Document:

Exhibit 10.9

EXCLUSIVE TECHNOLOGY LICENSE
AGREEMENT
BETWEEN
PROTEOMTECH,
INC.
AND 
Guizhou Yibai
Pharmaceutical Company, Ltd

 

THIS AGREEMENT ("Agreement") is made and effective as of the date of last
signing ("Effective Date") by and between Guizhou Yibai Pharmaceutical Company,
Ltd, having a principal place of business at 220-1 Baiyun Rd, Guiyang, Guizhou,
China ("Licensee"), and ProteomTech, Inc. ("PTI"), having a principal place of
business at 5980 Horton St, Ste 405, Emeryville, CA, 94608, USA.

 

RECITALS

 

 

	1.	WHEREAS, the Georgetown University ("Georgetown") has
      developed the following technology "Novel Isoforms of Vascular Endothelial
      Cell Growth Inhibitor" ("VEGI") as disclosed in US patent applications
      number 20030170242 by inventor Dr. Luyuan Li. (Chinese patent application
      number 02826970.5; and
	 	 
	2.	WHEREAS, PTI has the worldwide exclusive license of Licensed
      Technology, as defined in Article 1 of this Agreement, and is willing to
      grant Transferee an exclusive sublicense within the Territory to use and
      market Licensed Technology and
	 	 
	 	 
	3.	WHEREAS, Licensee desires to obtain certain rights in and to
      the Licensed Technology; and
	 	 
	4.	WHEREAS, Licensee has represented to PTI, to induce PTI to
      enter into this Agreement, that Licensee has the desire, expertise and
      knowledge to develop, produce, market and sell Licensed Products and/or to
      use Licensed Processes and that it shall commit itself to a thorough,
      vigorous and diligent program exploring the Licensed Technology such that
      public utilization of the Licensed Technology shall result.
	 	 
	NOW, THEREFORE, in consideration of the mutual
      covenants and promises contained in this Agreement and other good and
      valuable consideration, PTI and Licensee agree as follows:

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      ARTICLE 1 - DEFINITIONS

	 	
	1.1	"Licensed Field of Use" means the use of VEGI isoforms as
      therapeutic agents to treat cancers and other angiogenesis-dependent
      diseases.
	 	 
	1.2	"Know-how" means the data and information embodied in the
      Licensed Technology. 
	 	 
	1.3	"Licensee Improvement" means any improvement, enhancement or
      modification to or of Licensed Products, Licensed Processes, Licensed
      Technology, Know-how or Licensed Patents made at any time by or on behalf
      of Licensee or any of its sublicensees.
	 	 
	1.4	"Licensed Patent" means patent and patent applications
      listed in the Chinese patent application number
      02826970.5 and any successor application resulting therefrom, and
      any Chinese patents issuing therefrom.
	 	 
	 	 
	1.5	"Licensed Process" means any and all processes embodying the
      Licensed Technology, Know-how and/or the Licensed Patents.
	 	 
	1.6 	"Licensed Product" means any and all products embodying the
      Licensed Technology, Know-how and/or the Licensed Patents.
	 	 
	1.7	"Licensed Technology" means any technical data, know-how,
      material, research results and other information provided to Transferee by
      PTI relating to "Novel Isoforms of Vascular Endothelial Cell Growth
      Inhibitor" including, without limitation, any biochemical, preclinical,
      clinical, manufacturing, formulation, and scientific research information
      of a confidential nature whether patentable or unpatentable.
	 	 
	1.8 	"Term" means the period beginning on the Effective Date and
      ending on the expiration of the last to expire of the Licensed Patents.
  
	 	 
	1.9 	"Territory" means the People's Republic of China, Including
      Taiwan, Hong Kong, and Macao. 
	 	 
	1.10 	"Exclusive" means PTI has not granted and shall not
      grant further sublicense in the Licensed Field of Use within the
      Territory, so long as this Agreement is in effect. 

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	ARTICLE 2 - TECHNOLOGY
    LICENSE
	 	 
	2.1 	In consideration of the License Fee (as defined below) and
      Licensee's full and complete compliance with the terms and conditions of
      this Agreement, and subject to Georgetown's written approval, PTI hereby
      grants to Licensee an exclusive, sublicensable, nontransferable and
      nonassignable license within the Territory, in the Field, during the Term,
      to make, have made, lease, use, distribute, sell, market and otherwise
      dispose of Licensed Products and practice the Licensed Processes under the
      Licensed Technology, the Know-how and the Licensed Patents. 
	 	 
	2.2 	By way of clarification, Licensee shall have no right to do
      any of the foregoing outside of the Licensed Territory. In particular,
      Licensee shall have no right to import Licensed Products into the
      Territory nor to export Licensed Products from the Territory.
	 	 
	2.3 	If Licensee grants sublicenses to third parties, each such
      sublicense: (a) shall be embodied in a written document, a copy of which
      shall be provided by Licensee to PTI at the time of its execution; (b)
      shall be expressly subject to this Agreement; and (c) shall expressly
      impose on the sublicensee terms and conditions that are at least as
      restrictive as those imposed on Licensee hereunder and that are at least
      as protective of PTI as those imposed on Licensee hereunder. Licensee
      hereby assumes responsibility for the performance of all obligations so
      imposed on its sublicensees by this Agreement and will itself pay and
      account to PTI for all payments due under this Agreement which may accrue
      by reason of the operations of each sublicensee, as if it were Licensee's
      own commercial activity.
	 	 
	2.4 	Licensee will continue to have access, on a reasonable
      basis, to investigators within PTI to acquire additional Know-how
      regarding the Licensed Technology.
	 	 
	2.5 	PTI reserves all rights not expressly granted to Licensee by
      this Agreement. 
	 	 
	2.6 	Without limiting the generality of Paragraph 2.5, PTI
      expressly reserves the right to conduct research and commercial activity
      with the Licensed Technology for its own benefit, and to issue other
      exclusive and nonexclusive licenses to the Licensed Technology outside the
      Territory.
	 	 
	2.7 	Licensee hereby grants to PTI a perpetual, worldwide,
      royalty-free, fully-paid, irrevocable, transferable, assignable,
      sublicensable, unlimited right and license in and to (a) all Licensee
      Improvements developed at any time or from time to time and (b) all data
      (including research data, and results of clinical trials) obtained or
      developed at any time by or on behalf of Licensee or any of its
      sublicensees that relates in any way to Licensed Products, Licensed
      Processes, Licensed Technology, Know-how, Licensed Patents or Licensee
      Improvements. Licensee shall promptly disclose and provide to PTI (in
  

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	 	electronic form) all such Licensee Improvements
      and all such data (including copies of laboratory notebooks) on an ongoing
      basis, and whenever requested by PTI. PTI will have access, on a
      reasonable basis, to investigators within Licensee to acquire additional
      know-how regarding the Licensee Improvements and all such data. Licensee
      agrees to execute and deliver such further documents, and perform such
      further acts, as PTI requests in order to evidence and secure PTI's rights
      under this Paragraph 2.7. Licensee also agrees immediately to report to
      PTI in detail any serious adverse event which is reported or alleged to
      occur as a result of use of Licensed Products or Licensed Processes,
      whether or not there is proof that the event was caused by such use.
	 	 
