Document:

Filed by Bowne Pure Compliance

Exhibit 10.1

 

ASSET PURCHASE AGREEMENT

dated as of September __, 2008

by and between

IMARX THERAPEUTICS, INC.

(“Seller”)

and

MICROBIX BIOSYSTEMS INC.

(“Buyer”)

 

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	PAGE	 
	 
	ARTICLE 1 Definitions
	 	 	1	 
	1.1 Definitions
	 	 	1	 
	 
	 	 	 	 
	ARTICLE 2 Purchase and Sale
	 	 	5	 
	2.1 Agreements to Purchase and Sell
	 	 	5	 
	2.2 Excluded Assets
	 	 	7	 
	2.3 Assumed Liabilities
	 	 	8	 
	2.4 Excluded Liabilities
	 	 	9	 
	2.5 Procedures for Purchased Assets not Transferable
	 	 	10	 
	 
	 	 	 	 
	ARTICLE 3 Purchase Price; Bonus; Consistent Treatment
	 	 	10	 
	3.1 Purchase Price and Bonus
	 	 	10	 
	3.2 Payment of Purchase Price
	 	 	10	 
	3.3 Prorations
	 	 	10	 
	 
	 	 	 	 
	ARTICLE 4 Closing
	 	 	11	 
	4.1 Closing Date
	 	 	11	 
	4.2 Transactions at Closing
	 	 	11	 
	 
	 	 	 	 
	ARTICLE 5 Representations and Warranties of Seller
	 	 	12	 
	5.1 Organization
	 	 	12	 
	5.2 Due Authorization
	 	 	13	 
	5.3 Inventory, Equipment and Raw Materials
	 	 	13	 
	5.4 Title
	 	 	13	 
	5.5 Intellectual Property
	 	 	14	 
	5.6 Litigation
	 	 	14	 
	5.7 Consents
	 	 	14	 
	5.8 Brokers, Etc.
	 	 	14	 
	5.9 Absence of Undisclosed Liabilities
	 	 	14	 
	5.10 Governmental Authorizations
	 	 	14	 
	5.11 Contracts
	 	 	14	 
	5.12 Tax Matters
	 	 	15	 
	5.13 Cell Banks
	 	 	15	 
	5.14 Environmental Matters
	 	 	16	 
	5.15 Chargebacks
	 	 	16	 
	5.16 Regulatory Compliance
	 	 	16	 
	5.17 Disclaimer
	 	 	16	 
	 
	 	 	 	 
	ARTICLE 6 Representations and Warranties of Buyer
	 	 	17	 
	6.1 Organization
	 	 	17	 
	6.2 Due Authorization
	 	 	17	 
	6.3 Consents
	 	 	17	 
	6.4 Litigation
	 	 	17	 
	6.5 Breach of Representations and Warranties
	 	 	17	 
	6.6 Brokers, Etc.
	 	 	17	 
	6.7 Independent Investigation
	 	 	18	 

 

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TABLE OF CONTENTS

	 	 	 	 	 
	 	 	PAGE	 
	 
	ARTICLE 7 Pre-Closing Covenants of Seller and Buyer
	 	 	18	 
	7.1 Corporate and Other Actions
	 	 	18	 
	7.2 Consents and Approvals
	 	 	18	 
	7.3 Access to Information
	 	 	18	 
	7.4 Ordinary Course of Business
	 	 	18	 
	 
	 	 	 	 
	ARTICLE 8 Conditions
	 	 	19	 
	8.1 Conditions to Obligations of Seller
	 	 	19	 
	8.2 Conditions to Obligations of Buyer
	 	 	20	 
	8.3 Seller’s Remedy
	 	 	21	 
	 
	 	 	 	 
	ARTICLE 9 Post-Closing Covenants, Other Agreements
	 	 	21	 
	9.1 Availability of Records
	 	 	21	 
	9.2 Use of Trade or Service Marks
	 	 	21	 
	9.3 Tax Matters
	 	 	22	 
	9.4 Regulatory Transfer
	 	 	22	 
	9.5 Post-Closing Delivery
	 	 	22	 
	9.6 Transition Services
	 	 	22	 
	9.7 Preparation of 2008 Annual Report
	 	 	23	 
	9.8 No Other Compensation
	 	 	23	 
	 
	 	 	 	 
	ARTICLE 10 Indemnification and Survival
	 	 	23	 
	10.1 Indemnification by Seller
	 	 	23	 
	10.2 Indemnification by Buyer
	 	 	24	 
	10.3 Survival
	 	 	25	 
	10.4 Exclusive Remedy
	 	 	25	 
	10.5 Net Losses and Subrogation
	 	 	26	 
	10.6 Insurance
	 	 	26	 
	 
	 	 	 	 
	ARTICLE 11 Termination
	 	 	27	 
	11.1 Termination of Agreement
	 	 	27	 
	11.2 Automatic Termination
	 	 	27	 
	11.3 Continuing Effectiveness
	 	 	27	 
	 
	 	 	 	 
	ARTICLE 12 Miscellaneous
	 	 	27	 
	12.1 Assignment
	 	 	27	 
	12.2 No Press Release Without Consent
	 	 	27	 
	12.3 Confidentiality
	 	 	28	 
	12.4 Expenses
	 	 	28	 
	12.5 Severability
	 	 	28	 
	12.6 Entire Agreement
	 	 	28	 
	12.7 No Third Party Beneficiaries
	 	 	28	 
	12.8 Waiver
	 	 	29	 
	12.9 Governing Law
	 	 	29	 
	12.10 Headings
	 	 	29	 
	12.11 Counterparts
	 	 	29	 
	12.12 Further Documents
	 	 	29	 
	12.13 Notices
	 	 	29	 
	12.14 Schedules
	 	 	30	 
	12.15 Construction
	 	 	31	 

 

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Exhibits and Schedules

	 	 	 
	Exhibits

	 	 
	 
	 	 
	Exhibit A – Assignment and Assumption Agreement
	 	 
	Exhibit B – Intellectual Property Transfer Agreement
	 	 
	Exhibit C – Testing Procedures
	 	 
	Exhibit D – Form of Opinion of Seller’s Counsel
	 	 
	Exhibit E – Copy of the Notification of Transfer of Ownership directed to the FDA
	 	 
	Exhibit F – Copy of the Seller Insurance Policies
	 	 
	Exhibit G – Inventory Trademark License Agreement
	 	 
	 
	 	 
	Schedules
	 	 
	 
	 	 
	Schedule 1.1 – Persons
	 	 
	Schedule 2.1(a) – Sales Materials
	 	 
	Schedule 2.1(b) – Transferred Intellectual Property
	 	 
	Schedule 2.1(c) – Cell Banks
	 	 
	Schedule 2.1(d)(i) – Assumed Contracts
	 	 
	Schedule 2.1(d)(ii) – Assumed Liability Contracts
	 	 
	Schedule 2.1(e) – Other Inventory
	 	 
	Schedule 2.1(g) – Seller Labeled Inventory
	 	 
	Schedule 2.1(h) – Seller Unlabeled Inventory
	 	 
	Schedule 2.1(i) – Product Information
	 	 
	Schedule 2.1(j) – Product Applications
	 	 
	Schedule 2.1(l) – Raw Materials
	 	 
	Schedule 2.1(m) – Product Stability Samples
	 	 
	Schedule 2.1(n) – Equipment
	 	 
	Schedule 2.3(b) – Channel Inventory
	 	 
	Schedule 3.3 – Prorated Items
	 	 
	Schedule 4.2(d) – Notification Contracts
	 	 
	Schedule 5.4 – Title
	 	 
	Schedule 5.5 – Intellectual Property
	 	 
	Schedule 5.6 – Litigation
	 	 
	Schedule 5.7 – Seller Consents
	 	 
	Schedule 5.10 - Governmental Authorizations
	 	 
	Schedule 5.14 – Environmental Matters
	 	 
	Schedule 5.16 – Regulatory Compliance
	 	 
	Schedule 6.3 – Buyer Consents
	 	 

 

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ASSET PURCHASE AGREEMENT

THIS AGREEMENT, dated as of September
 _____, 2008 is entered into by and between IMARX
THERAPEUTICS, INC., a Delaware corporation (“Seller”), and MICROBIX BIOSYSTEMS INC., a
Canadian corporation (“Buyer”).

WHEREAS, Seller wishes to sell to Buyer the Purchased Assets and Assumed Liabilities (each as
defined below), and Buyer wishes to purchase such assets from Seller and to assume such
liabilities.

NOW, THEREFORE, in consideration of the premises and mutual covenants, agreements and
provisions herein contained, the parties hereto agree as follows:

ARTICLE 1

Definitions

1.1 Definitions. The following terms have the following meanings when used herein:

“$” means United States dollars.

“Affiliate” shall mean a Person that directly, or indirectly through one or more
intermediaries, controls or is controlled by, or is under common control with, the Person
specified. For purposes of this definition, the terms “control,” “controlled by” and “under common
control with” shall mean the possession, directly or indirectly, of the power to direct or cause
the direction of the management or policies of such Person and, in the case of an entity, shall
require (i) in the case of a corporate entity, direct or indirect ownership of at least a majority
of the securities having the right to vote for the election of directors, and (ii) in the case of a
non-corporate entity, direct or indirect ownership of at least a majority of the equity interests
with the power to direct the management and policies of such non-corporate entity.

“Agreement” means this Asset Purchase Agreement, including all Schedules and Exhibits
hereto, as it may be amended from time to time in accordance with its terms.

“Assignment and Assumption Agreement” means the Assignment and Assumption Agreement
and Bill of Sale in substantially the form attached hereto as Exhibit A.

“Assumed Contracts” has the meaning set forth in Section 2.1(d)(i).

“Assumed Liabilities” has the meaning set forth in Section 2.3.

“Assumed Liability Contracts” has the meaning set forth in Section 2.1(d)(ii).

“Bonus” has the meaning set forth in Section 3.1.

“Buyer” has the meaning set forth in the preamble hereto.

“Cell Banks” has the meaning set forth in Section 2.1(c).

 

 

 

“cGMP” means the current Good Manufacturing Practice requirements promulgated under
section 520 of the FDCA.

“Channel Inventory” has the meaning set forth in Section 2.2(e).

“Chargeback” means all credits, chargebacks, rebates, reimbursements, refund payments
or replacement for returns, administrative fees, and other amounts owed to wholesalers, insurers,
distributors, group purchasing organizations, insurers, and other institutions pursuant to any
Assumed Liability Contract.

“Closing” means the closing of the purchase and sale of the Purchased Assets and
assumption of the Assumed Liabilities contemplated by this Agreement.

“Closing Date” means the date set forth in Section 4.1.

“Confidential Information” has the meaning set forth in Section 12.3.

“Contracts” means the Assumed Contracts and the Assumed Liability Contracts,
collectively.

“Disclosure Schedules” shall mean the schedules attached hereto.

“Encumbrance” shall mean any interest, consensual or otherwise, in property, whether
real, personal or mixed property or assets, tangible or intangible, securing an obligation owed to,
or a claim by a third Person, or otherwise evidencing an interest of a Person other than the owner
of the property, whether such interest is based on common law, statute or contract, and including,
but not limited to, any security interest, security title or lien arising from a mortgage,
recordation of abstract of judgment, deed of trust, deed to secure debt, encumbrance, restriction,
charge, covenant, restriction, claim, exception, encroachment, easement, right of way, license,
permit, pledge, conditional sale, option trust (constructive or otherwise) or trust receipt or a
lease, consignment or bailment for security purposes and other title exceptions and encumbrances
affecting the property.

“Environmental Laws” shall mean any legal requirement relating to: (i) the protection
or restoration of the environment, health, or natural resources, (ii) the handling, use, presence,
disposal, release or threatened release of any Hazardous Substance or (iii) wetlands, indoor air,
pollution, contamination or any injury or threat of injury to persons or property in connection
with any Hazardous Substance.

“Equipment” has the meaning set out in Section 2.1(n).

“Excluded Assets” has the meaning set out in Section 2.2.

“Excluded Liabilities” has the meaning set forth in Section 2.4.

“FDA” means the U.S. Food and Drug Administration.

“FDCA” means the Federal Food, Drug and Cosmetic Act of 1938, as amended.

 

2

 

“Governmental Authorizations” has the meaning set forth in Section 2.1(f).

“Hazardous Substance” shall mean any substance that is (i) listed, classified or
regulated pursuant to any Environmental Law, or (ii) any petroleum product or by-product,
asbestos-containing material, polychlorinated biphenyls, radioactive materials or radon.

“IND 1444” means the investigational new drug application, numbered 1,444, filed with
the FDA.

“Indemnified Person” has the meaning set forth in Section 10.5(a).

“Indemnifying Person” has the meaning set forth in Section 10.5(a).

“Intellectual Property Rights” means all intellectual property, industrial and other
proprietary rights, protected or protectable, under the laws of the United States or any other
country, or any political subdivision thereof, including, without limitation, (i) all trade names,
trade dress, trademarks, service marks, logos, brand names and other identifiers; (ii) copyrights,
moral rights (including rights of attribution and rights of integrity); (iii) all trade secrets,
inventions, discoveries, devices, processes, designs, techniques, ideas, know-how and other
confidential or proprietary information, whether or not reduced to practice; (iv) all domestic and
foreign patents and the registrations, applications, renewals, extensions, divisional applications
and continuations (in whole or in part) thereof; and (v) all goodwill associated therewith and all
rights and causes of action for infringement, misappropriation, misuse, dilution or unfair trade
practices associated with (i) through (iv) above.

“Intellectual Property Transfer Agreement” means the Intellectual Property Transfer
Agreement in substantially the form attached hereto as Exhibit B.

“Inventory” means the Labeled Inventory, Other Inventory and Unlabeled Inventory,
collectively.

