Document:

Exhibit 10.16

 

Lead IP 02-107

 

LICENSE AGREEMENT

 

BETWEEN:

 

THE UNIVERSITY OF BRITISH
COLUMBIA, a
corporation continued under the University Act
of British Columbia and having its administrative offices at 2075 Wesbrook
Mall, in the City of Vancouver, in the Province of British Columbia, V6T 1W5

 

(the “University”)

 

AND:

 

ONCOGENEX TECHNOLOGIES INC., a corporation incorporated under
the laws of Canada, and having offices at Suite 203, 1275 West 6th
Avenue, in the City of Vancouver, in the Province of British Columbia, V6H 1A6

 

(the “Licensee”)

 

WHEREAS:

 

A.                                                                                   The University has been engaged in
research during the course of which it has invented, developed and/or acquired
certain technology relating to the treatment of cancer, which research was
undertaken by [***] in the Prostate Centre at the University;

 

B.                                                                                     The University is desirous of
entering into this agreement (the “Agreement”)
with the objective of furthering society’s use of its advanced technology, and
to generate further research in a manner consistent with its status as a non-profit,
tax exempt educational institution; and

 

C.                                                                                     The Licensee is desirous of the
University granting an exclusive worldwide license to the Licensee to use or
cause to be used such technology to manufacture, distribute, market, sell
and/or license or sublicense products derived or developed from such technology
and to sell the same to the general public during the term of this Agreement.

 

NOW THEREFORE THIS
AGREEMENT WITNESSETH that in consideration of the premises and of the mutual
covenants herein set forth, the parties hereto have covenanted and agreed as
follows:

 

1.0                                                                               DEFINITIONS:

 

1.1                                                                                 In this Agreement,
unless a contrary intention appears, the following words and phrases shall
mean:

 

(a)                                  “Accounting”:  an accounting statement setting out in detail
how the amount of Revenue was determined;

 

(b)                                 “Affiliated Company” or “Affiliated Companies”:  two or more corporations where the
relationship between them is one in which one of them is a subsidiary of the
other, or both are subsidiaries of the same corporation, or fifty percent (50%)
or more of the voting shares of each of them is owned or controlled by the same
person, corporation or other legal entity;

 

*Certain information in this exhibit has been omitted as confidential,
as indicated by [***]. This information has been filed separately with the
Commission.

 

 

(c)                                  “Confidential
Information”
shall mean any and all knowledge, know-how, information, and/or techniques
disclosed by the one party (referred to in this capacity as the “Provider”) to another
(referred to in this capacity as the “Recipient”), including,
without limiting the generality of the foregoing, all research, data,
specifications, plans, drawings, prototypes, models, documents, records,
instructions, manuals, papers, or other materials of any nature whatsoever,
whether written or otherwise, relating to same. In order to constitute “Confidential
Information” for the purposes of this Agreement, the Provider must clearly
identify it in writing as being confidential, or if the disclosure takes place
orally or in some other non-tangible form, the Provider must summarize it in
writing and identify it as being confidential within thirty (30) days of making
the disclosure. Furthermore, such disclosures shall not be considered “Confidential
Information” for the purposes of this Agreement if and when it:

 

(i)                                     is made subject to an order by judicial or administrative process
requiring the Recipient to disclose any or all of the Confidential Information
disclosed to it by the Provider, provided however that the Recipient shall
promptly notify the Provider and allow the Provider reasonable time to oppose
such process before disclosing any of the Confidential Information disclosed to
it by the Provider;

 

(ii)                                  is published or becomes available to the general public other than
through a breach of this Agreement;

 

(iii)                               is obtained by the Recipient from a third party with a valid right
to disclose it, provided that said third party is not under a confidentiality
obligation to the Discloser;

 

(iv)                              is independently developed by employees, agents or consultants of
the Recipient who had no knowledge of or access to the Confidential Information
disclosed to it by another party to this Agreement as evidenced by the
Recipient’s business records; or

 

(v)                                 was possessed by the Recipient prior to receipt from the Provider,
other than through prior disclosure by the Provider, as evidenced by the
Recipient’s business records.

 

(d)                                 “Date of Commencement” or “Commencement Date”:  this Agreement will be deemed to have come
into force on the Date of Commencement which shall be the 1st day of September,
2002, and shall be read and construed accordingly;

 

(e)                                  “Effective Date of Termination”:  the date on which this Agreement is
terminated pursuant to Article 18;

 

(f)                                    “Improvements”:  collectively Licensee Improvements and
University Improvements;

 

(g)                                 “Information”:  any and all Technology and any and all
Improvements, the terms and conditions of this Agreement and any and all oral,
written, electronic or other communications and other information disclosed or
provided by any of the parties including any and all analyses or conclusions
drawn or derived therefrom regarding this Agreement and information developed
or disclosed hereunder, or

 

2

 

any party’s raw materials, processes,
formulations, analytical procedures, methodologies, products, samples and
specimens or functions;

 

(h)                                 “Licensee Improvements”:  improvements, variations, updates,
modifications, and enhancements made solely by the Licensee or any sublicensee
of the Licensee relating to the Technology at any time after the Commencement
Date;

 

(i)                                     “Major Market Country”:  any one of the United States, Canada, the
European Community, or Japan;

 

(j)                                     “Product(s)”:  goods manufactured in connection with the use
of all or some of the Technology and/or any Improvements;

 

(k)                                  “Revenue”:  all revenues, receipts, monies, and the fair
market value of all other consideration directly or indirectly collected or received
whether by way of cash or credit or any barter, benefit, advantage, or
concession received by the Licensee, sublicensees or sub-sublicensees
from the marketing, manufacturing, licensing, sale or distribution of the
Technology and any Improvements, and/or any Products in any or all parts of the
world where the Licensee is permitted by law and this Agreement to market,
manufacture, license, sell or distribute the Technology and any Improvements,
and/or any Products, less the following deductions to the extent included in
the amounts invoiced and thereafter actually allowed and taken:

 

(i)                                     [***]

 

(ii)                                  [***]

 

(iii)                               taxes, duties and customs on all sales of Products,

 

(iv)                              [***]

 

(v)                                 [***]

 

Where any Revenue is derived from a country
other than Canada it shall be converted to the equivalent in Canadian dollars
on the date the Licensee is deemed to have received such Revenue pursuant to
the terms hereof at the rate of exchange set by the Bank of Montreal for buying
Canadian dollars with such currency. The amount of Canadian dollars pursuant to
such conversion shall be included in the Revenue;

 

(l)                                     “Royalty Due Dates”:  the last working day of March, June, September and
December of each and every year during which this Agreement remains in
full force and effect;

 

(m)                               “Technology”:  any and all knowledge, know-how
and/or technique or techniques invented, developed and/or acquired, prior to
the Date of Commencement by the University or the Licensee relating to, and
including the technology described in Schedule “A” hereto, as amended from time to time, including,
without limitation, all research, data, specifications, instructions, manuals,
papers or other materials of any nature whatsoever, whether written or
otherwise, relating to same;

 

3

 

(n)                                 “UBC Trade-marks”:  any mark, trade-mark, service mark, logo,
insignia, seal, design, symbol or device used by the University in any manner
whatsoever;  and

 

(o)                                 “University Improvements”:  improvements, variations, updates, modifications, and
enhancements made solely by the University relating to the Technology after the
Commencement Date.

 

2.0                                                                               PROPERTY RIGHTS IN AND TO THE TECHNOLOGY:

 

2.1                                                                                 The parties hereto
hereby acknowledge and agree that the University owns any and all right, title
and interest in and to the Technology, as well as any and all University
Improvements. The parties also hereby acknowledge and agree that the Licensee
[***] in and to the Licensee Improvements.

 

2.2                                                                                 The Licensee shall,
at the request of the University, enter into such further agreements and
execute any and all documents as may be required to ensure that ownership of
the Technology and any University Improvements remains with the University.

 

2.3                                                                                 On the last working
day of June and December of each and every year during which this
Agreement remains in full force and effect, the Licensee shall deliver in
writing to the University the details of any and all Improvements which the
Licensee and any sublicensees of the Licensee have developed and/or acquired
during the previous six (6) month period.

 

3.0                                                                               GRANT OF LICENSE:

 

3.1                                                                                 In consideration of
the equity in the Licensee, the royalty payments reserved herein, and the
covenants on the part of the Licensee contained herein, the University hereby:

 

(a)                                  grants to the
Licensee an exclusive worldwide license to use and sublicense the Technology,
any University Improvements and Confidential Information of the University on
the terms and conditions hereinafter set forth during the term
of this Agreement;  and

 

(b)                                 grants to the
Licensee an exclusive worldwide license to use and sublicense to manufacture,
distribute, have distributed, sell and have sold, Products on the terms and
conditions hereinafter set forth during the term of this Agreement.

 

3.2                                                                                 The license granted
herein is personal to the Licensee and is not granted to any Affiliated Company
or Affiliated Companies.

