  perform,
      strikes, labor disturbances, acts of God, fires, floods, explosions, civil
      disturbances, inability to obtain required material or transportation, or
      acts of governmental
authorities.

                

        

      

      
        

      

      
        
          	
                   
      

                	
                  No
      action to enforce any claim arising out of or in connection with the
      transaction which is the subject matter of this Agreement shall be brought
      by COMPANY against BCG more than three years after the cause of action has
      accrued.

                

        

      

      
        

      

      
        
          	
                   
      

                	
                  In
      the case of any dispute between the parties, which dispute shall result in
      arbitration or litigation, the prevailing party shall be entitled to
      reasonable attorney’s fees and costs, including expert witness
      fees.

                

        

      

      
        

      

      
        
          	
                   
      

                	
                  This
      contract was the result of negotiation between the parties. The parties
      agree that for the purpose of interpreting this Agreement they shall be
      deemed to have jointly authored each and every
  provision.

                

        

      

      
        

      

      
        
          	
                   
      

                	
                  This
      Agreement shall be construed according to the laws of Virginia for
      contracts made within that state. The parties agree that the exclusive
      jurisdiction and venue of any suit or arbitration relating to this
      agreement, including any causes of action arising out of its formation,
      performance and/or breach, including any claim for misrepresentation,
      shall be in the City of Alexandria, State of
  Virginia.

                

        

      

      
        

      

      
        
          	
                   
      

                	
                  This
      Agreement may be executed in any number of counterparts, each of which,
      when executed, shall be deemed to be an original and all of which together
      shall constitute one and the same document. This agreement may be executed
      by facsimile or electronically transmitted
  signatures.

                

        

      

      
        

      

      
        

      

      
        

      

      
        

      

      
        Signature
page follows

      

      

      

      
        	
                
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                Biologics Consulting Group,
      Inc.

              

      

      
        

      

      
        IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by
their duly

      

      
        authorized
representatives.

      

      
        

      

      
        
          	
                  BIOLOGICS
      CONSULTING GROUP, INC.

                	 
      	
                  MEDGENICS,
      INC.

                
	
                  (BCG)

                	 
      	
                  (COMPANY)

                
	 
      	 
      	 
      	 
      	 
      
	
                  By:

                	
                  /s/ James G. Kenimer

                	 
      	
                  By:

                	
                  /s/ Andrew Pearlman

                
	 
      	 
      	 
      	 
      	 
      
	 
      	
                  James
      G. Kenimer, Ph.D.

                	 
      	
                  Name:

                	
                  Andrew
      Pearlman

                
	 
      	 
      	 
      	 
      	 
      
	 
      	
                  President
      & CEO

                	 
      	
                  Title:

                	
                  CEO

                
	 
      	 
      	 
      	 
      	 
      
	
                  Date:

                	
                  7/8/08

                	 
      	
                  Date:

                	
                  July
      3, 2008

                

        

      

      

      
        
          	
                  
                    Email:
      jkenimer@bcg-usa.com

                  

                	
                  
                    Email:

                  

                
	
                  
                    Ph:        l-(703)
      739-5695

                  

                	
                  
                    Ph:

                  

                

        

      

      
        

      

      
        Please
fill-in the requested information in the “Billing Procedures” section
of

      

      
        “Exhibit
1” of this agreement.

      

      

      

      

      

      
        	
                
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      10, 4/28/2008

                

              	
                
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                Biologics Consulting Group,
      Inc.

              

      

      
        

      

      
        EXHIBIT
1

      

      
        

      

      
        
          	
                  1)

                	
                  SERVICES TO BE
      PERFORMED

                

        

      

      
        
          	
                   
      

                	
                  BCG
      shall provide regulatory consulting services to the COMPANY. The tasks to
      be performed under this Agreement will be agreed to in advance by the
      COMPANY and BCG. If requested by the COMPANY, BCG will provide a written
      estimate of the time and costs for any requested task(s) (the PROPOSAL).
      This PROPOSAL will be assigned a WORK ORDER NUMBER and become binding
      under the terms of this contract when signed by both the COMPANY and BCG.
      Alternatively, the COMPANY can request services under this contract by
      contacting BCG or an individual BCG consultant and requesting a specific
      task to be performed. In such cases, the BCG consultant shall provide the
      company with an estimate of costs by electronic mail, with a copy to the
      BCG main office.

