Document:

<PAGE>
                                                                   EXHIBIT 10.19

                                [*#*] CERTAIN CONFIDENTIAL INFORMATION CONTAINED
                                  IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN
                                OMITTED AND FILED SEPARATELY WITH THE SECURITIES
                                    AND EXCHANGE COMMISSION PURSUANT TO RULE 406
                                      OF THE SECURITIES ACT OF 1933, AS AMENDED.

                        UNIVERSITY TECHNOLOGY CORPORATION
                     INTELLECTUAL PROPERTY LICENSE AGREEMENT

         This Agreement, effective the last date signatures are affixed hereto,
by and between the UNIVERSITY TECHNOLOGY CORPORATION a not-for-profit Colorado
corporation having its principal place of business at 3101 Iris Ave., Suite 250,
Boulder, Colorado 80301 U.S.A. (hereinafter referred to as UTC), and

                                  MYOGEN, INC.

a corporation duly organized under the laws of Delaware and having its principal
place of business at Fitzsimons Bldg. 500, P.O. Box 6366, Aurora, CO 80045-0366
(hereinafter referred to as LICENSEE).

                                    RECITALS

         WHEREAS, UTC is the owner of certain University of Colorado
intellectual property, embodied in inventions, patent rights, patents, patent
applications, copyrights or proprietary Know-How (as later defined herein and
referred to collectively as "Intellectual Property Rights"), related to [*#*]:

         CASE NO:              IR 360, 6077, 7022, 7076, 7077 and 7080
         PERTAINING TO:        Cardiology
         INVENTORS:            Bristow et al.

and has the right to grant licenses for aforementioned intellectual property,
subject only to a [*#*] United States Government, when applicable; and,

         WHEREAS, UTC desires to have the intellectual property utilized in the
public interest and is willing to grant a license such thereunder; and,

         WHEREAS, LICENSEE has represented to UTC in order to induce UTC to
enter into this Agreement, that LICENSEE shall commit itself to a diligent
program of exploiting such intellectual property commercially so that public
utilization and royalty income to UTC shall result therefrom; and,

         WHEREAS, LICENSEE desires to obtain a license under such intellectual
property upon the terms and conditions hereinafter set forth.

         NOW, THEREFORE, in consideration of the promises and the mutual
covenants contained herein the parties agree as follows:

                                             *#*CONFIDENTIAL TREATMENT REQUESTED
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                              ARTICLE 1 DEFINITIONS

         For the purposes of this Agreement, the following words and phrases
shall have the following meanings:

1.1 "LICENSEE" shall include Licensee; any related company of LICENSEE, the
voting stock of which is directly or indirectly at least fifty percent (50%)
owned or controlled by LICENSEE; an organization which directly or indirectly
controls at least fifty percent (50%) of the voting stock of LICENSEE; and, an
organization, at least fifty percent (50%) of which is directly or indirectly
common to the ownership of LICENSEE.

1.2 "Intellectual Property" shall mean all of the following UTC intellectual
property based on inventions and/or discoveries arising from research, work and
the like conducted by or under the direction or control of the University of
Colorado, including:

    (a) the invention disclosures, the United States and foreign patents, and/or
        patent applications and/or inventions listed in Appendix A;

    (b) the United States and foreign patents issued from applications covering
        the disclosures listed in Appendix A and from divisionals and
        continuations of these applications;

    (c) claims of U.S. and foreign continuation-in-part applications, and of the
        resulting patents, which claim priority to (a) and/or (b) above, and
        which are directed to subject matter specifically described in or
        dominated by the issued or pending claims of U.S. and foreign patent
        applications covering the disclosures listed in Appendix A;

    (d) claims of all foreign patent applications, and of the resulting patents,
        which claim priority to (a) and/or (b) above, and which are directed to
        subject matter described in the United States patents and/or patent
        applications described in (a), (b), or (c) above; and

    (e) any reissues of patents described in (a), (b), (c), or (d) above.

1.3 A "Licensed Product" shall mean any product or substantial part thereof
which:

    (a) is based on the Intellectual Property and/or which is covered in whole
        or in part by an issued, unexpired claim or a pending claim contained in
        the Intellectual Property and Know How in the country in which the
        Licensed Product is made, used or sold;

    (b) is manufactured using a Licensed Process;

    (c) is derived from Intellectual Property and/or Know-How.

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         1.4 A "Licensed Process" shall mean:

            (a)     any process which is covered in whole or in substantial part
                    by an issued, unexpired claim or a pending claim contained
                    in the Intellectual Property;

            (b)     is derived from Intellectual Property Rights and/or
                    Know-How.

         1.5 "Net Sales" of LICENSEE and/or its sublicensee shall mean such
party's receipts of monies on billings for sales of Licensed Products produced
hereunder less the sum of the following:

            (a)     discounts, rebates and the like allowed in amount customary
                    in the trade,

            (b)     sales, tariff duties and/or use taxes directly imposed and
                    with reference to particular sales;

            (c)     outbound transportation including packaging, handling and
                    insurance prepaid or allowed;

            (d)     amounts allowed or credited on returns; and

            (e)     amounts for promotional, cooperative, and similar discounts.

No deductions shall be made for commissions paid to individuals whether they be
with independent sales agencies or regularly employed by LICENSEE and on its
payroll, or for cost of collections. Licensed Products shall be considered
"sold" when billed out or invoiced. In the event that the sale is made to an
affiliate, the Net Sale will not be less than an equivalent sale to a
non-affiliate.

         1.6 "Know-How" shall mean any and all technical data, information, or
knowledge and, subject to Section 2.11 below, improvements, developments,
enhancements and the like which relate to the Licensed Product, the Licensed
Process or the manufacture, marketing, registration, purity, quality, potency,
safety, and efficacy of the Licensed Product or Licensed Process and which is
not in the public domain, and so long as maintained by the UTC as a trade
secret.

         1.7 "Territory" shall mean worldwide

         1.8 "Field of Use" shall mean human heart disease diagnosis, prevention
and therapy

         1.9 "Royalty Year" shall mean each consecutive twelve (12) month period
commencing with the Effective Date.

         1.10 "Derived From" shall mean products or processes created from
manipulating or modifying the Intellectual Property, and which would not be
possible but for the existence of the Intellectual Property.