	2.8 	Licensee agrees that it shall include on all
      Licensed Products, and in connection with all Licensed Processes, any and
      all patent notices and other intellectual property notices customarily
      included, or reasonably requested by PTI, in order to protect PTI's rights
      under the Licensed Patents.
	 	 
	ARTICLE 3 - DUE
  DILIGENCE
	 	 
	4.1 	Licensee shall use its best efforts to bring
      Licensed Products or Licensed Processes to market through thorough,
      vigorous and diligent programs of research, development, testing and
      marketing of the Licensed Technology and to continue active, diligent
      marketing efforts for one or more Licensed Products or Licensed Processes
      throughout the Term.
	 	 
	4.2 	In addition, Licensee shall adhere to the
      following milestones: 
	 	 
	 	3.21 	Licensee shall deliver to PTI (prior to
      the first anniversary of the Effective Date) an
      updated business plan showing plans for each stage of development, the
      amount of money, number and kind of personnel and time budgeted for each
      phase of development of the Licensed Product or Licensed Process and shall
      provide similar plans to PTI on or before January 1 of each year.
	 	 	 	 
	 	3.22 	Licensee shall:
	 	 	 	 
	 	 	(1)	Submit for regulatory approval covering Product or Process
      of the Licensed Technology in the Territory within three (3) years from
      the Effective Date of this Agreement; 
	 	 	 	 
	 	 	(2)	Market Licensed Products in the Territory within six (6)
      months of receiving regulatory approval to market such Licensed Product or
      Licensed Process;
	 	 	 	 
	 	 	(3)	Reasonably fill the market demand for Licensed Products and
      Licensed Processes following commencement of marketing at any time during
      the 

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	 	 	 	Term; and
	 	 	 	 
	 	 	(4)	Obtain all necessary governmental approvals for the
      manufacture, use and sale of Licensed Products and Licensed
  Processes.
	 	 
	4.3 	Licensee's failure to perform in accordance with
      any and all portions of Paragraphs 4.1 and 4.2 above shall be grounds for
      PTI to either terminate this agreement or
      change Licensee's exclusive license to a nonexclusive license, pursuant to
      Article 11. 
	 	 
	
      ARTICLE 4 - PATENTS AND PATENT COSTS

	 	 
	4.1 	Licensee agrees that, as between the parties, PTI
      retains all right, title and interest in and to the Licensed Technology,
      the Know-how and the Licensed Patents outside the Territory. Licensee
      agrees never to challenge (a) PTI's ownership of the Licensed Technology,
      the Know-how and the Licensed Patents and (b) the license to PTI set forth
      in Paragraph 2.7.
	 	 
	4.2 	PTI shall file, prosecute, and maintain Licensed
      Patents in the Territory, at Licensee's expense. Licensee agrees to pay,
      or (at PTI's election) promptly to reimburse PTI for, PTI's legal costs
      incurred under this Paragraph 4.2.
	 	 
	4.3 	Failure of Licensee to pay the amounts required
      under Paragraph 4.2 within thirty (30) days of the receipt of a written
      statement constitutes a material breach of this Agreement. 
	 	 
	4.4 	Nothing in this Agreement shall prevent PTI from
      seeking patents in countries outside the Territory. Such patent
      applications shall be filed, prosecuted and maintained at PTI's expense,
      and shall be free of any obligations to Licensee under this Agreement.
  
	 	 
	ARTICLE 5 - PUBLICATION
    RIGHTS
	 	 
	5.1 	PTI reserves the right to present or to publish
      the results of its research on the Licensed Technology.
	 	 
	5.2 	Licensee also has the right to present or to
      publish the results of its research on the Licensed Technology, provided,
      however, that Licensee shall first provide to PTI a copy of any abstract
      or manuscript that Licensee proposes to submit for publication or
      presentation (accompanied by electronic copies of all data and laboratory
      notebooks upon which the abstract or manuscript is based), at least thirty
      (30) days in advance of such submission. If PTI within thirty (30) days
      after PTI's receipt of the abstract or manuscript requests Licensee to
      defer presentation or publication thereof so that patent applications may
      be filed, Licensee shall not submit or otherwise disclose to any third
      party any of the information contained in the abstract or manuscript until
      such time as a patent application 

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	 	has been filed or the expiration of ninety (90) days from
      the date of disclosure to PTI, whichever occurs first. 
	 	 
	
      ARTICLE 6 - CONSIDERATION

	 	 
	6.1 	Upon execution of this Agreement, Licensee shall pay to PTI
      a one-time technology license fee ("License Fee") of Five Hundred Thousand
      Dollars ($500,000), payable in U.S. dollars at PTI's offices net of any
      bank fees, currency conversion charges or the like. Failure of Licensee to
      perform under this Paragraph 6.1 will be grounds for termination by PTI
      pursuant to Article 11. 
	 	 
	ARTICLE 7 -
INFRINGEMENT
	 	 
	7.1 	Each party shall promptly report in writing to the other
      party during the Term any infringement or suspected infringement of any
      patent, or unauthorized use or misappropriation of the Licensed Technology
      or Know-how by a third party within the Territory of which it becomes
      aware, and shall provide the other party with all available evidence
      supporting such infringement, suspected infringement, or unauthorized use
      or misappropriation.
	 	 
	7.2 	Except as provided in Paragraph 7.3, Licensee shall have the
      right to initiate an infringement suit or other appropriate action against
      any third party who at any time has infringed or is suspected of
      infringing any of the Patents or of using without proper authorization all
      or any portion of the Licensed Technology or Know-how within the
      Territory. Licensee shall give PTI sufficient advance written notice of
      its intent to initiate such action and the reasons therefor, and shall
      provide PTI with an opportunity to make suggestions and comments regarding
      such action. Licensee shall keep PTI promptly informed of the status of
      any such action. Licensee shall have the sole and exclusive right to
      select counsel for and shall pay all expenses of such action. PTI shall
      offer reasonable assistance to Licensee at no charge to Licensee except
      for reimbursement by Licensee of PTI's reasonable out-of-pocket expenses.
      Any damages, profits, or awards of whatever nature recovered from such
      action shall, after deduction of Licensee's actual out-of-pocket legal
      expenses and court costs incurred in such action, shall be split equally
      between Licensee and PTI.
	 	 