 

3.3                                                                                 The Licensee shall
not cross-license the Technology or any University Improvements without
the prior written consent of the University, such consent not to be
unreasonably withheld.

 

3.4                                                                                 Notwithstanding Article 3.1
herein, the parties acknowledge and agree that the University may use the
Technology and any Improvements without charge in any manner whatsoever for
research, scholarly publication, educational or other non-commercial uses.

 

3.5                                                                                 Upon execution of
this Agreement, the University may register a financing statement with respect
to this Agreement under the provisions of the Personal
Property Security Act of British Columbia and/or under the provisions of similar
legislation in those jurisdictions in which the Licensee carries on business
and/or has its chief place of business. All costs 

 

4

 

associated with the registrations
contemplated by this Article 3.5 shall be paid for by the Licensee.

 

3.6                                                                                 The Licensee shall
give written notice to the University if it is carrying on business and/or
locates its chief place of business in a jurisdiction outside British Columbia
prior to beginning business in that other jurisdiction.

 

3.7                                                                                 If the University has
registered one or more financing statements as set forth in Article 3.5,
the Licensee shall give written notice to the University of any and all changes
of jurisdiction within or outside of Canada in which it is carrying on business
and/or any and all changes in jurisdiction of its chief place of business
within or outside of Canada and shall file the appropriate documents in the
various provincial Personal Property Registries or similar registries within or
outside of Canada to document such changes in jurisdiction and furnish the
University with a copy of the verification with respect to each such filing
within fifteen (15) days after receipt of same. All costs associated with the
registrations contemplated by this Article 3.7 shall be paid for by the Licensee.

 

4.0                                                                               SUBLICENSING:

 

4.1                                                                                 The Licensee shall
have the right to grant sublicenses to Affiliated Companies and other third
parties with respect to the Technology and any University Improvements with the
prior written consent of the University, which consent shall not be
unreasonably refused. The Licensee shall not be obligated to obtain the
University’s consent to the granting of a sublicense if the proposed
sublicensee has a market capitalization in excess of CAN. $500,000,000 at the
time of the granting of the sublicense, provided always that such sublicense
shall be in full compliance with the terms of this Agreement. The Licensee will
furnish the University with a copy of each sublicense granted within thirty
(30) days after execution. Such sublicenses will be considered to be
Confidential Information of the Licensee, and will be subject to the
Confidentiality provisions of Article 10.

 

4.2                                                                                 Any sublicense
granted by the Licensee shall be personal to the sublicensee and shall not be
assignable without the prior written consent of the University, such consent
not to be unreasonably withheld. Such sublicenses shall contain covenants by
the sublicensee to observe and perform similar terms and conditions to those
contained in this Agreement and in particular the Licensee shall cause each
sublicensee to indemnify the University on the same terms and conditions as are
contained in Article 9.1 of this Agreement.

 

4.3                                                                                 Prior to the
beginning of a sublicense agreement, the Licensee shall give written notice to
the University as to which jurisdictions the applicable sublicensee is carrying
on business in. Within five (5) days of being aware of the same, the
Licensee shall provide written notice to the University if any sublicensee is
carrying on business in a jurisdiction outside of British Columbia.

 

4.4                                                                                 If the University has
registered one or more financing statements as set forth in Article 3.5,
the Licensee shall, if requested by the University, register a financing change
statement under the provisions of the Personal
Property Security Act of British Columbia and/or under the
provisions of similar legislation in those jurisdictions in which each
sublicensee carries on business or has its chief place of business in order to
add each sublicensee as an additional debtor to the registration referred to in
Article 3.5 forthwith upon execution of each sublicense, and shall furnish
the University with a copy of the verification statement with respect to each
such filing within fifteen (15) days after receipt of same. All costs
associated with the filings contemplated by this Article 4.4 shall be paid
for by the Licensee. The Licensee shall give

 

5

 

written notice to the University of any and
all changes of jurisdiction within or outside of Canada in which each
sublicensee is carrying on business and/or any and all changes in jurisdiction
of each sublicensee’s chief place of business and shall file the appropriate
documents in the various provincial Personal Property Registries or similar
registries within or outside of Canada to document such changes in
jurisdiction.

 

5.0                                                                               ROYALTIES AND MILESTONE PAYMENTS:

 

5.1                                                                                 In consideration of
the license granted hereunder, the Licensee shall pay to the University a
royalty comprised of [***] of the Revenue.

 

5.2                                                                                 In anticipation that
the Licensee may have to enter into additional royalty bearing technology
licenses with third parties which are essential in order to practice and maximize
the commercial success of the Technology and/or Improvements and/or Products,
the University agrees, if required by the Licensee and if the Licensee has
entered into one or more such licenses with third parties, that the royalty on
Revenues payable hereunder will be reduced in accordance with this Section 5.2
if the combined royalty rates of the additional technology licenses and this
License Agreement exceed [***] The royalty rate payable on Revenues hereunder
will be reduced by [***] of the amount in excess of [***] but in no event will
the royalty payable to the University hereunder be reduced to less than [***]
of Revenue. For example, if the additional royalty rates of the additional
technology licenses were [***] then the combined royalty rates would be [***]
and the royalty payable to UBC hereunder would be reduced by the following
amount:  [***] and the royalty payable to
the University would be reduced to [***]

 

5.3                                                                                 The royalty shall
become due and payable within thirty (30) days of each respective Royalty Due
Date and shall be calculated with respect to the Revenue in the three (3) month
period immediately preceding the applicable Royalty Due Date.

 

5.4                                                                                 All payments of
royalties and/or milestone payments made by the Licensee to the University hereunder
shall be made in Canadian dollars without any reduction or deduction of any
nature or kind whatsoever, except as may be prescribed by Canadian law.

 

5.5                                                                                 Products shall be
deemed to have been sold by the Licensee, a sublicensee or a sub-sublicensee and
included in the Revenue when invoiced, or if not invoiced, then when delivered,
shipped, or paid for, whichever is the first.

 

5.6                                                                                 Any transaction,
disposition, or other dealing involving the Technology or any part thereof
between the Licensee and another person that is not made at fair market value
shall be deemed to have been made at fair market value, and the fair market
value of that transaction, disposition, or other dealing shall be added to and
deemed part of the Revenue and shall be included in the calculation of
royalties under this Agreement.

 

5.7                                                                                 In addition to all
other payments due pursuant to this Article 5, the Licensee shall pay to
the University the relevant milestone payment within thirty (30) days after
achievement of each of the applicable events for the first Product or any
subsequent Products, as the case may be, in the first Major Market Country for
such Product; provided however that no additional milestone payment shall be
due or owing for any Product that meets the same milestone in an additional
country once such milestone payment has already been paid for the first Major
Market Country, as follows:

 

6

 

	
  MILESTONE

  	
   

  	
  Milestone Payment for the 

  First Product

  	
   

  	
  Milestone Payment 

  for Each 

  Subsequent Product

  	
   

  
	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  
	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  
	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  

 

6.0                                                                               EQUITY AND ANNUAL LICENSE MAINTENANCE FEE

 

6.1                                                                                 As part of the
consideration for the rights granted by the University to the Licensee
hereunder, the Licensee agrees to deliver to the University within thirty (30)
days following the execution of this Agreement, and in lieu of an initial
license fee, 160,000 Common Shares in the capital of the Licensee (the “UBC Shares”).

 

6.2                                                                                 The Licensee will use
commercially reasonable efforts to cause all of the UBC Shares to be issued
free from any pooling, escrow or other trading restrictions placed on such
shares by the Licensee or any regulatory authority having jurisdiction over the
Licensee. The Licensee acknowledges and agrees that the University shall have
the right to transfer any or all of the UBC Shares to a company or society of
which the University is the sole shareholder in the case of a company or of
which the University controls the membership, in the case of a society and the
Licensee shall take all steps or do such acts as may be reasonably required to
allow such transfer.

 

6.3                                                                                 The Licensee
acknowledges and agrees that it will comply with all applicable laws and
legislation with respect to the issuance of the UBC Shares.

 

6.4                                                                                 The UBC Shares shall
be deemed to be fully paid for by the University as of the date of issuance and
shall be the absolute property of the University. Neither all nor any portion
of the UBC Shares shall be refundable to the Licensee under any circumstances.

