Document:

Unassociated Document

 

CONFIDENTIAL
TREATMENT REQUESTED: Certain
portions of this document have been omitted pursuant to a request for
confidential treatment and, where applicable, have been marked with an asterisk
(“[****]”) to
denote where omissions have been made. Note that five pages of this exhibit
contain omitted material pursuant to this request. The confidential material has
been filed separately with the Securities and Exchange Commission.

 

 

CROSS
LICENSE AGREEMENT

 

This
CROSS LICENSE AGREEMENT (the “Agreement”) is
entered into as of the Effective Date, by and between IMCOR Pharmaceutical Co.,
a Nevada corporation (“IMCOR”),
Bristol-Myers Squibb Company, a Delaware corporation (“BMS”), and
Bristol-Myers Squibb Medical Imaging, Inc., a Delaware corporation (together
with BMS, referred to herein as “BMSMI”). IMCOR
and BMSMI may be referred to separately as a “Party” or
collectively as the “Parties”.

 

WHEREAS,
IMCOR and BMSMI each own and control certain patent rights relating to
ultrasound contrast agents and ultrasound imaging;

 

WHEREAS,
IMCOR desires to obtain a non-exclusive license under such BMSMI patent rights
as set forth in this Agreement;

 

WHEREAS,
BMSMI desires to obtain a non-exclusive license under such IMCOR patent rights
as set forth in this Agreement;

 

WHEREAS,
each Party desires to cross license certain patent rights to the other Party and
to engage in the other transactions as set forth in this Agreement.

 

NOW,
THEREFORE, in consideration of the foregoing and the covenants, acknowledgements
and representations contained in this Agreement, the Parties hereby agree as
follows.

 

Article
I

Definitions

 

1.  Definitions.  
The terms in this Agreement with initial letters capitalized, whether used in
the singular or plural, shall have the meaning designated below or, if not
designated below, the meaning as designated in places throughout this
Agreement.

 

(a)  “Affiliate” shall
mean any entity which controls, is controlled by, or is under common control
with a Party. An entity is deemed to be in control of another entity (controlled
entity) if such company directly or indirectly owns 50% or more in nominal value
of the issued equity share capital of such other company, or 50% or more of the
shares entitled to vote upon the election of: (i) the directors, (ii) persons
performing functions similar to those performed by directors, or (iii) persons
otherwise having the right to elect or appoint (a) directors having the majority
vote of the Board of Directors, or (b) other persons having the majority vote of
the highest and most authoritative directive body of such other
company.

 

 

1

 

(b)  “BMSMI
Patent Rights” shall
mean the following patents and patent applications in the Territory Controlled
by BMSMI or its Affiliates: (i) all patent applications pending as of the
Effective Date that claim, describe or are directed to the Field; (ii) all
patents that have issued or issue from any patent application described in the
foregoing clause (i) that claim, describe or are directed to the Field; and
(iii) all patent applications and patents, that claim, describe or are directed
to the Field, that claim priority to any patent application or patent under the
foregoing clauses (i) or (ii), or that claim priority to any patent application
or patent to which any
patent application or patent under the foregoing clauses (i) or (ii) claims
priority. BMSMI Patent Rights include, but are not limited to, the patents
listed on Exhibit
A
hereto.

 

(c)  “BMSMI
Product” shall
mean any ultrasound contrast agent used for enhancement of ultrasound imaging;
provided that BMSMI Product shall not include any product that is substantially
identical in all aspects of composition and performance to an IMCOR or IMCOR
Affiliate ultrasound contrast agent that is being used in human clinical trials
or is approved for use in humans, unless such product was used in human trials
by BMSMI prior to being first used in human clinical trials by IMCOR or an IMCOR
Affiliate, as shown by written records. BMSMI Product includes
DEFINITY®.

 

(d)  “Confidential
Information” shall
mean all information received by a Party from or on behalf of the other Party
pursuant to this Agreement that is designated confidential at the time the
information is disclosed, subject to the exceptions set forth
below.

 

(e)  “Control” or
“Controlled” means,
with respect to any Patent Right, the possession (whether by ownership or
license) by a Party or its Affiliates of the ability to grant to the other Party
the license as provided herein, without violating the terms of any agreement or
other arrangement with any Third Party as of the Effective Date.

 

(f)  “Effective
Date” shall
mean the last date on which both Parties hereto have executed this
Agreement.

 

(g)  “Field” shall
mean contrast enhancement of diagnostic ultrasound imaging, including ultrasound
imaging and/or ultrasound contrast agents, including without limitation the
formulation, composition, use, and/or methods of making and using ultrasound
contrast agents.

 

(h)  “IMCOR
Patent Rights” shall
mean the following patents and patent applications in the Territory Controlled
by IMCOR or its Affiliates: (i) all patent applications pending as of the
Effective Date that claim, describe or are directed to the Field; (ii) all
patents that have issued or issue from any patent application described in the
foregoing clause (i) that claim, describe or are directed to the Field; and
(iii) all patent applications and patents, that claim, describe or are directed
to the Field, that claim priority to any patent application or patent under the
foregoing clauses (i) or (ii), or that claim priority to any patent application
or patent to which any patent application or patent under the foregoing clauses
(i) or (ii) claims priority. IMCOR Patent Rights include, but are not limited
to, the patents listed on Exhibit
B hereto.

 

 

2

[****] Represents material which has been redacted pursuant to a request
for confidential treatment pursuant to Rule 24B-2 under the Securities Exchange
Act of 1934, as amended. The confidential materials have been filed separately
with the SEC.

 

(i)  “IMCOR
Product” shall
mean any ultrasound contrast agent used for enhancement of ultrasound imaging;
provided that IMCOR Product shall not include (i) any product that is
substantially identical in all aspects of composition and performance to a BMSMI
or BMSMI Affiliate ultrasound contrast agent that is being used in human
clinical trials or is approved for use in humans, unless such product was used
in human clinical trials by IMCOR prior to being first used in human clinical
trials by BMSMI or a BMSMI Affiliate as shown by written records, or (ii) any
Targeted Agent. IMCOR Product includes IMAGENT®.

 

(j)  “Option
Products” shall
mean any one or more of the following BMSMI products in development:
[****] (a
[****]
agent
targeted to [****],[****] (a
[****] agent
targeted to [****],[****] (a
[****] agent
targeted to [****]), and
[****] (a
[****] agent
targeted to [****]). 

 

(k)  “Patent
Rights” shall
mean either the IMCOR Patent Rights or the BMSMI Patent Rights, as the context
requires.

 

(l)  “Securities
Purchase Agreement” means
the agreement to be executed by the Parties concurrently with the execution of
this Agreement, that sets forth the rights, preferences and privileges with
respect to the Series A Convertible Preferred Stock to be purchased by BMSMI in
accordance with Article VI hereof.

 

(m)  "Targeted
Agent" shall
mean any ultrasound contrast agent that includes a targeting moiety or component
with specific binding affinity for a
specific organ, tissue or receptor.

 

(n)  
“Territory” shall
mean all countries of the world.

 

(o)  
“Third
Party” shall
mean any person or entity other than IMCOR or BMSMI or their respective
Affiliates.

 

Article
II

Grant
of Intellectual Property Rights

 

1.  IMCOR
hereby grants BMSMI and its Affiliates a non-exclusive, irrevocable, fully-paid,
perpetual license and immunity from suit under the IMCOR Patent Rights to
develop, make, have made, use, sell, and/or offer to sell BMSMI Products in the
Territory. BMSMI shall have the limited right to grant sublicenses as follows:
(a) BMSMI shall have the right to grant sublicenses under the license set forth
in the first sentence hereof to any entity to make, use, sell or offer to sell
DEFINITY without IMCOR’s prior approval, including without limitation to
Yamanouchi Pharmaceutical Co., Ltd. (or its successor) with respect to Japan;
and (b) BMSMI shall have the right to grant any other sublicenses (in addition
to clause (a)) under the license set forth in the first sentence hereof solely
on a product-by-product basis in connection with the license to a Third Party of
rights to develop and/or commercialize a specific BMSMI Product (other than
DEFINITY) that is being developed and/or commercialized by BMSMI, subject to
IMCOR’s prior written approval, such approval not to be unreasonably withheld.
For clarification, in the event of the grant of such a permitted sublicense with
respect to a specific BMSMI Product, the sublicensed rights are granted solely
with respect to the specific BMSMI Product and shall not apply or extend to any
other product of such Third Party.

 

 

3

 

The
license rights granted hereunder to BMSMI shall extend to BMSMI’s distributors,
manufacturers, sales agents, exporters, and importers solely with respect to
activities (i) authorized by and for the benefit of BMSMI or its Affiliates and
(ii) directly related to the manufacture, sale, distribution, exportation, and
importation of BMSMI Products for and under the direction of BMSMI or its
Affiliates as agents of BMSMI or its Affiliates, and not for their own accounts.
BMSMI distributors, manufacturers, sales agents, exporters, and importers shall
have no direct rights under this Agreement, are not third party beneficiaries of
this Agreement, and shall have no right or ability to enforce any provision of
this Agreement.

