Document:

Exhibit 10.17

 

[Free Translation
from Hebrew]

 

State of Israel

Ministry of
Trade and Industry

Industrial Research
and Development Administration

Office of Chief
Scientist

 

Jerusalem, 04/09/2014

To

Company's CEO

PolyPid Ltd.

20 Hamagshimim St.

Petah Tikva 49348

Fax no. 972-74-7195718

 

Dear Sir / Madam,

 

Subject: Product
for controlled ongoing release of medication for the treatment of bone cancer

Meeting no.
10/2014 (m) held on 04/07/2014 (File 52266)

 

We hereby inform you that the research
committee, by virtue of its authority according to Article 17 of the Law for the Encouragement of Research and Development in the
Industry, 5744-1984 (hereinafter: the “R&D Law”), has resolved:

 

To approve the program with a budget
of up to NIS 1,853,167, and with a grant rate of 30%.

 

Payment of royalties out of
all income derived from products for controlled ongoing release of doxorubicin, OncoPid for the treatment of bone cancer and other
applications of the platform.

 

Budget cap amount may be reduced
as a result of adjustments to conform to budgeting regulations.

For your information, the program
approval is limited to the approved budget for the foregoing file, and solely for this research and development period. Additional
approvals, for this program or other programs, for the coming years, shall be examined in comparison to the research plans brought
forward to the research committee in the relevant year.

Once you prove that all conditions
set forth by the committee and/or requirements stemming from the financial examination, if any, have been fulfilled, you shall
be summonsed to sign a budget document and letter of undertaking.

The procedure shall be completed
within two months commencing from the day of approval by the committee, otherwise the approval shall terminate, and we shall be
free to allocate the budget for other purposes.

 

	 	Sincerely,
	 	 
	 	/s/ Abraham Gross
	 	Abraham Gross
	 	Committee Member- Vice Chief Scientist

 

Please note:

Pre-conditions and/or signing on budget
and undertakings, Ms. Shulamit Butbul, tel: 02-6662514

Copy: Ora Dar, Field Head

Shulamit Drukman, Professional Examiner

 

    	 

    	 

    

 

[Summary Translation
from Hebrew]

 

This page forms an
integral part of the letter of approval

 

Details of the budget
for research and development in the matter of: Product for controlled ongoing release of medication for the treatment of ...

Performance period
commencing 01/01/2014 until 12/31/2014

 

Budget page version
1.1

 

Request date

 

Date of latest update
04/24/2014

 

	 	File number:	52266
	 	Preparation Date:	04/24/2014
	 	Company	PolyPid
	 	Company Number	7262

 

	A. Human Resources	 	 
	Total Human Resources	 	712,414
	 	 
	B. Materials and consumable tools	 	 
	Total Materials	 	59,500
	 	 
	C. Subcontractors	 	 
	Total Subcontractors	 	1,014,680
	 	 
	D. Approved Equipment 	 	 
	Total	 	26,574
	 	 	 
	E. Miscellaneous	 	 
	Total	 	40,000
	 	 
	 	 	Total in NIS 1,853,167
	 	 	Grant 30%  555,950

 

Notes:

A. The person
performing the research shall be entitled to payments only with respect to expenses made and registered in a special account (including
registration of work hours of the researchers working in this research), and in accordance with the budget instructions of the
Office of the Chief Scientist at the Ministry of Trade and Employment.

 

B. This budget
page is in effect only after signing the letter of approval.

 

Signature:

 

	/s/ David Lavie	 	/s/ Amir Weisberg	 	05/05/2014
	Office	 	Company	 	Date

 

    	 

    	 

    

 

[Free Translation
from Hebrew]

 PolyPid
Ltd.

