Document:

EX-10.19

 Exhibit 10.19 

DATED 4 August 2011 

(1) SynBio LLC 
 (2) Lipoxen Plc

 SUBSCRIPTION AGREEMENT 

in respect of ordinary shares 
 in
the capital of 
 Lipoxen plc 

 THIS AGREEMENT is made on 2011 

BETWEEN: 
 (1) SynBio LLC, a limited liability company
incorporated under the laws of the Russian Federation, Main State Registration Number 1117746126321, having its registered office at building 2, 55/1, Leninsky Prospekt, Moscow, Russian Federation (the “Subscriber”); and 

(2) LIPOXEN PLC a company incorporated under the laws of England and Wales with Company number 03213174 whose registered office is at London Bioscience
Innovation Centre, 2 Royal College Street, London NWl ONH, Great Britain (the “Issuer”). 
 RECITALS 

(A) The Issuer is a public limited company incorporated under the laws of England and Wales. The Issuer’s Ordinary Shares are admitted to trading on AIM.

 (B) The Issuer, Lipoxen Technologies Ltd and the Subscriber are to be participants in a project, pursuant to the terms of a co-development agreement to be entered into between such parties (the “Project”). 
 (C) In connection with the
Project, the Subscriber wishes to invest in the Issuer. 
 (D) Accordingly, the Subscriber has agreed to subscribe, and the Issuer has agreed to issue and
allot to the Subscriber, 110,800,000 new Ordinary Shares subject to the conditions and on the terms of this Agreement. 

 (E) The Parties intend that all the actions in relation to the signing of this Agreement and the issue of shares
to the Subscriber referred to in Recital (D) above will take place in London. 
 (F) Completion of this Agreement is conditional upon certain events,
including, inter alia, approval of certain resolutions at a general meeting of the Issuer’s shareholders. 
 OPERATIVE PROVISIONS 

 

	1.	INTERPRETATION 

 1.1 In this Agreement including in the Recitals and Schedules hereto, the following
words and expressions shall have the following meanings: 
 “Accounting Date” means 31 December 2010; 

“Admission” means the admission of the Subscription Shares to trading on AIM becoming effective in accordance with paragraph 6 of the
AIM Rules, and references to the Subscription Shares being 
 “Admitted” shall be construed accordingly; 

“Agreement” means this agreement as the same may be amended by the Parties hereto in accordance with the provisions hereof; 

“Announcement” means the RNS announcement in relation to information set out in the Circular in the agreed form; 

“AIM” means the market of that name operated by the London Stock Exchange; 

“AIM Rules” means the AIM Rules for Companies published by the London Stock Exchange for the time being in force; 

  
 2 

 “Applicable Law” means the laws, decrees regulations or any type of primary or secondary legislation
which is at the time of this Agreement in force in the United Kingdom or in the Russian Federation, as the case may be; 
 “Business Day” means a
day (not being a Saturday or a Sunday) on which banks generally are open for business in London and Moscow; 
 “Circular” means the circular as
required under, inter alia, Rule 9 of the City Code as agreed by the Panel on Takeovers and Mergers, and to be sent by the Issuer to its shareholders in connection with the transactions hereby contemplated; 

“City Code” means the City Code on Takeovers and Mergers; 

“Co-Development Agreement” means the co-development agreement entered into between the Issuer, the Subscriber and Lipoxen Technologies Ltd on or
around the date hereof; 
 “Co-Development Agreement Condition Precedent” shall have the meaning ascribed in Clause 2.1(B); · 

“Companies Act” means the Companies Act 2006; 

“Completion” means completion of this Agreement as provided in Clause 6; 

“Completion Date” means, unless the Parties shall otherwise agree: 

(A) the first Business Day after Pre-Completion takes place; or 

(B) as the context may require, the date on which Completion takes place; 

  
 3 

 “Conditions Precedent” means the Conditions Precedent set out in Clause 2; 

“Conditions Precedent Date” means 30 September 2011 or such later date as the Parties may agree in writing for satisfaction of the
Conditions Precedent; 
 “Consideration” has the meaning ascribed in Clause 5; 

“Enabling Resolutions” shall have the meaning ascribed in Clause 2.1(D); 

“Encumbrance” means any mortgage, charge, pledge, lien, option, restriction, right of first refusal, right of pre-emption, third party right
or other interest or equity, security interest of any kind or another type of preferential arrangement (including, without limitation, a title transfer and retention arrangement) having similar effect, and “Encumbering” shall be
construed accordingly; 
 “Escrow Deed” means the deed of adherence in relation to arrangements under the Purchase Agreement including,
inter alia, certain of the consideration shares held in escrow, to be entered into on or around the date hereof; 
 “FDS Pharma”
means the limited liability partnership “FDS Pharma LLP”, a legal entity incorporated and existing under the laws of England and Wales, with its registered office at: Hillbrow House, Hillbrow Road, Esher, Surrey, KTlO 9NW, United Kingdom,
registration number LP005073; 

  
 4 

 [***] 

“GM” shall have the meaning ascribed in Clause 2.5(A); 

“GM Notice” means the notice to convene the GM included within the Circular; 

“Group” means the Issuer and Lipoxen Technologies Ltd (and, where the context permits, each of them); 

“Group IP Rights” means: 
 (A) all intellectual
property assets and rights (together the “IP Rights”) in relation to (i) Histone; and (ii) the Polyxen Technology being owned, licensed or otherwise held or used by any Group entity; and 

(B) all IP Rights owned, licensed or otherwise held or used by any Group entity and “Group IP” shall be construed accordingly, and for these
purposes “intellectual property” means (i) patents; (ii) applications for patents; (iii) designs (registered or unregistered and including applications for registered designs); (iv) registered trade marks and
applications for the registration of trade marks; (v) rights in know-how, trade secrets and confidential information; (vi) copyright, (vii) rights in inventions; (viii) rights in scientific, technical and manufacturing data;
(ix) rights in plans, specifications and calculations; (x) unregistered trade marks; 
 (xi) database rights; (xii) domain names; and
(xiii) all corresponding, equivalent or comparable rights existing in any territory or jurisdiction outside the United Kingdom relating to the Group’s current or proposed business activities, as set out in the Co-Development Agreement; 

  
 5 

 “Histone” has the meaning given in the Co-Development
Agreement; 
 “ICTA” means the Income and Corporation Taxes Act 1988; 

“Interim Period” means the period commencing on the date of this Agreement and ending on the earlier to occur of (i) Completion; or
(ii) lapse or termination of this Agreement; 
 “Irrevocable Undertaking” means the irrevocable undertakings and the marketing agreement
entered into by the Issuer’s Majority Shareholders with the Issuer in respect of, inter alia, their voting rights in relation to the Enabling Resolutions; 

“Issuer’s Majority Shareholders” means: [***] Mr Genkin Dmitry Dmitrievich, citizen of the Russian Federation, [***] [***] (ii) Mr Igor
Nikolaev, citizen of the Russian Federation, [***] 

  
 6 

 “Issuer’s Solicitors” means Pinsent Masons LLP of 30 Crown Place, London EC2A 4ES; 

“Issuer’s Warranties” means the warranties set out in Schedule 2; 

Lipoxen Technologies Ltd means a legal entity registered under the laws of England whose registered office is at London Bioscience Innovation Centre, 2
Royal College Street, London, NWl ONH, United Kingdom, company registration number 03401495; 
 “London Stock Exchange” means the London
Stock Exchange plc; 
 “Ordinary Share” means an ordinary share of 0.5p each in the capital of the Issuer and “Ordinary
Shares” shall be construed accordingly; 
 “Parties” means the parties to this Agreement; 

“Patents” means all granted patents and applications for patents (whether owned by, or licensed to, any Group member) expressly referred to
or identified in the Co-Development Agreement; 
 “Polyxen Technology” has the meaning given in the
Co-Development Agreement; 
 “Pre-Completion” means Pre-Completion of this Agreement as provided in Clause 6; 

“Pre-Completion Date” means the date falling at least three Business Days prior to the Completion Date or such other date for Pre-Completion
as the Parties may agree in writing; 

  
 7 

 “Purchase Agreement” has the meaning given in Clause 2.1(C); 

“Related Agreements” means the Co-Development Agreement, the Relationship Deed and any other agreement,
document or instrument contemplated by the foregoing agreements or designated by the Parties m writing as a “Related Agreement”; 

“Relationship Deed” means the agreement to regulate the relationship between the Subscriber and the Issuer in the agreed form; 

“Resolutions Condition Precedent” shall have the meaning ascribed in Clause 2.l(D); 

“RNS” has the meaning given to such term in the AIM Rules; 

“Shareholder Register” means the register of the Issuer’s shareholders that exists under the laws of England and Wales; 

“Share Registrar” means the company which maintains the Shareholder Register; 

“Subscriber’s Solicitors” means White & Case LLP of 5 Old Broad Street, London EC2N lDW; 

“Subscriber’s Warranties” means the warranties set out in Schedule 1; 

“Subscription Price” means the price of 11p per new Ordinary Share; 

“Subscription Shares” means 110,800,000 new Ordinary Shares; 

“SymbioTec” means SymbioTec GmbH located at: Saarbriicken, Gennany, organized in accordance with certificate of acknowledgment No. UR 849/2008 of
October 11, 1988 and existing under the laws of Germany; 

  
 8 

 “Warranties” means the Subscriber’s Warranties and the Issuer’s Warranties. 

1.2 The expression “in the agreed terms” means in the form agreed between the Subscriber and the Issuer and signed for the purposes of
identification by or on behalf of the Subscriber and the Issuer. 
 1.3 Any reference to “writing” or “written” means any
method of reproducing words in a legible and non-transitory form (excluding, for the avoidance of doubt, email). 
 1.4 References to
“include” or “including” are to be construed without limitation. 
 1.5 References to a “company” include
any company, corporation or other body corporate wherever and however incorporated or established. 
 1.6 References to a “person” include
any company, partnership, joint venture, firm, association, trust and any governmental or regulatory authority. 
 1.7 The expressions “body
corporate”, “holding company”, “parent undertaking”, “subsidiary” and “subsidiary undertaking” shall have the meanings given in the Companies Act. 

1.8 The table of contents and headings are inserted for convenience only and do not affect the construction of this Agreement. 

  
 9 

 1.9 Unless the context otherwise requires, words in the singular include the plural and vice versa,
and a reference to any gender includes all other genders. 
 1.10 References to Clauses, paragraphs and Schedules are to Clauses and paragraphs of, and
schedules to, this Agreement. The Schedules form part of this Agreement. 
 1.11 References to any statute or statutory provision include a
reference to that statute or statutory provision as amended, consolidated or replaced from time to time (whether before or after the date of this Agreement) and include any subordinate legislation made under the relevant statute or statutory
provision. 
 1.12 References to any English legal term for any action, remedy, method of financial proceedings, legal document, legal status, court,
official or any legal concept or thing shall, in respect of any jurisdiction other than England, be deemed to include what most nearly approximates in that jurisdiction to the English legal term. 

1.13 The expressions “ordinary course of business” or “business in the ordinary course” mean the ordinary and usual course of business of
the Issuer, consistent in all material respects (including nature and scope) with the prior practice of the Issuer and includes, for the avoidance of doubt, any actions taken or required to be taken by the Issuer in accordance with this Agreement or
any other Related Agreement or as described in the Circular. 

  
 10 

 1.14 In this Agreement references to “US$” or “US Dollars” are references to the lawful
currency for the time being of United States of America; references to “RUB” or “Roubles” are references to the lawful currency for the time being of the Russian Federation; and references to “£” or
“pounds” are references to the lawful currency for the time being of the United Kingdom. 
 1.15 In this Agreement references to any time of day
are to the time in London, England. 
 1.16 In the event of any discrepancy between the English and Russian translations of this Agreement, the English
version shall prevail. 
 2. CONDITIONS PRECEDENT 
 2.1
The provisions of Clauses 4, 5 and 6 of this Agreement are conditional on the following having occurred on or before 2 p.m. (or such other time as the Parties may agree in writing) on the Conditions Precedent Date: 

(A) the Irrevocable Undertaking having been executed by all Parties thereto such that it shall become unconditional in all respects automatically before or
upon signing of this Agreement (the “Irrevocable Undertaking Condition Precedent”); 

  
 11 

 (B) the Issuer, Lipoxen Technologies Ltd and the Subscriber having executed the Co-Development Agreement such
that it shall become unconditional in all respects automatically on Completion of this Agreement (the “Co-Development Agreement Condition Precedent”); 

(C) completion of the purchase by the Issuer of the entire issued share capital of SymbioTec in accordance with the agreement with the vendors executed on or
around the date hereof (the “Purchase Agreement”) (the “Transfer Condition Precedent”); 
 (D) the passing at a general
meeting of the Issuer of all the resolutions set out in the GM Notice (the “Enabling Resolutions”) (the “Resolutions Condition Precedent”); and 

(E) Admission of the Subscription Shares to trading on AIM (the “Admission Condition Precedent”); and 

(F) the Issuer and the Subscriber having executed the Escrow Deed. 

2.2 The Issuer shall use reasonable endeavours to procure the satisfaction of Admission Condition Precedent as soon as practicable and in any event not later
than the latest time on the Conditions Precedent Date. 

  
 12 

 2.3 The Issuer shall use reasonable endeavours to procure that irrevocable undertakings to vote in favour of the
resolutions required to effect the transactions contemplated by this Agreement are entered inter alia into by: (i) Baxter Healthcare SA, a company incorporated under Swiss law, having its registered address at Hertistr.28304 Wallisellen,
Switzerland; (ii) Serum Institute of India Limited, a company incorporated under Indian law, registered: at S. No. 212/2, Off Soli Poonawalla Road, Hadapsar, Pune – 411 028, Maharashtra, India; and (iii) FDS Pharma with the
Issuer such that they shall become unconditional in all respects before or upon completion of this Agreement. 
 2.4 Each Party shall keep the other fully
informed of all progress and developments with regard to satisfaction of the Conditions Precedent for which it is responsible, and in any event shall notify the other Party in writing as soon as practicable after it becomes aware that the same or
any of the Conditions Precedent have been satisfied or have become incapable of satisfaction and produce to the other Party such documentation as reasonably required to evidence such satisfaction or incapability of satisfaction. 

2.5 Without limiting the foregoing, the Issuer undertakes in relation to the Resolutions Condition Precedent that: 

(A) within two (2) Business Days of the date of this Agreement, subject to confirmation from the Panel on Takeovers and Mergers that it requires no
further changes to the drafting of the Circular, it will procure the despatch to its shareholders of a circular substantially in the form of the Circular convening a general meeting of the Issuer (for the purposes, inter alia, of considering
and, if applicable, passing the Enabling Resolutions) (the “GM”) not later than 22 August 2011 unless otherwise agreed by the Parties in writing; 

  
 13 

 (B) at the GM it will procure that the Enabling Resolutions shall be put to the meeting and, unless the same
shall be passed on a show of hands, that a poll is demanded and given effect in respect thereof; 
 (C) that if the GM is adjourned, the date of any
adjourned meeting shall be if practicable, subject to the following provision that it is held in sufficient time to enable satisfaction of the Conditions Precedent on or before the latest time provided in Clause 2.1 PROVIDED THAT no member of the
Issuer’s Group nor any of the directors thereof shall be required to act in breach of their fiduciary duties to any member of the Issuer’s Group and/or its shareholders and/or creditors; 

(D) it will not despatch any circular to its shareholders for the purposes of the foregoing without first providing the Subscriber with a reasonable
opportunity to review and comment on the same, and it will give due consideration to all reasonable requirements of the Subscriber in relation to the contents thereof insofar as they relate to the matters contemplated by this Agreement or are
matters for which the Subscriber or the directors of the Issuer must accept responsibility in accordance with the requirements of the London Stock Exchange, the Companies Act and any other applicable legislation including the City Code; and 

(E) it will, on the day on which the Enabling Resolutions shall be passed (if applicable), provide the Subscriber’s Solicitors with a print thereof, duly
certified by the company secretary or any director of the Issuer as having been duly passed. 

  
 14 

 2.6 The Resolutions Condition Precedent and the Admission Condition Precedent may only be waived if the Issuer
and the Subscriber so agree in writing. The Irrevocable Undertaking Condition Precedent and the Co-Development Agreement Condition Precedent may only be waived if the Subscriber agrees in Co-writing Development Agreement. 

2.7 If by the latest time on the Conditions Precedent Date prescribed in Clause 2.1 the Conditions Precedent have not been satisfied or, in accordance with
Clause 2.6, waived by the applicable Parties, then either Party may serve written notice on the other Party terminating this Agreement, provided that the Issuer may only serve notice to terminate this Agreement where it is not in breach of its
obligations under Clause 2.2 and/or Clause 2.3 of this Agreement. 
 2.8 In the event that either the Issuer or the Subscriber shall serve notice
terminating this Agreement in accordance with Clause 2.7, then except for this Clause 2.8, Clause 1, Clause 9, Clause 12, Clause 13, Clause 14 and Clause 16, all of the provisions of this Agreement shall lapse and cease to have effect. This shall
not affect any accrued rights or liabilities of either the Issuer or the Subscriber in respect of damages for non performance or other breach of any obligation under this Agreement falling due for performance prior to such lapse and/or cessation.