 

2.  BMSMI
hereby grants to IMCOR and its Affiliates a non-exclusive, irrevocable,
fully-paid perpetual license and immunity from suit under the BMSMI Patent
Rights to develop, make, have made, use, sell, offer to sell IMCOR Products in
the Territory. IMCOR shall have the limited right to grant sublicenses as
follows: (a) IMCOR shall have the right to grant sublicenses under the license
set forth in the first sentence hereof to any entity to make, use, sell or offer
to sell IMAGENT without BMSMI’s prior approval, including without limitation to
Kyosei Pharmaceutical Co., Ltd. (or its successor) with respect to Japan; and
(b) IMCOR shall have the right to grant any other sublicenses (in addition to
clause (a)) under the license set forth in the first sentence hereof solely on a
product-by-product basis in connection with the license to a Third Party of
rights to develop and/or commercialize a specific IMCOR Product (other than
IMAGENT) that is being developed and/or commercialized by IMCOR, subject to
BMSMI’s prior written approval, such approval not to be unreasonably withheld.
For clarification, in the event of the grant of such a permitted sublicense with
respect to a specific IMCOR Product, the sublicensed rights are granted solely
with respect to the specific IMCOR Product and shall not apply or extend to any
other product of such Third Party.

 

The
license rights granted hereunder to IMCOR shall extend to IMCOR’s distributors,
manufacturers, sales agents, exporters, and importers solely with respect to
activities (i) authorized by and for the benefit of IMCOR or its Affiliates and
(ii) directly related to the manufacture, sale, distribution, exportation, and
importation of IMCOR Products for and under the direction of IMCOR or its
Affiliates as agents of IMCOR or its Affiliates, and not for their own accounts.
IMCOR distributors, manufacturers, sales agents, exporters, and importers shall
have no direct rights under this Agreement, are not third party beneficiaries of
this Agreement, and shall have no right or ability to enforce any provision of
this Agreement.

 

3.  For the
avoidance of doubt, the foregoing licenses do not grant IMCOR any rights in
DEFINITY or other BMSMI Products, or any generic version thereof, nor do they
grant BMSMI any rights in IMAGENT or other IMCOR Products, or any generic
version thereof.

 

Article
III

Resolution
of Intellectual Property Disputes

 

1.  It is the
intention of the Parties to hereby resolve and settle any and all current and
potential intellectual property disputes pertaining to the IMCOR Patent Rights
and the BMSMI Patent Rights so as to obtain freedom to market their respective
Products. In that connection, each Party shall:

 

 

4

[****] Represents material which has been redacted pursuant to a request
for confidential treatment pursuant to Rule 24B-2 under the Securities Exchange
Act of 1934, as amended. The confidential materials have been filed separately
with the SEC.

 

(a)  withdraw
and terminate, with prejudice, any pending oppositions, claims or other actions
in any forum brought against the Patent Rights of the other Party in the United
States and all countries foreign to the United States;

 

(b)  refrain
from filing any future oppositions or other challenge against the Patent Rights
of the other Party in the United States and all countries foreign to the United
States; and 

 

(c)  refrain
from filing any requests for interference, reexamination or other challenge
against the Patent Rights of the other Party in the United States and all
countries foreign to the United States.

 

2.  In the
event an interference is declared by the United States Patent and Trademark
Office (“PTO”), the Parties shall meet and cooperate in good faith to find a
just settlement in a timely and efficient manner consistent with this Agreement
and the requirements of 35 U.S.C. § 135 and other applicable laws and
regulations.

 

3.  BMSMI and
its Affiliates hereby waive and fully release and discharge IMCOR and its
Affiliates from any and all claims, actual and potential, which have been or
could be asserted against IMCOR and its Affiliates for infringement of the BMSMI
Patents within the scope of the license granted hereunder. IMCOR and its
Affiliates hereby waive and fully release and discharge BMSMI and its Affiliates
from any and all claims, actual and potential, which have been or could be
asserted against BMSMI and its Affiliates for infringement of the IMCOR Patents
within the scope of the license granted hereunder.

 

Article
IV

Right
of First Negotiation

 

1.  IMCOR
shall have a right of first negotiation with respect to any one or more of the
Option Products. At any time during the period ending on the first anniversary
of the Effective Date (the “IMCOR
Option Period”), IMCOR
shall have the right to require that BMSMI enter into good faith negotiations to
grant IMCOR an exclusive license on commercially reasonable terms for the U.S.
only to develop and commercialize one or more of the Option Products for use for
the applicable diagnostic medical imaging or therapeutic applications
(the “RP
License”). Such
RP License shall include a signing payment to BMSMI of at least [****] for each
product licensed. During the IMCOR Option Period, BMSMI shall not enter into an
agreement or make any commitment or arrangement with any Third Party with
respect to rights substantially similar to the RP License or which would
otherwise interfere with IMCOR’s RP License or right of first
negotiation.

 

2.  IMCOR
shall exercise its right of first negotiation by delivering a written request
therefor to BMSMI during the IMCOR Option Period. Upon delivery of such written
request by IMCOR, the Parties shall enter into good faith negotiations with
respect to such RP License for a period of 120 days following such written
request. If IMCOR and BMSMI do not enter into an agreement with respect to such
RP License during such 120 day period, BMSMI will be free to enter into
negotiations with respect to such RP License with any Third Party; provided that,
during the one year period following the end of such 120 day period, BMSMI shall
not enter into an agreement with any Third Party under financial and other
material terms which are in the aggregate less favorable to BMSMI than the terms
last offered to IMCOR without
first offering in writing such terms to IMCOR.

 

 

5

 

Article
V

Maintenance
of Patent Rights

 

1.  IMCOR and
BMSMI shall be solely responsible for the prosecution and maintenance of their
respective Patent Rights; and either Party may cease prosecution and maintenance
of any or all of such Party’s Patent Rights at any time without obligation to
the other Party.

 

2.  Each
Party shall have the sole right (but not obligation) to bring and control, at
its own expense, any infringement action against any person or entity infringing
such Party’s Patent Rights, and any recovery realized as a result of such action
shall belong to the Party enforcing its Patent Rights. For clarification,
neither Party shall have any right to enforce the other Party's Patent Rights
against any Third Party.

 

Article
VI

Payments

 

1. 
  
(a)    
 As soon a
practicable after the Effective Date, but not more than 10 business days
after the Effective Date, BMS shall pay (or direct its Affiliate to pay) to
IMCOR a signing payment of $4,000,000.00.

 

(b)  BMS shall
purchase 4,500 shares of IMCOR’s Series A Convertible Preferred Stock for an
aggregate purchase price of $4,500,000.00 (which shall not exceed 19.9% of
IMCOR’s outstanding common stock on an as-converted fully diluted basis). In
accordance with the Securities Purchase Agreement, such 4,500 shares of Series A
Convertible Preferred Stock shall be convertible (subject to adjustment for
dilution in accordance with the Securities Purchase Agreement) to 16,666,667
shares of IMCOR Common Stock. Such purchase price will be payable by BMSMI to
IMCOR concurrently with the execution and delivery of the Securities Purchase
Agreement and the issuance and delivery to BMSMI of certificates or other
satisfactory evidence representing such shares of Series A Convertible Preferred
Stock.

 

2.  The
payments referred to in Section 1 above shall be made in cash or same day
Federal funds delivered by wire transfer to an account designated by IMCOR.
Concurrently with BMSMI’s payment pursuant to Section 1(b), IMCOR shall deliver
one or more certificates representing fully paid and non-assessable shares of
Series A Convertible Preferred Stock to, or as directed by, BMSMI. At that time,
the Parties will also execute and deliver the Securities Purchase Agreement with
commercially reasonable terms and in a form mutually agreeable to the
Parties.

 

3.  Except as
provided in this Article VI, no Party shall have any obligation to make any
royalty or other payments to the other Party pursuant to this Agreement. Each
Party shall bear its own costs and expenses, including, without limitation, its
attorney’s fees, relating to any action to be taken or having been taken in
respect to this Agreement.

 

 

6

 

Article
VII

Representations
and Warranties

 

1.  Each
Party makes the following representations and warranties to the other
Party:

 

(a)  each
Party is a corporation duly organized and validly existing and in good standing
under the laws of the state or country in which it is organized and has all
requisite power and authority to enter into and perform this Agreement and the
transactions contemplated hereby and to require its Affiliates to abide by its
terms and conditions;

 

(b)  all
requisite corporate action on the part of each Party has been completed for the
authorization of the execution and delivery of this Agreement and the
performance of the transaction contemplated hereunder;

 

(c)  this
Agreement is, and such transactions will be, valid and binding obligations of
each Party enforceable in accordance with their respective terms;
and

 

(d)  the
execution, delivery and performance of this Agreement and the consummation of
transactions contemplated hereby do not and will not violate the provisions of
any Party’s certificate of incorporation or bylaws or similar documents or the
provisions of any agreements, contracts, note, indenture, lease, license, permit
or other instrument or obligation to which it is a party, or violate any
applicable law, order, rule or regulation.

