Document:

Exhibit
4.17

 

EXECUTION
COPY

 

SUPPLY
AGREEMENT

 

FERRER
INTERNACIONAL, S.A.

 

AND

 

CUTANEA
LIFE SCIENCES, INC.

 

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SUPPLY
AGREEMENT

 

This
Supply Agreement (the “Agreement”) is made as of this ____ day of March, 2018 (the “Effective Date”),
by and between Cutanea Life Sciences, Inc., a corporation duly organized and existing under the laws of the State of Delaware
with its principal place of business at 1500 Liberty Ridge Drive, Suite 3000, Wayne, PA 19087 hereinafter referred to as “CUTANEA”),
and Ferrer Internacional, S.A., a Spanish corporation with its principal place of business at Av. Diagonal, 549, 5th
floor, 08029 Barcelona (Spain) (hereinafter indistinctly referred to as “Ferrer” and/or “Supplier”). CUTANEA
and Ferrer taken together hereinafter are referred to as “PARTIES”.

 

WITNESSETH:

 

WHEREAS,
CUTANEA is engaged in the distribution, promotion and sale of certain pharmaceutical, OTC and medical device products and in particular
desires that Ferrer manufacture (directly and/or through a third party) and supply CUTANEA with the “Products” (as
defined below); and

 

WHEREAS,
Ferrer and Medimetriks Pharmaceuticals, Inc. (hereinafter “Medimetriks”) entered into a License and Supply Agreement
dated March 10, 2014, as amended, (hereinafter referred as “LSA”) pursuant to which among other things, Ferrer granted
Medimetriks exclusive commercialization and distribution rights to the Product (as defined in the LSA) throughout the Territory
(as defined in the LSA); and

 

WHEREAS,
with Ferrer’s consent, CUTANEA has acquired and assumed the rights, duties and obligations of Medimetriks under the LSA;
and

 

WHEREAS,
Ferrer desires to manufacture (directly and/or through a third party) and supply CUTANEA with such Products;

 

NOW,
THEREFORE, in consideration of the mutual covenants hereinafter expressed, the Parties, intending to be legally bound hereby,
agree as follows:

 

1.
DEFINITIONS

 

1.1
Act

 

“Act”
means the Federal Food, Drug and Cosmetic Act, as amended, and regulations promulgated hereunder.

 

1.2
Business Day

 

“Business
Day” means any day other than a Saturday, Sunday or other day on which banks in Philadelphia, Pennsylvania and/ or Barcelona,
Spain are permitted or required to close by any applicable law.

 

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1.3
Confidential Information

 

“Confidential
Information” means, other than information described in Section 9.1.2, all business and technical information, including
third party information, in whatever form or manner presented, which is: (a) disclosed by or on behalf of a party (the “Disclosing
Party”) to the other party (the “Receiving Party”) or learned or observed by the Receiving Party before or during
the term of this Agreement; and (b) disclosed during any discussions and proceedings relating to any of the foregoing information,
whether disclosed in oral, electronic, visual, written or any other form. “Confidential Information” shall include
all information of the Disclosing Party that the Disclosing Party would consider confidential or proprietary under the circumstances.
The fact that the Disclosing Party may have marked or identified as confidential or proprietary any specific information shall
be indicative that such Disclosing Party believes such information to be confidential or proprietary, but the failure to so mark
information shall not determine that such information is or is not considered confidential information by such Disclosing Party.

 

1.4
FDA

 

“FDA”
means the United States Food and Drug Administration, or any successor entity thereto.

 

1.5
Forecasted Needs

 

“Forecasted
Needs” means CUTANEA’s estimate of Products (including in trade/sample form) to be ordered from Supplier for the upcoming
rolling [***] period.

 

1.6
Governmental or Regulatory Authority

 

“Governmental
or Regulatory Authority” means governments, regulatory authorities, governmental departments, agencies, agents, commissions,
bureaus, officials, courts, bodies, boards, tribunals or dispute settlement panels or other law, rule or regulation-making organizations
or entities (a) having or purporting to have jurisdiction on behalf of any nation, territory or state or any other geographic
or political subdivision of any of them, or (b) exercising, or entitled or purporting to exercise any administrative, executive,
judicial, legislative, policy, regulatory or taxing authority or power.

 

1.7
Manufacture

 

“Manufacture”
means all the activities relating to production of the Products including packaging and shipment preparation, quality control
and release of Products. All the references contained in this Agreement regarding manufacturing activities shall be deemed rendered
by Supplier, even if performed by its designee (whether in the form of a subcontractor, agent or otherwise). In consequence, all
Manufacturing activities with respect to the Products to be Manufactured hereunder by Supplier shall be carried out by Supplier
(or its designee) at the notified facility and utilizing equipment in the manner set forth in the Specifications, except to the
extent that Supplier receives CUTANEA’s advance written permission to alter the location or specified usage of the equipment
that may be required under the Specifications or the NDA, as applicable.

 

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1.8
Product(s)

 

“Product(s)”
means product(s) as listed from time to time in Schedule A Manufactured by the Supplier (directly or through a third person) to
meet the Specifications (as hereinafter defined); except as otherwise set forth on Schedule A, the Product will be ready for re-sale
by CUTANEA to its customers in finished, final packaged form bearing CUTANEA’s labels, it being understood that, after generic
competition of the Product enters the market in the United States of America including Puerto Rico and the U.S. Virgin Islands,
CUTANEA will be permitted to place orders for Product under a generic label. The term “Generic” shall be interpreted
as defined under Section 1.17 of the LSA.

 

1.9
Specifications

 

“Specifications”
means, with respect to the Products, the critical quality standards that include test attributes, analytical procedures, and appropriate
acceptance criteria and Manufacturing procedures for which such Product should conform to be considered acceptable for its intended
use and conform to quality standards approved by Governmental and Regulatory Authorities and as provided in the NDA for the Products,
and required for the Manufacture and supply of such Product(s).

 

1.10
Supply Price

 

“Supply
Price” means the price to be charged to CUTANEA from time to time by Supplier for Products Manufactured and supplied hereunder,
as set forth in Schedule A.

 

2.
PRODUCT MANUFACTURE AND SUPPLY

 

2.1
Manufacture and Purchase.

 

Subject
to the terms and conditions of this Agreement, Supplier agrees that it will, on a non-exclusive basis (but exclusive for supply
of the Product in the United States of America including Puerto Rico and the U.S. Virgin Islands), Manufacture (directly or through
a designee) for and provide and supply to CUTANEA, and CUTANEA agrees that it will purchase exclusively from Supplier, all of
its requirements of the Products as follows:

 

Supplier
shall supply Products in accordance with the Specifications and in sufficient quantity to meet CUTANEA’s Forecasted Needs
for the length of this Agreement. All deviations from the Specifications must be approved by CUTANEA, in writing, prior to Supplier
Manufacturing the Product.

 

2.2
Raw Materials and Components.

 

As
between Supplier and CUTANEA, Supplier shall be responsible for the supply of all raw materials and components necessary for the
Manufacture of Products at no additional cost to CUTANEA. Supplier (or its designee) shall order the initial components for each
Product as soon as CUTANEA provides Supplier (or its designee) with the relevant artwork for the Product.

 

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2.3
Quality Tests and Checks.

 

In
order to assure the conformity of the Products to the Specifications, the Supplier shall deliver or cause to be delivered to CUTANEA,
at the time of shipment, a certificate of analysis and compliance or other batch documentation upon reasonable request (such as,
deviations, investigations, batch records) with respect to each batch of Product supplied hereunder in the form required by the
Quality Agreement.

 

2.4
Forecasting and Other Obligations.

 

2.4.1
As soon as practicable following execution of this Agreement, but in any event within ten (10) Business Days, CUTANEA agrees to
provide Supplier with a best estimate, non-binding (except for the first six months) forecast of its Forecasted Needs for Products
(including in trade/sample form) for the upcoming rolling 18-month period (the “Forecast”). Thereafter, CUTANEA will
update this rolling [***] Forecast quarterly.

 

2.4.2
With regards to the FDA Fees, CUTANEA shall maintain the NDA for the Products and pay, from time to time, all required FDA filing
and related Product fees.

 

2.4.3
CUTANEA shall notify Supplier within one Business Day, after it receives any materially adverse contact or communication from
any Governmental or Regulatory Authority that relates to any Product. Supplier shall notify CUTANEA as soon as reasonably possible
after it receives any materially adverse contact or communication from any Governmental or Regulatory Authority that relates to
any Product and may reasonably be expected to affect patient safety. For matters that would not reasonably be expected to affect
patient safety, Supplier shall notify CUTANEA of such communications in its discretion.

 

2.4.4
CUTANEA shall provide Supplier with copies of all communications received from or sent to any Governmental or Regulatory Authority
with respect to any Product within three business days after receipt or sending of the communication, as the case may be (subject
to confidentiality and privilege restrictions, if any). CUTANEA shall consult with Supplier regarding the response to any inquiry
or observation from a Governmental or Regulatory Authority relating to a Product. CUTANEA shall consider all reasonable requests
and comments by Supplier with respect to all contacts and communications with a Governmental or Regulatory Authority.

 

2.5
Purchase Orders.

 

2.5.1
CUTANEA agrees to purchase from Supplier all Products Manufactured for CUTANEA in accordance with valid CUTANEA Purchase Orders
pursuant to the terms of this Agreement and provided that such Products meet the Specifications approved by CUTANEA.

 

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2.5.2
During the term of this Agreement, CUTANEA will order Product(s) by issuing firm Purchase Orders not less than [***] business
days before the requested delivery date(s) of such Product(s), and Supplier shall provide approval of the Purchase Order by the
Supplier within five (5) business days following the Purchase Order reception, such approval signifying Supplier’s commitment
to deliver such Product(s) on the requested deliver date(s), it being understood that Supplier must accept a Purchase Order for
delivery of Product not less than [***] business days before the requested delivery date when included in the first [***] of the
Forecasted Needs. Each purchase order shall set forth the Product for which the purchase order is being issued, the quantity being
ordered (in trade/sample form), the Supply Price for the Product(s) being ordered and the requested delivery date for the Product
being ordered, and the locations to which such quantities shall be delivered.

 

2.5.3
Within ten (10) Business Days following this Agreement becoming effective and thereafter on or before the last day of each calendar
quarter, CUTANEA shall provide Supplier with specific data as to its Forecasted Needs for such Product (including in trade/sample
form) for the following rolling [***]. Supplier will use commercially reasonable efforts to deliver Product to CUTANEA with minimum
expiry dating remaining of [***]% of the approved shelf-life.

 

2.5.4
CUTANEA’s purchase orders shall designate the desired quantities of Products, delivery dates and destinations. Supplier
shall fill and ship all orders of Products in accordance with CUTANEA’s reasonable written instructions. CUTANEA’S
purchase order may specify up to three (3) shipping destinations per batch of Product but will be in full pallet quantities. Additional
destinations can be accommodated only upon CUTANEA payment of a shipping preparation fee to be negotiated by Supplier and CUTANEA.

 

2.6
Acceptance / Rejection of Products.

 

2.6.1
All Products shall be submitted to inspection and evaluation by or on behalf of CUTANEA to determine whether or not said Products
meet the Specifications. CUTANEA will provide in good faith written acceptance of a batch of Product or written notification of
any deficiencies within two (2) Business Days after receipt of the Certificate of Analysis for the Product batch. Written acceptance
of a batch of the applicable Product is required as a condition to the delivery of Product to Cutanea’s designated shipping
agent in accordance with Section 3. If for any reason Supplier does not receive any such notification within such two (2) Business
Day period, Supplier will promptly notify CUTANEA of such fact and CUTANEA will as soon as practicable and, in any event within
another two (2) Business Days thereafter provide such written notice to Supplier and be responsible for any storage or similar
charges that Supplier may incur for not delivering such Product. The lack of reception of such written acceptance within the second
two (2) Business Day period shall be deemed as the batch is accepted. If, once the Product is delivered, CUTANEA determines that
there is any deficiency with respect to any Product, CUTANEA will notify Ferrer of such claim within fifteen (15) Business Days
of delivery of the Products. Each such notice of rejection to Supplier shall specify in reasonable detail the ways in which the
Product batch failed to meet Specifications. CUTANEA shall grant to Supplier (or its designee) the right to inspect or test said
Product batch and dispute CUTANEA rejection according to the provisions provided in this Section 2.6. In the event that Supplier
disagrees with CUTANEA’s defective Product claim, the issue shall be submitted to a mutually agreed upon independent third
party laboratory, whose decision shall be final and binding upon the Parties. The costs arising from the laboratory’s intervention
and the costs of the replaced Products (including return and destruction costs of the defective Products) shall be borne by the
Party whose results were mistaken. As to any such Product batch which is determined to fail the Specifications (“Rejected
Product”), CUTANEA shall have no obligation to pay for such Rejected Product and Supplier shall replace such Rejected Product
as soon as possible and no later than ninety (90) days thereafter.

 

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2.6.2
In the event of a conflict between the test results of Supplier and the test results of CUTANEA with respect to any shipment of
Product batch, within thirty (30) days following receipt by Supplier of CUTANEA’s notice of rejection, sample of such Product
batch shall be submitted by Supplier (and/or its nominee) to an independent laboratory designated by Supplier (and/or its nominee)
and reasonably acceptable to CUTANEA, which shall perform an assessment and whose findings shall be conclusive. The cost of the
assessment shall be borne by (i) CUTANEA if the findings indicate the Product met all Specifications or (ii) Supplier (or its
nominee) if the findings indicate the Product failed to meet any Specifications.

 

2.7
Supply Price.

 

The
initial Supply Price for each Product (commercial trade and sample units) to be paid by CUTANEA to Supplier are listed in Schedule
A. These Supply Prices are for finished forms of the Products [***] (except as otherwise set forth herein).

 

2.8
Quality Agreement.

 

The
Parties shall enter into a Quality Agreement for the Products. If there is any conflict between this Agreement and the Quality
Agreement solely with respect to quality assurance matters, the Quality Agreement will prevail, and with respect to all other
matters, this Agreement will prevail.

 

2.9
Pharmacovigilance Agreement.

 

The
Parties shall enter into a pharmacovigilance agreement with respect to the Products (the “Pharmacovigilance Agreement”).
If there is any conflict between this Agreement and the Pharmacovigilance Agreement solely with respect to adverse events and
patient safety, the Pharmacovigilance Agreement will prevail, and with respect to all other matters, this Agreement will prevail.

 

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2.10
Failure to Supply.

 

2.10.1
Supplier will promptly notify CUTANEA in writing in the event that Supplier is unable or anticipates that it will be unable to
supply compliant Products in accordance with the requirements of this Agreement (each a “Failure to Supply”). Supplier
undertakes to implement appropriate methods to ensure consistency of supply of the Product for the Territory throughout the Term
of the Agreement, including but not limited to using its commercially reasonable efforts to qualify an alternative site owned
or operated by Supplier or its Affiliates to Manufacture the Product and obtain approval thereof from the FDA and, if necessary
the possible qualification of alternate sources of supply by

 

Supplier.
CUTANEA shall be entitled to propose to Supplier such alternate sources of supply if Supplier has not taken any steps to qualify
such alternate supplier before the Failure to Supply, and Supplier shall evaluate in good faith the proposal from CUTANEA. Should
the Parties agree to such qualification as a remedy to a Failure to Supply, then Supplier will grant any necessary licenses and
conducting technology transfer as reasonably necessary to enable such alternate supplier to Manufacture the Product during Supplier’s
Failure to Supply.

 

2.10.2
If Supplier fails to supply all or part of any shipment of Products ordered by CUTANEA on the delivery date specified on the applicable
purchase order for such shipment, in addition to any other remedies the CUTANEA may have, CUTANEA at its sole discretion, may
require Supplier to supply the undelivered Products at a future date agreed upon by CUTANEA and Supplier, but nonetheless such
Products shall count toward any binding purchase obligation of CUTANEA, whether as part of the Forecast or otherwise.

 

3.
SHIPMENT AND RISK OF LOSS

 

Supplier
shall ship the Products ordered by CUTANEA hereunder [***]. Title to, and risk of loss for, Product, shall transfer from Supplier
to CUTANEA upon [***]. [***].

 

4.
TERM AND TERMINATION

 

4.1
Term.

 

This
Agreement comes into force as of the Effective Date and shall remain valid during the term of the LSA. In consequence, if the
LSA to be signed by the Parties is terminated for any reason whatsoever, the present Agreement will automatically terminate and
be extinguished.

 

4.2
Termination.

 

This
Agreement may be terminated at any time upon the occurrence of any of the following events:

 

4.2.1
The failure of either party to comply with its obligations herein, which failure is not remedied within forty-five (45) calendar
days after receipt by the breaching party of written notice of such default.

 

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4.2.2
Either party may terminate this Agreement immediately by giving the other party written notice thereof in the event such other
party in the event of (a) a voluntary assignment by the other party for the benefit of creditors; (b) the institution of voluntary
proceedings by the other party in bankruptcy, insolvency, moratorium or for a receivership, or for a winding-up or for the dissolution
of the other party; or (c) the taking of any action by the other party under any statutory act for relief from creditors, to the
extent permitted by applicable Law.

 

4.2.3
The LSA is terminated or expires for any reason.

 

4.3
Additional Rights and Remedies.

 

Termination
under this Section 4 shall be in addition to the other rights and remedies of the terminating party as specified herein.

