Document:

Exhibit
        10.15

      

      
        	
                FINAL 

              	
                  WUSTL
                  Contract Number CA0089-90

              

      

       

      EXCLUSIVE
        LICENSE AGREEMENT

    

    

    Between

    

    Washington
      University

    Licensor

    

    and

    

    Modigene,
      Inc. 

    Licensee

     

    Introduction: This
      Exclusive License Agreement (“Agreement”) is made and entered into on the
      Effective Date by and between The Washington University, a corporation
      established by special act of the Missouri General Assembly, approved February
      22, 1853 and acts amendatory thereto, having its principal office at One
      Brookings Drive, St. Louis, Missouri 63130 (hereinafter "WU" or “Licensor”), and
      Modigene, Inc. , a company incorporated in Delaware and having a principal
      office at 8000
      Towers Crescent Drive, Suite 1300, Vienna, VA 22182
      (hereinafter "Modigene" or “Licensee”). 

    

    1. Background. WU
      is the
      owner of certain Patent Rights, to which WU has the sole and exclusive right
      to
      grant licenses and sub-licenses. WU wishes to allow the Patent Rights to be
      used
      to further scientific research and for new product development and other
      applications in the public interest and is willing to grant a license. The
      Non-Exclusive License Agreement was subsequently amended on January 3, 2002
      (the
“First Amendment”). A Binding Term Sheet (the “Term Sheet”) for an exclusive
      license agreement was executed on December 27, 2005 between the Parties. This
      Agreement replaces, cancels and supersedes the Non-Exclusive License Agreement,
      First Amendment and Term Sheet, and all other agreements of the Parties
      regarding any of the Patent Rights, whether or not such agreements were reduced
      to writing, which are all hereby cancelled and as of the Effective Date of
      this
      Agreement are null and void. Modigene desires to obtain a license to use the
      Patent Rights for its own commercial research and development endeavors upon
      the
      terms and conditions set forth in this Agreement. In consideration of these
      premises and the mutual promises contained herein, the Parties further agree
      as
      follows.

     

    2. Definitions. For
      the
      purposes of this Agreement, the following words and phrases will have the
      meanings assigned to them below. 

    

    2.1 Affiliate: Any
      person or entity that, as of the Effective Date, directly or indirectly, owns
      or
      Controls a Party or that is Controlled by or under common Control with a Party.
      For purposes of this definition, “Control(s)” or “Controlled” means (a) direct
      or indirect ownership of at least 50% of the outstanding voting securities
      of a
      corporation, or (b) the right to receive at least 50% of the earnings of the
      person, corporation, or other entity in question.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    2.2 Calendar
      Half Year: 
      Each
      six-month period, or portion thereof, beginning on January 1 or July
      1.

    

    2.3 Combination
      Product: Any
      product that is comprised in part of a Licensed Product and in part of one
      or
      more other human therapeutic compounds which are not themselves Licensed
      Products (the "Other Agents"). Other Agents do not include surfactants,
      diluents, carriers and other formulation, carrier, or non functional agents.
      

    

    2.4 Development
      Plan:
      Modigene’s good faith, bona fide plan for the development, sale and/or marketing
      of Licensed Products, as set forth in Exhibit B to this Agreement, and from
      time
      to time amended.

    

    2.5 Effective
      Date: February
      2, 2007. 

     

    2.6 Field: Any
      and
      all human therapeutics, excluding any and all diagnostic applications and
      veterinary therapeutics. 

    

    2.7 First
      Commercial Sale:
      The
      earliest date on which Licensee or any of its Sublicensees transfers a Licensed
      Product for compensation (including equivalent cash value for trades or other
      non-cash payments) for end use of such Licensed Product in a country after
      the
      governing health regulatory authority of such country has granted regulatory
      approval of such Licensed Product, to the extent such regulatory approval is
      required in such country. The transfer of Licensed Products by Modigene, its
      Affiliates or its Sublicensees strictly for their own laboratory research and
      development purposes, beta-testing and/or clinical testing does not constitute
      a
      First Commercial Sale for the purposes of this Agreement.

    

    2.8 IND:
      An
      Investigational New Drug application filed with the FDA pursuant to 21 CFR
      312.1
      et seq.

    

    2.9 Licensee:
      Includes
      Modigene and its Affiliates. 

    

    2.10 Licensed
      Product: Any
      product made, made for, used, sold or imported by Licensee or any Sublicensees
      that: (a) in the absence of this Agreement, the manufacture, use, sale, offering
      for sale, or importation thereof would infringe at least one Valid Claim, or
      (b)
      uses a process covered by a Valid Claim. Licensed Products exclude all forms
      and
      derivatives of proteins with the biological activity of follicle-stimulating
      hormone (“FSH”), luteinizing hormone (“LH”), thyrotropin or thyroid-stimulating
      hormone (“TSH”), and human chorionic gonadotropin (“HCG”) that
      have
      been modified according to any Valid Claim. 

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

    2.11 The
      Eleven Molecules:
      The
      following eleven (11) molecules that were named in the Non-Exclusive License
      Agreement between WU and Modigene Tech which are: Erythropoietin, prourokinase,
      growth hormone, interferon alpha2, interferon beta, granulocyte colony
      stimulating factor (“GCSF”), GMCSF, Fab fragment of antibodies (human and
      non-human), interleukin 11, angiostatin and endostatin.

    

    2.12 The
      Additional Molecules:
      Any
      proteins and peptides having a native or non-native amino acid sequence,
      excluding all forms and derivatives of follicle-stimulating
      hormone (“FSH”), luteinizing hormone (“LH”), thyrotropin or thyroid-stimulating
      hormone (“TSH”), and human chorionic gonadotropin (“HCG”)
      that are
      agonistic or antagonistic. 

     

    2.13 Net
      Sales:
      Any and
      all cash payments, value and compensation received by Modigene, its Affiliates
      and Sublicensees from a Third Party for Sales of Licensed Products, less all
      Permissible Deductions. Permissible Deductions are defined as and shall be
      limited to the following:

    

    
      	 	
              2.13.1

            	
              Distributors
                fees, trade, quantity and cash discounts, chargebacks, rebates or
                allowances actually paid, granted, allowed or incurred in the ordinary
                course of business on Licensed Products actually provided to Third
                Parties.

            

    

    

    
      	 	
              2.13.2

            	
              Credits,
                allowances or refunds, not to exceed the original invoice amount,
                for
                actual claims, damaged goods, rejections or returns of Licensed
                Products.

            

    

     

    
      	 	
              2.13.3

            	
              Excise,
                sale, use, customs brokers fees or customs duties, value added or
                other
                taxes, other than income taxes, paid by Licensee or its Sublicensees
                due
                to the Sale of Licensed Products. 

            

    

    

    
      	 	
              2.13.4

            	
              Fees
                paid to governmental agencies based on the sales volume (expressed
                in
                units or US dollars) or selling price of a Licensed Product, such
                as
                Medicaid rebates paid by the selling Party to Medicaid
                authorities.

            

    

    

    For
      the
      purpose of this definition, transfer of a Licensed Product, within Licensee
      or
      between Licensee and its Affiliates for subsequent Sale to a Third Party shall
      not be considered a Sale until a Sale is made to a Third Party and the Net
      Sales
      shall be based on the Sale to the Third Party of such Licensed Product by
      Licensee or its Affiliates. “Net
      Sales” shall not include the amount received for any Licensed Products sold to
      any Sublicensee unless such Sublicensee is an end-user of such Licensed Products
      (i.e., Sublicensee’s purchase of Licensed Products is not for the purpose of
      resale).

     

    2.14 Party: WU
      or
      Modigene. Collectively, WU and Modigene may be referred to as the
“Parties.”

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    

    2.15 Patent
      Rights: The
      patents and patent applications listed in Exhibit
      A,
      attached
      hereto and incorporated by reference herein, and all foreign counterparts,
      continuations, divisions, extensions, reexaminations and reissues thereof,
      which
      claim their earliest priority filing date to a patent or patent application
      listed in Exhibit
      A.

    

    2.16 Phase
      II:
      Has the
      meaning set forth in 21 CFR 312.21(b), as amended.

    

    2.17 Phase
      III:
      Has the
      meaning set forth in 21 CFR 312.21(c), as amended.

     

    2.18 Sale: Any
      transaction with a Third Party end user in which a Licensed Product is exchanged
      or transferred for cash, value and/or other compensation.
      A Sale
      of a Licensed Product will be deemed to have been made when such Licensed
      Product is paid for and the purchase price is collected by Licensee or its
      Affiliates. 

    

    2.19 Sublicensee: A
      Third
      Party to whom Modigene has granted a sublicense pursuant to and in accordance
      with Article 3 of this Agreement.

    

    2.20 Sublicensing
      Revenue:
      Any and
      all cash, value, compensation and fees received by Licensee or its Affiliates
      from a Sublicensee less taxes, duties or other governmental tariffs.
      Notwithstanding the foregoing, the term “Sublicensing Revenue” shall
not
      include
      any monies (or equivalent value) received by Licensee or its Affiliates from
      a
      Sublicensee which is a payment in the form of: (a) royalties on sales to
      Third Parties, and (b) equity
      investments in Licensee, to the extent that such equity investments are not
      directly in consideration of the sublicensing of any license granted
      hereunder;
      and (c)
      support of Licensee’s or its Affiliates’ research, development or clinical
      programs.

     

    2.21 Term: Commencing
      on the Effective Date and continuing until the expiration date of the last
      to
      expire Patent Rights listed in Exhibit A, unless earlier terminated in
      accordance with this Agreement. 