  
 15 

 3. INTERIM PERIOD 

During the Interim Period the Issuer undertakes to conduct its businesses and to procure that Lipoxen Technologies Ltd conducts its business in the ordinary
course. 
 4. SUBSCRIPTION 
 4.1 Subject to Clause 2,
and to receipt of consideration for the Subscription Shares in cleared funds by the Issuer from the Subscriber, the Issuer hereby agrees to issue and allot and the Subscriber hereby agrees to subscribe for the Subscription Shares. 

4.2 The Subscription Shares shall be credited as fully paid up at Completion. 

4.3 Any allotment of Subscription Shares shall be conditional on the same being Admitted. If such condition shall not be capable of satisfaction because of
the failure of the London Stock Exchange to agree to Admission of such Subscription Shares at a date which is practicable prior to the due date for such allotment, then Completion and such allotment shall be postponed to the first Business Day after
the first practicable date for the holding of a meeting of the London Stock Exchange at which it agrees to the Admission of such Subscription Shares. 
 4.4
The Subscription Shares will not rank for any dividends or other distributions declared, paid or made on the ordinary share capital of the Issuer by reference to a record date prior to the Completion Date but, subject thereto, will rank pari
passu in all other respects with the ordinary share capital of the Issuer then in issue. 

  
 16 

 4.5 The Issuer shall not consolidate or sub-divide its ordinary share capital or make any issue by way of
capitalisation or rights to holders of its Ordinary Shares prior to the date of the allotment of any Subscription Shares or the lapse or termination of this Agreement. 

4.6 Nothing in this Agreement shall oblige the Issuer to issue and allot, or the Subscriber to subscribe, any of the Subscription Shares or otherwise complete
this Agreement unless the subscription of all of the Subscription Shares by the Subscriber is completed simultaneously. 
 5. CONSIDERATION 

The consideration for the Subscription Shares shall comprise the Subscription Price in relation to each Subscription Share. 

6. SIGNING, PRE-COMPLETION AND COMPLETION 
 6.1 On or
prior to the execution of this Agreement, a meeting of the board of directors of the Issuer will have been held, at which the board, inter alia: 

(A) approved the entry into this Agreement, the Co-Development Agreement, the Irrevocable Undertaking, the Relationship Deed, the Purchase Agreement, the
Escrow Deed and the Announcement; 
 (B) approved the Circular and resolved to call a GM to consider and, if thought fit, pass the Enabling Resolutions; and

 (C) conditionally only upon Completion: 
 (1) allotted and
resolved to issue the Subscription Shares to the Subscriber in accordance with Clause 4: and 
 (2) resolved to register the Subscription Shares in the name
of the Subscriber. 

  
 17 

 6.2 Immediately following the execution of this Agreement (and in any event within five (5) Business Days of
execution): 
 (A) the Subscriber will deliver to the Issuer three (3) originals of the Co-Development
Agreement, each duly executed by the Subscriber; 
 (B) the Issuer will deliver to the Subscriber: 

(1) three (3) originals of the Co-Development Agreement each duly executed by the Issuer and Lipoxen Technologies Ltd; and 

(2) a certified copy of Irrevocable Undertaking duly executed by the Issuer’s Majority Shareholders. 

6.3 Subject to Clause 2, unless otherwise agreed by the Parties, Pre-Completion shall take place at the offices of the
Issuer’s Solicitors on or before 2.00 p.m. on the Pre-Completion Date and Completion shall take place as provided in Clause 6.9. 
 6.4 [***]

 (A) the Subscriber shall deliver to the Issuer: 
 (1) two
(2) originals of the Relationship Deed each duly executed by the Subscriber; 

  
 18 

 (2) two (2) originals of the Escrow Deed duly executed by the Subscriber; 

(3) an application for the Subscription Shares in the form set out in Schedule 3; 

(4) a certified copy of the resolution of the relevant decision-making body of the Subscriber approving, to the extent required by Applicable Law: 

(a) completion of the subscription of the Subscription Shares; and 

(b) the entry into the Related Agreements to which the Subscriber is a Party; and 

(B) the Issuer shall: 
 (1) deliver to the Subscriber’s
Solicitors a certified copy of the Enabling Resolutions passed at the GM; 
 (2) submit to the London Stock Exchange a completed application in accordance
with Rule 29 of the AIM Rules; and 
 (3) deliver to the Subscriber’s Solicitors two (2) originals of the Escrow Deed executed by the Issuer. 

6.5 Once Pre-Completion has taken place in accordance with the terms set out in Clauses 6.3 and 6.4, Completion hereof shall be conditional only upon
Admission occurring before I 0.00 a.m. on the third Business Day following the Pre-Completion Date taking into account the requirements of Rule 29 of the AIM Rules or such other date as may be agreed by the Pmties. 

6.6 With effect from Completion the Subscriber shall have the right to appoint two (2) non-executive directors to the board of the Issuer in accordance
with the terms 

  
 19 

 
of the Relationship Deed. For the avoidance of doubt, such directors shall not be entitled to any remuneration in respect of their role. 

6.7 Within three (3) Business Days of Admission, the Issuer shall deliver to the Subscriber’s Solicitors a certificate in respect of the
Subscription Shares. 
 6.8 Any documents delivered under Clause 6.4 in anticipation of Completion shall (if not already dated) be delivered undated and
shall remain the absolute property of and shall be held strictly to the order of the delivering or paying Party until Completion shall take place as provided in Clause 6.5, and shall be held by the recipient in accordance with the terms of this
Clause 6.8 and Clause 6.10. 
 6.9 Completion shall take place automatically upon Admission. All deeds, agreements and documents delivered under Clause
6.4 shall thereupon be deemed to have come into effect and shall become the absolute property of the Parties entitled thereto (being the Parties to whose solicitors or agents the relevant deeds agreements documents were delivered) and shall all be
dated with the date of the Completion Date, and shall become unconditional in all respects save in respect of conditions in this Agreement. 
 6.10 If
Admission shall not become effective by the latest time mentioned in Clause 6.5 and the Parties do not before that He time agree to extend the latest time for Completion (in which event the provisions of Clauses 6.7 to 6.11 (inclusive) shall apply
to Completion as so deferred), this Agreement (save for this Clause 6.10 and Clause 6.11) and any allotments, agreements or documents effected or executed pursuant hereto, shall as between the Parties be deemed to be of no effect (save in the case
of this Agreement as 

  
 20 

 
regards any antecedent breach of any obligations hereunder and in respect of this Clause 6.10 and Clause 1, Clause 9, Clause 12, Clause 13, Clause 14 and Clause 16 which shall continue in full
force and effect) and the Parties shall redeliver or procure the redelivery to relevant Parties all documents, agreements, papers and other items delivered by such other Patties pursuant hereto or in anticipation of Completion hereof. 

6.11 The Parties shall procure that their respective solicitors or other agents shall duly retain and deal with all deeds, documents and agreements delivered
to them in accordance with the provisions of this Clause 6. 
 6.12 If on the Completion Date either Party shall fail to comply in any material respect with
its obligations under this Clause 6 (the “Defaulting Party”), the other Party (the “Non-Defaulting Party”) may (provided that such Non-Defaulting Party is in compliance with its obligations under this Clause 6) by
notice in writing to the Defaulting Party (i) defer Completion to a day not more than twenty eight (28) days following the Completion Date (and the provisions of this Clause shall apply to Completion as so deferred; or (ii) proceed to
Completion so far as practicable but without prejudice to the rights of the Non-Defaulting Party hereunder or otherwise. 

  
 21 

 7. WARRANTIES 

7.1 The Subscriber hereby warrants to the Issuer (for the benefit of the Issuer and its successors in title) in the terms of the Subscriber’s Warranties
(set out in Schedule 1). 
 7.2 The Issuer hereby warrants to the Subscriber (for the benefit of the Subscriber and its successors in title) in terms of the
Issuer’s Warranties (set out in Schedule 2). 
 7.3 The Warranties shall be deemed repeated immediately before Completion with reference to the then
existing facts and circumstances. 
 7.4 Each of the Warranties is given independently from and shall not be limited by reference to any other warranty
contained therein or anything else in this Agreement or any other agreement or document referred to herein. 
 7.5 Save as necessary to give effect to the
express terms of this Agreement the Issuer shall not do, allow or procure before Completion anything which is or might cause, constitute or result in a breach of any of the Issuer’s Warranties as repeated immediately prior to Completion. 

7.6 The Issuer shall without delay disclose to the Subscriber in writing any matter or thing which may arise or become known to it after the date thereof
(whether or not prior to Completion) which is or could be a breach of, inconsistent with or may render inaccurate or misleading any of the Issuer’s Warranties as given on exchange hereof and/or immediately prior to Completion provided that
where the Issuer is obliged to make an announcement 

  
 22 

 in respect of such matters under Rule 9, Rule 10 or Rule 11 of the AIM Rules, the Issuer shall upon or
immediately after making such announcement disclose such matter to the Subscriber in accordance with this sub-Clause. 
 8. LIMITATIONS ON LIABILITY

 [***] 
 8.2 No claim for breach of the Issuer’s
Warranties shall be made by the Subscriber: 
 (A) [***] 

[***] 
 8.3 No claim for breach of the Issuer’s Warranties
shall be made unless the claim has been notified in writing to the Issuer on or before the first anniversary of Completion. 

  
 23 

 8.4 The Issuer shall have no liability whatsoever in respect of a claim for breach of the Issuer’s
Warranties to the extent that the fact, matter or circumstance giving rise to the claim: 
 (A) is a matter of public record or available within the public
domain; 
 (B) is published information relating to the Issuer available to the Subscriber; 

(C) is disclosed in the audited annual accounts of the Issuer; 

(D) is disclosed in any announcement of the Issuer; or 
 (E) was
actually known by the Subscriber as at the date of this Agreement: 
 8.5 If the Subscriber becomes aware of any claim, decision, action or demand against
it by a third party which appears likely to give rise to a claim for breach of the Issuer’s Warranties (a “Third Party Claim”) the following provisions shall apply; 

(A) the Subscriber shall as soon as is reasonably practical give written notice of the Third Party Claim to the Issuer; 

(B) the Subscriber shall not make any admission of liability, agreement, settlement or compromise to or with any person in relation to the Third Party Claim
without the prior written agreement of the Issuer; and 
 (C) the Subscriber shall take such action as the Issuer may reasonably request to avoid, dispute,
resist, mitigate, settle, compromise, defend or appeal the Third Party Claim, 

  
 24 

 and provided that: (i) no Third Party Claim shall be settled or compromised by the Subscriber without the
consent of the Issuer; (ii) the Subscriber shall not be required to take any action under this provision unless it is indemnified to its satisfaction by the Issuer in relation to reasonable costs that it may incur in so doing; and
(iii) there is no material reputational damage or material risk to its reputation in taking or avoiding to take any action in connection with such Third Party Claim. 

8.6 Any disclosures made by the Issuer are to be taken as relating to each of the Issuer’s Warranties in this Agreement generally. 

8.7 Except in the case of a fraudulent misrepresentation, no Party shall in relation to the issue of the Subscription Shares under this Agreement be liable in
respect of any representations or warranties or similar assurances which are not contained and expressly given or assumed by them in this Agreement or any agreement or document entered into pursuant hereto or referred to herein. 

9. ENFORCEABILITY AND SEVERABILITY 
 Each of the
agreements, undertakings, covenants, warranties and other obligations of the Parties entered into pursuant hereto (including without limitation under Clause 8) is considered reasonable by the Parties but in the event that any provision or part
thereof shall be held void, unenforceable or in conflict with the law of any state or jurisdiction, it shall be severed from this other document in which it is contained, or otherwise modified to become

  
 25 

 
valid and enforceable insofar as it relates to that state or jurisdiction only. The enforceability and validity of any other parts or provisions of this Agreement and such document shall not be
affected by such severance or modification. 
 10. FURTHER ASSURANCE AND LOCK IN 

10.1 The Issuer hereby agrees for no additional consideration or payment to carry out, execute and deliver any such further acts documents and things as the
Subscriber may reasonably require to vest in the Subscriber the legal and beneficial ownership of the Subscription Shares free from all charges, liens or other adverse interests and to vest the benefit of this Agreement in the Subscriber. 

10.2 The Subscriber hereby undertakes with the Issuer in respect of: 

(A) the Subscription Shares allotted and issued to it pursuant to this Agreement; 

(B) the FDS Pharma Shares; 
 (C) any other Ordinary Shares which
may be acquired by the Subscriber during the twenty four (24) months from the date of Completion; and 
 (D) all other Ordinary Shares into which the
shares referred to in Clause 10.2(A), Clause 10.2(B) or Clause 10.2(C) above are sub-divided or converted, or issued by way of bonus issue or otherwise derived from the same (whether by way of consolidation, sub-division, capitalisation, rights
issue or otherwise), 

  
 26 

 [***] 

  
 27 

 [***] 
 The
provisions of this Clause 10.2 shall not apply in respect of: 
 (i) the acceptance of any general offer made to all holders of Ordinary Shares made in
accordance with applicable takeover regulations (if any) or equivalent provisions contained in the articles of association of the Issuer on terms which treat all such holders alike (a “General Offer”); 

(ii) the execution and delivery of an irrevocable commitment or undertaking to accept a General Offer; 

(iii) the implementation of any scheme of arrangement of the Issuer to give effect to a General Offer; or 

(iv) any disposal to any Group Company as part of an internal reorganisation of the Group. 

11. SURVIVAL OF AGREEMENT 
 This Agreement (and in
particular the warranties, covenants, agreements and undertakings of the Subscriber hereunder) shall insofar as the terms thereof remain to be performed or are capable of subsisting remain in full force and effect after and notwithstanding
Completion. 
 12. COSTS 
 Save as expressly otherwise
provided herein, each Party shall pay its own costs 

  
 28 

 and expenses in connection with the preparation and execution of this Agreement. 

13. ANNOUNCEMENTS 
 Save in respect of statutory returns or
matters required to be disclosed by law or regulation or to the London Stock Exchange or to the Panel on Takeovers and Mergers or to other governmental or regulatory authorities, none of the Parties shall make any press statement or other public
announcement in connection with this Agreement without the prior written approval of the text of such statement or announcement, in the case of the Subscriber by the Issuer or, in the case of the Issuer, by the Subscriber’s Solicitors. Where
any statement or announcement is required to be made by law or regulation, the Party required to make such announcement shall, where lawful and reasonably practicable to do so, consult with the other Party and take into account its reasonable
comments in connection with the substance of the announcement. 
 14. NOTICES 

14.1 Any notice or other communication to be given under or in connection with this Agreement (a “Notice”) shall be in the English language in
writing and signed by or on behalf of the Party giving it. A Notice may be delivered personally or sent by reputable international courier to the address provided in Clause 4.3 (with a copy to the fax number), and marked for the attention of the
person specified in that Clause. 
 14.2 A Notice shall be deemed to have been received: 

(A) at the time of delivery if delivered personally; or 
 (B)
five (5) Business Days after the time and date of despatch if sent by reputable international courier, 

  
 29 

 provided that if deemed receipt of any Notice occurs after 6.00 p.m. or is not on a Business Day, deemed
receipt of the Notice shall be 9.00 a.m. on the next Business Day. References to time in this Clause 14.2 are to local time in the country of the addressee. 

14.3 The addresses and fax numbers for service of Notice are: 
  

			
	Issuer:
		
	Name:	  	Lipoxen Plc
		
	Address:	  	18 Pall Mall, 2nd Floor, London SWIY 5LU
		
	For the attention of:	  	Scott Maguire, Chief Executive Officer
		
	 [***] 
	  	 [***] 

	
	Subscriber: 
		
	Name:	  	Limited Liability Company “SynBio”
		
	Address:	  	119333, Russian Federation, Moscow, Leninsky Avenue, 55/1, bldg. 2
		
	For the attention of:	  	P.V. Kruglyakov
		
	 [***] 
	  	 [***] 

 14.4 A Party shall notify the other Party of any change to its details in Clause 14.3 in accordance with the provisions of
this Clause 14, provided that such notification shall only be effective on the later of (i) the date specified in the notification; and (ii) five (5) Business Days after deemed receipt. 

  
 30 

 15. ENTIRE AGREEMENT 

15.l This Agreement, together with the Related Documents and any other documents referred to in this Agreement or any Related Document, constitutes the whole
agreement between the Parties and supersedes any previous arrangements or agreements between them relating to the subscription of the Subscription Shares and, for the avoidance of any doubt, supersedes and extinguishes the heads of terms entered
into between the Issuer and the Subscriber which shall cease to have any further force or effect. 
 15.2 Each Party confirms that it has not entered into
this Agreement or any other Related Document on the basis of any representation, warranty, undertaking or other statement whatsoever which is not expressly incorporated into this Agreement or the relevant Related Document. 

16. GOVERNING LAW AND ARBITRATION 
 16.1 This Agreement
including any non-contractual obligations arising out of or in connection with this Agreement shall be governed by and construed in accordance with English Law. 

16.2 Any dispute, controversy or claim arising out of, or in connection with, this Agreement, including a dispute as to the validity or existence of this
Agreement and/or this Clause 16.2, shall be finally resolved by arbitration in London conducted in English under the Rules of Arbitration of the ICC by three (3) arbitrators. Each Party shall nominate one (1) arbitrator and, the third
arbitrator, who will act as chairman, shall be nominated by the two (2) Party-nominated arbitrators. 