 

2.  BMSMI
hereby represents and warrants that:

 

(a)  BMSMI has
the full right, power, and corporate authority to enter into this Agreement and
to make the promises and grant the licenses set forth herein, and that this
Agreement is enforceable against it in accordance with its terms;

 

(b)  BMSMI is
the sole owner of all right, title, and interest in and to, or is the exclusive
licensee with respect to, the BMSMI Patent Rights and has the full right, power
and ability to grant the licenses and provide immunity from suit in, to and for
the BMSMI Patent Rights in the Field as set forth in this
Agreement;

 

(c)  BMSMI is
not a party to any agreement or other binding commitment or obligation of any
kind, the terms of which (i) conflict with the covenants and obligations of
BMSMI under this Agreement or the rights granted by BMSMI to IMCOR under this
Agreement or (ii) diminish limit, or impair the rights granted by BMSMI to IMCOR
in this Agreement or the ability of BMSMI to perform its covenants and
obligations under this Agreement; and

 

(d)  BMSMI
will not after the Effective Date enter into any agreements, contracts or other
arrangements with others that would be inconsistent with or in conflict with or
in derogation of IMCOR's rights and licenses under this Agreement or BMSMI's
obligations under this Agreement.

 

 

7

[****] Represents material which has been redacted pursuant to a request
for confidential treatment pursuant to Rule 24B-2 under the Securities Exchange
Act of 1934, as amended. The confidential materials have been filed separately
with the SEC.

 

3.  IMCOR
hereby represents and warrants that:

 

(a)  IMCOR has
the full right, power, and corporate authority to enter into this Agreement and
to make the promises and grant the licenses set forth herein, and that this
Agreement is enforceable against it in accordance with its terms;

 

(b)  IMCOR is
the sole owner of all right, title, and interest in and to the IMCOR Patent
Rights and has the full right, power and ability to grant the licenses and
provide immunity from suit in, to and for the IMCOR Patent Rights in the Field
as set forth in this Agreement;

 

(c)  IMCOR is
not a party to any agreement or other binding commitment or obligation of any
kind, the terms of which (i) conflict with the covenants and obligations of
IMCOR under this Agreement or the rights granted by IMCOR to BMSMI under this
Agreement or (ii) diminish limit, or impair the rights granted by IMCOR to BMSMI
in this Agreement or the ability of IMCOR to perform its covenants and
obligations under this Agreement; and

 

(d)  IMCOR
will not after the Effective Date enter into any agreements, contracts or other
arrangements with others that would be inconsistent with or in conflict with or
in derogation of BMSMI's rights and licenses under this Agreement or IMCOR's
obligations under this Agreement.

 

4.  BMSMI
represents and warrants to IMCOR that as of the Effective Date, BMSMI and its
Affiliates do not have the right, or the right to grant licenses to others, to
make, use or sell any Targeted Agents, under the following BMSMI Patent Rights:
[****]; and all
foreign counterparts thereof.

 

5.  No Party
makes any warranties or representations, either express or implied, and no Party
shall have or assume any liability or responsibility whatsoever with respect
to:

 

(a)  the
design, manufacture, use, marketing, warranties, or sale or other disposition by
the other Party of the other Party’s Product, even if the other Party’s Product
makes use of any inventions claimed in the Patent Rights of the first
Party;

 

(b)  the
scope, validity or enforceability of its Patent Rights;

 

(c)  whether
the exercise by the other Party of the rights granted hereunder will infringe
patents or other intellectual property rights owned by Third
Parties.

 

6.  No Party
shall have any liability or responsibility whatsoever for damage to property or
personal injury caused by the other Party’s Products.

 

7.   EXCEPT
AS SPECIFICALLY SET FORTH HEREIN, NEITHER PARTY MAKES ANY REPRESENTATION OR
WARRANTY, EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF
MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, OR NON-INFRINGEMENT.

 

 

8

 

Article
VIII

Duration

 

1.  Term.  
The term of this Agreement shall commence on the Effective Date and shall
continue until the expiration of the last to expire of the Patent Rights;
provided, that in no event shall this Agreement terminate prior to the
expiration of all time periods regarding IMCOR’s right of first negotiation set
forth in Article IV above.

 

2.  Bankruptcy.  
The Parties expressly agree that in the event any Party becomes a debtor under
Title 11 of the United States Code, 11 U.S.C. § 101, et seq. (the “Bankruptcy
Code”), this
Agreement shall constitute an executory contract, subject to the provisions of
11 U.S.C. § 365. The Parties further expressly agree and acknowledge that under
this Agreement, each Party “is a licensor of a right to intellectual property”
for the purposes of 11 U.S.C. § 365(n), and that in the event one Party becomes
a debtor under the Bankruptcy Code, the other Party, as licensee, shall be
entitled to all of the protections set forth and contained in 11 U.S.C. §
365(n).

 

3.  Survival.  
The expiration of this Agreement shall not affect the Parties’ rights and
obligations under any RP License, the terms of the Series A Convertible
Preferred Stock or the Securities Purchase Agreement related thereto as
described in Section 2 of Article VI, and the confidentiality obligations in
Article IX, which shall survive termination hereof in accordance with their
respective terms.

 

Article
IX

Confidentiality

 

1.  Except as
expressly provided herein, the receiving Party shall keep confidential and shall
not publish or otherwise disclose to any Third Party and shall not use for any
purpose other than to perform the activities contemplated by this Agreement any
Confidential Information furnished to it by the disclosing Party pursuant to
this Agreement, except to the extent that it can be established by the receiving
Party by competent proof that such Confidential Information (a) was already
known to the receiving Party, other than under an obligation of confidentiality,
at the time of disclosure; (b) was generally available to the public or
otherwise part of the public domain at the time of its disclosure to the
receiving Party; (c) became generally available to the public or otherwise part
of the public domain after its disclosure and other than through any act or
omission of the receiving Party in breach of this Agreement; (d) was lawfully
disclosed to the receiving Party by a Third Party, provided that such Third
Party is not under a confidentiality obligation with respect to such
Confidential Information to the disclosing Party; (e) was independently
developed by the receiving Party without reference to the disclosing Party’s
Confidential Information as evidenced by written documentation; (f) is required
to be disclosed by a Party (A) to any governmental or other regulatory agency,
including, without limitation, the U.S. Food and Drug Administration, as
necessary to obtain authorization to conduct clinical investigations or to
market products to the extent necessary to obtain such authorization, or (B) to
its permitted sublicensees in order to practice under the sublicense granted
thereto, provided that such sublicensees agree to be bound by equivalent
confidentiality obligations as are contained in this Agreement; or (g) is
required to be disclosed by either Party to comply with applicable law,
governmental regulation or court order, provided that if
a Party is required to make any such disclosure of the disclosing Party’s
Confidential Information, it will give reasonable advance written notice to the
latter Party of such disclosure and will use reasonable efforts to secure
confidential treatment of such information prior to this disclosure (whether
through protective orders or otherwise). The existence and the terms and
conditions of this Agreement that the Parties have not specifically agreed to
disclose pursuant to Section 2 and Section 3 below shall be considered
Confidential Information of both Parties. Either Party may disclose such terms
to a bona
fide
potential investor, investment banker, acquiror, merger partner or other
potential financial partner, and their attorneys and agents, provided that
each such person to whom such information is to be disclosed is informed of the
confidential nature of such information and has entered into a written agreement
with the Party requiring such person to keep such information
confidential.

 

 

9

 

2.  Securities
Filings.  
In the event either Party proposes to file with the Securities and Exchange
Commission or the securities regulators of any state or other jurisdiction a
registration statement or any other disclosure document which describes or
refers to this Agreement under the Securities Act of 1933, as amended, the
Securities Exchange Act, of 1934, as amended, or any other applicable securities
law, the Party shall notify the other Party of such intention and shall provide
such other party with a copy of relevant portions of the proposed filing not
less than ten (10) business days prior to such filing (and any revisions to such
portions of the proposed filing a reasonable time prior to the filing thereof),
including any exhibits thereto relating to the Agreement, and shall use
reasonable efforts to obtain confidential treatment of any information
concerning the Agreement that such other Party requests be kept confidential,
and shall only disclose Confidential Information which it is advised by counsel
is legally required to be disclosed. The Party receiving notice shall respond
with any comments within five (5) business days after receipt of such notice and
failure to do so shall be deemed acceptance of the disclosure as proposed in the
notice. No such notice shall be required under this Section 2 if the substance
of the description of or reference to this Agreement contained in the proposed
filing has been included in any previous filing made by the either party
hereunder or otherwise approved by the other Party.

 

3.  Publicity.  
Upon execution of this Agreement, the Parties shall issue the press release
announcing the existence of this Agreement in the form and substance previously
agreed to in writing by the Parties. Any announcements or similar publicity with
respect to this Agreement shall be agreed upon between the Parties in writing in
advance of such announcement.

 

Article
X

Miscellaneous

 

1.  No
Other Rights.  
Neither Party shall have any obligation to transfer any know-how, materials,
technology or information to the other Party or to perform any research,
manufacturing or other services under, or in connection with, this Agreement,
except as expressly set forth herein or in any RP License.

 

 

10

 

2.  Notices.  
All notices or communications required pursuant to this Agreement shall be in
writing and shall be deemed to have been duly given upon the date of receipt if
delivered by hand, international overnight courier, confirmed facsimile
transmission, or registered or certified mail (return receipt requested, postage
prepaid) to the following addresses or facsimile numbers:

 

	(a)  	
      For
      IMCOR:

	 	 

	 	IMCOR Pharmaceutical Co.

	 	6175 Lusk Boulevard

	 	San Diego, CA 92121

	 	Fax: 858 410-5161

	 	Attn.: Taffy Williams, Chief Executive
  Officer

	 	 

	 	With a copy simultaneously sent to Jack DeFranco at the
      same address

 

	(b)  	
      For
      BMSMI:

	 	 

	 	Director, Business and Commercial
Development

	 	Bristol-Myers Squibb Medical Imaging,
Inc.