“Inventory Trademark License Agreement” means the Inventory Trademark License
Agreement in substantially the form attached hereto as Exhibit G.

“Knowledge” means, with respect to Seller, the actual knowledge after reasonable
inquiry of the persons listed on Schedule 1.1.

“Labeled Inventory” has the meaning set forth in Section 2.1(g).

“Losses” has the meaning set forth in Section 10.1(a).

“Master Cell Bank” means cell suspension of Urokinase Kidney Cells, as described on
Schedule 2.1(c).

“NDA 21-846” means new drug application 21-846 filed with the FDA, previously assigned
the NDA number 76-1021.

 

3

 

“Other Agreements” means, collectively, the Assignment and Assumption Agreement, the
Intellectual Property Transfer Agreement and Inventory Trademark License Agreement.

“Other Inventory” has the meaning set forth in Section 2.1(e).

“Person” means any individual, corporation, partnership, limited partnership, joint
venture, limited liability company, trust or unincorporated organization, governmental entity,
government or any agency or political subdivision thereof.

“Product” or “Products” means Seller’s urokinase product formerly marketed
under the brand name Abbokinase® and as of the date of this Agreement being rebranded under the
brand name KinlyticTM.

“Product Impact” has the meaning set forth in Section 5.14.

“Purchase Price” has the meaning set forth in Section 3.1.

“Purchased Assets” has the meaning set forth in Section 2.1.

“Raw Materials” means those raw materials set forth on Schedule 2.1(l).

“Seller” has the meaning set forth in the preamble hereto.

“Seller Insurance Policies” has the meaning set forth in Section 10.6 hereof.

“SNDAs” means supplemental new drug applications S-076 through S-101 filed with the
FDA, where S-101 is pending and addresses the change to expiration date.

“Taxes” shall mean all taxes, charges, fees, duties, levies or other assessments,
including, without limitation, income, gross receipts, net proceeds, ad valorem, turnover, real and
personal property (tangible and intangible), sales, use, franchise, excise, value added, goods and
services, license, payroll, unemployment, environmental, customs duties, capital stock, disability,
stamp, leasing, lease, user, transfer, fuel, excess profits, occupational and interest
equalization, windfall profits, severance and employees’ income withholding, social security and
similar employment taxes or any other taxes imposed by the United States or any other foreign
country or by any state, municipality, subdivision or instrumentality of the Unites States or of
any other foreign country or by any other tax authority, including all applicable penalties and
interest, and such term shall include any interest, penalties or additions to tax attributable to
such taxes.

“Testing Procedures” means the procedures set forth on Exhibit C hereto.

“Transferred Intellectual Property” has the meaning set forth in Section
2.1(b).

“United States” or “U.S.” means the United States of America.

“Unlabeled Inventory” has the meaning set forth in Section 2.1(h).

“Working Cell Banks” means cell suspension subcultured from Urokinase Kidney Cells,
Frozen Sub-2, as set forth on Schedule 2.1(c).

 

4

 

ARTICLE 2

Purchase and Sale

2.1 Agreements to Purchase and Sell. Subject to the terms and conditions contained herein, at the Closing, Seller shall sell,
transfer, convey, assign and deliver to Buyer, and Buyer shall purchase and accept from Seller,
free and clear from all Encumbrances, all right, title, and interest of Seller in and to all assets
related to the Products, including the following (collectively, the “Purchased Assets”):

(a) all sales and marketing information, including all customer records and
sales history with respect to customers (including invoices), sales and
marketing records, price lists, documents, correspondence, studies, reports, and
all other books, ledgers, files, and records of every kind, tangible data,
customer lists (including appropriate contact information), vendor and supplier
lists, service provider lists, promotional literature and advertising materials,
catalogs, data and laboratory books, media records, research material, technical
information, blueprints, technology, technical designs, drawings, specifications
and other product development records (including those relating to development
costs) of the Seller, relating to the Products and including but not limited to
those related to the KinlyticTM relaunch (Schedule 2.1(a) lists some but
not all of the materials described in this Section 2.1(a)) ;

(b) (i) all Intellectual Property Rights related to the Products, including
the domain names, domain name registration applications, contents of websites
hosted at the aforementioned domain names, copyrights, copyright applications,
trademarks, trademark applications, patents and patent applications set forth on
Schedule 2.1(b), (ii) the package designs, labels, logos (whether or not
registered) and associated artwork and typeface, trade names, brand names, logos
(whether or not registered), certification marks and service marks that are
licensed to or owned, used or held for use by the Seller as of the Closing and
are related to the Products and (iii) all technical information, references and
standards, methodologies, processes, protocols, specifications, techniques,
trade secrets and know how, databases and formulas related to the Products and
any supporting documentation that are related to the Products (collectively, the
“Transferred Intellectual Property”);

(c) the Master Cell Bank and Working Cell Banks described on Schedule
2.1(c) (the “Cell Banks”);

(d)

(i) all rights and interest of Seller under and to the contracts set
forth on Schedule 2.1(d)(i) (the “Assumed Contracts”),
including any amounts, payments and receipt due under the Assumed
Contracts;
however, such rights and interest will not include any rights and
interest that relate to Products not included in the Inventory;

(ii) any amounts, payments and receipt due under the contracts set
forth on Schedule 2.1(d)(ii) (the “Assumed Liability
Contracts”) that relate to the Channel Inventory;

 

5

 

(e) the drug substances, clinical lots, reference standards, reserve
samples, patient samples and other materials stored for the Seller by Fisher
BioServices, Inc. in Rockville, MD, Catalent Pharma Solutions in Philadelphia,
PA and BioReliance Corporation in Rockville, MD (the “Other Inventory”),
including the ones identified on Schedule 2.1(e) hereto;

(f) all licenses, approvals, filings, certificates, permits, registrations,
rights, franchises, or other evidence of authority issued to Seller or Seller’s
Affiliates by a federal, state, local or foreign governmental agency or
authority, regardless of jurisdiction, relating to the Products, in each case to
the extent assignable, including NDA 21-846, the SNDAs and IND 1444 (the
“Governmental Authorizations”);

(g) 29,798 vials of labeled Product, further described in Schedule
2.1(g) hereto, comprising the three lots labeled with National Drug Code
(NDC) number 24430-1003-1 (Lots 10800Z7, 10761Z7, 10758Z7) that are the subject
of the new NDA 21-846 previously submitted to the FDA seeking, among other
things, authorization for release of the Product that is the subject matter of
such application so that it can be used commercially by the Seller and
distributed by the Seller, but which, as of the date of this Agreement, have not
been approved for release by the FDA (“Labeled Inventory”);

(h) 78,865 vials of unlabelled Product, further described in Schedule
2.1(h) hereto, that have been approved by Seller for distribution, but have
not been submitted by Seller for approval by the FDA (“Unlabeled
Inventory”);

(i) all records, reports and Product information files (including Product
development and regulatory history files), in each case relating primarily to
the Products, including without limitation the categories of documents
identified on Schedule 2.1(i);

(j) all current and pending new drug applications, supplemental new drug
applications and investigational new drug applications for the Products as set
forth on Schedule 2.1(j);

(k) all goodwill relating to the Products;

(l) the Raw Materials specified on Schedule 2.1(l);

(m) all vials of Products stability samples set forth on Schedule
2.1(m);

(n) the equipment set forth on Schedule 2.1(n) (the
“Equipment”); and

(o) a total of 64 vials of Abbokinase, comprising of (i) 24 vials are in
the keeping of Commonwealth Biotechnologies, Inc. on the date hereof and (ii) 40
vials, bearing National Drug Code (NDC) number 0074-6109-05 and belonging to lot
numbered 30821Z7, which shall be repurchased by Seller from the three
wholesalers AmerisourceBergen Drug Corporation, McKesson Corporation and
Cardinal Health on or after the date hereof but prior to the Closing. The
Seller shall repurchase at least 10 vials from each aforementioned wholesaler.

 

6

 

2.2 Excluded Assets. Notwithstanding anything to the contrary in this Agreement, Seller shall not sell, transfer
or assign, and Buyer shall not purchase or otherwise acquire, the following assets of Seller (such
assets being collectively referred to hereinafter as the “Excluded Assets”):

(a) all rights of Seller arising under this Agreement, the Other Agreements
or from the consummation of the transactions contemplated hereby or thereby;

(b) all rights of Seller arising under any contract other than: (i) the
Assumed Contracts, to the extent such rights do not relate to any Products other
than those included in the Inventory, and (ii) the right to amounts, payments
and receipts due under Assumed Liability Contracts relating to Channel
Inventory;

(c) all corporate minute books, stock records and Tax returns (including
all work papers relating to such Tax returns) of Seller and such other similar
corporate books and records of Seller and Seller’s Affiliates as may exist on
the Closing Date;

(d) all Intellectual Property Rights of Seller or Seller’s Affiliates of
any kind not listed on Schedule 2.1(b) or referred to in Section
2.1(b);

(e) approximately 3,700 vials of labeled Product bearing National Drug Code
(NDC) number 0074-6109-05, further specified on Schedule 2.3(b) hereto,
which, as of the date of this Agreement, have been sold to drug wholesale
distributors and are in the distribution channel (“Channel Inventory”);

(f) all rights to refunds of Taxes paid by or on behalf of Seller;

(g) all insurance policies of the Seller and claims thereunder existing at
the Closing Date;

(h) the services of any employee of Seller other than as expressly
specified herein;

(i) all assets of any employee benefit plan, arrangement, or program
maintained or contributed to by Seller;

 

7

 

(j) all assets, tangible or intangible, wherever situated, not expressly
included in the Purchased Assets;

(k) all raw materials not listed on Schedule 2.1(l); and

(l) all equipment of Seller other than the Equipment (as set forth on
Schedule 2.1(n)).

2.3 Assumed Liabilities. On the Closing Date, subject to the provisions of Section 2.4, Buyer shall assume,
or shall cause Buyer’s Affiliates to assume:

(a) the following liabilities of Seller relating exclusively to the
Purchased Assets:

(i) Subject to the provisions of Section 2.4(f), all
liabilities and all obligations arising after the Closing Date under the
Assumed Contracts (to the extent that such liabilities and obligations do
not relate to any Products other than those included in the Inventory),
the Transferred Intellectual Property and the Governmental Authorizations
being transferred from Seller to Buyer hereunder;

(ii) Taxes related to Purchased Assets attributable to any period or
partial period beginning after the Closing are the responsibility of
Buyer. Anything herein to the contrary notwithstanding, Taxes specified
in Section 3.3 and Section 9.3 hereof shall be paid in
accordance with the respective provisions of such sections;

(iii) Except as provided in Section 2.4(f), all liabilities
or other claims related to the research, development, marketing,
manufacture, distribution, testing, sale or trials of the Products
included in the Inventory, that arise from acts performed after the
Closing Date; and

(b) the liability of Seller for payment of up to $500,000 for all monthly
Chargebacks related to the Channel Inventory bearing National Drug Code (NDC)
number 0074-6109-05 as more particularly set forth on Schedule 2.3(b)
provided that when there is no longer any Channel Inventory in the sales
channel, if Buyer has expended less than $500,000 for the costs described herein
then the difference between the total actual costs expended and $500,000 shall
be paid to Seller upon the later of (i) the time at which the Bonus shall have
become due and payable by Buyer, or (ii) two months after the receipt by Buyer
of confirmation in writing from the pertinent wholesale or distributor of the
sale or expiration of the last unsold vial comprising the Channel Inventory.
The Buyer shall have no obligation to pay the
aforementioned costs in excess of $500,000 and any such costs in excess of
$500,000 shall be Seller’s liability. Buyer shall provide a detailed report on
a monthly basis containing a description of the payments made under this section
for the preceding month.

 

8

 

The liabilities assumed pursuant to this Section 2.3 shall collectively be referred to
as the “Assumed Liabilities”.

2.4 Excluded Liabilities. Neither Buyer nor Buyer’s Affiliates assume nor will they become responsible for any of the
liabilities and obligations of Seller (collectively, the “Excluded Liabilities”) except for
those set out in Section 2.3. The Excluded Liabilities shall include, without limitation:

(a) all liabilities and obligations of Seller arising under this Agreement,
the Other Agreements or from the consummation of the transactions contemplated
hereby or thereby;

(b) any liability or obligation of Seller arising under any contract or
agreement that is not an Assumed Liability;

(c) all obligations related to employees of Seller;

(d) any and all claims, causes of action, administrative actions,
investigations, criminal or civil actions or other litigation relating to the
sale, manufacture or use of Products prior to the Closing, including but not
limited to the matters set forth on Schedule 5.6;

(e) subject to the express provisions of Section 2.3(b) hereof, any
and all claims, causes of action, administrative actions, investigations,
criminal or civil actions or other litigation relating to the sale, manufacture
or use of Channel Inventory, regardless of whether such actions, claims, causes
of actions, investigations or other litigation arose before the Closing or arise
after the Closing;

(f) any and all claims, causes of action, administrative actions,
investigations, criminal or civil actions or other litigation relating to
Products sold after Closing to the extent related to Seller’s failure to
manufacture the Inventory in compliance with the standards set forth in the
specifications in NDA 21-846, the SNDAs and IND 1444; and

(g) all other liabilities of Seller existing at the Closing Date.

