Document:

clsd-ex101_131.htm

 

 

EXHIBIT 10.1

THIRD AMENDMENT TO LICENSE AGREEMENT

This Third Amendment (the “Third Amendment”) to the License Agreement (the “Agreement”) dated July 4, 2012, by and among Clearside Biomedical, Inc., a Delaware corporation having a principal place of business at 900 North Point Parkway, Suite 200, Alpharetta, Georgia 30005 (“Clearside” or “COMPANY”), Emory University, a nonprofit Georgia corporation having offices located at 1599 Clifton Road NE, 4th Floor, Mailstop 1599/001/ l AZ, Atlanta, Georgia 30322 (“Emory”) and the Georgia Tech Research Corporation, a nonprofit corporation with offices located at offices located at 505 10th Street NW, Atlanta, Georgia 30332-0415 (“GTRC” and together with Emory, “LICENSOR”) is effective this 1st day of April, 2018 (the “Third Amendment Effective Date”).

 

WHEREAS, Emory and/or GTRC have made joint advances to the technology licensed pursuant to the Agreement;

 

WHEREAS the parties have made prior amendment to the Agreement on or around April 2, 2014 (the “First Amendment”), and on or around December 12, 2016 (the “Second Amendment”), in order to include patents that may issue based on U.S. Provisional Patent Application Serial No. 61/918,992 (the “2014 Patent Application”) and U.S. Provisional Patent Application Serial No. 62/364,470 (the “2016 Patent Application”) as “Licensed Patents” under the Agreement;

 

WHEREAS, the parties also desire to treat any patent applications and patents that may be Prosecuted and Maintained by LICENSOR claiming any invention (the “2017 Invention”) described in that certain Georgia Tech Research Corporation Invention Disclosure Form, titled “Targeted drug delivery methods using a microneedle”, attached hereto as Appendix A and incorporated herein by reference (collectively, the “2017 IDF-Related Patents”) as “Licensed Patents” under the Agreement; and

 

WHEREAS, in connection with such advances, the parties hereto wish to make certain changes to the Agreement.

 

NOW THEREFORE, in consideration of the promises, undertakings and covenants set forth in this Third Amendment, the receipt and sufficiency of which are hereby agreed and acknowledged, the parties agree as follows:

 

	
 
	
1.
	
2017 Invention Know-How and 2017 IDF-Related Patents.  

 

	
 
	
a.
	
Any techniques, technology, prototypes, data, methods, and other information known to the Inventors of the 2017 IDF-Related Patents and owned by LICENSOR as of the Third Amendment Effective Date that is reasonably necessary to practice the 2017 IDF-Related Patents and that is disclosed but not claimed in a patent or patent application shall, promptly following the Third Amendment Effective Date, be (i) disclosed to COMPANY, and (ii) included as “Licensed Know-How” under the Agreement.

 

	
 
	
b.
	
Any and all 2017 IDF-Related Patents and any rights, titles, or interests in or to such 2017 IDF-Related Patents shall constitute “Licensed Patents” under the Agreement.  Appendix B of the Agreement (as amended by the First Amendment and Second Amendment) shall, without the need for any subsequent signatures by any of the parties, be amended to include reference(s) to 

 

 

	
 
		
the 2017 IDF-Related Patents promptly following each applicable patent office assigning a patent application serial number or patent serial number to such 2017 IDF-Related Patents.

 

	
 
	
2.
	
Additional License Fee.  As consideration for the license granted to COMPANY with respect to the 2017 IDF-Related Patents, COMPANY shall pay LICENSOR a license fee in the amount of fifteen thousand ($15,000) Dollars within thirty (30) days of the Third Amendment Effective Date.

 

	
 
	
3.
	
Deletion of Section 2.5.6.  The parties (i) acknowledge and agree that COMPANY has fully and satisfactorily performed all of its obligations pursuant to Section 2.5.6 of the Agreement, and (ii) agree that section 2.5.6 of the Agreement is hereby deleted in its entirety.

	
 
	
4.
	
Representations and Warranties.  Subject to the disclaimers under the Agreement (including, without limitation, the disclaimer set forth in Section 9.2 of the Agreement), GTRC hereby represents that the representations set forth in Section 9.1 of the Agreement are complete and accurate with respect to the 2017 IDF-Related Patents and the Licensed Know-How described in Section 1.a of this Third Amendment, as of the Third Amendment Effective Date.
	
 

	
 
	
5.
	
No Default.  Each Party acknowledges and agrees that as of the Third Amendment Effective Date, to its actual knowledge,  no event has occurred, is continuing, or would result from the  execution of this Third Amendment that constitutes a breach of the Agreement.
	
 

	
 
	
6.
	
Miscellaneous.
	
 

	
 
	
6.1.
	
Defined Terms.  Capitalized terms undefined herein shall have the meaning ascribed to them in the Agreement.
	
 

	
 
	
6.2.
	
No Other Amendment; Effectiveness.  Except as expressly amended herein, the Agreement, as amended by the First Amendment and the Second Amendment, remain in full force and effect according to their original terms.
	
 

	
 
	
6.3.
	
