Document:

exv10w1

Exhibit 10.1

AMENDMENT NO. 1 TO REGISTRATION RIGHTS AGREEMENT

     THIS AMENDMENT NO. 1 TO REGISTRATION RIGHTS AGREEMENT, dated as of May 14, 2008 (this
“Amendment”), is by and between Echo Therapeutics, Inc. (the “Company”) and Imperium Master Fund,
Ltd. (“Imperium”). Capitalized terms used but not defined herein have the meanings given to them
in the Registration Rights Agreement (as defined below).

     WHEREAS, Imperium is the holder of certain warrants to purchase shares of Common Stock that
were issued by the Company to Imperium on March 24, 2008 (the “Warrants”);

     WHEREAS, the Company and Imperium are parties to that certain Registration Rights Agreement,
dated as of March 24, 2008 (the “Registration Rights Agreement”), which provides, among other
things, for the obligation of the Company to register under the Securities Act of 1933, as amended
(the “Securities Act”), the Registrable Securities;

     WHEREAS, the Company has requested, and Imperium has agreed, to amend the Registration Rights
Agreement to relieve the Company of its obligation to register the Registrable Securities in
accordance with the deadlines set forth in the Registration Rights Agreement and instead provide
Imperium with piggyback registration rights with respect to the Registrable Securities as further
specified herein;

     NOW THEREFORE, for good and valuable consideration, the sufficiency of which is hereby
acknowledged, each of the Company and Imperium hereby agree as follows:

     1. Amendments.

          1.1 Section 2 of the Registration Rights Agreement is hereby amended and restated in its
entirety to read as follows:

     (a) Piggyback Rights. If the Company shall file with the Commission a
registration statement relating to an offering for the account of others under the
Securities Act of any of its equity securities (other than on Form S-4 or Form S-8
or their then equivalents relating to equity securities to be issued solely in
connection with any acquisition of any entity or business or equity securities
issuable in connection with stock option or other benefit plans), the Company shall
include in such registration statement all or any part of the Registrable
Securities that Imperium requests to be registered, subject to the same terms and
conditions as those applicable to all of the other selling security
holders who own shares of Common Stock included in such registration statement.
Subject to paragraph (b) below, Imperium shall have an unlimited number of piggyback
registration rights applicable to the registration statements filed by the Company
from time to time.

 

 

     (b) Notwithstanding anything to the contrary provided herein, the Company
shall have no obligation to provide for the registration of the Registrable
Securities as of and following the date (i) on which all of the Registrable
Securities eligible for resale have been sold pursuant to an effective registration
statement or Rule 144 promulgated under the Securities Act, or (ii) on which all of
the Registrable Securities may be immediately sold to the public under Rule 144(k)
promulgated under the Securities Act or any successor provision (such registration
period, the “Registration Period”).

          1.2 Section 3(i) of the Registration Rights Agreement is hereby deleted in its entirety.

     2. Miscellaneous.

          2.1 Imperium hereby represents and warrants to the Company that it is the sole beneficial and
record owner of the Warrants and that Imperium has not assigned its rights to such Warrants and no
person other than Imperium has a right to receive the Warrant Shares.

          2.2 The terms and conditions of this Amendment shall inure to the benefit of and be binding
upon the respective successors and permitted assigns of the parties.

          2.3 This Amendment shall be governed by and construed in accordance with the laws of the State
of New York applicable to contracts made and to be performed entirely within the State of New York.

          2.4 This Amendment may be executed in any number of counterparts, each of which shall be
deemed an original, and all of which together shall constitute one and the same instrument. Any
executed signature page delivered by facsimile or e-mail transmission shall be binding to the same
extent as an original executed signature page, with regard to any agreement subject to the terms
hereof or any amendment thereto.

[Signatures on Following Page]

 - 2 -

 

     IN WITNESS WHEREOF, the undersigned have executed this Amendment No. 1 to Registration Rights
Agreement as of the date first-above written.