 

9

 

2.5 Procedures for Purchased Assets not Transferable. If any property or other rights included in the Purchased Assets are not assignable or
transferable either by virtue of the provisions thereof or under applicable law without the
consent of some third party or parties, Seller shall use its commercially reasonable efforts
to obtain such consents after the execution of this Agreement, but prior to the Closing, and
Buyer shall use its commercially reasonable efforts to assist in that endeavor. If any such
consent cannot be obtained prior to the Closing and the Closing occurs, this Agreement, the
Other Agreements and the related instruments of transfer shall not constitute an assignment or
transfer of the Purchased Asset regarding which such consent was not obtained and Buyer shall
not assume Seller’s obligations with respect to such Purchased Asset, but Seller shall use its
commercially reasonable efforts to obtain such consent as soon as reasonably possible after
the Closing or otherwise obtain for Buyer the practical benefit of such property or rights and
Buyer shall use its commercially reasonable efforts to assist in that endeavor. For purposes
of this Section 2.5 only and not for the purposes of the rest of this Agreement,
commercially reasonable efforts for the Buyer shall not include any requirement of either
party to expend money, commence any litigation or offer or grant any accommodation (financial
or otherwise) to any third party.

ARTICLE 3

Purchase Price; Bonus; Consistent Treatment

3.1 Purchase Price and Bonus. The purchase price (“Purchase Price”) for the Purchased Assets shall consist of a
payment at Closing in the amount of Two Million U.S. dollars ($2.0 million), subject to the
provisions of Section 4.1, plus the assumption of the Assumed Liabilities. Upon receipt by
Buyer from the FDA of written authorization to release the Labeled Inventory, the Buyer shall make
a bonus payment of Two Million Five-Hundred Thousand U.S. dollars ($2.5 million) (the
“Bonus”) within 30 business days of receipt of such authorization.

3.2 Payment of Purchase Price. The Purchase Price shall be paid in accordance with Section 4.2(b).

3.3 Prorations. Seller and Buyer agree that anything herein to the contrary notwithstanding no items
relating to the Purchase Assets shall be prorated, other than those specified on Schedule
3.3 which describes in sufficient detail such prorations.

 

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ARTICLE 4

Closing

4.1 Closing Date. The Closing shall take place on or before September 23, 2008 (such date, the “Closing
Date”) at a place and location to be agreed upon between Buyer and Seller, subject to the
satisfaction or waiver of each of the conditions set forth in Article 8. The Seller
acknowledges previous receipt of payment in the amount of $50,000.00 (the “Extension Fee”)
from Buyer, which amount shall be creditable against the Purchase Price at Closing. In the event
the transaction does not close on or before September 23, 2008, Seller shall be entitled to retain
the Extension Fee without any obligation to close the transaction after the aforementioned date.

4.2 Transactions at Closing. At the Closing, subject to the terms and conditions hereof:

(a) Transfer of Purchased Assets. Seller shall transfer and convey
or cause to be transferred and conveyed to Buyer all of the Purchased Assets and
Seller and Buyer shall execute and Seller shall deliver to Buyer each of the
Other Agreements and such other good and sufficient instruments of transfer and
conveyance as shall be necessary to vest in Buyer title to all of the Purchased
Assets or as shall be reasonably requested by the Buyer. The Seller shall also
deliver to Buyer the certificate required by Section 8.2(b) and all
other documents required to be delivered by Seller at Closing pursuant hereto.
Furthermore, the Seller shall deliver or cause to be delivered to the Buyer’s
address specified in Section 12.13 all records, reports and Product
information files (including Product development and regulatory history files),
in each case relating primarily to the Products, including without limitation
the ones falling in the categories identified on Schedule 2.1(i).

(b) Payment of Purchase Price, Assumption of Assumed Liabilities and
Buyer’s Closing Deliveries. In consideration for the transfer of the
Purchased Assets and other transactions contemplated hereby Buyer shall: (i)
pay to Seller on the Closing Date One Million Nine Hundred and Fifty Thousand
U.S. dollars ($1,950,000) of the Purchase Price by electronic bank transfer in
immediately available funds directly to Seller’s Account for which wiring
instructions shall be provided to Buyer by Seller in writing before the Closing;
and (ii) execute and deliver to Seller the Assignment and Assumption Agreement,
whereby Buyer assumes the Assumed Liabilities, and each of the Other Agreements,
as well as the certificate required by Section 8.2(b) and all other
documents required to be delivered by Buyer at Closing pursuant hereto.

 

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(c) Regulatory Transfer. At Closing, Seller will provide to Buyer
copies of all portions of NDA 21-846, the SNDAs and IND 1444 necessary to allow
Buyer to comply with its obligations as the application holder. Seller
further agrees to notify the FDA of the transfer of ownership of NDA
21-846, the SNDAs and IND 14444 in accordance with Section 505(j) of the FDCA
and 21 CFR 314.72, effective immediately upon the Closing, using the respective
forms of notice attached hereto as Exhibit E. Buyer agrees to notify
the FDA of the transfers of NDA 21-846, the SNDAs and IND 1444 effective
immediately upon the Closing and to submit as the new owner a Form FDA 356h and
letter in accordance with 21 CFR 314.72.

(d) Notification of transfer of Purchased Assets. At or before the
Closing, Seller will notify all parties to the contracts specified on
Schedule 4.2(d) hereto of the transfer of the Purchased Assets to Buyer
and provide copies of such notices to Buyer.

ARTICLE 5

Representations and Warranties of Seller

Except as set forth in the Disclosure Schedules, Seller represents and warrants to Buyer as
follows:

5.1 Organization. Seller is a corporation duly incorporated and validly existing in good standing under the
laws of the State of Delaware, duly qualified to transact business as a foreign corporation in such
jurisdictions where the nature of its business makes such qualification necessary, except as to
jurisdictions where the failure to qualify would not reasonably be expected to have a material
adverse effect on the business of the Seller or the Purchased Assets, and has all requisite
corporate power and authority to own, lease and operate the Purchased Assets and to carry on its
business, including its business related to the Purchased Assets, as now being conducted.

 

12

 

5.2 Due Authorization. Seller has full corporate power and authority to execute, deliver and perform its
obligations under this Agreement and the Other Agreements, and the execution and delivery of this
Agreement and the Other Agreements and the performance of all of its obligations hereunder and
thereunder has been duly and validly authorized and approved by all necessary corporate action of
the Seller, including approval of this Agreement and the Other Agreements by the board of directors
of the Seller. The signing, delivery and performance of this Agreement and the Other Agreements by
Seller is not prohibited or limited by, and will not result in the breach of or a default under, or
conflict with any obligation of Seller with respect to the Purchased Assets under (i) any provision
of the Certificate of Incorporation or By-Laws of Seller, (ii) any material agreement or instrument
to which Seller is a party or by which it or its properties are bound, (iii) any judgment, order,
award, writ, injunction or decree of any court, governmental body or instrumentality, or
arbitrator, (iv) any Governmental Authorizations, or (v) any applicable law, statute, ordinance,
regulation or rule, and, to Seller’s Knowledge, will not result in the creation or imposition of
any Encumbrance on any of the Purchased Assets, except to the extent that any such prohibition,
limitation, breach, default or conflict would not reasonably be
expected to have a material adverse effect on the Purchased Assets. This Agreement has been,
and on the Closing Date the Other Agreements will have been, duly executed and delivered by Seller
and constitutes, or, in the case of the Other Agreements, will constitute, the legal, valid and
binding obligation of Seller, enforceable against Seller in accordance with their respective terms,
except as enforceability may be limited or affected by applicable bankruptcy, insolvency,
moratorium, reorganization or other laws of general application relating to or affecting creditors’
rights generally.

5.3 Inventory, Equipment and Raw Materials. The Raw Materials, references and standards and Equipment transferred pursuant to
Section 2.1 are in good condition, except as would not reasonably be expected to have a
material adverse effect on such Raw Materials, references and standards or Equipment, respectively.
The Inventory is, in all material respects, in good and merchantable condition (it being
understood that for purposes of the foregoing representation, the Inventory shall be deemed to be
in good and merchantable condition in all material respects unless the aggregate amount arising out
of all Losses attributable to all the deficiencies in the Inventory, whether qualitative or
quantitative, is greater than $10,000, has been manufactured and stored in compliance with all
applicable laws and regulations, including cGMP, and the best practices prevalent in the industry,
and conforms to all material Governmental Authorizations; provided, however, that the foregoing
representation shall be subject to the Buyer’s compliance with any and all applicable material laws
and regulations relating to labeling and packaging of the Inventory.

5.4 Title. The Purchased Assets are owned legally and beneficially by Seller with good and marketable
title thereto, free and clear of all Encumbrances. At the Closing, Buyer will receive legal and
beneficial title to all of the Purchased Assets, free and clear of all Encumbrances, except for
liens for Taxes not yet due and payable and the Assumed Liabilities, and except as set forth on
Schedule 5.4 and subject to obtaining any consents of Persons listed on Schedule
5.7.

 

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5.5 Intellectual Property. Except as set forth on Schedule 5.5, the Transferred Intellectual Property is owned
free and clear of all Encumbrances or has been duly licensed for use by Seller and all pertinent
licenses and their respective material terms are set forth on Schedule 5.5. Except as set
forth on Schedule 5.5, to Seller’s Knowledge, the Transferred Intellectual Property has not
been nor is likely to be the subject of any pending adverse claim or any threatened litigation or
claim of infringement or misappropriation. Except as set forth on Schedule 5.5, the
Seller has not violated the terms of any license pursuant to which any part of the Transferred
Intellectual Property has been licensed by the Seller. To Seller’s Knowledge, except as set forth
on Schedule 5.5, the Transferred Intellectual Property does not materially infringe on any
Intellectual Property Rights of any third party.

5.6 Litigation. Except as set forth on Schedule 5.6, there is no litigation, proceeding, claim or
governmental investigation pending or, to Seller’s Knowledge, threatened with respect to Seller or
the Products.

5.7 Consents. Except as set forth on Schedule 5.7, no notice to, filing with, authorization of,
exemption by, or consent of any Person is required for Seller to consummate the transactions
contemplated hereby.

5.8 Brokers, Etc. No broker or investment banker acting on behalf of Seller or under the authority of Seller is
or will be entitled to any broker’s or finder’s fee or any other commission or similar fee directly
or indirectly from Seller or Buyer in connection with any of the transactions contemplated herein,
other than any fee that is the sole responsibility of Seller.

5.9 Absence of Undisclosed Liabilities. To Seller’s Knowledge, Seller has not incurred any liabilities or obligations with respect
to the Purchased Assets (whether accrued, absolute, contingent or otherwise), which continue to be
outstanding, except as otherwise expressly disclosed in this Agreement.

5.10 Governmental Authorizations. Schedule 5.10 sets forth a complete list of the Governmental Authorizations. The
Governmental Authorizations listed in Schedule 5.10 are all the authorizations required to
be in material compliance with all laws applicable to the Purchased Assets and their sale,
distribution and marketing in the United States. The Governmental Authorizations are in full force
and effect in accordance with their terms, and there have been no material violations of such
Governmental Authorizations, no proceedings are pending or, to the Knowledge of the Seller,
threatened, which could result in their revocation or limitation and all steps have been taken and
filings made on a timely basis with respect to each Governmental Authorization and its renewal; in
each case, except as would not reasonably be expected to have a material adverse effect on the
Purchased Assets.

5.11 Contracts. All current and complete copies of all Contracts have been delivered to or made available
to the Buyer. The Contracts are all in full force and effect and, to Seller’s Knowledge, there are
no outstanding defaults or violations under such Contracts on the part of the Seller or, to the
Knowledge of the Seller, on the part of any other party to such Contracts and there are no current
or pending negotiations with respect to the renewal, repudiation or amendment of any Contract. The
Seller Insurance Policies completely satisfy any and all insurance obligations of Buyer under all
Contracts. All provisions relating to Chargebacks related to Channel Inventory and product
returns, applicable to the Assumed Liability Contracts, whether such provisions relate to direct
parties to the Assumed Liability Contracts or to final customers of the Products, have been made
available in writing to the Buyer.

 

14

 

5.12 Tax Matters. In each case except as would not reasonably be expected to have a material adverse effect
on the Purchased Assets:

(a) No failure, if any, of the Seller to duly and timely pay all Taxes,
including all installments on account of Taxes for the current year, that are
due and payable by it will result in an Encumbrance on the Purchased Assets;

(b) There are no proceedings, investigations, audits or claims now pending
or threatened against the Seller in respect of any Taxes, and there are no
matters under discussion, audit or appeal with any governmental authority
relating to Taxes, which will result in an Encumbrance on the Purchased Assets;

(c) The Seller has duly and timely withheld all Taxes and other amounts required by law to be
withheld by it relating to the Purchased Assets (including Taxes and other amounts relating to the
Purchased Assets required to be withheld by it in respect of any amount paid or credited or deemed
to be paid or credited by it to or for the account or benefit of any Person, including any
employees, officers or directors and any non-resident Person), and has duly and timely remitted to
the appropriate Governmental Authority such Taxes and other amounts required by law to be remitted
by it; and

(d) The Seller has duly and timely collected all amounts on account of any sales or transfer
taxes, including goods and services, harmonized sales and provincial or territorial sales taxes
with respect to the Purchased Assets, required by law to be collected by it and has duly and timely
remitted to the appropriate Governmental Authority any such amounts required by law to be remitted
by it.

5.13 Cell Banks. The Cell Banks are in viable condition as of
the Closing and have been stored in accordance
with any and all applicable laws, rules,
regulations, Governmental Authorizations and
the quality procedures in accordance with cGMP.

 

15

 

5.14 Environmental Matters. Except as set forth on Schedule 5.14,
the Seller is in compliance in all
respects with all applicable
Environmental Laws to the extent such
compliance or lack thereof would have
any impact on the Seller’s business
related to the production, sale and
distribution of the Products or the
Seller’s ability to consummate the
transactions contemplated herein in
accordance with the terms hereof
(such impact, a “Product Impact”).
The Seller has not received any
written communication that alleges
that the Seller is not in compliance
in all respects with all applicable
Environmental Laws. All permits and
other governmental authorizations
currently held by Seller pursuant or
in connection with any Environmental
Law are in full force and effect,
Seller is in compliance in all
respects with all of the terms of
such permits and authorizations to
the extent such compliance or lack
thereof would have any Product
Impact, and no other permits or
authorizations material to the
conduct of the Seller’s business
related to the production, sale and
distribution of the Products are
required by the Seller. Except as
set forth on Schedule 5.14, the
management, handling, storage,
transportation, treatment and
disposal by Seller of all Hazardous
Substances have been in compliance in
all respects with all applicable
Environmental Laws to the extent such
compliance or lack thereof would have
any Product Impact.