	 	331 Treble Cove Road

	 	North Billerica, Massachusetts, USA
01862

	 	Facsimile: 978-671-8355

	 	 

	 	With copy to:

	 	 

	 	Vice President & Senior Counsel, Corporate
      Development

	 	Bristol-Myers Squibb Company

	 	P.O. Box 4000

	 	Route 206 and Province Line Road

	 	Princeton, New Jersey, USA
08543-4000

	 	Facsimile: 609-252-4232

 

3.  Governing
Law.  
The Parties agree that this Agreement shall be governed by the laws of the State
of New York without reference to conflict of laws principles.

 

4.  Entire
Agreement.  
This Agreement, including all Exhibits attached hereto and all documents
delivered concurrently herewith, set forth all the licenses, covenants,
promises, agreements, warranties, representations, conditions, and
understandings between the Parties hereto and supersede all prior agreements and
understandings between the Parties relating to the subject matter hereof, none
of which prior agreements and understandings shall have any force or effect,
provided
however, that
the obligation under the confidential disclosure agreements entered into between
the Parties before the Effective Date shall continue in full force and effect
with respect information disclosed between the Parties prior to the Effective
Date.

 

5.  Severability.  
In the event that any provision of this Agreement shall, for any reason, be held
to be invalid or unenforceable in any respect, such invalidity or
unenforceability shall not affect any other provision hereof and the Parties
shall negotiate in good faith to modify the Agreement to preserve their original
intent in a valid and enforceable manner.

 

 

11

 

6.  Amendment;
Waiver.  
This Agreement may be amended, supplemented, or otherwise modified only by means
of a written instrument signed by both Parties. Any waiver of any rights or
failure to act in a specific instance shall relate only to such instance and
shall not be construed as an agreement to waive any rights or fall to act in any
other instance, whether or not similar.

 

7.  Assignment.  
This Agreement shall be binding upon each of the Parties and their respective
successors and permitted assigns. This Agreement may not be assigned or
otherwise transferred, nor, except as expressly provided hereunder, may any
right or obligation hereunder be assigned or transferred, by any of the Parties
without the consent of the other Party; provided
however, that a
Party may, without such consent assign the Agreement and its rights and
obligations hereunder to an Affiliate, and shall assign its rights and
obligations under this Agreement to any Third Party to whom it sells, transfers
or assigns (or who is otherwise the successor to such Party) all or
substantially all of its Patent Rights or assets related to such Patent Rights.
In all events, this Agreement shall be binding on the Parties successors. Any
successor or assignee shall assume all the rights and obligations of its
predecessor or assignor under the Agreement.

 

In the
event of any such permitted assignment of this Agreement by a Party to a
successor entity as a result of any merger, acquisition, by operation of law, or
any similar transaction, the license rights under the Patent Rights granted to
such Party shall not apply or extend to any product of the successor entity that
is being clinically developed, made for commercial distribution or clinical
studies, or marketed by such successor entity prior to such assignment of this
Agreement to the successor.

 

Neither
party shall assign, by operation of law or otherwise, any of its Patent Rights
licensed hereunder to a Third Party without such Third Party agreeing to (1) be
bound in writing by the license granted hereunder and other provisions of this
Agreement and (2) provide the other, non-assigning Party to this Agreement a
license and immunity from suit with respect to any patent rights owned, licensed
or controlled by the Third Party, which license and immunity from suit shall be
commensurate in scope with the licenses and immunities from suit granted in this
Agreement.

 

8.  Construction.  
This Agreement shall be deemed to be the joint work product of both Parties and
shall not be construed against one or the other Party. The article, section and
paragraph headings contained herein are for the purposes of convenience only and
are not intended to define or limit the contents of said articles, sections or
paragraphs. The word “including” (or variations thereof) shall be construed to
mean “including without limitation.” 

 

9.  Relationship
of the Parties.  
Nothing herein shall be construed as creating an employer/employee relationship,
agency relationship, partnership or joint venture. Neither Party shall take any
action that purports to bind the other.

 

10.  Use of
Trademark and Name.  
Except as set forth in Article IX, neither Party shall use the other Party’s
name or trademarks, directly or indirectly, without the prior written consent of
the other Party.

 

11.  Exhibits.  
All Exhibits hereto and referenced herein are hereby made a part of this
Agreement.

 

12.  Counterparts.  
This Agreement may be signed in counterpart, each of which shall be deemed to be
an original. Signatures shall be provided by facsimile transmission, with
original signatures following by mail.

 

 

12

 

 

IN
WITNESS WHEREOF, the undersigned Parties have caused the Agreement to be
executed and delivered by their duly authorized representatives.

 

 

	IMCOR Pharmaceutical Co.	Bristol-Myers Squibb Medical Imaging,
      Inc.
	 	 
	
       

      By: _____________________________________

       
	By:  ______________________________________
	
       

      Name: ___________________________________

       
	Name:  ____________________________________
	
       

      Title:
      ____________________________________

       
	Title:  _____________________________________
	
       

      Date:____________________________________

       
	Date:  _____________________________________
	 	 
	Bristol-Myers Squibb Company 	 
	 	 
	
       

      By:  ______________________________________

       
	 
	
       

      Name:  ____________________________________

       
	 
	
       

      Title:  _____________________________________

       
	 
	
       

      Date:  _____________________________________

       
	 

 

 

13

[****] Represents material which has been redacted pursuant to a request
for confidential treatment pursuant to Rule 24B-2 under the Securities Exchange
Act of 1934, as amended. The confidential materials have been filed separately
with the SEC.

Exhibit
A

 

BMSMI
Patent Rights are defined as set forth in Article I of the Agreement, and shall
include, but not be limited to, the following patents and patent
applications:

[****]

14

[****]
Represents material which has been redacted pursuant to a request for
confidential treatment pursuant to Rule 24B-2 under the Securities Exchange Act
of 1934, as amended. The confidential materials have been filed separately with
the SEC.

Exhibit
B

 

IMCOR
Patent Rights are defined as set forth in Article I of the Agreement, and shall
include, but not be limited to, the following patents and patent
applications:

[****]

 

15Unassociated Document

    

REGISTRATION
RIGHTS AGREEMENT

 

This
Registration Rights Agreement (the “Agreement”)
is made and entered into as of this 29th day of October, 2004 by and among IMCOR
Pharmaceutical Co., a Nevada corporation (the “Company”),
Bristol-Myers Squibb Company (the “Purchaser”),
a Delaware corporation and Bristol-Myers Squibb Medical Imaging, Inc.
(“BMSMI”),
a Delaware corporation.

 

The
parties hereby agree as follows:

 

1.  Certain
Definitions.
Capitalized terms used and not otherwise defined herein that are defined in the
Purchase Agreement will have the meanings given such terms in the Purchase
Agreement. As used in this Agreement, the following terms shall have the
following meanings:

 

“Affiliate”
means, with respect to any person, any other person which directly or indirectly
controls, is controlled by, or is under common control with, such
person.

 

“Business
Day”
means a day, other than a Saturday or Sunday, on which banks in New York City
are open for the general transaction of business.

 

“Closing
Price”
as of any date means (a) the closing bid price of one share of Common Stock
as reported on The Nasdaq SmallCap Market (“Nasdaq”)
or other national securities exchange or OTC bulletin board on which the
Company’s shares may be quoted or listed on such date, (b) if no closing
bid price is available, the average of the high bid and the low asked price
quoted on Nasdaq on such date, or (c) if the shares of Common Stock are not
then quoted on Nasdaq, the value of one share of Common Stock on such date as
shall be determined in good faith by the Board of Directors of the Company and
the Purchaser, provided,
that if the Board of Directors of the Company and the Purchaser are unable to
agree upon the value of a share of Common Stock pursuant to this subpart (c),
the Company and the Purchaser shall jointly select an appraiser who is
experienced in such matters to determine the Closing Price. The decision of such
appraiser shall be final and conclusive, and the cost of such appraiser shall be
borne one-half by the Company and one-half by the Purchaser.

 

“Common
Stock”
shall mean the Company’s common stock, par value $0.001 per share.

 

“Holder”
or “Holders”
shall mean the holder or holders, as the case may be, from time to time of
Registrable Securities.

 

“Other
Investor Registration Statement”
shall mean one or more registration statements to be filed or filed covering the
resale of the shares of Common Stock acquired by investors in transactions other
than the private placement which closed in April and June 2004.

 

“Prospectus”
shall mean the prospectus included in any Registration Statement, as amended or
supplemented by any prospectus supplement, with respect to the terms of the
offering of any portion of the Registrable Securities covered by such
Registration Statement and by all other amendments and supplements to the
prospectus, including post-effective amendments and all material incorporated by
reference in such prospectus.

 

“Purchase
Agreement”
that certain Securities Purchase Agreement, of even date herewith, by and
between the Company and the Purchaser.

 

“Purchaser”
shall mean the Purchaser identified in the Purchase Agreement and any Affiliate
or permitted transferee of any Purchaser who is a subsequent
Holder.

 

“Register,”
“registered”
and “registration”
refer to a registration made by preparing and filing a Registration Statement or
similar document in compliance with the 1933 Act, and the declaration or
ordering of effectiveness of such Registration Statement or
document.