     

    2.22 Territory:
      means
      worldwide. 

    

    2.23 Third
      Party:
      Any
      person or entity other than a Party and such Party’s Affiliates. 

    

    2.24 Valid
      Claim: A
      claim
      of an pending or issued and unexpired patent within the Patent Rights that
      has
      not been held invalid or unenforceable by a court or other governmental agency
      of competent jurisdiction, which holding is not subject to appeal and which
      claim has not been disclaimed.

    

    3. License
      Grant.
      Subject
      to the terms and conditions set forth in this Agreement, WU hereby grants to
      Modigene and Modigene hereby accepts, the following license during the Term
      in
      the Territory:

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    

    3.1 An
      exclusive, fee-bearing and royalty-bearing license, including the right to
      grant
      sublicenses as set forth herein, to the Patent Rights; and under the Patent
      Rights, to make, have made, sell, have sold, offer for sale, use, and import
      Licensed Products in the Field during the Term and within the Territory.

    

    3.2 Licensee
      may grant sublicenses under this Agreement only in strict compliance with the
      following terms and conditions:

    

    3.2.1 Only
      Licensee is permitted to grant a sublicense, provided that: each sublicense
      shall, for the express benefit of WU, bind the Sublicensee to terms and
      conditions no less favorable to WU than those between WU and Modigene under
      this
      Agreement, and shall provide that WU receive earned royalties on Net Sales
      made
      by Sublicensee of Licensed Products in an amount no less than WU would receive
      had the Net Sales been made by Licensee. To the extent that any term, condition,
      or limitation of any sublicense agreement is inconsistent with this Agreement,
      such term, condition, and/or limitation shall automatically be null and void
      against WU without any action required by WU. Without in any way narrowing
      or
      limiting the scope of the foregoing provisions of this Subsection, any
      sublicense granted by Modigene under this Agreement shall provide:

    

    3.2.1(a)
      That every Sublicensee shall indemnify and hold harmless WU Indemnitees (as
      defined in Article 11) to the same extent and under terms no less favorable
      to
      WU Indemnitees as Modigene’s obligations under Article 11 of this
      Agreement.

    

    3.2.1(b)
      That every Sublicensee shall maintain insurance for WU’s benefit to the same
      extent and under terms no less favorable to WU as Modigene’s obligations under
      Article 12 of this Agreement.

    

    3.2.1(c)
      That every Sublicensee shall maintain books and records and allow audits for
      WU’s benefit to the same extent and under terms no less favorable to WU as
      Modigene’s obligations under Section 6.4 of this Agreement.

    

    3.2.1(d)
      That, to the extent applicable, every Sublicensee of the products listed in
      Exhibit B shall comply with the Development Plan set forth in Exhibit B and
      referred to in Article 4 of this Agreement.

    

    3.2.1(e)
      That if Modigene enters bankruptcy or receivership, voluntarily or
      involuntarily, Sublicensing Revenue then or thereafter due to Modigene by
      Sublicensee will, upon notice from WU to any Sublicensee, become directly due
      and owing to WU for the account of Modigene. WU will remit to Modigene any
      amounts received that exceed the sum actually owed by Modigene to
      WU.

    

    3.2.1(f)
      That any sublicense that is in full compliance with this Agreement, including
      without limitation this Article 3 will remain in effect in the event that this
      Agreement is terminated prior to expiration. Any Sublicensee will automatically
      become a direct licensee of WU under the rights originally sublicensed to it
      by
      Modigene, provided that (i) the Sublicensee did not cause or assist in the
      termination of this Agreement and (ii) the Sublicensee agrees to comply with
      all
      the terms of this Agreement and to fulfill all the responsibilities of Modigene
      hereunder. In no event, however, shall a person or entity who becomes a direct
      licensee pursuant to this provision have any right to grant sublicenses under
      this Agreement.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    

    3.2.2
      Within thirty (30) days of the effective date of any sublicense, Modigene shall
      provide WU a complete copy of the sublicense and all exhibits thereto. WU shall
      retain such information in strict confidence in accordance with the provisions
      of Section 7 below. If the original sublicense is written in a language other
      than English, the copy of the sublicense and all exhibits thereto shall be
      accompanied by a complete translation written in English. Modigene represents
      and warrants that such translation will be a true and accurate translation
      of
      the sublicense agreement and its exhibits.

    

    3.2.3
      Modigene will be primarily liable to WU for all of Modigene's obligations and
      sublicensee’s obligations contained in this Agreement. 

    

    3.3 The
      license "to have made" granted in Sections 3.1 and 3.2 means that Modigene
      may
      contract with one or more Third Parties to manufacture Licensed Products for
      Modigene for sale or offer for sale by Modigene or Sublicensees within the
      scope
      of its (or their) sales operations. Modigene shall require all such Third
      Parties to assume confidentiality obligations consonant with Article 7 of this
      Agreement.

    

    3.4 For
      academic research, education, and other non-commercial uses, WU retains all
      rights to the Patent Rights and to use the Eleven Molecules and the Additional
      Molecules. Modigene shall have a first option to exclusively license, in the
      Field and for The Eleven Molecules and The Additional Molecules, any new patent
      rights claiming improvements to the CTP technologies developed at WU, provided
      that Modigene shall give WU written notice of excising such an option within
      ninety (90) days from receiving written notice from WU of such new improvements
      and patent applications. The terms and conditions of such an excusive license
      shall be negotiated between the parties on a good faith basis. 

    

    3.5 If
      any
      Affiliate of Modigene exercises any rights under this Agreement, said Affiliate
      shall be bound by all terms and conditions of this Agreement as if this
      Agreement had been directly between WU and the Affiliate. Modigene shall remain
      fully liable to WU for each of its Affiliates, such that all acts, omissions,
      and obligations of each of Modigene’s Affiliates shall, for purposes of this
      Agreement, be considered as acts, omissions, and obligations of
      Modigene.

    

    3.6 This
      Agreement provides Modigene and Sublicensees no ownership rights of any kind
      in
      the Patent Rights. All ownership rights remain the property of WU.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    

    3.7 In
      accordance with Public Laws 96-517, 97-256 and 98-620, codified at 35 U.S.C.
§§
200-212, the United States government retains certain rights to inventions
      arising from federally supported research or development. Under these laws
      and
      implementing regulations, the government may impose requirements on such
      inventions. Licensed Products embodying inventions subject to these laws and
      regulations sold in the United States must be substantially manufactured in
      the
      United States. The license rights granted in this Agreement are expressly made
      subject to these laws and regulations as they may be amended from time to time.
      Modigene shall be required to abide by all such laws and regulations and shall
      ensure that all sublicenses under this Agreement impose a similar requirement
      upon all Sublicensees.

    

    3.8
      Licensee shall ensure that appropriate markings, such as “Patent Pending” or the
      Patent Rights patent number or application serial number, appear, in accordance
      with each country’s patent laws, on all Licensed Products (or their packaging,
      as appropriate) sold by or on behalf of Licensee and all
      Sublicensees.

    

    4. Development.
      Modigene
      agrees to use its reasonable commercial efforts to develop, have developed,
      and/or sell and/or have sold Licensed Products in accordance with the
      Development Plan. Modigene also agrees that, if applicable, it will require
      its
      Sublicensees to comply with the standards and obligations of Modigene set forth
      herein. 

    

    4.1 Licensee
      represents and warrants that the Development Plan contains Licensee’s good
      faith, bona fide plans for commercializing Licensed Products. 

     

    4.2 Modigene
      will update the Development Plan and report progress against the Development
      Plan in writing to WU no later than January 31 of the first two calendar years
      following the calendar year in which the Effective Date falls, and no later
      than
      January 31 of each subsequent calendar year. The updates and reports will
      summarize in reasonable detail the progress achieved and any problems
      encountered in the development, prototyping, evaluation, testing, manufacture,
      sale, and/or marketing of each Licensed Product. Upon reasonable request by
      WU,
      Modigene will consult with WU about tasks, schedules and progress.

    

    4.3 Prior
      to
      the First Commercial Sale of each Licensed Product, Modigene will timely comply
      with any and all terms of the Development Plan as agreed to and from time to
      time amended by Licensee 

     

    4.4 
      Within
      four(4) years after the First Commercial Sale of a Licensed Product, Modigene
      will sell sufficient quantities of Licensed Products such that the earned
      royalties equal or exceed the minimum royalty payments required under Article
      5.

     

    4.5 Should
      WU
      conclude in its reasonable judgment that Modigene has not met its development
      obligations in this Section 4 for reasons other than: (a) a governmental agency
      has withheld/delayed regulatory approval and/or requires additional studies
      and
      materials notwithstanding Modigene’s diligent efforts to obtain such approval;
      or (b) Modigene encountered unanticipated technical or scientific and/or
      manufacture problems not withstanding its diligent efforts to correct or address
      such problems as evidenced by contemporaneous written records; or (c) Modigene
      encountered other causes beyond its reasonable control, notwithstanding its
      diligent efforts to overcome them, and as evidenced by contemporaneous written
      records; then WU may notify Modigene of its conclusions in writing and the
      basis
      therefore and, upon request of WU, Modigene must show cause why the license
      granted hereunder should not be terminated. If within ninety (90) days after
      Modigene’s receipt of WU's service of notice the Parties have not resolved the
      matter through good faith negotiations the Parties shall resolve the matter
      through arbitration under Section 17. 

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    

    5. Fees,
      Payments and Royalties.

    

    5.1  In
      partial consideration for this Agreement, Modigene has previously issued to
      WU
      Two Hundred Twenty-One Thousand Nine Hundred Seventy Nine (221,979) shares
      of
      common stock in Modigene, Inc.

    

    5.2  Modigene
      shall pay to WU a non-refundable, non-creditable license issue fee of $100,000,
      of which twenty-five percent (25%) shall be due and payable within thirty (30)
      days of the Effective Date. Fifty percent (50%) of the aforementioned license
      issue fee shall be due and payable on the first anniversary of the Effective
      Date, and the remaining twenty-five percent (25%) shall be due and payable
      within the eighteen-month period following the Effective Date.