                

        

      

      
        

      

      
        
          	
                   
      

                	
                  The COMPANY representative(s)
      who will designate the services to be performed
      or
      changes
      thereto, is
      (are):

                

        

      

      
         

      

      
        
          
            	
                    Full
      Name

                  	
                    Email
      Address

                  	
                    Phone
      Number

                  
	
                    
                      Andrew
      Pearlman

                    

                  	
                    
                      andy@medgenics.com

                    

                  	
                    
                      +972-4-902-8900

                    

                  
	 
      	 
      	 
      
	 
      	 
      	 
      

          

        

      

      
        

      

      
        
          	
                  2)

                	
                  REMUNERATION

                

        

      

      
        
          	
                   
      

                	
                  The
      COMPANY will compensate BCG at the hourly rates quoted in the applicable
      PROPOSAL or cost estimate and as adjusted from time to time as provided
      below. Currently these rates
are:

                

        

      

      

      
        
          	
                  Category

                	
                  Current
      Billing Rate

                
	
                  
                    President

                  

                	
                  
                    $350/hour

                  

                
	
                  
                    Senior
      Clinical Consultant (with M.D.)

                  

                	
                  
                    $350/hour

                  

                
	
                  
                    Office
      Heads

                  

                	
                  
                    $325/hour

                  

                
	
                  
                    Senior
      Consultant (with M.D.)

                  

                	
                  
                    $350/hour

                  

                
	
                  
                    Senior
      Consultant

                  

                	
                  
                    $300/hour

                  

                
	
                  
                    Consultant

                  

                	
                  
                    $225/hour

                  

                
	
                  
                    Associate

                  

                	
                  
                    $175/hour

                  

                

        

      

      
        

      

      
        

      

      
        
          	
                   
      

                	
                  BCG
      rates are subject to increase on an annual
  basis.

                

        

      

      
        

      

      
        
          	
                   
      

                	
                  If
      the COMPANY requires services to be performed on a weekend or holiday, BCG
      shall be compensated for such services at 150% of the applicable rate. If
      the COMPANY requires a BCG consultant to be at a COMPANY-specified
      location on a weekend or holiday (and not engaged in travel or the
      performance of services), BCG shall be compensated for such consultant’s
      time (up to 8 hours) at one-half the applicable
  rate.

                

        

      

      
        

      

      
        
          	
                   
      

                	
                  In
      addition, the COMPANY will compensate BCG for all lodging, travel
      expenses, business meals and all other project-related expenses as
      specified in the individual PROPOSAL. A travel-time charge will be billed
      to the COMPANY on a port to port basis. The travel rate is equal to
      one-half of the billing rate for the BCG employee traveling. Air travel of
      greater than 10 hours in-flight time will normally be via business class.
      For ground travel, mileage is reimbursed at the current federal rate for a
      non-government automobile as specified
at

                

        

      

       

       

      
        	
                
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                Biologics Consulting Group,
      Inc.

              

      

      
        

      

      
        
          	
                   
      

                	
                  http://www.gsa.gov/Portal/gsa/ep/contentView.do?contentType=GSA_BASIC&contentId=9646.

                

        

      

      
        
          	
                   
      

                	
                  Project-related
      expenses will be billed at cost plus five percent
  (5%).

                

        

      

      
        

      

      
        
          	
                  3)

                	
                  BILLING
      PROCEDURES

                

        

      

      
        
          	
                   
      

                	
                  BCG
      will provide monthly itemized invoices to the COMPANY. Terms will be net
      30 days from the date of the invoice. The invoices will specify the hours
      worked, name of the BCG consultant performing the work, and a brief
      description of the work performed for each day. A finance charge of 1% per
      month will be charged to any invoices unpaid after 45 days. Invoices are to be addressed
      to:

                

        

      

      

      
        	 
      	
                
                  Attn:

                

              	
                
                  Phyllis
      Bellin

                

              
	 
      	 
      	 
      
	 
      	
                
                  Title:

                

              	
                