Governing Law.  This Third Amendment shall be construed under and governed by the laws of the State of Georgia and the United States of America.
	
 

	
 
	
6.4.
	
Severability.  All rights and restrictions contained herein may be exercised and shall be applicable and binding only to the extent that they do not violate any applicable laws and are intended to be limited to the extent necessary so that they will not render the Agreement, as amended by this Third Amendment, illegal, invalid, or unenforceable.  If any provision or portion of any provision of this Third Amendment, not essential to the commercial purpose of the Agreement, as amended by this Third Amendment, shall be held to be, or to cause the Agreement, as amended by this Third Amendment, to be illegal, invalid, or unenforceable by a court of competent jurisdiction, it is the intention of the parties that the remaining provisions or portions thereof shall constitute their agreement with respect to the subject matter hereof, and all such remaining provisions, or portions thereof, shall remain in full force and effect.  To the extent legally permissible, any illegal, invalid or unenforceable provision of the Agreement, as amended by this Third Amendment, shall be replaced by a valid provision which shall implement the commercial purpose of the illegal, invalid, or unenforceable provision.
	
 

	
 
	
6.5.
	
Counterparts.  This Third Amendment may be executed electronically and in counterparts, each of which is deemed an original, but all of which together shall constitute one and the same instrument.
	
 

 

 

 

Signature page follows

 

 

IN WITNESS WHEREOF, the parties have caused this Third Amendment to be executed by their duly authorized representatives as of the Third Amendment Effective Date.

 

			
	
EMORY UNIVERISTY
	
 
	
GEORGIA TECH RESEARCH CORPORATION

	
 
	
 
	
 

	
By: /s/ Todd Sherer, PhD, CLP
	
 
	
By: /s/Lauren Maclanahan

	
Name: Todd Sherer, PhD, CLP
	
 
	
Name: Lauren Maclanahan

	
Title: Asst VP Research & Exec Dir
	
 
	
Title: Sr Director

	
Date: March 29, 2018
	
 
	
Date: March 26, 2018

	
 
	
 
	
 

	
 
	
 
	
By: /s/ Kevin Wozniak

	
 
	
 
	
Name: Kevin Wozniak

	
 
	
 
	
Title:  Asst Sec, GTRC

	
 
	
 
	
Date:  March 26, 2018

	
 
	
 
	
 

	
CLEARSIDE BIOMEDICAL, INC.
	
 
	
 

	
 
	
 
	
 

	
By: /s/ Daniel H. White
	
 
	
 

	
Name: Daniel H. White
	
 
	
 

	
Title: President & CEO
	
 
	
 

	
Date: March 30, 2018
	
 
	
 

 

 

 

 

APPENDIX A

 

Information Disclosure Formclsd-ex102_132.htm

Exhibit 10.2

CONSENT AND FIRST AMENDMENT TO SECOND AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT

THIS CONSENT AND FIRST AMENDMENT to Second Amended and Restated Loan and Security Agreement (this “Amendment”) is entered into as of July __, 2019, by and among SILICON VALLEY BANK, a California corporation (“Bank”), as collateral agent (in such capacity, “Collateral Agent”), Bank in its capacity as a Lender, MIDCAP FUNDING III TRUST, and MIDCAP FINANCIAL TRUST (individually and collectively, jointly and severally, “MidCap”) (together with Bank, each a “Lender” and collectively, the “Lenders”), and CLEARSIDE BIOMEDICAL, INC., a Delaware corporation (“Borrower”).

Recitals

A.Lenders and Borrower have entered into that certain Second Amended and Restated Loan and Security Agreement dated as of May 14, 2018 (as the same may from time to time be amended, modified, supplemented or restated, the “Loan Agreement”).  Lenders have extended credit to Borrower for the purposes permitted in the Loan Agreement.  

B.Borrower has informed Lenders that it desires to grant an exclusive license to Aura Biosciences, Inc., a Delaware corporation (“Aura”), to develop and commercialize certain Licensed Products (as such term is defined in the License Agreement) on a worldwide basis, pursuant to the terms of that certain License Agreement by and between Aura and Borrower dated as of July __, 2019 and attached hereto as Annex I (the “License Agreement”).  In connection therewith, Aura has agreed, among other things, to pay to Borrower an upfront payment in the amount of Fifty Thousand Dollars ($50,000) plus various conditional payments and royalties.

C.Section 7.1 of the Loan Agreement provides that Borrower shall not convey, sell, lease, transfer, assign, or otherwise dispose of all or any part of its business or property without Lenders’ prior written consent.  Section 7.5 of the Loan Agreement provides that Borrower shall not create, incur allow or suffer any Lien on its property or agree with any Person not to encumber its Intellectual Property except to the extent permitted under Section 7.1 of the Loan Agreement or in the definition of “Permitted Liens” contained therein.

D.Borrower has requested that Lenders consent to Borrower’s entry into and performance of the License Agreement and agree that entry into and performance under the License Agreement will not violate sections 7.1 or 7.5 of the Loan Agreement.