    

    5.3  
      No later
      than thirty (30) days after commencement of a Calendar Half Year, Modigene
      shall
      pay to WU a non-refundable, non-creditable license maintenance fee as
      follows:

    

    5.3.1 Payment
      equal to $15,000 per Calendar Half Year beginning on the first anniversary
      of
      the Effective Date and continuing until the First Commercial Sale, but including
      such payment for the Calendar Half Year in which the First Commercial Sale
      occurs.

    

    5.3.2 License
      maintenance fee payments hereunder shall cease the Calendar Half Year
      immediately after the First Commercial Sale in the United States.

    

    5.4 Modigene
      shall pay to WU a non-refundable minimum royalty for each Licensed Product
      sold
      by Modigene, its Affiliates or its Sublicensees. The first calendar period
      for
      which the minimum royalty will be paid will begin on the first day of the
      Calendar Half Year following the Calendar Half Year in which the First
      Commercial Sale for each Licensed Product occurs. Payments under this Section
      5.3 will be due in the following amounts for the corresponding calendar
      periods:

    

      
        	
                5.4.1 Period 

              	Minimum
                Royalty 
	 	 
	
                First
                  Two (2) Calendar Half Years

              	
                $5,000
                  per Calendar Half Year

              
	
                Third
                  and Fourth Calendar Half Years

              	
                $10,000
                  per Calendar Half Year

              
	
                Fifth
                  and Each Subsequent Calendar

              	
                $20,000
                  per Calendar Half Year

              
	
                Half
                  Year

              	
                 

              

      

    
    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

       

    

    5.4.2 Minimum
      royalties will be paid on January 31 and July 31 of each respective Calendar
      Half Year. 

    

    5.5 
      Modigene
      shall pay to WU an earned royalty of 5% of
      Net
      Sales of any Licensed Product that contains one or more Additional Molecules
      and
      1.5 % of Net Sales for all
      Licensed Products that have one or more of The Eleven Molecules.

    

    5.5.1 Earned
      royalties payable under Section 5.4 are fully creditable against minimum
      royalties called for in Section 5.3 and subsections, above. 

    

    5.5.2 Earned
      royalties will be accumulated and reported each Calendar Half Year. Modigene
      will pay to WU earned royalties accumulated during a Calendar Half Year on
      the
      January 31 or July 31 immediately following the end of that Calendar Half Year.
      

    

    5.5.3 To
      calculate the value of Net Sales of Combination Products, the Net Sales of
      such
      Combination Products will be multiplied by the fraction A/(A + B) where A is
      the
      fair market value of the Licensed Product when sold separately, and B is the
      fair market value of the Other Agents when sold separately.

    

    5.6 Modigene
      shall pay to WU 20% of Sublicensing Revenue of any Licensed Products that have
      any Additional Molecules and 7.5 % of Sublicensing Revenue for
      all
      Licensed Products that have one or more of The Eleven Molecules.
      

    

    5.6.1 Sublicensing
      Revenue is fully creditable against minimum royalties called for in Section
      5.3
      and subsections above.

    

    5.6.2 Sublicensing
      Revenue will be accumulated and reported on a Calendar Half Year basis. Modigene
      will pay to WU sublicense fees accumulated during a Calendar Half Year on the
      January 31 or July 31 immediately following the end of that Calendar Half
      Year.

    

    5.7 Modigene
      will pay to WU the following non-refundable, non-creditable milestone payments
      for each of The Eleven Molecules and The Additional Molecules: 

    

      
        	
                5.7.1

              	
                (A)
                  Filing of an IND Filing

              	
                $15,000

              
	 	
                (B)
                  First dosing of first patient in a Phase IIb study

              	
                $30,000

              
	 	
                (C)
                  First dosing of first patient in a Phase III study

              	
                $40,000

              

      

       

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

    

     

    5.7.2 Milestone
      payments will be due on the January 31 or July 31 immediately following the
      Calendar Half Year in which the milestone event set forth in Section 5.6.1
      occurred.

    

    5.8 No
      multiple royalties will be required to be paid to WU because a Licensed Product
      or its manufacture, use, sale or importation is covered by more than one Valid
      Claim or patent or patent application within the Patent Rights. 

    

    5.9  All
      earned royalties paid to a Third Party to obtain commercialization rights under
      Third Party patents claiming all or part of the Patent Rights may be credited
      against earned royalties due WU for Licensed Products of The Additional
      Molecules, provided that the earned royalty paid to WU for The Additional
      Molecules shall never be less that 3%. 

    

    5.10  For
      clarity, there shall be no credit on the earned royalty of The Eleven Molecules
      and the earned royalty shall never be less than the 1.5% for The Eleven
      Molecules.

    

    6. Place
      and Method of Payment; Reports and Records; Audit;
      Interest.

    

    6.1 All
      dollar ($) amounts referred to in this Agreement are expressed in United States
      dollars. All payments to WU shall be made in United States dollars by check
      or
      electronic transfer payable to "Washington University." Any Sales revenues
      for
      Licensed Products in currency other than United States dollars shall be
      converted to United States dollars using
      the
      average conversion rate of the daily closing prices in the applicable Calendar
      Half Year as
      published in the Eastern edition of The
      Wall Street Journal.
      

    

    
      	6.2  	
              Checks
                shall reference WU Contract Number CA0089-90
                and shall be sent to:

            

    

    

    Accounting
      Department

    Office
      of
      Technology Management

    Washington
      University in St. Louis

    660
      South
      Euclid Avenue, CB 8013

    St.
      Louis, MO 63110

    

    All
      payments shall include the WU Contract Number to ensure accurate crediting
      to
      Licensee’s account. Electronic transfers shall be made to a bank account
      designated in writing by WU.

    

    6.3 
      Modigene
      shall deliver to WU, within forty-five (45) days of the end of each Calendar
      Half Year in which earned royalties and/or Sublicensing Revenue are owed and
      payable, a written report setting forth the calculation of the payments made
      to
      WU for that Calendar Half Year, including at least the following:

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    

    6.3.1 The
      number of Licensed Products sold and amount of Sales by country.

    

    6.3.2 Gross
      receipts for Sales of Licensed Products including total amounts invoiced and
      received.

    

    6.3.3 Permissible
      Deductions, as defined in Section 2.14, giving totals by each type.

    

    6.3.4 Net
      Sales
      of Licensed Products by country.

    

    6.3.5 Royalties,
      fees and payments due to WU, giving totals for each category.

    

    6.3.6 Earned
      royalty amounts credited against minimum royalty payments.

    

    6.4 Modigene
      shall maintain, and shall require its Sublicensees to maintain, complete and
      accurate books of account and records that would enable an independent auditor
      to verify the amounts paid as royalties, fees and payments under this Agreement.
      Modigene must also require its Sublicensees to file reports to Modigene to
      enable Modigene to comply with all record keeping and reporting obligations
      in
      this Agreement. The books and records must be maintained for three years
      following the Calendar Half Year after submission of the reports required by
      this Article. Upon prior written notice by WU of at least sixty (60) days,
      Modigene will give a
      certified, independent public accountant selected by WU and acceptable to
      Licensee (“CPA”) access
      to
      all books and records relating to Sales of Licensed Products by Modigene to
      conduct, at WU’s expense, an audit or review of those books and records. This
      access will be available no more then once annually, during regular business
      hours, during the Term of the Agreement and for the three calendar years
      following the year in which termination or expiration occurs. However, if the
      audit or review reports that Modigene has underpaid royalties by 5% or more
      for
      any Calendar Half Year, Modigene shall reimburse WU for the reasonable costs
      and
      expenses of the accountants and auditors in connection with the review and
      audit. WU
      agrees
      that all information subject to review under this Section 6.4 is
      confidential, such CPA shall enter into a confidentiality agreement with
      Modigene, and that it shall direct the CPA conducting the audit to retain all
      such information in confidence. The CPA shall only report to WU regarding
      royalty payments. Any report prepared as a result of or in connection with
      the
      audit pursuant to this Section 6.4 shall be regarded as Licensee’s Confidential
      Information and WU hereby agrees not to use any information in such report
      for
      any purpose other than determining whether Licensee has complied with its
      obligations under, and enforcing the terms of, this Agreement.

    

    6.5 Any
      amounts not paid by Modigene to WU when due shall accrue interest, from the
      due
      date until payment is made, at an annual rate equal to one percent (1%) above
      the prime rate published in the Eastern edition of The Wall Street Journal
      during the period of arrearage (or the maximum allowed by law, if less than
      the
      amount specified herein).

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    

    7. Confidentiality

    

    7.1
      “Confidential Information” shall include all information disclosed by one Party
      (in this section 7, the “Disclosing Party”) to the other party (in this section
      7, the “Receiving Party”) at any time before or after the execution of this
      Agreement which is in any way related to the Patent Rights, the Licensed
      Products and specifically includes, without limitation, all unpublished Patent
      Rights as well as (a) data, documents, tangible items, materials, prototypes,
      formulas, patterns, programs, methods, techniques, processes, studies, analyses,
      records, schedules, reports, specifications, plans, technical data,
      compilations, devices, inventions, engineering and laboratory notebooks, bills
      of materials, drawings, manuscripts and models, (b) information by any means,
      including, but not limited to, oral, electronic, written, graphical,
      demonstrative, and physical means as well as site visits, inspections or other
      observations by Licensee, and (c) duplications and translations of any of the
      foregoing.
      

    

    7.2 The
      Receiving Party will maintain in secrecy and not disclose to any Third Party
      and
      any employee or agent other than such employees or agents only on a need-to-know
      basis of such Confidential Information to effectuate this Agreement, any of
      the
      Disclosing Party’s Confidential Information. The Receiving Party will ensure
      that its employees (and other parties, when Modigene is the Receiving Party)
      have access to the Disclosing Party's Confidential Information only on a
      need-to-know basis and are obligated by written agreement to keep the Disclosing
      Party's confidentiality obligations under this Agreement.

