Document:

Reaffirmation Agreement

     

    
      Exhibit
        10.39 

    

     

    
      

      

    

     

     

    REAFFIRMATION
      AGREEMENT

     

     

    This
      REAFFIRMATION AGREEMENT, dated as of August 30, 2006 (this “Agreement”),
      is
      made by Uluru Inc., a Nevada corporation (the “Parent”)
      and
      Uluru Delaware Inc. (f/k/a Uluru Inc. and the successor by merger with Uluru
      Acquisition Corp.), a Delaware corporation (the “Guarantor”)
      in
      favor of the Buyers (as defined below). Capitalized terms used herein but not
      specifically defined herein shall have the meanings ascribed to them in the
      Debentures referred to below. 

     

    WHEREAS,
      on or around October 12, 2005, Oxford Ventures, Inc., a Nevada corporation
      (now
      known as Uluru Inc., a Nevada corporation) and the Buyers identified on the
      signature pages thereto (collectively, the “Buyers”)
      entered into a Securities Purchase Agreement (as amended to date, the
“Securities
      Purchase Agreement”)
      pursuant to which Oxford Ventures, Inc., a Nevada corporation, issued and the
      Buyers purchased, at the first closing, Convertible Debentures in an amount
      up
      to $13,000,000; 

     

    WHEREAS,
      on or around October 12, 2005, Uluru Acquisition Corp, a Nevada corporation
      entered into the Guaranty Agreement (the “Original
      Guaranty”)
      in
      favor of the buyers listed on Schedule I thereto; 

     

    WHEREAS,
      to secure the Obligations of the Guarantor to the Buyers, the Guarantor and
      the
      Buyers entered into that certain Security Agreement, dated on or around October,
      12, 2005 (the “Security
      Agreement”)
      pursuant to which, among other things, the Guarantor granted to the Buyer a
      security interest in and to the Pledged Property (as defined in the Security
      Agreement); WHEREAS, to secure the Obligations of the Parent to the Buyers,
      the
      Parent and the Buyers entered into that certain Guarantor Security Agreement,
      dated on or around October, 12, 2005 (the “Parent
      Security Agreement”)
      pursuant to which, among other things, the Parent granted to the Buyer a
      security interest in and to the Pledged Property (as defined in the Parent
      Security Agreement); 

     

    WHEREAS,
      on March 31, 2006, Oxford Ventures, Inc., a Nevada corporation changed its
      name
      to Uluru, Inc., a Nevada corporation; 

     

    WHEREAS,
      on March 31, 2006, Uluru Acquisition Corp., a Delaware corporation merged with
      and into Uluru Inc., a Delaware corporation, and on June 8, 2006, Uluru Inc.,
      a
      Delaware corporation, changed its name to Uluru Delaware Inc.; 

     

    WHEREAS,
      on the date hereof, the Securities Purchase Agreement will be amended to provide
      for the purchase of Convertible Debentures at the second closing in an aggregate
      amount of $3,000,000 and, in connection therewith, (i) the Convertible
      Debentures issued to the Buyers will be amended and restated (the Convertible
      Debentures issued to the Buyers, as amended and restated, are hereinafter
      referred to as the “Debentures”) and (ii) the Investor Registration Rights
      Agreement, dated on or around October 12, 2005, by and among the Company and
      the
      Buyers will be amended and restated (the “Amended
      and Restated Investor Registration Rights Agreement”)

     

    WHEREAS,
      on the date hereof, the Guarantor will enter into the Amended and Restated
      Guaranty Agreement (the “Amended
      and Restated Guaranty”)
      in
      favor of the Buyers; and 

     

    WHEREAS,
      the Guarantor is a wholly owned subsidiary of the Parent. 

     

    NOW
      THEREFORE, in consideration of the premises and for other good and valuable
      consideration, the parties hereto hereby agree as follows: 

     

    1.
      Reaffirmation
      and Confirmation. 

     

    (a)
      The
      Parent hereby (i) acknowledges, confirms and agrees that the Parent Security
      Agreement (A) remains in full force and effect as security for the Obligations
      (as defined in the Parent Security Agreement), which includes the accrued but
      unpaid Liquidated Damages (as defined in the Amended and Restated Investor
      Registration Rights Agreement) specified in Section 2(e) of the Amended and
      Restated Investor Registration Rights Agreement, (B) is the valid and binding
      obligation of the Parent, and (C) is not subject to offset, deduction, defense
      or claim against any Buyer, and (ii) confirms, ratifies and reaffirms that
      the
      security interest granted to the Buyer, pursuant to the Parent Security
      Agreement in all of its right, title, and interest in all then existing and
      thereafter acquired or arising Pledged Collateral described therein, in order
      to
      secure prompt payment and performance of the Obligations (as defined in the
      Parent Security Agreement), is continuing and is and shall remain unimpaired
      and
      continue to constitute a first priority security interest in favor of the
      Buyers, with the same force, effect and priority in effect both immediately
      prior to and after entering into this Agreement, the Amended and Restated
      Guaranty, the Debentures and the Parent Security Agreement.