	 	 	 	 	 	 	 
	IMPERIUM MASTER FUND, LTD.	 	ECHO THERAPEUTICS, INC.
	 
	 	 	 	 	 	 
	By:

	 	/s/ Maurice Hryshko
	 	By:
	 	/s/ Patrick T. Mooney
	 

	 	 
	 	 	 	 
	Name:

	 	Maurice Hryshko, Esq.
	 	Name:
	 	Patrick T. Mooney, M.D.
	Title:

	 	General Counsel
	 	Title:
	 	Chief Executive Officer

[Signature page to Amendment No. 1 to Registration Rights Agreement]

 - 3 -exv10w1

THIRD AMENDMENT TO

AMENDED AND RESTATED STRATEGIC ALLIANCE AGREEMENT

(NICOTINIC ALPHA-7 PROGRAM)

     This THIRD AMENDMENT TO AMENDED AND RESTATED STRATEGIC ALLIANCE AGREEMENT (NICOTINIC ALPHA-7
PROGRAM) (this “Amendment”) is executed as of the 14th day of January, 2008, to be
effective as of June 1, 2007, by and among Memory Pharmaceuticals Corp. (“Memory”), and F.
Hoffmann-La Roche Ltd and Hoffmann-La Roche Inc. (together, “Roche”).

     WHEREAS, Memory and Roche have previously entered into an Amended and Restated Strategic
Alliance Agreement (Nicotinic Alpha-7 Program) (including its schedules, exhibits and appendices)
dated as of February 27, 2006, as amended on March 30, 2007 and June 18, 2007 (collectively, the
“Agreement”), which sets forth the parties’ rights, duties and obligations under the
Agreement; and

     WHEREAS, the parties wish to amend the Agreement and agree to the other provisions as set
forth herein.

     NOW, THEREFORE, in consideration of the foregoing and for good and valuable consideration, the
receipt and sufficiency which are hereby acknowledged, the parties hereby agree that the Agreement
is hereby amended as follows:

	 	1.	 	Memory and Roche hereby agree that Memory shall use its reasonable commercial
efforts to conduct the activities with respect to Compound 3454 (as defined in the
Agreement) set forth on Exhibit M attached hereto (such activities, as
modified, amended or otherwise supplemented in accordance with the procedures set forth
in paragraph 2 below, the “Additional Activities”). Exhibit M also
contains (a) estimated costs and expenses of the Additional Activities (which costs and
expenses do not include Memory’s internal FTE or overhead expenses related to the
Additional Activities), (b) estimated timetables with respect to the Additional
Activities, and (c) related anticipated deliverables. Ownership of any intellectual
property resulting from the Additional Activities shall be as provided in Section 13.1
of the Agreement. MEMORY MAKES NO REPRESENTATION OR WARRANTY, WHETHER EXPRESS OR
IMPLIED, WITH RESPECT TO THE ADDITIONAL ACTIVITIES, INCLUDING, WITHOUT LIMITATION, THE
RESULTS THEREOF.
	 
	 	2.	 	From time to time upon mutual agreement, Memory and Roche may modify,
supplement or otherwise amend the scope of the Additional Activities set forth on
Exhibit M (including any Attachment thereto) by executing and delivering an
Exhibit M Change Form, such Exhibit M Change Form to be in substantially the form
attached hereto as Exhibit N. Notwithstanding anything contained in this
Amendment to the contrary, it is understood and agreed that the costs, expenses and
timetables included on Exhibit M are estimates only.

[*] CONFIDENTIAL TREATMENT IS REQUESTED

 

 

	 	3.	 	Notwithstanding anything contained in the Agreement (including the Workplan
related thereto) to the contrary, the costs and expenses of the Additional Activities
(the “Activity Costs”) shall be borne and paid by Roche, except that Activity
Costs shall not include Memory’s internal FTE or overhead expenses related to the
Additional Activities, which shall be borne and paid by Memory. Memory shall provide
Roche with a detailed invoice for any Activity Costs and Roche shall make payment to
Memory of such invoiced amounts within thirty (30) days after receipt by Roche of such
invoice. Subject to paragraph 4 below, the provisions of this paragraph 3 shall
survive the termination of the Agreement; provided, that for the avoidance of doubt,
following termination of the Agreement Memory may cease conducting the Additional
Activities.
	 