5.15
Chargebacks. The sum of all Chargebacks related to the
Channel Inventory bearing National Drug Code
(NDC) number 0074-6109-05 as more particularly
set forth on Schedule 2.3(b) can be no greater
than $500,000.

5.16 Regulatory Compliance. The Seller has been, and is in
compliance, in all material
respects with applicable provisions
of the FDCA and the regulations of
the FDA promulgated thereunder with
respect to the Product, except
where the failure to have the same
would not have a material adverse
effect and the Seller has not
received any notice (oral or
written) of Proceedings relating to
the revocation, withdrawal, recall,
or modification of any Governmental
Authorization. Seller has been and
is in compliance in all materials
respects with the FDCA and FDA
regulations with respect to
manufacturing, clinical research
and development, submission of
applications for review by
governmental authorities,
marketing, promotion, and sale of
the Product. Except as set forth
on Schedule 5.16, there are no
pending or, to the knowledge of the
Seller, threatened actions or
proceedings by the FDA or U.S.
Department of Justice, which would
prohibit or impede the sale or
marketing of the Product.

5.17 Disclaimer. EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THIS ARTICLE 5, SELLER IS MAKING NO
REPRESENTATION OR WARRANTY AS TO THE PURCHASED ASSETS. For greater certainty, nothing in this
Section 5.17 shall in any way limit Seller’s indemnification obligations as set forth in
Article 10.

 

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ARTICLE 6

Representations and Warranties of Buyer

Buyer represents and warrants to Seller as follows:

6.1 Organization. Buyer is a corporation duly incorporated and validly existing in good standing under the
laws of the Province of Ontario, Canada, duly qualified to transact business as a foreign
corporation in all jurisdictions except where the failure to be so qualified would not reasonably
be expected to have a material adverse effect on Buyer, and with all requisite corporate power and
authority to own, lease and operate its properties and to carry on its business as now being
conducted.

6.2 Due Authorization. Buyer has full corporate power and authority to execute, deliver and perform its
obligations under this Agreement and the Other Agreements and the execution and delivery of this
Agreement and the Other Agreements and the performance of all of its obligations hereunder and
thereunder has been duly and validly authorized and approved by all necessary corporate action of
the Buyer, including approval of this Agreement and the Other Agreements by the board of directors
of the Buyer. The signing, delivery and performance of this Agreement and the Other Agreements by
Buyer is not prohibited or limited by, and will not result in the breach of or a default under, any
provision of the Articles of Incorporation or By-Laws of Buyer or of any order, writ, injunction or
decree of any court or governmental instrumentality. This Agreement has been, and on the Closing
Date the Other Agreements will have been, duly executed and delivered by Buyer and constitutes, or,
in the case of the Other Agreements will constitute, the legal, valid and binding obligations of
Buyer, enforceable against Buyer in accordance with their respective terms, except as
enforceability may be limited or affected by applicable bankruptcy, insolvency, moratorium,
reorganization or other laws of general application relating to or affecting creditors’ rights
generally.

6.3 Consents. Except as set forth on Schedule 6.3, no notice to, filing with, authorization of,
exemption by, or consent of, any Person is required for Buyer to consummate the transactions
contemplated hereby.

6.4 Litigation. There is no litigation, proceeding, claim or governmental investigation pending or, to
Buyer’s knowledge, threatened relating to or affecting Buyer’s ability to purchase the Purchased
Assets or assume the Assumed Liabilities relating thereto.

6.5 Breach of Representations and Warranties. Buyer has no knowledge of any breach, or the inaccuracy, of any of the representations or
warranties of Seller set forth in this Agreement.

6.6 Brokers, Etc. Except for fees and expenses which shall be the sole responsibility of Buyer, no broker or
investment banker acting on behalf of Buyer or Buyer’s Affiliates is or will be entitled to any
broker’s or finder’s fee or any other commission or similar fee directly or indirectly in
connection with any of the transactions contemplated hereby.

 

17

 

6.7 Independent Investigation In making the decision to enter into this Agreement and the Other Agreements and to consummate
the transactions contemplated hereby and thereby, the Buyer has relied primarily on the
representations, warranties, covenants and obligations of Seller set forth in this Agreement
and in the Other Agreements. Other than reliance on the aforementioned representations,
warranties, covenants and obligations of Seller, Buyer has only relied on its own independent
investigation, analysis and evaluation of the Purchased Assets and Assumed Liabilities which
investigation, analysis and evaluation was limited in its scope and by no means comprehensive
or sufficient for Buyer to enter into this Agreement and the Other Agreements. Nothing in
this Section 6.7, shall limit in any way the ability of Buyer to rely upon the express
representations and warranties of Seller set forth in this Agreement.

ARTICLE 7

Pre-Closing Covenants of Seller and Buyer

7.1 Corporate and Other Actions. Each of Seller and Buyer shall take, or shall cause its respective Affiliates to take, all
necessary corporate action required to fulfill its obligations under this Agreement and the Other
Agreements and the transactions contemplated hereby and thereby.

7.2 Consents and Approvals. Each of Seller and Buyer shall use its reasonable best efforts to obtain all necessary
consents and approvals to the performance of its obligations under this Agreement and the Other
Agreements and the transactions contemplated hereby and thereby. Each of Seller and Buyer shall
make all filings, applications, statements, notices and reports to all federal, state, local or
foreign government agencies or entities which are required to be made or given prior to the Closing
Date by or on behalf of Seller or Buyer pursuant to any applicable law, statute, ordinance,
regulation or rule in connection with this Agreement and the Other Agreements and the transactions
contemplated hereby and thereby.

7.3 Access to Information. Seller will permit representatives of Buyer from and after the date hereof up to the
Closing Date to have access at all reasonable times to the books, accounts, records, properties,
operations, inventories and facilities of every kind to the extent pertaining to the Purchased
Assets, and will furnish Buyer with such financial and operating data concerning the Purchased
Assets as Buyer shall from time to time reasonably request, subject to any confidentiality
agreements entered into by Seller; provided that under no circumstances will Seller permit Buyer to
have access to Tax returns, including related work papers, filed by Seller.

7.4 Ordinary Course of Business. Subsequent to the date hereof and prior to the Closing Date, Seller will use reasonable
efforts to continue to operate and/or use the Purchased Assets in the usual and normal course and
will use its commercially reasonable efforts to maintain the Purchased Assets in substantially the
same manner as heretofore maintained.

 

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ARTICLE 8

Conditions

8.1 Conditions to Obligations of Seller. The obligations of Seller to consummate the transactions contemplated by this Agreement
shall be subject to fulfillment at or prior to the Closing of the following conditions (any one or
more of which may be waived in whole or in part by Seller):

(a) Performance of Agreements and Conditions. All agreements and
covenants to be performed and satisfied by Buyer hereunder on or prior to the
Closing Date shall have been duly performed and satisfied by Buyer in all
material respects.

(b) Representations and Warranties True. The representations and
warranties of Buyer contained in this Agreement that are qualified as to
materiality shall be true and correct, and all other representations and
warranties of Buyer contained in this Agreement shall be true and correct except
for breaches of, or inaccuracies in, such representations and warranties that,
in the aggregate, would not have a material adverse effect on the expected
benefits to Seller of the transactions contemplated by this Agreement taken as a
whole, in each such case on and as of the Closing Date, with the same effect as
though made on and as of the Closing Date, and there shall be delivered to
Seller on the Closing Date a certificate, in form and substance reasonably
satisfactory to Seller and its counsel duly signed by the President or Vice
President of Buyer, to that effect.

(c) Payment of Purchase Price. Buyer shall have paid the Purchase
Price and assumed the Assumed Liabilities as provided in Section 4.2(b).

(d) No Action or Proceeding. No legal or regulatory action or
proceeding shall be pending or threatened by any Person to enjoin, restrict or
prohibit the purchase and sale of the Purchased Assets contemplated hereby. No
order, judgment or decree by any court or regulatory body shall have been
entered in any action or proceeding instituted by any party that enjoins,
restricts, or prohibits this Agreement or the complete consummation of the
transactions as contemplated by this Agreement.

(e) Other Agreements. Buyer shall have delivered to Seller a duly
executed copy of each of the Other Agreements.

(f) No Material Adverse Change. There shall not have been any
material adverse change in Seller’s business, financial condition, prospects,
assets or operations relating to the Purchased Assets.

(g) Board Approval. Seller shall have obtained the necessary
approval to consummate the transactions contemplated hereby from its board of
directors.

 

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8.2 Conditions to Obligations of Buyer. The obligations of Buyer to consummate the transactions contemplated by this Agreement
shall be subject to fulfillment at or prior to the Closing of the following conditions (any one or
more of which may be waived in whole or in part by Buyer):

(a) Performance of Agreements and Covenants. All agreements and
covenants to be performed and satisfied by Seller hereunder on or prior to the
Closing Date shall have been duly performed and satisfied by Seller in all
material respects.

(b) Representations and Warranties True. The representations and
warranties of Seller contained in this Agreement that are qualified as to
materiality shall be true and correct, and all other representations and
warranties of Seller contained in this Agreement shall be true and correct
except for breaches of, or inaccuracies in, such representations and warranties
that, in the aggregate, would not have a material adverse effect on the
Purchased Assets taken as a whole, in each such case on and as of the Closing
Date with the same effect as though made on and as of the Closing Date, and
there shall be delivered by Seller on the Closing Date a certificate, in form
and substance reasonably satisfactory to Buyer and its counsel, duly signed by
an officer of Seller, to that effect.

(c) Deleted.

(d) No Action or Proceeding. No legal or regulatory action or
proceeding shall be pending or threatened by any Person to enjoin, restrict or
prohibit the purchase and sale of the Purchased Assets contemplated hereby. No
order, judgment or decree by any court or regulatory body shall have been
entered in any action or proceeding instituted by any party that enjoins,
restricts, or prohibits this Agreement or the complete consummation of the
transactions as contemplated by this Agreement.

(e) Other Agreements. Seller shall have delivered to Buyer a duly
executed copy of each of the Other Agreements.

(f) Board Approval. Buyer shall have obtained the necessary
approval to consummate the transactions contemplated hereby from its board of
directors.

(g) Opinion of Counsel. Buyer shall have received an opinion of
DLA Piper, counsel to the Seller, dated as of the Closing Date, substantially in
the form set forth in Exhibit D hereto.

(h) Material Adverse Change. There shall not have been a material
adverse change in the Seller’s business, financial condition, prospects, assets
or operations relating to the Purchased Assets.

(i) Copies of Notification of Transfer. Further to the provisions
of Section 4.2(c) hereof, Seller shall provide copies of the paperwork
that Buyer shall use to notify the FDA, at the Closing, of the transfer of NDA
21-846, the SNDAs and IND 1444 in accordance with the FDCA and 21 CFR 314.72.

 

20

 

8.3 Seller’s Remedy. Anything herein to the contrary notwithstanding, in the event Buyer fails to close the transactions
contemplated by this Agreement and the Other Agreements for any reason whatsoever, Seller’s
entire and total remedy against Buyer for such failure shall be limited to retaining the
Extension Fee.

ARTICLE 9

Post-Closing Covenants, Other Agreements

9.1 Availability of Records. After the Closing, Buyer, shall make available to Seller as reasonably requested by Seller,
its agents and representatives, or as requested by any taxing authority or any governmental
authority, all information, records and documents relating to the Purchased Assets for all periods
prior to Closing and shall preserve all such information, records and documents until the later of:
(a) six (6) years after the Closing; (b) the expiration of all statutes of limitations for Taxes
for periods prior to the Closing, or extensions thereof applicable to Seller for Tax information,
records or documents; or (c) the required retention period for all government contract information,
records or documents. Buyer shall also make available to Seller, as reasonably requested by Seller
at Seller’s cost, personnel responsible for preparing or maintaining information, records and
documents, in connection with Tax matters, governmental contracts, litigation or potential
litigation, including without limitation, product liability and general insurance liability. Prior
to destroying any records related to Seller for the period prior to the Closing, Buyer shall notify
Seller ninety (90) days in advance of any such proposed destruction of its intent to destroy such
records, and Buyer will permit Seller to retain any such records. With respect to any litigation
and claims that are Excluded Liabilities, Buyer shall render at Seller’s cost all reasonable
assistance that Seller may request in defending such litigation or claim and shall make available
to Seller personnel who most knowledgeable about the matter in question.

9.2 Use of Trade or Service Marks. Other than pursuant to the Inventory Trademark License Agreement, neither Buyer nor any of
Buyer’s Affiliates shall use or permit its distributors to use the name “ImaRx Therapeutics” or any
other corporate, trade or service marks or names owned or used by Seller. Anything herein to the
contrary herein notwithstanding, the Buyer, the Buyer’s affiliates and their respective
distributors will be able to use the names “ImaRx Therapeutics”, “ImaRx” and derivations thereof
and trademarks related thereto for the purposes of selling, marketing and distributing the Labeled
Inventory. Except to the extent indicated on Schedule 2.1(a) and Schedule 2.1(f),
all Product packaging of the Purchased Assets as of the Closing used to package Products
manufactured by Buyer or any Affiliate of Buyer after the Closing shall bear a new code
identification that indicates the Products were manufactured by Buyer.

 

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9.3 Tax Matters.