	7.3 	In the event that Licensee does not within six (6) months
      (a) secure cessation of the infringement, or (b) file and serve suit
      against the infringer, or (c) provide PTI with evidence of the pendency of
      a bona fide negotiation for the acceptance by the infringer of a
      sublicense under this Agreement, PTI shall thereafter have the right, but
      not the obligation, to convert Licensee's exclusive license hereunder to a
      non-exclusive license and/or to take action against the infringer at PTI's
      own expense, at PTI's election. Licensee shall offer reasonable assistance
      to PTI in connection with such action at no 

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	 	charge to PTI except for reimbursement by PTI of
      Licensee's reasonable out-of-pocket expenses. Any damages, profits, or
      awards of whatever nature recovered from such action shall belong solely
      to PTI.
	 	 
	
      ARTICLE 8 - WARRANTY DISCLAIMER; LIMITATION OF
      LIABILITY

	 	 
	8.1 	Nothing in this Agreement
      shall be construed as: 
	 	 
	 	(a) 	A warranty or representation by PTI as to the validity or
      scope of any Licensed Patent;
	 	 	 
	 	(b) 	A warranty or representation that any Licensed Product,
      Licensed Process, Licensed Technology, Know-how, or Licensee Improvement,
      or anything made, used, sold or otherwise disposed of under any license
      granted in this Agreement is or will be free from infringement of patents,
      copyrights, trademarks, trade secrets, or other intellectual property of
      third parties;
	 	 	 
	 	(c) 	An obligation of PTI to bring or prosecute actions or suits
      against third parties for infringement;
	 	 	 
	 	(d) 	Conferring rights on Licensee to use in advertising,
      publicity or otherwise any trademark of, or the name of, PTI or
      PROTEOMTECH, INC., Georgetown University; or
	 	 	 
	 	(e) 	Granting by implication, estoppel or otherwise any license
      or transfer under patents of PTI other than Licensed Patents, regardless
      of whether such other patents are dominant of or subordinate to any
      Licensed Patent.
	 	 
	8.2 	THE LICENSED TECHNOLOGY, THE KNOW-HOW AND THE
      LICENSED PATENTS ARE PROVIDED ON AN AS-IS, WHERE-IS, AS-AVAILABLE BASIS.
      EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, PTI DISCLAIMS ALL
      REPRESENTATIONS AND ALL WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED,
      INCLUDING IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR
      PURPOSE, TITLE, AND NONINFRINGEMENT. THE PARTIES DISCLAIM ANY
      APPLICABILITY OF THE UNIFORM COMMERCIAL CODE OR UNITED NATIONS CONVENTION
      ON CONTRACTS FOR THE INTERNATIONAL SALE OF GOODS. PTI ASSUMES NO
      RESPONSIBILITIES WHATSOEVER WITH RESPECT TO THE USE, SALE OR OTHER
      DISPOSITION BY LICENSEE OR ITS VENDEES OR SUBLICENSEES OF LICENSED
      PRODUCTS OR LICENSED PROCESSES.
	 	 
	8.3 	TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW,
      IN NO EVENT SHALL PTI BE LIABLE TO LICENSEE, ANY SUBLICENSEE, OR ANY
  

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	 	OTHER PERSON FOR ANY CLAIM ARISING FROM, BASED
      UPON OR SEEKING: (A) ANY SPECIAL, INCIDENTAL, INDIRECT, COLLATERAL,
      CONSEQUENTIAL, PUNITIVE, EXEMPLARY, OR OTHER INDIRECT DAMAGES WHATSOEVER,
      INCLUDING, WITHOUT LIMITATION, DAMAGES FOR LOSS OF BUSINESS PROFIT,
      BUSINESS INTERRUPTION, LOSS OF BUSINESS OR PERSONAL INFORMATION OR ANY
      OTHER PECUNIARY LOSS, ARISING OUT OF THE USE OR INABILITY TO USE THE
      LICENSED TECHNOLOGY, KNOW-HOW, LICENSED PATENTS, LICENSED PRODUCTS,
      LICENSED PROCESSES, OR LICENSEE IMPROVEMENTS, EVEN IF PTI HAS BEEN ADVISED
      OF THE POSSIBILITY OF SUCH DAMAGES, UNLESS SUCH DAMAGE HAS BEEN CAUSED BY
      PTI'S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT; OR (B) ANY LOST PROFIT OR
      LOST REVENUE, INTERRUPTIONS, LOSS OF USE, LOSS OR DELETION OF DATA, COSTS
      OF RECREATING LOST DATA. 
	 	 
	8.4 	PTI'S ENTIRE LIABILITY HEREUNDER, EXCEPT FOR
      LIABILITY RESULTING FROM PTI'S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT IS
      EXPRESSLY LIMITED TO THE FEES PAID UNDER THIS AGREEMENT BY LICENSEE TO
      PTI. LICENSEE AGREES AND ACKNOWLEDGES THAT THE LICENSE FEE HAS BEEN SET IN
      RELIANCE UPON SUCH LIMITATION OF LIABILITY. 
	 	 
	8.5 	THE PROVISIONS OF THIS ARTICLE 8 APPLY WITH
      RESPECT TO ALL CLAIMS, WHETHER ARISING BY REASON OF, OR ASSERTED ON THE
      BASIS OF, CONTRACT, TORT (INCLUDING NEGLIGENCE AND DEFAMATION) OR
      OTHERWISE. 
	 	 
	ARTICLE 9 -
  CONFIDENTIALITY
	 	 
	9.1 	As used herein, "Confidential Information" shall
      mean proprietary information, trade secrets, know-how, samples, drawings
      or data, technical or non-technical, related to research that originates
      with either party and is disclosed or provided to the other. The recipient
      may use the provider's Confidential Information for purposes of this
      Agreement, but agrees neither to use such Confidential Information for any
      other purpose nor to disclose or provide such Confidential Information to
      any third party at any time during the Term or for a period of five (5)
      years thereafter, except as permitted under Paragraphs 2.6Error!
      Reference source not found. and 5.2 or as follows: )
	 	 
	 	(a)	To the extent that such Confidential Information was known
      to the recipient from sources other than the provider prior to its
      disclosure hereunder, and this is demonstrably documented in written
      records made by recipient prior to such disclosure; or

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	 	(b)	To the extent that such Confidential Information in fact is
      public knowledge prior to or after its disclosure, other than through acts
      or omissions attributable to the recipient; or
	 	 	 
	 	(c)	To the extent that such Confidential Information was
      disclosed or provided to the recipient by a third party who did not derive
      such information from the provider; or
	 	 	 
	 	(d)	To the extent that disclosure is required by law or
      regulation, with prior notice to be provided to the disclosing party to
      allow it to limit disclosure or seek confidential status; or
	 	 	 
	 	(e)	To the extent that such Confidential Information has been
      developed independently by the recipient, without reference to any
      Confidential Information of the provider, which development may be proven
      by competent evidence.
	 	 