Number at the registrar
of companies: 514105923

 

	 	Date: 05/11/14
	 	 
	 	Company: 7262

 

To

 

Industrial Research and Development Administration,
Office of Chief Scientist

Ministry of Industry, Trade and Employment

5 Bank Israel, PO Box 3166

Jerusalem

 

Dear Sir,

 

Re: Undertaking
Letter and Notice re Commencement of Performance of Approved R&D Plan

Subject: Product
for controlled ongoing release of medication for the treatment of bone cancer

 

File Number: 52266

 

We hereby inform
you that we commenced performing the approved plan, according to the referenced approval letter on 01/01/2014.

 

		1.	We declare and undertake to comply with all the provisions of the Law for the Encouragement of
Research and Development in Industry 5744-1984 (hereinafter the “Law”), and including:

 

		a.	The obligation not to transfer to another the knowledge, the rights on the knowledge and the manufacturing
rights deriving from the research and development without the approval of the research committee.

 

		b.	To pay royalties and file all reports according to the Law and the Regulations for the Encouragement
of Research and Development in Industry (Rate of Royalties and Rules for their Application), 5756-1996 (hereinafter the “Royalties
Regulations”) and the procedures of the Industrial Research and Development Administration (hereinafter the “Administration”).

 

		2.	We declare that we have read all instructions and procedures for financial reporting for R&D
purposes and we will comply with them, including in connection with the computerized system for the reporting on hours in assignment
to tasks.

 

		3.	We consent to the attribution of this file numbered: 52266 to plan 44765

Subject: Product for controlled
ongoing release of medication for the treatment of bone infection and bone illness.

 

		4.	Additional undertakings:

(A) We have been informed
of the amendment to royalties as published in the 'regulations file 5759' dated 3.12.1988 page 110 (file 5939). Pursuant to the
amendment thereof, the research grants shall be linked to the dollar and shall bear annual interest at the Libor rate.

(B) Additional Undertakings:

Payment of royalties out of all
income derived from products for controlled ongoing release of growth factors for the treatment of bone traumas and bone illness
and other applications of the platform.

 

		5.	We hereby declare that we have separated and distinguished account/s in the framework of our financial
bookkeeping for the purpose of performing this plan. The recordings made in the account/s are direct, chronological, primary, systematic
and only according to documentation.

 

    	 

    	 

    

 

		6.	We hereby declare that we are aware that the referenced grant shall be paid subject to the terms of
the approval and according to the Administration’s procedures.

 

		7.	The attached budget, including its details, terms and appendices constitutes a binding framework.
Expenses deviating from this detailed framework will not be recognized, unless under the approval of the Administration.

 

		8.	Procedures:

 

		a.	The company shall not be entitled to advancement, and all payments shall be in accordance with the
financial report.

 

		b.	Any additional payment shall be executed according to a detailed financial report which corresponds
to the Administration’s procedures. Payment shall be made after review of the aforesaid report. The grant’s recipient
is obliged to file a financial report once every three months and a technical report at least once every half a year, and this
on the Administration’s forms or in the same format.

 

		c.	The truthfulness of the financial report shall be confirmed by an authorized representative of the
company, and documents witnessing actual payments to subcontractors shall be attached, if such expense is reported.

 

		d.	Any payment with respect to the approved grant shall be considered as advanced payment only until
the approval of the final report. Until the final report, no more than 90% (including ongoing advancements) shall be paid from
the lower of the budgeted grant or the expense in the financial report. The remaining balance shall be paid only following receipt
of a final financial report and a final technical report together with confirmation from an accountant on behalf of the company.
The payment shall be made following examination of the reports by representatives of the Administration.

 

		e.	The company’s books of accounts, including the company’s balance sheets, shall be open
for review of the Administration during a period of 7 years from the commencement of performance of the approved plan, or 6 years
from filing the final financial report, the later of the two.

 

		f.	The Administration will have the right to set off any sum due from the recipient of the support out
of grant approved hereby.

 

		g.	The grant’s recipient is not entitled to stop performing the plan without the prior written
approval from the head of the Administration. If the plan is ceased without such approval, the Administration may and shall be
entitled to demand the return of the grant plus interest and linkage differentials in accordance with the law.