 

6.5                                                                                 Until the Licensee
becomes a reporting issuer for equity securities under the Securities Act of British Columbia, or
under the applicable securities legislation in any other jurisdiction which has
jurisdiction over the issuance of securities by the Licensee, the Licensee
shall provide to the University:

 

(a)                                  Annual
financial statements:         Within
120 days after the end of each fiscal year of the Licensee, audited financial
statements of the Licensee prepared by a reputable accounting firm;

 

(b)                                 Budget:         At
least forty-five (45) days prior to the beginning of each fiscal year of the
Licensee, an operating plan with monthly and quarterly financial breakdowns for
such fiscal year;

 

(c)                                  Minutes:         Minutes
of all meetings of the board of directors of the Licensee;

 

(d)                                 Litigation:         A
summary of any litigation (pending, threatened or otherwise) or other
proceedings against the Licensee before any court, tribunal or administrative
agency, promptly after the Licensee becomes aware of same;

 

(e)                                  Material
Adverse Effect:         Notice
of any default, breach, acceleration, modification or cancellation of any
agreement, arrangement or other transaction or matter that may result in a
material adverse effect to the Licensee, promptly after the Licensee becomes
aware of same, and

 

7

 

(f)                                    Merger:         Notice
of the intention to effect a change of control, sale of assets, reorganization,
amalgamation, consolidation, merger or an agreement to amalgamate, consolidate
or merger the Licensee with any entity, promptly after the Licensee becomes
aware of same.

 

6.6                                                                                 Any shareholders’
agreement or other relevant transaction document entered into by the Licensee
and its other shareholders, shall include an agreement between the University
and such other shareholders of the Licensee, that prevents such shareholders
(each a “Selling
Shareholder”) from selling any shares in the capital stock of
the Licensee to any third party unless the UBC Shares are included at the
option of the University, in such sale, pro rata based on the total number of shares owned by the
Selling Shareholder and the University, and on the same terms and conditions as those offered to
the Selling Shareholder.

 

6.7                                                                                 Until the Licensee
becomes a reporting issuer for equity securities under the Securities Act of British Columbia, or
under the applicable securities legislation in any other jurisdiction which has
jurisdiction over the issuance of securities by the Licensee, the University
shall have the right to appoint a representative to hold observer status at all
meetings of the board of directors of the Licensee. Such observer shall not
have the right to vote at any such directors meetings, but shall be entitled to
receive notice of, and attend such meetings.

 

6.8                                                                                 In further
consideration for the license granted hereunder, the Licensee shall pay to the
University, in addition to all other amounts due under this Agreement, an
annual maintenance fee of CAN. $2,000.00 payable on or before January 2nd
of each year during which this Agreement remains in full force and effect,
commencing on January 2, 2003 (the “Annual Maintenance Fee”). Neither all nor any
part of the Annual Maintenance Fee paid shall be refundable to the Licensee
under any circumstances. The Annual Maintenance Fee is intended to cover
maintenance of this Agreement by the University, and shall be separate and
distinct from any royalties due to the University under this Agreement.

 

6.9                                                                                 Any information
provided to the University under Article 6.5 or received by the University’s
observer under Article 6.7 will be considered Confidential Information of
the Licensee and will be subject to the Confidentiality provisions of Article 10.

 

7.0                                                                               PATENTS:

 

7.1                                                                                 The Licensee shall
have the right to identify any process, use or products arising out of the
Technology and any University Improvements that may be patentable and the
University shall, upon the request of the Licensee, take all reasonable steps
to apply for a patent in the name of the University provided that the Licensee
pays all costs of applying for, registering and maintaining the patent in those
jurisdictions in which the Licensee might designate that a patent is required. The
University will consult with the Licensee with respect to the choice of patent
counsel. The Licensee will be given an opportunity to review and provide input
regarding the scope and content of patent applications and to request countries
for foreign filings. The University will keep the Licensee advised as to all
significant developments with respect to such applications and will make
reasonable efforts to supply the Licensee with copies of material documents
received and filed in connection with the prosecution thereof.

 

7.2                                                                                 On the issuance of a
patent in accordance with Article 7.1, the Licensee shall have the right
to become, and shall become, the licensee of the same all pursuant to the terms
contained herein.

 

8

 

7.3                                                                                 Within thirty (30)
days of presentation of receipts and/or invoices by the University to the Licensee, the
Licensee will reimburse the University for all costs incurred to date with
respect to any and all patents relating to the Technology and any University
Improvements licensed hereunder, and with respect to any and all maintenance
fees for any and all patents relating to the Technology and any University
Improvements licensed hereunder.

 

7.4                                                                                 The Licensee shall
not contest the validity or scope of any and all patents relating to the
Technology and any University Improvements licensed hereunder.

 

7.5                                                                                 The Licensee will
ensure proper patent marking for all Technology, and any University
Improvements licensed hereunder and shall clearly mark the appropriate patent numbers on any
Products made using the Technology and any University Improvements or any
patented processes used to make such Products.

 

8.0                                                                               DISCLAIMER OF WARRANTY:

 

8.1                                                                                 [***]

 

8.2                                                                                 [***]

 

8.3                                                                                 Subject to
Articles 8.1 and 8.2, the University makes no representations, conditions
or warranties, either express or implied, with respect to the Technology or any
University Improvements or the Products. Without limiting the generality of the
foregoing, the University specifically disclaims any implied warranty,
condition or representation that the Technology or any University Improvements
or the Products:

 

(a)                                  shall correspond with
a particular description;

 

(b)                                 are of merchantable
quality;

 

(c)                                  are fit for a
particular purpose; or

 

(d)                                 are durable for a
reasonable period of time.

 

The University shall not be liable for any
loss, whether direct, consequential, incidental or special, which the Licensee
suffers arising from any defect, error, fault or failure to perform with
respect to the Technology or any University Improvements or Products, even if
the University has been advised of the possibility of such defect, error, fault
or failure. The Licensee acknowledges that it has been advised by the
University to undertake its own due diligence with respect to the Technology
and any University Improvements.

 

8.4                                                                                 The parties
acknowledge and agree that the International
Sale of Goods Contracts Convention Act and the United Nations
Convention on Contracts for the International Sale of Goods have no
application to this Agreement.

 

8.5                                                                                 Subject to
Articles 8.1 and 8.2, nothing in this Agreement shall be construed as:

 

(a)                                  a warranty or
representation by the University as to title to the Technology and/or any
University Improvement or that anything made, used, sold or otherwise disposed of under the
license granted in this Agreement is or will be free from infringement of
patents, copyrights, trade-marks, industrial design or other intellectual
property rights;

 

9

 

(b)                                 an obligation by the
University to bring or prosecute or defend actions or suits against third
parties for infringement of patents, copyrights, trade-marks, industrial
designs or other intellectual property or contractual rights; or

 

(c)                                  the conferring by the
University of the right to use in advertising or publicity the name of the
University or the UBC Trade-marks.

 

8.6                                                                                 Notwithstanding Article 8.5,
in the event of an alleged infringement of the Technology or any University
Improvements or any right with respect to the Technology or any University Improvements,
the Licensee shall have, upon receiving the prior written consent of the
University, [***] the right to prosecute litigation designed to enjoin
infringers of the Technology or any University Improvements. Provided that it has first granted
its prior written consent, the University agrees to co-operate to the extent of
executing all necessary documents and to vest in the Licensee the right to
institute any such suits, so long as all the direct and indirect costs and
expenses of bringing and conducting any such litigation or settlement shall be
borne by the Licensee and in such event all recoveries shall enure to the
Licensee.

 

8.7                                                                                 If any complaint
alleging infringement or violation of any patent or other proprietary rights is
made against the Licensee or a sublicensee of the Licensee with respect to the
use of the Technology or any University Improvements or the manufacture, use or
sale of the Products, the following procedure shall be adopted:

 

(a)                                  the Licensee shall
promptly notify the University upon receipt of any such complaint and shall
keep the University fully informed of the actions and positions taken by the
complainant and taken or proposed to be taken by the Licensee on behalf of
itself or a sublicensee;

 

(b)                                 except as provided in
Article 8.7(d), all costs and expenses incurred by the Licensee or any sublicensee
of the Licensee in investigating, resisting, litigating and settling such a
complaint, including the payment of any award of damages and/or costs to any
third party, shall be paid by the Licensee or any sublicensee of the Licensee,
as the case may be;

 

(c)                                  no decision or action
concerning or governing any final disposition of the complaint shall be taken
without full consultation with and approval by the University, not to be unreasonably
withheld;

 

(d)                                 the University may
elect to participate formally in any litigation involving the complaint to the
extent that the court may permit, but any additional expenses generated by such
formal participation shall be paid by the University (subject to the
possibility of recovery of some or all of such additional expenses from the
complainant);

 

(e)                                  notwithstanding Article 8.5,
if the complainant is willing to accept an offer of settlement and one of the
parties to this Agreement is willing to make or accept such offer and the other
is not, then the unwilling party shall conduct all further proceedings at its
own expense, and shall be responsible for the full amount of any damages,
costs, accounting of profits and settlement costs in excess of those provided
in such offer, but shall be entitled to retain unto itself the benefit of any
litigated or settled result entailing a lower payment of costs, damages,
accounting of profits and settlement costs than that provided in such offer;
and

 

10

 

(f)                                    the royalties and
milestone payments payable pursuant to this Agreement shall be paid by the
Licensee to the
University in trust from the date the complaint is made until such time as a
resolution of the complaint has been finalized. If the complainant prevails in
the complaint, then the royalties and milestone payments paid to the University
in trust pursuant to this Article shall be returned to the Licensee,
provided that the amount returned to the Licensee
hereunder shall not exceed the amount paid by the Licensee to the complainant
in the settlement or other disposition of the complaint. If the complainant
does not prevail in the complaint, then the University shall be entitled to
retain all royalties and milestone payments paid to it pursuant to this
Article.