 

4.4
Return of Materials.

 

Upon
the expiration or termination of this Agreement for any reason whatsoever, Confidential Information of either party delivered
to the other pursuant to this Agreement, including all formulae for the Products, shall promptly be collected and returned in
whatever form it may exist.

 

Upon
the effective date of expiration or termination of this Agreement for any reason whatsoever, Supplier shall deliver to CUTANEA
all Products Manufactured hereunder under valid Purchase Orders and shall invoice CUTANEA for such Products. Subsequent to the
expiration or termination of this Agreement, the Parties shall continue to be responsible for rejected Products in accordance
with the terms of this Agreement.

 

4.5
Survival.

 

Termination
or expiration of this Agreement shall not relieve either party of obligations or liability for breaches of this Agreement incurred
prior to or in connection with termination or expiration. Sections 4.3, 4.4, 5, 6, 8.4, 9, 10, and 12 hereof and this Section
4.5 shall survive the termination or cancellation of this Agreement for any reason along with Section 1 and any other section
of this Agreement to the extent necessary to interpret the other surviving sections of this Agreement.

 

5.
WARRANTIES

 

5.1
Conformity with Specifications.

 

Supplier
warrants that all Products sold pursuant to this Agreement will have been Manufactured in accordance with the Specifications for
the release of the Product.

 

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5.2
Compliance with the Act.

 

Supplier
shall bear sole responsibility for the validity of all test methods and appropriateness of all Specifications. In addition, Supplier
shall bear sole responsibility for all regulatory approvals, filings, and registrations and adequacy of all validation, stability,
and preservative efficacy studies including responsibility for adequacy of all validation, stability, and preservative effectiveness
studies performed by Supplier on behalf of CUTANEA. Supplier warrants that it has obtained and shall maintain any and all necessary
approvals, licenses and permits necessary to perform its obligations under this Agreement. CUTANEA warrants that it has obtained
any and all necessary approvals from all applicable Governmental or Regulatory Authorities necessary to distribute all Products
under this Agreement.

 

5.3
Conformity with FDA Regulations and cGMPs.

 

Subject
to CUTANEA’s compliance with the provisions set forth in Section 5.2 and Section 5.4 hereof, Supplier warrants that all
Products Manufactured, held for sale, sold and shipped pursuant to this Agreement shall have been Manufactured and shipped by
Supplier in compliance with applicable FDA regulations and current Good Manufacturing Practices as that term is defined under
the Act.

 

5.4
Compliance of Packaging and Labeling with Laws and Regulations.

 

CUTANEA
warrants that all labeling copy and other material developed or produced by CUTANEA for use in connection with the Products and
artwork approved, designated or supplied by CUTANEA shall be in compliance with all applicable laws and governmental regulations.
Compliance with all federal, state, and local laws and regulations concerning Specifications for packaging and labeling provided
by CUTANEA shall be the sole responsibility of CUTANEA. Supplier warrants that all packaging and labeling services performed hereunder
will be in accordance with CUTANEA’s Specifications. CUTANEA hereby warrants to Supplier that, to CUTANEA’s knowledge,
all CUTANEA labeling and artwork related to the Product do not violate or infringe any patent, copyright or trademark laws, and
agrees to indemnify Supplier, its employees, officers, directors and representatives for any claim, loss or damage including reasonable
attorney’s fees paid or incurred by any of them in connection therewith.

 

5.5
Access to Supplier’s Facilities.

 

5.5.1
Access. Supplier shall use its commercially reasonable efforts to permit CUTANEA to have access to Supplier’s (and
its agents’ and subcontractors’) facilities upon reasonable notice, during normal business hours for any reasonable
purpose, including compliance with current Good Manufacturing Practices and the Act. Such access shall in no way give CUTANEA
the right to any of Supplier’s confidential or proprietary information not related to this Agreement or used in the Manufacture
of any Product.

 

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5.5.2
Audit. Without limiting the generality of the foregoing, but subject to the Quality Agreement, Supplier shall use its commercially
reasonable efforts to permit CUTANEA to conduct, once annually during the Term, one quality assurance and Manufacturing costs
audit for any reasonable purpose, including access to those portions of Supplier’s (and its agent’s and subcontractor’s)
facilities where services are conducted under this Agreement, upon reasonable advance notice and at reasonable times during regular
business hours (an “Annual Audit”). Supplier shall not charge CUTANEA for time and expenses incurred by Supplier (or
its agents and subcontractors) in connection with an Annual Audit. For purposes of this subsection, CUTANEA shall ensure that
its duly authorized agents and representatives involved in the audit have signed or are otherwise bound to maintain the confidentiality
of Confidential Information learned as a result of the audit in accordance with Section 9 and CUTANEA shall be liable for any
breach of such obligation by such agents or representatives.

 

5.6
Patent and Other Intellectual Property Rights.

 

Supplier
represents and warrants to CUTANEA that, as of the Effective Date, to the best of Supplier’s knowledge, information and
belief, Supplier is not infringing (and does not guarantee that under its knowledge is infringing) upon any Third Party patent
or the intellectual property rights of any Third Party relating to the Products. In addition, Ferrer can make no representations
or warranties regarding any possible future infringement of Supplier Patent by a Third Party nor guarantee that the Products do
not infringe future patents and/or any intellectual property right of a Third Party.

 

5.7
Disclaimer.

 

EXCEPT
AS OTHERWISE EXPRESSLY SET FORTH IN THIS AGREEMENT, SUPPLIER MAKES NO REPRESENTATIONS AND EXTENDS NO WARRANTIES OF ANY KIND, EITHER
EXPRESS OR IMPLIED, INCLUDING ANY EXPRESS OR IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. EXCEPT
AS OTHERWISE EXPRESSLY SET FORTH IN THIS AGREEMENT, IN NO EVENT WILL EITHER PARTY BE LIABLE FOR ANY SPECIAL, INDIRECT, CONSEQUENTIAL,
OR INCIDENTAL DAMAGES, INCLUDING LOST PROFITS, HOWEVER CAUSED AND ON ANY THEORY OF LIABILITY, ARISING IN ANY WAY OUT OF THIS AGREEMENT.
THIS LIMITATION OF LIABILITY WILL APPLY EVEN IF A PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, AND NOTWITHSTANDING
ANY FAILURE OF ESSENTIAL PURPOSE OF ANY LIMITED REMEDY PROVIDED HEREIN.

 

5.8
Debarment.

 

5.8.1
Each of the parties, to the best of its knowledge, hereby represents, warrants, certifies and covenants that it is not debarred
under Section 306 of the Act or similar local law. In the event that a party becomes debarred, the debarred party agrees to notify
the other party immediately if the same affects Supplier’s ability to lawfully supply the Products or CUTANEA’s ability
to lawfully purchase the Products.

 

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5.8.2
Each of the parties represents, warrants, certifies and covenants that to the best of its knowledge it has not and will not use
in any capacity the services of any individual, corporation, partnership, or association which has been convicted or debarred
under Section 306 of the Act or similar local law. In the event that a party becomes aware of or receives notice of the conviction
or debarment of any individual, corporation, partnership, or association providing services to such party, which relates to the
execution or performance of this Agreement, Supplier agrees to notify CUTANEA immediately.

 

6.
PRODUCT RECALLS

 

6.1
Initiating and Effecting Recall.

 

Supplier,
as the NDA holder for the Product, shall make all decisions with respect to any complaint or “adverse drug experience”,
or any recall, market withdrawal or any other corrective action related to any Product. Supplier shall be responsible for processing
and submitting to the applicable authorities or agencies all reports of adverse drug experiences and Product complaints in accordance
with applicable Acts. Supplier shall investigate all complaints associated with the Manufacture, safety or efficacy of the Product.
CUTANEA shall notify Supplier in accordance with the terms of the Quality Agreement and the Pharmacovigilance Agreement of any
complaints received by CUTANEA concerning any Products.

 

6.2
Implementation of Recall.

 

Supplier
shall implement recalls of Products from the market or other corrective actions related to the Product. CUTANEA shall assist Supplier,
to the extent necessary or relevant, in implementing withdrawals or recalls of Products from the market or other corrective actions
related to Products. Upon the receipt by either party of any direction to withdraw or recall any Product from the market from
any Governmental or Regulatory Authority having jurisdiction, the receiving party shall notify the other party as soon as practicable
in accordance with the terms of this Agreement and the Quality Agreement. With respect to notice to CUTANEA, it should be sent
to [              ].com or via phone at [            ]. To the extent any seizure, withdrawal, recall (whether voluntary or involuntary), or corrective
action with respect to any Product (collectively, “Product Action”) results from the adulteration or contamination
(other than any naturally occurring contamination that can be traced back to the Manufacturing process) of Product while in the
care and custody of CUTANEA, CUTANEA shall be responsible for the costs of the Product Action. Otherwise, Supplier shall be responsible
for all of the costs of the Product Action.

 

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	[***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.

    	 	 	 

    

 

7.
FORCE MAJEURE

 

The
occurrence of an event which materially interferes with the ability of a party to perform its obligations or duties hereunder
which is not within the reasonable control of the party affected (or in the case of Supplier, any current manufacturer of the
Product) not due to the affected party’s malfeasance, and which could not with the exercise of reasonable due diligence
have been avoided (“Force Majeure”), including, but not limited to, fire, accident, labor difficulty, strike, riot,
terrorism, civil commotion, act of God, delay or errors by shipping companies or change in Law, Governmental or Regulatory Authority
action or inaction, shall not excuse such party from the performance of its obligations or duties under this Agreement, but shall
merely suspend such performance during the continuation of Force Majeure. The party prevented from performing its obligations
or duties because of Force Majeure shall promptly notify the other party hereto (the “Other Party”) of the occurrence
and particulars of such Force Majeure and shall provide the Other Party, from time to time, with its best estimate of the duration
of such Force Majeure and with notice of the termination thereof. The party so affected shall use its commercially reasonable
efforts to avoid or remove such causes of nonperformance. Upon termination of Force Majeure, the performance of any suspended
obligation or duty shall promptly recommence. Neither party shall be liable to the other party for any direct, indirect, consequential,
incidental, special, punitive or exemplary damages arising out of or relating to the suspension or termination of any of its obligations
or duties under this Agreement by reason of the occurrence of Force Majeure.

 

8.
CHANGES

 

8.1
Changes by CUTANEA.

 

Any
changes to the Specifications requested by CUTANEA must be approved by Supplier (or its designee) in its reasonable discretion
and shall be incorporated and all costs and expenses associated with such changes shall be borne by CUTANEA.

 

8.2
Changes by Supplier.

 

Any
changes to the Specifications requested by Supplier must be notified to CUTANEA in advance to its implementation, and shall be
incorporated only after approval of Governmental or Regulatory Authorities. All costs and expenses associated with such changes
shall be borne by Supplier.

 

8.3
Changes by Governmental or Regulatory Authorities.

 

The
costs and expenses of any changes to the Specifications requested by any Governmental or Regulatory Authority shall be borne by
Supplier unless the change, in the opinion of the JSC (as that term is defined in the LSA), entails a benefit to CUTANEA, in which
case the costs arising from the changes and its implementation shall be borne by CUTANEA.

 

8.4
Obsolete Inventory.

 

Any
CUTANEA-specific inventory including, but not limited to, raw materials, work-in-process, packaging and finished goods rendered
obsolete as a result of Supplier’s supplier minimum order quantities that exceed the binding quantities of Product of Forecasted
Needs, formula, artwork or packaging changes not requested by CUTANEA or by changes required by any Governmental or Regulatory
Authority shall be destroyed in accordance with all applicable laws and regulations and Supplier shall indemnify CUTANEA for any
liability, costs or expenses, including attorney’s fees and court costs, relating to Supplier’s failure to dispose
of such inventory in accordance with such laws and regulations. Supplier shall also provide CUTANEA with all manifests and other
applicable evidence of proper destruction as may be requested by CUTANEA or required by applicable laws and regulations. Any other
materials rendered obsolete that are not result of Supplier’s supplier minimum order quantities that exceed the binding
quantities of Product of Forecasted Needs, formula, artwork or packaging changes requested by CUTANEA shall be reimbursed to Supplier
by CUTANEA.

 

    13
	[***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.

    	 	 	 

    

 

9.
CONFIDENTIAL INFORMATION: INTELLECTUAL PROPERTY RIGHTS

 

9.1
Confidential Information.

 

9.1.1
All Confidential Information furnished by the Disclosing Party during the term of this Agreement shall be kept confidential and
not used by the Receiving Party, except for purposes authorized by this Agreement, and shall not be disclosed to any person or
firm, unless previously authorized in writing to do so, during the term of this Agreement and for an indefinite period thereafter.
The Receiving Party may, however, disclose the same to its responsible officers and employees who require said information in
order to perform such party’s obligations under this Agreement, provided that said officers and employees shall have assumed
like obligations of confidentiality.

 

9.1.2
Any other provisions hereof to the contrary notwithstanding, it is expressly understood and agreed by the Parties hereto that
the obligations of confidence and nonuse herein assumed shall not apply to any information which may be demonstrated by documented
means of sufficient evidence that:

 

(1)
is at the time of disclosure or thereafter becomes a part of the public domain through no fault, omission or other act of the
Receiving Party or any individual or entity receiving such information, directly or indirectly, from the Receiving Party; or

 

(2)
was otherwise in the Receiving Party’s lawful possession with no obligation or duty to maintain the confidentiality thereof
prior to disclosure as shown by its written record; or

 

(3)
is hereafter disclosed to the Receiving Party by a third party lawfully entitled to possession of such Confidential Information
and under no obligation or duty of confidentiality; or

 

(4)
is released from a confidential status by Disclosing Party as evidence by an instrument or agreement duly executed by Disclosing
Party; or

 

(5)
is required to be disclosed pursuant to regulatory or legal requirements, provided that the Receiving Party provides reasonable
advance notice to the Disclosing Party and the Receiving Party reasonably cooperates with the Disclosing Party to obtain confidentiality
protection of such information.

 

    14
	[***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.

    	 	 	 

    

 

9.1.3
The Receiving Party agrees that money damages would not be a sufficient remedy for any breach of the confidentiality obligations
hereunder and that, in addition to all other remedies, the Disclosing Party will be entitled to seek injunctive or other equitable
relief as a remedy for any such breach by the Receiving Party without having to post a bond. The Receiving Party will notify the
Disclosing Party in writing immediately upon the occurrence of any unauthorized release of Confidential Information or other breach
of the confidentiality obligations hereunder of which it is or becomes aware.

 

9.2
Intellectual Property.

 

Except
as the Parties may otherwise expressly agree in writing, each party shall continue to own its existing patents, trademarks, copyrights,
trade secrets and other intellectual property (“Intellectual Property”), without conferring any interests therein
on the other party. Neither party shall acquire any right, title or interest in the other’s Intellectual Property by virtue
of this Agreement or otherwise, except to the extent expressly provided herein.

 

9.3
Publicity and SEC Filings.

 

The
Parties agree that, unless mutually agreed by the Parties in writing otherwise, no public announcement or press release regarding
the execution of this Agreement shall be made. Notwithstanding anything to the contrary contained herein, each party agrees that
it shall cooperate fully and in a timely manner with the other with respect to all disclosures required to be made to the SEC
or any other Governmental or Regulatory Authority, including providing written notice to the other party and sufficient time to
review and request confidential treatment of Confidential Information of either party included in any such disclosure.

 

10.
INDEMNIFICATION

 

10.1
Indemnification by Supplier.

 

Supplier
shall indemnify, defend and hold CUTANEA harmless from any and all losses, damages, liabilities, costs, charges, expenses, including,
without limitation, court fees and reasonable lawyers’ fees and other legal expenses (collectively, “Losses”)
to which CUTANEA may become subject as a result of any claim, complaint, suit, demand, action or other proceeding by any Third
Party (collectively “Claims”), to the extent such Losses arise out of or in connection with: (i) the development,
use, Manufacturing, storage, handling or distribution of the Products by Supplier or any of its Affiliates or contract suppliers
of Products; (ii) the negligence or willful misconduct of Supplier or any of its Affiliates or contract suppliers of Products;
or (iii) a breach or non-fulfilment by Supplier of its obligations according to this Agreement and/or any law in force; or (iv)
a breach by Supplier of any warranty, representation, covenant or agreement made by it in this Agreement; except, in each case,
to the extent such Losses result from (a) the negligence or willful misconduct of CUTANEA or (b) the breach by CUTANEA of any
warranty, representation, covenant or agreement made by it in this Agreement and to the extent that such negligence, willful misconduct
or breach it is stated by a final court decision. Notwithstanding the foregoing, Supplier shall have no obligation to indemnify
CUTANEA for reasonable lawyers’ fees and other legal expenses incurred by CUTANEA after Supplier has taken over the defense
of such claim, “Action or Proceeding” in accordance with Section 10.3 unless and then only to the extent otherwise
agreed to in advance in writing by Supplier.

 

    15
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10.2
Indemnification by CUTANEA.