(a) Bifurcation of Taxes. Subject to Section 3.3, Seller
and its Affiliates shall be solely liable for all Taxes imposed upon Seller
attributable to the Purchased Assets for all taxable periods ending on or before
the Closing Date. Buyer and its Affiliates shall be solely liable for any Taxes
imposed upon Buyer attributable to the Purchased Assets for any taxable year or
taxable period commencing after the Closing Date.

(b) Transfer Taxes. Seller shall be liable for all sales, use,
transfer and documentary taxes and recording and filing fees applicable to the
transfer of the Purchased Assets.

(c) Cooperation and Records. After the Closing Date, Buyer and
Seller shall cooperate in the filing of any Tax returns or other Tax-related
forms or reports, to the extent any such filing requires providing each other
with necessary relevant records and documents relating to the Purchased Assets.
Seller and Buyer shall cooperate in the same manner in defending or resolving
any Tax audit, examination or Tax-related litigation. Buyer and Seller shall
cooperate in the same manner to minimize any transfer, sales and use Taxes.
Nothing in this Section shall give Buyer or Seller any right to review the
other’s Tax returns or Tax related forms or reports.

(d) Inventory Resale Certificates. At the Closing, Buyer shall
execute and deliver to Seller resale certificates for all inventory items
transferred to Buyer.

(e) Bulk Sales Laws. Seller and Buyer waive compliance with bulk
sales laws for tax purposes.

9.4 Regulatory Transfer. Seller agrees to make available to Buyer at Seller’s offices all portions of the NDA
21-846, SNDAs and IND 1444 files that Seller has not previously delivered to Buyer pursuant to
Section 4.2(c), as soon as practicable but in no event later than 30 days after the Closing
Date.
Seller shall also provide Buyer with evidence of receipt of notification of the transfer
specified in Section 4.2(c) hereof, as soon as practicable but in no event later than 30
days after the Closing.

9.5 Post-Closing Delivery. Subject to the provisions of Section 4.2, Buyer agrees to arrange for physical
delivery to Buyer of the tangible Purchased Assets in Seller’s possession. Buyer and Seller
acknowledge that title and risk of loss with respect to all Purchased Assets shall pass to Buyer at
Closing. Seller agrees to use commercially reasonable efforts to preserve and maintain the
tangible Purchased Assets in good working condition and to protect such Purchased Assets against
spoilage, deterioration and other wasting.

9.6 Transition Services. Buyer and Seller shall use commercially reasonable efforts to allow and cause Buyer to
enter into agreements with former or current Seller personnel and consultants, including but not
limited to Roman Bradel, Brenda Sparks and Lynne Weissberger, who are familiar with the regulatory
compliance, quality assurance, medical reporting and commercialization relating to the Product,
following the Closing Date, pursuant to which such personnel or consultants will provide
explanations and answer questions that are reasonably necessary to allow Buyer to effectively
identify, organize and utilize the Purchased Assets that Buyer has acquired from Seller.

 

22

 

9.7 Preparation of 2008 Annual Report. Seller shall promptly provide all information
relating to the Products that is reasonably
requested by Buyer for preparation of its 2008
annual report that Buyer will be required to
file with the FDA.

9.8
No Other Compensation. Buyer hereby agrees that the terms of this Agreement and the Other Agreements fully define all
consideration, compensation and benefits, monetary or otherwise, to be paid, granted or delivered
by Buyer to Seller in connection with the transactions contemplated herein and therein. Buyer has
not previously paid nor entered into any other commitment to pay, whether orally or in writing, any
Seller employee, directly or indirectly, any consideration, compensation or benefits, monetary or
otherwise, in connection with the transaction contemplated herein.

ARTICLE 10

Indemnification and Survival

10.1 Indemnification by Seller.

(a) Seller’s Indemnity. To the extent set forth in this
Section 10.1, Seller agrees to indemnify and hold harmless Buyer and its
Affiliates at all
times against and in respect of all losses, liabilities, costs and expenses
(including, without limitation, reasonable attorneys’ fees) (collectively,
“Losses”) which Buyer or its Affiliates may suffer or incur to the
extent arising out of or based upon (i) any breach of any of the representations
and warranties of Seller set forth in this Agreement, (ii) any breach of any of
the covenants and agreements of Seller set forth in this Agreement, (iii) any
Excluded Liability, or (iv) the distribution of the Products by Seller prior to
the Closing Date.

(b) Limitations on Seller’s Indemnity.

(i) Seller shall not be liable for any Loss described in Section
10.1(a)(i) until the aggregate of all such Losses for which the Seller is liable
are in excess of $10,000.

(ii) Seller’s aggregate liability for all Losses described in Section
10.1(a)(i) shall not exceed Two Million U.S. dollars ($2.0 million).

(iii) Neither Seller nor Seller’s Affiliates shall have liability to Buyer or
Buyer’s Affiliates for any consequential, incidental or punitive damages, and Losses
indemnifiable hereunder shall not include such damages.

(iv) For the sake of clarification, the limitations on Seller’s Liability
specified in Sections 10(b)(i) through (ii) above shall apply only
to any Losses described in Section 10.1(a)(i).

 

23

 

(c) Notice of Claims. Buyer shall promptly notify Seller in
writing of all matters which may give rise to the right to indemnification
hereunder upon becoming aware of any such matters, it being understood that if
Seller does not receive notice of any matter known to Buyer and as to which
Buyer or its Affiliates are entitled to indemnification hereunder in time to
contest the determination of any such liability which is susceptible to being
successfully contested, Seller shall be relieved of its responsibilities
hereunder to the extent such failure to deliver notice shall have harmed Seller.
Buyer shall not admit any liability with respect to, or settle, compromise or
discharge, any such matter covered by this Section 10.1 without Seller’s
prior written consent (which shall not be unreasonably withheld or delayed).
Seller shall have the right, with the consent of Buyer (which shall not be
unreasonably withheld or delayed), to settle all indemnifiable matters related
to claims by third parties which are susceptible to being settled, and to defend
(without the consent of Buyer) through counsel of its own choosing, at its own
expense, any action which may be brought by a third party in connection
therewith; provided, however, that Buyer shall have the right to
have its counsel participate fully in such defense at its own expense. Buyer
and Seller shall keep each other informed of all settlement negotiations with
third parties regarding the provisions hereof and of the progress of any
litigation with third parties regarding the provisions hereof. Buyer and Seller
shall permit each other
reasonable access to books and records and otherwise cooperate with all
reasonable requests of each other in connection with any indemnifiable matter
resulting from a claim by a third party.

10.2
Indemnification by Buyer.

(a) Buyer’s Indemnity. Subject to the provisions of Section 8.3 hereof, Buyer agrees to indemnify
and hold harmless Seller and its Affiliates at all times against and in respect of Losses
which Seller and its Affiliates may suffer or incur to the extent arising out of or based
upon: (i) any breach of any of the representations, warranties, covenants and agreements of
Buyer set forth in this Agreement or the Other Agreements; (ii) any Assumed Liability; or
(iii) the ownership of the Purchased Assets after the Closing Date (except Losses covered by
Section 10.1(a)(iv)).

(b) Limitations on Buyer’s Indemnity.

(i) Buyer shall not be liable for any Loss described in
Section 10.2(a)(i) until the aggregate of all such Losses for which the
Buyer is liable are in excess of $10,000.

(ii) Buyer’s aggregate liability for all Losses described in
Section 10.2(a)(i) shall not exceed Two Million U.S. dollars ($2.0 million).

 

24

 

(iii) Neither Buyer nor Buyer’s Affiliates shall have liability to Seller or
Seller’s Affiliates for any consequential, incidental or punitive damages, and
Losses indemnifiable hereunder shall not include such damages.

(iv) The provisions of Section 8.3 hereof shall govern for the matters
specified therein and preclude the applicability of this Section 10.2 to
such matters.

(c) Notice of Claims. Seller shall promptly notify Buyer in writing of all matters which may give rise to
the right to indemnification hereunder upon becoming aware of any such matters, it being
understood that if Buyer does not receive notice of any matter known to Seller and as to
which Seller and its Affiliates is entitled to indemnification hereunder in time to contest
the determination of any such liability which is susceptible to being successfully
contested, Buyer shall be relieved of its responsibilities hereunder to the extent such
failure to deliver notice shall have harmed Buyer . Seller shall not admit any liability
with respect to, or settle, compromise or discharge any such matter covered by this
Section 10.2 without Buyer’s prior written consent (which shall not be unreasonably
withheld or delayed). Buyer shall have the right, with the consent of Seller (which shall
not be unreasonably withheld or delayed), to settle all indemnifiable matters related to
claims by third parties which are susceptible to being settled, and to defend (without
the consent of Seller) through counsel of its own choosing, at its own expense, any action
which may be brought by a third party in connection therewith; provided,
however, that Seller shall have the right to have its counsel participate fully in
such defense at its own expense. Buyer and Seller shall keep each other informed of all
settlement negotiations with third parties regarding the provisions hereof and of the
progress of any litigation with third parties regarding the provisions hereof. Buyer and
Seller shall permit each other reasonable access to books and records and otherwise
cooperate with all reasonable requests of each other in connection with any indemnifiable
matter resulting from a claim by a third party.

10.3 Survival. The representations and warranties of the parties contained herein shall survive the
Closing for a period of eighteen (18) months at which time they shall expire; provided,
however, that (i) representation and warranties of the Seller regarding ownership of and
title to the Purchased Assets and the transfer of such ownership and title to the Buyer shall
survive for as long as permitted by the applicable law, and (ii) claims previously made in writing
with respect to breaches of such representations and warranties shall be indemnifiable in
accordance with this Article 10. No claim may be made based upon an alleged breach of any
of such representations or warranties whether for indemnification in respect thereof or otherwise,
unless written notice of such claim, in reasonable detail, is given to Buyer or to Seller, as the
case may be, within the aforementioned respective applicable period following the Closing. The
indemnification obligations of Seller for Excluded Liabilities shall survive the Closing
indefinitely.

10.4 Exclusive Remedy. From and after the Closing, the rights and remedies set forth in this Article 10
shall constitute the sole and exclusive rights and remedies of Buyer and Seller with respect to
this Agreement, the events giving rise to this Agreement and the transactions contemplated hereby,
except as provided in Section 2.5 and Section 8.3.

 

25

 

10.5 Net Losses and Subrogation.

(a) Notwithstanding anything contained herein to the contrary, the amount
of any Losses incurred or suffered by a Person entitled to indemnification
hereunder (an “Indemnified Person”) shall be calculated after giving
effect to: (i) other than in the case of the Buyer suffering any Losses that are
attributable to Excluded Liabilities, any insurance proceeds received by the
Indemnified Person (or any of its Affiliates) with respect to such Losses; (ii)
any Tax benefit actually realized by the Indemnified Person (or any of its
Affiliates) arising from the facts or circumstances giving rise to such Losses;
and (iii) any recoveries obtained by the Indemnified Person (or any of its
Affiliates) from any other third party. Each Indemnified Person shall exercise
its commercially reasonable efforts to obtain such proceeds, benefits
and recoveries. If any such proceeds, benefits or recoveries are received
by an Indemnified Person (or any of its Affiliates) with respect to any Losses
after the Indemnified Person (or any Affiliate) has received the benefit of any
indemnification hereunder with respect thereto, the Indemnified Person (or such
Affiliate) shall pay to the Person providing the indemnification (the
“Indemnifying Person”) the amount of such proceeds, benefits or
recoveries (up to the amount of the Indemnifying Person’s payment).

(b) Upon making any payment to an Indemnified Person in respect of any
Losses, the Indemnifying Person will, to the extent of such payment, be
subrogated to all rights of the Indemnified Person (and its Affiliates) against
any third party in respect of the Losses to which such payment relates. Such
Indemnified Person (and its Affiliates) and Indemnifying Person will execute
upon request all instruments reasonably necessary to evidence or further perfect
such subrogation rights.

10.6 Insurance. As of the date hereof, Buyer is the named insured under insurance policies that are in full
force and effect and provide adequate insurance coverage to comply with the commercially reasonable
insurance requirements under the Assumed Contracts (relating to Products included in the Inventory)
and the Buyer shall use its commercially reasonable efforts to keep such or substantially similar
insurance policies in force during the term of its indemnity obligations to the Seller under this
Agreement. Buyer shall (a) cause the insurer to endorse the insurance policy to provide for written
notification to the Seller by the insurer not less than thirty (30) days prior to cancellation,
expiration or modification and (b) name the Seller as an additional insured on the insurance
policy. Buyer shall furnish the Seller with a certificate of insurance evidencing compliance with
this Section 10.6 and referencing this Agreement within sixty (60) days of the Closing Date
or, in the event of insurance renewal, within ten (10) days of such renewal.

As of the date hereof, Seller is the named insured under insurance policies that are in full
force and effect and true and complete copies of which are attached hereto as Exhibit F
(the “Seller Insurance Policies”). Seller shall maintain Seller Insurance Policies through
the Closing and until such time as it may be subject to any product liability action arising from
any sale of Product consummated through the Closing Date and the sale of any Product in the Channel
Inventory. Seller shall also name the Buyer as an additional insured on the insurance policy.
Seller shall furnish Buyer with a certificate of insurance evidencing compliance with this
Section 10.6 and referencing this Agreement within sixty (60) days of the Closing Date or,
in the event of insurance renewal, within ten (10) days of such renewal.

 

26

 

ARTICLE 11

Termination

11.1 Termination of Agreement. This Agreement may be terminated at any time prior to the Closing Date with the mutual
consent of Buyer and Seller.

11.2 Automatic Termination. This Agreement shall terminate automatically if the Closing Date shall not have occurred on
or before September 23, 2008, or such later date as shall have been agreed to by the parties
hereto.