     

    (b)
      The
      Guarantor hereby (i) acknowledges, confirms and agrees that the Security
      Agreement (A) remains in full force and effect as security for the Obligations
      (as defined in the Security Agreement), which includes the accrued but unpaid
      Liquidated Damages specified in Section 2(e) of the Amended and Restated
      Investor Registration Rights Agreement, (B) is the valid and binding obligation
      of the Guarantor, and (C) is not subject to offset, deduction, defense or claim
      against any Buyer, and (ii) confirms, ratifies and reaffirms that the security
      interest granted to the Buyers, pursuant to the Security Agreement in all of
      its
      right, title, and interest in all then existing and thereafter acquired or
      arising Pledged Collateral described therein, in order to secure prompt payment
      and performance of the Obligations (as defined in the Security Agreement),
      is
      continuing and is and shall remain unimpaired and continue to constitute a
      first
      priority security interest in favor of the Buyers, with the same force, effect
      and priority in effect both immediately prior to and after entering into this
      Agreement, the Amended and Restated Guaranty, the Debentures and the Security
      Agreement.

     

    2.
      General
      Provisions.

     

    (a)
      This
      Agreement does not and shall not affect any of the obligations of the parties
      hereto arising from the Debentures, all of which obligations shall remain in
      full force and effect. The execution, delivery and effectiveness of this
      Agreement shall not operate as a waiver of any right, power or remedy of any
      Buyer under the Debenture issued to it or any document executed in connection
      therewith, nor constitute a waiver of any provision of the Debenture or any
      other document relating thereto. This Agreement is for the benefit of each
      of
      the Buyers and is enforceable by the Buyers against the Guarantor and the
      Parent. 

     

    (b)
      Representations
      and Warranties.
      Each of
      the Guarantor and the Parent represents and warrants that (i) the execution,
      delivery and performance of this Agreement have been duly authorized by all
      necessary action, (ii) it has duly executed and delivered this Agreement, and
      (iii) this Agreement is a legal, valid and binding obligation of such Person,
      enforceable against such Person in accordance with its terms, except as may
      be
      limited by applicable bankruptcy, insolvency, reorganization, moratorium or
      other similar laws affecting the enforcement of creditors’ rights generally and
      by general equitable principles (whether enforcement is sought by proceedings
      at
      law or in equity).

     

    (c)
      Counterparts.
      This
      Agreement may be executed by one or more of the parties hereto in any number
      of
      separate counterparts and all of such counterparts taken together shall be
      deemed to constitute one and the same instrument. Delivery of an executed
      counterpart of this Agreement by facsimile or electronic mail shall be equally
      effective as delivery of an original executed counterpart. 

     

    (d)
      CHOICE
      OF LAW.
      THIS
      AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE
      WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO THE CONFLICTS
      OR
      CHOICE OF LAW PRINCIPLES THEREOF.

     

    (e)
      JURY
      TRIAL WAIVER.
      EACH
      PARTY HERETO HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE
      OF
      ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY OF THE OTHER LOAN
      DOCUMENTS OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREIN OR THEREIN, INCLUDING
      CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW
      OR
      STATUTORY CLAIMS. EACH PARTY HERETO REPRESENTS THAT IT HAS REVIEWED THIS WAIVER
      AND IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING
      CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, A COPY OF THIS
      AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

     

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    IN
      WITNESS WHEREOF, the undersigned have duly executed this Agreement as of this
      30th day of August, 2006.

     

    

    ULURU
      INC., a Nevada corporation

    By:
      /s/
      Kerry P. Gray

    Kerry
      P.
      Gray

    Chief
      Executive Officer

    

    ULURU
      DELAWARE INC., a Delaware corporation

    By:
      /s/
      Kerry P. Gray 

    Kerry
      P.
      Gray

    Chief
      Executive Officer

    

    CORNELL
      CAPITAL PARTNERS, LP 

    By:
      Yorkville Advisors, LLC, its General Partner 

    

    By:  /s/
      Ed
      Shinik

    Name:
      Ed
      Shinik

    Title:
      Chief Financial Officer

    

    PRENOX,
      LLC 

    By:
      Prentice Capital Management, LP its Manager 

    By:
      /s/
      Matt Hoffman 

    Name:
      Matt Hoffman

    Title:
      General CounselAgreement between Uluru Inc. and Uluru Delaware Inc.