 

CUTANEA
shall indemnify, defend and hold Supplier harmless from any and all Losses, to which Supplier may become subject as a result of
any Claim to the extent such Losses arise out of or in connection with: (i) the development, use, storage, handling, distribution,
marketing or selling of the Products by CUTANEA and its Affiliates; (ii) the negligence or willful misconduct of CUTANEA and its
Affiliates; (iii) the breach or non-fulfilment by CUTANEA of its obligations according to this Agreement and/or any law in force;
or (iv) a breach by CUTANEA of any warranty, representation, covenant or agreement made by it in this Agreement; except, in each
case, to the extent such Losses result from: (a) the negligence or willful misconduct of Supplier (b) the breach by Supplier of
any warranty, representation, covenant or agreement made by it in this Agreement and to the extent that such negligence, willful
misconduct or breach it is stated by a final court decision. Notwithstanding the foregoing, CUTANEA shall have no obligation to
indemnify Supplier for reasonable lawyers’ fees and other legal expenses incurred by Supplier after CUTANEA has taken over
the defense of such claim, “Action or Proceeding” in accordance with Section 10.3 unless and then only to the extent
otherwise agreed to in advance in writing by CUTANEA.

 

10.3
Assertion of Claim.

 

In
the event that any claim is asserted against any party hereto, or any party hereto is made a party defendant in any action or
proceeding, and such claim, action or proceeding (which shall mean any action, claim, suit, proceeding, arbitration or Governmental
or Regulatory Authority action, notification, investigation or audit, hereinafter referred to as an “Action or Proceeding”)
involves a matter which is subject to a claim for indemnification under this Section, then such party (an “Indemnified Party”)
shall promptly give written notice to the other party or parties (the “Indemnifying Party”) of such claim, Action
or Proceeding. If the Indemnifying Party agrees in writing to be bound by and to promptly pay the full amount of any final judgment
from which no further appeal may be taken (or otherwise confirms its indemnification obligation responsibility to the satisfaction
of the Indemnified Party) and if the Indemnified Party is reasonably assured of the Indemnifying Party’s ability to satisfy
such agreement, then such Indemnifying Party shall take over the defense of such claim, Action or Proceeding, except that, in
such case, the Indemnified Party shall have the right to approve any attorney or counsel selected by the Indemnifying Party (which
approval shall not be unreasonably delayed or withheld) and to join in the defense of said claim, Action or Proceeding at its
own cost and expense. In no event shall the Indemnifying Party settle any such claim or potential claim, Action or Proceeding
without the prior written consent of the Indemnified Party, which consent shall not be unreasonably withheld.

 

    16
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10.4
Insurance.

 

10.4.1
Each of Supplier and CUTANEA shall maintain and keep in force at its sole cost and expense throughout the Term of this Agreement
and for three years following the effective date of expiration or termination hereof (if such policies are on a claims made basis),
Commercial General Liability Insurance from carriers having an A. M. Best rating of A, including Product Recall, Bodily Injury
and Property Damage Insurance, with a combined single limit of not less than $[***] per occurrence and $[***] in the aggregate
annually (this limit can be secured via a combination of primary and excess/umbrella policies). In addition, each of the Parties
shall maintain and keep in force at its sole cost and expense throughout the Term of this Agreement and for three years following
the effective date of expiration or termination hereof (if such policies are on a claims made basis), Product Liability Insurance
from carriers having an A.M. Best rating of A with a combined single limit of not less than $[***] per occurrence and in the aggregate
annually.

 

10.4.2
Each party agrees to provide the other party with a Certificate of Insurance evidencing such coverage, naming the other
party as an additional insured. Each party agrees to give the other party written notice, promptly, of any material change in
or cancellation of coverages or limits. In addition, if and for so long as Supplier utilizes any subcontractor(s) or agents
to provide services hereunder, Supplier will use its commercially reasonable efforts to cause each such subcontractor to
hold, at least, the minimum insurance coverages listed above.

 

11.
REPRESENTATIONS AND WARRANTIES 11.1 Representations by Supplier.

 

Supplier
makes the following representations and warranties and agrees to notify CUTANEA immediately upon any future breach of these representations
and warranties:

 

11.1.1
Organization of Supplier. Supplier is a Spanish corporation, duly organized, validly existing and in good standing under
the laws of its jurisdiction of organization.

 

11.1.2
Enforceability of this Agreement. The execution and delivery of this Agreement has been authorized by all requisite corporate
action on the part of Supplier. This Agreement is and will remain a valid and binding obligation of Supplier, enforceable in accordance
with its terms, subject to laws of general application relating to bankruptcy, insolvency and the relief of debtors.

 

11.1.3
Absence of Other Contractual Restrictions. Supplier is under no contractual or other obligation or restriction that is
inconsistent with Supplier’s execution or performance of this Agreement. Supplier will not enter into any agreement, either
written or oral, that would conflict with Supplier’s responsibilities under this Agreement.

 

    17
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11.1.4
Qualifications of Supplier Personnel. Supplier has, and will engage, employees, subcontractors and/or consultants (“Supplier
Personnel”) with the proper skill, training and experience to provide the services under this Agreement. Supplier will be
solely responsible for paying Supplier Personnel and providing any employee or other benefits that they are owed.

 

11.1.5
Legal Compliance. Supplier will comply, in all material respects, with all laws, regulations and orders applicable to its
operations. Supplier has and at all times during the term of this Agreement shall maintain all permits, licenses and similar authorizations
required for it to perform its obligations under this Agreement.

 

11.2
Representations by CUTANEA.

 

CUTANEA
makes the following representations and warranties and agrees to notify Supplier immediately upon any future breach of these representations
and warranties:

 

11.2.1
Organization of CUTANEA. CUTANEA is a Delaware corporation, duly organized, validly existing and in good standing under
the laws of Delaware.

 

11.2.2 Enforceability
of this Agreement. The execution and delivery of this Agreement has been authorized by all requisite corporate action on
the part of CUTANEA. This Agreement is and will remain a valid and binding obligation of CUTANEA, enforceable in
accordance with its terms, subject to laws of general application relating to bankruptcy, insolvency and the relief of
debtors.

 

11.2.3
Absence of Other Contractual Restrictions. CUTANEA is under no contractual or other obligation or restriction that is inconsistent
with CUTANEA’s execution or performance of this Agreement. CUTANEA will not enter into any agreement, either written or
oral, that would conflict with CUTANEA’s responsibilities under this Agreement.

 

11.2.4
Legal Compliance. CUTANEA will comply, in all material respects, with all laws, regulations and orders applicable to its
operations. CUTANEA has and at all times during the term of this Agreement shall maintain all permits, licenses and similar authorizations
required for it to perform its obligations under this Agreement.

 

    18
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11.3
Anti-Corruption Undertaking

 

Both
parties shall comply with, and will not cause any party and its Affiliates, associates, directors, officers, shareholders, employees,
representatives, sublicensees or agents worldwide to be in violation with any applicable anti-corruption laws, rules and regulations
including but not limited to the United States Foreign Corrupt Practices Act (the “FCPA”) or U.K. Bribery Act 2010.
Without limiting the foregoing, neither party will, directly or indirectly, pay any money to, or offer or give anything of value
to, any Government Official, in order to obtain or retain business or to secure any commercial or financial advantage for the
other party or for itself or any of their respective Affiliates. Each of the parties undertakes not to bribe Government Officials
or any private companies or individuals, “bribes” having the following definition: Offering, promising, or giving
a financial or other advantage to another person where it is intended to bring about the improper performance of a relevant function
or activity, or to reward such improper performance; acceptance of the advantage offered, promised or given in itself constitutes
improper performance of a relevant function or activity. “Improper Performance” means a breach of expectations that
a person will act in good faith, impartially, or in accordance with a position of trust. Both parties must also (1) make and keep
books, records and accounts, which, in reasonable detail, accurately and fairly reflect the transactions and dispositions of assets
of the company, (2) devise and maintain a system of internal accounting controls, and (3) at any time a party so requests in writing,
but no more than once a year, grant to the other party commercially reasonable access to said books, records, systems and accounts
to verify compliance. Such inspection shall be undertaken by an independent public accountant or accounting firm appointed by
the requesting party and about whom the other party does not express a legitimate concern. For the avoidance of doubt, this restricted
annual audit shall not apply to for-cause audits, which may be conducted at any time.

 

    19
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12.
GENERAL PROVISIONS

 

12.1
Notices.

 

Except
for invoices, which shall be sent in accordance with Schedule A, all notices required or permitted under this Agreement must be
written and sent to the address or facsimile number identified in this Agreement or a subsequent notice. All notices must be given
(a) by personal delivery, with receipt acknowledged, (b) by facsimile followed by hard copy delivered by the methods under (c)
or (d), (c) by prepaid certified or registered mail, return receipt requested, or (d) by prepaid recognized next business day
delivery service. Notices will be effective upon receipt or at such later time as stated in the notice. Notices shall be sent:

 

	If
    to Supplier:	Ferrer
    Internacional, S.A.
	 	Attention:
    Legal Department
	 	Av.
    Diagonal, 549, 5th Floor
	 	08029
    Barcelona, Spain

 

	If
    to CUTANEA:	Cutanea
    Life Sciences, Inc.
	 	Attention:
    President and CEO
	 	1500
    Liberty Ridge Drive
	 	Suite
    3000
	 	Wayne,
    PA 19087

 

	With
    a copy (which shall constitute notice) to:	Cutanea
    Life Sciences, Inc.
	 	Attention:
    General Counsel
	 	1500
    Liberty Ridge Drive
	 	Suite
    3000
	 	Wayne,
    PA 19087
	 	Fax:
    +1 484.652.0223

 

12.2
Entire Agreement; Amendment.

 

The
Parties hereto acknowledge that this Agreement, including the Quality Agreement and the Pharmacovigilance Agreement and any exhibits,
schedules or other attachments hereto sets forth the entire agreement and understanding of the Parties and supersede all prior
written or oral agreements or understandings with respect to the subject matter hereof. In the event of any conflict between this
Agreement and the LSA, this Agreement will control with respect to issues of quality assurance, patient safety, Supply Unit Price
and changes to it, and other terms and conditions customarily associated with supply agreements for commercial pharmaceutical
products. Notwithstanding the precedent, in the event of any conflict between Quality Agreement and/or Pharmacovigilance Agreement
and this Agreement, Quality Agreement or Pharmacovigilance Agreement shall prevail with respect to terms and conditions customarily
associated with Quality or Pharmacovigilance as respectively applicable. No modification of any of the terms of this Agreement,
or any amendments thereto, shall be deemed to be valid unless in writing and signed by the party against whom enforcement is sought.
No course of dealing or usage of trade shall be used to modify the terms and conditions herein.

 

    20
	[***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.

    	 	 	 

    

 

12.3
Waiver.

 

No
waiver by either party of any default shall be effective unless in writing, nor shall any such waiver operate as a waiver of any
other default or of the same default on a future occasion.

 

12.4
Assignment.

 

This
Agreement shall be assignable or transferable by either party hereto only with the consent in writing of the other party, such
consent not to be unreasonably withheld. However, Supplier shall be free to assign this Agreement along with the LSA in favor
of any third party, provided that the succeeding entity assumes all of the obligations under this Agreement and the LSA, and further
provided that Supplier provides CUTANEA with prior written notice of such assignment. Any assignments, including but not limited
to, sale, transfer, or license of brand or Products, shall not release the original party hereto from their duties and obligations
under this Agreement. For the purposes of this Agreement, the terms “subsidiaries” and “affiliates” shall
mean any entity controlling, controlled by, or under common control with, either of the Parties hereto.

 

12.5
Governing Law.

 

This
Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, without reference to any
principles of conflicts of law thereof. Any suit or proceeding arising in respect of this Agreement will be tried exclusively
in the United States District Court of the Southern District of the State of New York or, if that court declines to accept or
does not have jurisdiction over a particular matter, any other State Court in the State of New York or Federal court of the United
States of America located in the State of New York, and both parties irrevocably and unconditionally agree to submit to the exclusive
jurisdiction of, and to venue in, such courts (and agree not to commence any action, suit, or proceeding relating thereto except
in such courts). Both parties hereby irrevocably and unconditionally waive any objection to the laying of venue of any action,
suit, or proceeding arising out of this Agreement in such court, and hereby further irrevocably and unconditionally waive and
agree not to plead or claim in any such court that any such action, suit, or proceeding brought in any such court has been brought
in an inconvenient forum. Both parties further agree that service of any process, summons, notice or document by U.S. registered
mail to the respective addresses set forth below shall be effective service of process for any action, suit or proceeding brought
against the parties in any such court. BOTH PARTIES HEREBY IRREVOCABLY WAIVE THE RIGHT TO A TRIAL BY JURY IN ANY ACTION, SUIT
OR PROCEEDING REGARDING THE SUBJECT MATTER OF THIS AGREEMENT.

 

    21
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12.6
Severability.

 

In
the event that any term or provision of this Agreement shall violate any applicable statute, ordinance, or rule of law in any
jurisdiction in which it is used, or otherwise be unenforceable, such provision shall be ineffective to the extent of such violation
without invalidating any other provision hereof.

 

12.7
Headings, Interpretation.

 

The
headings used in this Agreement are for convenience only and are not a part of this Agreement.

 

12.8
Counterparts.

 

This
Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute
one and the same original.

 

12.9
Independent Contractor.

 

In
performing its services hereunder, Supplier shall act as an independent contractor.

 

[Signature
page follows.]

 

    22
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IN
WITNESS WHEREOF, the Parties hereto have each caused this Agreement to be executed by their duly authorized officers as of
the date first above written.

 

	CUTANEA
    LIFE SCIENCES, INC.	 	FERRER
    INTERNACIONAL, S.A.
	 	 	 
	By:	/s/
    [***]	 	By:	/s/
    [***]
	Its:	[***]	 	Its:	[***]
	 	 	 	 	 
	Date:	 	 	Date:	 
	 	 	 	 	 
	 	 	 	FERRER
    INTERNACIONAL, S.A.
	 	 	 	 
	 	 	 	By:	/s/
    [***]
	 	 	 	Its:	[***]
	 	 	 	 	 
	 	 	 	Date:	 

 

    	[***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.

    	 

    

 

Schedule
A

 

Capitalized
terms in this Exhibit A are defined in LSA.

 

The
initial purchase price for trade units of the Products shall be set at $[***] per [***] sample tube of the Product, $[***] per
[***] trade unit of the Product, $[***] per [***] trade unit of the Product, and $[***] per [***] trade unit of the Product, FCA
manufacturing site (the “Supply Unit Price”). Notwithstanding the foregoing, after December 31, 2018 and during the
term of this Agreement, Ferrer may change its Supply Unit Price on any or all the Products from time to time, but no more than
once annually, based on documented actual increases to Ferrer’s direct manufacturing and labor (but specifically excluding
overhead) costs (or those charged by its nominee), provided that Ferrer furnishes the Company with at least thirty (30) days prior
written notice of any such change. The increase shall apply to any order received by Ferrer after the communication date of the
increase. In the event that the new Supply Unit Price for the Products may make the business not feasible, the Parties, in good
faith and through the Joint Steering Committee, agree to meet and negotiate in good faith an alternative solution.

 

The
purchase price for the Products shall be paid in US Dollars by the Company and such payment terms shall be [***] following the
date that the Products are received and accepted (as per Article 4.4 of the LSA) by the Company, by wire transfer into an account
designated by Ferrer. Invoices shall be generated upon shipment of Product from Supplier. Invoices should be sent by email to
the following address: invoice@cutanea.com. Failure to send invoices to the email
address provided herein may cause a delay in approval and payment. In the event that the Company does not fulfill such terms,
Parties agree to discuss in good faith alternative payment conditions. In case there is not an agreement between the Parties after
30 days, Ferrer will accept an irrevocable and guaranteed letter of credit payable as term of payment.

 

Additionally,
Parties agree to share exchange EUR/ USD rate fluctuations covering the payment of royalties. More concretely, within the first
30 days after every calendar year, Ferrer will calculate the average annual EUR/USD rate based on the EUR/USD rates published
in the Financial Times the last business day of every month. Such EUR/USD average rate will be compared with the rate applied
in every invoice during the year. If, as a result of this reconciliation, there arises a difference above or under [***]%, Parties
agree to share the resulting amount on an equitable basis (50%). Ferrer will report the reconciliation to the Company for its
acceptance and, after 15 business days, issue an invoice which will be debited/credited in the next 30 days by wire transfer into
the accounts designated by the Parties.

 

    	[***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.Exhibit
4.18

Execution
Version

CONFIDENTIAL

 

 

 

ASSET
PURCHASE AGREEMENT

 

Between

 

MEDIMETRIKS
PHARMACEUTICALS, INC.

 

and

 

CUTANEA
LIFE SCIENCES, INC.

 

dated
as of March 5, 2018

 

 

 

    	 	 	 

     

    

 

ASSET
PURCHASE AGREEMENT

 

THIS
ASSET PURCHASE AGREEMENT is entered into as of March 5, 2018 by and between Medimetriks Pharmaceuticals, Inc., a Delaware
corporation (“Medimetriks”), and Cutanea Life Sciences, Inc., a Delaware corporation (“Cutanea”).

 

BACKGROUND

 

A.
Medimetriks holds certain rights relating to the Product (capitalized terms having the meanings set forth in Section 1.1)
in the Territory and owns certain assets related thereto.

 

B.
The Parties desire that Medimetriks shall sell, or cause to be sold, and assign, or cause to be assigned, to Cutanea, and Cutanea
shall purchase from Medimetriks, all of the Purchased Assets and assume all of the Assumed Liabilities upon the terms and conditions
set forth herein.