  
 31 

 16.3 A Party may apply to the English courts (but not, for the avoidance of doubt, any other courts) for interim
relief and/or conservatory measures (an “Interim Relief Application”) and any such Interim Relief Application shall not be deemed to be incompatible with, or a waiver of, the arbitration agreement. 

16.4 For the purposes of Clause 163, each of the Parties irrevocably submits to the exclusive jurisdiction of the courts of England. 

16.5 Where disputes arise out of or in connection with this Agreement or any Related Agreement which, in the reasonable opinion of the first panel of
arbitrators to be appointed in any of the disputes (the “First Panel”), are so closely connected that it is fair and expedient for them to be resolved in the same proceedings, the First Panel may, upon application by any
Party, order that the proceedings to resolve that dispute shall be consolidated with those to resolve any of the other disputes (whether or not proceedings to resolve those other disputes have yet been instituted). If the First Panel so orders, the
Parties to each dispute which is a subject of their order shall be treated as having consented to that dispute being finally decided: 
 (A) by the First
Panel unless the ICC Court decides that such panel would not be suitable; and 
 (B) in accordance with the procedure specified in the contract pursuant to
which the First Panel was appointed, unless otherwise agreed by all Parties to the consolidated proceedings or ordered by the First Panel, 

  
 32 

 and each Party hereby waives any right to object to the constitution of the First Panel upon such consolidation
on the grounds that it was not entitled to nominate an arbitrator. 
 17. CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999 

17.1 The Parties agree and acknowledge that: 
 (A) nothing in
this Agreement is intended to benefit any person who is not a Party to it (a “Non-Party”) and accordingly no Non-Party has any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Agreement; and

 (B) the consent of any Non-Party shall not be required for any amendment to or termination of this Agreement. 

17.2 The provisions of Clause 17.2 do not affect any right or remedy of a third party which exists or is available otherwise than by operation of the
Contracts (Rights of Third Parties) Act 1999. 
 18. COUNTERPART 

This Agreement may be executed in counterparts and shall be effective when each Party has executed a counterpart. Each counterpart shall constitute an original
of this Agreement. 

  
 33 

 IN WITNESS WHEREOF this Agreement has been executed in London, the United Kingdom as a deed of each of the
Parties on the day and year first before written 

  
 34 

 SCHEDULE 1  

(Subscriber’s Warranties) 
 I.
AUTHORITY, CAPACITY AND ENFORCEABILITY 
 1.1 Incorporation. The Subscriber is duly incorporated, organised and validly existing under the laws of
the Russian Federation. 
 1.2 Power and authority. The Subscriber has the legal right, full power and authority and legal capacity to execute and
deliver, and to exercise its rights and to perform its obligations under, this Agreement and all other documents which are executed by it as envisaged by this Agreement. 

1.3 Legal validity. This Agreement and any other documents or Related Agreements to be executed by the Subscriber in connection with this Agreement
constitute and will, when executed , constitute valid and binding agreements in relation to the Subscriber enforceable against it in accordance with their respective terms. This Agreement and the transactions contemplated herein are in compliance
with Applicable Law. 
 1.4 Approvals. The Subscriber has obtained or satisfied all relevant corporate, regulatory and other approvals, or any other
conditions, necessary to execute, deliver and perform its obligations under this Agreement and all other documents which are executed by it as envisaged by this Agreement. 

1.5 No conflict. The execution, delivery and performance of this Agreement and any other documents to be executed by the Subscriber have been

 
duly and validly authorised and will not conflict with or constitute a breach of any law, regulation, agreement or comt order applicable to the Subscriber and in force at the date this Agreement
is signed in a way that would adversely affect the Subscriber’s ability to perform its obligations under this Agreement or such document in any material respect. 

1.6 FSMA. The Subscriber is a person who falls within Articles 19 or 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005
and the Subscriber is purchasing the Subscription Shares for investment only and not for resale or distribution. 
 1.7 Securities Restrictions. The
Subscriber is not resident in the United States, Canada, Japan, the Republic of Ireland, the Republic of South Africa or Australia or in any other territory in which it is unlawful to subscribe for the Subscription Shares and it will not offer, sell
or deliver directly or indirectly any of the Subscription Shares in the United Shares, Canada, Japan, the Republic of Ireland, the Republic of South Africa or Australia or to or for the benefit of any persons who are resident or to any person
purchasing such shares for re-offer or sale of transfer in such jurisdictions. 
 2. INSOLVENCY 

2.1 Order or resolution. No order has been made, petition presented, resolution passed or meeting convened for the winding-up (or other process whereby
the business is terminated and the assets of the company concerned are distributed amongst the creditors and/or shareholders or other contributories) of the Subscriber and so far as the Subscriber is aware there are no cases or proceedings under any
applicable insolvency, reorganisation, or similar laws in any applicable jurisdiction concerning the Subscriber. 

  
 36 

 2.2 Proceedings. No petition has been presented or other proceedings commenced for an administration order
to be made (or any other order to be made by which during the period it is in force, the affairs, business and assets of the company concerned are managed by a person appointed for the purpose by a court, governmental agency or similar body) in
relation to the Subscriber, nor has any such order been made. 
 2.3 Administrator. So far as the Subscriber is aware, no receiver (including an
administrative receiver), liquidator, trustee, administrator, custodian or similar official has been appointed in any applicable jurisdiction in respect of the whole or any part of business or assets of the Subscriber. 

2.4 Insolvent. The Subscriber is not insolvent or unable to pay, or capable of being deemed unable to pay in accordance with any Applicable Law, its
debts as they fall due. 

  
 37 

 SCHEDULE 2 

(Issuer’s Warranties) 
 1. AUTHORITY,
CAPACITY AND ENFORCEABILITY 
 1.1 Incorporation. The Issuer is duly incorporated, organised and validly existing under the laws of England and Wales.

 1.2 Power and authority. The Issuer has the legal right and power, authority and legal, a capacity to execute and deliver, and to exercise its rights and
to perform its obligations under, this Agreement, the Related Agreements and all other documents which are executed by it as envisaged by this Agreement and/or the Related Agreements, and the directors will have, subject to satisfaction of the
Resolutions Precedent, sufficient authority under Section 551 of the Companies Act to issue and allot the Subscription Shares. 
 1.3 Legal validity. This
Agreement, the Related Agreements and any other documents to be executed by the Issuer in connection with this Agreement and the Related Agreements constitute and will, when executed, constitute valid and binding agreements in relation to the Issuer
in accordance with their respective terms. This Agreement, the Related Agreements and the transactions contemplated herein are in compliance with Applicable Law. 

1.4 Approvals. The Issuer has obtained or will obtain upon satisfaction of the Resolutions Condition Precedent or satisfied all corporate, regulatory and
other approvals, or any other conditions, necessary to execute, deliver and perform its obligations under this Agreement, the Related Agreements and all other documents which are executed by it as envisaged by this Agreement. 

 1.5 No conflict. The execution, delivery and performance of this Agreement and the Related Agreements by
the Issuer has been duly and validly authorised and will not conflict with or constitute a breach of any law, regulation, agreement or court order applicable to the Issuer and in force at the date of this Agreement is signed in a way that would
adversely affect the Issuer’s ability to perform its obligations under this Agreement and the Related Agreements in any material respect. 

2. ISSUER’S GROUP 
 2.1 The Issuer is a public
company limited by shares. 
 2.2 As at the date of this Agreement, the Issuer’s entire issued share capital comprises 177,432,255 Ordinary Shares,
before the issue of the Subscription Shares. 
 2.3 At the date of this Agreement and at Completion: 

(A) the Subscription Shares will on issue be credited as fully paid (subject to receipt of payment thereon) free from any and all pre-emptive rights, options,
rights to acquire, mortgages, charges, pledges, liens or other form of security or encumbrance or equity on, over or affecting them and will have the same rights as, and rank pari passu in all respects with, the existing Ordinary
Shares of the Issuer and will rank in full for all dividends and other distributions declared, made or paid on the Subscription Shares after the date of issue; 

(B) the issue of the Subscription Shares will comply with all agreements to which the Issuer is a party or by which it or any of its properties or assets is
bound and will not infringe any restrictions or the terms of any contract, obligation or commitment of the Issuer; 

  
 39 

 (C) at Completion the Issuer and its directors will have power to allot and issue the Subscription Shares in the
manner contemplated by this Agreement without any sanction or consent by members of the Issuer or any class of them and there will be no consents or approvals required by the Issuer for the allotment and issue of the Subscription Shares which have
not been irrevocably and unconditionally obtained; 
 (D) the allotment of the Subscription Shares will comply with the Companies Act, the Financial
Services and Markets Act 2000 (as amended) and the AIM Rules, the City Code and all other relevant laws and regulations of the United Kingdom; 
 2.4 The
issued shares in Lipoxen Technologies Ltd have been issued in proper legal form and are fully paid or credited as fully paid. 
 2.5 The issued shares in
Lipoxen Technologies Ltd are legally and beneficially owned by the Issuer free from all Encumbrances. 
 3. COMPLIANCE WITH LAWS 

3.1 The Issuer has complied in all material respects with all material applicable laws and provisions, in particular, the provisions of the Companies Act and
all returns, particulars, resolutions and other documents required under any legislation to be delivered on behalf of the Issuer to the Registrar of Companies or to any other authority whatsoever have been properly made and delivered within the
requisite time limits. 
 3.2 The Issuer has complied in all material respects with the provisions of the AIM Rules. 

3.3 Neither the Issuer nor any person for whom it is vicariously responsible has committed 

  
 40 

 
any material breach of or failed materially to perform or observe any provision of its Memorandum or Articles of Association or of any legislation in any part of the world or any covenant or
agreement or the terms or conditions of any consent or licence or any judgment or order of a Court or other competent tribunal or authority by which the Issuer is bound or to which it is a party or which affects any of its assets. 

4. RNS ANNOUNCEMENTS  
 The Issuer has made all
announcements required by and in accordance with all applicable laws, including the AIM Rules. Each such announcement and all statements contained therein (other than expressions of opinion, intention or expectation of the directors of the Issuer)
were true and accurate in all material respects, not misleading in any material respect and all expressions of opinion, intention or expectation of the directors of the Issuer contained therein were made on reasonable grounds and were truly and
honestly held by the directors of the Issuer and were fairly based. 
 5. INSOLVENCY  

5.1 No order has been made or resolution passed for the winding up of the Issuer and no provisional liquidator has been appointed. No petition has been
presented or meeting convened for the purposes of winding up the Issuer and no voluntary arrangement has been proposed. The Issuer has not become subject to any analogous proceedings or arrangements under the laws of any applicable jurisdiction.

 5.2 No administrator, administrative receiver or any other receiver or manager has been appointed by any person in respect of the Issuer or all or any of
its assets and no steps have been taken to initiate any such appointment. No analogous appointments have been made or, so far as the Issuer is aware, been initiated under the laws of any applicable jurisdiction. 

  
 41 

 5.3 The Issuer has not received any notice relating to, nor is it or could it be deemed unable to pay its debts
for the purpose of section 123 of the Insolvency Act 1986. 
 6. NO MATERIAL CHANGE  

6.1 Since. the Accounting Date and save as further described in the Circular or in any RNS announcement of the Issuer: 

(A) the business of the Issuer and Lipoxen Technologies Ltd has been carried on in the ordinary course and so as to maintain it as a going concern and there
has been no material adverse change in the financial position or trading or prospects of the Issuer; 
 (B) the Issuer has not made or agreed to make any
payment or entered into any transaction or commitment or incurred any liability except in the ordinary course of its trading and for full value; 
 (C) the
Issuer has not acquired or disposed of or agreed to acquire or dispose of any business or any material asset other than trading stock in the ordinary course of business; and 

(D) no distribution of capital or income has been declared or paid in respect of any share capital or assets of the Issuer. 

6.2 Since the Accounting Date the business of the Issuer or Lipoxen Technologies Ltd has not been materially or adversely affected by the loss of any
important customer(s) or source(s) of supply or any abnormal factor(s) not affecting similar businesses to a similar extent, and the Issuer is not aware of any facts likely to give rise to any such effect whether before or after Completion. 

  
 42 

 7. INTELLECTUAL PROPERTY  

7.1 The Issuer (together with Lipoxen Technologies Ltd) owns all Group IP Rights. 

[***] 
 (A) there has been no act or omission by any Group
member or any person acting on its behalf which will, or could reasonably be expected to, give rise to any material Group IP Rights being or becoming invalid or unenforceable; 

(B) there has not occurred any act, omission or event which would entitle any regulatory authority or other person to cancel, forfeit or modify any material
Group IP Rights; 

  
 43 

 (C) no person has made any claim adverse to the Group’s continuing enjoyment of any material Group IP
Rights; 
 (D) there is, and has been, no actual or threatened infringement (including misuse of confidential information), or any event likely to
constitute infringement, by any third party of any material Group IP Rights; 
 (E) each agreement under which any Group member is authorised to use or
exploit any material Group IP Rights is in full force and effect; 
 (F) no event has occurred or is about to occur which would or could entitle any third
party to terminate any such agreement prematurely; and 
 (G) the carrying on of the Group’s current and proposed activities as described has not, and
will not, result in any material claim by any third party that any Group member or any licensee of any Group member has infringed or will infringe any patent or other intellectual property right. 

7.4 No Group member has granted, nor is obliged to grant, any licence under or in relation to any material Group IP Rights to any person. 

8. PATENTS  
 8.1 Each material Patent is a valid and
subsisting granted patent and is not the subject of any material claim or proceedings which could result in it being invalidated, revoked or restricted in scope. The Issuer is not actually aware of any reason why any such claim or proceedings
may be brought in the future. 

  
 44 

 8.2 The Issuer is not actually aware of any reason why any material Patent that is an application will fail to
result in the grant of a patent with no material reduction in the scope applied for in any country. 

  
 45 

 SCHEDULE 3 

(Form of Application for Subscription Shares) 
  

	To:	The Directors 

 [Issuer] 

 

	From:	[Subscriber] 

 [—] 2011 

Dear Sirs, 
  

	Re:	Subscription for Ordinary Shares in the Capital of [—] (“the Issuer”) 

We write with reference to the Subscription Agreement dated [—] 2011 between
the Issuer and ourselves relating to ordinary shares of 0.5p in the capital of the Issuer (the “Subscription Agreement”). 
 Terms set out in the
Subscription Agreement shall have the same meaning in this Form of Application. 
 In accordance with Clause 6.4(A) of the Subscription Agreement, we
hereby subscribe for [—] new Ordinary Shares of 0.5p each in the capital of the Issuer at the Subscription Price. 

Yours faithfully, 
 For and on behalf of 

[Subscriber] 

  
 46 

 

					
	EXECUTED and DELIVERED as a Deed	 	 )

		
	 by LIPOXEN PLC
	 	 )

			
	 acting by:
	  		 	 )

			
	  
 Director
	  	 

	 	
			
	 Director/Secretary
	  	 

	 	
		
	 EXECUTED and DELIVERED as a Deed
	 	 )

		
	 by SYNBIO LLC
	 	 )

			
	 acting by:
	  		 	 )

		
	 General Director
	 	
	
	[Affix Corporate Seal of the Subscriber]

 

  
 

 

 

  
 47 

					
	EXECUTED and DELIVERED as a Deed	 	)
		
	by LIPOXEN PLC	 	)
			
	acting by:	 		 	)
			
	Director	 		 	
		
	Director/Secretary	 	
		
	EXECUTED and DELIVERED as a Deed	 	)
		
	by SYNBIO LLC	 	)
			
	acting by:	 	 

	 	)
		
	General Director	 	

 [Affix Corporate Seal of the Subscriber] 

 

					
	EXECUTED and DELIVERED as a Deed	  	)
		
	by LIPOXEN PLC	  	
			
	acting by:	  		  	)
			
	Director	  	

	  	
			
	Director/Secretary	  	

	  	
		
	EXECUTED and DELIVERED as a Deed	  	)
		
	by SYNBIO LLC	  	)
			
	acting by:	  	

	  	)
	General Director	  	  	

 

  
 

 

 

  
 [Affix Corporate Seal of the Subscriber]EX-10.20

 Exhibit 10.20 
  

			
	Final Version (11 November 2009)	  	Private and Confidential

  

			
	DATED	  	[                    ]

  
 (1)
LIPOXEN TECHNOLOGIES LTD 
 - and - 

(2) PHARMASYNTHEZ ZAO 
  

 

COLLABORATION, LICENCE AND 

DEVELOPMENT AGREEMENT 
  

 

			
	Final Version (11 November 2009)	  	Private and Confidential

  

 THIS AGREEMENT is made the [    ] day of
[            ] 2009 
 BETWEEN: 

 

	(1)	Lipoxen Technologies Ltd, a Company registered under the laws of England whose registered office is at Suite 303 Hamilton House, Mabledon Place, London WCIH 9BB, England (“Lipoxen”); and

  

	(2)	Pharmasynthez Zao, a limited liability company incorporated under the laws of Russian Federation, registration number P-15450.16, having its Registered Office at s 188663,
Leningradskaya oblast, Vsevologsky district, Capitolovo, Experimental Factory RNZ “Applied Chemistry” (“Pharms”). 

RECITALS: 
  

	(1)	Lipoxen is a drug and vaccine delivery company and is dedicated to innovative methods for the optimal delivery of therapeutics in the treatment and prevention of disease. 

 

	(2)	Lipoxen has two proprietary technologies, ImuXen and PolyXen, and has a number of drug candidates in development. 