 

		h.	The grant’s recipient is obligated to file a final financial report approved by an accountant
on its behalf in a format acceptable to the Office of the Chief Scientist and a final technical report to the approved plan, no
later than 3 months from the date of completion of the approved plan.

 

		i.	The Administration is entitled to demand additional technical reports at any time.

 

		j.	An expense shall not be recognized unless the consideration therefor is paid, except overhead in salaries
item.

 

		k.	In the final financial report only expenses accumulated during the approved research period and paid
no later than 60 days from its termination shall be recognized.

 

		l.	The Administration may demand interest and linkage differentials as provided by law on any sum due
to it from the recipient of the grant.

 

    	 

    	 

    

 

		9.	The abovementioned terms do not derogate from any statute and law applicable to the grant for this
file.

 

		10.	We hereby undertake to comply with intellectual property laws as shall be practiced in Israel from
time to time, and we consent that if we are convicted for violation of any of the intellectual property laws the Administration
shall be entitled to retrospectively terminate any benefit granted by you, including grant, loan, benefit or any other financial
advantage, or any part of such benefit, and demand their repayment including interest and linkage differentials, according to the
law.

 

Signature
confirmation for the company

 

The undersigned accountant
Eitan Kyeit hereby confirms that PolyPid Ltd. is lawfully registered in Israel; that Messrs. Weisberg and Emanuel
who have signed this agreement on its behalf, have signed it before me and are authorized to do so on its behalf; that their signature
on this agreement binds the company.

 

	5/7/14	 	/s/ Eitan Kyiet
	Date	 	Signature and stamp 
	 	 	 

 

	/s/ Amir Weisberg	 	Amir Weisberg	 	CEO	 	 
	 	 	 	 	 	 	 
	/s/ Noam Emanuel	 	Noam Emanuel	 	CTO	 	[company stamp]
	 	 	 	 	 	 	 
	Signature	 	Name	 	Position	 	Company’s stampExhibit 10.18

 

[Free Translation
from Hebrew]

 

State of Israel

Ministry of
Trade and Industry

Industrial Research
and Development Administration

Office of Chief
Scientist

 

Jerusalem, __________

To

Company's CEO

PolyPid Ltd.

20 Hamagshimim St.

Petah Tikva 49348

Fax no. 972-74-7195718

 

Dear Sir / Madam,

 

Subject: Product
for controlled ongoing release of growth factors

Meeting no.
10/2014 (m) held on 04/07/2014 (File 52265)

 

We hereby inform you that the
research committee, by virtue of its authority according to Article 17 of the Law for the Encouragement of Research and Development
in the Industry, 5744-1984 (hereinafter: the “R&D Law”), has resolved:

 

To approve the program with
a budget of up to NIS 1,124,037, and with a grant rate of 30%.

 

Tasks 1,2,3,6 and part of
task 5 have been budgeted.

 

Payment of royalties out
of all income derived from products for controlled ongoing release of growth factors for the treatment of bone traumas and bone
illness and other applications of the platform with proteins and other molecules.

 

Budget cap amount may be reduced
as a result of adjustments to conform to budgeting regulations.

For your information, the program
approval is limited to the approved budget for the foregoing file, and solely for this research and development period. Additional
approvals, for this program or other programs, for the coming years, shall be examined in comparison to the research plans brought
forward to the research committee in the relevant year.

Once you prove that all conditions
set forth by the committee and/or requirements stemming from the financial examination, if any, have been fulfilled, you shall
be summonsed to sign a budget document and letter of undertaking.

The procedure shall be completed
within two months commencing from the day of approval by the committee, otherwise the approval shall terminate, and we shall be
free to allocate the budget for other purposes.