	 	4.	 	Roche may terminate the obligations of the parties pursuant to paragraphs 1 and
3 above, on an Additional Activity-by-Additional Activity basis, upon thirty (30) days’
prior written notice to Memory (an “Activity Termination”); provided, that
Roche shall remain obligated to pay, subject to the immediately following sentence, (i)
all Activity Costs incurred through the effective date of such Activity Termination,
(ii) all costs and expenses of Memory in connection with cancellation of cancellable
Activity Costs, and (iii) all non-cancellable Activity Costs resulting from obligations
incurred before notice of such Activity Termination and accrued after the effective
date of such Activity Termination. In connection with an Activity Termination, Memory
shall, to the extent reasonably possible, seek to mitigate Activity Costs for the
Additional Activities arising with respect to the period of time following notice of
such Activity Termination.

This Amendment, along with the Agreement, shall constitute the entire agreement between the Parties
with respect to the subject matter of the Agreement. All other terms of the Agreement shall remain
in full force and effect. For the avoidance of doubt, it is understood and agreed that the
provisions of this Agreement do not amend or modify the terms or timing of the License Exercise
Period (as defined in the Agreement). To the extent that there are any inconsistencies between the
terms of the Agreement and the terms of this Amendment, the terms of this Amendment shall prevail
in effect. This Amendment may be executed by facsimile or pdf format and in any number of
counterparts, each of which shall be deemed an original but all of such together shall constitute
one and the same instrument.

[Signature block on the next page]

[*] CONFIDENTIAL TREATMENT IS REQUESTED

2

 

     IN WITNESS WHEREOF, the parties have executed this Third Amendment to be effective as of the
day and year first above written.

	 	 	 	 	 	 	 	 	 	 	 
	MEMORY PHARMACEUTICALS
CORP.	 	HOFFMANN-LA ROCHE INC.	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:	 	/s/ James R. Sulat	 	By:	 	/s/ Warwick S. Bedwell	 	 
	 	 	 	 	 	 	 	 	 
	 

	 	Name: James R. Sulat
	 	 	 	Name:
	 	Warwick S. Bedwell	 	 
	 

	 	Title: President and CEO
	 	 	 	Title:
	 	Vice President	 	 
	 

	 	 	 	 	 	 	 	Global Head of Business	 	 
	 

	 	 	 	 	 	 	 	Development	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	F. HOFFMANN-LA ROCHE LTD	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	/s/ Tobias Kiechle	 	 
	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:
	 	Dr. Tobias Kiechle	 	 
	 

	 	 	 	 	 	Title:
	 	 Stv. Direktor	 	 
	 

	 	 	 	 	 	 	 	Global Head Alliance Management	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	/s/ Melanie Frey Wick	 	 
	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:
	 	Dr. Melanie Frey Wick	 	 
	 

	 	 	 	 	 	Title:
	 	 Authorized Signatory	 	 

[*] CONFIDENTIAL TREATMENT IS REQUESTED

3

 

Exhibit M — Initial Additional Activities

	 	 	 	 	 	 	 	 	 
	 	 	 	 	Estimated	 	Estimated	 	 
	 	 	Item Description	 	Costs ($US)	 	Timing	 	Deliverables
	1.

	 	[*]
	 	[*]
	 	[*]
	 	[*]
	 
	 	 	 	 	 	 	 	 
	 

	 	Substantially as
provided in [*]
proposal: [*]
(attached hereto as
Attachment M-1). [*]	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	2.

	 	[*]
	 	[*]
	 	[*]
	 	[*]
	 
	 	 	 	 	 	 	 	 
	 

	 	[*] proposal: [*] (attached hereto as Attachment M-2)	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	3.