                  Director
      Finance

                

              
	 
      	 
      	 
      
	 
      	
                
                  Company:

                

              	
                
                  Medgenics

                

              
	 
      	 
      	 
      
	 
      	
                
                  Address:

                

              	
                
                  Teradion
      Business Park

                

              
	 
      	 
      	 
      
	 
      	
                
                  City/State/Zip:

                

              	
                
                  Misgav
      20179 ISRAEL

                

              
	 
      	 
      	 
      
	 
      	
                
                  Phone:

                

              	
                
                  +972-4-902-8904

                

              
	 
      	 
      	 
      
	 
      	
                
                  Fax:

                

              	
                
                  +972-4-999-0114

                

              
	 
      	 
      	 
      
	 
      	
                
                  Email:

                

              	
                
                  Phyllis@medgenics.com

                

              

      

      
        

      

      
        
          	
                  COMPANY
      will issue a
      Purchase Order   ̈          COMPANY
      will not issue a
      Purchase Order x

                

        

      

      
        

      

      
        
          	
                   
      

                	
                  Billing
      inquiries to the COMPANY should be directed
to:

                

        

      

      
        
          	
                   
      

                	
                  The above named
      individual unless specified otherwise
  below.

                

        

      

      
        

      

      
        
          	
                   
      

                	
                  A
      copy of billing inquiries should go to this person rather than the person
      specified above:

                

        

      

      
        

      

      
        
          	
                   
      

                	
                  Name:
      Debbie
      Pearlman

                

        

      

      
        

      

      
        
          	
                   
      

                	
                  Email:
      Debbie@medgenics.com

                

        

      

      
        

      

      
        
          	
                   
      

                	
                  Phone#:
      +972-4-902-8905

                

        

      

      

      
        	
                
                  Billing
      inquires for BCG should be directed to:

                

              	 
      	 
      
	
                
                  Kelly
      Boyle, VP, Finance

                

              	 
      	
                
                  Jessica
      Shaw, Financial Assistant

                

              
	
                
                  kboyle@bcg-usa.com

                

              	
                
                  OR

                

              	
                
                  jshaw@bcg-usa.com

                

              
	
                
                  703-739-5695
      x102

                

              	 
      	
                
                  703-739-5695
      x108

                

              

      

       

       

      
        	
                
                  Version
      10, 4/28/2008

                

              	
                
                  Page
      8 of 8EXHIBIT 10.34

     

    
      	
              

            	
              400 N. Washington Street

              Suite 100

              Alexandria,
VA  22314

              P 703-739-5695

              F 703-548-7457

              Email: bcg@bcg-usa.com

              www.biologicsconsulting.com

            

    

    
      

    

    
      AMENDMENT
NO. 1 

      TO

    

    
      CONSULTING
AGREEMENT BETWEEN

    

    
      

    

    
      BIOLOGICS CONSULTING GROUP, INC.
(Hereinafter "BCG")

    

    
      
        	
                Address:

              	
                400
      N. Washington Street

              

      

    

    
      
        	
                 
      

              	
                Suite
      100

              

      

    

    
      
        	
                 
      

              	
                Alexandria,
      Virginia 22314

              

      

    

    
      
        	
                TAX
      I. D. #:

              	
                84-1693476

              

      

    

    
      

    

    
      AND

    

    
      

    

    
      

    

    
      MEDGENICS, INC. (Hereinafter
"COMPANY")

    

    
      
        	
                Address:

              	
                PO
      Box l4

              

      

    

    
      
        	
                 
      

              	
                Teradion
      Business Park

              

      

    

    
      
        	
                 
      

              	
                D.N.
      Misgav 20179

              

      

    

    
      
        	
                 
      

              	
                Israel

              

      

    

    
      

    

    
      Original
Agreement effective as of June 18, 2008 (the "Agreement").

    

    
      

    

    
      Now,
THEREFORE, in consideration of the mutual promises contained in this Amendment
No. 1, the parties agree
as follows:

    

    
      

    

    
      
        	
                1.

              	
                All
      terms that are used herein and that are not specifically defined herein
      shall have the defined meanings set forth in the
  Agreement.

              

      

    

    
      

    

    
      
        	
                2.