                                 ARTICLE 2 GRANT

         2.1 UTC hereby grants to LICENSEE the exclusive right and license under
the Intellectual Property and Know How to make, have made, use, lease,
sublicense and sell the Licensed Products, and to practice the Licensed
Processes in the Territory for the Field of Use to the end of the term of the
last of the patents included in the Intellectual Property, to expire or
otherwise terminate, unless sooner terminated according to the terms hereof, and
Know-How for a term of twenty (20) years or until such time that the LICENSEE
can establish that such Know-How is available in the public domain.

         2.2 LICENSEE agrees that Licensed Products leased or sold in the United
States shall be manufactured substantially in the United States.

         2.3 UTC hereby agrees that it will not grant any other license to make,
have made, use, lease, sublicense and sell Licensed Products or to utilize
Licensed Processes in the Territory for the Field of Use during the period of
time commencing with the Effective Date of this Agreement and terminating with
the expiration of this Agreement.

                                             *#*CONFIDENTIAL TREATMENT REQUESTED
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         2.4 UTC reserves the right to allow the University of Colorado and the
inventors to practice the Know-How and/or Intellectual Property for its or their
own research and educational purposes. It is understood that third parties are
not authorized to commercialize the Intellectual Property during the lifetime of
this Agreement.

         2.5 LICENSEE shall have the right to enter into sublicensing agreements
for the rights, privileges and licenses granted hereunder with UTC permission,
such consent not to be unreasonably withheld. LICENSEE shall provide written
notification to UTC of those license negotiations with potential sublicensees
that involve comprehensive and definitive terms.

         2.6 LICENSEE hereby agrees that every sublicensing agreement to which
it shall be a party and which shall relate to the rights, privileges and license
granted hereunder shall contain a statement setting forth the time at which
LICENSEE's exclusive rights, privileges and license hereunder shall terminate.

         2.7 LICENSEE agrees that any sublicenses granted by it shall provide
that the obligations to UTC of this Agreement shall be binding upon the
sublicensee as if it were a party to this Agreement.

         2.8 LICENSEE agrees to forward to UTC a copy of any and all sublicense
agreements within thirty (30) days of the execution of such sublicense
agreements and further agrees to forward to UTC annually a copy of reports
received by LICENSEE from its sublicensees during the preceding twelve (12)
month period under the sublicenses, as shall be pertinent to a royalty
accounting under said sublicense agreements.

         2.9 [*#*]

         2.10 The license granted hereunder shall not be construed to confer any
rights upon LICENSEE by assumption, implication, estoppel or otherwise as to any
technology not specifically set forth herein.

         2.11 LICENSEE shall own without restriction [*#*] all improvements to
the Intellectual Property and Know How, if applicable, or related products which
it develops. Improvements made jointly by LICENSEE and UTC, with substantial
contributions by both parties, shall be jointly and equally owned by LICENSEE
and UTC, without accounting.

                             ARTICLE 3 DUE DILIGENCE

         3.1 LICENSEE shall use commercially reasonable efforts to bring one or
more Licensed Products or Licensed Processes to market through a diligent
program for exploitation of the Know-How and/or Intellectual Property to
commercialize Licensed Products and/or Licensed Processes.

         3.2 In addition, LICENSEE, shall adhere to the following milestones:

            (a)     LICENSEE shall deliver to UTC on or before [*#*] a basic
                    business plan and forecast showing the funds, personnel, and
                    time budgeted and planned for development of the Licensed
                    Products and Licensed Processes and

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                    shall provide similar reports or updates, as the case may
                    be, to UTC on an annual basis on or before the ninetieth
                    (90th) day following the close of LICENSEE's fiscal year.

            (b)     LICENSEE shall permit an in-plant inspection by UTC on or
                    before [*#*], and thereafter permit in-plant inspections
                    upon reasonable notice and reasonable times by UTC at
                    regular intervals with at least six (6) months between each
                    such inspection.

            (c)     LICENSEE together with its sublicensees shall have sold a
                    minimum of Licensed Products according to the following
                    schedule:

                    [*#*]

                    Minimum sales are subject to final negotiations and in-
                    licensing of Enoximone by Myogen from Hoechst Marion
                    Roussel.

         3.3 LICENSEE's failure to perform in accordance with Paragraphs 3.1 and
3.2 above or to pay amounts in lieu thereof shall be grounds for UTC to reduce
the exclusive license under this Agreement to a nonexclusive one, provided that
at least [*#*] of the Net Sales are achieved, and failing that terminate this
Agreement pursuant to Paragraph 13.3 hereof unless both parties renegotiate the
Due Diligence plan and mutually agree to revisions thereto.

              ARTICLE 4 MONETARY CONSIDERATION, INCLUDING ROYALTIES

         4.1 For the rights, privileges and license granted hereunder, LICENSEE
shall make payments to UTC in the manner hereinafter provided [*#*] or until
this Agreement shall be terminated as hereinafter provided:

            (a)     LICENSE ISSUE FEE of [*#*] which shall be deemed earned
                    and due immediately upon the execution of this Agreement.

            (b)     LICENSE MAINTENANCE FEES of [*#*] per year payable on
                    January 1, 1999 and on January 1 of each year thereafter for
                    the term of this Agreement.

            (c)     RUNNING ROYALTIES AS FOLLOWS:

                    (i)     [*#*] of Net Sales [*#*] of the Licensed
                            Products by LICENSEE, [*#*]

                   (ii)     the lesser of (A) [*#*] of Net Sales by
                            sublicensees of the Licensed Products or (B) [*#*]
                            of the amount of royalty payments received by
                            LICENSEE from such Net Sales by sublicensees,
                            provided that in no event will this amount exceed
                            [*#*] of sublicensees' Net Sales.

                                             *#*CONFIDENTIAL TREATMENT REQUESTED
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         In the event of extenuating circumstances, royalty rates for any given
technology will be renegotiated in good faith.

            (d)     In addition to the foregoing, LICENSEE agrees that it will
                    remit to UTC [*#*] which it may receive from any
                    sublicensee in relation to Licensed Products and/or Licensed
                    Processes and/or Know-How.