 

	 	Sincerely,
	 	 
	 	/s/ Abraham Gross
	 	Abraham Gross
	 	Committee Member- Vice Chief Scientist

 

Please note:

Pre-conditions and/or signing on budget and
undertakings, Ms. Shulamit Butbul, tel: 02-6662514

Copy: Ora Dar, Field Head

Shulamit Drukman, Professional Examiner

 

    	 

    	 

    

 

[Summary Translation
from Hebrew]

 

This page forms an
integral part of the letter of approval

 

Details of the budget
for research and development in the matter of: Product for controlled ongoing release of growth factors

Performance period
commencing 01/01/2014 until 12/31/2014

 

Budget page version
1.1

 

Request date

 

Date of latest update
04/24/2014

 

	 	File number:	52265
	 	Preparation Date:	04/24/2014
	 	Company	PolyPid
	 	Company Number	7262

 

	A. Human Resources	 	 
	Total Human Resources	 	558,045
	 	 
	B. Materials and consumable tools	 	 
	Total Materials	 	124,000
	 	 
	C. Subcontractors	 	 
	Total Subcontractors	 	367,240
	 	 
	D. Approved Equipment 	 	 
	Total	 	34,751
	 	 	 
	E. Miscellaneous	 	 
	Total	 	40,000
	 	 
	 	 	Total in NIS 1,124,037
	 	 	Grant 30% 337,211

 

Notes:

A. The person
performing the research shall be entitled to payments only with respect to expenses made and registered in a special account (including
registration of work hours of the researchers working in this research), and in accordance with the budget instructions of the
Office of the Chief Scientist at the Ministry of Trade and Employment.

 

B. This budget
page is in effect only after signing the letter of approval.

 

Signature:

 

	 	/s/ David Lavie 	 	/s/ Amir Weisberg	 	05/05/14	 
	 	Office	 	Company	 	Date	 

 

    	 

    	 

    

 

[Free Translation
from Hebrew]

 PolyPid
Ltd.

Number at the registrar
of companies: 514105923

 

	 	Date: 05/11/14
	 	 
	 	Company: 7262

 

To

 

Industrial Research and Development Administration,
Office of Chief Scientist

Ministry of Industry, Trade and Employment

5 Bank Israel, PO Box 3166

Jerusalem

 

Dear Sir,

 

Re: Undertaking
Letter and Notice re Commencement of Performance of Approved R&D Plan

Subject: Product
for controlled ongoing release of growth factors

File Number: 52265

 

We hereby inform
you that we commenced performing the approved plan, according to the referenced approval letter on 01/01/2014.

 

		1.	We declare and undertake to comply with all the provisions of the Law for the Encouragement of
Research and Development in Industry 5744-1984 (hereinafter the “Law”), and including:

 

		a.	The obligation not to transfer to another the knowledge, the rights on the knowledge and the manufacturing
rights deriving from the research and development without the approval of the research committee.

 

		b.	To pay royalties and file all reports according to the Law and the Regulations for the Encouragement
of Research and Development in Industry (Rate of Royalties and Rules for their Application), 5756-1996 (hereinafter the “Royalties
Regulations”) and the procedures of the Industrial Research and Development Administration (hereinafter the “Administration”).

 

		2.	We declare that we have read all instructions and procedures for financial reporting for R&D
purposes and we will comply with them, including in connection with the computerized system for the reporting on hours in assignment
to tasks.

 

		3.	We consent to the attribution of this file numbered: 52265 to plan 44765

Subject: Product for controlled
ongoing release of medication for the treatment of bone infection and bone illness.

 

		4.	Additional undertakings:

(A) We have been informed
of the amendment to royalties as published in the 'regulations file 5759' dated 3.12.1988 page 110 (file 5939). Pursuant to the
amendment thereof, the research grants shall be linked to the dollar and shall bear annual interest at the Libor rate.

(B) Additional Undertakings:

Payment of royalties out of
all income derived from products for controlled ongoing release of medication for the treatment of bone infection and bone illness
and other applications of the platform.

 

		5.	We hereby declare that we have separated and distinguished account/s in the framework of our financial
bookkeeping for the purpose of performing this plan. The recordings made in the account/s are direct, chronological, primary, systematic
and only according to documentation.