     

    Exhibit
      10.40 

     

    
      

      

    

     

    AGREEMENT

     

    Reference
      is made to that certain (i) Securities Purchase Agreement (the “Securities
      Purchase Agreement”),
      (ii)
      Security Agreement, (iii) Collateral Assignment, (iv) Guaranty Agreement (the
      “October
      Guaranty Agreement”),
      (v)
      Guarantor Security Agreement, (vi) Escrow Agreement, (vii) Escrow Shares
      Agreement, (viii) Investor Registration Rights Agreement (the “October
      Investor Registration Rights Agreement”)
      and
      (ix) Irrevocable Transfer Agent Instructions, each dated as of October 12,
      2005,
      and each by and among Uluru Inc. (f/k/a Oxford Ventures, Inc.), a Nevada
      corporation (the “Company”),
      or
      Uluru Delaware Inc. (f/k/a Uluru Inc. and the successor by merger with Uluru
      Acquisition Corp.), a Delaware corporation (the “Subsidiary”),
      and
      Highgate House Funds, Ltd (whose interests were subsequently transferred to
      Cornell Capital Partners, LP), Prenox, LLC and the various other parties, if
      any, thereto. Capitalized terms used herein and not otherwise defined are
      defined in the Securities Purchase Agreement.

     

    WHEREAS,
      pursuant to the Securities Purchase Agreement, the Second Closing was to occur
      within five (5) days after the registration statement to be filed pursuant
      to
      the October Investor Registration Rights Agreement was declared effective and,
      at the Second Closing, the Buyers would fund an additional $2,000,000 from
      Escrow for the purchase of additional Convertible Debentures in the amounts
      set
      forth on Schedule I to the Securities Purchase Agreement; and 

     

    WHEREAS,
      the parties desire to amend the Securities Purchase Agreement to provide that:
      (i) the Second Closing shall occur on the date hereof, notwithstanding the
      fact
      that the registration statement contemplated by the October Investor
      Registration Rights Agreement has yet to be filed with the SEC; (ii) at the
      Second Closing, Prenox, LLC shall purchase $3,000,000 of Convertible Debentures
      and warrants to purchase shares of Common Stock (the “Second
      Closing Warrants”),
      in
      the form attached hereto as Exhibit A, and Cornell Capital Partners, LP shall
      not purchase any securities of the Company; and (iii) Schedule Ito the
      Securities Purchase Agreement shall be amended to reflect the transactions
      contemplated by the Second Closing; and WHEREAS, in connection with the
      transactions contemplated by the Second Closing, (i) the Convertible Debentures
      previously issued to Prenox, LLC and Highgate House Funds, Ltd. shall be amended
      and restated in the form attached hereto as Exhibits B-1 and B-2, respectively,
      (ii) the October Guaranty Agreement shall be amended and restated in the form
      attached hereto as Exhibit C (the “Amended
      and Restated Guaranty Agreement”)
      and
      (iii) the October Investor Registration Rights Agreement shall be amended and
      restated in the form attached hereto as Exhibit D (the “Amended
      and Restated Investor Registration Rights Agreement”).

    

    Now
      therefore, in consideration of the foregoing and other consideration, the
      sufficiency of which is hereby acknowledged the parties hereto agree as
      follows:

    

    	1.  	
            The
              Second Closing shall occur on the date hereof and, at the Second Closing,
              Prenox, LLC shall wire $3,000,000 (net of the fee of $300,000 due and
              owing to Prenox, LLC specified in paragraph 3 below and the $675,000
              of
              accrued but unpaid interest due and owing to Prenox, LLC as specified
              in
              paragraph 3 below) to an account designated in writing by the Company
              upon
              receipt of (i) an originally executed Amended and Restated Convertible
              Debenture, in the form attached hereto as Exhibit B-i, in the aggregate
              principal amount of $13,000,000, (ii) the originally executed Second
              Closing Warrants, (iii) a duly executed copy of the Amended and Restated
              Investor Registration Rights Agreement, and (iv) a duly executed copy
              of
              the Amended and Restated Guaranty
              Agreement.

          

    

    	2.  	
            Schedule
              I to the Securities Purchase Agreement is hereby amended so that the
              column “Second Closing” under (A) “Amount of Subscription” shall read “0”
              opposite the name of Highgate House Funds, Ltd. and “$3,000,000” opposite
              the name of Prenox, LLC and (B) “Number of Warrants” shall read “0”
              opposite the name of Highgate House Funds, Ltd. and “1,125,000” opposite
              the name of Prenox, LLC.

          

    

    	3.  	
            The
              use of proceeds from the Second Closing shall be used to repay accrued
              interest due and owing through and including August 31, 2006 to Prenox,
              LLC and Cornell Capital Partners, LP under the Convertible Debentures
              issued at the First Closing in the amount of $675,000 and $265,616,
              respectively, to pay Prenox LLC’s fee of $300,000 as set forth in Section
              4(g) of the Securities Purchase Agreement and the remaining balance
              for
              working capital purposes. No proceeds from the Second Closing shall
              be
              used to pay any amounts that may now or hereafter be due and owing
              to
              Access Pharmaceuticals, Inc. or pursuant to the Asset Sale Agreement,
              dated as of October 11, 2005, between the Company and Access
              Pharmaceuticals, Inc.