            (e)     LICENSEE shall grant to UTC within thirty (30) days of
                    signing this Agreement shares of LICENSEE's Common Stock in
                    an amount equal to Two and One Half Percent (2.5%) of the
                    outstanding Common Stock (on an as-converted basis) of
                    LICENSEE which will be non-dilutable through and only up to
                    the issuance of shares of capital stock of LICENSEE in
                    public or private equity financing in which LICENSEE raises
                    cumulative gross proceeds of Five Million Dollars
                    ($5,000,000). Such cumulative proceeds shall be calculated
                    to include all proceeds received by LICENSEE since the
                    inception of LICENSEE. Such 2.5% shall be determined on only
                    the Common Stock outstanding (on an as-converted basis) once
                    the $5,000,000 in cumulative gross proceeds is reached,
                    notwithstanding any particular financing that may, in the
                    aggregate, result in cumulative gross proceeds that exceed
                    such $5,000,000.

         4.2 No multiple royalties shall be payable because any Licensed
Product, its manufacture, use, lease or sale are or shall be covered by more
than one Intellectual Property patent application or Intellectual Property
patent licensed under this Agreement.

         4.3 LICENSEE shall be entitled to reduce the royalty rates set forth
above in the event that it becomes necessary for the LICENSEE to license
intellectual property rights owned by third parties to develop, discover,
identify, use, make or sell Licensed Products. Such reduction shall be equal to
[*#*] the sum of earned royalties paid to such third parties. However, in no
case shall the royalty paid to UTC be less than [*#*] of the amounts otherwise
due for Licensed Products.

         4.4 If any Licensed Product is sold in combination with other products
which are not within the scope of the Intellectual Property, the royalties due
to UTC will be based on [*#*]

         4.5 If this Agreement is not terminated in accordance with other
provision hereof, LICENSEE's obligation to pay earned royalties hereunder shall
continue until the term of Agreement for so long as LICENSEE by its activities
would, but for the license granted herein, infringe a valid claim of an
unexpired patent within the Intellectual Property, on a country by country
basis, covering said activity. Thereafter, LICENSEE shall have no obligation
with respect to royalties, unless and to the extent any substantial Know How
remains, in which case all royalty amounts shall be reduced by [*#*] for a
period of [*#*], or such earlier time if such Know How enters the public domain
or becomes substantially of no value, after which time all royalty obligations
shall cease entirely.

         4.6 Royalty payments shall be paid in United States dollars in Boulder,
Colorado or at such other place as UTC may reasonably designate consistent with
the laws and regulations controlling in any foreign country. If any currency
conversion shall be required in connection with the payment of royalties
hereunder, such conversion shall be made by [*#*].

                                ARTICLE 5 OPTIONS

         Minimum Research Support payments, at LICENSEE's discretion of [***]
per year, in order to secure, under terms and conditions similar to those of
this Agreement, a first option on new inventions in the Field of Use (in the
absence of any third-party obligations to the contrary) arising from a specific
laboratory, which includes the UCHSC heart tissue bank (the "Tissue Bank")
directed by a University of Colorado faculty member. It is understood that
LICENSEE commits to at least one year of research support at the Tissue Bank
pursuant to the Materials Transfer Agreement between LICENSEE and UCHSC, and
that the $59,000 reimbursement under that agreement satisfies the first year of
research support under this section Article V of this Agreement. Royalty rates
for such licensed acquisitions will be

                                             *#*CONFIDENTIAL TREATMENT REQUESTED
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identical to those listed herein, plus a one-time Technology Acquisition Fee of
five thousand dollars ($5,000).

                          ARTICLE 6 REPORTS AND RECORDS

         6.1 LICENSEE shall keep full, true and accurate books of account
containing all particulars that may be necessary for the purpose of showing the
amounts payable to UTC hereunder. Said books of account shall be kept at
LICENSEE's principal place of business or the principal place of business of the
appropriate division of LICENSEE to which this Agreement relates. Said books and
the supporting data shall be open at all reasonable times for three (3) years
following the end of the calendar year to which they pertain, to the inspection
of UTC or its agents for the purpose of verifying LICENSEE's royalty statement
or compliance in other respects with this Agreement.

         6.2 LICENSEE, within forty-five (45) days after March 31, June 30,
September 30 and December 31, of each year, shall deliver to UTC true and
accurate reports, giving such particulars of the business conducted by LICENSEE
during the preceding three-month period under the Agreement as shall be
pertinent to a royalty accounting hereunder. These shall include at least the
following:

             [*#*]

         6.3 With each such report submitted, LICENSEE shall pay to UTC the
royalties due and payable under this Agreement. If no royalties shall be due,
LICENSEE shall so report.

         6.4 During the period this Agreement is in effect, on or before the
ninetieth (90th) day following the close of LICENSEE's fiscal year, LICENSEE
shall provide UTC with LICENSEE's certified financial statements for the
preceding fiscal year including, at a minimum, a Balance Sheet and an Operating
Statement.

         6.5 The royalty payments set forth in this Agreement shall, if overdue,
bear interest until payment at the monthly rate of [*#*]. The payment of such
interest shall not foreclose UTC from exercising any other rights it may have as
a consequence of the lateness of any payment.

                          ARTICLE 7 PATENT PROSECUTION

         7.1 LICENSEE, in its sole discretion, shall apply for, seek issuance
of, and maintain during the term of this Agreement the Intellectual Property
Rights in the United States and in the foreign countries it so chooses. The
prosecution, filing and maintenance of all Intellectual Property patents and
applications shall be the primary responsibility of LICENSEE. However, UTC shall
have reasonable opportunities to advise LICENSEE and shall cooperate with
LICENSEE in such prosecution, filing and maintenance. In the event LICENSEE
abandons efforts in this regard, UTC may assume such responsibilities at its own
expense.

         7.2 Payment of all fees & costs relating to the filing, prosecution,
& maintenance of the Intellectual Property shall be the responsibility of
Licensee, as long as the license under this Agreement remains exclusive.

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                             ARTICLE 8 INFRINGEMENT

         8.1 Either party shall inform the other promptly in writing of any
alleged infringement of the Intellectual Property Rights by a third party and of
any available evidence thereof.

         8.2 During the term of this Agreement, UTC shall have the right, but
shall not be obligated, to prosecute at its own expense any such infringements
of the Intellectual Property Rights. If UTC prosecutes any such infringement,
UTC agrees that LICENSEE may join UTC as a party plaintiff in any such suit,
without expense to LICENSEE. The total cost of any such infringement action
commenced or defended solely by UTC shall be borne by UTC and UTC shall keep any
recovery or damages for past infringement derived therefrom.