 

    	 

    	 

    

 

		6.	We hereby declare that we are aware that the referenced grant shall be paid subject to the terms of
the approval and according to the Administration’s procedures.

 

		7.	The attached budget, including its details, terms and appendices constitutes a binding framework.
Expenses deviating from this detailed framework will not be recognized, unless under the approval of the Administration.

 

		8.	Procedures:

 

		a.	The company shall not be entitled to advancement, and all payments shall be in accordance with the
financial report.

 

		b.	Any additional payment shall be executed according to a detailed financial report which corresponds
to the Administration’s procedures. Payment shall be made after review of the aforesaid report. The grant’s recipient
is obliged to file a financial report once every three months and a technical report at least once every half a year, and this
on the Administration’s forms or in the same format.

 

		c.	The truthfulness of the financial report shall be confirmed by an authorized representative of the
company, and documents witnessing actual payments to subcontractors shall be attached, if such expense is reported.

 

		d.	Any payment with respect to the approved grant shall be considered as advanced payment only until
the approval of the final report. Until the final report, no more than 90% (including ongoing advancements) shall be paid from
the lower of the budgeted grant or the expense in the financial report. The remaining balance shall be paid only following receipt
of a final financial report and a final technical report together with confirmation from an accountant on behalf of the company.
The payment shall be made following examination of the reports by representatives of the Administration.

 

		e.	The company’s books of accounts, including the company’s balance sheets, shall be open
for review of the Administration during a period of 7 years from the commencement of performance of the approved plan, or 6 years
from filing the final financial report, the later of the two.

 

		f.	The Administration will have the right to set off any sum due from the recipient of the support out
of grant approved hereby.

 

		g.	The grant’s recipient is not entitled to stop performing the plan without the prior written
approval from the head of the Administration. If the plan is ceased without such approval, the Administration may and shall be
entitled to demand the return of the grant plus interest and linkage differentials in accordance with the law.

 

		h.	The grant’s recipient is obligated to file a final financial report approved by an accountant
on its behalf in a format acceptable to the Office of the Chief Scientist and a final technical report to the approved plan, no
later than 3 months from the date of completion of the approved plan.

 

		i.	The Administration is entitled to demand additional technical reports at any time.

 

		j.	An expense shall not be recognized unless the consideration therefor is paid, except overhead in salaries
item.

 

		k.	In the final financial report only expenses accumulated during the approved research period and paid
no later than 60 days from its termination shall be recognized.

 

		l.	The Administration may demand interest and linkage differentials as provided by law on any sum due
to it from the recipient of the grant.

 

    	 

    	 

    

 

		9.	The abovementioned terms do not derogate from any statute and law applicable to the grant for this
file.

 

		10.	We hereby undertake to comply with intellectual property laws as shall be practiced in Israel from
time to time, and we consent that if we are convicted for violation of any of the intellectual property laws the Administration
shall be entitled to retrospectively terminate any benefit granted by you, including grant, loan, benefit or any other financial
advantage, or any part of such benefit, and demand their repayment including interest and linkage differentials, according to the
law.

 

Signature
confirmation for the company

 

The undersigned attorney
/ accountant Eitan Kyeit hereby confirms that PolyPid Ltd. is lawfully registered in Israel; that Messrs. Amir
Weisberg who have signed this agreement on its behalf, have signed it before me and are authorized to do so on its behalf;
that their signature on this agreement binds the company.

 

	05/07/2014	 	/s/ Eitan Kyiet
	Date	 	Signature and stamp 

 

 

 

	/s/ Amir Weisberg	 	Amir Weisberg	 	CEO	 	 
	 	 	 	 	 	 	 
	/s/ Noam Emanuel	 	Noam Emanuel	 	CTO	 	[company stamp]
	 	 	 	 	 	 	 
	Signature	 	Name	 	Position	 	Company’s stamp

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00239-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00239-of-00352.parquet"}]]