    

    7.3 The
      obligations of confidentiality specified in this Article will not extend to
      Confidential Information that:

    

    7.3.1 Becomes
      part of the public domain through no fault of the Receiving Party;

    

    7.3.2 Was
      known
      to the Receiving Party before disclosure to the Receiving Party by the
      Disclosing Party as established by clear and convincing documentary evidence;
      

    

    7.3.3 Comprises
      identical subject matter to that which had been originally and independently
      developed by the Receiving Party personnel without knowledge or use of any
      of
      the Disclosing Party’s Confidential Information; or

    

    7.3.4 Was
      disclosed to the Receiving Party by a Third Party having a right to make the
      disclosure.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    

    7.4 Notwithstanding
      the other terms of this Article 7, the Receiving Party may, to the extent
      necessary, use Confidential Information to secure governmental approval to
      clinically test or market a Licensed Product, to secure patent protection for
      an
      invention within the Patent Rights, to comply with a court order or governmental
      rule or regulation, or to show to a potential sublicensee or contractor subject
      to an appropriate confidentiality agreement. The Receiving Party will, in any
      such use, take all reasonably available steps to maintain confidentiality of
      the
      disclosed Confidential Information and to guard against any further
      disclosure.

    

    8. Representations
      and Warranties.

    

    8.1 WU
      represents and warrants that:

    

    8.1.1 It
      is a
      corporation organized, existing and in good standing under the laws of
      Missouri.

    

    8.1.2 It
      has
      the authority to enter into this Agreement and that the person signing on its
      behalf has the authority to do so.

    

    8.1.3 To
      the
      best of its knowledge, it is the sole owner (subject to any rights retained
      by
      the U.S. government by operation of law) of the Patent Rights licensed in this
      Agreement and that it has the authority to grant the licenses set forth herein.
      

    

    8.1.4 To
      the
      best of its knowledge, it has not granted the rights or an option to such rights
      as defined in this Agreement to a Third Party. 

    

    8.1.5 To
      the
      best of its knowledge, as of the Effective Date of the Agreement, there are
      no
      actions, suits or claims pending against WU challenging WU's ownership or
      control of the Patent Rights licensed in this Agreement.

    

    8.1.6 All
      inventors named in patent applications within the Patent Rights have entered
      into agreements with WU assigning to WU their entire right, title and interest
      in and to the patent application(s) describing and/or claiming their
      invention(s).

    

    8.1.7
       To
      the
      best of its knowledge, no
      claim
      or legal proceeding with respect to infringement, misappropriation or violation
      of any Patent Rights is or has been pending or threatened against it with
      respect to Patent
      Rights,
      or
      against any other person who is, or has asserted or could reasonably be expected
      to assert that it is, entitled to be indemnified, defended, held harmless or
      reimbursed by WU with respect to such claim or legal proceeding (including
      any
      claim or legal proceeding that has been settled, dismissed or otherwise
      concluded), and WU received no requests or notices from any third party alleging
      that WU is obligated to indemnify, defend, or hold them harmless with respect
      to
      any such claim or legal proceeding.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    

    8.2 Modigene
      represents and warrants that:

    

    8.2.1 It
      is a
      corporation duly organized, existing, and in good standing under the laws of
      the
      state of Delaware. 

    

    8.2.2 The
      execution, delivery and performance of this Agreement have been authorized
      by
      all necessary corporate action on the part of Modigene and that the person
      signing the Agreement on behalf of Modigene has the authority to do
      so.

    

    8.2.3 The
      making or performance of this Agreement would not violate any separate agreement
      it has with any Affiliate or Third Party.

    

    8.2.4 It
      is not
      a party to any agreement or arrangement that would prevent it from performing
      its duties and fulfilling its obligations to WU under this
      Agreement.

    

    8.2.5 It
      has
      obtained or will obtain and maintain the insurance coverage required in Section
      12.2.1 and will obtain and maintain all future coverage required in Article
      12
      of this Agreement.

    

    8.2.6
       There
      is
      no pending litigation and, to the best of its knowledge, no threatened claims
      against it that could impair its ability or capacity to perform and fulfill
      its
      duties and obligations under this Agreement, including, but not limited to,
      the
      Development Plan.

    

    8.3 Nothing
      in this Agreement is or will be construed as:

    

    8.3.1 A
      warranty or representation by WU as to the validity, scope, or efficacy of
      Patent Rights.

    

    8.3.2 A
      grant,
      by implication, estoppel, or otherwise, of any licenses or rights under patents
      or other intellectual property rights of WU or other persons, other than the
      rights expressly granted above to Patent Rights.

    

    8.3.3 An
      obligation to furnish any technology or technological information other than
      that identified in the attached Exhibits.

    

    8.3.4 A
      grant
      of rights to either Party to use the name of the other in advertising,
      publicity, or otherwise, except as expressly authorized herein, without the
      written permission of the other Party.

    

    8.4 EXCEPT
      AS
      EXPRESSLY SET FORTH IN SECTIONS 8.1.3 THROUGH 8.1.7 OF THIS AGREEMENT, WU
      PROVIDES THE PATENT RIGHTS "AS IS," AND MAKES NO REPRESENTATIONS AND EXTENDS
      NO
      WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED. THERE ARE NO EXPRESS OR
      IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS OF ANY PATENT RIGHTS OR
      LICENSED PRODUCT FOR A PARTICULAR PURPOSE, OR THAT THE MAKING, USING OR SELLING
      OF ANY LICENSED PRODUCT WILL NOT INFRINGE ANY PATENT, COPYRIGHT, TRADEMARK
      OR
      OTHER THIRD PARTY RIGHTS. WU MAKES NO REPRESENTATION OR WARRANTY WITH RESPECT
      TO
      THE PERFORMANCE OF LICENSED PATENT RIGHTS OR ANY LICENSED PRODUCT, INCLUDING
      THEIR SAFETY, EFFECTIVENESS, OR COMMERCIAL VIABILITY. WU WILL NOT BE LIABLE
      TO
      MODIGENE,
      OR ITS
      AFFILLIATES, SUCCESSORS, ASSIGNS, CONTRACTORS, OR SUBLICENSEES, OR ANY THIRD
      PARTY REGARDING ANY CLAIM ARISING FROM OR RELATING TO MODIGENE’S USE OF LICENSED
      PATENT RIGHTS OR ANY LICENSED PRODUCT, OR FROM THE MANUFACTURE, USE, IMPORTATION
      OR SALE OF LICENSED PRODUCTS, OR FOR ANY CLAIM FOR LOSS OF PROFITS, LOSS OR
      INTERRUPTION OF BUSINESS, OR FOR INDIRECT, SPECIAL, EXEMPLARY, PUNITIVE, OR
      CONSEQUENTIAL DAMAGES OF ANY KIND. THE FOREGOING LIMITATIONS SHALL APPLY
      REGARDLESS WHETHER WU OR ANYONE ACTING ON ITS BEHALF IS ALLEGED OR PROVEN TO
      HAVE BEEN NEGLIGENT OR OTHERWISE AT FAULT IN ANY WAY.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    

    9. Application,
      Prosecution and Maintenance of Patent Rights.

    

    9.1
      WU
      has
      the sole right to control preparation, filing, prosecution, issue and
      maintenance of Patent Rights patents and applications. WU will instruct outside
      patent counsel within thirty (30) days from the Effective Date, to provide
      Licensee a CD or DVD which contains copies of the public record of prosecution
      history of the Patent Rights with the US and foreign patent offices. All costs
      invoiced to WU by the law firms that are associated with supplying these
      documents will be reimbursed in full to WU by Modigene. Prior to filing any
      document with the patent office of Canada and Japan, WU shall provide Licensee
      with a draft for review and comments at least 10 days prior to such filing.
      However, should WU decide to abandon any Patent Rights patents and applications,
      WU shall notify Licensee of such intent at least thirty (30) days prior to
      any deadline at which such abandonment becomes irrevocable (the “Deadline Date”)
      and Licensee may, at its own expense, prosecute and maintain said patent
      application. Should Licensee assume such prosecution and maintenance, Licensee’s
      obligations to pay royalties for Licensed Products and its License with respect
      to said patent or application shall cease as of said Deadline Date. WU agrees
      to
      reasonably cooperate with Licensee at Licensee's request to whatever extent
      is
      reasonably necessary, to procure patent protection for Patent Rights, including
      fully agreeing to execute any and all documents to provide Licensee the full
      benefit of the licenses granted herein. 

    

    10. Infringement,
      Enforcement, and Defense.

    

    10.1 The
      Parties shall give prompt written notice to each other of (a) any known or
      suspected infringement of the Patent Rights in respect of Licensed Products
      by a
      Third Party, and (b) any claim that a Licensed Product infringes the
      intellectual property rights of a Third Party.

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    

    10.2 Modigene
      shall have the first right, but not the obligation, to attempt to abate any
      infringement, of the Patent Rights in respect of Licensed Products by a Third
      Party in the Field and Territory. Modigene
      shall have the right, but shall not be obligated to sue, prosecute, take action
      against, oppose, enter ex party or inter party actions, defend any
      reexamination, interferences, oppositions of the Patent Rights; and any and
      all
      misappropriations, conveyances, uses, and/or transfers of Patent Rights to
      Third
      Parties and in furtherance of such right at its own expense through
      outside counsel of its choice.
      Before
      commencing such action, Modigene shall consult with WU and shall give careful
      consideration to the views of WU regarding the advisability of the proposed
      action and its potential effects on the WU’s interests.
      Modigene
      may initiate and prosecute actions in WU’s name against Third Parties for such
      infringement and/or unfair trade practices through outside counsel of its choice
      who are reasonably acceptable to WU. Modigene shall consult with WU prior to
      and
      in conjunction with all significant issues, shall keep WU informed of all
      proceedings, and shall provide copies to WU of all pleadings, legal analyses,
      and other papers related to such actions. WU will provide reasonable assistance
      to Modigene in prosecuting any such actions.

