Document:

xoma-ex1071_267.htm

 

[*] = 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 24b-2 of the Securities Exchange Act of 1934, as amended.

 

Exhibit 10.71

AMENDMENT NO.2 TO THE 

LICENSE AGREEMENT

 

THIS AMENDMENT NO. 2 (this "Amendment") to that certain License Agreement dated as of December 6, 2017, by and between XOMA (US) LLC, a Delaware limited liability company ("XOMA"), having an address of 2200 Powell Street, Suite 310, Emeryville, CA 94608 and Rezolute, Inc. (formerly known as AntriaBio, Inc.), a Delaware corporation ("Rezolute"), having an address of 1450 Infinite Drive, Louisville, CO 80027, as amended by Amendment No. 1 dated March 30, 2018 (the "License Agreement"), is entered into by and between XOMA and Rezolute effective as of January 7, 2019 (the "Effective Date"). Each of XOMA and Rezolute may be referred to herein as a "Party", or jointly as the "Parties". Terms used but not otherwise defined herein shall have the meanings ascribed to them in the License Agreement.

WHEREAS, the Parties desire to amend the License Agreement to revise certain provisions of the License Agreement, including the consideration to be paid to XOMA upon Rezolute's completion of a Qualified Financing, the assignment and assumption by Rezolute of the AGC Agreement (as defined below), the reimbursement to XOMA by Rezolute of certain patent expenses, Rezolute's required annual development expenses and level of diligence efforts, and cancellation of XOMA's right to a seat on Rezolute's Board of Directors;

NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants herein contained and other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

Section 1. Amendments. The following sections of the License Agreement are hereby amended as follows:

	
 
	
(a)
	
Sections 2.1.2 is hereby amended and restated to read in its entirety as follows:

 

The Parties have agreed that the financial consideration to be paid to XOMA in exchange for the rights granted and materials transferred hereunder will be largely deferred until such time as Rezolute has substantially advanced the Development of the Antibody and Licensed Products and commenced commercialization of Licensed Products, such that XOMA is reliant on Rezolute’s diligent Development of the Antibody and Licensed Products and commercialization of the Licensed Products to fully receive the benefit of its bargain. Further, Rezolute acknowledges that the diligent conduct of such Development requires the commitment by Rezolute of an appropriate level of funding directed to such Development. Accordingly, and without limiting the generality of Section 2.1.1, (a) Rezolute (together with its Affiliates and sublicensees) shall expend at least [*] during calendar year 2019 in direct out of pocket costs (and without the inclusion of overhead) on the Development of the Antibody and Licensed Products; and (b) Rezolute shall use Diligent Efforts, itself or through an Affiliate or sublicensee, to dose the first patient in the Phase 2 Repeat Dose Study by [*]. 

	
 
	
(b)
	
The first sentence of Section 2.3.6 is hereby amended and restated to read as follows: 

The Parties shall share all Tech Transfer Expenses as follows: XOMA shall pay the first $275,000 of all Tech Transfer Expenses and Rezolute shall be solely responsible for all Tech Transfer Expenses above $275,000.

	
 
	
(c)
	
New Section 2.3.7 is hereby added to the License Agreement to read in its entirety as follows:
	
 

2.3.7 Payments; Assignment of AGC Agreement. Within thirty (30) days after January 7, 2019, Rezolute shall (a) reimburse XOMA for [*] in patent-related maintenance costs incurred as of such date, and (b) pay XOMA [*] associated with the occurrence of any Qualified Financing delay described in 4.7.1 below. Within sixty (60) days after January 7, 2019: (a) XOMA and Rezolute shall use their best efforts to enter into an assignment and assumption agreement with [*] whereby XOMA shall assign to Rezolute and Rezolute shall assume that [*], by and between XOMA and [*] and all accompanying Work Statements (collectively, the “[*]”) and cause XOMA to be released from any and all rights and obligations under the [*]; and (b) XOMA shall make commercially reasonable efforts to transfer the IND for the fully human allosteric modulating monoclonal antibody formerly known as XOMA 358 (now known as RZ358) to Rezolute. Unless and until [*] assigns the [*] to Rezolute in full in good order and [*] fully releases XOMA from all obligations thereunder (the “Assignment”), after XOMA pays the first $275,000 of Tech Transfer Expenses, Rezolute shall pay all amounts due under the [*] promptly upon receipt of an invoice from AGC or XOMA related thereto and shall be the primary obligor of payments thereunder.

 

	
 
	
(d)
	
Section 4.6 of the License Agreement is hereby amended to read in its entirety as follows:
	
 

4.6 Qualified Financing. Within fifteen (15) days following the closing of the Qualified Financing, Rezolute shall pay XOMA the greater of (a) [*] of the net proceeds from the Qualified Financing and (b) Six Million Dollars ($6,000,000). Following the closing of the Qualified Financing, Rezolute shall make the following five (5) cash payments to XOMA 

 

 

at the following times (the “Future Cash Payments”):

 

			
	
Cash Payment #:
	
Cash Payment Amount
	
Time of Payment

	
1
	
$1,500,000
	
No later than September

30, 2019

	
2
	
$1,000,000
	
No later than December 31,

2019

	
3
	
$2,000,000
	
No later than March 31, 2020

	
4
	
$2,000,000
	
No later than June 30, 2020

	
5
	
$2,000,000
	
No later than September 30, 2020

	
 
	
TOTAL: $8,500,000
	
 

 

In addition, to provide a potential for early payment and only until the above $8.5M total is reached, Rezolute shall make ongoing future cash payments to XOMA in an amount equal to fifteen percent (15%) of the net proceeds from each future financing following the closing of the Qualified Financing, which amounts shall be credited against the Future Cash Payments in reverse order of their timing and to end after the Future Cash Payments are made (e.g., Payment #5 will be credited first, followed by Payment #4, etc. and this mechanism will end after the above $8.5M total is reached).