 

9.0                                                                               INDEMNITY AND LIMITATION OF LIABILITY:

 

9.1                                                                                 The Licensee hereby
indemnifies, holds harmless and defends the University, its Board of Governors,
officers, employees, faculty, students, invitees and agents against any and all
claims (including all legal fees and disbursements incurred in association
therewith) arising out of the exercise of any rights under this Agreement
including, without limiting the generality of the foregoing, against any damages
or losses, consequential or otherwise, arising from or out of the use of the
Technology or any University Improvements or Products licensed under this
Agreement by the Licensee or its sublicensees or their customers or end-users
howsoever the same may arise.

 

9.2                                                                                 Subject to Article 9.3,
the University’s total liability, whether under the express or implied terms of
this Agreement, in tort (including negligence), or at common law, for any loss
or damage suffered by the Licensee, whether direct, indirect or special, or any
other similar or like damage that may arise or does arise from any breaches of
this Agreement by the University, its Board of Governors, officers, employees,
faculty, students or agents, shall be limited to the amount CAN. $2,000,
which amount may (at the University’s option) be satisfied by the University
returning and transferring to the Licensee all of the UBC Shares in the
Licensee then owned by the University (notwithstanding the University may have previously
sold some of the UBC Shares).

 

9.3                                                                                 In no event shall the
University be liable for consequential or incidental damages arising from any
breach or breaches of this Agreement.

 

9.4                                                                                 No action, whether in
contract or tort (including negligence), or otherwise arising out of or in
connection with this Agreement, may be brought by the Licensee more than six (6) months
after the Licensee has notice of the cause of action occurring.

 

10.0                                                                        PUBLICATION AND CONFIDENTIALITY:

 

10.1                                                                           The Information shall
be developed, received and used by each party solely in furtherance of the
purposes set forth in this Agreement subject to the terms and conditions set
forth in this Article 10.

 

10.2                                                                           The parties shall
keep and use all of the Confidential Information in confidence and will not,
without the other party’s prior written consent, disclose any Confidential
Information to any person or entity, except those officers, employees, faculty,
students and professional advisors who require said Confidential Information in
performing their obligations under this Agreement. The Licensee covenants and
agrees that it will initiate and maintain an appropriate internal program
limiting the internal distribution of the Confidential Information to only
those officers, employees and professional advisors who require said Confidential
Information in 

 

11

 

performing their obligations under this
Agreement and who have signed confidentiality and non-disclosure agreements in
a form approved by the Licensee’s Board of Directors. The University shall not
be restricted from publishing its own Confidential Information related to the
Technology and/or University Improvements, provided that any such publication
or disclosure is made in accordance with Article 10.6 hereof, and provided
further that such publication or disclosure does not include any Confidential
Information of the Licensee, including without limitation any information
related to its business, partners or Licensee Improvements, without the
Licensee’s express prior written consent. All Confidential Information must be
marked in writing as Confidential at the time of disclosure or within thirty
(30) days from receipt by the receiving party.

 

10.3                                                                           Each party shall not
use, either directly or indirectly, any Confidential Information of the other
party for any purpose other than as set forth herein without such party’s prior
written consent.

 

10.4                                                                           If a party is
required by judicial or administrative process to disclose any or all of the
Confidential Information of the other party, that party shall promptly notify
the other party and allow the other party reasonable time to oppose such
process before disclosing any Confidential Information of the other party.

 

10.5                                                                           Notwithstanding any
termination or expiration of this Agreement, the obligations created in this Article 10
shall survive and be binding upon each party, and their respective successors and
assigns.

 

10.6                                                                           With respect to the
Technology and/or University Improvements only, the University shall not be
restricted from presenting at symposia, national or regional professional
meetings, or from publishing in journals, or electronic media including the
internet, or other publications, accounts of its research, including abstracts,
provided however that:

 

(a)                                  the University
provides the Licensee with copies of any proposed publication or presentation
(each a “Manuscript”)
at least sixty (60) days in advance of the submission of such Manuscript to a
journal, editor, or other third party; and

 

(b)                                 the Licensee has not,
within thirty (30) days after receipt of said Manuscript, objected in writing
to such Manuscript in accordance with this Article 10.6.

 

The
Licensee may object to a Manuscript on the grounds that it contains material
the Licensee considers objectionable (the “Objectionable
Material”) and/or on the grounds that it
discloses patentable subject matter which needs protection. In the event that
the Licensee makes such objection on the former ground, the Licensee will
clearly specify what it considers Objectionable Material, and the University
will ensure that its researchers refrain from disclosing the Manuscript for a
period of up to six (6) months after the date the Licensee received the
Manuscript. During such six (6) month period, the researchers, the
University and the Licensee shall work together to revise the Manuscript to
remove or alter the Objectionable Material as follows: (a) if the
Objectionable Material discloses a Licensee Improvement or other Confidential
Information of the Licensee, such Objectionable Material will be removed from
any Manuscript prior to disclosure of the same unless otherwise agreed to in
writing by the Licensee; and (b) a Manuscript containing any other
Objectionable Material will be revised to remove or alter such other
Objectionable Material, on a case by case basis and in a manner acceptable to
the Licensee and the University. The researchers and the University shall
co-operate in all reasonable respects in making revisions to any Manuscripts
considered by the Licensee to contain Objectionable Material. Once a Manuscript
has been revised to remove or alter the

 

12

 

Objectionable
Material in a manner acceptable to the Licensee, the Licensee shall withdraw
its objection and the researchers and the University shall not be restricted
from publishing or presenting the Manuscript, provided that any objection based
on patentable subject matter contained in such Manuscript has also been
addressed in accordance with the terms hereof. In the event that the Licensee
makes such an objection on the grounds that the Manuscript contains patentable
subject matter that constitutes Technology or a University Improvement, it
shall be deemed to be a direction to the University to file a patent
application pursuant to Article 7.1, and the University shall ensure that
its researchers refrain from disclosing the Manuscript until the University has
filed one or more patent applications with one or more patent offices directed
to such patentable subject matter, or until six (6) months have elapsed
from date of receipt of such written objection from the Licensee by the
University, whichever is sooner, after which the University and its researchers
may proceed with said presentation or publication. For greater certainty, a
provisional patent application shall be considered to be a patent application
in the United States of America for the purposes of this Agreement.

 

10.7                                                                           The Licensee requires
of the University, and the University agrees insofar as it may be permitted to
do so at law, that this Agreement, and each part of it, is confidential and
shall not be disclosed to third parties, as the Licensee claims that such
disclosure would or could reveal commercial, scientific or technical
information and would significantly harm the Licensee’s competitive position
and/or interfere with the Licensee’s negotiations with prospective sublicensees. Notwithstanding
anything contained in this Article, the parties hereto acknowledge and agree
that the University and Licensee each may identify the title of this Agreement,
the parties to this Agreement and the names of the inventors of the Technology
and any Improvements.

 

11.0                                                                        PRODUCTION AND MARKETING:

 

11.1                                                                           Notwithstanding Article 10.7,
the Licensee shall not use any of the UBC Trade-marks or make
reference to the University or its name in any advertising or publicity
whatsoever, without the prior written consent of the University, except as
required by law. Without limiting the generality of the foregoing, the Licensee
shall not issue a press release with respect to this Agreement or any activity
contemplated herein without the prior review and approval of same by the
University, except as required by law. If the Licensee is required by law to
act in contravention of this Article, the Licensee shall provide the University
with sufficient advance notice in writing to permit the University to bring an
application or other proceeding to contest the requirement.

 

11.2                                                                           The Licensee will not
register or use any trade-marks in association with the Products without the
prior written consent of the University, such consent not to be unreasonably
withheld.

 

11.3                           The Licensee
represents and warrants to the University that:

 

(a)                                  it intends to build,
develop and acquire the infrastructure, expertise and resources to develop and
commercialize the Technology and any Improvements;

 

(b)                                 it has or intends to
have prior to the execution of sublicensing agreements, the infrastructure,
expertise and resources to track and monitor on an ongoing basis performance
under the terms of each sublicense agreement entered into by the Licensee;

 

13

 

(c)                                  it has or intends to
have the expertise and resources to monitor in Major Market Countries patent
infringement with respect to any patent relating to the Technology and any
Improvements licensed hereunder;  and

 

(d)                                 it has or intends to
have the expertise and resources to initiate and maintain an appropriate
program limiting the distribution of the Information, Technology, and any Improvements and any
related biological materials as set out in this Agreement and to obtain the
appropriate non-disclosure agreements from all persons who may have access to
the Technology, and any Improvements and related biological materials.