    

    10.3 Notwithstanding
      anything herein to the contrary and absent WU’s prior written consent which
      shall not be unreasonable withheld, Modigene shall not settle or compromise
      any
      claim or action in a manner that imposes restrictions or obligations on WU,
      requires any financial payment by WU, or grant rights or concessions to a Third
      Party to Patent Rights or a Licensed Product.

    

    10.4 Modigene
      will be entitled to offset against earned royalties and Sublicensing Revenue
      due
      under Sections 5.4 and 5.5 hereof,

    

    10.4.1 All
      reasonable and necessary attorney's fees and expenses incurred in abating,
      bringing, or defending against Third Party claims of infringement or unfair
      trade practices against Patent Rights in respect of Licensed Products, or in
      bringing or defending an action against a Third Party under this Article,
provided,
      however, that in no event shall the royalty and fee payments due to WU be
      reduced by more than fifty percent (50%) in any Calendar Half Year. In such
      an
      event the portion of such attorney’s fees and expenses not included shall be
      credited to the year after and thereafter until such amount is zero;

    

    10.4.2 In
      the
      event that, at any time prior to the date of expiration or invalidity of the
      last to expire of any WU patent with the Patent Rights containing a Valid Claim
      which covers the sale of a Licensed Product in said country, Modigene is
      required, for the purpose of Developing or Commercializing said Licensed Product
      in a particular country, to obtain from a Third Party a license relating to
      the
      subject matter of a WU patent within the Patent Rights, then Modigene shall
      have
      the right to off set fifty percent (50%) of said royalties and Sublicensing
      Revenue payable by Modigene to such Third Party against the royalties and
      Sublicensing Revenue that would otherwise be due to WU; provided,
      however, that in no event shall the royalty and fee payments due to WU be
      reduced by more than fifty percent (50%) in any Calendar Half Year.

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    

    10.5 If
      Modigene fails or declines to take any action under Section 10.2 within a
      reasonable time after learning of Third Party infringement or unfair trade
      practices in respect of Licensed Products, WU shall have the right, but not
      the
      obligation, to take appropriate actions against any such Third Party. If
      Modigene fails to defend a claim or action under Section 10 within one hundred
      twenty (120) days of learning of the same, WU may assume the defense at its
      sole
      costs and expenses. WU shall keep Modigene informed of all proceedings, and
      shall provide copies to Modigene of all pleadings, legal analyses, and other
      papers related to such actions. Modigene will provide reasonable assistance
      to
      WU in prosecuting any such actions.

    

    10.6  Any
      award
      paid by Third Parties as the result of such proceedings (whether by way of
      settlement or otherwise) shall first be applied to reimbursement of the
      unreimbursed legal fees and expenses incurred by either Party and then the
      remainder shall be divided based on the Sublicensing terms in Section 5.

     

    

    11. Indemnification 

    

    11.1
       General.
      Subject to the further provisions of this Article 11, Licensee agrees to
      indemnify, defend and hold harmless WU, WU’s Affiliates, and, as applicable,
      each of their respective present and former trustees, faculty, staff, employees,
      students, directors, officers, agents, successors and assigns (each a “WU
      Indemnitee”) from and against any and all judgments, losses, expenses, damages
      and/or liabilities (including, without limitation, any and all attorneys’ and
      expert witness fees and court costs), that a WU Indemnitee may incur from any
      and all claims, suits, actions and/or proceedings (collectively, “Claims”)
      arising out of, (a) any act, error or omission of Licensee, Affiliate or
      Sublicensee, including without limitation, any act, error, or omission that
      results in injury or death to person, damage to property, products liability,
      and/or any injury to business (such as, but not limited to, business
      interruption or damage to reputation) arising out of, the
      making and using of or other exploitation of the Patent Rights or
      Licensed Product, (b) any act, error or omissions in connection with developing,
      testing, or obtaining or seeking to obtain regulatory approval for any Licensed
      Product, (c) a breach of this Agreement by Licensee, Affiliate or Sublicensee
      or
      any allegation which, if true, would constitute a breach of this Agreement
      by
      Licensee, and/or
      (c)
the
      use
or
      other
      exploitation of the Patent Rights, in
      the
      design, development, production, manufacture, sale or offer for sale, use,
      importation, lease, marketing, performance or promotion of any Licensed Product
      by Licensee, Affiliate or Sublicensee including,
      without limitation, claims for infringement or misappropriation of a third
      party’s intellectual property rights or product liability,
      except
      that Modigene shall not indemnify, defend, and hold harmless WU Indemnitee
      for
      any judgments, losses, expenses, damages and/or liabilities due to gross
      negligence or willful misconduct of such WU Indemnitee. Gross negligence means
      conduct of sufficient culpability to support, under applicable state law, the
      imposition of punitive damages. Licensee does not agree to indemnify, defend
      and
      hold harmless a WU Indemnitee from any and against any and all Claims for any
      activities that are from future academic research, education and other
      non-commercial uses of the Patent Rights provided for under Section 3.4
      above.

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    

    11.2  
      Defense,
      Cooperation and Settlement. With respect to any Claim where Licensee has
      irrevocably acknowledged a duty to indemnify WU Indemnitees, Licensee shall
      conduct the defense of such Claims through outside counsel of its choice who
      are
      reasonably acceptable to WU. However, each WU Indemnitee shall have the right
      (but not the obligation) to participate in such defense at their own expense
      through counsel of their own choosing. Licensee shall consult with WU prior
      to
      and in conjunction with all significant issues, shall keep WU informed of all
      proceedings, and shall provide copies to WU of all pleadings, legal analyses,
      and other papers related to such actions. WU will provide reasonable assistance
      to Licensee in defending any such Claims. Licensee may not settle, compromise,
      or otherwise enter into any form of settlement (or other similar agreement)
      regarding any Claim that either (a) admits liability on the part of any WU
      Indemnitee, (b) otherwise negatively affects the rights of any WU Indemnitee
      or
      imposes any liability, restrictions or obligation upon any WU Indemnitee, (c)
      requires any financial payment by any WU Indemnitee, and/or (d) grants rights
      or
      concessions to a third party to the Patent Rights and any Licensed Products
      unless in compliance with the terms of this Agreement as a Sublicensee, in
      each
      instance without the advance written consent of the applicable WU Indemnitee.
      Licensee agrees to comply with all reasonable requests for information by WU
      regarding the defense of any Claim and, if requested by WU, shall enter into
      a
      joint defense agreement with WU.

    

    11.3  Failure
      to Defend.
      A
      failure by Licensee to undertake or maintain the defense of a Claim, or timely
      to undertake the defense of a Claim shall not release Licensee from its
      obligations under this Agreement including, without limitation, its obligations
      under this Article 11. However, in the event of any such failure or delay,
      the
      applicable WU Indemnitee shall have the right (but not the obligation) itself
      to
      undertake, or to have another for it undertake, the defense (including
      settlement) of any such Claim, which shall be on behalf of, for the account
      of,
      and at the sole risk of Licensee. Moreover, with respect to any Claim for which
      Licensee has not irrevocably acknowledged a duty to indemnify WU Indemnitees,
      WU
      shall be entitled to conduct and direct its own defense and that of other WU
      Indemnities using attorneys of its own selection (subject to Licensee’s approval
      which shall not be unreasonably withheld), but it shall consult with Licensee
      on
      litigation strategy. In any such event, Licensee shall take all actions which
      reasonably are required and shall cause all actions to be taken which Licensee
      reasonably can cause to be taken in order to effectuate an orderly transition
      of
      such defense and, if applicable, such negotiations in respect of the settlement
      of any such Claim, to that WU Indemnitee and legal counsel selected by or for
      that WU Indemnitee to represent that WU Indemnitee in the foregoing regards
      in
      respect of such Claim including, without limitation, providing that WU
      Indemnitee and/or such counsel with a copy of all related documents including,
      without limitation, all work product developed or otherwise generated in the
      course of satisfaction by Licensee of its indemnification obligations in respect
      of such Claim as to such WU Indemnitee. For the avoidance of doubt, the
      assumption of the defense of any Claim by or for an WU Indemnitee shall not
      release Licensee from its obligations under this Agreement including, without
      limitation, its obligations under this Article 11, and, accordingly, such
      defense (including settlement) of such claim shall be on behalf of, for the
      account of, and at the sole risk of Licensee.  

    

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    

    11.4  Miscellaneous.
      For the
      avoidance of doubt, Licensee’s obligations under Section 11.1 above shall apply
      regardless whether any WU Indemnitee is named, either jointly or severally,
      as a
      party defendant in any lawsuit or whether any WU Indemnitee is alleged or found
      to have been negligent or in any other way responsible for any loss, damage,
      or
      injury of any kind. Licensee’s obligation hereunder to defend WU Indemnitiees,
      as distinct from Licensee’s obligation to indemnify, shall apply unless the
      allegations of the Claim, on their face, confine the Claim to one not described
      in Section 11.1 (a), (b), (c) or (d). Each WU Indemnitee which is not a party
      to
      this Agreement shall be deemed to be a third party beneficiary of this
      Agreement. The obligations set forth in this Article 11 shall survive
      termination of this Agreement, shall continue even after assignment of rights
      and responsibilities, and shall not be limited by any other provision of this
      Agreement.