11.3 Continuing Effectiveness. If this Agreement shall be terminated as herein set forth, both parties agree that they
will remain obligated under, and will comply with, the provisions of Article 10 and
Sections 12.2, 12.3, 12.4, 12.7, 12.9, 12.13, and
12.15.

ARTICLE 12

Miscellaneous

12.1 Assignment. This Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and assigns; provided, however, that no assignment
shall be made by either party without the prior express written consent of the other party.
Notwithstanding the foregoing, either party may assign its rights and obligations under this
Agreement without such consent to an Affiliate or in connection with a sale, merger or other
transaction involving a transfer of substantially all of its assets.

12.2 No Press Release Without Consent. No press release related to this Agreement or the transactions contemplated herein, or
other announcement to either the customers or suppliers of Seller or investors or potential
investors in Buyer will be issued without the joint approval of Seller and Buyer, except: (a) any
public disclosure which Seller or Buyer in its good faith judgment believes is required by law,
rule or regulation or by any stock exchange or interdealer quotation system on which its securities
are listed or quoted (in which case the party making the disclosure will use its reasonable best
efforts to consult with the other party prior to making any such disclosure) and (b) that Seller
may make an announcement related to this Agreement and the transactions contemplated hereby to its
employees. Buyer and Seller will cooperate to prepare a joint press release to be issued on the
Closing Date or, upon the request of Seller, at the time of the signing of this Agreement.

 

27

 

12.3 Confidentiality. All information gained by either party concerning the other as a result of the transactions
contemplated hereby (“Confidential Information”), including the execution and consummation
of the transactions contemplated hereby and the terms thereof, will be kept in strict confidence,
subject to disclosures permitted pursuant to Section 12.2. All Confidential
Information will be used only for the purpose of consummating the transactions contemplated
hereby. Following the Closing, all Confidential Information relating to the Products disclosed by
Seller to Buyer shall become the Confidential Information of Buyer, subject to the restrictions on
use and disclosure by Seller imposed under this Section 12.3. Neither Seller nor Buyer
shall, without having previously informed the other party about the form, content and timing of any
such announcement, make any public disclosure with respect to the Confidential Information or
transactions contemplated hereby, except:

(i) As may be required by (a) law, rule or regulation, (b) the Securities and
Exchange Commission (the “SEC”), (c) the Securities Act or the Exchange Act,
or (d) any listing agreement with the Toronto Stock Exchange, the NASDAQ Stock
Market, the National Association of Securities Dealers, Inc. or any national
securities exchange to which Seller or Buyer as applicable, is subject;
provided that, in any such event, the party required to make the disclosure
will (I) provide the other party with prompt written notice of any such requirement
so that such other party may seek a protective order or other appropriate remedy,
(II) consult with and exercise in good faith all reasonable efforts to mutually
agree with the other party regarding the nature, extent and form of such disclosure,
(III) limit disclosure of Confidential Information to what is legally required to be
disclosed, and (IV) exercise its best efforts to preserve the confidentiality of any
such Confidential Information; or

(ii) Upon prior written approval from Seller, Buyer may disclose the terms of
this agreement and the transactions contemplated hereby to an actual or prospective
lender, investor, partner or agent, subject to a
non-disclosure agreement pursuant
to which such lender, investor, partner or agent agrees to be bound by the terms of
this Section 12.3.

12.4 Expenses. Subject to Section 9.3(b), each party shall bear its own expenses with respect to
the transactions contemplated by this Agreement.

12.5 Severability. Each of the provisions contained in this Agreement shall be severable, and the
unenforceability of one shall not affect the enforceability of any others or of the remainder of
this Agreement.

12.6 Entire Agreement. This Agreement may not be amended, supplemented or otherwise modified except by an
instrument in writing signed by all of the parties hereto. This Agreement, the Other Agreements
and the Confidentiality Agreement contain the entire agreement of the parties hereto with respect
to the transactions covered hereby, superseding all negotiations, prior discussions and preliminary
agreements made prior to the date hereof.

12.7 No Third Party Beneficiaries. This Agreement is for the sole benefit of the parties hereto and their permitted assigns
and nothing herein, express or implied (including Article 10), shall give or be construed
to give to any Person, other than the parties hereto and such permitted assigns, any legal or
equitable rights hereunder.

 

28

 

12.8 Waiver. The failure of any party to enforce any condition or part of this Agreement at any time
shall not be construed as a waiver of that condition or part, nor shall it forfeit any rights to
future enforcement thereof. Any waiver hereunder shall be effective only if delivered to the other
party hereto in writing by the party making such waiver.

12.9 Governing Law. This Agreement shall be construed and enforced in accordance with and governed by the laws
of the State of Delaware without regard to the conflicts of laws provisions thereof.

12.10 Headings. The headings of the sections and subsections of this Agreement are inserted for convenience
only and shall not be deemed to constitute a part hereof.

12.11 Counterparts. The parties may execute this Agreement in one or more counterparts, and each fully executed
counterpart shall be deemed an original.

12.12 Further Documents. Each of Buyer and Seller will, and will cause its respective Affiliates to, at the request
of another party, execute and deliver to such other party all such further instruments,
assignments, assurances and other documents as such other party may reasonably request in
connection with the carrying out of this Agreement and the transactions contemplated hereby.

12.13 Notices. All communications, notices and consents provided for herein shall be in writing and be
given in person or by means of telex, facsimile or other means of wire transmission (with request
for assurance of receipt in a manner typical with respect to communications of that type), by
overnight courier or by mail, and shall become effective: (a) on delivery if given in person; (b)
on the date of transmission if sent by telex, facsimile or other means of wire transmission; (c)
one (1) business day after delivery to the overnight service; or (d) four (4) business days after
being mailed, with proper postage and documentation, for first-class registered or certified mail,
prepaid.

Notices shall be addressed as follows:

If to Buyer, to:

ImaRx Therapeutics, Inc.

1730 e. River Road, Suite 200

Tucson, Arizona 85718

Attn: Bradford Zakes

Facsimile Number: (520) 791-2437

If to Seller, to:

Microbix Biosystems Inc.

115 Skyway Avenue

Toronto, Ontario

Canada M9W 4Z4

Attn: James Long, Chief Financial Officer

Facsimile Number: (416) 234-1626

 

29

 

with copies to:

J. Mark Waxman, Esq.

Foley & Lardner LLP

111 Huntington Avenue

Boston, MA 02199

Facsimile: (617) 342-4001

provided, however, at the time of mailing or within three business days thereafter
there is or occurs a labor dispute or other event that might reasonably be expected to disrupt the
delivery of documents by mail, any communication, notice or consent provided for herein shall be
given in person or by means of telex, facsimile or other means of wire transmission or by overnight
courier, and further provide that if any party shall have designated a different address by notice
to the others, then to the last address so designated.

12.14 Schedules. Buyer and Seller agree that any disclosure in any Schedule attached hereto shall (a)
constitute a disclosure only under such specific Schedule and shall not constitute a disclosure
under any other Schedule referred to herein and (b) not establish any threshold of materiality.
Seller or Buyer may, from time to time prior to or at the Closing, by notice in accordance with the
terms of this Agreement, supplement or amend any Schedule, including one or more supplements or
amendments to correct any matter which would constitute a breach of any representation, warranty,
covenant or obligation contained herein. No such supplemental or amended Schedule shall be deemed
to cure any breach for purposes of Section 8.2(b). If, however, the Closing occurs, any
such supplement and amendment will be effective to cure and correct for all other purposes any
breach of any representation, warranty, covenant or obligation which would have existed if Seller
or Buyer had not made such supplement or amendment, and all references to any Schedule hereto which
is supplemented or amended as provided in this Section 12.14 shall for all purposes at and
after the Closing be deemed to be a reference to such Schedule as so supplemented or amended.

 

30

 

12.15 Construction. The language in all parts of this Agreement shall be construed, in all cases, according to
its fair meaning. The parties acknowledge that each party and its counsel have reviewed and
revised this Agreement and that any rule of construction to the effect that any ambiguities are to
be resolved against the drafting party shall not be employed in the interpretation of this
Agreement. Words in the singular shall be deemed to include the plural and vice versa and words of
one gender shall be deemed to include the other gender as the context requires. The terms
“hereof,” “herein,” and “herewith” and words of similar import shall, unless otherwise stated, be
construed to refer to this Agreement as a whole (including all of the Schedules and Exhibits
hereto) and not to any particular provision of this Agreement. Article, Section, Exhibit and
Schedule references are to the Articles, Sections, Exhibits, and Schedules to this Agreement unless
otherwise specified. Unless otherwise stated, all references to any agreement shall be deemed to
include the exhibits, schedules and annexes to such agreement. The word “including” and words of
similar import when used in this Agreement shall mean “including, without limitation,” unless the
context otherwise requires or unless otherwise specified. The word “or” shall not be exclusive.
Unless otherwise specified in a particular case, the word “days” refers to calendar days.
References herein to this Agreement or any Other Agreement shall be deemed to refer to this
Agreement or such Other Agreement as of the date of such agreement and as it may be amended
thereafter, unless otherwise specified.

*  *  *  *  *  *  *  *  *  *  *

 

31

 

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

	 	 	 	 	 	 	 
	 	 	IMARX THERAPEUTICS, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	  

Bradford
Zakes
	 	 
	 

	 	Title:
	 	President and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	MICROBIX BIOSYSTEMS INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	  

James
Long
	 	 
	 

	 	Title:
	 	Chief Financial Officer	 	 

 

32

 

BILL OF SALE, CONVEYANCE AND ASSIGNMENT

THIS BILL OF SALE, CONVEYANCE AND ASSIGNMENT (this “Instrument”) dated as of September

 _____, 2008, is made by and between ImaRx Therapeutics, Inc., a corporation organized and existing
under the laws of the State of Delaware and having a principal place of business at 1730 E. River
Road, Tucson, AZ 85718 (herein referred to as “Seller”) and Microbix Biosystems Inc., a
corporation existing under the laws of the Province of Ontario and having a principal place of
business at 115 Skyway Avenue, Toronto, Ontario Canada M9W 4Z4 (herein referred to as
“Buyer”) and is delivered pursuant to, and subject to the terms of, that certain Asset
Purchase Agreement, dated as of September
 _____, 2008 (the “Asset Purchase Agreement”), by
and between Seller and Buyer.

NOW, THEREFORE, subject to the terms and conditions of the Asset Purchase Agreement and for
the consideration set forth therein, Buyer and Seller each hereby agrees as follows:

	1.	 	Seller does hereby sell, convey, transfer, assign and deliver to Buyer, all of its right,
title and interest in the Purchased Assets.

	 
	2.	 	Notwithstanding anything to the contrary in this Instrument, the Asset Purchase Agreement or
in any other document delivered in connection herewith or therewith, the Purchased Assets
subject to this Instrument shall expressly exclude the Excluded Assets.

	 
	3.	 	From time to time, as and when reasonably requested by Buyer, Seller shall execute and
deliver all such documents and instruments and shall take, or cause to be taken, all such
further or other actions as Buyer may reasonably deem necessary or desirable to more
effectively sell, transfer, convey and assign to Buyer all of Seller’s right, title and
interest in the Purchased Assets subject to this Instrument.

	 
	4.	 	This Instrument shall be governed by and construed in accordance with the internal laws of
the State of Delaware applicable to agreements made and to be performed entirely within such
State, without regard to the conflicts of laws principles of such State.

	 
	5.	 	To the extent that any provision of this Instrument is inconsistent or conflicts with the
Asset Purchase Agreement, the provisions of the Asset Purchase Agreement shall control.
Nothing in this Instrument, express or implied, is intended or shall be construed to expand or
defeat, impair or limit in any way the rights, obligations, claims or remedies of the parties
as set forth in the Asset Purchase Agreement.

	 
	6.	 	This Instrument may be executed in any number of counterparts, each of which when executed and
delivered shall be deemed to be an original and all of which when taken together shall constitute
but one and the same instrument.

 

 

 

[Signature Page for the Bill of Sale]

IN WITNESS WHEREOF, this Instrument is duly executed and delivered as of the date and year
first above written.

	 	 	 	 	 	 	 
	 	 	IMARX THERAPEUTICS, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	  

Bradford
Zakes
	 	 
	 

	 	Title:
	 	President and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	MICROBIX BIOSYSTEMS INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	  

James
Long
	 	 
	 

	 	Title:
	 	Chief Financial Officer	 	 

 

 

 

INTELLECTUAL PROPERTY TRANSFER AGREEMENT

This INTELLECTUAL PROPERTY TRANSFER AGREEMENT dated as of September
 _____, 2008 is made by ImaRx
Therapeutics, Inc., a corporation organized and existing under the laws of the State of Delaware
and having a principal place of business at 1730 E. River Road, Tucson, AZ 85718 (herein referred
to as “Assignor”) in favor of Microbix Biosystems Inc., a corporation organized and
existing under the laws of the Province of Ontario, Canada and having a principal place of business
at 115 Skyway Avenue, Toronto, Ontario, Canada M9W 4Z4 (herein referred to as “Assignee”)
and is delivered pursuant to, and subject to the terms of, that certain Asset Purchase Agreement,
dated as of September
 _____, 2008 (the “Asset Purchase Agreement”), by and between Assignor
and Assignee.