 

11.4                                                                           The parties
acknowledge that three separate technologies are
included in the Technology licensed hereunder: 
(a) insulin
growth factor binding protein – 2 (“BP2”);
(b) insulin growth factor binding protein – 2 and insulin growth factor
binding protein – 5 (“Bi-Specific”);
and (c) Relaxin (“Relaxin”). All such technologies are at
a very early stage of development, and it is too early to determine which
invention will become a Product or Products hereunder. It is further
acknowledged that the Licensee has an existing license agreement with the
University for a technology known as insulin growth factor binding protein – 5
(“BP5”) (the “BP5 License”), and that it is intended that
one of BP5, BP2 or Bi-Specific shall become a lead Product of the Licensee, and
that the other two technologies will be used to support the intellectual
property position of the Licensee in respect of such Product. [***]  Therefore, the Licensee shall use reasonable
commercial efforts to develop and exploit all or part of the Technology and any
Improvements and to promote, market and sell the Products and utilize all or
part of the Technology and any Improvements and to meet or cause to be met the
market demand for the Products and the utilization of all or part of the
Technology and any Improvements. Without limiting the generality of the
foregoing, the Licensee shall, within twelve (12) months of the Commencement
Date complete a business and marketing plan (the “Business Plan”) prepared in accordance
with generally accepted business practices. The Business Plan shall be updated
from time to time, but in no event less than once every calendar year. Copies
of all updates of the Business Plan will be provided to the University in a
timely manner, provided that the University assures the Licensee that such
Business Plans will be maintained in confidence and that public access can be
prevented.

 

[***]

 

(a)                                  [***]

 

(b)                                 [***]

 

The University and the Licensee shall enter
into an amending agreement with respect to the BP5 License which shall carry
out the intent of this paragraph.

 

11.5                                                                           If the University is
of the view that the Licensee is in breach of Article 11.4,
the University shall notify the Licensee and the parties hereto shall appoint a
mutually acceptable person as an independent evaluator (the “Evaluator”) to
conduct the evaluation set forth in Article 11.6. Such Evaluator shall
execute a non-disclosure agreement acceptable to the Licensee prior to
performing any of the duties described in this Agreement. If the parties cannot
agree on such an Evaluator, the appointing authority shall be the British
Columbia International Commercial Arbitration Centre.

 

14

 

11.6                                                                           Unless the Parties
mutually agree otherwise, the following rules and procedures shall
govern the conduct of the parties and the Evaluator before and during the
investigation by the Evaluator:

 

(a)                                  within thirty (30)
days of the appointment of the Evaluator each party shall provide to the
Evaluator and the other party copies of all documents, statements and records
on which the party intends to rely in presenting its position to the Evaluator;

 

(b)                                 within forty-five
(45) days of the appointment of the Evaluator the Licensee shall provide to the
Evaluator and the University a written summary of its position. On receipt of
the Licensee’s summary the University shall have fifteen (15) days to prepare
and submit to the Licensee and the Evaluator its own summary in reply to the
summary submitted by the Licensee;

 

(c)                                  on receipt of the
documents, statements, records and summaries submitted by the parties the
Evaluator shall have thirty (30) days within which to conduct such further
inquiries as he or she may deem necessary for the purpose of reviewing the
efforts made by the Licensee with respect to the promotion, marketing and sale
of the Products and the Technology and any Improvements in compliance with the
requirements of Article 11.4. For the purpose of conducting such an
inquiry, the Evaluator shall have the right to:

 

(i)                                     require either party to disclose any further documents or records
which the Evaluator considers to be relevant;

 

(ii)                                  interview or question either orally (or by way of written questions)
one or more representatives of either party on issues deemed to be relevant by
the Evaluator;

 

(iii)                               make an “on site”
inspection of the Licensee’s facilities;

 

(iv)                              obtain if necessary, the assistance of an independent expert to
provide technical information with respect to any area in which the Evaluator
does not have a specific expertise;

 

(d)                                 On completion of the
Inquiry described in Article 11.6(c) the Evaluator shall within
fifteen (15) days prepare a report setting out his or her findings and
conclusions as to whether or not the Licensee has committed a breach of Article 11.4.
If the Evaluator has determined that the Licensee has committed a breach of Article 11.4,
then the Evaluator shall also set out in the report his or her conclusions as
to whether such breach:

 

(i)                                     was substantially due to external market conditions not within the
control of the Licensee, or

 

(ii)                                  was substantially due to the Licensee’s failure to use commercially
reasonable efforts to comply with the requirements of Article 11.4 with
respect to the Technology and Improvements licensed hereunder, or

 

(iii)                               was substantially due to the Licensee’s failure to use commercially
reasonable efforts to comply with the requirements of Article 11.4 

 

15

 

with
respect to only a portion of the Technology and/or Improvements licensed hereunder.

 

(e)                                  The report and
conclusions of the Evaluator shall be delivered to the Licensee and the
University, and shall be accepted by both parties as final and binding.

 

11.7                                                                           If the Evaluator
concludes:

 

(a)                                  pursuant to Article 11.6(d)(ii) that
the Licensee’s breach was substantially due to the Licensee’s failure to use
commercially reasonable efforts with respect to the Technology and Improvements
licensed hereunder, then the University shall at its option have
the right to terminate this Agreement as provided in Article 18;

 

(b)                                 pursuant to Article 11.6(d)(iii) that
the Licensee’s breach was substantially due to the Licensee’s failure to use
commercially reasonable efforts with respect to only a portion of the
Technology or Improvements, then the University shall at its option have the
right to redefine the definition of Technology or Improvements (as applicable)
to remove said portion of the Technology or Improvements from such definition,
such that the licensed rights will be terminated only with respect to said
portion, provided, however, that the University shall not terminate this
Agreement for breach of Article 11.4, nor shall it change the nature of
the license granted hereunder with respect to the remaining Technology and
Improvements;

 

(c)                                  pursuant to Article 11.6(d)(i) that
the Licensee’s breach was substantially due to external market conditions
beyond the control of the Licensee, or pursuant to Article 11.6(d) that
the Licensee is not in breach of Article 11.4, then in either case the
University shall not terminate this Agreement for breach of Article 11.4,
nor shall it change the nature of the license granted hereunder.

 

11.8                                                                           [***]

 

12.0                                                                        ACCOUNTING RECORDS:

 

12.1                                                                           The Licensee shall
maintain at its principal place of business, or such other place as may be most
convenient, separate accounts and records of all Revenues, sublicenses and all
business done pursuant to this Agreement, such accounts and records to be in
sufficient detail to enable proper returns to be made under this Agreement, and the Licensee
shall cause its sublicensees to keep similar accounts and records.

 

12.2                                                                           The Licensee shall
deliver to the University on the date thirty (30) days after each and every
Royalty Due Date, together with the royalty payable thereunder, the Accounting
and a report on all sublicensing activity, including the identity of each
sublicensee and the location of the business of each sublicensee. Until the
first sale of a Product, the Licensee can provide the Accounting and the report
on sublicensing activity on an annual basis on the anniversary of the execution
of this Agreement.

 

12.3                                                                           The calculation of
royalties shall be carried out in accordance with generally accepted Canadian
accounting principles (“GAAP”),
or the standards and principles adopted by the U.S. Financial Accounting
Standards Board (“FASB”)
applied on a consistent basis.

 

12.4                                                                           The Licensee shall
retain the accounts and records referred to in Article 12.1 above for at
least six (6) years after the date upon which they were made and shall
permit any duly authorized representative of the University to inspect such
accounts and records during

 

16

 

normal business hours of the Licensee at the
University’s expense. The Licensee shall furnish such reasonable evidence as
such representative will deem necessary to verify the Accounting and will
permit such representative to make copies of or extracts from such accounts,
records and agreements at the University’s expense. If an inspection of the
Licensee’s records by the University shows an
under-reporting or underpayment by the Licensee of any amount to the
University, in excess of 5% for any twelve (12) month period, then the Licensee
shall reimburse the University for the cost of the inspection as well as pay to
the University any amount found due (including any late payment charges or
interest) within thirty (30) days of notice by the University to the Licensee.

 

12.5                                                                           During the term of
this Agreement, and thereafter, the University shall use reasonable efforts to
ensure that all information provided to the University or its representatives
pursuant to this Article remains confidential and is treated as such by
the University in accordance with the provisions of Article 10.

 

13.0                                                                        INSURANCE:

 

13.1                                                                           Unless satisfactory
arrangements are made between the Licensee and the University with
respect to a self-insurance program or the requirement for insurance hereunder
is waived by the University sixty (60) days prior to the commencement of any
human clinical trials or other Product testing involving human subjects by the
Licensee or any sublicensee, then the Licensee shall procure and maintain,
during the term of this Agreement, the insurance outlined in Articles 13.2
and 13.3 and otherwise comply with the insurance provisions contained in Articles 13.2
and 13.3.