         8.3 If within six (6) months after having been notified of any alleged
infringement or such shorter time prescribed by law, UTC shall have been
unsuccessful in persuading the alleged infringer to desist and shall not have
brought and shall not be diligently prosecuting an infringement action, or if
UTC shall notify LICENSEE at any time prior thereto of its intention not to
bring suit against any alleged infringer, then, and in those events only,
LICENSEE shall have the right, but shall not be obligated, to prosecute [*#*]
any infringement of the Intellectual Property, and LICENSEE may, for such
purposes, use the name of UTC as party plaintiff; provided, however, that such
right to bring an infringement action shall remain in effect only for so long as
the license granted herein remains exclusive. No settlement, consent judgment or
other voluntary final disposition of the suit may be entered into without the
consent of UTC, which consent shall not unreasonably be withheld. LICENSEE shall
indemnify UTC against any expenses, including attorney's fees, incurred by UTC
in such proceedings commenced by LICENSEE, and LICENSEE shall keep any recovery
or damages for past infringement derived therefrom when the cost of such action
is borne solely by LICENSEE.

         8.4 In the event that LICENSEE and UTC jointly shall undertake the
enforcement and/or defense of the Intellectual Property by litigation, then all
costs and judgments shall [*#*].

         8.5 In the event that a declaratory judgment action alleging invalidity
or noninfringement of any of the Intellectual Property shall be brought against
LICENSEE, UTC at its option, shall have the right, within thirty (30) days after
commencement of such action, to intervene and take over the sole defense of the
action at its own expense.

         8.6 In any infringement suit as either party may institute to enforce
the Intellectual Property Rights pursuant to this Agreement, the other party
hereto shall, at the request and expense of the party initiating such suit,
cooperate in all respects and, to the extent possible, have its employees
testify when requested and make available relevant records, papers, information,
samples, specimens, and the like.

         8.7 In the event of any infringement or likely infringement by
LICENSEE's use, manufacture or sale of any of the Intellectual Property, Know
How, Licensed Product, or Licensed Process of any third party's intellectual
property (collectively, "Infringing Rights"), UTC shall, together with LICENSEE,
cooperate in good faith and on a mutual and reasonable basis, with each party
responsible for its respective expenses:

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            (a)     To negotiate and settle any dispute with any such third
                    party concerning the Infringing Rights, and otherwise
                    resolve any such infringement and secure LICENSEE's
                    continued rights to the Infringing Rights; and

            (b)     To make a reasonable and equitable adjustment, if any, to
                    the royalties paid or otherwise due under this Agreement in
                    respect of licenses or other rights obtained by LICENSEE
                    from third parties under such Infringing Rights in order for
                    LICENSEE to continue to exercise rights granted under this
                    Agreement.

         8.8 In no event shall any party to this Agreement be liable for
indirect, consequential or similar damages, even if advised of the possibility
of such liability.

                           ARTICLE 9 PRODUCT LIABILITY

         9.1 LICENSEE shall at all times during the term of this Agreement and
thereafter, indemnify, defend and hold UTC, its trustees, board members,
officers, employees and affiliates, as well as those of the University of
Colorado harmless against all claims and expenses, including legal expenses and
reasonable attorney's fees, arising out of the death of or injury to any person
or persons or out of any damage to property and against any other claim,
proceeding, demand, expense and liability of any kind whatsoever resulting from
the production, manufacture, sale, use, lease, consumption or advertisement of
the Licensed Products and/or Licensed Processes by LICENSEE pursuant to this
Agreement.

         9.2 LICENSEE shall obtain and carry in full force and effect liability
insurance which shall protect LICENSEE and UTC in regard to events covered by
Paragraph 9.1 above.

         9.3 EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS AGREEMENT, UTC
MAKES NO REPRESENTATIONS AND EXTENDS NO WARRANTIES OF ANY KIND, EITHER EXPRESS
OR IMPLIED, INCLUDING BUT NOT LIM[ITED TO WARRANTIES OF MERCHANTABILITY, FITNESS
FOR A PARTICULAR PURPOSE, AND VALIDITY OF INTELLECTUAL PROPERTY RIGHTS CLAIMS,
ISSUED OR PENDING.

                           ARTICLE 10 EXPORT CONTROLS

         It is understood that UTC is subject to United States laws and
regulations controlling the export of technical data, computer software,
laboratory prototypes and other commodities (including the Arms Export Control
Act, as amended and the Export Administration Act of 1979), and that its
obligations hereunder are contingent on compliance with applicable United States
export laws and regulations. The transfer of certain technical data and
commodities may require a license from the cognizant agency of the United States
Government and/or written assurances by LICENSEE that LICENSEE shall not export
data or commodities to certain foreign countries without prior approval of such
agency. UTC neither represents that a license shall not be required nor that, if
required, it shall be issued.

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                           ARTICLE 11 NON-USE OF NAMES

         LICENSEE shall not use the names of UTC and/or the University of
Colorado nor any of their employee's, nor any adaptation thereof, in any press
release, advertising, promotional or sales literature without prior written
consent obtained from UTC in each case, not to be unreasonably withheld or
delayed, except that LICENSEE may state that it is licensed by UTC and the
University of Colorado under one or more of the patents and/or applications
comprising the Intellectual Property Rights. UTC has the right to state the
existence of this license, the subject matter, and the LICENSEE, though any
terms and details cannot be a released to the public without the written consent
of LICENSEE.

                              ARTICLE 12 ASSIGNMENT

         This Agreement is not assignable and any attempt to do so shall be
void; provided, however, that either party may assign this Agreement to any
party acquiring all or substantially all of the assets and business of such
party.

                             ARTICLE 13 TERMINATION

         13.1 If LICENSEE shall cease to carry on its business or initiate or
conduct actions in order to declare a state of bankruptcy, this Agreement shall
terminate upon notice by UTC.

         13.2 Should LICENSEE fail to pay UTC royalties due and payable
hereunder, UTC shall have the right to terminate this Agreement on thirty (30)
days' notice, unless LICENSEE shall pay UTC within the thirty (30) day period,
all such royalties and interest due and payable. Upon the expiration of the
thirty (30) days period, if LICENSEE shall not have paid all such royalties and
interest due and payable, the rights, privileges and license granted hereunder
shall terminate.