 

	
 
	
(e)
	
Sections 4.7.2, 4.7.3 and 4.9 of the License Agreement are hereby deleted.

 

	
 
	
(f)
	
New Section 12.16 is added to the License Agreement to read in its entirety as follows:

2.16 Amendment and Modification. This Agreement may only be amended, modified or supplemented by an agreement in writing signed by each Party hereto.

Section 2. Effect of Amendment. Except as expressly provided for herein, all terms and conditions of the License Agreement shall remain in full force and effect.

Section 3. Governing Law. The validity, construction and interpretation of this Amendment and any determination of the performance which it requires shall be governed by and construed in accordance with the laws of the State of California without any reference to any rules of conflicts of laws.

Section 4. Counterparts. This Amendment may be executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed to be one and the same Amendment. A signed copy of this Amendment delivered by facsimile, e-mail or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Amendment.

 

REZOLUTE, INC.

By: /s/ Keith Vendola

Name: Keith Vendola

Title:   CFO

 

XOMA (US) LLC

By:  /s/ Jim Neal

Name: Jim Neal

Title:   CEOxoma-ex1072_268.htm

 

 

 

 

 

 

 

 

 

 

 

 

Exhibit 10.72

AMENDMENT NO. 2 TO THE 

STOCK PURCHASE AGREEMENT

 

THIS AMENDMENT NO. 2 (this “Amendment”) to that certain Common Stock Purchase Agreement dated as of December 6, 2017, by and between XOMA (US) LLC, a Delaware limited liability company (“XOMA”), having an address of 2200 Powell Street, Suite 310, Emeryville, CA 94608 and Rezolute, Inc. (formerly known as AntriaBio, Inc.), a Delaware corporation (“Rezolute”), having an address of 1450 Infinite Drive, Louisville, CO 80027, as amended by Amendment No. 1 dated March 30, 2018 (the “Stock Purchase Agreement”), is entered into by and between XOMA and Rezolute effective as of January 7, 2019 (the “Effective Date”). Each of XOMA and Rezolute may be referred to herein as a “Party”, or jointly as the “Parties”. Terms used but not otherwise defined herein shall have the meanings ascribed to them in the License Agreement.

WHEREAS, the Parties desire to amend the Stock Purchase Agreement to delete certain section thereof that no longer apply and to update other sections in accordance with their recent ongoing discussions;

NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants herein contained and other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

Section 1. Amendments. Pursuant to Section 10.11 of the Stock Purchase Agreement, the below provisions of the Stock Purchase Agreement are hereby amended as follows:

	
 
	
(a)
	
Section 1.4 of the Stock Purchase Agreement is hereby deleted in its entirety.

 

	
 
	
(b)
	
Section 1.5 of the Stock Purchase Agreement is hereby deleted in its entirety.

 

	
 
	
(c)
	
Section 2 of the Stock Purchase Agreement is hereby amended and restated to read in its entirety as follows:
	
 

2. PUT OPTION

 

The Company hereby grants the Purchaser the right and option to put 5,000,000 Shares to the Company and the Company agrees to make best efforts to purchase the Shares or to facilitate the orderly sale of the Shares to a third party (the “Put Option”). Upon the occurrence of the Put Option Triggering Event, the Purchaser shall be permitted to exercise portions of the Put Option at any time thereafter, from time to time, by delivering written notice(s) to the Company (the “Put Option Exercise Notice”) indicating its agreement to sell all or a portion of the Shares in exchange for the payment by the Company or a third party buyer (arranged by the Company) to the Purchaser at the Put Option Purchase Price (as defined below), such amount to be payable by wire transfer of immediately available funds within 15 days after the date of receipt by the Company of the Put Option Exercise Notice. The “Put Option Triggering Event” shall mean the failure of the Company to list its shares of Common Stock on the Nasdaq Stock Market or a similar national exchange on or prior to December 31, 2019. The “Put Option Purchase Price” per Share shall mean the average of the closing bid and asked prices of the Common Stock quoted on the Principal Market on the date of the Put Option Exercise Notice. The costs of effecting a sale of the Shares pursuant to this Section 2 shall be borne by the Company.

Notwithstanding the foregoing, in no event will XOMA put more than 2,500,000 of Shares to the Company in calendar year 2020.

 

Section 2. Effect of Amendment. Except as expressly provided for herein, all terms and conditions of the License Agreement shall remain in full force and effect.

Section 3. Governing Law. The validity, construction and interpretation of this Amendment and any determination of the performance which it requires shall be governed by and construed in accordance with the laws of the State of California without any reference to any rules of conflicts of laws.

Section 4. Counterparts. This Amendment may be executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed to be one and the same Amendment. A signed copy of this Amendment delivered by facsimile, e-mail or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Amendment.

 

 

 

 

 

 

 

 

 

 

 

 

 

REZOLUTE, INC.

By: /s/ Keith Vendola

Name: Keith Vendola

Title:   CFO

 

XOMA (US) LLC

By:  /s/ Jim Neal

Name: Jim Neal

Title:   CEO

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