	9.2 	Each recipient specifically agrees not to export
      or re-export any information and/or technical data and/or products in
      violation of any applicable United States laws and/or regulations.
	 	 
	9.3 	Each recipient will retain control of Confidential
      Information received hereunder from the other party, treating such
      Confidential Information with the same care as would be afforded its own
      Confidential Information, and will not provide such Confidential
      Information to parties who are not bound by obligations of confidentiality
      consistent with this Agreement. 
	 	 
	9.4 	The existence of, and terms and conditions of,
      this Agreement are the Confidential Information of PTI.
	 	 
	
      ARTICLE 10 - NOTICES

	 	 
	10.1 	Any notice required or permitted under this
      Agreement shall be made in writing and any such notice and any payment
      required or permitted under this Agreement shall be delivered by and
      deemed received as follows (i) personal delivery, when delivered
      personally; (ii) air courier service (including FedEx and UPS Air), upon
      written verification of delivery; or (iii) by facsimile transmission
      (except as to payments) when confirmed by facsimile transmission report
      (or the next business day, if transmitted after 5:00 p.m. recipient's time
      or on a non-business day). Payments may also be transmitted by wire with
      the written consent of and as directed by the receiving party, and shall
      be deemed received when actually received by the recipient institution.
  
	 	 
	10.2 	Communications to Licensee concerning this
      Agreement shall be addressed to: 

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	 	 	Guizhou Yibai Pharmaceutical Company, Ltd
	 	 	220-1 Baiyun Rd
	 	 	Guiyang, Guizhou, China 
	 	 
	10.3 	Communications to PTI concerning this Agreement
      shall be addressed to:
	 	 	 
	 	 	Vice President
	 	 	ProteomTech, Inc.
	 	 	5980 Horton St. Suite 405
	 	 	Emeryville, CA 94608
	 	 	Attn: Sean Wu
	 	 
	 	With a courtesy copy to: 
	 	 	Troy & Gould
	 	 	1801 Century Park East, 16th Fl.
	 	 	Los Angeles, CA 90067
	 	 	Attn: David Ficksman, Esq.
	 	 
	10.4 	Either party may change its notice address by
      giving notice to the other party as set forth in this Article 10. 
	 	 
	ARTICLE 11 - TERMINATION
	 	 
	11.1 	In the event that Licensee shall be in default of
      any of its obligations hereunder, PTI may at its sole option: (a)
      terminate this Agreement or (b) convert the exclusive license hereunder to
      a non-exclusive license. The choice of (a) or (b) shall be in PTI's sole
      discretion. This option (a) or (b) of PTI shall be exercised by written
      notice to Licensee specifying the nature of the default including the
      amount of royalties then due, if any, and shall be effective thirty (30)
      days following receipt of said notice by Licensee unless Licensee cures
      said default prior to the expiration of said period of thirty (30) days.
    
	 	 
	11.2 	Termination of this Agreement or conversion to a
      non-exclusive license as provided under Paragraph 11.1 shall terminate all
      sublicenses which may have been granted by Licensee, provided that any
      sublicensee may elect to obtain a license by advising PTI in writing,
      within sixty (60) days after the sublicensee's receipt of written notice
      of such termination or conversion, of its election, and of its agreement
      to assume with respect to PTI all the obligations (including obligations
      for payment) contained in its sublicense agreement with Licensee. Any
      sublicense granted by Licensee shall contain a provision corresponding to
      this Paragraph 11.2. 
	 	 
	11.3 	Upon termination of this Agreement or conversion
      to a non-exclusive license as provided under Paragraph 11.1 or 11.2,
      Licensee shall not be relieved of any obligations incurred prior to such
      termination or conversion. 

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	11.4 	The following provisions shall survive any termination or
      expiration of this Agreement: Paragraphs 2.2, 2.5-2.7, 4.1, 4.4, 5.1, and
      7.3, and Articles 8, 9, 10, 11, and 12 (except Paragraph 12.7).
	 	 
	11.5 	For the purposes of this Article 11, events of default by
      Licensee include the following: Licensee's breach of this Agreement;
      Licensee's insolvency, bankruptcy, or inability to pay its debts when due;
      Licensee's making of an assignment for the benefit of creditors; the
      appointment of a receiver, trustee, assignee, liquidator or other similar
      official for Licensee; or Licensee's cessation to do business in the
      ordinary course. 
	 	 
	ARTICLE 12 -
  MISCELLANEOUS
	 	 
	12.1 	Licensee agrees to defend PTI and/or Georgetown at
      Licensee's cost and expense, and will indemnify and hold harmless PTI
      and/or Georgetown, from and against any and all claims, losses,
      costs, damages, fees or expenses (including attorneys fees) ("Claims")
      arising out of or in connection with the manufacture, use,
      commercialization, marketing or sale by Licensee and its sublicensees of
      any Licensed Product and/or Licensed Process hereunder, or the use by
      Licensee or its sublicensees of Licensed Technology, Know-how, Licensed
      Patents or Licensee Improvements, or out of any sale or other disposition
      by Licensee or its sublicensees of Licensed Products or Licensed
      Processes. PTI may also, at its own expense, be represented by its own
      legal counsel in connection with any Claims. Licensee will not settle any
      Claims without PTI's prior written consent.
	 	 
	12.2 	Licensee may not assign this Agreement nor any of Licensee's
      rights or obligations hereunder without PTI's prior written consent.

	 	 
	12.3 	This Agreement shall be construed under and interpreted
      under the substantive law of the State of California, USA without
      reference to choice of law or conflict of law principles. This Agreement
      is deemed accepted, executed and performed in Alameda County, California.
      PTI and Licensee submit to the exclusive jurisdiction of the state and
      federal courts located in Alameda County, California, USA for the
      resolution of any dispute arising out of or under or related to this
      Agreement. The parties waive any objection based on personal jurisdiction,
      venue and forum non conveniens or similar doctrine. 
	 	 
	 	In the event that either party is prevented from performing
      or is unable to perform any of its obligations under this Agreement due to
      any act of God, fire, casualty, flood, war, strike, terrorism, lockout,
      failure of public utilities, government regulation or the like, such party
      shall give notice to the other party in writing promptly, and thereupon
      the affected party's performance shall be excused and the time for
      performance shall be extended for the period of delay or inability to
      perform due to such occurrence. 
	 	 