 

13.2                                                                           The Licensee shall
give written notice to the University:

 

(a)                                  sixty (60) days prior
to the commencement of any human clinical trials or other Product testing
involving human subjects by the Licensee or any sublicensee, (“Human Clinical Trials”) and

 

(b)                                 sixty (60) days prior
to the first sale of any Product by the Licensee or any sublicensee

 

of the terms and amount of the appropriate
public liability, product liability and errors and omissions insurance which it
has placed. Such insurance shall in no case be less than the insurance which a
reasonable and prudent businessperson carrying on a similar line of business
would acquire. This insurance shall be placed with a reputable and financially
secure insurance carrier, shall include the University, its Board of Governors,
faculty, officers, employees, students, and agents as additional insureds, and
shall provide primary coverage with respect to the activities contemplated by
this Agreement. Such policy shall include severability of interest and cross-liability
clauses and shall provide that the policy shall not be cancelled or materially
altered except upon at least thirty (30) days’ written notice to the University.
The University shall have the right to require reasonable amendments to the
terms or the amount of coverage contained in the policy. Failing the parties
agreeing on the appropriate terms or the amount of coverage, then the matter
shall be determined by arbitration as provided for herein. The Licensee shall
provide the University with certificates of insurance evidencing such coverage
thirty (30) days before commencement of Human Clinical Trials and thirty (30)
days prior to the sales of any Product and the Licensee covenants not to start
Human Clinical Trials, or sell any Product before such certificate is provided
and approved by the University, or to sell any Product at any time unless the
insurance outlined in this Article 13.2 is in effect.

 

17

 

13.3                                                                           The Licensee shall
require that each sublicensee under this Agreement shall procure
and maintain, during the term of the sublicense, public liability, product
liability and errors and omissions insurance in reasonable amounts, with a
reputable and financially secure insurance carrier. The Licensee shall use its
best commercial efforts to ensure that any and all such policies of insurance
required pursuant to this Article shall contain a waiver of subrogation
against the University, its Board of Governors, faculty, officers, employees,
students, and agents.

 

14.0                                                                        ASSIGNMENT:

 

14.1                                                                           The Licensee will not
assign, transfer, mortgage, charge or otherwise dispose of any or all of the
rights, duties or obligations granted to it under this Agreement without the prior
written consent of the University, not to be unreasonably withheld.

 

14.2                                                                           The University shall
have the right to assign its rights under this Agreement to a company or
society of which it is the sole shareholder, in the case of a company, or of
which it controls the membership, in the case of a society. In the event of
such an assignment, the Licensee will release, remise
and forever discharge the University from any and all obligations or covenants,
provided however that such company or society, as the case may be, executes a written
agreement which provides that such company or society shall assume all such
obligations or
covenants from the University and that the Licensee shall retain all rights
granted to the Licensee pursuant to this Agreement.

 

15.0                                                                        GOVERNING LAW AND ARBITRATION:

 

15.1                                                                           This Agreement shall
be governed by and construed in accordance with the laws of the Province of
British Columbia and the laws of Canada in force therein without regard to its conflict
of law rules. All parties agree that by executing this Agreement they have
attorned to the jurisdiction of the Supreme Court of British Columbia. Subject
to Articles 15.2 and 15.3, the British Columbia Supreme Court shall have
exclusive jurisdiction over this Agreement.

 

15.2                                                                           Except as provided in
Article 11, in the event of any dispute arising between the parties
concerning this Agreement, its enforceability or the interpretation thereof,
the same shall be settled by a single arbitrator appointed pursuant to the
provisions of the Commercial
Arbitration Act
of British Columbia, or any successor legislation then in force. The place of
arbitration shall be Vancouver, British Columbia. The language to be used in
the arbitration proceedings shall be English.

 

15.3                                                                           Nothing in Article 15.2
shall prevent a party hereto from applying to a court of competent jurisdiction
for interim protection such as, by way of example, an interim injunction.

 

16.0                                                                        NOTICES:

 

16.1                                                                           Unless otherwise
agreed to in writing by the parties, all payments, reports and notices or other
documents that any of the parties hereto are required or may desire to deliver
to any other party hereto may be delivered only by personal delivery or by
registered or certified mail, telex or fax, all postage and other charges
prepaid, at the address for such party set forth below or at such other address
as any party may hereinafter designate in writing to the others. Any notice
personally delivered or sent by telex or fax shall be deemed to have been given
or received at the time of delivery, telexing or faxing. Any notice mailed as
aforesaid shall be deemed to have been received on the expiration of five (5) days
after it is posted, provided that if there shall be at the time of mailing or
between the time of mailing and the actual receipt of the

 

18

 

notice a mail strike, slow down or labour
dispute which might affect the delivery of the notice by the mails, then the
notice shall only be effected if actually received.

 

	
  If to
  the University:

  	
  The Director

  
	
   

  	
  University -
  Industry Liaison Office

  
	
   

  	
  University
  of British Columbia

  
	
   

  	
  IRC 331 -
  2194 Health Sciences Mall

  
	
   

  	
  Vancouver,
  British Columbia

  
	
   

  	
  V6T 1Z3

  
	
   

  	
  Telephone:

  	
  (604) 822-8580

  
	
   

  	
  Fax:

  	
  (604) 822-8589

  
	
   

  	
   

  
	
  If to the
  Licensee:

  	
  The
  President

  
	
   

  	
  OncoGenex
  Technologies Inc.

  
	
   

  	
  Suite 203,
  1275 West 6th Avenue

  
	
   

  	
  Vancouver,
  British Columbia

  
	
   

  	
  V6H 1A6

  
	
   

  	
  Telephone:

  	
  (604) 736-3678

  
	
   

  	
  Fax:

  	
  (604) 736-3687

  

 

17.0                                                                        TERM:

 

17.1                                                                           This Agreement and
the license granted hereunder shall terminate on the expiration of a term of
twenty (20) years from the Date of Commencement or the expiration of the last
patent obtained pursuant to Article 7 herein, whichever event shall last
occur, unless earlier terminated pursuant to Article 18 herein.

 

18.0                                                                        TERMINATION:

 

18.1                                                                           This Agreement shall
automatically and immediately terminate without notice to the Licensee if any
proceeding under the Bankruptcy and
Insolvency Act of Canada, or any other statute of similar purport,
is commenced by or against the Licensee.

 

18.2                                                                           The University may,
at its option, terminate this Agreement immediately on the happening of any one
or more of the following events by delivering notice in writing to that effect
to the Licensee:

 

(a)                                  if the Licensee
becomes insolvent;

 

(b)                                 if any execution,
sequestration, or any other process of any court becomes enforceable against
the Licensee, or if any such process is levied on the rights under
this Agreement or upon any of the monies due to the University and is not
released or satisfied by the Licensee within thirty (30) days thereafter;
and/or

 

(c)                                  if any resolution is
passed or order made or other steps taken for the winding up, liquidation or
other termination of the existence of the Licensee.

 

18.3                                                                           If any one or more of
the following events has occurred and the Licensee has not cured these events
within thirty (30) days of receiving written notice from the University, the
University may, at its option, terminate this Agreement:

 

(a)                                  if the Licensee is
more than thirty (30) days in arrears of royalties or other monies that are due
to the University under the terms of this Agreement;

 

19

 

(b)                                 if the Technology or
any Improvements becomes subject to any security interest, lien, charge or
encumbrance in favour of any third party claiming through the Licensee, without
the prior written consent of the University, not to be unreasonably withheld;

 

(c)                                  if the Licensee
ceases or threatens to cease to carry on its business;

 

(d)                                 if a controlling
interest in the Licensee passes to any person or persons other than those
having a controlling interest at the Date of Commencement, whether by reason of
purchase of shares or otherwise, without the prior written consent of the
University, such consent not to be withheld except as provided in Article 18.6;

 

(e)                                  if the composition of
the Board of Directors of the Licensee is changed without the prior written
consent of the University, such consent not to be withheld except as provided
in Article 18.6;

 

(f)                                    if the Licensee
undergoes a reorganization or any part of its business relating to this
Agreement is transferred to a subsidiary or associated company without the
prior written consent of the University, such consent not to be withheld except
as provided
in Article 18.6;

 

(g)                                 if the Licensee
commits any breach of Articles [***]

 

(h)                                 if it is determined,
pursuant to Article 11.6(d)(ii), that the Licensee is in breach of Article 11.4
substantially due to the Licensee’s failure to use commercially reasonable
efforts with respect to Technology and Improvements licensed hereunder;

 

(i)                                     if any sublicensee of
the Licensee is in breach of its sublicense agreement with the Licensee and the
Licensee does not cause such sublicensee to cure such default within thirty
(30) days of receipt of written notice from the University requiring that the
Licensee cause such sublicensee to cure such default, or

 

(j)                                     if the Licensee is in
breach of any other agreement between the Licensee and the University which
breach has not been cured within the time provided for the curing of such
breach under the terms of such other agreement.