  

	(3)	ImuXen is an advanced enabling technology that uses liposome-based constructs to boost the effectiveness of DNA, protein and polysaccharide vaccines. 

 

	(4)	PolyXen involves the use of polysialic acid conjugation as a means to improve the pharmacokinetics and pharmacodynamics of protein drugs. 

 

	(5)	Pharms is engaged in the manufacture of pharmaceuticals and biotechnology products and has developed certain protein and vaccine drug candidates. Pharms owns or will exclusive rights to certain active compounds that may
benefit from the application of Lipoxen’s technology. 

  

	(6)	Lipoxen and Pharms now wish to enter into a collaboration to develop certain products combining Lipoxen’s technology and Pharms’ technology which, if successful, will lead to clinical development of product
candidates by Pharms in the Pharms Territory (defined below) and by the parties jointly in the Joint Territory (defined below), subject to and in accordance with the terms of this Agreement. 

IT IS AGREED as follows: 
 Definitions 

In this Agreement, the following words shall have the following meanings: 

 

			
	“Actives”	  	means DNAse, Doxorubicin, Oxyntomodulin, MBP Epitope, HIV Antigen and H1;

  
 2 

			
	Final Version (11 November 2009)	  	Private and Confidential

  

			
		
	“Affiliate”	  	in relation to a party, means any entity or person which controls, is controlled by, or is under common control with that party. For the purposes of this definition, “control” shall mean direct or indirect beneficial
ownership of 50% (or, outside a party’s home territory, such lesser percentage as is the maximum, permitted level of foreign investment) or more of the share capital, stock or other participating interest carrying the right to vote or to
distribution of profits of that entity or person, as the case may be;
		
	“Appointed CRO”	  	means any contract research organisation appointed by either of the parties to carry out the clinical trials in relation to the Products;
		
	“Appointed CMO”	  	means the CMO appointed in accordance with clause 7.6 of this Agreement;
		
	“Arising IPR”	  	means any and all Intellectual Property Rights arising from or in relation to the work carried out by or on behalf of Pharms and/or Lipoxen in relation to this Agreement, including any and all Intellectual Property Rights relating
to the Results and any and all data and results arising from the Pharms Trials and the Clinical Trials;
		
	“Clinical Trials”	  	means the clinical trials to be carried out by the parties in relation to the Products in the Joint Territory in Stage 3;
		
	“Commencement Date”	  	means the date of this Agreement;
		
	“Confidential Information”	  	means any and all data, results, know-how, show-how, software, algorithms, trade secrets, plans, forecasts, analyses, evaluations, research, technical information, business information, financial information, business plans,
strategies, customer lists, marketing plans, or other information whether oral, in writing, in electronic form or in any other form, and any physical items, compounds, components or other materials disclosed before, on or after the date of this
Agreement by one party (and/or its Affiliates) to the other party (and/or its Affiliates) including, but not limited to, the Lipoxen Know How and the Pharms Know How;
		
	“Development Programme”	  	means the detailed programme for the collaboration for each Product set out in Schedule 1 of this Agreement as modified from time to time by the Programme Committee in accordance with clause 7.9.2 and otherwise in accordance
with the terms of this Agreement;

  
 3 

			
	Final Version (11 November 2009)	  	Private and Confidential

  

			
		
	“DNAse”	  	means deoxyribonuclease-1 protein as further described in Part 1 of Schedule 2 of this Agreement;
		
	“Doxorubicin”	  	means doxorubicin as further described in Part 2 of Schedule 2 of this Agreement;
		
	“EMEA”	  	means the European Medicines Agency (formerly known as the European Agency for the Evaluation of Medicinal Products) and/or any successor to it;
		
	“FDA”	  	means the US Food and Drug Administration and/or any successor to it;
		
	“GMP”	  	means current Good Manufacturing Practice as defined by regulations issued from time to time by regulatory authorities, including EMEA and FDA;
		
	“H1”	  	means human recombinant histone H1.3 as further described in Part 6 of Schedule 2 of this Agreement;
		
	“HIV Antigen”	  	means the HIV GP120 based recombinant fusion protein which is further described in Part 5 of Schedule 2 of this Agreement;
		
	“ImuXen Know How”	  	means the any and all know how which is disclosed to Pharms pursuant to this Agreement that relates to the inventions disclosed in the ImuXen Patents;
		
	“ImuXen Patents”	  	means the patents and patent applications set out in Schedule 3 of this Agreement, including any continuations, continuations in part, extensions, reissues, divisions, and any patents, supplementary protection certificates and
similar rights that are based on or derive priority from the foregoing;
		
	“ImuXen Products”	  	means Product D, Product E and Product F;
		
	“ImuXen Technology”	  	means the advanced platform vaccine delivery technology that employs novel liposome constructs to boost the effectiveness of DNA, protein and polysaccharide vaccines that is described in detail in the ImuXen Patents;
		
	“Intellectual Property Rights”	  	means inventions, patents, any extensions of the exclusivity granted in connection with patents, petty patents, utility models, applications for any of the foregoing (including, but not limited to, continuations,
continuations-in-part and divisional applications), the right to apply for any of the foregoing, database rights, rights in data and know-how, trade secrets and confidential information and all other forms of intellectual property rights having
equivalent or similar effect to any of the foregoing which may exist anywhere in the world;
		
	“Joint Arising IPR”	  	means the Arising IPR which is owned jointly by Lipoxen and Pharms pursuant to clause 8.3;

  
 4 

			
	Final Version (11 November 2009)	  	Private and Confidential

  

					
		
	“Joint Territory”	  	means the world, excluding the Pharms Territory;
		
	“Joint Products”	  	means Products that are not Lipoxen Products;
		
	“Know How Transfer Time”	  	means the time of two scientist each working for ten (10) working days;
		
	“Licensee”	  	means a third party to which Lipoxen has granted a licence to exploit a Product in the Joint Territory;
		
	“Liposomal HIV Antigen”	  	means liposomal vehicles containing HIV Antigen;
		
	“Liposomal H1”	  	means liposomal vehicles containing H1;
		
	“Liposomal MBP Epitopes”	  	means liposomal vehicles containing MBP Epitopes;
		
	“Lipoxen Arising IPR”	  	means any and all Arising IPR which is owned by Lipoxen pursuant to clause 8.2 of this Agreement;
		
	“Lipoxen Know How”	  	means the ImuXen Know How and the PolyXen Know How;
		
	“Lipoxen Patents”	  	means the ImuXen Patents and PolyXen Patents;
		
	“Lipoxen Products”	  	means any of the Products which fall within the scope of clause 5.3;
		
	“Lipoxen Technology”	  	means the ImuXen Technology, the PolyXen Technology and the PSA IP;
		
	“MBP Epitopes”	  	means the oligopeptides representing immunogenic epitopes of myelin basic protein which are described in Part 4 of Schedule 2 of this Agreement;
		
	“Oxyntomodulin”	  	means human recombinant Oxyntomodulin as further described in Part 3 of Schedule 2 of this Agreement;
		
	“Pharms Active Components”	  	means the aspects of the Products which are owned by or licensed to Pharms, as set out in Schedule 4 of this Agreement;
		
	“Pharms Arising IPR”	  	means any and all Arising IPR which is owned by Pharms pursuant to clause 8.1 of this Agreement;
		
	“Pharms Background IP”	  	means and any all Intellectual Property Rights owned by or licensed to Pharms that relate to the Products including (to the extent they do not form part of the Joint Arising IPR), but not limited to, any and all
Intellectual Property Rights relating to:
			
		  	(1)	  	(a) any methods or processes used by Pharms to manufacture the Products, the Actives and/or the Pharms Active Components; and
			
		  	(2)	  	(b) the components of the Products, including the Actives, the Pharms Active Components;

  
 5 

			
	Final Version (11 November 2009)	  	Private and Confidential

  

			
		
	“Pharms Know How”	  	means any and all know how which is disclosed to Lipoxen pursuant to this Agreement that relates to the Pharms Background IP;
		
		  	;
		
	“Pharms Territory”	  	means Russian Federation;
		
	“Pharms Trials”	  	means the clinical trials to be carried out by Pharms in the Pharms Territory in relation to the Products in Stage 2 as set out in Schedule 5;
		
	“PolyXen Know How”	  	means the any and all know how which is disclosed to Pharms pursuant to this Agreement that relates to the inventions disclosed in the PolyXen Patents;
		
	“PolyXen Patents”	  	means the patents and patent applications set out in Schedule 6 of this Agreement, including any continuations, continuations in part, extensions, reissues, divisions, and any patents, supplementary protection certificates and
similar rights that are based on or derive priority from the foregoing;
		
	“PolyXen Products”	  	means Product A, Product B and Product C;
		
	“PolyXen Technology”	  	means the multifaceted platform technology that employs PSA to prolong the active life and improve the pharmacokinetics of therapeutic proteins and peptides, as well as conventional drugs, that is described in detail in the PolyXen
Patents;
		
	“Products”	  	means Product A, Product B, Product C, Product D, Product E and Product F;
		
	“Product A”	  	means a pharmaceutical preparation for the prevention and/or treatment of cystic fibrosis in humans containing PSA DNAse;
		
	“Product B”	  	means a pharmaceutical preparation for the prevention and/or treatment of acute myeloid leukemia and/or non-Hodgkin lymphoma in humans containing PSA Doxorubicin;
		
	“Product C”	  	means a pharmaceutical preparation for the prevention and/or treatment of type 2 diabetes in humans containing PSA Oxyntomodulin;
		
	“Product D”	  	means a Vaccine for the prevention and/or treatment of secondary progressive multiple sclerosis in humans which is comprised of Liposomal MBP Epitopes;

  
 6 

			
	Final Version (11 November 2009)	  	Private and Confidential

  

			
		
	“Product E”	  	means a Vaccine for the prevention and/or treatment of HIV in humans which is comprised of Liposomal HIV Antigen;
		
	“Product F”	  	means a Vaccine for the prevention and/or treatment of non-hodgkin lymphoma in humans which is comprised of Liposomal H1;
		
	“Programme Committee”	  	means a committee formed and operating in accordance with clause 8 of this Agreement;
		
	“PSA”	  	means any polymer containing two or more sialic acid residues, including the natural polymer polysialic acid, the chemical formula for which is set out in Schedule 7;
		
	“PSA Doxorubicin”	  	means a conjugate of PSA and Doxorubicin forming a mono-PSA/multi-Doxorubicin conjugate;
		
	“PSA DNAse”	  	means a conjugate of PSA and DNAse;
		
	“PSA IP”	  	means any and all Intellectual Property Rights owned by or licensed to Lipoxen relating to the manufacture of PSA;
		
	“PSA Oxyntomodulin”	  	means a conjugate of PSA and Oxyntomodulin;
		
	“Quarter”	  	means the quarterly periods ending 31 March, 30 June, 30 September and 31 December;
		
	“Results”	  	means the results of the Development Programme;
		
	“Specifications”	  	means the specifications for the Products to be determined by the Programme Committee in accordance with clause 7.9.1 of this Agreement;
		
	“Stage 1”	  	means stage 1 of the collaboration which will involve optimisation of the Products through application of the PolyXen Technology and the ImuXen Technology as further described in Part 1 of the Development Programme for each
Product;
		
	“Stage 2”	  	means stage 2 of the collaboration which will involve testing of the Products in the Pharms Trials in the Territory to achieve clinical proof of principal for the Products, as further described in Part 2 of the Development Programme
for each Product;
		
	“Stage 2 Expiry Date”	  	means in relation to a Product the date upon which the Pharms Trial relating to the relevant Product has been completed;

  
 7 

			
	Final Version (11 November 2009)	  	Private and Confidential

  

			
	“Stage 3”	  	means full-scale pharmaceutical and clinical development of the Products under EMEA/FDA regulations, to be determined by the Programme Committee in accordance with clause 7.9.2 in relation to the Joint Products or by Lipoxen in
relation to the Lipoxen Products;
		
	“Stage 1 Costs”	  	means any and all costs and expenses incurred by Lipoxen and/or Pharms in relation to Stage 1;
		
	“Stage 2 Costs”	  	means any and all costs and expenses incurred by Lipoxen and/or Pharms in relation to Stage 2;
		
	“Stage 3 Costs”	  	means any and all costs and expenses properly and reasonably incurred by Lipoxen and/or Pharms in relation to Stage 3;
		
	“Success Criteria”	  	means the criteria to be determined by the Programme Committee for each of the Products which the relevant Product must meet prior to entering Stage 2 and/or Stage 3, as described in clause 7.9.1 of this Agreement;
		
	“Third Party IP Rights”	  	means Third Party IP Rights as defined in clause 8.12;
		
	“Timetable”	  	means the timetable for the Development Programme set out in Schedule 1 of this Agreement;
		
	“Vaccine”	  	means preparations of antigenic substances that are administered for the purpose of inducing in the recipient a specific and active immunity against the infective agent or toxin produced by it; and.
		
	“Valid Claim”	  	means a claim of a patent or patent application that has not expired or been held invalid or unenforceable by a decision of a patent office or court of competent jurisdiction, which decision (a) it is not possible to appeal or, (b)
is not the subject of an appeal within the prescribed time limits.

  

	2.	Doxorubicin 

  

	 	2.1	Subject to clause 2.1, the parties agree that Doxorubicin and Product B shall be excluded entirely from the scope of this Agreement until such time that Lipoxen notifies Pharms in writing that Lipoxen is free and able
to grant rights to Pharms in relation to Doxorubicin and Product B. 

  

	 	2.2	Clause 8.3 of this Agreement shall be binding on Pharms from the Commencement Date in so far as it relates to Doxorubicin, Product B and/or Active Pharms Components relating to Doxorubicin and/or Product B.

  

	 	2.3	On receipt of the notice referred to in clause 2.1 by Pharms, Doxorubicin and Product B shall automatically be deemed to fall under the scope of this Agreement without any further action by either of the parties.

  
 8 

			
	Final Version (11 November 2009)	  	Private and Confidential

  

	3	Stage 1: Candidate Optimisation 

  

	 	3.1	Lipoxen and Pharms shall collaborate to fulfill the objectives of Stage 1. 

  

	 	3.2	Each party shall use its reasonable endeavours to fulfill the obligations allocated to it in Stage 1 in accordance with the Timetable. 

 

	 	3.3	The parties acknowledge that in Stage 1, Lipoxen’s obligations are limited to a transfer of know how from Lipoxen to Pharms to enable Pharms to carry out its obligations under Stage 1. In order to fulfill the
transfer of know how, unless Lipoxen agrees otherwise in writing, Lipoxen shall not be obliged to provide more than the Know How Transfer Time. The transfer of know how shall take place, unless the parties agree otherwise in writing, by telephone
calls and/or at Lipoxen’s premises in England. 

  

	 	3.4	Pharms shall promptly provide Lipoxen with any and all Actives reasonably required by Lipoxen to carry out its obligations under Stage 1. 

 

	 	3.5	Unless Pharms and Lipoxen agree otherwise, a Product shall not become part of Stage 2 unless it meets the Success Criteria. The Success Criteria, and whether a Product meets the Success Criteria, shall be determined by
the Programme Committee in accordance with clause 7.9.1, together with a specification for each of the Products to enter Stage 2. 

  

	 	3.6	The parties agree that during Stage 1 Pharms shall prepare and submit applications in relation to each of the Products in the EU and US for orphan drug status. The parties agree that the applications shall be made in
the name of Lipoxen. 

  

	4.	Stage 2: Clinical Trials in Pharms Territory 

  

	 	4.1	Pharms shall conduct the Pharms Trials in the Pharms Territory in accordance with the Timetable, the Development Programme and the Specification. Pharms shall be entitled to manage the Pharms Trials through its in-house
regulatory department or via an Appointed CRO. 

  
 9 

			
	Final Version (11 November 2009)	  	Private and Confidential

  

	 	4.2	Without prejudice to the generality of clause 4.1, Pharms shall:- 

 4.2.1 submit the CTA
(Clinical Trials Application) to the regulatory authorities in the Pharms Territory for permission to conduct the Pharms Trials in relation to each of the Products on or before the dates set out in Schedule 8 of this Agreement; and 

4.2.2 commence the Pharms Trials within 6 (six) calendar months of receiving permission form the regulatory authorities in the Pharms
Territory to conduct the relevant Pharms Trial. 
  

	 	4.3	PHARMS shall be responsible for all costs and expenses for conducting the Pharms Trials, including the costs and expenses of any Appointed CRO which Pharms may appoint. 

 

	 	4.4	Pharms shall keep Lipoxen fully informed of all decisions it makes and all plans it has to conduct the Pharms Trials. Pharms shall comply with all instructions provided by Lipoxen in relation to conduct of the Pharms
Trials which are reasonably required to ensure that the Pharms Trials are conducted in accordance with all applicable US and European Union laws, regulations, codes of practice, principles and guidelines, including EMEA and FDA requirements.

  

	 	4.5	PHARMS shall enter into a written agreement with any Appointed CRO which shall contain all the terms normally found in such an agreement and which shall:- 

 

	 	4.5.1	provide that all Intellectual Property Rights generated pursuant to the Pharms Trials shall be owned either by Lipoxen and/or Pharms and/or jointly by the parties in accordance with the terms of this Agreement;

  

	 	4.5.2	enable Pharms to comply with its obligations under this Agreement; and 

  

	 	4.5.3	be capable of assignment to Lipoxen, without the prior consent of the Appointed CRO, if this Agreement expires or is terminated by either of the parties. 