 

“Registrable
Securities”
shall mean the shares of Common Stock issued or issuable to the Purchaser upon
conversion of the Series A Convertible Preferred Stock pursuant to the Purchase
Agreement; provided,
that,
a security shall cease to be a Registrable Security upon (A) sale pursuant
to a Registration Statement or Rule 144 under the 1933 Act, or
(B) such security becoming eligible for sale by the Holder pursuant to
Rule 144(k).

 

“Registration
Statement”
shall mean any registration statement of the Company filed under the 1933 Act
that covers the resale of the Registrable Securities pursuant to the provisions
of this Agreement, amendments and supplements to such Registration Statement,
including post-effective amendments, all exhibits and all material incorporated
by reference in such Registration Statement.

 

“SEC”
means the U.S. Securities and Exchange Commission.

 

“Series
A Convertible Preferred Stock”
means the $0.01 par value preferred stock of the Company purchased pursuant to
the Purchase Agreement and having the rights, powers and preferences set forth
in the Certificate of Designation to the Amended Articles.

 

“1933
Act”
means the Securities Act of 1933, as amended, and the rules and regulations
promulgated thereunder.

 

“1934
Act”
means the Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated thereunder.

 

“2004
Investor Registration Statement”
shall mean the registration statement to be filed or filed covering the resale
of the shares of Common Stock and warrants to purchase shares of Common Stock
acquired by investors in that certain private placement which closed in April
and June 2004.

 

2.  Registration.

 

(a)  Registration
Statements.
The Company agrees that at any time beginning six months after the first
issuance of a share of Series A Convertible Preferred Stock (the “Original
Issue Date”),
upon the written request of the Purchaser (a “Demand
Registration”),
it will file a Registration Statement on Form SB-2 under the 1933 Act
covering the resale of the number of shares of Registrable Securities specified
in such request; provided that the Company shall not be required to file more
than four Registration Statements that become effective and remain effective for
the period specified in Section 3(a); and provided further that promptly
following any date on which the Company becomes eligible to use a Registration
Statement on Form S-3 to register Registrable Securities for resale, but in no
event more than 20 days after such date, the Company shall file a shelf
Registration Statement on Form S-3 covering the Registrable Securities (or a
post-effective amendment on Form S-3 to any then effective Registration
Statement) and shall cause such Registration Statement to be declared effective
as soon as possible thereafter, but in any event by the 90th
day following the date on which the Company files such Form S-3. The
Registration Statement shall contain (except if otherwise required pursuant to
written comments received from the SEC upon a review of such Registration
Statement) the “Plan of Distribution” attached hereto as Annex
A.
Such Registration Statement also shall cover, to the extent allowable under the
1933 Act and the rules promulgated thereunder (including Rule 416), such
indeterminate number of additional shares of Common Stock resulting from stock
splits, stock dividends or similar transactions with respect to the Registrable
Securities. The “Selling Stockholders” and “Plan of Distribution” sections of
the Registration Statement (and each amendment or supplement thereto, and each
request for acceleration of effectiveness thereof) and any risk factor contained
in such document that addresses specifically this transaction or the selling
stockholders, shall be provided in accordance with Section
3(c)
to the Holders prior to its filing or other submission. 

 

2

(b)  Piggy-Back
Registrations.
If at any time while a Registration Statement is required to be effective
hereunder there is not an effective Registration Statement covering all of the
Registrable Securities that are subject to a Demand Registration and the Company
shall determine to prepare and file with the SEC a registration statement
relating to an offering for its own account or the account of others under the
1933 Act of any of its equity securities, other than with respect to (i) the
2004 Investor Registration Statement, (ii) the Other Investor Registration
Statement or (iii) any registration statement on Form S-4 or Form S-8
(each as promulgated under the 1933 Act) or their then equivalents relating to
equity securities to be issued solely in connection with any acquisition of any
entity or business or equity securities issuable in connection with stock option
or other employee benefit plans, then the Company shall send to each Holder
written notice of such determination and, if within fifteen days after receipt
of such notice, any such Holder shall so request in writing, the Company shall
include in such registration statement all or any part of such Registrable
Securities such holder requests to be registered, subject to customary
underwriter cutbacks applicable to all holders of registration rights.

 

(c)  Expenses.
The Company will pay all expenses associated with each registration hereunder,
including filing and printing fees, counsel and accounting fees and expenses,
costs associated with clearing the Registrable Securities for sale under
applicable state securities laws, listing fees and the Holder’s reasonable
expenses in connection with the registration, but excluding discounts,
commissions, fees of Holder’s counsel, and fees of underwriters, selling
brokers, dealer managers or similar securities industry professionals with
respect to the Registrable Securities being sold.

 

(d)  Delays
in Effectiveness.
For not more than twenty-five (25) consecutive days or for a total of not more
than forty (40) days in any twelve (12) month period, the Company may delay the
disclosure of material non-public information concerning the Company, by
delaying the inclusion of such information in a Registration Statement required
by a Demand Registration or suspending the use of any Prospectus included in any
registration contemplated by this Section containing such information, the
disclosure of which at the time would be, in the good faith opinion of the
Company, materially detrimental to the Company (an “Allowed
Delay”);
provided,
that the Company shall promptly (a) notify the Holders in writing of the
existence of (but in no event, without the prior written consent of a Purchaser,
shall the Company disclose to such Purchaser any of the facts or circumstances
regarding) material non-public information giving rise to an Allowed Delay, and
(b) advise the Holders in writing to cease all sales under the Registration
Statement until the end of the Allowed Delay.

 

3

(e)  Underwritten
Offering.
If any offering pursuant to a Registration Statement pursuant to Section
2(a)
hereof involves an underwritten offering, the Company shall have the right to
select an investment banker and manager to administer the offering, which
investment banker or manager shall be reasonably satisfactory to the Holders
holding a majority of the Registrable Securities.

 

3.  Company
Obligations.
Upon a Demand Registration, the Company will effect the registration of the
Registrable Securities in accordance with the terms hereof, and pursuant thereto
the Company will, as expeditiously as possible:

 

(a)  use
its reasonable best efforts to cause such Registration Statement to become
effective and to remain effective (i) for a period sufficient to complete the
distribution of the Registrable Securities, in the case of a Registration
Statement made on Form SB-2, or (ii) continuously, in the case of a shelf
Registration Statement made on Form S-3; but in no event later than such time as
the Registrable Securities covered thereby are no longer “Registrable
Securities” under the definition thereof;

 

(b)  prepare
and file with the SEC such amendments and post-effective amendments to the
Registration Statement and the Prospectus as may be necessary to keep the
Registration Statement effective for the relevant period specified in
Section 3(a)
hereof and to comply with the provisions of the 1933 Act and the 1934 Act with
respect to the distribution of all of the Registrable Securities covered
thereby;

 

(c)  provide
copies to and permit the Holders to review the “Selling Stockholders” and “Plan
of Distribution” sections of each Registration Statement and any risk factor
that addresses specifically this transaction or the selling stockholders under
the Registration Statement and all amendments and supplements thereto, no fewer
than five (5) Business Days prior to their filing with the SEC and not, without
the consent of such Holder, file any Registration Statement that contains
disclosure regarding a Holder that differs in any material respect with the
disclosure set forth in the Selling Holder Questionnaire (as hereinafter
defined) provided by such Holder for use in such Registration
Statement;

 

(d)  furnish
to the Holders (i) promptly after the same is prepared and publicly
distributed, filed with the SEC, or received by the Company (but not later than
two (2) Business Days after the filing date, receipt date or sending date, as
the case may be) one (1) copy of any Registration Statement and any amendment
thereto, each preliminary prospectus and Prospectus and each amendment or
supplement thereto, and each letter written by or on behalf of the Company to
the SEC or the staff of the SEC, and each item of correspondence from the SEC or
the staff of the SEC, in each case relating to such Registration Statement
(other than any portion of any thereof which contains information for which the
Company has sought confidential treatment or believes might constitute material
and non-public information concerning the Company), and (ii) such number of
copies of a Prospectus, including a preliminary prospectus, and all amendments
and supplements thereto and such other documents as each Holder may reasonably
request in order to facilitate the disposition of the Registrable Securities
owned by such Holder that are covered by the related Registration
Statement;

 

4

(e)  in
the event of an underwritten offering hereunder wherein the Company selects an
underwriter, the Company shall enter into and perform its reasonable obligations
under an underwriting agreement, in usual and customary form, including, without
limitation, customary indemnification and contribution obligations, with the
underwriter of such offering;

 

(f)  if
required by the underwriter, or if any Holder is described in the Registration
Statement as an underwriter, the Company shall furnish, on the effective date of
the Registration Statement (except with respect to clause (i) below) and on
the date that Registrable Securities are delivered to an underwriter, if any,
for sale in connection with the Registration Statement (including any Holder
deemed to be an underwriter), (i) (A) in the case of an underwritten
offering, an opinion, dated as of the closing date of the sale of Registrable
Securities to the underwriters, from legal counsel representing the Company for
purposes of such Registration Statement, in form, scope and substance as is
customarily given in an underwritten public offering, addressed to the
underwriters and the Holders participating in such underwritten offering or
(B) in the case of an “at the market” offering, an opinion, dated as of or
promptly after the effective date of the Registration Statement to the Holders,
from legal counsel representing the Company for purposes of such Registration
Statement, in form, scope and substance as is customarily given in a public
offering, addressed to the Holders, and (ii) a letter, dated as of the
effective date of such Registration Statement and confirmed as of the applicable
dates described above, from the Company’s independent certified public
accountants in form and substance as is customarily given by independent
certified public accountants to underwriters in an underwritten public offering,
addressed to the underwriters (including any Holder deemed to be an
underwriter);