 

C.
The Parties have determined that the Purchase Price to be paid by Cutanea in exchange for the sale and assignment of the Purchased
Assets to Cutanea, upon the terms and subject to the conditions set forth herein, constitutes reasonably equivalent value for
purposes of 11 U.S.C. § 548.

 

NOW,
THEREFORE, in consideration of the foregoing and representations, warranties, covenants and agreements contained herein, the Parties,
intending to be legally bound, hereby agree as follows:

 

AGREEMENT

 

ARTICLE
1

DEFINITIONS
AND PRINCIPLES OF INTERPRETATION

 

1.1
Definitions

 

“45g
Commercial Launch” has the meaning set forth in Section 3.1(d).

 

“45g
Commercial Launch Payment Obligor” means Cutanea, any of its Affiliates, or any Third Party to which Cutanea or
any of its Affiliates has granted any license, sublicense, distribution or other similar rights with respect to the Product.

 

“Accounts
Receivable” means all accounts receivable, notes receivable and other indebtedness due and owed by any Third Party
to Medimetriks or any of its Affiliates arising or held in connection with the sale of the Product on or prior to the Closing
Date, if any.

 

“Affiliate”
of any Person means, at the time such determination is being made, any other Person Controlling, Controlled by or under common
Control with such first Person, in each case, whether directly or indirectly. A Person will be deemed to “Control”
another Person if such first Person has (a) direct or indirect ownership of more than fifty percent (50%) of the equity (or such
lesser percentage which is the maximum allowed to be owned by a foreign corporation in a particular jurisdiction) having the power
to vote on or direct the affairs of such other Person, or (b) the power, directly or indirectly, to direct or cause the direction
of the policies and management of the other Person, whether by the ownership of securities, by contract, or otherwise.

 

    	 	 	 

     

    

 

“Agreement”
means this Asset Purchase Agreement, including all schedules, exhibits and attachments, and all amendments or restatements, as
permitted, and references to “Article”, “Section” or “Schedule” mean the specified Article,
Section or Schedule of this Agreement.

 

“Allocation”
has the meaning set forth in Section 3.3(a).

 

“Applicable
Laws” means applicable laws (including common law and civil law), statutes, by-laws, rules, regulations, Orders,
ordinances, protocols, codes, guidelines, treaties, policies, notices, directions, decrees, judgments, awards or other requirements
having the force of law, in each case of any Governmental Authority.

 

“Assumed
Contracts” means those instruments, agreements or contracts to which Medimetriks or an Affiliate of Medimetriks
is a party and which are being assigned to Cutanea or its designee pursuant to this Agreement. A list of the Assumed Contracts
is set forth on Schedule 1.1(a).

 

“Assumed
Liabilities” has the meaning set forth in Section 2.4.

 

“Authorized
Generic Distribution and Supply Agreement” means an Authorized Generic Distribution and Supply Agreement to be entered
into by Cutanea and Medimetriks as of the Closing Date, in a form agreeable to the Parties.

 

“Bill
of Sale and Assignment and Assumption Agreement” means a Bill of Sale and Assignment and Assumption Agreement to
be entered into by Cutanea and Medimetriks as of the Closing Date, in a form mutually agreeable to the Parties.

 

“Books
and Records” means the books and records owned by Medimetriks or its Affiliates to the extent they exist exclusively
relating to the Product, including the technical data and information relating to the manufacturing or sale of the Product, promotional
materials (including all copyrights relating thereto), customer lists and vendor lists, all to the extent not included in the
Regulatory Documentation.

 

“Business”
means the research, development, commercialization, manufacture, packaging, distribution, marketing and sale of the Product for
the Indication in the Territory by Medimetriks and its Affiliates.

 

“Business
Day” means any day other than a Saturday, Sunday or other day on which banks in Philadelphia, PA are permitted or
required to close by any Applicable Laws.

 

“Cash
Equivalents” means cash, checks, money orders, marketable securities, short-term instruments and other cash equivalents,
funds in time and demand deposits or similar accounts, and any evidence of indebtedness issued or guaranteed by any Governmental
Authority.

 

“Closing”
has the meaning set forth in Section 4.1.

 

“Closing
Date” has the meaning set forth in Section 4.1.

 

    	 	 	 

     

    

 

“Closing
Payment” has the meaning set forth in Section 3.1(b).

 

“Code”
has the meaning set forth in Section 3.3(a).

 

“Competitive
Business” has the meaning set forth in Section 7.6(a)(i).

 

“Confidentiality
Agreement” means the Bilateral Confidential Disclosure Agreement, dated as of May 15, 2017, by and between Medimetriks
and Cutanea.

 

“Cutanea”
has the meaning set forth in the introductory paragraph.

 

“Cutanea
Indemnified Parties” has the meaning set forth in Section 11.2.

 

“Cutanea
Material Adverse Effect” has the meaning set forth in Section 6.1.

 

“Cutanea
Purchase Order” means the purchase order attached hereto as Exhibit A.

 

“Deposit”
has the meaning set forth in Section 3.1(a).

 

“Encumbrances”
means pledges, liens, charges, security interests, leases, title retention agreements, mortgages, restrictions, development or
similar agreements, easements, rights of way, rights or licenses to use, title defects, options or adverse claims or encumbrances
of any kind or character whatsoever.

 

“Excluded
Assets” has the meaning set forth in Section 2.2.

 

“Ferrer”
means Ferrer Internacional, S.A.

 

“Ferrer
License” means that certain License and Supply Agreement dated March 10, 2014 between Ferrer and Medimetriks, as
amended by the Ferrer License Amendment.

 

“Ferrer
License Amendment” means that certain Amendment No. 1 to the Ferrer License entered into by Ferrer and Medimetriks
on or prior to the Closing Date.

 

“Fundamental
Representations” means the representations and warranties made by Medimetriks in Sections 5.1 (Organization),
5.2 (Authority; Execution and Delivery), 5.3 (No Violation), and 5.5 (Title to Assets), and by Cutanea in
Sections 6.1 (Organization), 6.2 (Authority; Execution and Delivery), and 6.3 (No Violation).

 

“FDA”
means the United States Food and Drug Administration, and any successor thereto.

 

“GAAP”
means accounting principles generally accepted in the United States, as in effect as of the date hereof.

 

“Governmental
Authorities” means governments, regulatory authorities, governmental departments, agencies, agents, commissions,
bureaus, officials, courts, bodies, boards, tribunals or dispute settlement panels or other law, rule or regulation-making organizations
or entities (a) having jurisdiction on behalf of any nation, territory or state or any other geographic or political subdivision
of any of them, or (b) exercising or entitled to exercise any administrative, executive, judicial, legislative, policy, regulatory
or taxing authority or power.

 

    	 	 	 

     

    

 

“Indemnified
Party” has the meaning set forth in Section 11.4.

 

“Indemnifying
Party” has the meaning set forth in Section 11.4.

 

“Indication”
means the topical treatment of impetigo due to Staphylococcus aureus or Streptococcus pyogenes in adult and pediatric patients
two months of age and older.

 

“Interim
Trademark License Agreement” means an Interim Trademark License Agreement to be entered into by Cutanea and Medimetriks
as of the Closing Date, in a form mutually agreeable to the Parties.

 

“Knowledge
of Medimetriks” means the actual knowledge of the individuals listed on Schedule 1.1(b) and the knowledge
that any such individual would reasonably be expected to have if such individual performed his or her duties in the ordinary course
as an officer of Medimetriks, or made reasonable and diligent inquiry of the Medimetriks personnel having responsibility for the
matter to which such “Knowledge of Medimetriks” qualification applies.

 

“Legal
Proceeding” means any claim, action, suit, case, litigation, proceeding, charge, criminal prosecution, judicial,
governmental or regulatory investigation, arbitration, mediation or alternative dispute resolution proceeding.

 

“Liabilities”
means any and all debts, liabilities and obligations, whether accrued or fixed, known or unknown, absolute or contingent, matured
or unmatured, due or become due, or determined or determinable, including any liability for Taxes and those arising under any
Applicable Laws, contracts, leases, indentures, agreements, purchase orders and all other legally binding arrangements, including
all amendments thereto, in effect.

 

“Losses”
means any and all penalties, assessments, fines, fees, judgments, Taxes, awards, deficiencies, interest, damages, and losses,
including the actual, reasonable and documented costs paid in connection with an Indemnified Party’s investigation and evaluation
of any claim or right asserted against the Indemnified Party and all reasonable attorneys’, experts’ and accountants’
fees, expenses and disbursements and court costs in connection with any Legal Proceeding, including those incurred in connection
with the Indemnified Party’s enforcement of this Agreement and the indemnification provisions of Article 11.

 

“Material
Adverse Effect” means, with respect to Medimetriks, any change, effect, event, circumstance, occurrence or state
of facts that, individually or in the aggregate, is or would reasonably be expected to be materially adverse to (a) the results
of operations or condition (financial or otherwise) of the Business, or the Purchased Assets, or (b) the ability of Medimetriks
or its Affiliates to consummate the transactions contemplated by this Agreement prior to the End Date; provided that none
of the following, and no changes, effects, events, circumstances, occurrences or states of facts arising out of or resulting from
the following, shall be deemed, either alone or in combination, to constitute a Material Adverse Effect, or be taken into account
in determining whether there has been or would reasonably be expected to be a Material Adverse Effect: (i) changes or effects
in the general economic conditions or the securities, syndicated loan, credit or financial markets in the Territory, (ii) changes
or prospective changes in GAAP or Applicable Laws, (iii) changes or effects, including legal, tax or regulatory changes, that
generally affect the industry in which the Business operates in the Territory, (iv) changes or effects that arise out of or are
attributable to the commencement, occurrence, continuation or intensification of any war, sabotage, armed hostilities or acts
of terrorism in the Territory, (v) earthquakes, hurricanes or other natural disasters or force majeure events in the Territory,
(vi) the failure of the Business to achieve any financial projections, predictions, forecasts or estimates of revenues for any
period (provided, that the underlying causes of such failure shall not be excluded unless otherwise excluded pursuant to this
definition), (vii) (A) Medimetriks’ and its Affiliates’ compliance with the terms and conditions of this Agreement,
(B) the failure to take any action that Medimetriks or its Affiliates have requested the consent of Cutanea to take and to which
Cutanea did not grant its consent and (C) any other action by Medimetriks or its Affiliates that Cutanea has expressly requested
be taken or to which Cutanea has consented in writing, (viii) the negotiation or execution of this Agreement or any Transaction
Documents or the announcement or pendency of the transactions contemplated hereby or thereby, including any loss of, or impact
on the relations of the Business with, any employees, customers, suppliers, partners or distributors, and (ix) any acts or omissions
of Cutanea or its Affiliates.

 

    	 	 	 

     

    

 

“Medimetriks”
has the meaning set forth in the introductory paragraph.

 

“Medimetriks
Indemnified Parties” has the meaning set forth in Section 11.3.

 

“Medimetriks
Names” means the Trademarks, names and logos of or owned by Medimetriks or any of its Affiliates.

 

“Medimetriks
Retained Obligations” means any Liabilities arising out of or relating to the Medimetriks Retained Rights, including
Medimetriks’ obligation under Article 12 of the Ferrer License to assign and transfer to Ferrer all of Medimetriks’
rights in and to any registration or application for any of the Xepi Trademarks and all rights in and to the Xepi Trademarks within
the Territory once it is legally feasible to do so pursuant to Applicable Law.

 

“Medimetriks
Retained Rights” means all of Medimetriks’ interests, rights, claims and benefits pursuant to and associated
with the following provisions set forth in the Ferrer License: (a) Medimetriks’ right, under Article 12 of the Ferrer License,
to register and own the Xepi Trademarks within the Territory, (b) until such time as the ownership rights of the Xepi Trademarks
are assigned and transferred to Ferrer in accordance with Article 12 of the Ferrer License, the grant by Medimetriks to Ferrer,
under Article 12 of the Ferrer License, of a royalty-free, non-exclusive license to the Xepi Trademarks, in any reasonable and
lawful manner that Ferrer deems appropriate in connection with the packaging, labeling, promotion and sale of the Product within
the Territory and (c) Medimetriks’ right, under Section 2.2 of the Ferrer License, to grant a sublicense of its rights with
respect to the Xepi Trademarks to Cutanea pursuant to the Interim Trademark License Agreement.

 

“NDA”
means a New Drug Application and all amendments and supplements thereto filed with the FDA, including all documents, data and
other information concerning a Product, which are necessary for and included in an application for regulatory approval by the
FDA to manufacture, package, ship, market and sell such Product, as more fully defined in 21 C.F.R. Section 314 et seq.

 

“Notice”
has the meaning set forth in Section 13.2.

 

“Order”
means any order, injunction, writ, decision, judgment, administrative complaint, decree, ruling, subpoena, verdict, stipulation,
determination, award, assessment, direction, instruction, penalty or sanction issued, filed, entered, made, rendered or imposed
by any Governmental Authority or arbitrator.

 

    	 	 	 

     

    

 

“Parties”
means Medimetriks and Cutanea collectively, and “Party” means either one of them.

 

“Permitted
Encumbrance” means all (a) Encumbrances approved in writing by Cutanea as Permitted Encumbrances or set forth on
Schedule 1.1(c), (b) Encumbrances for Taxes not yet due, payable, delinquent or subject to penalties for non-payment, or
which are being contested in good faith by appropriate proceedings, and (c) mechanics’, materialmen’s, carriers’,
workmen’s, warehousemen’s, repairmen’s, landlords’ or other like Encumbrances and security obligations
that are incurred in the ordinary course of business.

 

“Person”
means any individual, sole proprietorship, partnership, limited liability company, firm, entity, unincorporated association, unincorporated
syndicate, unincorporated organization, trust, body corporate, or Governmental Authority.

 

“Product”
means any pharmaceutical or medicinal product for human use containing or incorporating the following as an active ingredient:
1-Cycloporpyl-8-methyl-7-[5-methyl-6-(methylamino)-3-pyridinyl]-4-oxo 1, 4-dihydro-3-quinolinecarboxylic acid and its therapeutically
acceptable salts, its solvates and esters. Combinations of the Product with other active ingredients or pharmaceutical or medicinal
products are expressly excluded from this definition.

 

“Product
Approval” means the Product NDA and any IND for the Product.

 

“Product
Domain Names” means those domain names owned by Medimetriks or its Affiliates relating exclusively to the Product
as set forth on Schedule 1.1(d).

 

“Product
Equipment” means that equipment used exclusively in the manufacture of the Product.

 

“Product
Telephone Numbers” means those telephone numbers owned by Medimetriks or its Affiliates relating exclusively to
the Product.

 

“Product
Trademarks” means those Trademarks relating exclusively to the Product and owned by Medimetriks or its Affiliates,
including the Xepi Trademarks.

 

“Product
NDA” means the NDA identified in Schedule 1.1(e).

 

“Purchase
Price” has the meaning set forth in Section 3.1.

 

“Purchased
Assets” has the meaning set forth in Section 2.1.

 

“Raw
Materials Inventory” has the meaning set forth in Section 2.1(b).

 

“Regulatory
Documentation” means all supporting documents, submissions, correspondence, reports and clinical studies in the
possession or control of Medimetriks or its Affiliates relating to the Product Approval (including documentation of pharmacovigilance,
good clinical practice, good laboratory practice and good manufacturing practice relating thereto).

 

    	 	 	 

     

    

 

“Retained
Liabilities” has the meaning set forth in Section 2.5(a).

 

“Tax
Authority” means any Governmental Authority responsible for the administration or collection of Taxes.

 

“Tax
Returns” includes returns, reports, declarations, elections, notices, filings, forms, statements and other documents
(whether in tangible, electronic or other form) in respect of Taxes, including any amendments, schedules, attachments, supplements,
appendices and exhibits thereto, that are filed or required to be filed by Applicable Laws.

 

“Taxes”
includes taxes, duties, fees, premiums, assessments, imposts, levies and other charges of any kind whatsoever imposed by any Tax
Authority, including those levied on, or measured by, or referred to as, income, gross receipts, profits, capital, transfer, land
transfer, sales, goods and services, harmonized sales, use, value-added, excise, stamp, withholding, business, franchising, property,
development, occupancy, employer health, payroll, employment, health, social services, education and social security taxes, as
well as any customs duties, franchise and registration fees and any similar charges imposed by a Tax Authority, in each case including
all interest, penalties, fines, additions to tax or other additional amounts in respect thereof.

 

“Teligent”
means Teligent, Inc.

 

“Teligent
Purchase Order” means the purchase order attached hereto as Exhibit B.

 

“Territory”
means the United States of America, Puerto Rico and the U.S. Virgin Islands.

 

“Third
Party” means any Person other than Cutanea, Medimetriks or their Affiliates.

 

“Third
Party Claim” has the meaning set forth in Section 11.4.

 

“Third
Party Claim Notice” has the meaning set forth in Section 11.4.

 

“Trademarks”
means, whether registered or unregistered and whether related or unrelated to a Product, any and all trademarks, trade dress,
service marks, service names, brand marks, trade names, logos, business symbols, slogans or other designations of origin, including
all registrations, applications for registrations or renewals, and all goodwill associated with the foregoing.