 

	 	4.6	Pharms undertakes that:- 

 4.6.1 the conduct of the Pharms Trials for the Products shall at all
times comply with all the advice and instructions received from Lipoxen; 
  

	 	4.6.2	all relevant data obtained from the Pharms Trials shall be made available to Lipoxen for the purposes of conducting further clinical trials and/or seeking marketing authorisations in the Joint Territory; and

  

	 	4.6.3	 it will not knowingly conduct, or permit the Appointed CRO to conduct, a Pharms Trial in a manner that is inconsistent with

  
 10 

			
	Final Version (11 November 2009)	  	Private and Confidential

  

	 	
US and European Union laws, regulations, codes of practice, principles and guidelines, including EMEA and FDA requirements. 

 

	 	4.7	Pharms shall obtain the prior written approval of the Programme Committee of any and all protocols to be used in the Pharms Trials and shall comply with all reasonable instructions of the Programme Committee in relation
to such protocols. 

  

	5	Stage 3: Clinical Development  

  

	 	5.1	The Programme Committee shall promptly review the results of the Pharms Trials and shall decide which, if any, Products have met the Success Criteria and which shall therefore move into Stage 3. 

 

	 	5.2	Subject to clause 5.3, the Programme Committee shall decide the strategy and responsibilities of the parties for full-scale pharmaceutical and clinical development of the Products in the Joint Territory in Stage 3 but
the parties agree that the principles set out in this clause 5 shall be adopted. 

  

	 	5.3	Lipoxen shall be entitled to serve written notice on Pharms at any time after the Stage 2 Expiry Date in relation to a Product, specifying that Lipoxen intends, subject to the revenue sharing provisions set out in
Schedule 10, to develop the relevant Product alone in the Joint Territories. Such notice shall only be effective in relation to a Product if at the time the notice is served, Pharms does not own or have licensed exclusively to it any material
Intellectual Property Right relating to the Active of the relevant Product. If the notice referred to in this clause is effective, Lipoxen shall have the exclusive right, entirely at its own cost, to develop, distribute, manufacture, supply and sell
the relevant Product in the Joint Territory without reference to Pharms and/or the Development Committee and the Product shall be deemed to be a Lipoxen Product. 

  

	 	5.4	Pharms will have exclusive rights and responsibility entirely at its own cost to develop, distribute and sell the Products in the Pharms Territory in accordance with the licence granted in clause 9 of this Agreement.
Lipoxen shall not have any responsibility to carry out any research and/or development in the Pharms Territory. 

  

	 	5.5	Subject to clause 5.6, Lipoxen shall be responsible pursuant to instructions from the Programme Committee for:- 

  

	 	5.5.1	 any and all applications for marketing authorisations to be made to the regulatory authorities, including EMEA and

  
 11 

			
	Final Version (11 November 2009)	  	Private and Confidential

  

	 	
FDA, in the Joint Territory in respect of the Products, which applications for the avoidance of doubt, shall be made in the name of Lipoxen; 

 

	 	5.5.2	any and all exploitation of the Products in the Joint Territory including, without limitation, negotiations with third parties and the determination of licensing arrangements with third parties for exploitation of the
Products. 

  

	 	5.6	Lipoxen shall keep PHARMS fully informed on all developments relating to the exploitation of the Products and shall promptly provide a copy to PHARMS of any agreement entered into between Lipoxen and/or its Affiliates
and a Licensee. 

  

	6.	Manufacture 

  

	 	6.1	Pharms shall manufacture sufficient quantities of the Products meeting the Specifications for use in Stage 1 and Stage 2, at all times in accordance with the Timetable and the Development Programme. 

 

	 	6.2	Pharms shall be responsible for sourcing any and all PSA required by Pharms to manufacture the Products for use in Stage 2. If Pharms is unable to obtain a supply of PSA on reasonable commercial terms from a third party
manufacturer it shall notify Lipoxen in writing and Lipoxen shall grant Pharms a right to use any PSA IP in the possession and control of Lipoxen at the date of the notice on reasonable commercial terms to be agreed between the parties.

  

	 	6.3	Pharms warrants that it shall at all times comply with all laws regulations, codes of practice, principles and guidelines applicable to the manufacturing of the Actives and/or the Products in the Pharms Territory,
including all relevant regulatory requirements in the Pharms relating to the manufacture of chemical and biological medicines and the administration of such medicines to humans. Prior to commencing any Pharms Trials in relation to the Products,
Pharms shall provide evidence to Lipoxen that it has complied with this clause 6.3. 

  

	 	6.4	During Stage 1 and Stage 2, Pharms shall from time to time at the request of Lipoxen provide samples of the Products free of charge to Lipoxen for use by Lipoxen in research and development for commercial purposes.

  

	 	6.5	Prior to commencing the Pharms Trials, PHARMS shall demonstrate to the satisfaction of Lipoxen that it is able to manufacture samples of the Products meeting the Specifications. 

  
 12 

			
	Final Version (11 November 2009)	  	Private and Confidential

  

	 	6.6	On or before the commencement of Stage 3 the parties shall jointly seek and appoint a contract manufacturing organisation to manufacture the Products to GMP to be used in the Joint Territory in Stage 3 (the
“Appointed CMO”). The parties agree that the costs of the Appointed CMO shall be a Stage 3 Cost. 

  

	 	6.7	At the request of Lipoxen, Pharms shall transfer the Pharms Background IP to the Appointed CMO in accordance with clause 8.11. 

  

	7	Conduct, Reporting and Decision Making 

 Conduct 

 

	 	7.1	Each of Pharms and Lipoxen shall perform its obligations under this Agreement:- 

  

	 	7.1.1	in accordance with the Development Programme; 

  

	 	7.1.2	to the best of its ability in a professional manner consistent with industry standards; 

  

	 	7.1.3	in accordance with the standard of care customarily observed with regard to such activities; 

  

	 	7.1.4	in a timely manner and in accordance with the Timetable; 

  

	 	7.1.5	in accordance with all reasonable instructions received from the other party; 

  

	 	7.1.6	in compliance with all applicable laws, rules and regulations, including without limitation, where applicable, GMP, current good clinical or laboratory practices and good clinical practice. 

Reporting 
  

	 	7.2	Pharms and Lipoxen shall, and Pharms shall procure that the Appointed CRO shall, during the term of this Agreement :- 

  

	 	7.2.1	keep detailed written records of its progress with the Development Programme and, at the request of the other party, promptly provide the other party with access to and/or copies of such records; 

 

	 	7.2.2	supply to the other party at least once every six weeks with an interim report describing the progress of the Development Programme including, without limitation, details of all material Arising IPR which has been made
or which has come to its attention and containing recommendations regarding the future progress of the Development Programme; 

  
 13 

			
	Final Version (11 November 2009)	  	Private and Confidential

  

	 	7.2.3	notwithstanding clause 7.2.2 above, keep the other parties fully informed of the progress of the Development Programme and of all Arising IPR; 

 

	 	7.2.4	immediately notify the other parties in writing if there is an unexpected technical or scientific problem which may make it difficult or impossible to achieve or is likely to cause a material delay to the Development
Programme, including any adverse events arising pursuant to the Pharms Trials. 

  

	 	7.3	Pharms will allow, and/or will procure that the Appointed CRO will allow, Lipoxen and/or its employees to:- 

  

	 	7.3.1	visit Pharms’ facilities and/or the Appointed CRO’s facilities; and 

  

	 	7.3.2	review Pharms’ and/or the Appointed CRO’s records at reasonable times and with reasonable frequency during normal business hours to:- 

 

	 	(a)	verify compliance by Pharms and/or the Appointed CRO with the terms of this Agreement; and/or 

  

	 	(b)	observe the progress of the Development Programme. 

  

	 	7.4	Pharms shall, or shall procure that the Appointed CRO shall, update the Programme Committee on the progress of the Pharms Trials on a monthly basis via a telephone conference call with the Programme Committee.

 Programme Committee 
  

	 	7.5	The parties shall establish a Programme Committee consisting of four individuals, comprising two representatives of Pharms and two representatives of Lipoxen. The initial representatives of each of Lipoxen and Pharms
are identified in Schedule 9. The expenses of the Pharms representatives shall be borne by Pharms and the expenses of the Lipoxen representatives shall be borne by Lipoxen. 

 

	 	7.6	Lipoxen and Pharms may from time to time change its representatives on the Programme Committee by notifying the other parties in writing in advance. The replacement shall be suitably qualified and capable of fulfilling
the responsibilities of a member of the Programme Committee under this agreement. 

  

	 	7.7	Lipoxen shall be entitled to appoint one of its representatives on the Programme Committee as the chair person of the Programme Committee. 

 

	 	7.8	 The Programme Committee will be responsible for the overall management of the Development Programme and shall meet at

  
 14 

			
	Final Version (11 November 2009)	  	Private and Confidential

  

	 	
least once every month either in person or through teleconference or in any other mode to discuss the progress of the Development Programme. 

 

	 	7.9	The Programme Committee shall:- 

  

	 	7.9.1	on or promptly after the Commencement Date, meet and agree the Specifications and Success Criteria for the Products; 

  

	 	7.9.2	during Stage 2 meet and agree an extension to the Development Programme to address the development of the Products which are not Lipoxen Products in Stage 3; and 

 

	 	7.9.3	at the relevant time during the Development Programme determine whether the Products meet the Success Criteria. 

  

	 	7.10	All material decisions of the Programme Committee shall be recorded in writing. 

  

	 	7.11	The parties shall agree mutually when to conduct the monthly meetings of the Programme Committee. In addition and/or if the parties cannot agree a date for the monthly meetings, each party shall be entitled to convene a
meeting of the Programme Committee on giving not less than one calendar months’ written notice to the other party. 

  

	 	7.12	The parties agree that:- 

  

	 	7.12.1	meetings of the Programme Committee may occur by telephone conference call; 

  

	 	7.12.2	the quorum for a meeting of the Programme Committee shall be two representatives of each party; 

  

	 	7.12.3	no valid meeting of the Programme Committee may be held unless a quorum is present and the parties have agreed the date of the meeting in writing or all parties have received not less than one calendar months written
notice of the meeting (or such shorter notice period as the parties shall previously agree in writing); 

  

	 	7.12.4	each person present at a meeting of the Programme Committee shall have a single vote; and 

  

	 	7.12.5	the chair person of the Programme Committee shall have the casting vote in relation to any decisions to be made by the Programme Committee. 

 

	 	7.13	For the avoidance of doubt, other than as set out in clause 7.9, the Programme Committee shall not have the authority to amend the Development Programme, the Timetable or the terms of this Agreement. 

  
 15 

			
	Final Version (11 November 2009)	  	Private and Confidential

  

	8	Intellectual Property Rights 

  

	 	8.1	Provided Pharms is not in breach of clause 8.6 in relation to the relevant Pharms Active Component, any and all Arising IPR that relates specifically to the Pharms Active Components shall belong to Pharms.

  

	 	8.2	Any and all Arising IPR that relates specifically to the Lipoxen Technology shall belong to Lipoxen. 

  

	 	8.3	Any Arising IPR that is not owned by Pharms or Lipoxen pursuant to clauses 8.1 and 8.2 shall be owned jointly by the Lipoxen and Pharms. Subject to clauses 8.4 and 8.5, and the parties’ respective rights to use the
Joint Arising IPR pursuant to clauses 8.6 and 8.7, the parties shall collaborate to agree the appropriate method for the protection, development and exploitation of the Joint Arising IPR. 

 

	 	8.4	Lipoxen shall have sole conduct and control of any and all patent applications made in respect of the Joint Arising IPR. The cost of any such patent applications (and the cost of maintaining any patents granted in
respect thereof) shall be shared jointly by Lipoxen and Pharms. 

  

	 	8.5	Lipoxen shall consult regularly with Pharms in relation to the patents and patent applications referred to in clause 8.4 and shall comply with all reasonable suggestions made by Pharms in relation to the prosecution of
such patent applications. PHARMS shall provide Lipoxen with all assistance reasonably required by Lipoxen in relation to the prosecution and maintenance of the patents and patent applications referred to in clause 8.4. 

Pharms Active Components 
  

	 	8.6	Pharms undertakes to Lipoxen that Pharms: 

 8.6.1 owns or has the exclusive, world wide right
to use (with the right to grant sub-licenses) the Pharms Active Components; and/or 
  

	 	8.6.2	it will acquire the rights referred to in clause 8.6.1 prior to the expiry of Stage 2 or by 31 December 2010 (whichever is earlier) on terms that are reasonably acceptable to Lipoxen. 

  
 16 

			
	Final Version (11 November 2009)	  	Private and Confidential

  

	 	8.7	As and when requested to do so by Lipoxen, Pharms shall provide written evidence to Lipoxen that Pharms is not in breach of the terms of clause 8.6. 

 

	 	8.8	Lipoxen shall have the right at any time to terminate this Agreement on a Product by Product basis with immediate effect on written notice to Pharms if Pharms is in breach of clause 8.6 and/or 8.7 of this Agreement in
relation to any Pharms Active Component that relates to the relevant Product. 

 Licence to Lipoxen 

 

	 	8.9	Pharms grants to Lipoxen and its Affiliates an exclusive licence, with the right to grant sub-licences, in the Joint Territory to research, develop, make, have made, market, supply, sell and distribute Products using:-

  

	 	8.9.1	the Pharms Background IPR; 

  

	 	8.9.2	the Pharms Know How; 

  

	 	8.9.3	the Joint Arising IPR; and 

  

	 	8.9.4	the Pharms Arising IPR. 

  

	 	8.10	Pharms shall, at the request of Lipoxen, supply to Lipoxen any cell lines used by Pharms in the development and/or manufacture of the Products and the licence set out in clause 8.9 shall, for the avoidance of doubt,
include the right to use any such cell lines. 

  

	 	8.11	At Lipoxen’s request, Pharms will disclose and/or transfer to Lipoxen, its Licensee and/or the Appointed CRO, using a method of know how transfer reasonably acceptable to Lipoxen, all information and materials
(including samples of the cell lines referred to in clause 8.10) that are reasonably required to enable Lipoxen to exploit the licence granted under clause 8.9. 

Third Party Intellectual Property Rights 
  

	 	8.12	Each party shall immediately notify the other party in writing if it becomes aware of any third party Intellectual Property Rights relating to any of the Products (“Third Party IP Rights”). 

 

	 	8.13	The parties shall co-operate to evaluate the strength and validity of any Third Party IP Rights and the Programme Committee shall decide how to address the Third Party IP Rights. 

 

	 	8.14	If the Programme Committee decides to challenge or take a licence of the Third Party IP Rights, Lipoxen shall be responsible, at the joint cost of the parties, for any action recommended by the Programme Committee.

  
 17 

			
	Final Version (11 November 2009)	  	Private and Confidential

  

	 	8.15	Either party may terminate this Agreement on 30 (thirty) days written notice to the other party in relation to a particular Product if, in its reasonable opinion, a Third Party IP Right exists which would have a
material effect on the research and/or development of the relevant Product. 

  

	 	8.16	For the avoidance of doubt, any and all costs and/or expenses reasonably and properly incurred by the parties in relation to a Third Party IP Right, including any licence fees and/or costs of evaluating and challenging
a Third Party IP Right, shall be deemed to be a Stage 3 Cost. 

  

	9.	Grant of Rights to Pharms 

 PolyXen Licence 

 

	 	9.1	Subject to clause 2, Lipoxen hereby grants to Pharms, subject to the provisions of this Agreement, an exclusive licence to use the PolyXen Patents and the PolyXen Know How in the Pharms Territory to research, develop,
manufacture, have manufactured, use, sell, supply and otherwise exploit the PolyXen Products. This licence shall include any and all Lipoxen Arising IPR and Joint Arising IPR to the extent it relates to the PolyXen Technology. 

 

	 	9.2	The licence granted pursuant to Clause 9.1 shall expire on the later of the following dates: 

  

	 	9.2.1	the date upon which no Valid Claim of the PolyXen Patents exists in the Pharms Territory; or 

  

	 	9.2.2	fifteen (15) years from the Commencement Date. 

 ImuXen Licence 

 

	 	9.3	Subject to clause 2, Lipoxen hereby grants to Pharms, subject to the provisions of this Agreement, an exclusive licence to use the ImuXen Patents and the ImuXen Know How in the Pharms Territory to research, develop,
manufacture, have manufactured, use, sell, supply and otherwise exploit ImuXen Products. This licence shall include any and all Lipoxen Arising IPR and Joint Arising IPR to the extent it relates to the ImuXen Technology. 

 

	 	9.4	The licence granted pursuant to Clause 9.3 shall expire on the later of the following dates: 

  

	 	9.4.1	the date upon which no Valid Claim of the ImuXen Patents exists in the Pharms Territory; or 

  

	 	9.4.2	fifteen (15) years from the Commencement Date. 

  
 18 

			
	Final Version (11 November 2009)	  	Private and Confidential

  

 Sub-licensing 

 

	 	9.5	Pharms shall not be entitled to sub-licence and/or sub-contract its granted rights under this Agreement to any person without the prior written consent of Lipoxen. 