              	
                The
      effective date of this Amendment No. 1 is January 1,
      2010.

              

      

    

    
      

    

    
      
        	
                3.

              	
                The
      "Term of Consulting Services" will be amended as
  follows:

              

      

    

    

    
      	
              
                From:

              

            	
              
                January
      1, 2008

              

            
	
              
                Through:

              

            	
              
                January
      1, 2012

              

            

    

    
      

    

    
      
        	
                4.

              	
                The
      rates set forth in Exhibit 1, paragraph 2 are modified to the rates listed
      below:

              

      

    

    

    
      
        	
                Category

              	
                2009/2010
      Billing

                Rates

              
	
                
                  President/CEO

                

              	
                
                  $380/hour

                

              
	
                
                  Senior
      Clinical Consultant (with M.D.)

                

              	
                
                  $380/hour

                

              
	
                
                  Office
      Heads

                

              	
                
                  $350/hour

                

              
	
                
                  Senior
      Consultant (with M.D.)

                

              	
                
                  $380/hour

                

              
	
                
                  Senior
      Consultant

                

              	
                
                  $325/hour

                

              
	
                
                  Consultant

                

              	
                
                  $240/hour

                

              
	
                
                  Associate

                

              	
                
                  $185/hour

                

              

      

    

    
      	 	 
	
              
                Consulting Agreement
      Amendment

              

            	
              
                Page 1 of 2

              

              
                Version 6,
  8/13/2008

              

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

      
        	
                

              	
                400 N. Washington Street

                Suite 100

                Alexandria,
VA  22314

                P 703-739-5695

                F 703-548-7457

                Email: bcg@bcg-usa.com

                www.biologicsconsulting.com

              

      

      
         

         

         

      

    

    
      
        	
                5.

              	
                Exhibit
      1, paragraph 3 is modified to the contact listed
  below:

              

      

    

    
       

      Invoices
are to be addressed to:

    

    

    
      	 
      	
              
                Attn:

              

            	
              
                ____

              

            
	 
      	
              
                Title:

              

            	
              
                ____

              

            
	 
      	
              
                Company:

              

            	
              
                ____

              

            
	 
      	
              
                Address:

              

            	
              
                ____

              

            
	 
      	
              
                City/State/Zip: 
      

              

            	
              
                ____

              

            
	 
      	
              
                Phone:

              

            	
              
                ____

              

            
	 
      	
              
                Fax:

              

            	
              
                ____

              

            
	 
      	
              
                Email:

              

            	
              
                ____

              

            

    

    
      

    

    
      
        	
                7.

              	
                Except
      as specifically modified or amended hereby, the Agreement shall remain in
      full force and effect and, as modified or amended, is hereby ratified,
      confirmed, and approved.

              

      

    

    

    
      
        
          	
                  BOLOGICS
      CONSULTING GROUP, INC

                	 
      	
                  MEDGENICS,
      INC.

                
	
                  (BCG)

                	 
      	
                  (COMPANY)

                
	 
      	 
      	 
      	 
      	 
      
	
                  By:

                	
                  /s/ James G.
      Kenimer

                	 
      	
                  By:

                	
                  /s/ Andrew L. Pearlman

                
	 
      	 
      	 
      	 
      	 
      
	 
      	
                  James
      G. Kenimer, Ph.D.

                	 
      	
                  Name:

                	
                  Andrew
      L. Pearlman

                
	 
      	
                  CEO

                	 
      	
                  Title:

                	
                  CEO

                
	 
      	 
      	 
      	 
      	 
      
	
                  Date:

                	
                  September
      8, 2010

                	 
      	
                  Date:

                	
                  Aug.
      31, 2010

                

        

      

    

    

    
      
        	
                
                  Email:
      jkenimer@bcg-usa.com

                

                
                  Ph:       1-(703)
      739-5695

                

              	
                
                  Email:

                

                
                  Ph:

                

              

      

    

     

     

     

     

    
 

    
      	 	 
	
              
                Consulting Agreement
      Amendment

              

            	
              
                Page 2 of 2

              

              
                Version 6,
  8/13/2008

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00180-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00180-of-00352.parquet"}]]