 

18.4                                                                           The University shall
not withhold its consent pursuant to Article 18.3(d), 18.3(e) or 18.3(f) unless
the granting of such consent would result in the University having a
contractual relationship with an entity with whom the University is prohibited
from contracting with pursuant to its then existing policies.

 

18.5                                                                           Other than as set out
in Article s 18.1, 18.2 and 18.3, if either party shall be in default
under or shall fail to comply with the terms of this Agreement then the non-defaulting
party shall have the right to terminate this Agreement by written notice to the
other party to that effect if:

 

(a)                                  such default is
reasonably curable within thirty (30) days after receipt of notice of such
default and such default or failure to comply is not cured within thirty (30)
days after receipt of written notice thereof; or

 

(b)                                 such default is not
reasonably curable within thirty (30) days after receipt of written notice
thereof, and such default or failure to comply is not cured within 

 

20

 

such further reasonable period of time as may
be necessary for the curing of such default or failure to comply.

 

18.6                                                                           If this Agreement is
terminated pursuant to Article 18.1, 18.2, 18.3 or 18.5, the Licensee
shall make royalty payments to the University in the manner specified in Article 5,
and the University may proceed to enforce payment of all outstanding royalties
or other monies owed to the University and to exercise any or all of the rights
and remedies contained herein or otherwise available to the University by law
or in equity, successively or concurrently, at the option of the University. For
greater clarity, the Licensee shall continue to make royalty payments with
respect to Licensee Improvements which can be practiced without the Technology
after the termination of this Agreement. Upon any such termination of this
Agreement, the Licensee shall forthwith deliver up to the University all
Technology and any University Improvements in its possession or control and
shall have no further right of any nature whatsoever in the Technology or any
University Improvements. On the failure of the Licensee to so
deliver up the Technology and any University Improvements, the University may
immediately and without notice enter the Licensee’s premises and take
possession of the Technology and any University Improvements. The Licensee will
pay all charges or expenses incurred by the University in the enforcement of
its rights or remedies against the Licensee including, without limitation, the
University’s legal fees and disbursements on an indemnity basis.

 

18.7                                                                           The Licensee shall
cease to use the Technology or any University Improvements in any manner
whatsoever or to manufacture or sell the Products containing all or some of the
Technology and/or University Improvements within five (5) days from the
Effective Date of Termination. The Licensee shall then deliver or cause to be
delivered to the University an accounting within thirty (30) days from the
Effective Date of Termination. The accounting will specify, in or on such terms
as the University may in its sole discretion require, the inventory or stock of
Products containing all or some of the Technology and/or University
Improvements manufactured and remaining unsold on the Effective Date of
Termination. The University will instruct that the unsold Products containing
all or some of the Technology and/or University Improvements be stored,
destroyed or sold under its direction, provided this Agreement was terminated
pursuant to Article 18.2, 18.3 or 18.6. Without limiting the generality of
the foregoing, if this Agreement was terminated pursuant to Article 18.1,
the unsold Products containing all or some of the Technology and/or University
Improvements will not be sold by any party without the prior written consent of
the University. The Licensee will continue to make royalty payments to the
University in the same manner specified in Articles 5 and 6 on all unsold
Products containing all or some of the Technology and/or University
Improvements that are sold in accordance with this Article 18.7,
notwithstanding anything contained in or any exercise of rights by the
University under Article 18.6 herein.

 

18.8                                                                           Notwithstanding the
termination of this Agreement, Article 12 shall remain in full force
and effect until six (6) years after:

 

(a)                                  all payments of
royalty required to be made by the Licensee to the University under this
Agreement have been made by the Licensee to the University; and

 

(b)                                 any other claim or
claims of any nature or kind whatsoever of the University against the Licensee
has been settled.

 

18.9                                                                           [***]

 

(a)                                  [***]

 

21

 

(b)                                 [***]

 

(c)                                  [***]

 

[***]

 

19.0                                                                        MISCELLANEOUS COVENANTS OF LICENSEE:

 

19.1                                                                           The Licensee hereby
represents and warrants to the University that the Licensee is a
corporation duly organized, existing and in good standing under the laws of
Canada and has the power, authority and capacity to enter into this Agreement
and to carry out the transactions contemplated by this Agreement, all of which
have been duly and validly authorized by all requisite corporate proceedings.

 

19.2                                                                           The Licensee
represents and warrants that it has the expertise necessary to handle the
Technology and any Improvements with care and without danger to the Licensee,
its employees, agents, or the public. The Licensee shall not accept delivery of
the Technology or any Improvements until it has requested and received from the
University all necessary information and advice to ensure that it is capable of
handling the Technology and any Improvements in a safe and prudent manner.

 

19.3                                                                           The Licensee shall
comply with all laws, regulations and ordinances, whether Federal, State,
Provincial, County, Municipal or otherwise, with respect to the Technology and
any Improvements and/or this Agreement.

 

19.4                                                                           The Licensee will
reimburse the University for its legal fees incurred in connection with the
preparation of this Agreement [***]  In
addition upon the presentation of itemized bills to the Licensee by the
University, the Licensee shall pay all reasonable legal expenses and
costs incurred by the University in respect of any consents and approvals
required from the University, including, but not limited to, expenses and costs
in respect of the University’s review of any sublicenses to be granted by the
Licensee.

 

19.5                                                                           The Licensee shall
pay all taxes and any related interest or penalty howsoever designated and
imposed as a result of the existence or operation of this Agreement, including,
but not limited to, tax which the Licensee is required to withhold or deduct
from payments to the University. The Licensee will furnish to the University
such evidence as may be required by Canadian authorities to establish that any
such tax has been paid. The royalties specified in this Agreement are exclusive
of taxes. If the University is required to collect a tax to be paid by the
Licensee or any of its sublicensees, the Licensee shall pay such tax to the
University on demand.

 

19.6                                                                           The obligation of the
Licensee to make all payments hereunder will be absolute and unconditional and
will not, except as expressly set out in this Agreement, be affected by any
circumstance, including without limitation any set-off, compensation,
counterclaim, recoupment, defence or other right which the Licensee may have
against the University, or anyone else for any reason whatsoever.

 

19.7                                                                           All amounts due and
owing to the University hereunder but not paid by the Licensee on the due date
thereof shall bear interest in Canadian dollars at the rate of [***] per month.
Such interest shall accrue on the balance of unpaid amounts from time to time
outstanding from the date on which portions of such amounts become due and
owing until payment thereof in full.

 

22

 

20.0                                                                        GENERAL:

 

20.1                                                                           Upon 48 hours advance
notice, and at the University’s sole risk and expenses, the Licensee shall
permit any duly authorized representative of the University that has signed an
appropriate non-disclosure agreement with the Licensee to enter upon and into
any premises of the Licensee during normal business hours for the purpose of
inspecting the Products and the manner of their manufacture and generally of
ascertaining whether or not the provisions of this Agreement have been, are
being, or will be complied with by the Licensee.

 

20.2                                                                           Nothing contained
herein shall be deemed or construed to create between the parties
hereto a partnership or joint venture. No party shall have the authority to act
on behalf of any other party, or to commit any other party in any manner or
cause whatsoever or to use any other party’s name in any way not specifically
authorized by this Agreement. No party shall be liable for any act,
omission, representation, obligation or debt of any other party, even if
informed of such act, omission, representation, obligation or debt.

 

20.3                                                                           Subject to the
limitations hereinbefore expressed, this Agreement shall enure to the benefit
of and be binding upon the parties and their respective successors and
permitted assigns.

 

20.4                                                                           No condoning,
excusing or overlooking by any party of any default, breach or non-observance
by any other party at any time or times in respect of any covenants, provisos
or conditions of this Agreement shall operate as a waiver of such party’s
rights under this Agreement in respect of any continuing or
subsequent default, breach or non-observance, so as to defeat in any way the
rights of such party in respect of any such continuing or subsequent default or
breach, and no waiver shall be inferred from or implied by anything done or
omitted by such party, save only an express waiver in
writing.

 

20.5                                                                           No exercise of a
specific right or remedy by any party precludes it from or prejudices it in
exercising another right or pursuing another remedy or maintaining an action to
which it may otherwise be entitled either at law or in equity.

 

20.6                                                                           Marginal headings as
used in this Agreement are for the convenience of reference only and do not
form a part of this Agreement and are not be used in the interpretation hereof.

 

20.7                                                                           The terms and
provisions, covenants and conditions contained in this Agreement which by the
terms hereof require their performance by the parties hereto after the
expiration or termination of this Agreement shall be and remain in force
notwithstanding such expiration or other termination of this Agreement for any
reason whatsoever.

 

20.8                                                                           If any Article, part,
section, clause, paragraph or subparagraph of this Agreement shall be held to
be indefinite, invalid, illegal or otherwise voidable or unenforceable, the
entire Agreement shall not fail on account thereof, and the balance of this
Agreement shall continue in full force and effect.