No Other License 
  

	 	9.6	It is acknowledged and agreed that no licence is granted by Lipoxen to Pharms other than the licences expressly granted by the provisions of this Clause 9. Without prejudice to the generality of the foregoing, Lipoxen
reserves all rights under the Lipoxen Patents and the Lipoxen Know How:- 

  

	 	9.6.1	in relation to any products which are not Products; and 

  

	 	9.6.2	outside the Pharms Territory. 

 Quality 

 

	 	9.7	Pharms shall ensure that all of the Products sold of supplied by it are of satisfactory quality and comply with all applicable laws and regulations in each part of the Pharms Territory. 

 

	10.	Costs  

  

	 	10.1	Subject to Clause 10.2, Lipoxen and Pharms shall each be entirely responsible for their own Stage 1 Costs which they incur. 

  

	 	10.2	If Lipoxen agrees to provide more than the Know How Transfer Time, Lipoxen shall be entitled to charge Pharms for any additional time provided by Lipoxen at a rate of US$1000 (one thousand US dollars) per working day
per scientist. 

  

	 	10.3	Pharms shall be entirely responsible for all of the Stage 2 Costs. 

  

	 	10.4	Subject to Clause 10.5, Lipoxen and Pharms shall share equally the Stage 3 Costs. 

  

	 	10.5	A cost and/or expense shall not be deemed to be properly incurred by a party if it exceeds £5,000 (five thousand pounds sterling) and a party has not obtained the prior written consent of the Program Committee to
the relevant cost or expense. 

  
 19 

			
	Final Version (11 November 2009)	  	Private and Confidential

  

	 	10.6	In relation to the costs that are to be shared equally, Lipoxen and Pharms shall carry out a reconciliation at the end of each Quarter as follows:- 

 

	 	10.6.1	within 10 working days of the end of the Quarter, Pharms and Lipoxen will submit an invoice to the other party setting out details of the costs it incurred in the previous Quarter in relation to this Agreement which if
incurred in a currency other than US dollars shall be converted to US dollars using the open middle market spot rate of exchange in London as published in the Financial Times on the last day of the relevant Quarter; 

 

	 	10.6.2	provided the costs shown on the relevant invoice are reasonable and have been properly incurred, the party with the lower invoice shall pay half of the balance of the other party’s invoice within 30 working days of
the date of the other party’s invoice. 

  

	11.	Records and Auditing 

  

	 	11.1	Lipoxen and Pharms shall during the term of this Agreement and for a period of five (5) years thereafter, keep at their normal place of business detailed and up-to-date records and accounts showing:-

  

	 	11.1.1	any and all costs and expenses it has incurred in relation to the Development Programme; and 

  

	 	11.1.2	the quantity, description, and value of Products sold by it, on a country-by-country basis, and being sufficient to ascertain the payments due under this Agreement. 

 

	 	11.2	Each of the parties shall make its records and accounts available, on reasonable notice, for inspection during business hours by an independent chartered accountant nominated by the other party for the purpose of
verifying the accuracy of any statement or report provided under this Agreement and any payments due under this Agreement. The accountant shall be required to keep confidential all information learnt during any such inspection, and to disclose to
the inspecting party only such details as may be necessary to report on the accuracy of the statement, report or payment. The inspecting party shall be responsible for the accountant’s charges unless the accountant certifies that there is an
inaccuracy of more than 5% (five per cent) in any statement or payment, in which case the party being inspected shall pay the accountant’s charges in respect of that inspection. 

 

	12	Revenue Sharing 

  

	 	12.1	The parties agree that the revenues from the Products shall be shared by the parties as set out in Schedule 10. 

  
 20 

			
	Final Version (11 November 2009)	  	Private and Confidential

  

	13	Payment Terms 

  

	 	13.1	All sums due under this Agreement: 

  

	 	13.1.1	are exclusive of Value Added Tax or any other sales tax or duties, which if and where applicable will be paid by the payor to the payee in addition to any sum in respect of which they are calculated; 

 

	 	13.1.2	shall be paid in US dollars to the credit of the payee’s bank account, details of which shall be notified to the payor as and when necessary; 

 

	 	13.1.3	shall be made without deduction of income tax or other taxes charges or duties that may be imposed, except insofar as the payor is required to deduct the same to comply with applicable laws. The parties shall co-operate
and take all steps reasonably and lawfully available to them, at the expense of the payee, to avoid deducting such taxes and to obtain double taxation relief. If the payor is required to make any such deduction it shall provide the payee with such
certificates or other documents as it can reasonably obtain to enable the payee to obtain appropriate relief from double taxation of the payment in question; and 

  

	 	13.1.4	shall be made by the due date, failing which the payee may charge interest on any outstanding amount calculated on a monthly basis at a rate equivalent to 5% above the London Inter-Bank Offer Rate (6 months).

  

	 	13.2	If either party is obliged pursuant to a government order or otherwise to withhold payment of any sum due under this Agreement to the other party, the payor shall use its best endeavours to release the payment to the
other party. If the payment has not been released within 30 (thirty) days of its due date for payment, the payee shall be entitled to deduct the payment from any sums to the payor from the payee pursuant to this Agreement. 

 

	 	13.3	The parties agree that each party shall be responsible for paying any taxes arising pursuant to or in relation to this Agreement for which the party is primarily liable. 

 

	 	13.4	The parties agree that they will use their best endeavours to collaborate to establish a corporate structure for the licensing of the Products and for the receipt of any revenues that is tax efficient for the parties.

  
 21 

			
	Final Version (11 November 2009)	  	Private and Confidential

  

	14	Liability 

 14.1 Pharms shall be responsible for all risks and liability arising
from or in relation to the Pharms Trials and/or Pharms’ development, sale and/or supply of Products in the Pharms Territory. Pharms shall maintain appropriate insurance to cover any such liability. 

 

	 	14.2	Pharms shall, if requested to do so by Lipoxen, provide evidence to Lipoxen that it has complied with the terms of this clause 14.1. Pharms shall indemnify and shall keep Lipoxen indemnified against any and all
liability, damages, claims, proceedings and expenses (including, but not limited to, legal expenses and expert’s fees) arising out of or in connection with the Pharms Trials and/or Pharms’ development, sale and/or supply of Products in the
Pharms Territory provided that Pharms shall not be liable under this clause 14.2 for any and all liability, damages, claims, proceedings and expenses (including but not limited to, legal expenses and expert’s fees) that arise directly as a
result of express instructions received from Lipoxen in relation to conduct of the Pharms Trials. 

  

	 	14.3	The parties shall be jointly responsible for all risks and liability arising from or in relation to the Clinical Trials and/or the development, sale and/or supply of the Joint Products in the Joint Territory. The
parties shall maintain appropriate insurance to cover any such liability. 

  

	 	14.4	Each party shall indemnify the other and keep the other indemnified against half of any and all liability, damages, claims, proceedings and expenses (including, but not limited to, legal expenses and expert’s fees)
arising out of or in connection with the Clinical Trials and/or the development, sale and/or supply of Joint Products in the Joint Territory provided that neither party shall be liable under this clause 14.4 for any and all liability, damages,
claims, proceedings and expenses (including but not limited to, legal expenses and expert’s fees) that arise as a result of a breach of this Agreement by the other party 

 

	15	Confidentiality and Publication 

  

	 	15.1	Each party (the “Receiving Party”) undertakes:- 

  

	 	15.1.1	to maintain as secret and confidential all Confidential Information obtained directly or indirectly from the other party (“Disclosing Party”) in the course of or in anticipation of this Agreement;

  

	 	15.1.2	to use and disclose the Confidential Information of the other party only for the purposes of this Agreement and/or in so far as such use and/or disclosure is reasonably required to enable the party to exploit its rights
under this Agreement; 

  
 22 

			
	Final Version (11 November 2009)	  	Private and Confidential

  

	 	15.1.3	to disclose the Confidential Information of the other party only to those of its employees, contractors, and sub-licensees to whom and to the extent that such disclosure is reasonably necessary for the purposes of
exploiting its rights and complying with its obligations under this Agreement; 

  

	 	15.1.4	to comply with the obligations of this clause 15 for so long as it has knowledge of any Confidential Information received or derived from the other party which period shall, for the avoidance of doubt, survive
termination or expiry of this Agreement. 

  

	 	15.2	The provisions of clause 15.1 shall not apply to Confidential Information which the Receiving Party can prove:- 

  

	 	15.2.1	was, prior to its receipt by the Receiving Party from the Disclosing Party, in the possession of the Receiving Party and at its free disposal; 

 

	 	15.2.2	is subsequently disclosed to the Receiving Party without any obligations of confidence by a third party who has not derived it directly or indirectly from the Disclosing Party; 

 

	 	15.2.3	is or becomes generally available to the public through no act or default of the Receiving Party or its agents, employees, Affiliates or sub-licensees; 

 

	 	15.2.4	the Receiving Party is required to disclose to the courts of any competent jurisdiction, or to any government regulatory agency or financial authority, provided that the Receiving Party shall:- 

 

	 	(a)	inform the Disclosing Party as soon as is reasonably practicable of its obligation to disclose such information; and 

  

	 	(b)	at the Disclosing Party’s request seek to persuade the court, agency or authority to have such information treated in a confidential manner, where this is possible under the court, agency or authority’s
procedures. 

  

	 	15.3	The Receiving Party shall procure that all of its employees, contractors who have access to any of the Disclosing Party’s Confidential Information, shall be made aware of and subject to these obligations and shall
have entered into written undertakings of confidentiality at least as restrictive as those set out in this Clause 15. 

  

	 	15.4	The parties agree that any publications relating to the Results shall be approved in advance by the Development Committee. Any publications shall acknowledge both parties appropriately, and Lipoxen shall have the first
right to submit any paper for publication. 

  
 23 

			
	Final Version (11 November 2009)	  	Private and Confidential

  

	16.	Duration and Termination 

  

	 	16.1	This Agreement shall commence on the Commencement Date and shall continue until terminated in accordance with its terms. 

  

	 	16.2	Without prejudice to any other right or remedy any party may terminate this Agreement by notice in writing to the other Party (“Other Party”), such notice to take effect as specified in the notice:-

  

	 	16.2.1	if the Other Party is in material breach of this Agreement and, in the case of a breach capable of remedy, the breach is not remedied within 90 (ninety) days of the Other Party receiving notice specifying the breach and
requiring its remedy; and/or 

  

	 	16.2.2	if (A) the Other Party becomes insolvent or unable to pay its debts as and when they become due, or (B) an order is made or a resolution is passed for the winding up of Other Party (other than voluntarily for
the purpose of solvent amalgamation or reconstruction), or (C) a liquidator, administrator, administrative receiver, receiver, or trustee is appointed in respect of the whole or any part of the Other Party’s assets or business, or
(D) the Other Party makes any composition with its creditors, or (E) the Other Party ceases to continue its business, or (F) as a result of debt and/or maladministration the Other Party takes or suffers any similar or analogous action
in any jurisdiction. 

  

	 	16.3	If Pharms is in breach of clauses 4.2.1 or 4.2.2 of this Agreement in relation to one or more Products then Lipoxen shall be entitled to terminate this Agreement in relation just to the Product or Products to which the
breach relates with immediate effect by notice in writing to Pharms. 

  

	 	16.4	Lipoxen may terminate this Agreement in accordance with clause 8.8 in relation to the specific Product. 

  

	 	16.5	Either party may terminate this Agreement in relation to a specific Product if the relevant Product does not meet the relevant Success Criteria for the Product. 

 

	 	16.6	Either party may terminate this Agreement on a Product by Product basis in accordance with clause 8.15. 

  
 24 

			
	Final Version (11 November 2009)	  	Private and Confidential

  

	17	Consequences of Termination 

  

	 	17.1	Upon termination or expiry of this Agreement for any reason: 

  

	 	17.1.1	Pharms shall provide to Lipoxen a detailed report setting out the progress it has made with the Development Programme; 

  

	 	17.1.2	Pharms shall provide to Lipoxen all data (including without limitation clinical trials data), know-how and materials generated by Pharms in connection with the Development Programme; 

 

	 	17.1.3	to the extent that title has not previously passed to Lipoxen pursuant to this Agreement, Pharms shall assign to Lipoxen all of the Arising IPR; 

 

	 	17.1.4	at Lipoxen’s option Pharms shall return to Lipoxen or destroy all other data, know-how and materials provided to Pharms by Lipoxen, or generated by Pharms in connection with the Development Programme;

  

	 	17.1.5	any rights or remedies of any of the parties arising from any breach of this Agreement shall continue to be enforceable; 

  

	 	17.1.6	Pharms shall no longer be licensed to use or otherwise exploit in any way, either directly or indirectly, the Lipoxen Technology, the Lipoxen Arising IPR or the Joint Arising IPR in the Pharms Territory or the Joint
Territory and Pharms shall, and shall procure that its Appointed CRO shall, forthwith cease all activities requiring a licence from Lipoxen; 

  

	 	17.1.7	at the request of Lipoxen, Pharms shall assign to Lipoxen any one or all of the CRO Agreements; 

  

	 	17.1.8	the following clauses shall continue in full force and effect: 1, 2, 6.7, 8.9 to 8.11, 11, 14 (in so far as it relates to liability arising prior to termination), 15.1 to 15.3, 17 and 18; and 

 

	 	17.1.9	each party shall return to the other within a reasonable period of time all Confidential Information and any copies thereof disclosed to it by the other party. 

 

	 	17.2	Upon expiry or termination of this Agreement in relation to a one or more Products, the consequences set out in clause 17.1 shall apply but only in so far as they relate to the relevant Product. 

  
 25 

			
	Final Version (11 November 2009)	  	Private and Confidential

  

	18	General 

 Amendment 

 

	 	18.1	This Agreement, the Development Programme and the Timetable may only be amended in writing signed by duly authorised representatives of the parties or by the Development Committee as is expressly set out in this
agreement. 

 Assignment and third party rights 

 

	 	18.2	Other than as is expressly set out in this Agreement, none of the parties shall assign, mortgage, charge or otherwise transfer any rights or obligations under this Agreement without the prior written consent of the
other Party. 

  

	 	18.3	Any of the parties may assign all its rights and obligations under this Agreement to any company to which it transfers all of its assets or business, PROVIDED that the assignee undertakes to the other parties to be
bound by and perform the obligations of the assignor under this Agreement. 

 Waiver 

 

	 	18.4	No failure or delay on the part of any party to exercise any right or remedy under this Agreement shall be construed or operate as a waiver thereof, nor shall any single or partial exercise of any right or remedy
preclude the further exercise of such right or remedy. 

 Invalid clause 

 

	 	18.5	If any provision or part of this Agreement is held to be void or invalid, amendments to this Agreement may be made by the addition or deletion of wording as appropriate to remove the void or invalid part or provision
but otherwise retain the provision and the other provisions of this Agreement to the maximum extent permissible under applicable law. The parties shall endeavour to agree amendments to such void or invalid provisions in a reasonable manner so as to
achieve the original intention of the parties. 

 Change of Control 

 

	 	18.6	Any substantial change in the management and control of either of the parties and/or any merger of either of the parties with another entity shall not result in termination of this Agreement and it shall be the
responsibility of the then existing management of the party to see that the continuity of this Agreement is maintained in all respects and the agreement shall continue to be in force. 

  
 26 

			
	Final Version (11 November 2009)	  	Private and Confidential

  

 Formal licences 

 

	 	18.7	The parties shall execute such formal licences, documents as may be necessary or appropriate for registration of the rights granted under this Agreement with Patent Offices and other relevant authorities. The parties
shall use reasonable endeavours to ensure that, to the extent permitted by relevant authorities and unless required to submit this Agreement by any order of law, this Agreement shall not form part of any public record. 

Role of Parties 
  

	 	18.8	The parties hereto expressly understand and agree that Lipoxen and Pharms are independent contractors in the performance of each and every part of this Agreement. Subject to the provisions of clause 8.3 relating to
joint ownership of the Joint Foreground, nothing contained herein shall be construed as creating any agency, partnership or other form of joint enterprise between the parties. 

Interpretation 
  

	 	18.9	In this Agreement: 

  

	 	18.9.1	the headings are used for convenience only and shall not affect its interpretation; 

  

	 	18.9.2	references to persons shall include incorporated and unincorporated persons; references to the singular include the plural and vice versa; and references to the masculine include the feminine; 

 

	 	18.9.3	references to Parties or parties means Lipoxen, Pharms and FDS; 

  

	 	18.9.4	references to clauses and Schedules mean clauses of, and schedules to, this Agreement; and 

  

	 	18.9.5	references to the grant of “exclusive” rights shall mean that the person granting the rights shall neither grant the same rights (in the same field and territory) to any other person, nor exercise those rights
itself. 

 Notices 
  

	 	18.10	 Any notice to be given under this Agreement shall be in writing and shall be sent by first class mail or air mail, or by fax (confirmed by first class
mail or air mail) to the address of the relevant party set out at the head of this Agreement, or to the relevant fax number set out below, or such other address or fax number as that party may from time to time notify to the other

  
 27 

			
	Final Version (11 November 2009)	  	Private and Confidential

  

	 	
parties in accordance with this clause. The fax numbers of the parties are as follows: Lipoxen +44 20 7389 5011; Pharms +7 812 329 8089. 

 

	 	18.11	Notices sent as specified in clause 18.10 shall be deemed to have been received three working days after the day of posting (in the case of inland first class mail), or ten working days after the date of posting (in the
case of air mail), or on the next working day after transmission (in the case of fax messages, but only if a transmission report is generated by the sender’s fax machine recording a message from the recipient’s fax machine, confirming that
the fax was sent to the number indicated above and confirming that all pages were successfully transmitted). 