 

“Transaction
Documents” means (a) the Bill of Sale and Assignment and Assumption Agreement, (b) the Authorized Generic Distribution
and Supply Agreement, (c) the Interim Trademark License Agreement, (d) the Ferrer License Amendment, (e) a Consent and Acknowledgment
Agreement to be entered into among Medimetriks, Cutanea and Ferrer on or prior to the Closing Date, and (f) any other documents
or instruments contemplated hereby to be delivered at or before the Closing between the Parties or by one Party in favor of another
Party.

 

“Transfer
Taxes” has the meaning set forth in Section 3.4(a).

 

“Xepi
Trademarks” means those Trademarks set forth on Schedule 1.1(f).

 

    	 	 	 

     

    

 

1.2
Certain Rules of Interpretation

 

(a)
Currency. Unless otherwise specified, all references to money amounts are to lawful currency of the United States of America.

 

(b)
Headings. Headings of Articles and Sections are inserted for convenience of reference only and do not affect the construction
or interpretation of this Agreement.

 

(c)
Inclusion. Where the word “including” or “includes” is used in this Agreement, it means “including
(or includes) without limitation,” and the word “or” is used in the inclusive sense (and/or).

 

(d)
Number and Gender. Unless the context otherwise requires, words importing the singular include the plural and vice versa
and words importing gender include all genders.

 

(e)
Statutory References. A reference to a statute includes all regulations and rules made pursuant to such statute and, unless
otherwise specified, the provisions of any statute, regulation or rule which amends, supplements or supersedes any such statute,
regulation or rule.

 

(f)
Time Periods. Unless otherwise specified, time periods within or following which any payment is to be made or act is to
be done shall be calculated by excluding the day on which the period commences and including the day on which the period ends
and by extending the period to the next Business Day following if the last day of the period is not a Business Day.

 

(g)
Construction. The language of this Agreement shall be deemed to be the language mutually chosen by the Parties and no rule
of strict construction shall be applied against either Party.

 

(h)
References. Unless otherwise specified or where the context otherwise requires, (i) “hereof,” “hereto,”
“hereby,” “herein” and “hereunder” and words of similar import when used in this Agreement
refer to this Agreement as a whole and not to any particular provision of this Agreement; (ii) references to a Person are also
to its permitted successors and assigns; (iii) references to any agreement, instrument or other document in this Agreement refer
to such agreement, instrument or other document as originally executed or, if subsequently amended, replaced or supplemented from
time to time, as so amended, replaced or supplemented and in effect at the relevant time of reference thereto; and (iv) “extent”
in the phrase “to the extent” means the degree to which a subject or other thing extends, and such phrase does not
mean simply “if”.

 

1.3
Entire Agreement

 

This
Agreement, the Confidentiality Agreement and the Transaction Documents constitute the entire agreement between the Parties and
set out all the covenants, promises, warranties, representations, conditions and agreements between the Parties in connection
with the acquisition of the Purchased Assets, and supersede all prior agreements, understandings, negotiations and discussions,
whether oral or written, pre-contractual or otherwise relating thereto. There are no covenants, promises, warranties, representations,
conditions, understandings or other agreements, whether oral or written, pre-contractual or otherwise, express, implied or collateral
between the Parties in connection with the acquisition of the Purchased Assets, except as specifically set forth in this Agreement,
the Confidentiality Agreement and Transaction Documents.

 

    	 	 	 

     

    

 

ARTICLE
2

PURCHASE
AND SALE

 

2.1
Sale of Purchased Assets

 

Upon
the terms and subject to the conditions set forth herein, at the Closing, Medimetriks shall sell, convey, assign and transfer
to Cutanea, and Cutanea shall purchase, acquire and accept from Medimetriks all of Medimetriks’ or any of its Affiliates’
good and marketable right, title, and interest, free and clear of all Encumbrances (other than Permitted Encumbrances), to the
assets of Medimetriks (or any of its Affiliates) set forth below (collectively, “Purchased Assets”):

 

(a)
All Product Domain Names, Product Telephone Numbers, and all social media handles and other similar multimedia identifiers relating
exclusively to the Product, if the foregoing exist on the Closing Date;

 

(b)
All starting and raw materials for the Product that are owned by Medimetriks or its Affiliates (the “Raw Materials Inventory”);

 

(c)
All Product Equipment, if any exists on the Closing Date;

 

(d)
The Assumed Contracts (but, for clarity, excluding the Medimetriks Retained Rights);

 

(e)
All Books and Records and Regulatory Documentation; and

 

(f)
To the extent transferrable, all rights to claims, counterclaims, defenses, causes of action, rights under express or implied
warranties, rights of recovery, rights of set-off, and rights of subrogation, held by Medimetriks and solely related to the Purchased
Assets and Assumed Liabilities other than those (i) arising under Medimetriks’ or its Affiliates’ insurance policies,
(ii) relating to any Retained Liabilities or Excluded Assets, or (iii) relating to the purchase or procurement of any good, service
or product for, or on behalf of, the Business or Purchased Assets at any time on or prior to the Closing, along with any and all
recoveries in connection thereto; provided, however, that the foregoing shall not be deemed to impose any duty to prosecute or
defend any claim or to indemnify Medimetriks for any claim unless Cutanea would otherwise be obligated to do so by the express
terms and provisions contained elsewhere in this Agreement.

 

2.2
Excluded Assets

 

Cutanea
and Medimetriks expressly agree and acknowledge that the Purchased Assets shall not include any other asset, property or right
of Medimetriks or its Affiliates not expressly included in the definition of Purchased Assets set forth in Section 2.1,
and without limiting the generality of the foregoing, the Purchased Assets expressly exclude the following (collectively, “Excluded
Assets”):

 

(a)
any Cash Equivalents;

 

(b)
any Accounts Receivable;

 

    	 	 	 

     

    

 

(c)
any losses, loss carryforwards and rights to receive refunds, credits and loss carryforwards with respect to any and all Taxes
of Medimetriks or any of its Affiliates that constitute Retained Liabilities;

 

(d)
(i) the corporate books and records of Medimetriks and its Affiliates to the extent not expressly included in the Purchased Assets
or not related exclusively to the Purchased Assets, including those portions of the Tax Returns that do not relate exclusively
to the Purchased Assets, (ii) all personnel records, and (iii) any attorney work product, attorney-client communications and other
items protected by attorney-client privilege;

 

(e)
any current and prior insurance policies and all rights of any nature with respect thereto, including all insurance recoveries
thereunder and rights to assert claims with respect to any such insurance recoveries;

 

(f)
the Product Trademarks and Medimetriks Names;

 

(g)
the Medimetriks Retained Rights;

 

(h)
any real estate owned or leased by Medimetriks or any of its Affiliates;

 

(i)
any equipment whatsoever;

 

(j)
any rights, claims and credits of Medimetriks or any of its Affiliates relating to any Excluded Asset or any Retained Liability,
including any guarantees, warranties, indemnities and similar rights in favor of Medimetriks or any of its Affiliates relating
to any Excluded Asset or any Retained Liability;

 

(k)
the equity interests of any Person; and

 

(l)
any other right or asset of Medimetriks or its Affiliates listed on Schedule 2.2(l).

 

2.3
Assignment and Non-Assignment of Certain Assets

 

Notwithstanding
anything to the contrary in this Agreement, to the extent that the assignment hereunder of any of the Purchased Assets shall require
the consent, waiver, approval, authorization, permission or exemption from any Third Party (or if any of the Purchased Assets
shall be non-assignable), and a consent, waiver, approval, authorization, permission or exemption is not obtained as of the Closing,
such Purchased Asset shall not be deemed to be assigned to Cutanea, and Cutanea shall have no obligation or liability to Medimetriks
with respect to such Purchased Assets; provided, that in each such case, Medimetriks shall use all commercially reasonable efforts,
and Cutanea shall provide or cause to be provided all commercially reasonable assistance to the same extent that Cutanea was required
to provide such assistance prior to the Closing, to obtain the consent of such other party to an assignment of such Purchased
Assets to Cutanea. Cutanea agrees that Medimetriks shall have no liability whatsoever to Cutanea arising out of or relating to
the failure to obtain any such consent, waiver, approval, authorization, permission or exemption, and no representation, warranty
or covenant of Medimetriks herein shall be breached or deemed breached as a result of such failure or any Legal Proceeding commenced
or threatened by or on behalf of any Person arising out of or relating to the failure to obtain any such consent, waiver, approval,
authorization, permission or exemption, despite Medimetriks’ compliance with the rest of this Section 2.3.

 

    	 	 	 

     

    

 

2.4
Assumption of Certain Liabilities and Obligations

 

Upon
the terms and subject to the conditions set forth herein, Cutanea agrees, effective at the Closing, to assume and to satisfy and
discharge the following Liabilities of Medimetriks and its Affiliates relating to the Purchased Assets, in each case other than
the Retained Liabilities (all of the foregoing Liabilities being collectively referred to hereinafter as “Assumed
Liabilities”):

 

(a)
All Liabilities that are not past due at the Closing under the Ferrer License, including (i) milestone payments that are not past
due and (ii) the milestone due Ferrer under the Ferrer License which would become due upon receipt of trade and sample Products;

 

(b)
All Liabilities related to the Purchased Assets, including the use, ownership, possession, operation, sale, license or lease of
the Purchased Assets, that arise on or after the Closing Date; and

 

(c)
Any Liabilities for Taxes arising out of or relating to the ownership of the Purchased Assets in any taxable period, or a portion
thereof, beginning on or after the Closing Date, and any Liabilities for Transfer Taxes allocated to Cutanea pursuant to Section
3.4(a).

 

2.5
Retained Liabilities

 

(a)
Medimetriks and its Affiliates shall retain and be responsible for the following (other than the Assumed Liabilities) (collectively,
“Retained Liabilities”):

 

	 	(i)	all
    Liabilities related to the Purchased Assets, including the use, ownership, possession, operation, sale, license or lease of
    the Purchased Assets, that arise prior to Closing Date, except as otherwise provided in Section 2.4(b);
	 	 	 
	 	(ii)	any
    Liabilities for Taxes arising out of or relating to the ownership of the Purchased Assets in any taxable period, or a portion
    thereof, ending prior to the Closing Date, and any Liabilities for Transfer Taxes allocated to Medimetriks pursuant to Section
    3.4(a);
	 	 	 
	 	(iii)	any
    Liabilities to the extent arising from the Excluded Assets (including the Medimetriks Retained Obligations); and
	 	 	 
	 	(iv)	all
    Liabilities of Medimetriks not related to the Purchased Assets.

 

(b)
The Parties agree that neither Cutanea nor any of its Affiliates shall assume or be deemed to have assumed or be responsible for
any Retained Liabilities.

 

    	 	 	 

     

    

 

ARTICLE
3

PURCHASE
PRICE

 

3.1
Purchase Price

 

In
consideration of the sale and transfer of the Purchased Assets, Cutanea has paid or agrees to pay to Medimetriks the following
(collectively, the “Purchase Price”):

 

(a)
A deposit in the amount of Two Million Dollars ($2,000,000), which was paid on or about January 5, 2018 (the “Deposit”);

 

(b)
At the Closing, the amount of Twenty-Six Million Dollars ($26,000,000) (the “Closing Payment”);

 

(c)
On or before October 15, 2018, the amount of One Million Dollars ($1,000,000), by wire transfer of immediately available funds
to such bank account or accounts as Medimetriks may designate by advance written notice to Cutanea; and

 

(d)
Upon the occurrence (if ever) of the first commercial sale in the Territory by any 45g Commercial Launch Payment Obligor of a
45 gram trade size of the Product for the Indication under the Product NDA (the “45g Commercial Launch”),
an additional amount of One Million Dollars ($1,000,000), by wire transfer of immediately available funds to such bank account
or accounts as Medimetriks may designate by advance written notice to Cutanea.

 

3.2
Notice of 45g Commercial Launch

 

If
Cutanea determines, in its sole discretion, to effect a 45g Commercial Launch, it being understood that Cutanea has no obligation
to do so, Cutanea shall provide written notice to Medimetriks at least thirty (30) days prior to, and promptly following, the
occurrence of the 45g Commercial Launch. If, notwithstanding the fact that Cutanea has not provided Medimetriks such notices,
Medimetriks believes that the 45g Commercial Launch has occurred, it shall so notify Cutanea in writing and the Parties shall
reasonably promptly meet and discuss in good faith whether the 45g Commercial Launch has occurred. If the Parties are unable to
resolve any dispute under this Section 3.2 regarding whether or not the 45g Commercial Launch has occurred, then either
Party shall have the right to refer such a dispute to the President of Cutanea and President of Medimetriks for attempted resolution
by good faith negotiations during a period of thirty (30) days. Any final decision mutually agreed to by such officers in writing
shall be conclusive and binding on the Parties. If such officers are unable to reach a final decision, then Medimetriks shall
be entitled to seek any dispute resolution and remedy available to it under this Agreement.

 

3.3
Allocation of Purchase Price

 

(a)
The Purchase Price represents the amount agreed upon by the Parties to be the value of the Purchased Assets and the Purchase Price
will be allocated for Tax purposes among such rights and assets in a manner to be agreed to by the Parties, consistent with Section
1060 of the Internal Revenue Code of 1986, as amended (“Code”) (and any similar provisions of state,
local or foreign law, as appropriate) (“Allocation”). For these purposes, the Purchase Price shall include
the Assumed Liabilities, to the extent properly taken into account under Section 1060 of the Code. Within sixty (60) days after
the Closing Date, Medimetriks shall provide to Cutanea a proposed Allocation (including IRS Form 8594) and the Parties shall thereafter
negotiate in good faith toward a mutually acceptable Allocation.

 

    	 	 	 

     

    

 

(b)
The Parties each agree to (i) be bound by the Allocation, (ii) act in accordance with the Allocation in the filing of all Tax
Returns, and (iii) take no position inconsistent with the Allocation for all Tax purposes.

 

(c)
In the event that any Tax Authority disputes the Allocation, Medimetriks or Cutanea, as the case may be, shall promptly notify
the other Party in writing of the nature of such dispute.

 

3.4
Taxes

 

The
following provisions shall govern the allocation of responsibility as between Cutanea and Medimetriks for certain tax matters
following the Closing Date:

 

(a)
Transfer Taxes and Costs. All transfer, sales, use, value added, goods and services, stamp, recording, registration, excise,
or other similar Taxes and any notarial fees (other than Taxes measured by, or with respect to, income imposed on either Party)
incurred in connection with (i) the transfer of any of the Purchased Assets pursuant to this Agreement or the Transaction Documents,
(ii) the delivery of this Agreement or any of the Transaction Documents, and (iii) the consummation of any of the transactions
contemplated by this Agreement or any of the Transaction Documents (collectively, “Transfer Taxes”)
shall be borne equally by Cutanea and Medimetriks. Cutanea and Medimetriks shall prepare, execute and file all Tax Returns relating
to Transfer Taxes and other documentation on a timely basis; provided, however, that any such Tax Returns of a Party relating
to Transfer Taxes and other documentation related thereto shall be subject to the approval of the other Party, which approval
shall not be unreasonably withheld, conditioned or delayed. Cutanea shall provide to Medimetriks, and Medimetriks shall provide
to Cutanea, all applicable exemption certificates or resale certificates with respect to the listed Transfer Taxes that may be
provided for under Applicable Law. Such certificates shall be in the form, and shall be signed by the proper Party, as provided
under Applicable Law.

 

(b)
Pre-Closing Taxes. Medimetriks shall be liable for all Taxes relating to or arising out of the use or ownership by it of
the Purchased Assets or the Business imposed with respect to any taxable period ending before the Closing Date.

 

3.5
Withholding

 

Cutanea
shall be entitled to deduct and withhold from any amounts otherwise payable pursuant to this Agreement to Medimetriks such amounts
as Cutanea is required to deduct and withhold under Applicable Law relating to Taxes. To the extent that amounts are so withheld
and remitted to the appropriate Tax Authority, such withheld amounts shall be treated for all purposes of this Agreement as having
been paid to Medimetriks. The Parties shall reasonably cooperate with one another to minimize any withholding required by Applicable
Law or obtain any refund for any such amount withheld, including by requesting or providing any form, affidavit, or Tax Return
as required by Applicable Law.

 

    	 	 	 

     

    

 

3.6
Risk of Loss

 

As
of the Closing, title to the Purchased Assets shall be transferred to Cutanea. From and after the Closing, subject to any rights
or remedies that Cutanea may have under the Transaction Documents, at law or in equity, Cutanea shall bear all risk of loss associated
with the Purchased Assets and shall be solely responsible for procuring adequate insurance to protect the Purchased Assets against
any loss.

 

ARTICLE
4

CLOSING

 

4.1
Closing

 

Upon
the terms and subject to the conditions of this Agreement, the closing of the sale and transfer of the Purchased Assets (“Closing”)
is hereby deemed effective 12:00 A.M. EST on the date of this Agreement or on such other date as the Parties shall agree (“Closing
Date”).