	12.4 	The waiver by either party of a breach or default of any
      provisions of this Agreement by 

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	 	the other party must be in written form and signed by both
      parties, and shall not be construed as a waiver of any other breach of the
      same or any other provision. 
	 	 
	12.5 	This Agreement may not be modified except in a writing
      signed by an authorized representative of each party. 
	 	 
	12.6 	This Agreement contains the full understanding of the
      parties with respect to the subject matter hereof and supersedes all prior
      understandings and writings relating thereto. There are no agreements,
      representations or warranties between the parties or with respect to the
      subject matter hereof except those set forth in this Agreement. 
	 	 
	12.7 	As of the Effective Date and throughout the Term, each party
      represents and warrants to the other that: (a) it is duly organized,
      validly existing and in good standing as a corporation or other entity as
      represented herein under the laws of its jurisdiction of incorporation,
      organization or chartering; (b) it has the corporate authority to enter
      into this Agreement, (c) execution of this Agreement by its officer whose
      signature is set forth at the end hereof has been duly authorized by all
      necessary corporate action of the party; and (d) upon execution by all
      parties this Agreement shall be a valid and binding agreement of the party
      enforceable against the party according to its terms.
	 	 
	12.8 	Each party has had the opportunity to consult independent
      legal counsel regarding this Agreement, and the language of this Agreement
      is the language chosen by the parties to express their mutual intent.
      Accordingly, any rule of law, including Section 1654 of the California
      Civil Code, or any legal decision that would require interpretation of any
      claimed ambiguities in this Agreement against the party that drafted it
      has no application and is expressly waived. Except as otherwise expressly
      provided herein or unless the context otherwise requires, "including"
      means "including, without limitation"; the words "herein," "hereof" and
      "hereunder" and similar words refer to this Agreement as a whole and not
      to any particular subdivision; any pronouns used in this Agreement shall
      include the corresponding masculine, feminine or neuter forms, and the
      singular form of nouns, pronouns and verbs shall include the plural and
      vice versa; and the word "or" is inclusive, not exclusive. All article
      titles, paragraph titles or captions in this Agreement are for convenience
      only. Each party acknowledges that it has read and understood this
      Agreement and its legal effect. Nothing in this Agreement shall be
      construed to require the performance by either party of any act contrary
      to law. If any term, sentence, provision, covenant or restriction of this
      Agreement is held by a court of competent jurisdiction or other authority
      to be invalid, void or unenforceable, the remainder of this Agreement
      shall remain in full force and effect and shall, to the fullest extent
      possible, be construed so as to give effect to the intent manifested by
      the term, sentence, provision, covenant or restriction held invalid,
      illegal or unenforceable. 
	 	 
	12.9 	This Agreement does not create any partnership, joint
      venture or agency relationship between the parties. 

12

	12.10 	This Agreement shall be binding upon and inure to the
      benefit of the parties hereto and their heirs, executors, administrators,
      successors, legal representatives and permitted assigns. 
	 	 
	12.11 	It is understood and agreed that Georgetown is a third party
      beneficiary of this Agreement.
	 	 
	12.12 	This Agreement may be executed by facsimile and/or in one or
      more counterparts, each of which shall constitute an original document and
      all of which together shall constitute one original instrument. 
	 	 
	12.13 	The agreement is written in both Chinese
      and English. If there are any conflict and contradiction between the two
      versions, Chinese version subjects to English
      version。
	 	 
	IN WITNESS WHEREOF, the parties hereto have
      caused this Agreement to be executed by their properly and duly authorized
      officers or representatives as of the dates indicated below. 
	 	 

 

	PROTEOMTECH, INC. 	GUIZHOU YIBAI PHARMACEUTICAL COMPANY, LTD.
	 	 
	 	 
	By: /s/ Jun Bao 	By: /s/ Xiangwu Ye
	---------------------------------- 	----------------------------------
	Jun Bao, President 	General Manager
	 	 
	Date: May 7, 2005 	Date: March 7, 2005

13Exhibit 10.15

EXCLUSIVE LICENSEE AGREEMENT

Between

PROTEOMTECH, INC.

And

PROTEOGENESYS, INC.

THIS AGREEMENT (“Agreement”) is made and effective as of the date of first (1) day of November, 2005 (“Effective Date”) by and between PROTEOMTECH, INC, having a principal office at 5980 Horton Street, Suite 405, Emeryville, CA, USA (hereinafter called “Company”), and the PROTEOGENESYS, INC, having a principal office at 1388 Tamura-cho, Nagahama, Shiga, Japan (hereinafter called “Licensee”).

RECITALS

1.

WHEREAS, Company owns and is continuing research in the area of Licensed Technology, as defined in Article 1 of this Agreement; and

2.

WHEREAS, Licensee desires to obtain certain rights in and to the Licensed Technology; and

3.

WHEREAS, Licensee has represented to Company, to induce Company to enter into this Agreement, that Licensee has the desire, expertise and knowledge to develop, produce, market and sell Licensed Products and/or to use Licensed Processes and that it shall commit itself to a thorough, vigorous and diligent program exploring the Licensed Technology such that public utilization of the Licensed Technology shall result.

NOW, THEREFORE, in consideration of the mutual covenants and promises contained in this Agreement and other good and valuable consideration, Company and Licensee agree as follows:

ARTICLE 1 – DEFINITIONS

1.1

“Exclusive” means Company has not granted and shall not grant further licenses in the licensed Field of Use of Use, so long as this Agreement is in effect.

1.2

“Effective Date” means the effective date of this Agreement as indicated above. 

1

1.3

“Field of Use” means develop, produce, market and sell Licensed Products and/or to use Licensed Processes, within the Territory.

1.4

“Improvement” means any modification of Licensed Product and/or Licensed Process made within the Term of this Agreement in the course of research supported by Licensee hereunder.

1.5

“Know-how” means the data and information embodied in the Licensed Technology.

 

1.6

“Licensed Patent” means the patent titled “Universal procedure for refolding recombinant proteins” (United States Patent Number: 6,583,268, International Patent Application Number: PCT/US00/35632) and the patent application titled “Apparatus for refolding proteins and method of using same” (United States Patent Application Number 10/844,645, International Application Number: PCT/JP2004/006681, Japanese Patent Application Number: 2003-135108) which cover the Territory, filed by or on behalf of Company.  

1.7

“Licensed Process” means any and all processes embodying the Licensed Technology, Know-how and/or the Licensed Patents. 

1.8

“Licensed Product” means any and all products embodying the Licensed Technology, Know-how and/or the Licensed Patents. 

1.9

“Licensed Technology” means technologies and know-hows, as described and claimed in the Licensed Patent and Improvements thereto. 