WHEREAS, Assignor has good and marketable rights and title in and to the patent applications,
issued patents, trademarks, trademark applications, copyrights and copyright applications listed on
Schedule 1 attached hereto (the “Intellectual Property”); and

WHEREAS, Assignee desires to acquire Assignor’s rights and title in and to the Intellectual
Property and Assignor desires to assign to the Assignee its rights and title in and to the
Intellectual Property.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto agree as follows:

1. Assignor hereby transfers, assigns and otherwise conveys to Assignee, all of Assignor’s
rights, title, and interest in, to, and under the following:

A. the patents included in the Intellectual Property, including, without
limitation, any continuations, divisions, continuations-in-part, reissues,
reexaminations, extensions or foreign equivalents thereof, and including, without
limitation, the subject matter of all claims that may be obtained therefrom, and all
other corresponding rights that are or may be secured under the laws of the United
States or any other jurisdiction, now or hereafter in effect;

B. the trademarks and applications for registration of trademarks included in
the Intellectual Property, and all corresponding rights that are or may be secured
under the laws of the United States or any other jurisdiction, now or hereafter in
effect;

C. the copyrights and applications for registration of copyrights included in
the Intellectual Property, and all corresponding rights, including, without
limitation, moral rights, that are or may be secured under the laws of the United
States or any other jurisdiction, now or hereafter in effect; and

D. all proceeds of the assets transferred pursuant to subsections 1(A) through
1(C) above, including, without limitation, the right to sue for, and collect on, (i)
any claim by Assignor against third parties for past, present, or future
infringement of the such transferred assets, and (ii) any income, royalties, or
payments due or payable and related exclusively to such transferred assets as
of the date of this assignment or thereafter.

 

 

 

2. Assignor authorizes the pertinent officials of the United States Patent and Trademark
Office and the United States Copyright Office and the pertinent official of similar offices or
governmental agencies in any applicable jurisdictions outside the United States to record the
transfer of the patents, trademarks, copyrights and related registrations and applications for
registration set forth on Schedule 1 to Assignee as assignee of Assignor’s entire rights, title and
interest therein. Assignor agrees to further execute any documents reasonably necessary to effect
the assignment specified herein or to confirm Assignee’s ownership of the Intellectual Property.

3. The terms of the Asset Purchase Agreement are incorporated herein by reference. Except as
set forth herein, the rights and obligations of the Assignor and Assignee set forth in the Asset
Purchase Agreement remain unmodified. Capitalized terms used herein or in the Schedule 1 hereto
but not otherwise defined herein or in the Schedule 1 hereto shall have the respective meanings
given to them in the Asset Purchase Agreement.

4. This Intellectual Property Transfer Agreement shall be construed and enforced in accordance
with and governed by the laws of the State of Delaware without regard to the conflicts of laws
provisions thereof.

5. This Intellectual Property Transfer Agreement may be executed in any number of
counterparts, each of which when executed and delivered shall be deemed to be an original and all
of which when taken together shall constitute but one and the same instrument.

[Signature Page to follow]

 

2

 

[Signature Page for Intellectual Property Transfer Agreement]

IN WITNESS WHEREOF, the Assignor and Assignee have caused this Intellectual Property Transfer
Agreement to be duly executed and authorized as of the date hereof.

	 	 	 	 	 	 	 
	 	 	ASSIGNOR	 	 
	 
	 	 	 	 	 	 
	 	 	IMARX THERAPEUTICS, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	  

Bradford
Zakes
	 	 
	 

	 	Title:
	 	President & CEO	 	 
	 
	 	 	 	 	 	 
	 	 	ASSIGNEE	 	 
	 
	 	 	 	 	 	 
	 	 	MICROBIX BIOSYSTEMS INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	  

James
Long
	 	 
	 

	 	Title:
	 	Chief Financial Officer	 	 

 

3

 

SCHEDULE 1

PATENTS

U.S. Patent No. 5,260,872 issued November 9, 1993, entitled Automated Testing System.

TRADEMARKS

KinlyticTM, Application serial no. 78970555

COPYRIGHTS

Copyrights in and to all the copyrightable materials included in the Purchased Assets.

 

4

 

STATE OF ARIZONA

: ss.:

COUNTY OF PIMA

On this
 _____ day of
 _____, 2008, before me personally came Bradford Zakes, to me known to be the
person who signed the foregoing instrument and who being duly sworn by me did depose and state that
he is the President and Chief Executive Officer of ImaRx Therapeutics, Inc.; he signed the
instrument in the name of ImaRx Therapeutics, Inc.; and he had the authority to sign the instrument
on behalf of ImaRx Therapeutics, Inc.

	 	 	 	 	 
	 

	 	  

Notary
Public
	 	 

 

5

 

PROVINCE OF ONTARIO, CANADA

: ss.:

COUNTY OF                     

On this
 _____ 
day of September, 2008, before me personally came James Long, to me known to be the
person who signed the foregoing instrument and who being duly sworn by me did depose and state that
he is the Chief Financial Officer of Microbix Biosystems Inc.; he signed the instrument in the name
of Microbix Biosystems Inc.; and he had the authority to sign the instrument on behalf of Microbix
Biosystems Inc.

	 	 	 	 	 
	 

	 	  

Notary
Public
	 	 

 

6

 

INVENTORY TRADEMARK LICENSE AGREEMENT

This Inventory Trademark License Agreement (this “Agreement”) is made and entered into this
 _____ day
of September, 2008, by and between ImaRx Therapeutics, Inc., a corporation organized and existing
under the laws of Delaware and having a principal place of business at 1730 East River Road,
Tucson, Arizona 85718 (“Licensor”) and Microbix Biosystems Inc., a corporation organized and
existing under the laws of the Province of Ontario, Canada and having a principal place of business
at 115 Skyway Avenue
Toronto, Ontario, Canada M9W 4Z4 (“Licensee”).

WHEREAS, Licensor and Licensee (each a “Party” and, collectively, the “Parties”) have entered into
that certain Asset Purchase Agreement dated September
 _____, 2008 (the “Asset Purchase Agreement”),
pursuant to which, among other things, Licensee has agreed to acquire, and Licensor has agreed to
sell, the Licensor’s urokinase business franchise;

WHEREAS, the assets to be transferred include Labeled Inventory of the Products (each, as defined
in the Asset Purchase Agreement); and

WHEREAS, Licensee desires to obtain a trademark and trade name license to promote, market and sell
certain Labeled Inventory existing as of the Closing Date (as defined in the Asset Purchase
Agreement); and

WHEREAS, Licensor is willing to grant such a license to the Licensee upon the terms and conditions
set forth below.

NOW, THEREFORE, in consideration of entering into the Asset Purchase Agreement and the mutual
agreements and undertakings contained herein and for other good and valuable consideration (the
receipt and sufficiency of which is hereby acknowledged), the Parties agree as follows.

1. DEFINITIONS:

Capitalized terms used in this Agreement and not otherwise defined herein shall have the
respective meanings assigned to them in the Asset Purchase Agreement. For purposes of this
Agreement, the following words and phrases shall have the following meanings:

1.1 “Licensed Marks” shall mean those trademarks identified on Schedule 1
attached hereto.

1.2 “Losses” shall mean all damages, liabilities, costs and expenses, including
settlement and arbitration costs and reasonable attorneys’ fees and costs.

1.3 “Territory” shall mean, for each Licensed Mark, each of those territories in
which Licensor owns or possesses rights to such Licensed Mark, including but not necessarily
limited to the United States of America.

 

-1-

 

2. GRANT

2.1 During the term of this Agreement, and subject to the terms and conditions hereof and of
the Asset Purchase Agreement, the Licensor hereby grants to the Licensee, in the Territory, an
exclusive, fully paid-up, non-transferable and non-assignable license, without the right to
sublicense other than as provided herein (“Inventory Trademark License”), to use the Licensed Marks
solely in connection with the promotion, marketing and sale of the Labeled Inventory in the
Territory.

2.2 Notwithstanding anything else in this Agreement to the contrary, absent Licensor’s express
prior written consent, Licensee’s use of the Licensed Marks shall cease at the end of the earlier
of (i) the completion of the sale of all Labeled Inventory by Licensee, and (ii) the date upon
which the expiration date for all Labeled Inventory has expired, at which time the Inventory
Trademark License shall automatically terminate without further action by either Party and Licensee
shall cease all use of the Licensed Marks, except for commercially reasonable ancillary use to the
extent required for regulatory purposes relating to the Labeled Inventory for a period of up to 24
months after the termination of this Agreement and except for any fair use of the Licensed Marks as
defined by the relevant trademark laws.

2.3 Deleted.

2.4 Without the prior written consent of Licensor, Licensee shall have no power or right to,
and shall not, sell, assign, sublicense or otherwise transfer the Inventory Trademark License to
any Person, including by operation of law, except for (i) sublicensing, with Licensor’s prior
written consent (which consent the Licensor shall not unreasonably withhold or delay), within
Licensee’s trade channels solely for the purposes of selling and marketing the Labeled Inventory,
and (ii) to any permitted assignee of Licensee’s rights and obligations under the Asset Purchase
Agreement to the extent permitted therein. It is hereby understood and agreed that use of the
Licensed marks by distributors, wholesalers and resellers of Licensee in connection with the
promotion and sale of the Labeled Inventory is not considered to constitute a sublicense and is
specifically consented to by Licensor.

2.5 Licensee shall comply with all applicable laws, rules, regulations, ordinances, permits
and licenses when exercising its rights under this Agreement, including in the promotion, marketing
and sale of the Labeled Inventory.

3. PROTECTION OF THE LICENSED MARKS

3.1 Subject to the assertion and defense of Licensee’s rights under all sections of this
Agreement, Licensee understands and agrees that (a) Licensee shall not directly or indirectly
challenge Licensor’s sole and exclusive ownership of all right, title and interest in
and to the Licensed Marks, including the goodwill associated therewith, and (b) all goodwill
arising from the use of the Licensed Marks shall inure solely to the benefit of Licensor.
Furthermore, Licensee shall not assist any third party in challenging Licensor’s right, title and
interest in and to the Licensed Marks.

 

-2-

 

3.2 Nothing contained in this Agreement shall be construed as an assignment to the Licensee of
any right, title or interest in the Licensed Marks, it being understood that all rights, title and
interests relating to the Licensed Marks are expressly reserved by the Licensor except for the
rights being expressly licensed hereunder.

3.3 Deleted.

3.4 Licensee shall not use the Licensed Marks other than as permitted hereunder and, in
particular, shall not incorporate Licensor’s name or the Licensed Marks in Licensee’s corporate or
business name in any manner whatsoever. In using the Licensed Marks, Licensee will in no way
represent that it has any rights, title or interest in the Licensed Marks other than those
expressly granted under the terms of this Agreement, and Licensee shall not represent itself as an
“authorized representative of,” or indicate in any other way any affiliation with, Licensor other
than the relationship created pursuant hereto or the Asset Purchase Agreement.

3.5 Licensee shall, at Licensor’s sole expense, take all reasonable actions reasonably
requested by Licensor to assist Licensor in defending or prosecuting any action or suit relating to
the Licensed Marks as used in connection with this Agreement.

3.6 Licensee shall notify Licensor promptly if Licensee learns of any infringement or pending
or threatened litigation involving the Licensed Marks as used in connection with this Agreement.

3.7 Licensee agrees not to knowingly adopt or use any trade name or trademark which is
confusingly similar or likely to cause confusion with the Licensed Marks. Furthermore, Licensee
agrees not to knowingly seek registration of any of the Licensed Marks or any trade name or
trademark confusingly similar thereto.

4. QUALITY CONTROL

4.1 Licensee shall use the Licensed Marks only with respect to the promotion, marketing and
sale of the Labeled Inventory as provided herein, and shall not affix any Licensed Marks to any
products other than Products, or use any Licensed Marks in connection with any service (other than
as necessary to market and sell Products).

4.2 All Products promoted, marketed and sold by Licensee under the Licensed Marks have been
made by Licensor and thus are of the same quality as the Products sold by Licensor under the
Licensed Marks immediately prior to the Closing Date, and Licensee shall otherwise use the Licensed
Marks in a manner consistent with Licensor’s use, immediately
prior to the Closing Date, of the Licensed Marks in connection with the Products. At Licensor’s
request, and upon reasonable notice Licensee shall provide to Licensor representative samples of
Licensee’s use of the Licensed Marks.

4.3 In using the Licensed Marks as permitted hereunder in connection with the promotion,
marketing and sale of the Labeled Inventory, Licensee shall duly include all notices and legends
with respect to the Licensed Marks as may be required by applicable federal, state or local
trademark laws or which may be reasonably requested by Licensor in writing.

 

-3-

 

5. GOODWILL AND IRREPARABLE HARM

5.1 Licensee acknowledges that its failure to use the Licensed Marks in accordance with the
provisions of this Agreement may result in immediate and irreparable damage to Licensor and that
Licensor may have no adequate remedy at law for such failures by Licensee.

5.2 Licensee further agrees that in the event of any breach of this Agreement by Licensee
during the term of this Agreement, Licensor, in addition to all other remedies available to it
hereunder, shall be entitled to injunctive relief against any such breach as well as such other
relief as any court with jurisdiction may deem just and proper.

6. REPRESENTATIONS AND WARRANTIES

6.1 Licensor represents and warrants to Licensee that it has all rights, power and authority
necessary to grant the rights set out in this Agreement.

6.2 Licensor represents and warrants that Licensee’s exercise of its rights under the
Inventory Trademark License in accordance with the terms of this Agreement will not, to Licensor’s
knowledge and belief, infringe upon the trademark rights of any third party. Licensor shall
defend, indemnify and hold harmless Licensee and its agents and employees from and against any and
all Losses arising out of any claim arising from Licensee’s use of the Licensed Marks as permitted
by the Agreement.

7. TERM

This Agreement shall commence and be effective upon the Closing Date and shall remain in full
force and effect for the term set forth in Section 2.2, unless earlier terminated as follows:

(a) by mutual written consent of the Parties at any time;

(b) upon written notice by Licensor if Licensee is in material breach of this Agreement,
including exceeding the scope of the Inventory Trademark License or
failing to comply with the provisions of Article 4, and Licensee fails to correct said
breach to Licensor’s reasonable satisfaction within fifteen (15) business days after receipt
of written notice of such breach from Licensor;

(c) upon written notice by Licensor if Licensee commits any breach other than a material
breach, and Licensee fails to correct said breach to Licensor’s reasonable satisfaction
within thirty (30) days after receipt of written notice of such breach from Licensor; or

(d) automatically in the event that Licensee is adjudged bankrupt or insolvent, or makes an
assignment related to the Licensed Trademarks for the benefit of creditors, or an
arrangement pursuant to any bankruptcy law, or if the Licensee discontinues its business
related to the Products, or if a receiver is appointed for the Licensee or for the
Licensee’s business.