         13.3 Upon any material breach or default of this Agreement by LICENSEE,
other than those occurrences set out in Paragraphs 13.1 and 13.2 hereinabove,
which shall always take precedence in that order over any material breach or
default referred to in this Paragraph 13.3, UTC shall have the right to
terminate this Agreement and the rights, privileges and license granted
hereunder by ninety (90) days' notice to LICENSEE. Such termination shall become
effective unless LICENSEE shall have cured any such breach or default prior to
the expiration of the ninety (90) day period.

         13.4 LICENSEE shall have the right to terminate this Agreement at any
time on six (6) months' notice to UTC, [*#*].

         13.5 UTC may terminate this Agreement upon the occurrence of the third
separate instance of LICENSEE's failure to pay royalties when due within any
consecutive three (3) year period.

         13.6 Upon termination of this Agreement for any reason, nothing herein
shall be construed to release either party from any obligation that matured
prior to the effective date of such termination. LICENSEE and any sublicensee
thereof may, however, after the effective date

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of such termination, sell all Licensed Products, and complete Licensed Products
in the process of manufacture at the time of such termination and sell the same,
provided that LICENSEE shall pay to UTC the royalties thereon as required by
Article IV of this Agreement and shall submit the reports required by Article VI
hereof on the sales of Licensed Products.

         13.7 Upon termination of this Agreement for any reason, any sublicensee
not then in default shall have the right to seek a license from UTC.

              ARTICLE 14 PAYMENTS, NOTICES AND OTHER COMMUNICATIONS

         Any payment, notice or other communication pursuant to this Agreement
shall be sufficiently made or given on the date of mailing if sent to such party
by certified first class mail, postage prepaid, addressed to it at its address
below or as it shall designate by written notice given to the other party:

         In the case UTC:         UNIVERSITY TECHNOLOGY CORPORATION:
                                  3101 Iris Ave., Suite 250
                                  Boulder, Colorado 80301
                                  Attn:  Michael G. Gabridge, Ph.D., President
                                           and CEO

         In the case of LICENSEE: MYOGEN, INC.:
                                  Fitzsimons Bldg. 500, P.O. Box 6366
                                  Aurora, CO 80045-0366
                                  Attn: J. William Freytag, President

           ARTICLE 15 PUBLICATIONS ARISING FROM LICENSEE R & D SUPPORT

         15.1 LICENSEE recognizes that UTC's relationship with the University of
Colorado requires that the results of University of Colorado's research must be
publishable and agrees that University of Colorado personnel engaged in research
pertinent to Know-How and/or Intellectual Property shall be permitted to present
at symposia, national or regional professional meetings and to publish in
journals, theses or dissertations, or otherwise of their own choosing, methods
and results of research, provided, however, that LICENSEE shall have been
furnished copies of any proposed publication or presentation at least forty-five
(45) days in advance of the submission of such proposed publication or
presentation to a journal, editor or other third party when LICENSEE has
provided the majority of the research funding which lead to the results
presented in manuscript form.

         15.2 LICENSEE shall have thirty (30) days, after receipt of said
copies, to object to such proposed presentation or proposed publication pursuant
to Article 15.1 above, either because there is patentable subject matter which
needs protection and/or there is confidential information of LICENSEE contained
in the proposed publication or presentation. In the event that LICENSEE makes
such objection, the University of Colorado personnel shall refrain from making
such publication or presentation for a maximum of three (3) months in order for
the LICENSEE to file patent applications with the United States Patent and
Trademark Office and/or foreign patent office(s) directed to the Patentable
subject matter contained in the proposed publication or presentation.

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License Agreement
Page 12

                            ARTICLE 16 MISCELLANEOUS

         16.1 This Agreement shall be construed, governed, interpreted and
applied in accordance with the laws of the State of Colorado, USA, except that
questions affecting the construction and effect of any patent shall be
determined by the law of the country in which the patent was granted.

         16.2 The parties hereto acknowledge that this Agreement sets forth the
entire Agreement and understanding of the parties hereto as to the subject
matter hereof, and shall not be subject to any change or modification except by
the execution of a written instrument subscribed to by the parties hereto.

         16.3 The provisions of this Agreement are severable, and in the event
that any provisions of this Agreement shall be determined to be invalid or
unenforceable under any controlling body of the law, such invalidity or
unenforceability shall not in any way affect the validity or enforceability of
the remaining provisions hereof.

         16.4 LICENSEE agrees to mark or otherwise identify the Licensed
Products sold in the United States with all applicable United States patent
numbers. All Licensed Products shipped to or sold in other countries shall be
marked in such a manner as to conform with the patent laws and practice of the
country of manufacture or sale.

         16.5 The failure of either party to assert a right hereunder or to
insist upon compliance with any term or condition of this Agreement shall not
constitute a waiver of that right or excuse a similar subsequent failure to
perform any such term or condition by the other party.

         16.6 This Agreement may be executed in counterpart, and may be executed
and delivered by facsimile.

                                             *#*CONFIDENTIAL TREATMENT REQUESTED
<PAGE>
License Agreement
Page 13

         IN WITNESS WHEREOF, the parties have hereunto set their hands and seals
and duly executed this Agreement the day and year set forth below, effective the
later of the dates below.

UNIVERSITY TECHNOLOGY CORPORATION

By:               /s/ Michael G. Gabridge
         --------------------------------------------
         Michael G. Gabridge, Ph.D.
         President and CEO

Date:             Sept 1, 1998
         --------------------------------------------

MYOGEN, INC.