 

(g)  use
its reasonable best efforts to (i) prevent the issuance of any stop order
or other suspension of effectiveness and, (ii) if such order is issued,
obtain the withdrawal of any such order at the earliest possible
moment;

 

(h)  prior
to any public offering of Registrable Securities, use its reasonable best
efforts to register or qualify or cooperate with the Holders and their counsel
in connection with the registration or qualification of such Registrable
Securities for offer and sale under the securities or blue sky laws of such
jurisdictions requested by the Holders and do any and all other commercially
reasonable acts or things necessary or advisable to enable the distribution in
such jurisdictions of the Registrable Securities covered by the Registration
Statement;

 

(i)  use
its reasonable best efforts to cause all Registrable Securities covered by a
Registration Statement to be listed on each securities exchange, interdealer
quotation system or other market on which similar securities issued by the
Company are then listed;

 

5

(j)  immediately
notify the Holders, at any time when a Prospectus relating to Registrable
Securities is required to be delivered under the 1933 Act, upon discovery that,
or upon the happening of any event as a result of which, the Prospectus included
in a Registration Statement, as then in effect, includes an untrue statement of
a material fact or omits to state any material fact required to be stated
therein or necessary to make the statements therein not misleading in light of
the circumstances then existing, and at the request of any such Holder, promptly
prepare and furnish to such Holder a reasonable number of copies of a supplement
to or an amendment of such Prospectus as may be necessary so that, as thereafter
delivered to the Holders of such Registrable Securities, such Prospectus shall
not include an untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein
not misleading in light of the circumstances then existing; and

 

(k)  otherwise
comply with all applicable rules and regulations of the SEC under the 1933 Act
and the 1934 Act, use its reasonable best efforts to take such other actions as
may be reasonably necessary to facilitate the registration of the Registrable
Securities hereunder; and make available to its security holders, as soon as
reasonably practicable, but not later than the Availability Date (as defined
below), an earnings statement covering a period of at least twelve (12) months,
beginning after the effective date of each Registration Statement, which
earnings statement shall satisfy the provisions of Section 11(a) of the
1933 Act (for the purpose of this Section
3(k),
“Availability
Date”
means the 45th day following the end of the fourth fiscal quarter that includes
the effective date of such Registration Statement, except that, if such fourth
fiscal quarter is the last quarter of the Company’s fiscal year, “Availability
Date”
means the 90th day after the end of such fourth fiscal quarter).

 

4.  Obligations
of the Holders.

 

(a)  Each
Holder agrees to furnish to the Company a completed Questionnaire in the form
attached to this Agreement as Annex
B
(a “Selling
Holder Questionnaire”).
The Company shall not be required to include the Registrable Securities of a
Holder in a Registration Statement and shall not be required to pay any partial
liquidated or other damages under Section 2(e) hereof to a Holder who fails
to furnish to the Company a completed Selling Holder Questionnaire at least two
(2) Business Days prior to the date a Registration Statement is required to be
filed in accordance with the requirements set forth in
Section 2(a).

 

(b)  Each
Holder, by its acceptance of the Registrable Securities agrees to cooperate with
the Company as reasonably requested by the Company in connection with the
preparation and filing of a Registration Statement hereunder, unless such Holder
has notified the Company in writing of its election to exclude all of its
Registrable Securities from such Registration Statement.

 

(c)  Each
Holder covenants and agrees that it will comply with the prospectus delivery
requirements of the 1933 Act as applicable to it in connection with sales of
Registrable Securities pursuant to the Registration Statement.

 

(d)  Each
Holder agrees that, upon receipt of any notice from the Company of either
(A) the commencement of an Allowed Delay pursuant to Section 2(c)(ii)
or (B) the happening of an event pursuant to Section 3(j)
hereof, such Holder will immediately discontinue disposition of Registrable
Securities pursuant to the Registration Statement covering such Registrable
Securities, until the Holder’s receipt of the copies of the supplemented or
amended prospectus filed with the SEC and declared effective and, if so directed
by the Company, the Holder shall deliver to the Company (at the expense of the
Company) or destroy (and deliver to the Company a certificate of destruction)
all copies in the Holder’s possession of the Prospectus covering the Registrable
Securities current at the time of receipt of such notice.

 

6

(e)  No
Holder may participate in any third party underwritten registration hereunder
unless it (i) agrees to sell the Registrable Securities on the basis
provided in any underwriting arrangements in usual and customary form entered
into by the Company, (ii) completes and executes all questionnaires, powers of
attorney, indemnities, underwriting agreements and other documents reasonably
required under the terms of such underwriting arrangements, and (iii) agrees to
pay its pro rata share of all underwriting discounts and commissions.
Notwithstanding the foregoing, no Holder shall be required to make any
representations to such underwriter, other than those with respect to itself and
the Registrable Securities owned by it, including its right to sell the
Registrable Securities, and any indemnification in favor of the underwriter by
the Holders shall be several and not joint and limited in the case of any
Holder, to the proceeds received by such Holder from the sale of its Registrable
Securities. The scope of any such indemnification in favor of an underwriter
shall be limited to the same extent as the indemnity provided in
Section 5(a) hereof.

 

5.  Indemnification.

 

(a)  Indemnification
by the Company.
The Company will indemnify and hold harmless each Holder and its officers,
directors, members, employees and agents, successors and assigns, and each other
person, if any, who controls such Holder within the meaning of the 1933 Act,
against any losses, claims, damages or liabilities, joint or several, to which
such Holder, officer, director, member, or controlling person may become subject
under the 1933 Act or otherwise, insofar as such losses, claims, damages or
liabilities (or actions in respect thereof) arise out of or are based upon:
(i) any untrue statement or alleged untrue statement of any material fact
contained in any Registration Statement, any preliminary prospectus or final
prospectus contained therein, or any amendment or supplement thereof;
(ii) any blue sky application or other document executed by the Company
specifically for that purpose or based upon written information furnished by the
Company filed in any state or other jurisdiction in order to qualify any or all
of the Registrable Securities under the securities laws thereof (any such
application, document or information herein called a “Blue
Sky Application”);
(iii) the omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein not
misleading; (iv) any violation by the Company or its agents of any rule or
regulation promulgated under the 1933 Act applicable to the Company or its
agents and relating to action or inaction required of the Company in connection
with such registration; or (v) any failure to register or qualify the
Registrable Securities included in any such Registration in any state where the
Company or its agents has affirmatively undertaken or agreed in writing that the
Company will undertake such registration or qualification on a Holder’s behalf
(the undertaking of any underwriter chosen by the Company being attributed to
the Company) and will reimburse such Holder, and each such officer, director or
member and each such controlling person for any legal or other expenses
reasonably incurred by them in connection with investigating or defending any
such loss, claim, damage, liability or action; provided, however, that the
Company will not be liable in any such case if and to the extent that any such
loss, claim, damage or liability arises out of or is based upon an untrue
statement or alleged untrue statement or omission or alleged omission so made in
conformity with information furnished by or on behalf of such Holder or any such
controlling person in writing specifically for use in such Registration
Statement or Prospectus.

 

7

(b)  Indemnification
by the Holders.
Each Holder agrees, severally but not jointly, to indemnify and hold harmless,
to the fullest extent permitted by law, the Company, its directors, officers,
employees, stockholders, and successors and each person who controls the Company
(within the meaning of the 1933 Act) against any losses, claims, damages,
liabilities and expense (including reasonable attorney fees) resulting from any
untrue statement of a material fact or any omission of a material fact required
to be stated in the Registration Statement or Prospectus or preliminary
prospectus or amendment or supplement thereto or necessary to make the
statements therein not misleading, to the extent, but only to the extent that
such untrue statement or omission is contained in any information furnished in
writing by or on behalf of such Holder to the Company specifically for inclusion
in such Registration Statement or Prospectus or amendment or supplement thereto.
In no event shall the liability of a Holder be greater in amount than the dollar
amount of the proceeds (net of all expense paid by such Holder and the amount of
any damages such holder has otherwise been required to pay by reason of such
untrue statement or omission) received by such Holder upon the sale of the
Registrable Securities giving rise to such indemnification
obligation.

 

(c)  Conduct
of Indemnification Proceedings.
Any person entitled to indemnification hereunder shall (i) give prompt
notice to the indemnifying party of any claim with respect to which it seeks
indemnification and (ii) permit such indemnifying party to assume the
defense of such claim with counsel reasonably satisfactory to the indemnified
party; provided
that any person entitled to indemnification hereunder shall have the right to
employ separate counsel and to participate in the defense of such claim, but the
fees and expenses of such separate counsel shall be at the expense of such
person unless (a) the indemnifying party has agreed to pay such fees or
expenses, or (b) the indemnifying party shall have failed to assume the defense
of such claim and employ counsel reasonably satisfactory to such person or
(c) in the reasonable judgment of any such person, based upon written
advice of its counsel, a conflict of interest exists between such person and the
indemnifying party with respect to such claims (in which case, if the person
notifies the indemnifying party in writing that such person elects to employ
separate counsel at the expense of the indemnifying party, the indemnifying
party shall not have the right to assume the defense of such claim on behalf of
such person); and provided,
further,
that the failure of any indemnified party to give notice as provided herein
shall not relieve the indemnifying party of its obligations hereunder, except to
the extent that such failure to give notice shall materially adversely affect
the indemnifying party in the defense of any such claim or litigation. It is
understood that the indemnifying party shall not, in connection with any
proceeding in the same jurisdiction, be liable for fees or expenses of more than
one separate firm of attorneys at any time for all such indemnified parties. No
indemnifying party will, except with the consent of the indemnified party,
consent to entry of any judgment or enter into any settlement that does not
include as an unconditional term thereof the giving by the claimant or plaintiff
to such indemnified party of a release from all liability in respect of such
claim or litigation.