 

-4-

 

8. TERMINATION

Immediately upon, and at all times after, termination of this Agreement:

(a) Sections 3.1, Section 3.2, Sections 3.3, and Sections 7 through 16 in their entirety
shall survive termination of this Agreement.

(b) All rights granted to the Licensee with respect to the Licensed Marks shall revert to
the Licensor.

(c) Licensee shall claim no rights to the Licensed Marks, either directly or indirectly, in
connection with the manufacture, sale, promotion or distribution of Licensee’s products or
any other part of Licensee’s business.

9. NOTICES

All communications, notices and consents provided for herein shall be in writing and be given
in person or by means of telex, facsimile or other means of wire transmission (with request for
assurance of receipt in a manner typical with respect to communications of that type), by overnight
courier or by mail, and shall become effective: (a) on delivery if given in person; (b) on the date
of transmission if sent by telex, facsimile or other means of wire transmission; (c) one (1)
business day after delivery to the overnight service; or (d) four (4) business days after being
mailed, with proper postage and documentation, for first-class registered or certified mail,
prepaid.

Notices shall be addressed as follows:

If to Licensor, to:

ImaRx Therapeutics, Inc.

1730 East River Road

Tucson, Arizona 85718

Attn: Bradford Zakes

Facsimile Number: (520) 791-2437

If to Licensor, to:

Microbix Biosystems Inc.

115 Skyway Avenue

Toronto, Ontario

Canada M9W 4Z4

Attn: James Long, Chief Financial Officer

Facsimile Number: (416) 234-1626

 

-5-

 

with copies to:

J. Mark Waxman, Esq.

Foley & Lardner LLP

111 Huntington Avenue

Boston, MA 02199

Facsimile: (617) 342-4001

provided, however, at the time of mailing or within three business days thereafter
there is or occurs a labor dispute or other event that might reasonably be expected to disrupt the
delivery of documents by mail, any communication, notice or consent provided for herein shall be
given in person or by means of telex, facsimile or other means of wire transmission or by overnight
courier, and further provide that if any party shall have designated a different address by notice
to the others, then to the last address so designated.

10. RELATIONSHIP OF THE PARTIES

This Agreement does not create an employment agreement, agency, partnership, franchise or
joint venture relationship between the Parties, and the Parties shall have no power to obligate or
bind each other in any manner whatsoever.

11. APPLICABLE LAW

This Agreement shall be construed and enforced in accordance with and governed by the laws of
the State of Delaware without regard to the conflicts of laws provisions of any jurisdiction.

12. NO ASSIGNMENT

(a) The rights, duties, benefits and obligations of each Party hereto shall inure to the
benefit of and be binding upon any successors, assigns or delegates permitted under this
Section 12.

(b) Licensee shall not assign or otherwise transfer (whether by operation of law or
otherwise) this Agreement, or sublicense or delegate any of its rights or benefits, duties
or obligations hereunder without Licensor’s prior written consent or as otherwise consented
to herein (as specified in Section 2.4). Any attempted assignment or other transfer or
delegation without compliance with the provisions of Section 2.4 and this Section 12(b) of
this Agreement shall be null, void and without effect. The restrictions in this Section
12(b) shall not apply to any transfer or assignment of Licensee’s rights and obligations
under the Asset Purchase Agreement which are permitted under the terms of that agreement.

 

-6-

 

13. CAPTIONS

The captions used in connection with the paragraphs and sub-paragraphs of this Agreement are
inserted only for purpose of reference. Such captions shall not be deemed to govern, limit, modify
or in any other manner affect the scope, meaning or intent of the provisions of this Agreement or
any part thereof, nor shall such captions otherwise be given any legal effect.

14. CONSTRUCTION

The language in all parts of this Agreement shall be construed, in all cases, according to its
fair meaning. The Parties acknowledge that each Party and its counsel have reviewed and revised
this Agreement and that any rule of construction to the effect that any ambiguities are to be
resolved against the drafting Party shall not be employed in the interpretation of this Agreement.
Words in the singular shall be deemed to include the plural and vice versa and words of one gender
shall be deemed to include the other gender as the context requires. The terms “hereof,” “herein,”
and “herewith” and words of similar import shall, unless otherwise stated, be construed to refer to
this Agreement as a whole and not to any particular provision of this Agreement. Article, Section
and Schedule references are to the Articles, Sections and Schedules to this Agreement unless
otherwise specified. Unless otherwise stated, all
references to any agreement shall be deemed to include the exhibits, schedules and annexes to such
agreement. The word “including” and words of similar import when used in this Agreement shall mean
“including, without limitation,” unless the context otherwise requires or unless otherwise
specified. The word “or” shall not be exclusive. Unless otherwise specified in a particular case,
the word “days” refers to calendar days. References herein to this Agreement or any other
agreement shall be deemed to refer to this Agreement or such other agreement as of the date of such
agreement and as it may be amended thereafter, unless otherwise specified.

15. ENTIRE AGREEMENT; NO WAIVER

This Agreement and the provisions of any other agreement specifically referenced herein
constitute the entire understanding between the parties concerning the subject matter hereof and
supersede all written or oral prior agreements or understandings with respect thereto. No waiver
or modification of any terms of this Agreement shall be valid unless in writing and signed by an
authorized representative of both parties. The failure of either Party to enforce any condition or
part of this Agreement at any time shall not be construed as a waiver of that condition or part,
nor shall it forfeit any rights to future enforcement thereof.

16. SEVERABILITY

In the event that any provision of this Agreement is judicially determined to be void or
unenforceable, such provision shall be construed to be separable from the other provisions of this
Agreement which shall retain full force and effect. Upon severance of a provision herein the
parties shall cooperate to replace such provision as permitted by law so as to replicate the
intention of the parties in entering into this Agreement.

 

-7-

 

17. CONSIDERATION

The parties’ mutual obligations under this Agreement and their agreement to enter into the
Asset Purchase Agreement constitute good and valuable consideration, the sufficiency of which is
hereby acknowledged.

[Signature Page to follow]

 

-8-

 

IN WITNESS WHEREOF, each of the Parties hereto has caused this Agreement to be executed on its
behalf by its duly authorized officer, all as of the date first set forth above.

	 	 	 	 	 	 	 	 	 	 	 
	IMARX THERAPEUTICS, INC.:	 	 	 	MICROBIX BIOSYSTEMS INC.:	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	BY:

	 	  

Bradford
Zakes
	 	 	 	BY:
	 	  

James
Long
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	TITLE: President and CEO

	 	 	 	TITLE: Chief Financial Officer
	 	 

 

 

 

Schedule 1

IMARX TM (serial no. 77184073)

IMARX THERAPEUTICSTM (serial no. 77184062)

IMARX W/LOGO (serial no. 77186465)

IMARX THERAPEUTICS W/LOGO (serial no. 77186477)exhibit10_73.htm

    EXHIBIT 10.73

    

     

    Please
quote our reference when replying

    Our
Ref : JTC(L) 3729/199

    

    

     

    27
October 2007

     

    
    

     

    
      	  

              TRIO-TECH
      INTERNATIONAL PTE LTD

              1008
      TOA PAYOH NORTH

              #03-09

              SINGAPORE(318996)

            	 	  

              JTC
      Corporation

              The
      JTC Summit

              8
      Jurong Town Hall Road

              Singapore
      609434

            	 
	 	 	 	 
	 	 	contact centre
      hotline	 1 900 568
      7000
	 (Attention
      : MS JANICE TAY )	 	 	 
	 	 	main line     	 (65) 6560
      0056
	 	 	 	 
	 	 	facsimile    	 (65) 6565
      5301
	 Dear
      Sirs	 	 	 
	 	 	 website	 www.jtc.gov.sg

    

     

     

    OFFER
OF TENANCY FOR FLATTED FACTORY SPACE AT UNIT #04-11 /12 BLK 1004 TOA PAYOH NORTH
TOA PAYOH NORTH INDUSTRIAL ESTATE SINGAPORE 318995

    

    

     

    
      	
              1.

            	
              Thank
      you for your letter of acceptance dated 20 September 2007,
      payment of $2,476.95 and your
      Banker's Guarantee for the amount of $2,122.38. We enclose
      the original stamped
      letter of acceptance for your retention. Kindly address all future
      correspondence concerning  rental
      and other charges directly
to:

            

    

     

        JTC
Corporation

        The JTC
Summit

        8 Jurong Town
Hall Road

        Singapore
609434

        Attn: Billing
& Collection Section

    Customer
Services Group

    Tel:
1800-5687000                                                    Fax:
68855907

    

     

    
      	
              2.

            	
              Please
      submit the required plans as tabulated below for the approval and
      endorsement in accordance with our offer of tenancy dated 20 September 2007
      .

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    

    
      	
              Plans/
      documents to be submitted by your company

            	
              Department

            	
              Contact
      person/ Telephone no for enquiry/clarificati on

            	
              Remarks

            
	
              Type
      of plans

              -     Factory
      layout

              -Air-conditioning
      system

              -     Internal
      partitioning

              -     Others

            	
              Plan Endorsement Unit (PEU)
      JTC

              Corporation
      The JTC Summit Level 1

              8
      Jurong Town Hall Road Singapore 609434

            	
              Mr
      Foo See Keong Tel 6883 3073

            	
              Engage
      registered consultants for the preparation and submission of plans for
      endorsement and approval

            
	
              Type
      of plans

              -     Fire
      protection system

              -     Sprinkler
      system

            	
              Fire
      Safety & Shelter Department

              HQ
      Singapore Civil Defence Force 91 Ubi Avenue 4 Singapore
    408827

            	
              Cpt
      Han Fook Kuang

              Tel
      6848 1467

            	
              Refer
      to SCDF website for plan submission requirements

            
	
              -
      Electrical plans

            	
              Facilities

              Management

              Section,
      Operation

              Support

              Department

              Address:

              Blk
      25 Kallang

              Avenue

              #05-02
      Kallang

              Basin
      Industrial

              Estate
      Singapore

              339416

            	
              Mr
      Koh Kea Hwa Tel 6885 4235

            	
              Engage
      registered electrical consultants for the preparation and submission of
      plans for endorsement and approval

            
	
              -     Power
      Supply Card

              -     PUB
      Agreement

            	
              Flatted
      Factory & Business Park Department

              The
      JTCSummit 8 Jurong Town Hall Raod Singapore 609434 (Relavent JTC's
      contacts are given in para 4 below)

            	
              **

            	
              Submit
      your electrical and/or water accounts for our
  records

            

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              3.   We
      would appreciate it if you could inform us of your latest corresponding
      address, telephone and facsimile
numbers.

            

    

    

    

     

    
      	
               
      

            	
              4.   If
      you encounter any problems during your tenancy, please contact me or Mr ONG EDDY KOK YONG (Senior
      Officer, Lease Management Department) at Tel No. 68833721.

            

    

    

    

     

    Yours
faithfully

     

    /s/ SU TING
CHENG

    SU
TING CHENG

    INDUSTRIAL
DEVELOPMENT (HIGH-RISE) DEPARTMENT INDUSTRIAL PARKS DEVELOPMENT
GROUP

    JTC
CORPORATION

    
      	
              DID

            	
              :

            	
              68833419

            

    

    
      	
              FAX

            	
              :

            	
              68855899

            

    

    
      	
              Email

            	
              :

            	
              suting@jtc.gov.sg

            

    

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    

    

    

     

    20 September, 2007

     

    
      Industrial
Development (High-Rise) Department

      
        JTC
Corporation

      

    

    The JTC
Summit

    
      
        8 Jurong
Town Hall Road

      

    

    Singapore
609434

     

     

    Attention:
Ms Cheng Su Ting

    

    

    Dear Ms
Cheng

    

    acceptance
of offer of tenancy for the premises at unit #04-11/12 blk 1004 toa payoh north
toa payoh north industrial estate singapore 318995

     

    
      	
              1.  

            	
              We
      refer to your letter of Offer and the eStatement letter both dated 20 September 2007 for the
      Tenancy and hereby confirm our acceptance of all the covenants, terms and
      conditions of the Offer and eStatement
letter.

            

    

     

    
      	
              2.  

            	
              We
      are currently on GIRO, thus we enclose herewith a cheque for the amount of
      $2476.95
      and a Banker's/Insurance Guarantee for the amount of $2122.38 (1
      month's rental and service charge) as security deposit as confirmation of
      our acceptance.

            

    

     

    
      	
              3.  

            	
              We
      are fully aware that the Tenancy is subject to necessary approvals and
      clearances from the relevant governmental and statutory authorities
      (including but no limited to Pollution Control Department of the National
      Environment Agency and the Public Utilities Board). We shall be
      responsible to obtain and comply with such approvals and
      clearances.

            

    

     

    
 

    
      	 	 	 /s/
      Mrs. Lee Soon Siew Kuan
	
              Name
      of Authorised signatory 

            	
              :

            	
              Mrs.
      Lee Soon Siew Kuan

            

    

    
      	
              Designation

            	
              :

            	
              Vice
      President - Logistics

            

    

    

    
      	
              For
      and on behalf of:

            

    

     

    TRIO-TECH
INTERNATIONAL PTE LTD

    

     

    In the
presence of:

    

                              /s/ Miss Janice
Tay

    Name of
witness                       :        Miss
Janice
Tay

    NRICNo.                                    :        
SS131639B

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