	 	[*]
	 	[*]
	 	[*]
	 	[*]
	 	 	 	 	 	 	 	 	 

[*] CONFIDENTIAL TREATMENT IS REQUESTED

 

 

Attachment M-1

Change of Scope #9: [*]

Proposal [*]

MEM3454 [*]

For Memory Pharmaceuticals Corporation

This change of scope describes [*] activities to be performed for Memory Pharmaceuticals (“Client”)
by [*]

[*]

Memory Pharmaceuticals Corp                                                                            [*]

	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Ashok Tehim
	 	By:
	 	[*]	 	 
	 

	 	 

	 	 	 	 

	 	 
	 
	Name:

	 	Ashok Tehim
	 	Name:
	 	[*]	 	 
	 

	 	 

	 	 	 	 

	 	 
	 
	Title:

	 	VP, Chemistry
	 	Title:
	 	[*]	 	 
	 

	 	 

	 	 	 	 

	 	 
	 
	Date:

	 	October 12, 2007
	 	Date:
	 	[*]	 	 
	 

	 	 

	 	 	 	 

	 	 

[*] CONFIDENTIAL TREATMENT IS REQUESTED

 

 

Attachment M-2

[*] PROJECT PROPOSAL : [*]

UNDER MASTER AGREEMENT FOR [*] SERVICES

DATED JANUARY 11, 2005

	 	 	 	 	 	 	 
	1.

	 	Parties:
	 	[*]
	 	Memory Pharmaceuticals, Corp.
	 

	 	 	 	 	 	(“Client”)
	 

	 	 	 	[*]
	 	100 Philips Parkway
	 

	 	 	 	 	 	Montvale, NJ 07645
	 

	 	 	 	 	 	USA

	 	 	 	 	 
	2.

	 	Product:
	 	• MEM3454 Tablets (Two Strengths) (“Product”)
	 
	 	 	 	 
	3.

	 	Indication:
	 	• CNS
	 
	 	 	 	 
	4.

	 	Description of Services:
	 	See Project Scope (Part A).
	 
	 	 	 	 
	5.

	 	Payment and Currency:
	 	See Budget Summary (Part B).
	 
	 	 	 	 
	6.

	 	Timeline:
	 	See High Level Timeline (Part C)
	 
	 	 	 	 
	7.

	 	[*]	 	 
	 
	 	 	 	 
	8.

	 	Effective Date:
	 	December 10, 2007
	 
	 	 	 	 
	9.

	 	Master Agreement:
	 	The parties agree that the terms and conditions of that certain Master
Agreement for [*] dated as of January 11, 2005, together with the Standard Terms and
Conditions attached thereto as Schedule A and the Confidentiality Agreement referenced
therein, as each of the same may have been amended, modified or supplemented from time to
time, shall be deemed incorporated by reference in this Project Proposal and together shall
constitute an integrated, valid, binding and enforceable contract between the parties.
	 
	 	 	 	 
	10.

	 	Date of	 	 
	 

	 	Confidentiality	 	 
	 

	 	Agreement:
	 	October 21, 2003
	 
	 	 	 	 
	12.

	 	Date:
	 	December 21, 2007

[*] CONFIDENTIAL TREATMENT IS REQUESTED

 

 

	 	 	 	 	 	 	 
	[*]	 	Memory Pharmaceuticals, Corp.
	 
	 	 	 	 	 	 
	By: [*]

	 	By:
	 	/s/ David Lowe	 	 
	 

	 	 	 	 

	 	 
	Name: [*]

	 	Name:
	 	David Lowe, Ph.D.	 	 
	 
	 	 	 	 	 	 
	Title: [*]

	 	Title:
	 	Chief Scientific Officer	 	 

[*] CONFIDENTIAL TREATMENT IS REQUESTED

 

 

Table of Contents

[*]

[*] CONFIDENTIAL TREATMENT IS REQUESTED

 

 

PART A:

MEM3454 [*]

For

Memory Pharmaceuticals Corp.