 

8

(d)  Contribution.
If for any reason the indemnification provided for in the preceding
paragraphs (a) and (b) is unavailable to an indemnified party or
insufficient to hold it harmless, other than as expressly specified therein,
then the indemnifying party shall contribute to the amount paid or payable by
the indemnified party as a result of such loss, claim, damage or liability in
such proportion as is appropriate to reflect the relative fault of the
indemnified party and the indemnifying party, as well as any other relevant
equitable considerations. No person guilty of fraudulent misrepresentation
within the meaning of Section 11(f) of the 1933 Act shall be entitled to
contribution from any person not guilty of such fraudulent misrepresentation. In
no event shall the contribution obligation of a holder of Registrable Securities
be greater in amount than the dollar amount of the proceeds (net of all expenses
paid by such holder and the amount of any damages such holder has otherwise been
required to pay by reason of such untrue or alleged untrue statement or omission
or alleged omission) received by it upon the sale of the Registrable Securities
giving rise to such contribution obligation. 

 

6.  Miscellaneous.

 

(a)  Remedies.
In the event of a breach by the Company or by a Holder of any of their
obligations under this Agreement, each Holder or the Company, as the case may
be, in addition to being entitled to exercise all rights granted by law and
under this Agreement, including recovery of damages, will be entitled to
specific performance of its rights under this Agreement. The Company and each
Holder agree that monetary damages may not provide adequate compensation for any
losses incurred by reason of a breach by it of any of the provisions of this
Agreement and hereby further agrees that, in the event of any action for
specific performance in respect of such breach, it shall waive the defense that
a remedy at law would be adequate.

 

(b)  No
Piggyback on Registrations.
Neither the Company nor any of its security holders (other than the Holders in
such capacity pursuant hereto) may include securities of the Company in a
Registration Statement hereunder other than the Registrable Securities, and the
Company shall not after the date hereof enter into any agreement providing any
such right to any of its security holders.

 

(c)  Amendments
and Waivers.
The provisions of this Agreement, including the provisions of this section, may
not be amended, modified or supplemented, and waivers or consents to departures
from the provisions hereof may not be given, unless the same shall be in writing
and signed by the Company and the Holder or Holders (as applicable) of no less
than a majority in interest of the then outstanding Registrable Securities.
Notwithstanding the foregoing, a waiver or consent to depart from the provisions
hereof with respect to a matter that relates exclusively to the rights of
certain Holders and that does not directly or indirectly affect the rights of
other Holders may be given by Holders of at least a majority of the Registrable
Securities to which such waiver or consent relates.

 

(d)  Notices.
All notices and other communications provided for or permitted hereunder shall
be made as set forth in the Purchase Agreement or, with respect to a Holder, to
such other address as provided in writing by a Holder to the
Company.

 

9

(e)  Assignments
and Transfers by Holders.
The provisions of this Agreement shall be binding upon and inure to the benefit
of the Holders and their respective successors and assigns. A Holder may
transfer or assign, in whole or from time to time in part, to one or more
persons its rights hereunder in connection with the transfer of Registrable
Securities by such Holder to such person, provided that such Holder complies
with all laws applicable thereto and provides written notice of assignment to
the Company promptly after such assignment is effected.

 

(f)  Assignments
and Transfers by the Company.
This Agreement may not be assigned by the Company (whether by operation of law
or otherwise), provided,
however,
that the Company must assign its rights and delegate its duties hereunder to any
surviving or successor corporation in connection with a merger or consolidation
of the Company with another corporation, or a sale, transfer or other
disposition of all or substantially all of the Company’s assets to another
corporation.

 

(g)  Benefits
of the Agreement.
The terms and conditions of this Agreement shall inure to the benefit of and be
binding upon the respective permitted successors and assigns of the parties.
Other than with respect to indemnified parties hereunder who are not parties to
this Agreement, nothing in this Agreement, express or implied, is intended to
confer upon any party other than the parties hereto or their respective
successors and assigns any rights, remedies, obligations, or liabilities under
or by reason of this Agreement, except as expressly provided in this
Agreement.

 

(h)  Counterparts;
Faxes.
This Agreement may be executed in two or more counterparts, each of which shall
be deemed an original, but all of which together shall constitute one and the
same instrument. This Agreement may also be executed via facsimile, which shall
be deemed an original.

 

(i)  Titles
and Subtitles.
The titles and subtitles used in this Agreement are used for convenience only
and are not to be considered in construing or interpreting this
Agreement.

 

(j)  Severability.
Any provision of this Agreement that is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining
provisions hereof but shall be interpreted as if it were written so as to be
enforceable to the maximum extent permitted by applicable law, and any such
prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction. To the extent
permitted by applicable law, the parties hereby waive any provision of law which
renders any provisions hereof prohibited or unenforceable in any
respect.

 

(k)  Further
Assurances.
The parties hereto shall execute and deliver all such further instruments and
documents and take all such other actions as may reasonably be required to carry
out the transactions contemplated hereby and to evidence the fulfillment of the
agreements herein contained.

 

(l)  Entire
Agreement.
This Agreement and the Purchase Agreement (and the Exhibits and Schedules
annexed thereto) are intended by the parties hereto as a final expression of
their agreement and intended to be a complete and exclusive statement of the
agreement and understanding of the parties hereto in respect of the subject
matter contained herein and therein. This Agreement and the Purchase Agreement
(and the Exhibits and Schedules annexed thereto) supersede all prior agreements
and understandings between the parties with respect to such subject
matter.

 

10

(m)  Governing
Law; Consent to Jurisdiction.
All questions concerning the construction, validity, enforcement and
interpretation of this Agreement shall be governed by and construed and enforced
in accordance with the internal laws of the State of New York, without regard to
the principles of conflicts of law thereof. Each party agrees that all
proceedings concerning the interpretations, enforcement and defense of the
transactions contemplated by this Agreement (whether brought against a party
hereto or its respective affiliates, employees or agents) may be commenced
non-exclusively in the state and federal courts sitting in the City of New York,
Borough of Manhattan, (the “New
York Courts”).
Each party hereto hereby irrevocably submits to the non-exclusive jurisdiction
of the New York Courts 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
proceeding, any claim that it is not personally subject to the jurisdiction of
any New York Court, or that such proceeding has been commenced in an improper or
inconvenient forum. Each party hereto hereby irrevocably waives personal service
of process and consents to process being served in any such proceeding by
mailing a copy thereof via registered or certified mail or overnight delivery
(with evidence of delivery) to such party at the address in effect for 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 hereto hereby irrevocably waives, to the fullest
extent permitted by applicable law, any and all right to trial by jury in any
proceeding arising out of or relating to this Agreement or the transactions
contemplated hereby. If either party shall commence a proceeding to enforce any
provisions of this Agreement, then the prevailing party in such proceeding shall
be reimbursed by the other party for its attorney’s reasonable fees and other
costs and expenses incurred with the investigation, preparation and prosecution
of such proceeding.

 

(n)  Cumulative
Remedies.
The remedies provided herein are cumulative and not exclusive of any remedies
provided by law.

 

(o)  Independent
Nature of Holders Obligations and Rights.
The obligations of each Holder hereunder is several and not joint with the
obligations of any other Holder hereunder, and no Holder shall be responsible in
any way for the performance of the obligations of any other Holder hereunder.
Nothing contained herein or in any other agreement or document delivered at any
closing, and no action taken by any Holder pursuant hereto or thereto, shall be
deemed to constitute the Holder as a partnership, an association, a joint
venture or any other kind of entity, or create a presumption that the Holder are
in any way acting in concert with respect to such obligations or the
transactions contemplated by this Agreement. Each Holder shall be entitled to
protect and enforce its rights, including without limitation the rights arising
out of this Agreement, and it shall not be necessary for any other Holder to be
joined as an additional party in any proceeding for such purpose. 

 

Signature
pages follow.

 

11

IN
WITNESS WHEREOF, the parties have executed this Agreement or caused their duly
authorized officers to execute this Agreement as of the date first above
written.

 

 

	 	Company:

      

      IMCOR
      Pharmaceutical Co.

      By:     
      Taffy J. Williams                       

      Name:
      Taffy J. Williams

      Title:  
      President

 

12

IN
WITNESS WHEREOF, the parties have executed this Agreement or caused their duly
authorized officers to execute this Agreement as of the date first above
written.

 

 

	 	 
      Purchaser:

      

      Bristol-Myers
      Squibb Medical Imaging, Inc.