          

    

    	4.  	
            The
              Company hereby represents and warrants to Prenox, LLC that the
              representations and warranties set forth in Section 3 to the Securities
              Purchase Agreement are true and correct in all material respects as
              of the
              date hereof (except to the extent that any of such representations
              and
              warranties is already qualified as to materiality in Section 3 above,
              in
              which case, such representations and warranties shall be true and correct
              without further qualification); it being acknowledged and agreed that
              for
              purposes of the foregoing, the term (i) “Convertible Debentures”, as
              referred to in the Securities Purchase Agreement, shall be deemed to
              refer
              to the Amended and Restated Convertible Debentures being issued at
              the
              Second Closing, (ii) “Warrants”, as referred to in the Securities Purchase
              Agreement, shall be deemed to refer to the warrants to purchase Common
              Stock issued in the First Closing and the Second Closing Warrants,
              and
              (iii) the “Investor Registration Rights Agreement,” as referred to in the
              Securities Purchase Agreement, shall be deemed to refer to the Amended
              and
              Restated Investor Registration Rights
              Agreement.

          

    

    	5.  	
            The
              Company and the Subsidiary hereby reaffirm the prior grant of the security
              interest in all of the assets and property of (i) the Company as set
              forth
              on Exhibit A to the Security Agreement and (ii) the Subsidiary as set
              forth on Exhibit A to the Guarantor Security
              Agreement.

          

    

    	6.  	
            The
              Company, Prenox, LLC and Cornell Capital Partners, LP (as transferee
              of
              the interests of Highgate House Funds, Ltd.) hereby authorize and instruct
              the Escrow Agent to release from escrow any funds presently held by
              the
              Escrow Agent relating to the Second Closing and to deliver such funds
              to
              Prenox, LLC and Cornell Capital Partners, LP, as applicable, in the
              amount
              deposited by such party with the Escrow Agent with respect to the Second
              Closing.

          

    

    	7.  	
            The
              parties hereto hereby approve and consent to the consummation of the
              Second Closing on the terms set forth herein, including the issuance
              of
              the Amended and Restated Convertible Debentures and the Second Closing
              Warrants.

          

    

    	8.  	
            Except
              as amended by the terms of this Agreement, the Securities Purchase
              Agreement and the other transaction documents executed in connection
              with
              the First Closing shall remain in full force and
              effect.

          

    

    	9.  	
            All
              questions concerning the construction, validity, enforcement and
              interpretation of this Agreement shall be governed by the internal
              laws of
              the State of New York, without giving effect to any choice of law or
              conflict of law provision or rule (whether of the State of New York
              or any
              other jurisdictions) that would cause the application of the laws of
              any
              jurisdictions other than the State of New York. Each party hereby
              irrevocably submits to the exclusive jurisdiction of the state and
              federal
              courts sitting in The City of New York, Borough of Manhattan, for the
              adjudication of any dispute hereunder or in connection herewith or
              with
              any transaction contemplated hereby or discussed herein, and hereby
              irrevocably waives, and agrees not to assert in any suit, action or
              proceeding, any claim that it is not personally subject to the
              jurisdiction of any such court, that such suit, action or proceeding
              is
              brought in an inconvenient forum or that the venue of such suit, action
              or
              proceeding is improper. Each party hereby irrevocably waives personal
              service of process and consents to process being served in any such
              suit,
              action or proceeding by mailing a copy thereof to such party at the
              address for such notices to it under this Agreement and agrees that
              such
              service shall constitute good and sufficient service of process and
              notice
              thereof. Nothing contained herein shall be deemed to limit in any way
              any
              right to serve process in any manner permitted by law. EACH
              PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT
              TO
              REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER
              OR IN
              CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION
              CONTEMPLATED HEREBY. 

          

    

    
      
         

         

      

      
         

        
          

        

      

      
         

      

    

    

    IN
      WITNESS WHEREOF,
      the
      parties hereto have caused this Reaffirmation to be executed by an officer
      thereunto duly authorized, as of the date first above written. 

    

    ULURU
      DELAWARE INC.,
      a
      Delaware 

    corporation

    

    By: 
      /s/
      Kerry P. Gray  

    Name: 
      Kerry
      P. Gray   

    Title: 
      President & CEO  

    

    

    ULURU
      INC.,
      a
      Nevada corporation

    

    By: 
      /s/
      Kerry P. Gray  

    Name: 
      Kerry
      P. Gray   

    Title: 
      President & CEO

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