Project Proposal No.: [*]

Dated: 10-December-2007

[*] CONFIDENTIAL TREATMENT IS REQUESTED

 

 

This Project Proposal outlines the Services that [*] will perform for the Client relating to the
Product. [*]

	1.	 	Project Scope

[*]

[*] CONFIDENTIAL TREATMENT IS REQUESTED

 

 

Part B: Budget Summary

[*]

[*] CONFIDENTIAL TREATMENT IS REQUESTED

 

 

Part C: High Level Timeline

[*]

[*] CONFIDENTIAL TREATMENT IS REQUESTED

 

 

EXHIBIT M 

CHANGE FORM NO. 1

Effective Date: February 7, 2008

     Reference is made to the Amended and Restated Strategic Alliance Agreement (Nicotinic Alpha-7
Program) (including its schedules, exhibits and appendices) dated as of February 27, 2006, among
Memory Pharmaceuticals Corp., Hoffmann-La Roche Inc. and F. Hoffmann-La Roche Ltd, as amended (the
“Agreement”). Reference is also made to Exhibit M (“Exhibit M”) to the Third
Amendment to the Agreement. Exhibit M, as previously modified, supplemented and/or
otherwise amended, is hereby further modified, supplemented and/or otherwise amended as follows:

The following is hereby added to Exhibit M as an Additional Activity:

	 	 	 	 	 	 	 	 	 
	 	 	 	 	Estimated	 	Estimated	 	 
	 	 	Item Description	 	Costs ($US)	 	Timing	 	Deliverables
	4.

	 	A p50 sensory gating
clinical study,
including
manufacturing,
testing and
distribution of
clinical trial
material, to
evaluate the effects
of the nicotinic
alpha 7 agonist MEM
3454 on P50 sensory
gating in patients
with Schizophrenia.
Which study will (a)
test multiple single
doses of Compound
3454, (b) is
double-blind, (c)
includes a minimum
of 12 [*] schizophrenia
patients randomized
who are on a stable
background
anti-psychotic
therapy (e) has as
its primary
objective to
determine the
utility of P50
sensory gating as an
efficacy biomarker
for nicotinic alpha
7 agonists such as
MEM 3454, [*].
	 	[*]
	 	[*]
	 	[*]
	 
	 	 	 	 	 	 	 	 
	 

	 	Substantially as
provided in draft
protocol synopsis
(attached hereto as
Attachment M-4).
[*]	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

     To the extent that there are any inconsistencies between the terms of this Change Form and the
terms of the Agreement or Exhibit M, the terms of this Change Form shall prevail in effect.
This Charge Form may be executed by facsimile or pdf format and in any number of counterparts,
each of which shall be deemed an original but all of such together shall constitute one and the
same instrument.

[*] CONFIDENTIAL TREATMENT IS REQUESTED

 

 

     IN WITNESS WHEREOF, the parties have executed this Change Form to be effective as of the
Effective Date set forth above.

	 	 	 	 	 	 	 	 	 	 	 
	MEMORY PHARMACEUTICALS
CORP.	 	HOFFMANN-LA ROCHE INC.	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:	 	/s/ James R. Sulat	 	By:	 	/s/ Warwick S. Bedwell	 	 
	 	 	 	 	 	 	 	 	 
	 

	 	     Name: James R. Sulat
	 	 	 	     Name:
	 	Warwick S. Bedwell	 	 
	 

	 	     Title: President and CEO
	 	 	 	     Title:
	 	 Vice President	 	 
	 

	 	 	 	 	 	 	 	Global Head of Business	 	 
	 

	 	 	 	 	 	 	 	Development	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	F. HOFFMANN-LA ROCHE LTD	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	/s/ Robin Breckenridge	 	 
	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	     Name:
	 	Robin Breckenridge	 	 
	 