E.Lenders have agreed to so consent to Borrower’s entry into the License Agreement, but only to the extent, in accordance with the terms, subject to the conditions and in reliance upon the representations and warranties set forth below.

Agreement

Now, Therefore, in consideration of the foregoing recitals and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows:

1.Definitions.  Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan Agreement.

 

 

2.Consent.  Subject to the terms of Section 7 below, Lenders hereby consent to Borrower’s entry into and performance of the License Agreement.

3.Amendments to Loan Agreement. 

3.1Section 14.1 (Definitions).  The following defined term and its respective definition hereby is added to Section 14.1 of the Loan Agreement to read in its entirety as follows: 

“Aura License” means that certain License Agreement by and between Aura Biosciences, Inc., a Delaware corporation (“Aura”) and Borrower dated as of July __, 2019, pursuant to which Borrower has granted Aura an exclusive license to develop and commercialize certain Licensed Products (as such term is defined therein) on a worldwide basis. 

3.2Section 14.1 (Definitions).  The defined term “Permitted License” set forth in Section 14.1 of the Loan Agreement hereby is amended and restated in its entirety to read as follows: 

“Permitted License” is (a) any non-exclusive license of patent rights of Borrower or its Subsidiaries so long as all such Permitted Licenses are grated to third parties in the ordinary course of business, do not result in a legal transfer of title to the licensed property, and have been granted in exchange for fair consideration, (b) any exclusive license of patent rights of Borrower or its Subsidiaries so long as such Permitted Licenses do not result in a legal transfer of title to the licensed property, are exclusive solely as to discrete geographical areas outside of the United States, and have been granted in exchange for fair consideration, and (c) the Aura License. 

4.Representations and Warranties.  To induce Lenders to enter into this Amendment, Borrower hereby represents and warrants to Lenders as follows:

4.1Immediately after giving effect to this Amendment (a) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date), and (b) no Event of Default has occurred and is continuing;

4.2Borrower has the power and authority to execute and deliver this Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment;

4.3The organizational documents of Borrower delivered to Lenders on the Effective Date remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect.

5.Integration.  This Amendment and the Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations or agreements.  All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of this Amendment and the Loan Documents merge into this Amendment and the Loan Documents.

6.Ratification of Perfection Certificate.  Borrower hereby ratifies, confirms and reaffirms, all and singular, the terms and disclosures contained in a certain Perfection Certificate dated on or prior to the Effective Date and acknowledges, confirms and agrees that the disclosures and information Borrower provided to Lenders in such Perfection Certificate have not changed, as of the date hereof.

2

 

7.Counterparts.  This Amendment may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument.

8.Effectiveness.  This Amendment shall be deemed effective upon (a) the due execution and delivery to Lenders of (i) this Amendment by each party hereto, and (ii) a fully-executed copy the License Agreement together with all other documents entered into in connection therewith, and (b) Borrower’s payment to Lenders of all Lenders’ Expenses due and owing as of the date hereof, which may be debited from any of Borrower’s accounts at Bank.

9.Governing Law.  This Amendment and the rights and obligations of the parties hereto shall be governed by and construed in accordance with the laws of the State of California.

[Balance of Page Intentionally Left Blank]

 

3

 

In Witness Whereof, the parties hereto have caused this Amendment to be duly executed and delivered as of the date first written above.

 

			
	
BORROWER:
	
 
	
 

	
 
	
 
	
 

	
CLEARSIDE BIOMEDICAL, INC.
	
 
	
 

	
 
	
 
	
 

	
By /s/ Leslie Zacks
	
 
	
 

	
Name: Leslie Zacks
	
 
	
 

	
Title: General Counsel
	
 
	
 

	
 
	
 
	
 

	
 

COLLATERAL AGENT AND LENDER:
	
 
	
 

	
 
	
 
	
 

	
SILICON VALLEY BANK
	
 
	
 

	
 
	
 
	
 

	
By: /s/ Myron O. Jensen
	
 
	
 

	
Name: Myron O. Jensen
	
 
	
 

	
Title: Vice President
	
 
	
 

	
 
	
 
	
 

	
 

LENDERS:
	
 
	
 

	
 
	
 
	
 

	
ELM 2016-1 TRUST
	
 
	
 

	
 
	
 
	
 

	
By: MidCap Financial Services Capital Management, LLC, as Servicer
	
 
	
 

	
 
	
 
	
 

	
By: /s/ John O’Dea
	
 
	
 

	
Name:  John O’Dea
	
 
	
 

	
Title:    Authorized Signatory
	
 
	
 

	
 
	
 
	
 

	
ELM 2018-2 TRUST, as Assignee
	
 
	
 

	
 
	
 
	
 

	
By: MidCap Financial Services Capital Management, LLC, as Servicer
	
 
	
 

	
 
	
 
	
 

	
By: /s/ John O’Dea
	
 
	
 

	
Name:  John O’Dea
	
 
	
 

	
Title:    Authorized Signatory
	
 
	
 

 

[Signature Page to Consent and First Amendment to Second Amended and Restated Loan and Security Agreement]

 

 

 

ANNEX 1

 

LICENSE AGREEMENT

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