1.10

“Net Selling Price” shall mean the Licensee’s invoice price to Products without any deduction, except for the following items;

	 	 	i)	
The CIF value of the
component parts, parts, materials and reagent imported from Company,

		
	 	 	ii)	
		Import duties, and
		any other fees for the parts, component parts, materials and reagent
		purchased from or through Company,

	 	 	iii)	
		Indirect taxes on
		sales,

	 	 	iv)	Transportation charges, insurance and packing charges,
		and sales expenses,
	 	 	v)	Sales returns,
	 	 	vi)	Any sales discont and rebates, and
	 	 	vii)	Other expenses agreed to by Company in writing.

1.11

“Running Royalty” means a designated percentage of Net Sales for each Licensed Product or Licensed Process. 

2

1.12

 “Term” means the period beginning on the Effective Date and extending to the expiration of the last to expire Patent. 

1.13

“Territory” means Japan. 

ARTICLE 2 LICENSE

2.1

Company hereby grants to Licensee a sublicensable,  non-exclusive license within the Territory, in the Field of Use, with the right to, to make, have made, lease, use, distribute, sell, market and otherwise dispose of Licensed Products and practice the Licensed Processes under the Licensed Technology, the Know-how that are embodied in patent titled “Universal   procedure for refolding recombinant proteins” (United States Patent Number: 6,583,268, International Patent Application Number: PCT/US00/35632). Licensee will continue to have access, on a reasonable basis, to investigators within Company to acquire additional Know-how regarding the Licensed Technology. 

 

2.2

Company owns the patent application titled “Apparatus for refolding proteins and method of using same” (United States Patent Application Number 10/844,645, International Application Number: PCT/JP2004/006681, Japanese Patent Application Number: 2003-135108) jointly with PSS, Inc. Company hereby grants to Licensee a sublicensable,  exclusive license within the Territory, in the Field of Use, with the right to, to make, have made, lease, use, distribute, sell, market and otherwise dispose of Licensed Products and practice the Licensed Processes under the Licensed Technology, the Know-how that are embodied in patent application titled “Apparatus for refolding proteins and method of using same”. Licensee will continue to have access, on a reasonable basis, to investigators within Company to acquire additional Know-how regarding the Licensed Technology. 

 

Licensee shall, at its own expense, negotiate and acquire a sublicensable, exclusive license within the Territory, in the Field of Use, with the right to, to make, have made, lease, use, distribute, sell, market and otherwise dispose of Licensed Products and practice the Licensed Processes under the Licensed Technology, the Know-how that are embodied in patent application titled “Apparatus for refolding proteins and method of  using same” from PSS, Inc.

2.3

In addition to generally reserving all rights not expressly granted Licensee by this Agreement, Company expressly reserves the right to conduct research and commercial activity with the Licensed Technology for its own benefit, and to issue other exclusive and nonexclusive Licenses to the Licensed Technology outside the Territory.

3

ARTICLE 3 – DUE DILIGENCE

3.1

Licensee shall use its best efforts to bring Licensed Product or Licensed Process to market through thorough, vigorous and diligent programs of research, development, testing and marketing of the Licensed Technology and to continue active, diligent marketing efforts for one or more Licensed Products or Licensed Processes throughout the Term.

3.2

In addition, Licensee shall adhere to the following milestones:

3.21

Licensee shall deliver to Company (prior to the first anniversary of the Effective Date) an updated business plan showing plans for each stage of development, the amount of money, number and kind of personnel and time budgeted for each phase of development of the Licensed Product or Licensed Process and shall provide similar plans to Company on or before January 1st of each year.

3.22

Licensee shall achieve development milestones as described in the time and events below:

(1)

Market Licensed products in Japan and worldwide within one (1) year from the Effective Date of this Agreement; 

(2)

Reasonably fill the market demand for Licensed Product and Licensed Process following commencement of marketing at any time during the term of this Agreement; and

(3)

Obtain all necessary governmental approvals for the manufacture, use, sale and export of Licensed Product or Licensed Process.

3.3

Licensee’s failure to perform in accordance with any and all portions of Paragraphs 3.1 and 3.2 above shall be grounds for Company to either terminate this agreement or change Licensee’s exclusive License in Paragraph 2.2 to a nonexclusive License, pursuant to Article 11. 

3.4

Upon request of Licensee made from time to time during the life of this Agreement, and when Company judges it appropriate, Company agrees to dispatch a reasonable number of Company’s engineers (hereinafter referred to as “Engineer”) to Licensee’s plant in order to give necessary guidance in relation to improve, develop, manufacture, assembly and/or use of Licensed Products and/or Licensed Process. 

3.5

 

The terms and conditions of dispatching Engineer of Company to Licensee’s plant in accordance with Paragraph 3.4 shall be as follows:

3.5.1

Licensee shall, on its own account, purchase and send an economy class round trip air ticket for each Engineer ten (10) days prior to his or her departure from San Francisco.

4

3.5.2 

Licensee shall pay lodging expenses and living expenses for Engineer.

3.5.3

Licensee shall pay Company $250 an hour per Engineer for his/her technical assistance at Licensee’s plant.

3.5.4

The working days of Engineer shall be five (5) days per week, and his or her working hours shall not exceed eight (8) hours per day, and shall include not less than one (1) hour’s rest. In case Engineer accepts licensee’s request to work over the working hours or at midnight, Licensee shall pay to Company a reasonable extra allowance.  Licensee shall arrange fully furnished living accommodations for Engineer.  Licensee shall, during Engineer’s stay in Japan, undertake the full responsibility for Engineer’s health, life, body, property, etc.

ARTICLE 4 - PATENTS AND PATENT COSTS

4.1

Company shall retain title to the Licensed Technology, the Know-how and the Licensed Patents.

4.2

Company shall file, prosecute, and maintain Licensed Patents in the Territory, or any country(s) designated by Licensee at Licensee’s expense, and Licensee agrees promptly to reimburse Company for its outside legal costs incurred under this Paragraph 4.2. 

4.3

Failure of Licensee to pay the amounts required under Paragraph 4.2 within thirty (30) days of the receipt of a written statement constitutes a breach of this Agreement. 

4.4

Nothing in this Agreement shall prevent Company from seeking patents in countries other than those designated by Licensee.  Such patent applications shall be filed, prosecuted and maintained at Company’s expense, and shall be free of any obligations to Licensee under this Agreement.