 

4.2
Deliveries of Medimetriks

 

At
the Closing, Medimetriks shall deliver to Cutanea, in form and substance reasonably satisfactory to Cutanea, the following:

 

(a)
Physical control of, or exclusive access to, all of the Purchased Assets; provided, that all Books and Records and Regulatory
Documentation included in the Purchased Assets will be made available to Cutanea only in the format in which such Purchased Assets
are maintained by Medimetriks;

 

(b)
The Bill of Sale and Assignment and Assumption Agreement, duly executed by Medimetriks;

 

(c)
The Authorized Generic Distribution and Supply Agreement, duly executed by Medimetriks;

 

(d)
The Interim Trademark License Agreement, duly executed by Medimetriks;

 

(e)
The Ferrer License Amendment, duly executed by Medimetriks and Ferrer;

 

(f)
Such other assignments, endorsements and other documents of title and other good and sufficient instruments of conveyance and
transfer, in form and substance reasonably acceptable to the Parties, required or appropriate to vest Cutanea with good and marketable
right, title and interest in and to the Purchased Assets, free and clear of all Encumbrances (other than Permitted Encumbrances);

 

(g)
A certificate of Medimetriks, dated as of the Closing Date, certifying that all conditions specified in Sections 9.1(a)
through (c), and, to the Knowledge of Medimetriks, the condition specified in Section 9.1(d), have been fulfilled
or that the satisfaction of any of such conditions has been waived;

 

    	 	 	 

     

    

 

(h)
A certificate executed and delivered by the Secretary of Medimetriks, dated as of the Closing Date, attesting and certifying as
to (i) the organizational documents of Medimetriks and the certificate of incorporation or comparable organizational document
of Medimetriks shall also be certified as of a recent date by the Secretary of State of the State of Delaware, and (ii) copies
of resolutions of the board of directors (or comparable governing body) of Medimetriks adopting and authorizing the transactions
contemplated by this Agreement and the Transaction Documents to which Medimetriks is a party;

 

(i)
A certificate of Good Standing of Medimetriks issued not earlier than ten (10) days prior to the Closing Date by the Secretary
of State of the State of Delaware;

 

(j)
A written consent signed by Ferrer approving the transactions contemplated in and by the Transaction Documents, including, the
assignment of the Ferrer License to Cutanea; and

 

(k)
A written consent signed by Knight Therapeutics Inc., as Medimetriks’ senior lender, approving the transactions contemplated
in and by the Transaction Documents, including the release of any lien that Knight Therapeutics Inc. may have on the Purchased
Assets and the Product Trademarks.

 

4.3
Deliveries of Cutanea

 

At
the Closing, Cutanea shall deliver or cause to be delivered to Medimetriks, in form and substance reasonably satisfactory to Medimetriks,
the following:

 

(a)
Payment, by wire transfer of immediately available funds to such bank account or accounts designated in writing by Medimetriks
prior to the Closing Date, the Closing Payment;

 

(b)
The Bill of Sale and Assignment and Assumption Agreement, duly executed by Cutanea;

 

(c)
The Authorized Generic Distribution and Supply Agreement, duly executed by Cutanea;

 

(d)
The Interim Trademark License Agreement, duly executed by Cutanea;

 

(e)
Duly executed counterparts to the assignments, endorsements and other documents of title and other good and sufficient instruments
of conveyance and transfer referred to in Section 4.2(f), and such other assumption agreements and other instruments of
assumption, in form and substance reasonably acceptable to the Parties, required for Cutanea to assume the Assumed Liabilities;

 

(f)
A certificate of Cutanea, dated as of the Closing Date, certifying that all conditions specified in Section 9.2(a) through
(c), and, to the knowledge of Cutanea, the condition specified in Section 9.2(d), have been fulfilled or that the
satisfaction of any of such conditions has been waived;

 

(g)
A certificate executed and delivered by the Secretary of Cutanea, dated as of the Closing Date, attesting and certifying as to
(i) the organizational documents of Cutanea and the certificate of incorporation or comparable organizational document of Cutanea
shall also be certified as of a recent date by the Secretary of State of the State of Delaware, and (ii) copies of resolutions
of the board of directors of Cutanea adopting and authorizing the transactions contemplated by this Agreement and the Transaction
Documents to which Cutanea is a party; and

 

    	 	 	 

     

    

 

(h)
A certificate of Good Standing of Cutanea issued not earlier than ten (10) days prior to the Closing Date by the Secretary of
State of the State of Delaware.

 

ARTICLE
5

REPRESENTATIONS
AND WARRANTIES OF MEDIMETRIKS

 

Medimetriks
hereby represents and warrants to Cutanea as of the date hereof (except to the extent a certain date is specified within the representation
and warranty, in which case, the date set forth therein shall apply), as follows:

 

5.1
Organization

 

Medimetriks
is a corporation duly organized and in good standing under the laws of the State of Delaware. Medimetriks is duly qualified or
licensed to do business and is in good standing in each jurisdiction in which such qualification or licensing is necessary under
Applicable Law, except where the failure to be so qualified or licensed and to be in good standing would not reasonably be expected
to have a Material Adverse Effect.

 

5.2
Authority; Execution and Delivery

 

(a)
Medimetriks has all requisite corporate power and authority to own and operate the Purchased Assets, to carry on the Business
as it is now being conducted and to execute and deliver this Agreement and the Transaction Documents to which it is a party and
to perform its obligations hereunder and thereunder. The execution and delivery by Medimetriks of this Agreement and the Transaction
Documents to which it is a party and the performance by Medimetriks of its obligations hereunder and thereunder have been duly
authorized by all requisite corporate action on the part of Medimetriks.

 

(b)
This Agreement and each Transaction Document to which Medimetriks is a party has been duly executed and delivered by Medimetriks
and, assuming the due authorization and valid execution and delivery by Cutanea or the other parties thereto, constitutes a legal,
valid and binding obligation of Medimetriks, enforceable against Medimetriks in accordance with its terms, except as enforcement
may be limited by bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or similar Applicable Laws affecting
creditors’ rights generally or by general principles of equity (regardless of whether enforcement is sought in a proceeding
in equity or law).

 

5.3
No Violation

 

The
execution, delivery and performance by Medimetriks of this Agreement and the Transaction Documents to which it is a party and
the consummation of the transactions contemplated hereby and thereby do not and will not (a) violate any provision of the organizational
documents of Medimetriks, (b) subject to the delivery of the consents referred to in Schedule 5.4, conflict with, violate
or result in the breach of, constitute a default under or result in the termination, cancellation or acceleration (whether after
the giving of notice or the lapse of time or both) of any right or obligation of Medimetriks under, or the loss of any benefit
of the Business to which Medimetriks is entitled under, any Assumed Contract, (c) result in the creation of any Encumbrance (other
than Permitted Encumbrances) upon any of the Purchased Assets, or (d) assuming compliance with the matters set forth in Sections
5.4 and 6.4, violate or result in a breach of, or constitute a default under, any Applicable Law to which Medimetriks
is subject, except, in the case of clauses (b), (c) and (d), for any violations, breaches, conflicts, defaults, losses, liens,
terminations, cancellations or accelerations that would not reasonably be expected to have a Material Adverse Effect.

 

    	 	 	 

     

    

 

5.4
Consents

 

Except
as set forth under Schedule 5.4, there are no consents, approvals, waivers or authorizations of, or filing with, notices
to, or exemption by, any Person, including any Governmental Authority, required to be obtained by Medimetriks or on its behalf
in connection with the execution, delivery, or performance of its obligations under this Agreement or the other Transaction Documents
to which it is a party or to consummate the transactions contemplated hereby or thereby, including the transfer of the Purchased
Assets to Cutanea except where the failure to make such filings or notifications, or obtain such consents, approvals, authorizations
or waivers, would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

5.5
Title to Assets

 

Medimetriks
and its Affiliates, taken together, have good and marketable title to each of the Purchased Assets (other than those Purchased
Assets that are leased or licensed assets, as to which assets, Medimetriks and its Affiliates, taken together have valid lease
or license rights, as applicable), free and clear of all Encumbrances other than Permitted Encumbrances.

 

5.6
Litigation

 

(a)
There are no Legal Proceedings in progress or pending or, to the Knowledge of Medimetriks, threatened against or relating to Medimetriks
or its Affiliates in the Territory that (i) relate to the Product (including any product liability claim), or (ii) have had or
would reasonably be expected to have a Material Adverse Effect.

 

(b)
There is no Order outstanding against Medimetriks that has had or would reasonably be expected to have a Material Adverse Effect.

 

5.7
Compliance with Laws

 

Medimetriks
is in compliance with all Applicable Laws applicable to the ownership of the Purchased Assets and the operation of the Business,
except as has not had and would not reasonably be expected to have a Material Adverse Effect. Medimetriks has not received written
notice from any Person alleging that Medimetriks’ operation of the Business is not in such compliance. Medimetriks has completed
and timely filed all material reports required of it by the applicable Governmental Authority in order to maintain the Product
Approval.

 

5.8
Assumed Contracts; Third Party Contracts

 

(a)
Schedule 5.8(a) sets forth a true, accurate and complete list of all of the contracts and agreements exclusively relating
to the Product to which Medimetriks or any of its Affiliates are a party.

 

    	 	 	 

     

    

 

(b)
Each of the Assumed Contracts is binding and in full force and effect and is enforceable by Medimetriks in accordance with its
terms and, except as set forth on Schedule 5.4, the assignment thereof to Cutanea will not cause the Assumed Contracts
to become invalid or unenforceable. To the Knowledge of Medimetriks, Medimetriks has performed all material obligations required
to be performed by it to date under each Assumed Contract with respect to the Product, and is not (with or without lapse of time
or the giving of notice, or both) in material breach or default thereunder, and no event has occurred that, with the passage of
time or the giving of notice, or both, would constitute a material breach or default by Medimetriks thereunder. To the Knowledge
of Medimetriks, no other Party to any Assumed Contract is in material default in respect thereof, and no event has occurred which,
with due notice or lapse of time or both, would constitute a material default.

 

(c)
Medimetriks has delivered to Cutanea or its representatives a true and complete copy of each Assumed Contract.

 

5.9
Documents

 

To
the Knowledge of Medimetriks, the Books and Records delivered to Cutanea under this Agreement are all of such books, records and
recorded information in the possession or control of Medimetriks or its Affiliates exclusively related to the Product and the
Purchased Assets.

 

5.10
Intellectual Property

 

(a)
Except as set forth on Schedule 5.10(a), neither Medimetriks nor any Affiliate of Medimetriks owns or licenses from any
Third Party any patents (including patent applications or extensions), or any patentable modifications, innovations, or inventions,
related to the Product.

 

(b)
To the Knowledge of Medimetriks, Medimetriks’ operation of the Business has not infringed or misappropriated the intellectual
property of any Third Party, nor has Medimetriks received written notice from any Person that Medimetriks’ operation of
the Business has infringed or misappropriated, or that the commercialization, manufacture, packaging, distribution, marketing
or sale of the Product for the Indication in the Territory, if any such activities were conducted by Medimetriks as of the date
of this Agreement would infringe or misappropriate, the intellectual property of any Third Party.

 

(c)
Schedule 5.10(c) sets forth a true, accurate and complete list of all the Product Trademarks, setting forth in each case
the jurisdictions in which the Product Trademarks have been registered or are pending, identifying the current owner of each Product
Trademark, the Application Number, the Application Date, the Registration Number, the Registration Date, and the Renewal Date,
as applicable. To the Knowledge of Medimetriks, the Product Trademarks set forth on Schedule 5.10(c) are not expired or
abandoned.

 

(d)
Schedule 5.10(d) sets forth a true, accurate and complete list of all of the Product Domain Names, setting forth in each
case the jurisdictions in which the Product Domain Names have been registered or are pending, identifying the current owner of
each Product Domain Name, the Registration Date, and the Registration Expiry Date thereof.

 

(e)
There are no Product Telephone Numbers.

 

    	 	 	 

     

    

 

5.11
Inventory

 

There
is no Raw Materials Inventory as of the date of this Agreement. In addition, the Teligent Purchase Order sets forth a true, accurate
and complete list of all of starting and raw materials for the Product that have been purchased by Medimetriks or its Affiliates
under the Ferrer License as of the date of this Agreement.

 

5.12
Equipment

 

Neither
Medimetriks nor any of its Affiliates owns or has a right or option to acquire any Product Equipment.

 

5.13
No Brokers

 

Medimetriks
has not entered into any agreement, arrangement or understanding with any Person which will result in the obligation of Cutanea
to pay any finder’s fee, brokerage commission or similar payment in connection with the transactions contemplated hereby.

 

ARTICLE
6

REPRESENTATIONS
AND WARRANTIES OF CUTANEA

 

Cutanea
hereby represents and warrants to Medimetriks as of the date hereof (except to the extent a certain date is specified within the
representation and warranty, in which case, the date set forth therein shall apply), as follows:

 

6.1
Organization

 

Cutanea
is a corporation duly organized and in good standing under the laws of the State of Delaware. Cutanea is duly qualified or licensed
to do business and is in good standing in each jurisdiction in which such qualification or licensing is necessary under Applicable
Law, except where the failure to be so qualified or licensed and to be in good standing would not reasonably be expected to have
a material and adverse effect on the ability of Cutanea to consummate the transactions contemplated hereby (“Cutanea
Material Adverse Effect”).

 

6.2
Authority; Execution and Delivery

 

(a)
Cutanea has all requisite corporate power and authority to own and operate its properties and assets, to carry on its business
as it is now being conducted and to execute and deliver this Agreement and the Transaction Documents to which it is a party and
to perform its obligations hereunder and thereunder. The execution and delivery by Cutanea of this Agreement and the Transaction
Documents to which it is a party and the performance by Cutanea of its obligations hereunder and thereunder have been duly authorized
by all requisite corporate action on the part of Cutanea.

 

(b)
This Agreement and each Transaction Document to which Cutanea is a party has been duly executed and delivered by Cutanea and,
assuming the due authorization and valid execution and delivery by Medimetriks or the other parties thereto, constitutes a legal,
valid and binding obligation of Cutanea, enforceable against Cutanea in accordance with its terms, except as enforcement may be
limited by bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or similar laws affecting creditors’
rights generally or by general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or
law).

 

    	 	 	 

     

    

 

6.3
No Violation

 

The
execution, delivery and performance by Cutanea of this Agreement and the Transaction Documents to which it is a party and the
consummation of the transactions contemplated hereby and thereby, do not and will not (a) violate any provision of the organizational
documents of Cutanea, (b) conflict with, or result in a breach of, constitute a default under or result in the termination, cancellation
or acceleration (whether after the giving of notice or the lapse of time or both) of any right or obligation of Cutanea or any
of its Affiliates under, or the a loss of any benefit to which Cutanea or any of its Affiliates is entitled under, any agreement,
lease or license to which Cutanea or any of its Affiliates are a party or to which its properties or assets are subject, or (c)
assuming compliance with the matters set forth in Sections 5.4 and 6.4, violate or result in a breach of or constitute
a default under any Applicable Law to which Cutanea is subject, except, in the case of clauses (b) and (c), for any violations,
breaches, defaults, conflicts, losses, liens, terminations, cancellations or accelerations that would not reasonably be expected
to have a Cutanea Material Adverse Effect.

 

6.4
Consents

 

Except
as set forth under Schedule 6.4, there are no consents, approvals, waivers or authorizations of, filing with, notices to,
or exemption by any Person, including any Governmental Authority, required to be obtained by Cutanea or on its behalf in connection
with the execution, delivery, or performance of its obligations under this Agreement or the other Transaction Documents to which
it is a party or to consummate the transactions contemplated hereby or thereby, including the transfer of the Purchased Assets
to Cutanea, except where the failure to make such filings or notifications, or obtain such consents, approvals, authorizations
or waivers, would not, individually or in the aggregate, reasonably be expected to have a Cutanea Material Adverse Effect or which
would not materially delay or impair the ability of Cutanea to consummate the transactions contemplated by this Agreement or the
other Transaction Documents or to perform its obligations hereunder or thereunder.

 

6.5
Litigation

 

There
is no Legal Proceeding in progress or pending or, to the knowledge of Cutanea, threatened against Cutanea that would adversely
affect or materially delay the ability of Cutanea to perform its obligations hereunder.

 

6.6
Financial Capability

 

Cutanea
has sufficient cash to pay the Purchase Price on the terms and conditions contemplated by this Agreement, and to pay all related
fees and expenses of Cutanea.

 

6.7
No Brokers

 

Except
as set forth on Schedule 6.7, Cutanea has not entered into any agreement, arrangement or understanding with any Person
which will result in the obligation to pay any finder’s fee, brokerage commission or similar payment in connection with
the transactions contemplated hereby.

 

    	 	 	 

     

    

 

ARTICLE
7

CERTAIN
COVENANTS

 

7.1
Records

 

Each
Party agrees to reasonably cooperate with and to grant to each other Party and their respective officers, employees, attorneys,
accountants, representatives and agents, during normal business hours and upon reasonable request and upon reasonable notice,
reasonable access to the other Party’s management personnel and such other information and records relating to the Product
or the Purchased Assets in their possession or control after the Closing Date and to permit copying or, where reasonably necessary,
to furnish original documents relating to the Product or the Purchased Assets for the purposes of (a) any financial reporting
or Tax matters (including any financial and Tax audits, Tax contests, Tax examination, preparation for any Tax Returns or financial
records), (b) any investigation, inspection or audit being conducted by any Governmental Authority involving the Product or the
Purchased Assets, (c) to comply with any Applicable Law, or (d) defending or bringing any Legal Proceeding relating to any Product
(other than in connection with any Legal Proceeding between or among the Parties or their respective Affiliates arising out of
the transactions contemplated hereby or by the Transaction Documents, with respect to which applicable rules of discovery shall
apply). Notwithstanding anything to the contrary contained herein, neither Party shall have any obligation to grant access to
any (i) proprietary or confidential information or records, or permit copying of or furnish copies of documents containing any
proprietary or confidential information, developed or learned by such Party following the Closing or (ii) information or records
subject to privilege, including the attorney-client privilege. Each Party shall use commercially reasonable efforts to ensure
that its access to and requests for records and documents pursuant to this Section 7.1 are conducted so as not to interfere
with the normal and ordinary operation of the other Party’s business. Each Party acknowledges that the records and documents
made available to such Party pursuant to this Section 7.1 constitute confidential information of the releasing Party and
shall not be disclosed or used in any manner inconsistent with the foregoing. Nor shall such confidential information be released
pursuant to an Order or Applicable Law without first providing, reasonable advance notice to the owner of the confidential information
so that such owner can take reasonable steps to protect its interests, provided that such advance notice is possible and reasonable
under the circumstances.