    

    12. Insurance.
      

    

    12.1
        General.
      Throughout the term of this Agreement and for a period of ten (10) years
      thereafter, Licensee shall obtain and maintain, in full force and effect and
      at
      Licensee’s sole cost and expense, one or more insurance policies providing: (a)
      worker’s compensation insurance in respect of all of Licensee’s employees with
      limits of liability and coverage not less than is from time-to-time required
      by
      all applicable laws, and (b) Insurance Services Office (“ISO”) commercial
      general liability coverage as it exists as of the Effective Date written on
      an
      occurrence basis, or its equivalent in the event such ISO form is discontinued
      or modified (including, without limitation any event, coverage and any necessary
      endorsements for products /completed operations, blanket broad form contractual
      liability as well as for clinical trials if any such trials are to be performed
      by or on behalf of Licensee) which provides, for each annual policy period,
      coverage and insurer's liability of no less than the minimum limits specified
      in
      Section 12.2 below for injury, death and property damage resulting from each
      occurrence during the policy period. 

    

    12.2 
      Policy
      Limits.
      Subject
      to the further provisions of this Section 12.2, the comprehensive commercial
      general liability coverage shall have the following minimum limits:

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

    

    12.2.1  From
      the
      Effective Date until the date prior to the IND$1,000,000 each occurrence;
      $2,000,000 General Aggregate (other than Products/Completed Operations),
      $2,000,000, Products/Completed Operations Aggregate. 

    

    12.2.2 From
      the
      date prior to the first clinical study to the date prior to First Commercial
      Sale: $5,000,000 each occurrence, $10,000,000 General Aggregate (other than
      Products/Completed Operations); $ 10,000,000 Products/Completed Operations
      Aggregate. The General Aggregate and Product/Completed Operations Aggregate
      may
      be lowered to no less than $5,000,000 upon written notice to WU and written
      findings by the Licensee’s insurer that such lower coverage is appropriate and
      customary to such clinical studies.

    

    12.2.3 From
      the
      date prior to the First Commercial Sale: $10,000,000 each occurrence;
      $25,000,000 General Aggregate (other than Products/Completed Operations);
      $25,000,000 Products/Completed Operations Aggregate. 

    

    The
      minimum limits of insurance set forth above may be met by a combination of
      primary insurance and commercial excess liability insurance policies. Modigene
      and WU may periodically evaluate the adequacy of the minimum coverage of
      insurance and deductible limits specified in this Article. WU reserves the
      right
      to require Licensee to adjust the insurance coverage by modifying the types
      of
      required coverages, the limits and/or financial rating and/or the method of
      financial rating of Licensee’s insurers as such changes are required of WU by
      its insurance carrier. 

    

    12.3
       Policy
      Specifics. Each policy of insurance which Licensee is required to obtain
      hereunder shall (a) be with reputable and financially secure insurance carriers
      having at least an A rating (A rating or above by A.M. Best) and an A.M. Best
      Class Size of at least VIII, (b) list each of WU, its trustees, faculty, staff,
      students, agents and their respective successors, heirs and assigns as
      additional insured, (c) be endorsed to provide that the insurer waives all
      subrogation rights which the insurer otherwise has or could have against any
      additional insured, (d) be primary in respect of all additional insured, and
      (e)
      provide that the identified insurer will not cancel or fail to renew the
      identified insurance without giving WU at least 30 days' prior written notice
      thereof.

    

    12.4 Evidence
      of Insurance. Modigene shall provide WU with a copy of the Certificate of
      Insurance from each such insurer which evidences compliance upon request by
      WU.
      . 

    

    12.5
       Clarifications.
      For the avoidance of doubt, the minimum insurance coverage and limits set forth
      in this Agreement do not constitute a limitation on Licensee’s liability or
      obligations to indemnify or defend WU and any other additional insured under
      this Agreement. 

     

    13. Termination.

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

    

    13.1 Modigene
      may terminate this Agreement with or without cause on one hundred twenty (120)
      days advance written notice to WU. The license rights granted in Article 3
      shall
      terminate at the end of the 120-day period.

    

    13.2 WU
      may
      terminate this Agreement at the end of the ninety (90) days advance written
      notice to Modigene upon Licensee’s material breach of the Agreement. The
      termination becomes effective at the end of the ninety (90) day period unless
      Modigene has fully cured the breach within that time. A material breach
      includes, but is not limited to, one or more of the following:

    

    13.2.1 Failure
      to use reasonable commercial efforts to commercialize Licensed Products under
      the Development Plan as required under Article 4.

    

    13.2.2 Failure
      to provide timely updates to or remain diligent under the Development Plan
      as
      required in Article 4.

    

    13.2.3 Failure
      to pay timely any fee, royalty, or other payment required under this
      Agreement.

    

    13.2.4 Failure
      to keep accurate and complete books and records, failure to assure that
      Sublicensees keep accurate books and records, and failure to allow an annual
      audit and inspection, all as required by Article 6.

    

    13.2.5
      Breach or falsity of any of Modigene’s representations or warranties made in
      this Agreement.

    

    13.2.6
      Failure to indemnify in accordance with Article 11 of this
      Agreement.

    

    13.2.7
      Failure to include all necessary and required terms in all sublicenses, or
      inclusion of any prohibited terms.

    

    13.2.8
      Failure properly to engage or consult WU in suits or claims to abate or defend
      as required in Article 10 of this Agreement.

    

    13.2.9
      If
      Modigene enters bankruptcy or receivership, voluntarily or
      involuntarily.

    

    13.2.10
      Failure to obtain, maintain, and/or timely report levels of insurance, as
      required in Article 12 

    

    13.3 As
      of the
      date of termination of this Agreement by either Party for any reason pursuant
      to
      the terms herein, all license rights granted to Modigene under Article 3 shall
      terminate. Modigene’s obligations
      to pay fees, royalties, or other payments and patent expenses (Article 10)
      accruing prior to termination shall survive termination.

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

    

    14. Use
      of Names. Neither
      Party may use the name of the other for any commercial, advertisement, or
      promotional purpose without the prior written consent of the other.

    

    15. Assignment
      or Pledge of Agreement. This
      Agreement, in whole or in part, shall not be assigned by either Party to any
      Third Party without the written consent of the non-assigning Party. However,
      Modigene may assign the entire Agreement, without WU's consent, to a Third
      Party
      that acquires substantially all of Modigene’s business or assets through merger,
      sale, acquisition, or other similar transaction, provided
      that the
      successor agrees in writing (with a copy of such assent to WU within ten (10)
      days of the effective date of the transaction) to assume all obligations and
      liabilities of Modigene to WU. The rights granted in this Agreement may not
      be
      pledged in any way by Modigene or any Sublicensee to secure any purchase or
      lease.

    

    16. Notice.  Any
      required or permissive notice under this Agreement will be sufficient if in
      writing and delivered personally, by recognized national overnight courier,
      or
      by registered or certified mail, postage prepaid and return receipt requested,
      to the address below and will be deemed to have been given as of the date shown
      on the receipt if by certified or registered mail, or the day following dispatch
      if by overnight courier.   

    

      
        	
                If
                  to WU:

              	 	
                If
                  to Modigene:

              
	 	 	 
	
                Office
                  of Technology Management

              	 	
                Modigene
                  Inc.

              
	
                Washington
                  University in St. Louis

              	 	
                8000
                  Towers Crescent Drive

              
	
                660
                  South Euclid Avenue, CB 8013

              	 	
                Suite
                  1300

              
	
                St.
                  Louis, MO 63110

              	 	
                Vienna,
                  VA 22182

              
	 	 	 
	
                With
                  copy to:

              	 	
                With
                  copy to:

              
	 	 	 
	
                Office
                  of General Counsel

              	 	
                Pearl
                  Cohen Zedek Latzer LLP

              
	
                Washington
                  University in St. Louis

              	 	
                Att:
                  Mark S. Cohen

              
	
                One
                  Brookings Drive, Box 1058

              	 	
                1500
                  Broadway

              
	
                St.
                  Louis, MO 63130

              	 	
                New
                  York, NY 10036

              

      

    

    

    17. Dispute
      Resolution. 

    

    17.1
      Parties
      agree that any dispute arising out of or relating to this Agreement shall be
      resolved solely by means of the procedures set forth in this Section
      17.

    

    17.2
      In
      the event of any dispute arising out of or relating to this Agreement, the
      affected Party shall notify the other Party, and the Parties shall attempt
      in good faith to resolve the matter within twenty (20) business days after
      the date notice is received by the other Party (the "Notice Date").  Any
      disputes not resolved by good faith discussions then shall be referred to
      senior managers of each Party, who shall meet at a mutually acceptable
      time and location within thirty (30) days after the Notice Date and attempt
      to
      negotiate a settlement.  If the matter remains unresolved within sixty (60)
      days after the Notice Date, or if the senior managers fail to meet
      within thirty (30) days after the Notice Date, the Parties shall submit the
      dispute to non-binding mediation before a mediator acceptable to both
      Parties.  If the matter remains unresolved within sixty (60)
      days after submitting to non-binding mediation either Party may pursue
      any other remedies legally available to resolve the dispute, including court
      action.   Without waiving the right to commence litigation in court,
      the parties agree that they will in good faith consider binding
      arbitration as a form of alternative dispute resolution at the request of
      the other party.

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

    

    17.3
      Although the procedures specified in this Section 17 are the sole and exclusive
      procedures for the resolution of disputes arising out of or relating to this
      Agreement, either Party may seek a preliminary injunction or other provisional
      equitable relief if, in its reasonable judgment, that action is necessary to
      avoid irreparable harm to itself or to preserve its rights under this
      Agreement.

    

    18. General
      Provisions.

    

    18.1 This
      Agreement shall be governed by and interpreted according to the laws of the
      State of New York without regard for or application of its internal conflict
      of
      laws rules. The Parties expressly agree not to contest personal jurisdiction
      in
      either of those courts and shall not move to dismiss any such action on the
      basis of lack of personal jurisdiction or inconvenience of forum. 