 

 

ARTICLE 5 PUBLICATION RIGHTS

5.1

Company reserves the right to present or to publish the results of its research on the Licensed Technology. Licensee also has the right to present or to publish the results of its   research on the Licensed Technology. Before submitting such presentation or   publication, however, Licensee agrees to submit copies of any abstract or manuscript   proposed for presentation or publication to Company at least thirty (30) days in   advance of the submission, and if Company asks to defer publication within thirty (30) days after receipt of the abstract or manuscript so that patent applications may be filed, Licensee shall not submit or otherwise disclose to any third party any of the information contained in the abstract or manuscript until such time as a patent application has been filed or the expiration of ninety (90) days from the date of disclosure to Company, whichever occurs first.

5

ARTICLE 6 - PAYMENTS AND ROYALTIES

6.1

Within ten (10) days of execution of this Agreement, Licensee shall pay to Company a one-time Licensee fee (“Licensee Fee”) of three million (3,000,000) Japanese Yuan. Failure of Licensee to perform under this Paragraph 6.1 will be grounds for termination by Company pursuant to Article 11. 

  

6.2

Licensee shall pay to Company a Running Royalty of:

6.2.1

Ten percent (10%) of Net Sales with respect to any Licensed Product or Licensed Process sold in Territory;

6.2.2

Thirteen percent (13%) of Net Sales with respect to any Licensed Product or Licensed Process sold outside Territory.

6.2.3

Licensed Product and/or Licensed Process shall be considered sold when invoiced, and if not invoiced, when delivered to or performed for a third party.    All monies due to Company shall be payable in Japanese Yen.  Running Royalties accruing to Company shall be paid within forty-five (45) days following the last   day of the calendar quarter in which Net Sales are made. 

6.3

Licensee shall keep for a period of two (2) years following the year to which such records related, full, true and accurate books of accounts and other records containing all information and data which may be necessary to ascertain and verify the remuneration payable to Company hereunder.  During the Term of this Agreement and for a period of two (2) years following its termination, Company shall have the right to audit, or have an agent, accountant, or other representative, audit such books, records and supporting data.  Such audit shall be conducted at Licensee’s place of business, during normal business hours.  Such audit shall be paid for by Company, unless such audit reveals that the difference between Licensee’s payment of Running Royalties to Company and what is actually owed is greater than three percent (3%), in which case Licensee shall reimburse Company for the cost of such audit.

ARTICLE 7 – INFRINGEMENT

6

7.1

Each party shall promptly report in writing to the other party during the Term of this Agreement any infringement or suspected infringement of any patent, or unauthorized use or misappropriation of the Licensed Technology or Know-how by a third party within the Territory, or any country(s) designated by Licensee, of which it becomes aware, and shall provide the other party with all available evidence supporting such infringement, suspected infringement, or unauthorized use or misappropriation.

7.2

Except as provided in Paragraph 7.3, Licensee shall have the right to initiate an infringement suit or other appropriate action against any third party who at any time has infringed or is suspected of infringing any of the Patents or of using without proper authorization all or any portion of the Licensed Technology or Know-how within the Territory, or any country(s) designated by Licensee.  Licensee shall give Company sufficient advance written notice of its intent to initiate such action and the reasons therefor, and shall provide Company with an opportunity to make suggestions and comments regarding such action.  Licensee shall keep Company promptly informed of the status of any such action.  Licensee shall have the sole and exclusive right to select counsel for and shall pay all expenses of such action.  Company shall offer reasonable assistance to Licensee at no charge to Licensee except for reimbursement of reasonable out-of-pocket expenses. Licensee may settle any such action subject to prior approval of Company.  Any damages, profits or awards of whatever nature recovered from such action shall be treated as Net Sales under this Agreement after Licensee has been compensated for its costs in handling such action.

7.3

In the event that Licensee does not within six (6) months (a) secure cessation of the infringement, or (b) enter suit against the infringer, or (c) provide Company with   evidence of the pendency of a bona fide negotiation for the acceptance by the infringer of   a sublicensee under this Agreement, Company shall thereafter have the right, but not the   obligation, to convert Licensee’s exclusive License in Paragraph 2.2  hereunder to a non-  exclusive License and/or to take action against the infringer at Company’s own expense.    Licensee shall offer reasonable assistance to Company in connection with such action at   no charge to Licensee except for the reimbursement of reasonable out-of-pocket   expenses.  Any damages, profits, or awards of whatever nature recovered from such   action shall belong solely to Company.

ARTICLE 8 - WARRANTY DISCLAIMER

8.1

Nothing in this Agreement shall be construed as:

(a)

A warranty or representation by Company as to the validity or scope of any Licensed Patent;

7

 

(b)

A warranty or representation that anything made, used, sold or otherwise disposed of under any License granted in this Agreement is or will be free from infringement of patents, copyrights or other intellectual property of third parties;

(c)

An obligation of Company to bring or prosecute actions or suits against third parties for infringement;

(d)

Conferring rights to use in advertising, publicity or otherwise any trademark or the name of Company; or

(e)

Granting by implication, estoppel or otherwise any licenses under patents of Company other than Licensed Patents and Licensed Patent Applications, regardless of whether such other patents are dominant of or subordinate to any Licensed Patent.

8.2

Except as expressly set forth in this Agreement, COMPANY MAKES NO REPRESENTATIONS, EXTENDS NO WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, AND ASSUMES NO RESPONSIBILITIES WHATSOEVER WITH RESPECT TO THE USE, SALE OR OTHER DISPOSITION BY LICENSEE OR ITS VENDEES OR OTHER TRANSFEREES OF PRODUCTS INCORPORATING OR MADE BY USE OF TECHNOLOGIES LICENSED UNDER THIS AGREEMENT OR INFORMATION, IF ANY, FURNISHED UNDER THIS AGREEMENT.  SUCH TECHNOLOGIES AND INFORMATION ARE PROVIDED AS IS, WITHOUT WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR ANY OTHER WARRANTY, EXPRESS OR IMPLIED. 

ARTICLE 9 – CONFIDENTIALITY

9.1.

As used herein, “Confidential Information” shall mean proprietary information, know-how, samples, drawings or data, technical or non-technical, related to research that originates with either party and is disclosed or provided to the other.  The recipient may use the provider’s Confidential Information for purposes of this Agreement, but agrees neither to use for any other purpose nor to disclose or provide such Confidential Information to any third party at any time during the term of this Agreement or for a period of ten (10) years thereafter, except as follows:

(a)

 

To the extent that such Confidential Information was known to the recipient from sources other than the provider prior to its disclosure hereunder, and this is demonstrably documented in written records made by recipient prior to such   disclosure; or

8

(b)

To the extent that such Confidential Information in fact is public knowledge prior to or after its disclosure, other than through acts or omissions attributable to the recipient; or

(c)

To the extent that such Confidential Information was disclosed or provided to the recipient by a third party who did not derive such information from the provider; or 

(d)

To the extent that disclosure is required by law or regulation, with prior notice to be provided to the disclosing party to allow it to limit disclosure or seek confidential status; or

(e)

To the extent that such Confidential Information has been developed independently by the recipient, without reference to any Confidential Information of the provider, which development may be proven by competent evidence.