	 	 	 	 	 	     Title:
	 	Vice President,	 	 
	 

	 	 	 	 	 	 	 	Global Head Operation	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	/s/ Stefan Arnold	 	 
	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	     Name:
	 	Stefan Arnold	 	 
	 

	 	 	 	 	 	     Title:
	 	Attorney at Law	 	 

[*] CONFIDENTIAL TREATMENT IS REQUESTED

 

 

Attachment M-4

Draft Protocol Synopsis

MEM 3454-102 Protocol Synopsis (Part 1)

Title of study: A Single-center, Randomized, Double-Blind, Placebo-Controlled Cross-Over Study
investigating the effect of 4 Dosages (1 mg, 5 mg, 15 mg, 50 mg) of MEM 3454 on P50 Sensory Gating
and Mismatch Negativity (MMN) in Patients with Schizophrenia.

Study purpose:

The purpose of this study is to evaluate the effects of the nicotinic alpha 7 agonist MEM 3454 on
P50 sensory gating in patients with Schizophrenia. [*]

The data produced from this study will provide useful information regarding the value of p50 as an
efficacy biomarker, [*].

Objectives: The objectives of this study using 4 dosages of MEM 3454 and placebo in patients with
schizophrenia are to:

Primary: Determine the utility of P50 sensory gating as an efficacy biomarker for nicotinic alpha 7
agonists such as MEM 3454.

Secondary:

	 	•	 	[*]

Population: 12 [*], stable schizophrenic patients maintained on second generation antipsychotic
therapy (excluding clozaril).

Inclusion/Exclusion criteria:

Inclusion:

	 	•	 	[*]

Exclusion:

	 	•	 	[*]

Investigational and reference therapy:

[*]

Study Design: This is a single-center, randomized, double-blind, placebo-controlled, cross-over
study of 4 dosages of MEM 3454 (1 mg, 5 mg, 15 mg, 50 mg) and placebo in approximately 12
schizophrenic patients between 18 and 55 years of age.

[*]

[*]

[*] CONFIDENTIAL TREATMENT IS REQUESTED

 

 

Exhibit N—Form of Exhibit Change Form

EXHIBIT M CHANGE FORM NO. [___]

Effective Date:___________

     Reference is made to the Amended and Restated Strategic Alliance Agreement (Nicotinic Alpha-7
Program) (including its schedules, exhibits and appendices) dated as of February 27, 2006, among
Memory Pharmaceuticals Corp., Hoffmann-La Roche Inc. and F. Hoffmann-La Roche Ltd, as amended (the
“Agreement”). Reference is also made to Exhibit M (“Exhibit M”) to the Third
Amendment to the Agreement. Exhibit M, as previously modified, supplemented and/or
otherwise amended, is hereby further modified, supplemented and/or otherwise amended as follows:

[INSERT CHANGE]

     To the extent that there are any inconsistencies between the terms of this Change Form and the
terms of the Agreement or Exhibit M, the terms of this Change Form shall prevail in effect.
This Charge Form may be executed by facsimile or pdf format and in any number of counterparts,
each of which shall be deemed an original but all of such together shall constitute one and the
same instrument.

     IN WITNESS WHEREOF, the parties have executed this Change Form to be effective as of the
Effective Date set forth above.

	 	 	 	 	 	 	 	 	 
	MEMORY PHARMACEUTICALS
CORP.	 	 	 	HOFFMANN-LA ROCHE INC.
	 
	 	 	 	 	 	 	 	 
	By:

	 	 	 	 	 	By:	 	 
	 

	 	 
	 	 	 	 	 	 
	 

	 	     Name: James R. Sulat
	 	 	 	 	 	     Name:
	 

	 	     Title: President and CEO
	 	 	 	 	 	     Title:
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	F. HOFFMANN-LA ROCHE LTD
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	     Name:
	 

	 	 	 	 	 	 	 	     Title:
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	     Name:
	 

	 	 	 	 	 	 	 	     Title:

[*] CONFIDENTIAL TREATMENT IS REQUESTED

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