      

      

      By:  
      Cory Zwerling
             
        

      Name: 
        Cory
      Zwerling

      Title: 
        President,
      BMSMI

      

       

      Bristol-Myers
      Squibb Company

      

      

      By:   
      Cory Zwerling    
         
  

      Name: 
        Cory
      Zwerling

      Title: 
        President,
      BMSMI

 

13

Annex
A

Plan
of Distribution

 

The
Selling Stockholders and any of their pledgees, donees, transferees, assignees
and successors-in-interest may, from time to time, sell any or all of their
shares of Common Stock on any stock exchange, market or trading facility on
which the shares are traded or in private transactions. These sales may be at
fixed or negotiated prices. The Selling Stockholders may use any one or more of
the following methods when selling shares: 

 

	·  	ordinary
      brokerage transactions and transactions in which the broker-dealer
      solicits Investors;

 

	·  	block
      trades in which the broker-dealer will attempt to sell the shares as agent
      but may position and resell a portion of the block as principal to
      facilitate the transaction;

 

	·  	purchases
      by a broker-dealer as principal and resale by the broker-dealer for its
      account;

 

	·  	an
      exchange distribution in accordance with the rules of the applicable
      exchange;

 

	·  	privately
      negotiated transactions;

 

	·  	to
      cover short sales made after the date that this Registration Statement is
      declared effective by the Commission;

 

	·  	broker-dealers
      may agree with the Selling Stockholders to sell a specified number of such
      shares at a stipulated price per share;

 

	·  	a
      combination of any such methods of sale; and

 

	·  	any
      other method permitted pursuant to applicable
law.

 

The
Selling Stockholders may also sell shares under Rule 144 under the
Securities Act, if available, rather than under this prospectus.

 

Broker-dealers
engaged by the Selling Stockholders may arrange for other brokers-dealers to
participate in sales. Broker-dealers may receive commissions or discounts from
the Selling Stockholders (or, if any broker-dealer acts as agent for the
purchaser of shares, from the purchaser) in amounts to be negotiated. The
Selling Stockholders do not expect these commissions and discounts to exceed
what is customary in the types of transactions involved.

 

The
Selling Stockholders may from time to time pledge or grant a security interest
in some or all of the Shares owned by them and, if they default in the
performance of their secured obligations, the pledgees or secured parties may
offer and sell shares of Common Stock from time to time under this prospectus,
or under an amendment to this prospectus under Rule 424(b)(3) or other
applicable provision of the Securities Act of 1933 amending the list of selling
stockholders to include the pledgee, transferee or other successors in interest
as selling stockholders under this prospectus. 

 

14

Upon
the Company being notified in writing by a Selling Stockholder that any material
arrangement has been entered into with a broker-dealer for the sale of Common
Stock through a block trade, special offering, exchange distribution or
secondary distribution or a purchase by a broker or dealer, a supplement to this
prospectus will be filed, if required, pursuant to Rule 424(b) under the
Securities Act, disclosing (i) the name of each such Selling Stockholder
and of the participating broker-dealer(s), (ii) the number of shares
involved, (iii) the price at which such the shares of Common Stock were
sold, (iv) the commissions paid or discounts or concessions allowed to such
broker-dealer(s), where applicable, (v) that such broker-dealer(s) did not
conduct any investigation to verify the information set out or incorporated by
reference in this prospectus, and (vi) other facts material to the
transaction. In addition, upon the Company being notified in writing by a
Selling Stockholder that a donee or pledge intends to sell more than 500 shares
of Common Stock, a supplement to this prospectus will be filed if then required
in accordance with applicable securities law.

 

The
Selling Stockholders also may transfer the shares of Common Stock in other
circumstances, in which case the transferees, pledgees or other successors in
interest will be the selling beneficial owners for purposes of this
prospectus.

 

The
Selling Stockholders and any broker-dealers or agents that are involved in
selling the shares may be deemed to be “underwriters” within the meaning of the
Securities Act in connection with such sales. In such event, any commissions
received by such broker-dealers or agents and any profit on the resale of the
shares purchased by them may be deemed to be underwriting commissions or
discounts under the Securities Act. Discounts, concessions, commissions and
similar selling expenses, if any, that can be attributed to the sale of
Securities will be paid by the Selling Stockholder and/or the Purchaser. Each
Selling Stockholder has represented and warranted to the Company that it
acquired the securities subject to this registration statement in the ordinary
course of such Selling Stockholder’s business and, at the time of its purchase
of such securities such Selling Stockholder had no agreements or understandings,
directly or indirectly, with any person to distribute any such securities.

 

The
Company has advised each Selling Stockholder that it may not use shares
registered on this Registration Statement to cover short sales of Common Stock
made prior to the date on which this Registration Statement shall have been
declared effective by the Commission. If a Selling Stockholder uses this
prospectus for any sale of the Common Stock, it will be subject to the
prospectus delivery requirements of the Securities Act. The Selling Stockholders
will be responsible to comply with the applicable provisions of the Securities
Act and Exchange Act, and the rules and regulations thereunder promulgated,
including, without limitation, Regulation M, as applicable to such Selling
Stockholders in connection with resales of their respective shares under this
Registration Statement.

 

The
Company is required to pay all fees and expenses incident to the registration of
the shares, but the Company will not receive any proceeds from the sale of the
Common Stock. The Company has agreed to indemnify the Selling Stockholders
against certain losses, claims, damages and liabilities, including liabilities
under the Securities Act. If the Selling Stockholders use this prospectus for
any sale of the Common Stock, they will be subject to the prospectus delivery
requirements of the Securities Act.

 

15

Annex B

Selling
Securityholder Notice and Questionnaire

 

The
undersigned beneficial owner of common stock (the “Common
Stock”),
of IMCOR Pharmaceutical Co. (the “Company”)
understands that the Company has filed or intends to file with the Securities
and Exchange Commission (the “SEC”)
a Registration Statement for the registration and resale of the Registrable
Securities, in accordance with the terms of the Registration Rights Agreement,
dated as of [l],
2004 (the “Registration
Rights Agreement”),
among the Company and the Purchaser named therein. A copy of the Registration
Rights Agreement is available from the Company upon request at the address set
forth below. All capitalized terms used and not otherwise defined herein shall
have the meanings ascribed thereto in the Registration Rights
Agreement.

 

The
undersigned hereby provides the following information to the Company and
represents and warrants that such information is accurate:

 

QUESTIONNAIRE

 

	1.  	Name.

 

	(a)  	Full
      Legal Name of Selling Securityholder

 

	(b)  	Full
      Legal Name of Registered Holder (if not the same as (a) above) through
      which Registrable Securities Listed in Item 3 below are
    held:

 

	(c)  	Full
      Legal Name of Natural Control Person (which means a natural person who,
      directly or indirectly, alone or with others, has power to vote or dispose
      of the securities covered by the questionnaire):

 

	2.  	Address
      for Notices to Selling Securityholder:

 

 

Telephone:

Fax:

Contact
Person:

 

 

16

	3.  	Beneficial
      Ownership of Registrable Securities:

 

	(a)  	Type
      and Principal Amount of Registrable Securities beneficially
    owned:

 

	4.  	Broker-Dealer
      Status:

 

	(a)  	Are
      you a broker-dealer?

 

Yes o    No o

 

Note:
If yes, the SEC’s staff has indicated that you should be identified as an
underwriter in the Registration Statement.

 

	(b)  	Are
      you an affiliate of a broker-dealer?

 

Yes o  No o

 

	(c)  	If
      you are an affiliate of a broker-dealer, do you certify that you bought
      the Registrable Securities in the ordinary course of business, and at the
      time of the purchase of the Registrable Securities to be resold, you had
      no agreements or understandings, directly or indirectly, with any person
      to distribute the Registrable Securities?

 

Yes
o No o

 

Note:
If no, the SEC’s staff has indicated that you should be identified as an
underwriter in the Registration Statement.

 

	5.  	Beneficial
      Ownership of Other Securities of the Company Owned by the Selling
      Securityholder.

 

Except
as set forth below in this Item 5, the undersigned is not the beneficial or
registered owner of any securities of the Company other than the Registrable
Securities listed above in Item 3.

 

	(a)  	Type
      and Amount of Other Securities beneficially owned by the Selling
      Securityholder:

 

17

	6.  	Relationships
      with the Company:

 

Except
as set forth below, neither the undersigned nor any of its affiliates, officers,
directors or principal equity holders (owners of 5% of more of the equity
securities of the undersigned) has held any position or office or has had any
other material relationship with the Company (or its predecessors or affiliates)
during the past three years.

 

State
any exceptions here:

 

The
undersigned agrees to promptly notify the Company of any inaccuracies or changes
in the information provided herein that may occur subsequent to the date hereof
and prior to the Effective Date for the Registration Statement.

 

By
signing below, the undersigned consents to the disclosure of the information
contained herein in its answers to Items 1 through 6 and the inclusion of
such information in the Registration Statement and the related prospectus. The
undersigned understands that such information will be relied upon by the Company
in connection with the preparation or amendment of the Registration Statement
and the related prospectus.

 

IN
WITNESS WHEREOF the undersigned, by authority duly given, has caused this Notice
and Questionnaire to be executed and delivered either in person or by its duly
authorized agent.

 

	
       

      Dated:                     

       
	
       

      Beneficial
      Owner:                  

       

	 	
      By:                            

       

       Name:
                         
      

       Title:                       
      

       

 

18

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