 Law and
Jurisdiction 
  

	 	18.2	The validity, construction and performance of this Agreement shall be governed by the laws of England and Wales and shall be subject to the exclusive jurisdiction of the courts of England and Wales to which the parties
hereby irrevocably submit, except that a party may seek an interim injunction in any court of competent jurisdiction. 

Further action 
  

	 	18.3	Each party agrees to execute, acknowledge and deliver such further instruments, and do all further similar acts, as may be necessary or appropriate to carry out the purposes and intent of this Agreement.

 Announcements 
  

	 	18.4	Neither party shall make any press or other public announcement concerning any aspect of this Agreement, or make any use of the name of the other party in connection with or in consequence of this Agreement, without the
prior written consent of the other party. The parties agree that any agreed announcements will first be made in the name of Lipoxen. 

Entire agreement 
  

	 	18.15	This Agreement, including its Schedules, sets out the entire agreement between the parties relating to its subject matter and supersedes all prior oral or written agreements, arrangements or understandings between them
relating to such subject matter. 

  

	 	18.16	The parties acknowledge that they are not relying on any representation, agreement, term or condition which is not set out in this Agreement. 

 

	 	18.17	Nothing in this Agreement shall exclude any of the parties’ liability for fraudulent misrepresentation. 

  
 28 

			
	Final Version (11 November 2009)	  	Private and Confidential

  

 Third parties 

 

	 	18.18	With the exception of any rights expressly created in this Agreement in favour of Affiliates of Lipoxen , this Agreement does not create any right enforceable by any person who is not a party to it. 

  
 29 

			
	Final Version (11 November 2009)	  	Private and Confidential

  

 AGREED by the parties through their authorised signatories on the date written above: 

 

					
	 For and on behalf of
 Lipoxen
Technologies Limited
	 		 	 For and on behalf of

Pharmasynthez

			
	  
	 		 	  

	Signed	 		 	Signed
			
	  
	 		 	  

	Print name	 		 	Print name
			
	  
	 		 	  

	Title	 		 	Title

 Schedule 1 

  
 30 

			
	Final Version (11 November 2009)	  	Private and Confidential

  

 Development Programme 

Schedule 2 
 Components
of the Products 
 Part 1 – [***] (Product A) 

E.coli expressed human recombinant deoxyribonuclease-1 protein having following amino acid structure:- 

Part 2 – [***] (Product B) 
 [***] 

 

	[***]	

  
 31 

			
	Final Version (11 November 2009)	  	Private and Confidential

  

 Part 3 – (Product C) 

[***] 
 [***] 

Part 4 – [***] (Product D) 
 [***] 

[***] 
 [***] 

[***] 
 [***] 

[***] 
 [***] 

Part 5 – [***] (Product E) 
 [***] 

[***] 

			
	Final Version (11 November 2009)	  	Private and Confidential

  

 Part 6 - [***] (Product F) 

[***] 
 [***] 

Schedule 3 
 ImuXen
Patents 
  

																									
	 Patent Name
	 	 Country Of Filing
	 	 Case Status
	 	 Application

No.
	 	 Application

Date
	 	 	 Grant Date
	 	 	 Inventors
	 	 1st Priority

Country
	 	 1st Priority

Appln No.
	 	 1st Priority

Date
	 
										
	Gene Vaccine	 	Australia	 	Granted.	 	42154/97	 	 	15/09/1997	  	 	 	26/04/2001	  	 	Gregoriadis, Gregory	 	GB	 	9619172.1	 	 	13/09/1996	  
	Gene Vaccine	 	Canada	 	Granted.	 	2271388	 	 	15/09/1997	  	 	 	06/11/2007	  	 		 	GB	 	9619172.1	 	 	13/09/1996	  
	Gene Vaccine	 	China	 	Granted.	 	97199674.1	 	 	15/09/1997	  	 	 	18/02/2004	  	 		 	GB	 	9619172.1	 	 	13/09/1996	  
	Gene Vaccine	 	France	 	Granted.	 	97940250.0	 	 	15/09/1997	  	 	 	04/12/2002	  	 		 	GB	 	9619172.1	 	 	13/09/1996	  
	Gene Vaccine	 	Ireland	 	Granted.	 	97940250.0	 	 	15/09/1997	  	 	 	04/12/2002	  	 		 	GB	 	9619172.1	 	 	13/09/1996	  
	Gene Vaccine	 	Italy	 	Granted.	 	97940250.0	 	 	15/09/1997	  	 	 	04/12/2002	  	 		 	GB	 	9619172.1	 	 	13/09/1996	  
	Gene Vaccine	 	Belgium	 	Granted.	 	97940250.0	 	 	15/09/1997	  	 	 	04/12/2002	  	 		 	GB	 	9619172.1	 	 	13/09/1996	  
	Gene Vaccine	 	United Kingdom	 	Granted.	 	97940250.0	 	 	15/09/1997	  	 	 	04/12/2002	  	 		 	GB	 	9619172.1	 	 	13/09/1996	  
	Gene Vaccine	 	Spain	 	Granted.	 	97940250.0	 	 	15/09/1997	  	 	 	04/12/2002	  	 		 	GB	 	9619172.1	 	 	13/09/1996	  
	Gene Vaccine	 	Germany	 	Granted.	 	97940250.0	 	 	15/09/1997	  	 	 	04/12/2002	  	 		 	GB	 	9619172.1	 	 	13/09/1996	  
	Gene Vaccine	 	Switzerland	 	Granted.	 	97940250.0	 	 	15/09/1997	  	 	 	04/12/2002	  	 		 	GB	 	9619172.1	 	 	13/09/1996	  
	Gene Vaccine	 	Japan	 	Filed.	 	1998-513398	 	 	15/09/1997	  	 				 		 	GB	 	9619172.1	 	 	13/09/1996	  
	Gene Vaccine	 	Korea (Republic of)	 	Granted.	 	99-7002103	 	 	15/09/1997	  	 	 	02/08/2005	  	 		 	GB	 	9619172.1	 	 	13/09/1996	  
	Gene Vaccine div	 	European Patent Office	 	Allowed	 	02016936.3	 	 	15/09/1997	  	 				 		 	GB	 	9619172.1	 	 	13/09/1996	  
	Gene Vaccine Div.	 	United States of America	 	Allowed	 	10/617734	 	 	15/09/1997	  	 				 		 	GB	 	9619172.1	 	 	13/09/1996	  

  
 33 

			
	Final Version (11 November 2009)	  	Private and Confidential

  

																									
	 Patent Name
	 	 Country Of Filing
	 	 Case Status
	 	 Application

No.
	 	 Application

Date
	 	 	 Grant Date
	 	 	 Inventors
	 	 1st Priority

Country
	 	 1st Priority

Appln No.
	 	 1st Priority

Date
	 
										
	Taxol in DRV	 	Germany	 	Granted.	 	01948934.3	 	 	31/01/2001	  	 	 	04/10/2006	  	 	Zadi, Brahim	 	EP	 	00300904.0	 	 	04/02/2000	  
	Taxol in DRV	 	United Kingdom	 	Granted.	 	01948934.3	 	 	31/01/2001	  	 	 	04/10/2006	  	 		 	EP	 	00300904.0	 	 	04/02/2000	  
	Taxol in DRV	 	France	 	Granted.	 	01948934.3	 	 	31/01/2001	  	 	 	04/10/2006	  	 		 	EP	 	00300904.0	 	 	04/02/2000	  
	Taxol in DRV	 	Spain	 	Granted.	 	01948934.3	 	 	31/01/2001	  	 	 	04/10/2006	  	 		 	EP	 	00300904.0	 	 	04/02/2000	  
	Taxol in DRV	 	Italy	 	Granted.	 	01948934.3	 	 	31/01/2001	  	 	 	04/10/2006	  	 		 	EP	 	00300904.0	 	 	04/02/2000	  
	Taxol in DRV	 	Switzerland	 	Granted.	 	01948934.3	 	 	31/01/2001	  	 	 	04/10/2006	  	 		 	EP	 	00300904.0	 	 	04/02/2000	  
	Taxol in DRV	 	Japan	 	Filed.	 	2001-556240	 	 	31/01/2001	  	 				 		 	EP	 	00300904.0	 	 	04/02/2000	  
	Taxol in DRV	 	United States of America	 	Granted.	 	10/182921	 	 	31/01/2001	  	 	 	11/04/2006	  	 		 	EP	 	00300904.0	 	 	04/02/2000	  
										
	 Patent Name
	 	 Country Of Filing
	 	 Case Status
	 	 Application

No.
	 	 Application

Date
	 	 	 Grant Date
	 	 	 Inventors
	 	 1st Priority
Country
	 	 1st Priority
Appln No.
	 	 1st Priority
Date
	 
	Oral Delivery	 	Canada	 	Filed.	 	2386024	 	 	02/10/2000	  	 				 	Gregoriades, G. and Perrie, Y.	 	EP	 	99307786.6	 	 	01/10/1999	  
	Oral Delivery	 	China	 	Granted.	 	00813476.6	 	 	02/10/2000	  	 	 	13/04/2005	  	 		 	EP	 	99307786.6	 	 	01/10/1999	  
	Oral Delivery	 	Italy	 	Granted.	 	00964471.7	 	 	02/10/2000	  	 	 	14/12/2005	  	 		 	EP	 	99307786.6	 	 	01/10/1999	  
	Oral Delivery	 	United Kingdom	 	Granted.	 	00964471.7	 	 	02/10/2000	  	 	 	14/12/2005	  	 		 	EP	 	99307786.6	 	 	01/10/1999	  
	Oral Delivery	 	Germany	 	Granted.	 	00964471.7	 	 	02/10/2000	  	 	 	14/12/2005	  	 		 	EP	 	99307786.6	 	 	01/10/1999	  
	Oral Delivery	 	France	 	Granted.	 	00964471.7	 	 	02/10/2000	  	 	 	14/12/2005	  	 		 	EP	 	99307786.6	 	 	01/10/1999	  
	Oral Delivery	 	Spain	 	Granted.	 	00964471.7	 	 	02/10/2000	  	 	 	14/12/2005	  	 		 	EP	 	99307786.6	 	 	01/10/1999	  
	Oral Delivery	 	Switzerland	 	Granted.	 	00964471.7	 	 	02/10/2000	  	 	 	14/12/2005	  	 		 	EP	 	99307786.6	 	 	01/10/1999	  
	Oral Delivery	 	Japan	 	Filed.	 	2001-527772	 	 	02/10/2000	  	 				 		 	EP	 	99307786.6	 	 	01/10/1999	  
	Oral Delivery	 	Korea (Republic of)	 	Granted.	 	2002-7003922	 	 	02/10/2000	  	 	 	24/07/2007	  	 		 	EP	 	99307786.6	 	 	01/10/1999	  
	Oral Delivery	 	United States of America	 	Granted.	 	10/089312	 	 	02/10/2000	  	 	 	07/03/2006	  	 		 	EP	 	99307786.6	 	 	01/10/1999	  
										
	 Patent Name
	 	 Country Of Filing
	 	 Case Status
	 	 Application

No.
	 	 Application

Date
	 	 	 Grant Date
	 	 	 Inventors
	 	 1st Priority
County
	 	 1st Priority
Appln No.
	 	 1st Priority
Date
	 
										
	Capisomes	 	Switzerland	 	Granted.	 	00981480.7	 	 	12/12/2000	  	 	 	01/09/2004	  	 	Gregoriadis, G	 	EP	 	99310032.0	 	 	13/12/1999	  
	Capisomes	 	United Kingdom	 	Granted.	 	00981480.7	 	 	12/12/2000	  	 	 	01/09/2004	  	 		 	EP	 	99310032.0	 	 	13/12/1999	  
	Capisomes	 	Belgium	 	Granted.	 	00981480.7	 	 	12/12/2000	  	 	 	01/09/2004	  	 		 	EP	 	99310032.0	 	 	13/12/1999	  
	Capisomes	 	Italy	 	Granted.	 	00981480.7	 	 	12/12/2000	  	 	 	01/09/2004	  	 		 	EP	 	99310032.0	 	 	13/12/1999	  
	Capisomes	 	France	 	Granted.	 	00901480.7	 	 	12/12/2000	  	 	 	01/09/2004	  	 		 	EP	 	99310032.0	 	 	13/12/1999	  
	Capisomes	 	Germany	 	Granted.	 	00981480.7	 	 	12/12/2000	  	 	 	01/09/2004	  	 		 	EP	 	99310032.0	 	 	13/12/1999	  
	Capisomes	 	United States of America	 	Filed.	 	10/149670	 	 	12/12/2000	  	 				 		 	EP	 	99310032.0	 	 	13/12/1999	  
										
	 Patent Name
	 	 Country Of Filing
	 	 Case Status
	 	 Application

No.
	 	 Application

Date
	 	 	 Grant Date
	 	 	 Inventors
	 	 1st Priority
Country
	 	 1st Priority
Appln No.
	 	 1st Priority
Date
	 
										
	Co-Delivery	 	China	 	Granted.	 	03815952.X	 	 	07/07/2003	  	 	 	03/10/2007	  	 	Bacon. et. al.	 	EP	 	02254733.5	 	 	05/07/2002	  
	Co-Delivery	 	Switzerland	 	Granted.	 	03738331.2	 	 	07/07/2003	  	 	 	20/12/2006	  	 		 	EP	 	02254733.5	 	 	05/07/2002	  
	Co-Delivery	 	Italy	 	Granted.	 	03738331.2	 	 	07/07/2003	  	 	 	20/12/2006	  	 		 	EP	 	02254733.5	 	 	05/07/2002	  
	Co-Delivery	 	Ireland	 	Granted.	 	03738331.2	 	 	07/07/2003	  	 	 	20/12/2006	  	 		 	EP	 	02254733.5	 	 	05/07/2002	  
	Co-Delivery	 	United Kingdom	 	Granted.	 	03738331.2	 	 	07/07/2003	  	 	 	20/12/2006	  	 		 	EP	 	02254733.5	 	 	05/07/2002	  
	Co-Delivery	 	France	 	Granted.	 	03738331.2	 	 	07/07/2003	  	 	 	20/12/2006	  	 		 	EP	 	02254733.5	 	 	05/07/2002	  
	Co-Delivery	 	Spain	 	Granted.	 	03738331.2	 	 	07/07/2003	  	 	 	20/12/2006	  	 		 	EP	 	02254733.5	 	 	05/07/2002	  
	Co-Delivery	 	Germany	 	Granted.	 	03738331.2	 	 	07/07/2003	  	 	 	20/12/2006	  	 		 	EP	 	02254733.5	 	 	05/07/2002	  
	Co-Delivery	 	Belgium	 	Granted.	 	03738331.2	 	 	07/07/2003	  	 	 	20/12/2006	  	 		 	EP	 	02254733.5	 	 	05/07/2002	  
	Co-Delivery	 	India	 	Filed.	 	376/DELNP/2005	 	 	07/07/2003	  	 				 		 	EP	 	02254733.5	 	 	05/07/2002	  
	Co-Delivery	 	Japan	 	Filed.	 	2004-518995	 	 	07/07/2003	  	 				 		 	EP	 	02254733.5	 	 	05/07/2002	  
	Co-Delivery	 	Russian Federation	 	Filed.	 	2004137791	 	 	07/07/2003	  	 				 		 	EP	 	02254733.5	 	 	05/07/2002	  
	Co-Delivery	 	United States of America	 	Filed.	 	10/520169	 	 	07/07/2003	  	 				 		 	EP	 	02254733.5	 	 	05/07/2002	  

  
 34 

			
	Final Version (11 November 2009)	  	Private and Confidential

  

																							
	 Patent Name
	 	 Country Of Filing
	 	 Case Status
	 	 Application

No.
	 	 Application

Date
	 	 	 Grant Date
	 	 Inventors
	 	 1st Priority

Country
	 	 1st Priority

Appln No.
	 	 1st Priority

Date
	 
	 PS Vaccines
 TT/DT C
	 	W.I.P.O.	 	Filed.	 	PCT/EP 06/66935	 	 	29/09/2006	  	 		 	Bacon, et al.	 	EP	 	05256160.2	 	 	30/09/2005	  
	Multivalent Vaccines	 	W.I.P.O.	 	Filed.	 	PCT/EP 06/66938	 	 	29/09/2006	  	 		 	Bacon, et al.	 	EP	 	05256160.2	 	 	30/09/2005	  

  
 35 

			
	Final Version (11 November 2009)	  	Private and Confidential

  

 Schedule 4 

Pharms Active Components 
  

					
	 Product
	 	 Active
	 	 Pharms Active Component

			
	[***]	 	[***]	 	[***]
			
	[***]	 	[***]	 	[***]
			
	[***]	 	[***]	 	[***]
			
	[***]	 	[***]	 	[***]
			
	[***]	 	[***]	 	[***]
			
	[***]	 	[***]	 	[***]

  
 36 

			
	Final Version (11 November 2009)	  	Private and Confidential

  