By:               /s/ J. William Freytag
         --------------------------------------------
         J. William Freytag
         President

Date:             01-Sep '98
         --------------------------------------------

                                             *#*CONFIDENTIAL TREATMENT REQUESTED
<PAGE>
License Agreement
Page 14

                                   APPENDIX A

UNIVERSITY Case No.:

<Table>
<Caption>
                   UTC DISCLOSURE
     ITEM              NUMBER                   INVENTORS                              TITLE
--------------- ----------------------  -----------------------------     ---------------------------------------------------
<S>             <C>                     <C>                               <C>
      1                IR 360           Raynolds/Perryman                 Angiotention-Converting Enzyme Genetic Variant
                                                                          Screen
--------------- ----------------------  -----------------------------     ---------------------------------------------------
      2                 6077            Port/Bristow                      Transgenic Mouse Over-Expressing the Human Beta-1
                                                                          Adrenergic Receptor:  A Screening Tool for New
                                                                          Heart Failure Therapeutic Agents.
--------------- ----------------------  -----------------------------     ---------------------------------------------------
      3                 7022            Leinwand/Vikstrorn                Transgenic Model for Heart Failure
--------------- ----------------------  -----------------------------     ---------------------------------------------------
      4                 7076            Bristow/Port                      Method for Identifyiing Adrenergic Receptor
                                                                          Antagonists Having Good Tolerability
--------------- ----------------------  -----------------------------     ---------------------------------------------------
      5                 7077            Bristow/Leinwand/Minobe/Nakao     Diagnosis and Treatment of Myocardial Failure
--------------- ----------------------  -----------------------------     ---------------------------------------------------
      6                 7080            Bristow                           Method of Treating Heart Failure Using Enoximone
                                                                          and Metoprolol
--------------- ----------------------  -----------------------------     ---------------------------------------------------
</Table>

<PAGE>

                        UNIVERSITY TECHNOLOGY CORPORATION

                                  AMENDMENT TO
                     INTELLECTUAL PROPERTY LICENSE AGREEMENT

         THIS AMENDMENT dated effective as of January 26, 2001 ("Effective
Date"), is to that certain Intellectual Property License Agreement ("License
Agreement") executed September 1, 1998, between UNIVERSITY TECHNOLOGY
CORPORATION, a Colorado nonprofit corporation ("UTC") and MYOGEN, INC.
("Myogen"), a Delaware corporation, having its principal place of business at
7577 W. 103rd Avenue, Westminster, Colorado. Unless otherwise provided, the
capitalized terms used herein have the same meaning as attributed to them in the
License Agreement.

         WHEREAS, under the License Agreement, UTC licensed certain Intellectual
Property on an exclusive basis to Myogen, and

         WHEREAS, J. David Port, Ph.D.("Dr. Port") is an employee of the
University of Colorado ("CU") and one of the inventors of the Intellectual
Property relating to [*#*] (the "Subject Technology"), and

         WHEREAS, Dr. Port desires to conduct research using the Subject
Technology under a sponsored research agreement entitled, [*#*] (the "Sponsored
Research Agreement") sponsored by a third-party corporate entity (the
"Sponsor"), and

         WHEREAS, Myogen believes that research under the Sponsored Research
Agreement has the potential to further validate the utility of the Subject
Technology,

         NOW THEREFORE, in consideration of the mutual covenants and agreements
by the parties, the parties agree as follows:

         1. Amendment to License Agreement. The parties agree that as of the
Effective Date, the Subject Technology may be used by Dr. Port in his work under
the Sponsored Research Agreement.

         2. Commercialization. The parties agree that notwithstanding Section
2.4 of the License Agreement, the Sponsor may exploit and commercialize the data
or results of the Sponsored Research Agreement in the laboratories of Dr. Port
as it may determine in its sole discretion [*#*].

         3. No Other Amendment. Except as amended herein, the terms of the
License Agreement remain in full force and effect.

                                       1.

                                            *** CONFIDENTIAL TREATMENT REQUESTED
<PAGE>

         IN WITNESS WHEREOF, the parties have duly executed this Amendment as of
the Effective Date.

UNIVERSITY TECHNOLOGY                  MYOGEN, INC
CORPORATION

By:  /s/ Jerry Donahue                 By:  /s/ J. William Freytag
   --------------------------------       --------------------------------------
     Jerry Donahue, President               J. William Freytag, Ph.D., President

                                       2.

                                          [*#*] CONFIDENTIAL TREATMENT REQUESTED
<PAGE>

                 UNIVERSITY LICENSING AND EQUITY HOLDINGS, INC.
                               SECOND AMENDMENT TO
                     INTELLECTUAL PROPERTY LICENSE AGREEMENT

         THIS SECOND AMENDMENT (the "Second Amendment") to that certain
Intellectual Property License Agreement entered into between UNIVERSITY
LICENSING AND EQUITY HOLDINGS, INC., formerly UNIVERSITY TECHNOLOGY CORPORATION
("ULEHI") and MYOGEN, INC. ("Licensee") on September 1, 1998 and amended January
26, 2002 (the "License Agreement"), is entered into as of November 12, 2002 (the
"Second Amendment Effective Date"). All capitalized terms used herein and not
otherwise defined shall have the same meaning as attributed to them in the
License Agreement.

         WHEREAS, under the License Agreement, ULEHI licensed certain
Intellectual Property on an exclusive basis to LICENSEE,

         WHEREAS, a new invention has arisen from research, work and the like
conducted by or under the direction or control of the University of Colorado;

         WHEREAS, pursuant to Article V of the License Agreement, LICENSEE
desires to obtain a license to such invention, upon the terms and conditions
hereinafter set forth; and

         WHEREAS, the parties desire to amend the License Agreement as set forth
herein, to include such new invention within the licenses granted to LICENSEE
therein.

         NOW, THEREFORE, in consideration of the mutual covenants and agreements
by the parties, the parties agree as follows:

         1. The first recital of the License Agreement shall be amended to read
in its entirety as follows:

         "WHEREAS, ULEHI is the owner of certain University of Colorado
intellectual property, embodied in inventions, patent rights, patents, patent
applications, copyrights or proprietary Know-How (as later defined herein and
referred to collectively as "Intellectual Property Rights"), related to seven
separate invention disclosures:

         Case No:                   IR 360, 6077, 7022, 7076, 7077, 7080 and
                                    2002.054 H
         Pertaining to:             Cardiology
         Inventors:                 Bristow et al.

         and has the right to grant licenses for aforementioned intellectual
property, subject only to a royalty-free, non-exclusive license granted to the
United States Government, when applicable; and"

                                        [/\#/\]CONFIDENTIAL TREATMENT REQUESTED

                                       1.