    

    18.2 No
      waiver
      of any breach of this Agreement shall constitute a waiver of any other breach
      of
      the same or any other provision of this Agreement, and no waiver shall be
      effective unless made in writing by the Party against whom the waiver is sought
      to be asserted.

    

    18.3 The
      Parties acknowledge that they have read this Agreement, including the Exhibits
      hereto, in its entirety and agree that this instrument comprises the entire
      agreement, contract, and understanding of the Parties relating to the subject
      matter of the Agreement. 

    

    18.4 This
      Agreement cannot be changed, modified or amended except by a written instrument
      subscribed by authorized representatives of the respective Parties.

    

    18.5 Neither
      Party is an agent or contractor of the other as a result of any transaction
      under or related to this Agreement. Neither Party may in any way pledge the
      other Party's credit or incur any obligation on behalf of the other
      Party.

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

    

    18.6 Except
      as
      set forth in Article 11, neither Party shall be liable to the other Party for
      any special, consequential, incidental, or indirect damages arising out of
      or
      relating to this Agreement, however caused, under any theory of
      liability.

    

    18.7 The
      provisions of this Agreement are severable in that if any provision in the
      Agreement is finally determined by a court of competent jurisdiction to be
      invalid or unenforceable, the remaining provisions of the Agreement shall remain
      in full force and effect. It is the desire of the Parties that this Agreement
      should be enforced to the maximum extent permitted by law and, should any
      provision be finally determined to be void, illegal, and/or unenforceable,
      the
      Parties shall negotiate in good faith for a substitute term or provision that
      carries out the original intent of the Parties to the greatest extent reasonably
      possible.

    

    18.8 If
      the
      performance of any obligation under this Agreement is prevented or impaired
      by
      acts of war, riot, acts or defaults of common carriers, or governmental laws
      or
      regulations, a Party will be excused from performance so long as such cause
      continues to prevent or impair that Party's performance. The Party claiming
      such
force
      majeure
      excuse
      must promptly notify the other Party of the existence of the cause and must
      at
      all times use diligent efforts to resume and complete performance. This Section
      18.7 will not excuse Modigene’s obligation
      to pay fees, payments and royalties under Article 5 of the
      Agreement.

    

    18.9 WU
      has no
      responsibility and assumes no liability for product design, development, pre-
      or
      post-market regulatory approval, servicing, distribution, or marketing of any
      Licensed Product, or for any decisions made or strategies devised relating
      to
      any Licensed Product.

    

    18.10
       Modigene
      agrees, and shall cause all Affiliates and Sublicensees to agree, that in the
      event a WU faculty or staff member serves Modigene or any sublicensee in the
      capacity of consultant, officer, employee, board member, and advisor, pursuant
      to contract, such WU faculty or staff member shall serve in his or her
      individual capacity, as an independent contractor, and not as an agent or
      representative of WU, that WU exercises no authority or control over such
      faculty or staff member while acting in such capacity, that WU receives no
      benefit from such activity, and that WU assumes no liability or obligation
      in
      connection with any such work or service undertaken by such faculty or staff
      member. Modigene further agrees, and shall cause all sublicensees to agree,
      that
      any breach, error, or omission by a WU faculty or staff member acting in the
      capacity set forth above in this paragraph shall not be imputed or otherwise
      attributed to WU, and shall not constitute a breach of this Agreement by
      WU.

    

    18.11 All
      representations, warranties, covenants, and agreements made herein that, by
      their express terms or by implication, are to be performed after the execution
      or termination of this Agreement, or are prospective in nature, shall survive
      such execution and/or termination, as the case may be. This shall include,
      but
      not be limited to, the provisions in Articles 5, 6, 7, 8, 11, 12 and
      14.

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

    

    18.12
      Each Party shall, at the reasonable request of the other, execute and deliver
      to
      the other such instruments and/or documents and shall take such actions as
      may
      be required to more effectively carry out the terms of this
      Agreement.

    

    18.13 This
      Agreement may be executed in counterparts, each of which shall be deemed an
      original and all of which when taken together shall be deemed one
      instrument.

    

    18.14
      Impact
      on
      Tax-Exempt Status.  Licensee has been advised (a) that WU is exempt from
      federal income tax under Section 501(c) (3) of the Internal Revenue Code, (b)
      that maintenance of such exempt status is of critical importance to WU and
      to
      its members, and (c) that WU has entered into this Agreement with the
      expectation that there will be no adverse impact on its tax exempt status.
      As
      such, and if it becomes necessary, the parties agree to discuss any amendments,
      modifications, or reforms this Agreement as necessary (i) in order to ensure
      that there is no adverse impact on WU's tax exempt status, and (ii) in a manner
      that preserves the economic terms of the Agreement, as well as the intellectual
      property rights of WU as such rights are set forth in this
      Agreement.

    

    Witness: The
      Parties have caused this Agreement to be executed in duplicate by their duly
      qualified representatives.

     

    
      	WASHINGTON
              UNIVERSITY	 	 	 
	 	 	 	 
	 	 	 	 
	By: /s/ Samuel L. Stanley, Jr.,
              M.D.	 	 	
            
	
              
                

              
Name: Samuel L. Stanley, Jr., M.D.	 	 	
            
	Title: Vice Chancellor for Research	 	 	
            
	Date: 02-02-07	 	 	 

       

      
        	MODIGENE,
                INC.	 	 	 
	 	 	 	 
	 	 	 	 
	By: /s/ Shai Novik	 	 	
              
	
                
                  

                
Name: Shai Novik	 	 	
              
	
                Title:
                  President

                Date:
                  2/15/07

              	 	 	
              

      
        
          
          

        

        
          25

          
            

          

        

        
          
          

        

      

    

    EXHIBIT
      A

    
      

        
          	
                   

                  Cty.

                	 	
                   

                  Subject

                	 	
                  Appln.
                    No.

                  Appln.
                    Date

                	 	
                  Patent
                    No.

                  Patent
                    Date

                
	
                  US

                	 	
                  C-Terminal
                    Extensions

                	 	
                  08/483,023

                  06/07/1995

                	 	
                  5,712,122

                  01/27/1998

                
	 	 	 	 	 	 	 
	
                  AU

                	 	
                  C-Terminal
                    Extensions

                	 	
                  6747494
                    02/20/1990

                	 	
                  670510
                    

                  11/05/1996

                
	 	 	 	 	 	 	 
	
                  CA

                	 	
                  C-Terminal
                    Extensions

                	 	
                  2053864
                    02/20/1990

                	 	
                  2053864

                  11/20/2001

                
	 	 	 	 	 	 	 
	
                  EP

                	 	
                  C-Terminal
                    Extensions

                	 	
                  909051153
                    02/20/1990

                	 	
                  0461200
                    01/24/1997

                
	 	 	 	 	 	 	 
	 	 	
                  Validated
                    in: AT, BE, DK, FR, DE, GB, IT, LU, NL, ES, SE, CH

                	 	 	 	 
	 	 	 	 	 	 	 
	
                  JP

                	 	
                  C-Terminal
                    Extensions

                	 	
                  02505031
                    02/20/1990

                	 	
                  3045539

                  03/17/2000

                
	 	 	 	 	 	 	 
	
                  US

                	 	
                  N-Terminal
                    Extensions

                	 	
                  08/485,692

                  06/07/1995

                	 	
                  5,759,818

                  06/02/1998

                
	 	 	 	 	 	 	 
	
                  AU

                	 	
                  N-Terminal
                    Extensions

                	 	
                  6633194

                  04/13/1994

                	 	
                  687053

                  06/04/1998

                
	 	 	 	 	 	 	 
	
                  CA

                	 	
                  N-Terminal
                    Extensions

                	 	
                  2160800

                  04/13/1994

                	 	
                  Pending

                
	 	 	 	 	 	 	 
	
                  EP

                	 	
                  N-Terminal
                    Extensions

                	 	
                  949141527

                  04/13/1994

                	 	
                  0695307

                  12/15/1999

                
	 	 	 	 	 	 	 
	 	 	
                  Validated
                    in: AT, BE, IT, NL, ES, SE, CH

                	 	 	 	 
	 	 	 	 	 	 	 
	
                  JP

                	 	
                  N-Terminal
                    Extensions

                	 	
                  06523422

                  04/13/1994

                	 	
                  Pending

                
	 	 	 	 	 	 	 
	
                  US

                	 	
                  MULTIPLE
                    CTP EXTENSIONS

                	 	
                  07/771,262

                  10/04/1991

                	 	
                  6,225,449

                  05/01/2001

                
	 	 	 	 	 	 	 
	
                  AU

                	 	
                  MULTIPLE
                    CTP EXTENSIONS

                	 	
                  2864892
                    10/02/1992

                	 	
                  667489

                  07/16/1996

                
	 	 	 	 	 	 	 
	
                  CA

                	 	
                  MULTIPLE
                    CTP EXTENSIONS

                	 	
                  2120358
                    10/02/1992

                	 	
                  Pending

                
	 	 	 	 	 	 	 
	
                  EP

                	 	
                  MULTIPLE
                    CTP EXTENSIONS

                	 	
                  929217594
                    10/02/1992

                	 	
                  0607297

                  9/03/2003

                

        

      

    

    
 

    
      
        
        

      

      
        26Exhibit
      10.16

     

    FORM
      OF CLINICAL ADVISORY PANEL AGREEMENT

     

    This
      Agreement is made as of October 26, 2006, between Modigene Inc. (the "Company"),
      and _______________ (the "Consultant"'), and shall be effective as of the date
      this Agreement has been approved by the Board of Directors of the Company (the
      "Effective Date"). Consultant has been involved in fields of particular interest
      to the Company. The Company wishes to retain Consultant in a consulting capacity
      as a member of the Company's Clinical Advisory Panel (the "CAP"), and Consultant
      desires to perform such consulting services. Accordingly, the parties agree
      as
      follows:

     

    1. Services.
      Consultant will serve as a member of the CAP, attend CAP meetings, and advise
      the Company's management, employees and agents, at reasonable times, in matters
      related to the relevant field of interest, as requested by the Company as set
      forth below. The field of interest for consulting hereunder involves clinical
      development of Erythropoietin (the "Field of Interest"). Consultant shall be
      required to attend up to four meetings of the CAP per year. Consultation may
      be
      sought by the Company over the telephone, in person at Consultant's office,
      at
      the Company's offices or another reasonable location or through written
      correspondence, and will involve engaging in, providing Consultant’s expertise
      as applied to, as well as reviewing activities and developments in the Field
      of
      Interest.