 Schedule 5 

Pharms Trials 
  

					
	 Product
	 	 Active
	 	 Trial to be conducted

by Pharms in Pharms

Territory for Stage 2

			
	Product A	 	[***]	 	Phase I-IIA
			
	Product B	 	[***]	 	Phase I-IIA
			
	Product C	 	[***]	 	Phase I
			
	Product D	 	[***]	 	Phase I-IIA
			
	Product E	 	[***]	 	Phase I-IIA
			
	Product F	 	[***]	 	Phase I-IIA

  
 37 

			
	Final Version (11 November 2009)	  	Private and Confidential

  

 Schedule 6 

PolyXen Patents 
  

																							
	 Patent Name
	 	 Country Of Filing
	 	 Case Status
	 	 Application

No.
	 	 Application

Date
	 	 	 Grant Date
	 	 	 Inventors
	 	 Patent No.
	 	 1st Priority

Date
	 
	Polysaccharide B in DDS	 	Germany	 	Granted.	 	92911095.5	 	 	08/06/1992	  	 	 	16/08/2001	  	 	Gregoriadis, Gregory	 	EP0587639	 	 	06/06/1991	  
	Polysaccharide B in DDS	 	United Kingdom	 	Granted.	 	92911095.5	 	 	08/06/1992	  	 	 	16/08/2001	  	 		 	EP0587639	 	 	06/06/1991	  
	Polysaccharide B in DDS	 	France	 	Granted.	 	92911095.5	 	 	08/06/1992	  	 	 	16/08/2001	  	 		 	EP0587639	 	 	06/06/1991	  
	Polysaccharide B in DDS	 	Italy	 	Granted.	 	92911095.5	 	 	08/06/1992	  	 	 	16/08/2001	  	 		 	EP0587639	 	 	06/06/1991	  
	Polysaccharide B in DDS	 	Spain	 	Granted.	 	92911095.5	 	 	08/06/1992	  	 	 	16/08/2001	  	 		 	EP0587639	 	 	06/06/1991	  
	Polysaccharide B in DDS	 	USA	 	Granted.	 	08/431474	 	 	01/05/1995	  	 	 	08/12/1998	  	 		 	5846951	 	 	06/06/1991	  
	Polysaccharide B in DDS	 	Japan	 	Granted.	 	510527/92	 	 	08/06/1992	  	 	 	22/04/2005	  	 		 	3671054	 	 	06/06/1991	  
	Polysaccharide B in DDS	 	Canada	 	Granted.	 	2109952	 	 	08/06/1992	  	 	 	18/11/2003	  	 		 	2109952	 	 	06/06/1991	  
	Polysaccharide B in DDS	 	 Korea
 (Republic of)
	 	Granted.	 	93-703716	 	 	08/06/1992	  	 	 	18/09/2002	  	 		 	354944	 	 	06/06/1991	  
	PSB in DDS Div	 	Japan	 	Granted.	 	2005-42054	 	 	08/06/1992	  	 	 	26/06/2009	  	 		 	4332507	 	 	06/06/1991	  
									
	 Patent Name
	 	 Country Of Filing
	 	 Case Status
	 	 Application
	 	 Application
	 	 	 Grant Date
	 	 	 Inventors
	 	 Patent No.
	 	 1st Priority
	 
	Polysialylation in SDS	 	Spain	 	Granted.	 	1931843.5	 	 	14/05/2001	  	 	 	21/12/2005	  	 	Gregoriadis, Gregory	 	EP1335931	 	 	16/05/2000	  
	Polysialylation in SDS	 	Germany	 	Granted.	 	1931843.5	 	 	14/05/2001	  	 	 	21/12/2005	  	 		 	EP1335931	 	 	16/05/2000	  
	Polysialylation in SDS	 	France	 	Granted.	 	1931843.5	 	 	14/05/2001	  	 	 	21/12/2005	  	 		 	EP1335931	 	 	16/05/2000	  
	Polysialylation in SDS	 	Switzerland	 	Granted.	 	1931843.5	 	 	14/05/2001	  	 	 	21/12/2005	  	 		 	EP1335931	 	 	16/05/2000	  
	Polysialylation in SDS	 	Italy	 	Granted.	 	1931843.5	 	 	14/05/2001	  	 	 	21/12/2005	  	 		 	EP1335931	 	 	16/05/2000	  
	Polysialylation in SDS	 	United Kingdom	 	Granted.	 	1931843.5	 	 	14/05/2001	  	 	 	21/12/2005	  	 		 	EP1335931	 	 	16/05/2000	  
	Polysialylation in SDS	 	Japan	 	Filed.	 	2001-585141	 	 	14/05/2001	  	 				 		 		 	 	16/05/2000	  
	Polysialylation in SDS	 	USA	 	Granted.	 	10/276552	 	 	14/05/2001	  	 	 	08/11/2005	  	 		 	6962972	 	 	16/05/2000	  
									
	 Patent Name
	 	 Country Of Filing
	 	 Case Status
	 	 Application
	 	 Application
	 	 	 Grant Date
	 	 	 Inventors
	 	 Patent No.
	 	 1st Priority
	 
	Monofunctional PSA	 	Eur. Patent Office	 	Filed.	 	4768074.9	 	 	12/08/2004	  	 				 	Jain, et al.	 		 	 	12/08/2003	  
	Monofunctional PSA	 	India	 	Filed.	 	985/DELNP/2006	 	 	12/08/2004	  	 				 		 		 	 	12/08/2003	  
	Monofunctional PSA	 	Japan	 	Filed.	 	2006-523058	 	 	12/08/2004	  	 				 		 		 	 	12/08/2003	  
	Monofunctional PSA	 	 Korea
 (Republic of)
	 	Filed.	 	2006-7002900	 	 	12/08/2004	  	 				 		 		 	 	12/08/2003	  
	Monofunctional PSA	 	Russian Federation	 	Granted	 	2006107546	 	 	12/08/2004	  	 	 	10/09/2008	  	 		 	2333223	 	 	12/08/2003	  
	Monofunctional PSA	 	USA	 	Filed.	 	10/568043	 	 	12/08/2004	  	 				 		 		 	 	12/08/2003	  
	Monofunctional PSA	 	Eur. Patent Office	 	Filed.	 	47680749	 	 	12/08/2004	  	 				 		 		 			
	Maleimido-PSA	 	Switzerland	 	Granted.	 	4768054.1	 	 	12/08/2004	  	 	 	03/10/2007	  	 	Hreczuk-Hirst et al.	 	EP1654289	 	 	12/08/2003	  
	Maleimido-PSA	 	Spain	 	Granted.	 	4768054.1	 	 	12/08/2004	  	 	 	03/10/2007	  	 		 	EP1654289	 	 	12/08/2003	  
	Maleimido-PSA	 	France	 	Granted.	 	4768054.1	 	 	12/08/2004	  	 	 	03/10/2007	  	 		 	EP1654289	 	 	12/08/2003	  
	Maleimido-PSA	 	Italy	 	Granted.	 	4768054.1	 	 	12/08/2004	  	 	 	03/10/2007	  	 		 	EP1654289	 	 	12/08/2003	  
	Maleimido-PSA	 	Germany	 	Granted.	 	4768054.1	 	 	12/08/2004	  	 	 	03/10/2007	  	 		 	EP1654289	 	 	12/08/2003	  
	Maleimido-PSA	 	United Kingdom	 	Granted.	 	4768054.1	 	 	12/08/2004	  	 	 	03/10/2007	  	 		 	EP1654289	 	 	12/08/2003	  
	Maleimido-PSA	 	India	 	Allowed	 	903/DELNP/2006	 	 	12/08/2004	  	 				 		 		 	 	12/08/2003	  
	Maleimido-PSA	 	Japan	 	Filed.	 	2006-523054	 	 	12/08/2004	  	 				 		 		 	 	12/08/2003	  
	Maleimido-PSA	 	 Korea
 (Republic of)
	 	Filed.	 	2006-7002875	 	 	12/08/2004	  	 				 		 		 	 	12/08/2003	  
	Maleimido-PSA	 	Russian Federation	 	Filed.	 	2006107545	 	 	12/08/2004	  	 				 		 		 	 	12/08/2003	  
	Maleimido-PSA	 	USA	 	Filed.	 	10/568111	 	 	12/08/2004	  	 				 		 		 	 	12/08/2003	  
	Maleimido-PSA Div	 	India	 	Filed.	 	812/DELNP/2009	 	 	12/08/2009	  	 				 		 		 			
	NHS Functional PSA	 	China	 	Filed.	 	2.0068E+11	 	 	16/02/2006	  	 				 	Jain et al.	 		 	 	23/02/2005	  
	NHS Functional PSA	 	European Patent Office	 	Filed.	 	6709777.4	 	 	16/02/2006	  	 				 		 		 	 	23/02/2005	  
	NHS Functional PSA	 	India	 	Filed.	 	6400/DELNP/2007	 	 	16/02/2006	  	 				 		 		 	 	23/02/2005	  
	NHS Functional PSA	 	Japan	 	Filed.	 	2007-555696	 	 	16/02/2006	  	 				 		 		 	 	23/02/2005	  
	NHS Functional PSA	 	United States of America	 	Filed.	 	11/816823	 	 	16/02/2006	  	 				 		 		 	 	23/02/2005	  
									
	NHS-Amino PSA Reactions	 	China	 	Filed.	 	2.0058E+11	 	 	12/08/2005	  	 				 	Jain et al.	 		 	 	12/08/2004	  
	NHS-Amino PSA Reactions	 	European Patent Office	 	Filed.	 	5794259.1	 	 	12/08/2005	  	 				 		 		 	 	12/08/2004	  
	NHS-Amino PSA Reactions	 	India	 	Filed.	 	1100/DELNP/2007	 	 	12/08/2005	  	 				 		 		 	 	12/08/2004	  
	NHS-Amino PSA Reactions	 	Japan	 	Filed.	 	2007-525356	 	 	12/08/2005	  	 				 		 		 	 	12/08/2004	  
	NHS-Amino PSA Reactions	 	United States of America	 	Filed.	 	11/660128	 	 	12/08/2005	  	 				 		 		 	 	12/08/2004	  
									
	Fractionation	 	China	 	Filed.	 	2.0058E+11	 	 	12/08/2005	  	 				 	Jain et al.	 		 	 	12/08/2004	  
	Fractionation	 	European Patent Office	 	Filed.	 	5794240.1	 	 	12/08/2005	  	 				 		 		 	 	12/08/2004	  
	Fractionation	 	India	 	Filed.	 	1009/DELNP/2007	 	 	12/08/2005	  	 				 		 		 	 	12/08/2004	  
	Fractionation	 	Japan	 	Filed.	 	2007-525353	 	 	12/08/2005	  	 				 		 		 	 	12/08/2004	  
	Fractionation	 	United States of America	 	Filed.	 	11/660133	 	 	12/08/2005	  	 				 		 		 	 	12/08/2004	  

  
 38 

			
	Final Version (11 November 2009)	  	Private and Confidential

  

																							
	 Patent Name
	 	 Country Of Filing
	 	 Case Status
	 	 Application No.
	 	 Application Date
	 	 	 Grant Date
	 	 Inventors
	 	 1st Priority
	 	 1st Priority
	 	 1st Priority
	 
	Fractionation	 	China	 	Filed.	 	2.0058E+11	 	 	12/08/2005	  	 		 	Jain et al.	 	GB	 	PCT/GB 04/03511	 	 	12/08/2004	  
	Fractionation	 	Eur. Patent Office	 	Filed.	 	5794240.1	 	 	12/08/2005	  	 		 		 	GB	 	PCT/GB 04/03511	 	 	12/08/2004	  
	Fractionation	 	India	 	Filed.	 	1009/DELNP/2007	 	 	12/08/2005	  	 		 		 	GB	 	PCT/GB 04/03511	 	 	12/08/2004	  
	Fractionation	 	Japan	 	Filed.	 	2007-525353	 	 	12/08/2005	  	 		 		 	GB	 	PCT/GB 04/03511	 	 	12/08/2004	  
	Fractionation	 	USA	 	Filed.	 	11/660133	 	 	12/08/2005	  	 		 	Jain et al.	 	GB	 	PCT/GB 04/03511	 	 	12/08/2004	  
	Endotoxin Removal	 	PCT	 	Filed.	 	PCT/GB/2008/050138	 	 	28/02/2007	  	 		 	Jain et al.	 		 		 	 	28/02/2007	  

  

																					
	 Patent Name
	 	 Country Of Filing
	 	 Case Status
	 	 Application

No.
	 	 Application

Date
	 	 Grant Date
	 	 Inventors
	 	 1st Priority

Country
	 	 1st Priority

Appln No.
	 	 1st Priority
Date
	 
	N-terminal polysialylation	 	W.I.P.O.	 	Filed.	 	PCT/GB 07/02839	 	25/07/2007	 		 	Jain et al.	 	EP	 	06117830.7	 	 	25/07/2006	  
	N-terminally-polysialylated GCSF	 	W.I.P.O.	 	Filed.	 	PCT/GB 07/02816	 	25/07/2007	 		 	Jain et al.	 	EP	 	06117830.7	 	 	25/07/2006	  
	Polysialylation of EPO	 	W.I.P.O.	 	Filed.	 	PCT/GB 07/02841	 	25/07/2007	 		 	Jain et al.	 	EP	 	06117830.7	 	 	25/07/2006	  
	Polysialylated Insulin	 	W.I.P.O.	 	Filed.	 	PCT/GB 07/02821	 	25/07/2007	 		 	Jain et al.	 	EP	 	06117830.7	 	 	25/07/2006	  

 Schedule 7 

PSA 
  

 

  

			
	Final Version (11 November 2009)	  	Private and Confidential

  

 Schedule 8 

Target Date for Submission of CTA in Pharms Territory 
  

			
	 PRODUCT
	  	 DATE FOR SUBMISSION OF

CLINICAL TRIALS APPLICATION IN

PHARMS TERRITORY

		
	 A
	  	[***]
		
	 B
	  	[***]
		
	 C
	  	[***]
		
	 D
	  	[***]
		
	 E
	  	[***]
		
	 F
	  	[***]

  
 40 

			
	Final Version (11 November 2009)	  	Private and Confidential

  

 Schedule 9 

Members of the Programme Committee 

PHARMS 
 To be elected prior to committee meetings

 LIPOXEN 
 To be elected prior to committee
meetings 

  
 41 

			
	Final Version (11 November 2009)	  	Private and Confidential

  

 Schedule 10 

Revenue Sharing 
  

	1.	For the purposes of this Schedule 10, the following words shall have the following meaning:- 

  

			
	“Lipoxen Net Sales”	  	the amount received by Lipoxen, its Affiliates and or Licensees from third parties in respect of supplies of Lipoxen Products in arms length transactions (or the amount that would have been received if the transactions had been
at arms length) less the following items provided they are shown in writing on the relevant invoice or in other documentary evidence: sales taxes, costs of delivery, customary trade discounts actually granted, amounts actually repaid or credited for
defective or returned and, in the case of export orders, any import duties or similar applicable governmental levies and any government rebates charged on the purchase price of the Lipoxen Products;
		
	“Joint Net Sales”	  	the amount received by Lipoxen and/or its Affiliates from third parties in respect of supplies of Joint Products in arms length transactions (or the amount that would have been received if the transactions had been at arms
length) less the following items provided they are shown in writing on the relevant invoice or in other documentary evidence: sales taxes, costs of delivery, customary trade discounts actually granted, amounts actually repaid or credited for
defective or returned and, in the case of export orders, any import duties or similar applicable governmental levies and any government rebates charged on the purchase price of the Joint Products;

  
 42 

			
	Final Version (11 November 2009)	  	Private and Confidential

  

			
		
	“Joint Net Receipts”	  	all signing fees, milestones, royalties and other licence fees (excluding research and development fees) received by Lipoxen and/or its Affiliates from Licensees in relation to Joint Products, less any less any Value Added Tax or
other sales tax and any direct and/or third party costs and/or expenses incurred by Lipoxen in procuring payment of such sums;
		
	“Joint Product Revenue”	  	the Joint Net Sales and the Joint Net Receipts; and
		
	“Pharms Net Sales”	  	the amount received by Pharms and/or its Affiliates from third parties in respect of supplies of the Products in arms length transactions (or the amount received if the transactions had been at arms length) less the following
items provided they are shown in writing on the relevant invoice or in other documentary evidence: sales taxes, costs of delivery, customary trade discounts actually granted, amounts actually repaid or credited for defective or returned.

  

	2.	Pharms shall pay to Lipoxen a royalty of [***] of all Pharms Net Sales. The royalty payable to Lipoxen pursuant to this paragraph shall become due 30 (thirty) days after the expiry of the Quarter in which the Products
to which the royalty relate were sold and/or supplied by Pharms. 

  

	3.	Lipoxen shall pay to Pharms a royalty of [***] of all Lipoxen Net Sales. The royalty payable to Pharms pursuant to this paragraph shall become due 30 (thirty) days after the expiry of the Quarter in which the Lipoxen
Products to which the royalty relate were sold and/or supplied by Lipoxen. 

  

	4.	The parties agree that the Joint Product Revenue shall be shared equally by the parties. Pharms’ half share of the Joint Product Revenue shall become due 30 (thirty) days after the expiry of the Quarter in
which the relevant Joint Product Revenue was received by Lipoxen. 

  

	5.	Lipoxen shall be entitled to deduct from the sums due to Pharms under paragraphs 3 and 4 above, any sums due and unpaid to Lipoxen pursuant to this Agreement. 

  
 43

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00229-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00229-of-00352.parquet"}]]