<PAGE>

         2. Appendix A of the License Agreement shall be amended to add the
following intellectual property:

<Table>
<Caption>
                  ULEHI
               Disclosure
  Item           Number             Investors                   Title
---------  -----------------  ---------------------  ---------------------------
<S>        <C>                <C>                    <C>
   7         IR 2002.054H     Long, Bristow, Olson   Inhibition of Histone
                                   & McKinsey        Deacetylase as a Treatment
                                                     for Cardiac Hypertrophy
</Table>

         3. Pursuant to Article V of the License Agreement, LICENSEE shall pay
ULEHI a one-time technology acquisition fee equal to [/\#/\], due and payable
upon the Second Amendment Effective Date.

         4. Pursuant to Section 7.2 of the License Agreement, LICENSEE shall
reimburse ULEHI for [/\#/\] in costs incurred by ULEHI in connection with the
filing and prosecution of the United States patent application covering the new
invention described in Section 2 above, such amount to be due and payable upon
the Second Amendment Effective Date.

         5. Except as amended herein, the terms of the License Agreement remain
in full force and effect.

         IN WITNESS WHEREOF, the parties have duly executed this Second
Amendment as of the Second Amendment Effective Date.

UNIVERSITY LICENSING                     MYOGEN, INC.
AND EQUITY HOLDINGS, INC.

By: /s/ Jerry Donahue, President         By: /s/ J. William Freytag
   -------------------------------          ------------------------------------
                                            J. William Freytag, Ph.D., President

                                         [/\#/\]CONFIDENTIAL TREATMENT REQUESTED

                                       2.<PAGE>
                                                                   EXHIBIT 10.20

                                [*#*] CERTAIN CONFIDENTIAL INFORMATION CONTAINED
                                  IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN
                                OMITTED AND FILED SEPARATELY WITH THE SECURITIES
                                    AND EXCHANGE COMMISSION PURSUANT TO RULE 406
                                      OF THE SECURITIES ACT OF 1933, AS AMENDED.

               UNIVERSITY OF COLORADO MATERIALS TRANSFER AGREEMENT

Parties
-------
This is an Agreement between the Regents of the University of Colorado, a body
corporate, contracting on behalf of the University of Colorado Health Sciences
Center ("UCHSC"), and Myogen, a Delaware corporation with a principal place of
business at the Bioscience Park at Fitzsimons, Bldg 500, 2nd Floor North Wing,
Aurora, Colorado, 80045-0366 ("Recipient").

Materials
---------

Biological materials to which this Agreement applies: one or more samples, to be
specified by Recipient, from the Human Cardiac Tissue Bank of the Department of
Cardiology at the UCHSC ("Biological Materials"), and any related information or
material supplied in connection therewith.

UCHSC owns and is in possession of Biological Materials and has a right to
provide said biological Materials to Recipient as provided under this Agreement.

Grant
-----
UCHSC is pleased to provide Recipient with Biological Materials subject to the
following terms:

Terms
-----
1. (a) Recipient must [*#*] by UCHSC to meet the obligations of this Agreement,
[*#*] displayed in Attachment A.

   (b) Payments required under Article 1(a) above and detailed in Attachment A
satisfy the requirements of Article V of the Intellectual Property License
Agreement between Recipient and the University Technology Corporation and
executed on or about the same date as this Agreement.

   (c) Nothing in this Agreement requires UCHSC to provide Biological Materials
to Recipient in amounts that would prohibit or substantially hinder UCHSC from
carrying on its own research.

2. Recipient agrees that Biological Materials may be used solely in Recipient's
facilities, or such other party's facilities as the Recipient and UCHSC shall
agree to in writing, and that Recipient will follow all applicable NIH
guidelines.

3. Recipient must maintain control of Biological Materials and may not transfer
control to third parties without the prior written consent of UCHSC.

4. (a) Nothing in this Agreement grants Recipient rights under any patents or in
any know how of UCHSC.

   (b) UCHSC places no restrictions other than those specified in this Agreement
on Recipient's use of Biological Materials.

                                   Page 1 of 4

<PAGE>

   (c) UCHSC will not make claims to test data, results, lab notes, reports or
other works created or prepared without use of UCHSC funds, facilities, or
personnel acting in their capacity as UCHSC employees.

5. Biological Materials ARE PROVIDED WITHOUT WARRANTY OF MERCHANTABILITY OR
FITNESS FOR A PARTICULAR PURPOSE OR ANY OTHER WARRANTY, EXPRESS OR IMPLIED.
RECIPIENT AGREES THAT UCHSC AND ITS EMPLOYEES AND AGENTS HAVE NO LIABILITY IN
CONNECTION WITH BIOLOGICAL MATERIALS PROVIDED UNDER THIS AGREEMENT OR THEIR USE
BY RECIPIENT UNDER THIS AGREEMENT.

6. This Agreement will terminate on the earliest of the following dates: (i)
five years from the date of the first signature below; (ii) when Recipient
determines that it has obtained all required Biological Materials and states so
in writing; (iii) when UCHSC's supply of Biological Materials becomes exhausted;
(iv) when all other business agreements, such as patent licenses, between
Recipient and UCHSC or its agents have terminated; (v) immediately after any
continuous fifteen (15) month period in which Recipient fails to provide the
support specified in Article 1. In the event this Agreement terminates pursuant
to clause (i) of this Section 6, Recipient will have the first option to renew
this Agreement under substantially similar terms.

7. (a) While this Agreement is in force, UCHSC may not provide Biological
Materials or other samples from the Human Cardiac Tissue Bank to any commercial
or for-profit entity.

   (b) UCHSC may provide samples from the Human Cardiac Tissue Bank to third
party non-profit research or educational institutions at any time but only for
research and education purposes. Such third parties must agree not to transfer
Biological Materials to any other entity.

   As a condition for supplying Biological Materials to such non-profit parties,
UCHSC will require one of the two following conditions, at UCHSC's sole choice:

   (i) "[Third-party non-profit] agrees to use heart tissue samples supplied by
   UCHSC under this Agreement only in a collaborative research project with
   UCHSC and if UCHSC makes a reasonable determination that inventions made
   under the collaborative project relate to the business activities or business
   plans of Myogen Corporation, then [Third-party non-profit] agrees to join
   UCHSC in offering to Myogen a first right of refusal on such inventions," or

   (ii) "[Third-party non-profit] understands that UCHSC has entered into a
   commercial relationship with Myogen, Inc. and [Third-party non-profit] agrees
   to grant Myogen a first right of refusal to any inventions in the fields of
   human cardiac diagnostics and human cardiac therapeutics made with the use of
   tissue samples supplied by UCHSC under this Agreement."