     

    2. Compensation.
      In
      consideration for Consultant's services provided under this Agreement,
      Consultant shall awarded a one-time grant of nonstatutory stock options pursuant
      to the Company's 2005 Stock Option Plan (the “Plan”) exercisable to purchase
      15,000 shares of the Company’s Common Stock, par value $.001 per share, at an
      exercise price of $2.25 per share. The options will vest annually in four equal
      increments, with the first increment vesting on the one year anniversary of
      the
      Effective Date. In the event that this Agreement is terminated, any unvested
      options shall be terminated and cancelled and any vested options shall be
      exercisable in accordance with and subject to the terms of the Plan. For
      meetings with the Company’s representative(s) in excess of the four required
      meetings per year, the Company shall pay Consultant $1,500 per day. Reasonable
      expenses of Consultant incurred at the request of the Company (including travel
      expenses incurred in connection with Company related business) will be
      reimbursed promptly by the Company, subject to customary
      verification.

     

    3. Term.
      The
      term of this Agreement will begin on the Effective Date of this Agreement and
      will end on the first anniversary
      of the Effective Date or upon earlier termination as provided below (the
      "Term"). This Agreement may be terminated at an earlier time before the first
      anniversary hereof by either party with at least 30 days written notice. The
      Term will be automatically renewed for successive one-year periods, unless
      either party provides written notice at least thirty (30) days before the
      end of the Term that such party does not wish to renew this Agreement. Upon
      a
      termination of this Agreement, the provisions of Sections 5, 6, 7, 9 and 10
      shall survive.

     

    4. Certain
      Other Contracts.

     

    4.1 Consultant
      has disclosed on Exhibit
      A
      hereto
      any agreements with obligations to any third-party to which the Consultant
      is
      bound, either directly or indirectly, that may prevent, prohibit, interfere
      or
      conflict with Consultant performing all of his/her obligations hereunder. During
      the Term, Consultant will not enter into any agreement that would prevent,
      prohibit, interfere or conflict with Consultant performing services hereunder,
      without the prior written consent of the Company’s President.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    5. Confidentiality.

     

    5.1 Consultant
      acknowledges that, during the course of performing his services hereunder,
      the
      Company will disclose information to Consultant, and Consultant will be
      developing information related to the Field of Interest, inventions, projects,
      products, potential customers, personnel, business plans, and finances, as
      well
      as other commercially valuable information whether or not related to the Field
      of Interest (collectively "Confidential Information"). Consultant acknowledges
      that the Company's business is extremely competitive, dependent in part upon
      the
      maintenance of secrecy, and that any disclosure of the Confidential Information
      would result in serious irreparable harm to the Company.

     

    5.2 Consultant
      agrees: (i) that the Confidential Information will be used by Consultant only
      in
      connection with consulting activities hereunder, and will not be used in any
      way
      that is detrimental to the Company; and (ii) not to disclose, directly or
      indirectly, the Confidential Information to any third person or entity, other
      than representatives or agents of the Company, and to treat all such information
      as confidential and proprietary property of the Company.

     

    5.3 The
      term
      "Confidential Information" does not include information that: (i) is or
      becomes generally available to the public other than by disclosure in violation
      of this Agreement; (ii) was within the relevant party's possession before
      being furnished to such a party; (iii) becomes available to the relevant
      party on a nonconfidential basis through no wrongful act of Consultant, or
      (iv) was independently developed by the relevant party without reference to
      the information provided by the Consultant.

     

    5.4 Consultant
      may disclose any Confidential Information that is required to be disclosed
      by
      law, government regulation or court order. If such disclosure is required,
      Consultant will give the Company advance notice and cooperate with the Company
      so that the Company may seek a protective order or take other action reasonable
      in light of the circumstances.

     

    5.5 Intellectual
      Property Rights.
      (a) The
      parties intend that the Company shall be the sole and exclusive owner of all
      right, title and interest in and to the any information related to the Field
      of
      Interest, inventions, projects, products, potential customers, personnel,
      business plans, and finances, as well as other commercially valuable information
      learned or developed hereunder (the “Company Property”), including, without
      limitation, any copyrights, patents, trade secrets and other intellectual or
      industrial property rights (collectively “Intellectual Property Rights”) and
      Consultant specifically disclaims any Intellectual Property Rights in or to
      the
      Company Property. If Consultant obtains any ownership or other interest in
      the
      Intellectual Property Rights in the Company Property, Consultant hereby assigns
      and agrees to assign to Company ownership, right, title and interest in all
      Intellectual Property Rights in and to the Company Property and all works of
      authorship, inventions, processes, trade secrets, and all other creations
      conceived or developed, in whole or in part, in developing the Company Property,
      as well as all derivative works thereof made by the Company. 

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

     

    (b)
      Consultant agrees to cooperate with the Company or its designee(s), both during
      and after the Term, in the procurement and maintenance of the Company’s
      Intellectual Property Rights in the Company Property and to execute, when
      requested, any other documents deemed necessary by the Company to carry out
      the
      purpose of this Agreement. The Company will provide Consultant with written
      notice of the Company’s request that Consultant execute a document required to
      apply for, prosecute or maintain any Intellectual Property Right with respect
      to
      the Company Property. In the event that within thirty (30) days of such written
      notice the Company is unable for any reason to secure Consultant’s signature to
      any document required to apply for, prosecute or maintain any Intellectual
      Property Rights with respect to the Company Property, Consultant hereby
      irrevocably designates and appoints the Company and its duly authorized officers
      and agents as its agents and attorneys in fact to act for and on its behalf
      and,
      instead of Consultant, to execute and file any such document required to apply
      for, prosecute or maintain any Intellectual Property Right with respect to
      the
      Company Property and to do all other lawfully permitted acts to further the
      application, prosecution and maintenance of such Intellectual Property Rights,
      with the same legal force and effect as if executed by Consultant. This limited
      power of attorney shall be deemed a power coupled with an interest and is
      therefore irrevocable. 

     

    6. No
      Conflict: Valid and Binding.
      Consultant represents that neither the execution of this Agreement nor the
      performance of Consultant's obligations under this Agreement (as modified to
      the
      extent required by Section 4) will result in a violation or breach of any
      other agreement by which Consultant is bound, directly or indirectly. The
      Company represents that this Agreement has been duly authorized and executed
      and
      is a valid and legally binding obligation of the Company.

     

    7. Notices.
      Any
      notice provided under this Agreement shall be in writing and shall be deemed
      to
      have been effectively given: (i) upon receipt when delivered personally or
      via e-mail; (ii) one day after sending when sent by overnight courier
      service (such as Federal Express); or (iii) five days after sending when
      sent by regular mail to the addresses set forth on the signature page to this
      Agreement, or to other such address as may have been designated by the Company
      or Consultant by notice to the other given as provided herein.

     

    8. Independent
      Contractor: Withholding.
      Consultant will at all times be an independent contractor, and as such will
      not
      have
      authority to bind the Company. Consultant will not act as an agent for the
      Company nor will Consultant be deemed to be a Company employee for the purposes
      of any employee benefit program, unemployment benefits, or otherwise. Consultant
      recognizes that no amount will be withheld from his compensation for payment
      of
      any federal, state, or local taxes, if any, and that it is Consultant's sole
      responsibility to file any and all such returns as shall be required by
      applicable laws and regulations. Consultant shall not enter into any agreements
      nor incur any obligations on behalf of the Company.

     

    9. Assignment;
      Severability.
      Due to
      the personal nature of the services to be rendered by Consultant, Consultant
      may
      not assign this Agreement. The Company may assign all rights and liabilities
      under this Agreement to a subsidiary, an affiliate, or to a successor to all
      or
      a substantial part of its business and assets without the consent of Consultant.
      Subject to the foregoing, this Agreement will inure to the benefit of and be
      binding upon each of the heirs, assigns and successors of the respective
      parties. If any provision of this Agreement shall be declared invalid, illegal
      or unenforceable, such provision shall be severed and the remaining provisions
      shall continue in full force and effect.

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

     

    10. Governing
      Law; Entire Agreement; Amendment.
      This
      Agreement shall be governed by the laws of the State of New York applicable
      to
      an agreement made and to be performed wholly within the said state. This
      Agreement represents the entire understanding of the parties, supersedes all
      prior agreements between the parties, whether oral or in writing, and may only
      be amended in writing.

     

    IN
      WITNESS WHEREOF, the parties have executed this Agreement as of the date first
      written above.

    
      	 	 	 	 
	MODIGENE INC.	 	 	CONSULTANT
	 	 	 	 
	By:
	 	 	By: 
	
              
                

              

              Its: 

              
                

              

            	 	 	
              
                

              

            
	
              Address:
                

              
                

              

               

              

            	 	 	
              Address:
                

              
                

              

                
                

              

            

    

     

    
      
        
        

      

      
        -4-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00123-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00123-of-00352.parquet"}]]