 

20.9                                                                           The parties hereto
each acknowledge that the law firm of Richards Buell Sutton has acted solely
for the University in connection with this Agreement and that all other parties
hereto have been advised to seek independent legal advice.

 

20.10                                                                     This Agreement sets
forth the entire understanding between the parties with respect to the subject
matter hereof and no modifications hereof shall be binding unless executed in
writing by the parties hereto.

 

23

 

20.11                                                                     Time shall be of the
essence of this Agreement.

 

20.12                                                                     Whenever the singular
or masculine or neuter is used throughout this Agreement the same shall be
construed as meaning the plural or feminine or body corporate when the context
or the parties hereto may require.

 

IN WITNESS WHEREOF the parties hereto have hereunto executed this
Agreement on the 22nd day of November, 2002 but effective as of the Date of
Commencement.

 

 

	
  SIGNED FOR AND ON BEHALF of

  	
  )

  	
   

  
	
  THE UNIVERSITY OF BRITISH COLUMBIA

  	
  )

  	
   

  
	
  by its authorized signatories:

  	
  )

  	
   

  
	
   

  	
  )

  	
   

  
	
   

  	
  )

  	
  David P. Jones

  
	
   

  	
  )

  	
  Associate Director

  
	
  /s/ David Jones

  	
   

  	
  )

  	
  University-Industry Liaison

  
	
  Authorized Signatory

  	
   

  	
  )

  	
   

  
	
   

  	
   

  	
  )

  	
   

  
	
  /s/ Indira Samarasekera

  	
   

  	
  )

  	
  Indira V. Samarasekera, F.R.S.C.

  
	
  Authorized Signatory

  	
   

  	
  )

  	
  Vice President Research

  
	
   

  	
   

  	
   

  	
   

  

 

	
  SIGNED FOR AND ON BEHALF of

  	
  )

  	
   

  
	
  ONCOGENEX TECHNOLOGIES INC.

  	
  )

  	
   

  
	
  by its authorized signatory:

  	
  )

  	
   

  
	
   

  	
  )

  	
   

  
	
  /s/ Scott Cormack

  	
   

  	
  )

  	
   

  
	
  Authorized Signatory

  	
   

  	
  )

  	
   

  

 

24

 

SCHEDULE “A”

 

DESCRIPTION OF “TECHNOLOGY”

 

The following represents the intellectual
property and know-how that is to be licensed to the Licensee for development of
novel treatments of cancer as contemplated under this License Agreement:

 

1.                                       [***]

 

2.                                       [***]

 

3.                                       [***]

 

4.                                       [***]

 

5.                                       And all applications that may be filed which read on the claims
within the patent applications set out above, including, without limitation,
all regular, divisional or continuation, in whole or in part, applications
based on the foregoing, and all applications corresponding to the foregoing
filed in countries other than the United States.

 

6.                                       Any and all issued and unexpired re-issues, re-examinations,
renewals or extensions that may be based on any of the patent applications
described above.

 

 

AMENDING AGREEMENT

 

This Agreement
is signed October 12, 2005 but is effective as of the 12th day of
September, 2002 (the “Effective Date”).

 

Between:

 

THE
UNIVERSITY OF BRITISH COLUMBIA, a
corporation continued under the University Act
of British Columbia and having its administrative offices at 2075 Wesbrook
Mall, Vancouver, British Columbia, V6T 1W5

 

(the “University”)

 

- and -

 

ONCOGENEX
TECHNOLOGIES INC. a corporation incorporated
under the laws of Canada, and having offices at Suite 400, 1001 West
Broadway, Vancouver, British Columbia, V6H 4B1

 

(the “Licensee”)

 

WHEREAS:

 

A.                                   The
University and the Licensee entered into a license agreement with a
Commencement Date of September 1, 2002 (“Bi-Specific
License Agreement”) pursuant to which the University granted the
Licensee an exclusive worldwide license to three separate technologies: (a) insulin
growth factor binding protein – 2; (b) insulin growth factor binding
protein – 2 and insulin growth factor binding protein – 5; and (c) Relaxin;

 

B.                                     The
University and the Licensee now wish to amend Schedule “A” of the Bispecific License Agreement by removing the
Relaxin technology from the License and updating Schedule “A”.

 

Now therefore,
in consideration of the mutual promises and covenants contained in this
Amending Agreement, the parties hereto covenant and agree with each other as
follows:

 

1.                                       Schedule “A” of
the Bispecific License Agreement is amended by deleting it in its entirety and
replacing it with the new Schedule “A”
attached hereto.

 

2.                                       Relaxin related patent expenses reimbursed to UBC from the Licensee,
pursuant to section 7.3 of the Bispecific License Agreement, before the
Effective Date of the current Amendment, are not refundable to the Licensee.

 

3.                                       Except as modified herein, the University and the Licensee confirm
that the Bispecific License Agreement remains unmodified and in full force and
effect.

 

 

 

IN WITNESS
WHEREOF the parties have executed this Amendment on September           ,
2005, with the intent of confirming the parties’ intentions as of the Effective
Date.

 

SIGNED FOR AND
ON BEHALF OF

THE
UNIVERSITY OF BRITISH COLUMBIA

by its duly
authorized officers:

 

	
   

  	
   

  	
  J.P.
  Heale, PhD, MBA

  
	
   

  	
   

  	
  Associate
  Director

  
	
  /s/
  J.P. Heale

  	
   

  	
   

  	
  University-Industry
  Liaison Office

  
	
  Authorized
  Signatory

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Authorized
  Signatory

  	
   

  	
   

  

 

 

SIGNED FOR AND
ON BEHALF OF

ONCOGENEX
TECHNOLOGIES INC.

By its duly
authorized officers:

 

	
  /s/
  Scott Cormack

  	
   

  
	
  Authorized
  Signatory

  

 

2

 

SCHEDULE “A”

 

DESCRIPTION OF “TECHNOLOGY”

 

The following
represents the intellectual property and know-how that is to be licensed to the
Licensee for development of novel treatments of cancer as contemplated under
this License Agreement:

 

	
  UBC 

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  UBC 

  File #

  	
   

  	
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  Issued 

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  [***]

  	
   

  	
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  UBC 

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3

 

	
  UBC 

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2.                                       And all applications that may be filed based on the foregoing,
including, without limitation, all regular, divisional or continuation, in
whole or in part, applications based on the foregoing, and all applications
corresponding to the foregoing filed in countries other than the United States;
and

 

3.                                       Any and all issued and unexpired re-issues, re-examinations,
renewals or extensions that may be based on any of the patents described above.

 

4Exhibit 10.17

 

[TO BE TYPED ON THE LETTERHEAD OF THE UNIVERSITY OF
BRITISH COLUMBIA]

 

November
14, 2002

 

OncoGenex
Technologies Inc.

203, 1275 West 6th Avenue

Vancouver, BC   V6H 1A6

 

Dear
Sirs/Mesdames:

 

Re:          Collaborative Research
Agreement and License Agreement

 

WHEREAS

 

A.                            OncoGenex and UBC entered into a license
agreement dated November 15, 2001 (the “BP5 License”);

 

B.                            It is contemplated that UBC will enter into a
second license agreement (the “BP2 License”) and a collaborative research
agreement;

 

C.                            UBC and OncoGenex acknowledge that within the
BP5 License and BP2 License there are three separate technologies included,
being “BP2”, “BP5” and “Bispecific”;

 

D.                            It is intended that one of BP2, BP5 or
Bispecific may become a lead product of OncoGenex and that the other two
technologies may be required to support the intellectual property position of
OncoGenex in respect of such product; 
and

 

E.                             OncoGenex has not yet determined which patent
will issue first and/or which technology will become the lead product for this
group of technologies.

 

The
purpose of this letter is document the understanding which the parties have
reached as follows:

 

1.             Upon FDA
approval of a product based upon BP2, BP5 or Bispecific, UBC and OncoGenex
agree that they shall determine within 120 days of the approval which license
agreement dominates the product to be developed;  and

 

2.             The
parties agree that it is not intended that the royalties payable pursuant to
the BP5 License and BP2 License shall be cumulative with respect to any one
product that practises one or more patents under both BP2 License and BP5
License.

 

Please
acknowledge your agreement to the terms and conditions contained within this
agreement.

 

	
  Yours
  truly,

  	
   

  	
  Acknowledged
  by:

  
	
   

  	
   

  	
   

  
	
  The University of British Columbia

  	
   

  	
  OncoGenex Technologies Inc.

  
	
   

  	
   

  	
   

  
	
  /s/
  Caroline Bruce

  	
   

  	
   

  	
  /s/
  Scott Cormack

  	
   

  
	
  Dr.
  Caroline Bruce

  	
   

  	
  Name:
  S. Cormack

  
	
   

  	
   

  	
  Title:
  President & CEO

  
	
   

  	
   

  	
  Date:
  November 15 / 02

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00114-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00114-of-00352.parquet"}]]