8. This Agreement sets forth the entire agreement and understanding between the
parties regarding the subject matter herein and cannot be changed or amended
except by written agreement executed by both parties.

9. Any notice or communication permitted or required hereunder must be in
writing.

                                   Page 2 of 4

                                           [*#*]CONFIDENTIAL TREATMENT REQUESTED
<PAGE>

10. All waivers to this Agreement must be in writing. The failure of either
party to insist upon strict performance of any provision of this Agreement, or
to exercise any right provided for herein, shall not be deemed to be a waiver
for the future of such provision or right, and no waiver or any provision or
right shall affect the right of the waiving party to enforce any other provision
or right herein.

11. This Agreement will be governed by and interpreted in accordance with the
laws of the State of Colorado as those laws are applied to contracts entered
into and to be performed entirely in Colorado by Colorado residents. Venue for
purposes of filing any legal action arising out of or in connection with this
Agreement shall lie in Denver, Colorado which shall be deemed to be a convenient
forum.

12. If any provision of this Agreement is determined to be unenforceable for any
reason, the remaining provisions hereof shall be unaffected and remain in full
force and effect.

13. This Agreement may be executed in several counterparts, all of which shall
constitute one agreement. This Agreement may be executed and delivered by
facsimile.

THE AUTHORIZED SIGNATURES BELOW VERIFY AGREEMENT BETWEEN THE PARTIES.

FOR UCHSC:

         /s/ Jay Gershen                                      Date: 8/24/98
---------------------------------------------                      --------
Jay Gershen, DDS, Ph.D.
Executive Vice Chancellor
Campus Box A095,
University of Colorado
Health Sciences Center
Denver, CO  80262

         /s/ Robert W. Schrier                                Date: 8/26/98
---------------------------------------------                      --------
Robert W. Schrier, M.D., Chairman
Department of Medicine
University of Colorado
Health Sciences Center

FOR RECIPIENT

By:      J. William Freytag                                   Date:  9-4-98
---------------------------------------------                      --------
J. William Freytag, President and CEO
Myogen, Inc.
Bioscience Park at Fitzsimons
Building 500, 2nd Floor North Wing
Aurora, CO  80045-0366

                                   Page 3 of 4

                                           [*#*]CONFIDENTIAL TREATMENT REQUESTED
<PAGE>

                                  ATTACHMENT A

                                      [*#*]

1.       [*#*]

2.       [*#*]

3.       [*#*]

4.       [*#*]

         TOTAL DIRECT COSTS                               [*#*]

Indirect costs associated with the above direct costs are under negotiation and
will be established to the mutual satisfaction of both parties in a future
amendment to this agreement.

                                  Page 4 of 4

                                           [*#*]CONFIDENTIAL TREATMENT REQUESTED
<PAGE>

                               AMENDMENT NO. 1 TO
               UNIVERSITY OF COLORADO MATERIALS TRANSFER AGREEMENT

This Amendment No. 1 to the University of Colorado Materials Transfer Agreement
is made and entered into as of January 4, 2001 by and between the Regents of the
University of Colorado, a body corporate, acting on behalf of the University of
Colorado Health Sciences Center ("UCHSC") and Myogen, Inc. ("MYOGEN").

                                    RECITALS

WHEREAS:

A. UCHSC and MYOGEN entered into a Materials Transfer Agreement effective as of
September 4, 1998 (MTA).

B. UCHSC and MYOGEN wish to amend the terms of the MTA to revise the conditions
upon which both parties may make samples available to third parties, as set
forth below.

NOW, THEREFORE, it is hereby agreed as follows:

1. Pursuant to Section 2 and 3 of the MTA, MYOGEN may provide samples of
Materials to third parties for chemical analysis, when the information from such
analysis may be commercialized by Myogen or by third parties under an agreement
with Myogen.

   In the event that a third party is provided commercial rights to the data
derived from the chemical and/or genetic analysis of Materials, Myogen will use
its best efforts to negotiate a cost free subscription to the commercial
database of such third party containing data derived from the chemical and/or
genetic analysis of Materials. The subscription would preferably be without
restriction on UCHSC's use of the subscription database(s) for the purposes of
grant or contract preparation and submittal to a non-profit or government
agency, and publication of the University's own research results. In the event
that Myogen cannot provide UCHSC with access to the commercial database of such
third party under the terms described above, Myogen will make data that Myogen
receives from third party analysis, available to UCHSC for purposes of grant or
contract preparation and submittal to a non-profit or government agency.

2. Section 7 of the MTA shall be deleted in its entirety and the following shall
be substituted in it s place:

   7. While this MTA is in force,

      (a) UCHSC may not provide Biological Materials or other samples from the
Human Cardiac Tissue Bank to any commercial or for-profit entity.

      (b) UCHSC may provide samples from the Human Cardiac Tissue Bank to third
party nonprofit research or education institutions at any time but only for
research and educational purposes. Such third parties must agree not to further
transfer Biological Materials to any other entity.

                                           [*#*]CONFIDENTIAL TREATMENT REQUESTED
<PAGE>

      (c) UCHSC may conduct research on samples from the Human Cardiac Tissue
Bank sponsored by for-profit entities as long as such research is not in
competition with Myogen's business plan.

3. Except as expressly provided in this AMENDMENT, all other terms, conditions,
and provisions of the MTA shall continue in full force and effect as provided
therein.

IN WITNESS WHEREOF, MYOGEN and UCHSC have entered into this AMENDMENT effective
as of the date first set forth above.

FOR UCHSC:

         /s/ Jerry  Donahue                               Date:
------------------------------------------                      ---------------
Jerry Donahue
President
University Technology Corporation
As Agent of University of Colorado

         /s/ Robert W. Schrier                            Date:     2/5/01
------------------------------------------                      ---------------
Robert W. Schrier, M.D., Chairman
Department of Medicine
University of Colorado Health Sciences Center

FOR MYOGEN:

         /s/ J. William Freytag                           Date: January 5, 2001
------------------------------------------                      ---------------
J. William Freytag, Ph.D.
President & CEO
Myogen, Inc.

                                           [*#*]CONFIDENTIAL TREATMENT REQUESTED

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