 

7.2
Further Assurances

 

(a)
Medimetriks shall, from time to time, execute and deliver, or cause to be executed and delivered, such other instruments of conveyance
and transfer and take such other actions as Cutanea may reasonably request in order to more effectively consummate the transactions
contemplated hereby, including to vest in Cutanea good and marketable right, title, and interest to the Purchased Assets, free
and clear of all Encumbrances (other than Permitted Encumbrances) (including assistance in the collection or reduction to possession
of any of the Purchased Assets).

 

(b)
Cutanea shall, from time to time, execute and deliver, or cause to be executed and delivered, such other instruments of conveyance
and transfer and take such other actions as Medimetriks may reasonably request in order to more effectively consummate the transactions
contemplated hereby.

 

    	 	 	 

     

    

 

7.3
Publicity

 

No
public announcement related to this Agreement or the transactions contemplated herein will be issued by either Party without the
prior written approval of the other Party, which approval shall not be unreasonably withheld, conditioned or delayed, except in
any public disclosure which either Medimetriks or Cutanea, in its good faith judgment, believes is required by applicable Law
or by any stock exchange on which its securities or those of its Affiliates are listed. If either Party, in its good faith judgment,
believes such disclosure is required, such Party shall use its commercially reasonable efforts to consult with the other Party,
and to consider in good faith any revisions timely proposed by the other Party, prior to making (or prior to any of its Affiliates
making) such disclosure, and shall limit such disclosure to only that information which is legally required to be disclosed. Notwithstanding
the foregoing, Medimetriks, on the one hand, and Cutanea, on the other hand, may, without the approval of the other Party, make
public announcements that are consistent with prior public communications made in compliance with this Section 7.3.

 

7.4
FDA Letter

 

At
the Closing, Medimetriks shall direct Ferrer to deliver a letter in substantially the form of Exhibit C hereto to the FDA,
notifying the FDA that, effective as of the Closing, Cutanea will replace Medimetriks as Ferrer’s authorized distributor
of the Product in the Territory under the Ferrer License.

 

7.5
Correspondence

 

From
and after the Closing Date, (a) Medimetriks shall deliver or cause to be delivered to Cutanea any mail or other communications
received by Medimetriks or its Affiliates from any Person (including the FDA) related to the Purchased Assets or intended for
the owner of the Purchased Assets (including any mail or other communications with respect to the Products) or the Assumed Liabilities,
and (b) Cutanea shall deliver or cause to be delivered to Medimetriks any mail or other communications received by Cutanea or
its Affiliates intended for Medimetriks or its Affiliates and not related to the Purchased Assets or the Assumed Liabilities.
The provisions of this Section 7.5 are not intended to, and shall not be deemed to, constitute an authorization by Medimetriks
or Cutanea to permit the other to accept service of process on its or their behalf and neither Medimetriks nor Cutanea are or
shall be deemed to be the agent of the other for service of process purposes.

 

7.6
Noncompetition

 

(a)
From and after the Closing, for a period of five (5) years, Medimetriks agrees that it and its Affiliates will not, directly or
indirectly:

 

	 	(i)	engage
    or participate in the research, development, commercialization, manufacture, packaging, distribution, marketing or sale in
    the Territory of a pharmaceutical product for the prevention or topical treatment of impetigo (a “Competitive
    Business”);
	 	 	 
	 	(ii)	become
    interested (as owner, stockholder, lender, partner, co-venturer, director, shareholder, employee, agent, consultant or otherwise)
    in any Competitive Business or in any entity that is engaged in a Competitive Business; provided, however, notwithstanding
    the foregoing, Medimetriks and its Affiliates may hold collectively not more than five percent (5%) of the outstanding securities
    of any class of any publicly-traded securities of any Person that is engaged a Competitive Business; or

 

    	 	 	 

     

    

 

	 	(iii)	influence
    or attempt to influence any Person who was a vendor or customer of Medimetriks prior to the Closing to terminate or modify
    any written or oral agreement with Cutanea or any of its Affiliates in respect of the Business.
	 	 	 
	 	(b)	Notwithstanding
    anything in this Section 7.6 to the contrary:
	 	 	 
	 	(i)	nothing
    in this Section 7.6 shall restrict Medimetriks or its Affiliates from (A) acquiring (whether by merger, consolidation,
    sale or otherwise) any assets or equity securities of any Third Party that, at the time of such acquisition, is engaged or
    participating in the research or development in the Territory of a pharmaceutical product for the prevention or topical treatment
    of impetigo and (B) following such acquisition, (I) engaging or participating in the research and development of such pharmaceutical
    product in the Territory (it being understood that Medimetriks and its Affiliates shall not be permitted to commercialize,
    manufacture or package for purposes of commercialization, distribute, market or sell such pharmaceutical product in the Territory
    until the expiration of the five-year period set forth in Section 7.6(a)) or (II) proposing, negotiating, offering
    or effecting a sale, divestiture, license or other disposition of any such acquired assets or equity securities; and
	 	 	 
	 	(ii)	in
    the event of a merger, consolidation or sale of Medimetriks or the sale or transfer of all or substantially all of the assets
    of Medimetriks and its Affiliates to a Third Party, nothing in this Section 7.6 shall restrict the acquiring party
    or its Affiliates from engaging or participating in the research, development, commercialization, manufacture, packaging,
    distribution, marketing or sale in the Territory of any pharmaceutical product for the prevention or topical treatment of
    impetigo in connection with programs of such acquiring party or its Affiliates existing prior to the effective time of such
    merger, consolidation, sale or transfer.
	 	 	 
	 	(c)	Medimetriks
    hereby acknowledges and agrees that:
	 	 	 
	 	(i)	the
    rights, obligations and duties of the Parties under this Section 7.6 are necessary for the protection of the legitimate
    business interests of Cutanea for the period of time set forth in this Section 7.6;
	 	 	 
	 	(ii)	the
    agreements of the Parties set forth in this Section 7.6 are an integral part of this Agreement, without which the transactions
    contemplated in and by this Agreement would not be consummated;
	 	 	 
	 	(iii)	the
    scope of the obligations set forth in this Section 7.6 is reasonable in time, geography and types and limitations of
    activities restricted; and
	 	 	 
	 	(iv)	the
    breach of this Section 7.6 will be such that the Party harmed by such breach will not have an adequate remedy at law
    because of the unique nature of the Business.

 

    	 	 	 

     

    

 

(d)
The Parties acknowledge and agree that the rights of Cutanea pursuant to Section 7.6(a) are of a specialized and unique
character and that immediate and irreparable damage will result to Cutanea if Medimetriks fails to perform or refuses to perform
its obligations thereunder and, notwithstanding any election by Cutanea to claim damages from as a result of any such failure
or refusal, Cutanea may, in addition to any other remedies and damages available, seek an injunction in a court of competent jurisdiction
to restrain any such failure or refusal. No single exercise of the foregoing remedy shall be deemed to exhaust Cutanea’s
right to such remedy, but the right to such remedy shall continue undiminished and may be exercised from time to time as often
as such parties may elect.

 

7.7
Non-Disparagement; Non-Solicitation

 

(a)
Neither Medimetriks’ or any of its Affiliates’ directors, officers or public relations personnel, on the one hand,
nor Cutanea’s or any its Affiliates’ directors, officers or public relations personnel, on the other hand, will, directly
or indirectly, disparage, deprecate or make any negative comment or willfully interfere in the business activities of the other.
Nothing in this Section 7.7(a) shall restrict any of such Persons in any way from making any statements or disclosures
(i) required by any Governmental Authority, Applicable Law or Order or (ii) in connection with any Legal Proceeding between or
among the Parties or their respective Affiliates arising out of the transactions contemplated hereby or by the Transaction Documents.

 

(b)
From and after the Closing, for a period of two (2) years, neither Party shall, and each Party shall cause its Affiliates not
to, directly or indirectly solicit or cause to be solicited the employment of, or hire, any employee of the other Party or any
of its Affiliates; provided, however, that the foregoing shall not (i) restrict general solicitations for employment (including
through search firms and the placement of any general advertisements in newspapers, web postings or other media of general circulation)
not directed specifically at any such employees or (ii) restrict the solicitation or hiring of any such employee who has given
or received notice terminating his or her employment with such other Party and its Affiliates.

 

7.8
Purchase Orders

 

As
a convenience to Cutanea and to facilitate delivery of certain Product components and packaging materials to Cutanea in a timely
manner following the Closing, (a) Medimetriks has agreed to issue the Teligent Purchase Order to Teligent for the Product components
and packaging materials set forth therein and (b) Cutanea and has agreed to issue the Cutanea Purchase Order to Medimetriks for
such Product components and packaging materials. Following the Closing, Medimetriks will deliver to Cutanea the Product components
and packaging materials set forth in the Cutanea Purchase Order, and Cutanea will pay Medimetriks the amount set forth in the
Cutanea Purchase Order, in each case, in accordance with the terms set forth in the Cutanea Purchase Order.

 

7.9
Wrong Pockets

 

For
a period of up to twenty-four (24) months after the Closing Date, if either Medimetriks or Cutanea becomes aware that any of the
Purchased Assets has not been transferred to Cutanea or that any of the Excluded Assets has been transferred to Cutanea, such
Party shall promptly notify the other Party in writing and the Parties shall, as soon as reasonably practicable, ensure that such
asset is transferred, with any necessary prior Third Party consent or approval, to (a) Cutanea, in the case of any Purchased Asset
which was not transferred to Cutanea at the Closing; or (b) Medimetriks, in the case of any Excluded Asset which was transferred
to Cutanea at the Closing.

 

    	 	 	 

     

    

 

7.10
Exclusivity of Representations and Warranties of Medimetriks

 

CUTANEA
ACKNOWLEDGES AND AGREES THAT, EXCEPT FOR THE EXPRESS REPRESENTATIONS AND WARRANTIES CONTAINED IN ARTICLE 5, (A) MEDIMETRIKS
HAS MADE NO REPRESENTATION OR WARRANTY WHATSOEVER HEREIN OR OTHERWISE RELATED TO THE TRANSACTIONS CONTEMPLATED HEREBY AND (B)
CUTANEA HAS NOT RELIED ON ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, IN CONNECTION WITH THE TRANSACTIONS CONTEMPLATED
HEREBY. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, CUTANEA ACKNOWLEDGES AND AGREES THAT, EXCEPT AS EXPRESSLY PROVIDED IN
THIS AGREEMENT, CUTANEA IS ACQUIRING THE PURCHASED ASSETS ON AN “AS IS, WHERE IS” BASIS WITHOUT ANY EXPRESS OR IMPLIED
WARRANTIES, EITHER IN FACT OR BY OPERATION OF LAW, BY STATUTE OR OTHERWISE, INCLUDING ANY WARRANTY AS TO QUALITY, THE FITNESS
FOR A PARTICULAR PURPOSE, MERCHANTABILITY, CONDITION OF THE ASSETS OR AS TO ANY OTHER MATTER.

 

7.11
Exclusivity of Representations and Warranties of Cutanea

 

MEDIMETRIKS
ACKNOWLEDGES AND AGREES THAT, EXCEPT FOR THE EXPRESS REPRESENTATIONS AND WARRANTIES CONTAINED IN ARTICLE 6, (A) CUTANEA
HAS MADE NO REPRESENTATION OR WARRANTY WHATSOEVER HEREIN OR OTHERWISE RELATED TO THE TRANSACTIONS CONTEMPLATED HEREBY AND (B)
MEDIMETRIKS HAS NOT RELIED ON ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, IN CONNECTION WITH THE TRANSACTIONS CONTEMPLATED
HEREBY.

 

ARTICLE
8

COVENANTS
COMMENCING PRIOR TO CLOSING

 

8.1
Access, Inspections and Audits

 

Subject
to the confidentiality restrictions set forth in Article 10, from the date hereof until the Closing, Medimetriks shall
permit Cutanea and Cutanea’s officers, employees, representatives, agents and advisors to have reasonable access during
Medimetriks’ normal business hours to, and to conduct reasonable inspections of, and make copies of, any or all of the Purchased
Assets and to any and all information, data and documentation exclusively relating to the Product Trademark or the ownership of
any of the Purchased Assets (in each case, other than the Excluded Assets and Retained Liabilities); provided, however, that,
such access or inspection may be provided through an electronic data room.

 

    	 	 	 

     

    

 

8.2
No Transfer of Purchased Assets

 

Medimetriks
covenants that until the Closing, and except as otherwise required by the Interim Trademark License Agreement, Medimetriks shall
not voluntarily transfer the Product Trademark or any of the Purchased Assets or voluntarily commit to transfer any of the Purchased
Assets to any party other than Cutanea or Cutanea’s designee.

 

8.3
Efforts to Consummate Transaction

 

The
Parties shall use their respective commercially reasonable efforts to obtain all consents and approvals necessary to consummate
the transactions contemplated hereby. Notwithstanding anything to the contrary contained in Section 2.3 or this Section
8.3, neither Party nor any of its Affiliates shall be required to pay money to any Third Party, commence any Legal Proceeding
or offer or grant any accommodation (financial or otherwise) to any Third Party in connection with such efforts.

 

ARTICLE
9

CONDITIONS
TO CLOSING

 

9.1
Conditions of Cutanea

 

The
obligation of Cutanea to consummate the Closing is subject to the fulfillment prior to or at the Closing of each of the following
conditions, any of which Cutanea may waive in its sole discretion:

 

(a)
Medimetriks shall have performed and complied in all material respects with all agreements, commitments, covenants and other obligations
required by this Agreement to be performed or complied with by Medimetriks prior to or at the Closing;

 

(b)
Medimetriks shall have delivered to Cutanea all of the deliverables referenced in Section 4.2;

 

(c)
The representations and warranties of Medimetriks contained in this Agreement, and in any Transaction Document delivered to Cutanea
pursuant hereto, shall be true and correct (without giving effect to any “materiality” or “Material Adverse
Effect” qualifiers contained therein) as if made on the Closing Date (except, in each case, to the extent that such representation
and warranty speaks only as of a particular date, in which case such representation and warranty shall be true and correct as
of such particular date), except where the failure of any of such representations and warranties of Medimetriks to be so true
and correct would not reasonably be expected to have a Material Adverse Effect;

 

(d)
No Governmental Authority of competent jurisdiction shall have enacted, issued, promulgated or enforced any Applicable Law or
preliminary or permanent injunction or Order which is in effect and which prohibits, enjoins or makes illegal the transactions
contemplated by this Agreement or the Transaction Documents; and

 

(e)
Cutanea shall be satisfied with the results of its due diligence of the supply chain for the Product and the costs associated
therewith.

 

    	 	 	 

     

    

 

9.2
Conditions of Medimetriks

 

The
obligation of Medimetriks to consummate the Closing is subject to the fulfillment prior to or at the Closing of each of the following
conditions, any of which Medimetriks may waive in its sole discretion:

 

(a)
Cutanea shall have performed and complied in all material respects with all agreements, commitments, covenants and other obligations
required by this Agreement to be performed or complied with by Cutanea prior to or at the Closing;

 

(b)
Cutanea shall have delivered to Medimetriks all of the deliverables referenced in Section 4.3;

 

(c)
The representations and warranties of Cutanea contained in this Agreement, and in any Transaction Document delivered to Medimetriks
pursuant hereto, shall be true and correct (without giving effect to any “materiality” or “Cutanea Material
Adverse Effect” qualifiers contained therein) as if made on the Closing Date (except, in each case, to the extent that such
representation and warranty speaks only as of a particular date, in which case such representation and warranty shall be true
and correct as of such particular date), except where the failure of any of such representations and warranties of Cutanea to
be so true and correct would not reasonably be expected to have a Cutanea Material Adverse Effect; and

 

(d)
No Governmental Authority of competent jurisdiction shall have enacted, issued, promulgated or enforced any Applicable Law or
preliminary or permanent injunction or Order which is in effect and which prohibits, enjoins or makes illegal the transactions
contemplated by this Agreement or the Transaction Documents.

 

ARTICLE
10

CONFIDENTIALITY

 

10.1
Confidentiality

 

(a)
Effective upon, and only upon, the Closing, the Confidentiality Agreement shall terminate.