9.2.

Each recipient specifically agrees not to export or re-export any information and/or technical data and/or products in violation of any applicable United States laws and/or regulations.

9.3.

Each recipient will retain control of Confidential Information received hereunder, treating such Confidential Information with the same care as would be afforded its own Confidential Information, and will not provide such Confidential Information to parties who are not bound by obligations of confidentiality consistent with this Agreement.

ARTICLE 10 – NOTICES

10.1

Communications to Licensee concerning this Agreement should be addressed to:

Marksprings Maison A719, 10-40 

Gokanme-cho, Seya-ku

Yokohama, Japan

ATTN: Tomomi Umetsu

10.2

Communications to Company concerning this Agreement should be addressed to:

Executive VP

ProteomTech, Inc.

5980 Horton St. Suite 405

ATTN:

 Sean Wu, PhD

9

ARTICLE 11 – TERMINATION

11.1

Licensee may terminate this Agreement at any time by providing one year’s written notice to Company. 

11.2

In the event that Licensee shall be in default of any of its obligations hereunder, Company may at its sole option: (a) terminate this Agreement or (b) convert the exclusive License in Paragraph 2.2 hereunder to a non-exclusive License.  This option (a) or (b) of Company shall be exercised by written notice to Licensee specifying the nature of the default including the amount of royalties then due, if any, and shall be effective thirty (30) days following receipt of said notice by Licensee unless Licensee cures said default prior to the expiration of said period of thirty (30) days. 

11.3

Upon termination of this Agreement or conversion to a non-exclusive License as provided under Paragraph 11.1 or 11.2, neither party shall be relieved of any obligations incurred prior to such termination or conversion, and the obligations of the parties under any provisions which by their nature are intended to survive any such termination or conversion shall survive and continue to be enforceable. 

ARTICLE 12 – MISCELLANEOUS

12.1

Licensee agrees to defend Company at Licensee’s cost and expense, and will indemnify and hold harmless Company from and against any and all losses, costs, damages, fees or expenses arising out of or in connection with the manufacture, use, commercialization, marketing or sale by Licensee of any Licensed Product and/or Licensed Process hereunder, or the use by Licensee or its transferees of Licensed Technology, Know-how or Licensed Patents, or out of any sale or other disposition by Licensee or its transferees of Licensed Products or Licensed Processes. 

12.2

Neither this Agreement nor any of the rights or obligations hereunder may be assigned by either party without the prior written consent of the other party. 

12.3

Force Majeure  In the event that either party is prevented from performing or is unable to perform any of its obligations under this Agreement due to any act of God, fire, casualty,   flood, war, strike, terrorism, lockout, failure of public utilities, government regulation or   the like, such party shall give notice to the other party in writing promptly, and thereupon   the affected party’s performance shall be excused and the time for performance shall be   extended for the period of delay or inability to perform due to such occurrence. 

12.4

The waiver by either party of a breach or default of any provisions of this Agreement by the other party must be in written form and signed by both parties, and shall not be
construed as a waiver of any other breach of the same or any other provision.

10

12.5

This Agreement may not be modified except in a writing signed by an authorized representative of each party.

12.6

This Agreement contains the full understanding of the parties with respect to the subject matter hereof and supersedes all prior understandings and writings relating thereto. There are no agreements, representations or warranties between the parties or with   respect to the subject matter hereof except those set forth in this Agreement. 

12.7

As of the Effective Date and throughout the Term, each party represents and warrants to the other that:  (a) it is duly organized, validly existing and in good standing as a   corporation or other entity as represented herein under the laws of its jurisdiction of   incorporation, organization or chartering; (b) it has the corporate authority to enter into   this Agreement, (c) execution of this Agreement by its officer whose signature is set forth   at the end hereof has been duly authorized by all necessary corporate action of the party;   and (d) upon execution by all parties this Agreement shall be a valid and binding   agreement of the party enforceable against the party according to its terms.

12.8

Each party has had the opportunity to consult independent legal counsel regarding this Agreement, and the language of this Agreement is the language chosen by the parties to   express their mutual intent.  Accordingly, any rule of law, including Section 1654 of the   California Civil Code, or any legal decision that would require interpretation of any   claimed ambiguities in this Agreement against the party that drafted it has no application   and is expressly waived.  

12.9

This Agreement does not create any partnership, joint venture or agency relationship between the parties. 

12.10

This Agreement shall be binding upon and inure to the benefit of the parties hereto and their heirs, executors, administrators, successors, legal representatives and permitted assigns. 

12.11

Severability.  In the event that any of the terms of this Agreement are declared to be illegal by any court of competent jurisdiction, such term or terms shall be null and void   with respect to the jurisdiction of that court and shall be deemed deleted from this Agreement, and all the remaining terms of this Agreement shall remain in full force and effect.

 

12.12

Headings  The headings of Articles used in this Agreement are inserted for convenience of reference only and shall not affect the interpretation of the respective Articles of this Agreement.

11

 

12.13

Languages This Agreement is prepared in the English language, which language shall control, and any translation in any other language shall be for reference only and shall not   bind the parties.

12.14

Governing Law This Agreement shall be construed in accordance with the laws of the state of California, USA.

12.15

Conciliation Any and all disputes arising between the parties concerning the validity, construction or effect of this Agreement, or the rights and obligations created hereunder   shall be brought before a conciliation committee of executives representing both parties   which shall, within two (2) weeks after being informed of the dispute, attempt to work   out a recommendation for settlement of the dispute and transmit such recommendation to   both parties for due consideration.

12.16

ArbitrationUnless otherwise mandated by applicable law in the Territory, any dispute which cannot be settled amicably by conciliation as provided in Article 12.15 shall be exclusively heard, finally settled and decided by arbitration.  All disputes, controversies or differences which may arise between the parties hereto, out of or in relation to or in   connection with this Agreement, or the breach thereof, shall be finally settled either   by arbitration in Tokyo, Japan in accordance with the Commercial Arbitration Rules of The Japan Commercial Arbitration Association in the event Company may bring action   or by arbitration in State of California, the United States of America in accordance with   the Rules of Conciliation and Arbitration of the International Chamber of Commerce in   the event Licensee may bring action.

 

12

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their properly and duly authorized officers or representatives as of the date first above written. 

PROTEOMTECH, INC 

PROTEOGENSYS, INC.

By: /s/ Sean Wu                                         

By: /s/   Tomomi Umetsu                                              

Sean Wu, Ph.D.

Tomomi Umetsu

Executive VP 

President & CEO

  

Date: October 10, 2005

13

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