 

(b)
Without limiting the effect of any other agreement between the Parties regarding the non-disclosure or non-use of the other Party’s
confidential information, from and after the Closing, Medimetriks undertakes with respect to Cutanea and its Affiliates, and Cutanea
undertakes with respect to Medimetriks and its Affiliates, without the prior written consent of the other Party, to keep confidential
(except as expressly provided in this Agreement) at all times after the Closing Date, and not directly or indirectly reveal, disclose
or use for its own or any other purposes unrelated to its performance or the enforcement of its rights hereunder or the performance
or enforcement of the Transaction Documents, any confidential information received or obtained, or supplied by or on behalf of
the other Party or its Affiliates, in connection with this Agreement, the Transaction Documents or the transactions contemplated
hereby or thereby. The Parties acknowledge that, for purposes of this Agreement but subject to Section 10.1(c), the Purchased
Assets, including related records and information, shall be deemed the confidential information of Cutanea from and after the
Closing Date and Cutanea and its Affiliates shall be free to disclose and use such information for any and all purposes.

 

    	 	 	 

     

    

 

(c)
The prohibition in Section 10.1(b) does not apply: (i) with respect to information that was in the public domain before
it was furnished to the relevant Party or, after it was furnished to that Party, entered the public domain other than as a result
of (x) a breach by that Party of this Section 10.1 or any other confidentiality agreement to which that Party is bound
or (y) a breach of a confidentiality obligation to a Party by a Third Party; (ii) to information disclosed in order to comply
with an Order or Applicable Law or national stock exchange, market or automated quotation system on which such Party or its Affiliates
securities are listed, provided that such disclosure will be only to the extent required by such Order or Applicable Law or national
stock exchange, market or automated quotation system on which such Party or its Affiliates securities are listed, and unless such
consultation is prohibited by Order or Applicable Law or national stock exchange, market or automated quotation system on which
such Party or its Affiliates securities are listed or is not reasonably practicable, only after consultation with the other Party;
or (iii) to any press release or other public announcement mutually agreed upon by the Parties in accordance with Section 7.3.

 

ARTICLE
11

INDEMNIFICATION

 

11.1
Survival

 

The
representations and warranties of Cutanea and Medimetriks contained herein or made pursuant hereto shall survive until the date
that is eighteen (18) months after the Closing Date; provided that, notwithstanding the foregoing, the Fundamental Representations
and the representations and warranties set forth in Section 5.13 (No Brokers) and Section 6.7 (No Brokers) shall
survive until the fourth (4th) anniversary of the Closing Date. The covenants and agreements of the Parties contained in this
Agreement that, by their terms, contemplate performance after the Closing Date shall survive and remain in full force for the
applicable periods described therein or, if no such period is specified, until fully performed. Any right of indemnification pursuant
to this Article 11 with respect to a claimed breach of a representation, warranty or covenant shall expire at the date
of the expiration of the survival period of the representation, warranty or covenant claimed to be breached, unless on or prior
to such expiration date the Party from whom indemnification is sought has received notice of a good faith claim from the other
Party with respect to the applicable representation, warranty or covenant.

 

11.2
Indemnification by Medimetriks

 

Subject
to the provisions of this Article 11, from and after the Closing, Medimetriks shall indemnify, defend and hold harmless
Cutanea and its Affiliates and, if applicable, their respective directors, officers, agents, employees, successors and assigns
(collectively referred to as “Cutanea Indemnified Parties”) from and against all Losses, whether or
not arising due to Third Party Claims, incurred by Cutanea Indemnified Parties, to the extent arising from or relating to:

 

	 	(a)	any
    breach of any representation or warranty of Medimetriks contained in this Agreement or in any other Transaction Document;
	 	 	 
	 	(b)	any
    breach of any covenant of Medimetriks contained in this Agreement or in any other Transaction Document;
	 	 	 
	 	(c)	any
    Excluded Assets; or
	 	 	 
	 	(d)	any
    Retained Liabilities.

 

    	 	 	 

     

    

 

11.3
Indemnification by Cutanea

 

Subject
to the provisions of this Article 11, from and after the Closing, Cutanea shall indemnify, defend and hold harmless Medimetriks
and its Affiliates and, if applicable, their respective directors, officers, agents, employees, successors and assigns (collectively
referred to as “Medimetriks Indemnified Parties”) from and against all Losses, whether or not arising
due to Third Party Claims, incurred by Medimetriks Indemnified Parties, to the extent arising from or relating to:

 

	 	(a)	any
    breach of any representation or warranty of Cutanea contained in this Agreement or in any other Transaction Document;
	 	 	 
	 	(b)	any
    breach of any covenant of Cutanea contained in this Agreement or in any other Transaction Document;
	 	 	 
	 	(c)	the
    Assumed Liabilities; or
	 	 	 
	 	(d)	the
    Business or any actions taken with respect to the Business by Cutanea or any of its Affiliates, in each case, following the
    Closing, including with respect to performance or non-performance under, or any breach of, the Assumed Contracts.

 

11.4
Notice of Claims

 

If
any of the Persons to be indemnified under this Article 11 (“Indemnified Party”) has suffered
or incurred any Loss, the Indemnified Party shall so notify (or cause to be notified) the Party from whom indemnification is sought
(“Indemnifying Party”) promptly in writing, describing such Loss, the nature, basis and amount or estimated
amount thereof, if known or reasonably capable of estimation, the method of computation of such Loss, and, to the extent practicable,
any other material details pertaining thereto, all with reasonable particularity. If any Legal Proceeding is instituted by a Third
Party (“Third Party Claim”) with respect to which the Indemnified Party intends to claim any Losses
under this Article 11, the Indemnified Party shall promptly notify in writing the Indemnifying Party of such Legal Proceeding,
describing the nature, basis and amount or estimated amount thereof, if known or reasonably capable of estimation, the method
of computation thereof, any other remedy sought thereunder, any relevant time constraints relating thereto, and, to the extent
practicable, any other material details pertaining thereto, all with reasonable particularity (“Third Party Claim
Notice”). A failure by the Indemnified Party to give such Third Party Claim Notice in a timely manner pursuant to
this Section 11.4 shall not limit the obligation of the Indemnifying Party under this Article 11, except (a) to
the extent such Indemnifying Party is actually prejudiced thereby, or (b) as provided in Section 11.1.

 

    	 	 	 

     

    

 

11.5
Third Party Claims

 

(a)
The Indemnifying Party under this Article 11 shall have the right, but not the obligation, exercisable by written notice
to the Indemnified Party within thirty (30) days of receipt of a Third Party Claim Notice from the Indemnified Party with respect
thereto, to assume the conduct and control, at the expense of the Indemnifying Party and through counsel of its choosing that
is reasonably acceptable to the Indemnified Party, any Third Party Claim, and the Indemnifying Party may compromise or settle
the same; provided, that the Indemnifying Party shall give the Indemnified Party advance written notice of any proposed compromise
or settlement and shall not, without the prior written consent of the Indemnified Party (which consent shall not be unreasonably
withheld, conditioned or delayed), consent to or enter into any such compromise or settlement that (i) commits the Indemnified
Party to (A) pay or cause to be paid any amounts payable pursuant to such compromise or settlement (including payment of any Cash
Equivalents) or (B) admit fault or guilt on the part of the Indemnified Party, or (ii) does not provide for a full and complete
written release by the applicable Third Party of the Indemnified Party. The Indemnified Party shall diligently conduct such Third
Party Claim (including the making of all filings and responses due during such time) during the period prior to the assumption
of such Third Party Claim by the Indemnifying Party, or the expiration of such 30-day period. No Indemnified Party may compromise
or settle any Third Party Claim for which it is seeking indemnification hereunder without the consent of the Indemnifying Party
(which consent shall not be unreasonably withheld, conditioned or delayed). No Indemnifying Party may consent to the entry of
any judgment that does not relate solely to monetary damages arising from any such Third Party Claim without the prior written
consent of the Indemnified Party (which consent shall not be unreasonably withheld, conditioned or delayed). Should the Indemnifying
Party assume the defense of a Third Party Claim, except as provided in Section 11.5(b), the Indemnifying Party shall not
be liable to any Indemnified Party for any legal expenses subsequently incurred by such Indemnified Party in connection with the
analysis, defense or settlement of the Third Party Claim. Notwithstanding the foregoing, in the event that it is ultimately determined
that the Indemnifying Party is not obligated to indemnify, defend or hold harmless any Indemnified Party from and against the
Third Party Claim, the Indemnified Party shall reimburse the Indemnifying Party for any and all costs and expenses (including
attorneys’ fees) and any damages incurred by the Indemnifying Party in its defense of the Third Party Claim with respect
to such Indemnified Party.

 

(b)
Without limiting Section 11.5(a), any Indemnified Party shall be entitled to participate in, but not control, the defense
of such Third Party Claim and to employ counsel of its choice for such purpose; provided, however, that such employment
shall be at the Indemnified Party’s own expense unless (i) the employment thereof and payment therefor has been specifically
authorized in advance by the Indemnifying Party in writing, (ii) the Indemnifying Party has failed to assume the defense and employ
counsel in accordance with Section 11.5(a) (in which case the Indemnified Party shall control the defense), or (iii) the
Indemnified Party is an indispensable party in such Third Party Claim and the Indemnifying Party and the Indemnified Party have
materially conflicting interests or different defenses available with respect to such Third Party Claim, in which case the Indemnifying
Party shall bear the cost of one legal counsel for the Indemnified Party. Regardless of whether the Indemnifying Party chooses
to defend any Third Party Claim, the Indemnified Party shall, and shall cause each other Indemnified Party to, cooperate in the
defense thereof and shall furnish such records, information and testimony, provide such witnesses and attend such conferences,
discovery proceedings, hearings, trials and appeals as may be reasonably requested in connection therewith. Such cooperation shall
include access during normal business hours afforded to the Indemnifying Party to, and reasonable retention by the Indemnified
Party of, records and information that are reasonably relevant to such Third Party Claim, and making Indemnified Parties and other
employees and agents available on a mutually convenient basis to provide additional information and explanation of any material
provided hereunder. If the Indemnified Party controls the defense of the claim, the Indemnifying Party shall cooperate with the
Indemnified Party on the terms described above. Notwithstanding anything to the contrary contained herein, neither Party shall
have any obligation to furnish or provide access to (A) any records, information or testimony with respect to any proprietary
or confidential information developed or learned by such Party following the Closing or (B) information or records subject to
privilege, including the attorney-client privilege.

 

    	 	 	 

     

    

 

11.6
Limitations of Liability

 

	 	(a)	TO
    THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EXCEPT IN THE CASE OF FRAUD OR WILLFUL MISCONDUCT, NEITHER PARTY WILL BE LIABLE
    OR OTHERWISE RESPONSIBLE, IN CONNECTION WITH THIS AGREEMENT, THE NEGOTIATION OF THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
    HEREBY, FOR ANY LOST PROFITS, COST OF PROCURING SUBSTITUTE GOODS OR SERVICES, LOST BUSINESS OR ANY INDIRECT, INCIDENTAL, CONSEQUENTIAL,
    PUNITIVE, EXEMPLARY, MULTIPLIED OR OTHER SPECIAL DAMAGES SUFFERED BY THE OTHER PARTY OR ITS AFFILIATES WHETHER OR NOT CAUSED
    BY OR RESULTING FROM THE ACTIONS OF SUCH PARTY OR THE BREACH OF ITS COVENANTS, AGREEMENTS, REPRESENTATIONS OR WARRANTIES HEREUNDER
    AND WHETHER OR NOT BASED ON OR IN WARRANTY, CONTRACT, TORT (INCLUDING NEGLIGENCE OR STRICT LIABILITY) OR OTHERWISE.
	 	 	 
	 	(b)	Notwithstanding
    the other provisions of this Article 11:
	 	 	 
	 	(i)	Neither
    Party shall be entitled to recover any Losses under Section 11.2(a) or Section 11.3(a), as the case may be,
    until the aggregate amount of the Losses for which indemnification is sought shall exceed One Hundred Thousand dollars ($100,000),
    at which time the indemnification provided under Article 11 shall apply to all such Losses, including the first $100,000;
    and
	 	 	 
	 	(ii)	Except
    for a breach of the Fundamental Representations made by a Party, in no event shall either Party’s indemnification obligations
    for Losses under Section 11.2(a) or Section 11.3(a), as the case may be, exceed, in the aggregate, One Million
    Eight Hundred Thousand Dollars ($1,800,000).
	 	 	 
	 	(c)	The
    amount of Losses recovered by an Indemnified Party under Section 11.2 or Section 11.3, as applicable, shall
    be reduced by (i) any amounts actually recovered by the Indemnified Party from a Third Party in consideration for such Losses
    and (ii) the amount of any insurance proceeds paid to the Indemnified Party for such Losses, in each case ((i) and (ii)),
    net of the Indemnified Party’s reasonable and documented out-of-pocket costs of recovery. If any amounts referenced
    in the preceding clauses (i) and (ii) are received by an Indemnified Party after payment by the Indemnifying Party of the
    full amount otherwise required to be paid to such Indemnified Party pursuant to this Article 11, the Indemnified Party
    shall repay to the Indemnifying Party, promptly after such receipt, any amount that the Indemnifying Party would not have
    been required to pay pursuant to this Article 11 had such amounts been received prior to such payment.

 

    	 	 	 

     

    

 

11.7
Indemnity Payments

 

In
the event that either Party agrees to or is determined to have an obligation to reimburse the other Party for Losses as provided
in this Article 11, the Indemnifying Party shall promptly pay such amount (without deduction) to the Indemnified Party
in U.S. dollars via wire transfer of immediately available funds to the accounts specified in writing by the Indemnified Party.
Any payments made pursuant to this Article 11 shall be deemed to be treated for all purposes, including Tax purposes, as
adjustments to the Purchase Price.

 

11.8
Exclusive Remedy

 

Each
Party acknowledges and agrees that, except in the case of fraud or willful misconduct, the remedies provided for in this Article
11 shall be the sole and exclusive remedies for any and all claims for Losses available to the Parties and their respective
Affiliates arising out of or relating to the Business, the Purchased Assets, the Assumed Liabilities, this Agreement or the transactions
contemplated hereby. In furtherance of the foregoing, each Party hereby waives, from and after the Closing, any and all such rights,
claims and causes of action whether based on or in warranty, contract, tort (including negligence or strict liability) or otherwise
that such Party or any other Indemnified Party may have against the other Party, any of its Affiliates or any other Person, arising
under or based upon any Applicable Law, except pursuant to the indemnification provisions set forth in this Article 11.
Notwithstanding anything to the contrary contained in this Agreement, no breach of any representation, warranty, covenant or agreement
contained herein shall, after the consummation of the transactions contemplated by this Agreement, give rise to any right on the
part of Cutanea, on the one hand, or Medimetriks, on the other hand, to rescind this Agreement or any of the transactions contemplated
hereby. Except in the case of fraud or willful misconduct, no past, present or future director, officer, employee, advisor, agent,
representative, incorporator, member, partner or stockholder of either Party or its Affiliates shall have any liability, whether
based on or in warranty, contract, tort (including negligence or strict liability) or otherwise, for any obligations of such Party
or any of its Affiliates arising under, in connection with or related to this Agreement or for any claim based on, in respect
of or by reason of the transactions contemplated by this Agreement, including any alleged non-disclosure or misrepresentations
made by any such Persons.

 

11.9
Setoff Rights

 

Neither
Party shall have any right of setoff of any amounts due and payable, or any Losses arising, under this Agreement against any other
amounts due and payable under this Agreement or any amounts due and payable, or any Losses arising, under any Transaction Documents.
The payment obligations under each of this Agreement and the Transaction Documents remain independent obligations of each Party,
irrespective of any amounts owed to the other Party under this Agreement or the Transaction Documents.

 

    	 	 	 

     

    

 

ARTICLE
12

[RESERVED]

 

ARTICLE
13

GENERAL

 

13.1
Expenses

 

Except
as otherwise provided in this Agreement and whether or not the Closing occurs, each Party shall pay all costs and expenses (including
the fees and disbursements of legal counsel and other advisers) it incurs in connection with the negotiation, preparation and
execution of this Agreement and the transactions contemplated by this Agreement.

 

13.2
Notices

 

Any
notice, consent, approval or other communication hereunder required or permitted to be given in connection with this Agreement
(“Notice”) shall be deemed to have been duly given and made if in writing and if served by personal
delivery upon the Party for whom it is intended, delivered by registered or certified mail, return receipt requested, or by a
national overnight courier service for next Business Day delivery, or sent by electronic mail or facsimile to the Person at the
address set forth below, or such other address as may be designated in writing hereafter, in the same manner, by such Person:

 

	 	(a)	in
    the case of a Notice to Medimetriks at:

 

Medimetriks
Pharmaceuticals, Inc.

383
Route 46 West

Fairfield,
NJ 07004

Fax:
[***]

Email:
[***]

Attention:
[***]

 

with
a copy (which shall not constitute effective notice) to:

 

Covington
& Burling LLP

One
CityCenter

850
Tenth Street, NW

Washington,
DC 20001

Fax:
[***]

Email:
[***]

Attention:
[***]

 

    	 	 	 

     

    

 

	 	(b)	in
    the case of a Notice to Cutanea at:

 

Cutanea
Life Sciences, Inc.

1300
Liberty Ridge Drive

Suite
3000

Email:
[***]

Attention:
[***]

 

with
a copy (which shall not constitute effective notice) to:

 

Cutanea
Life Sciences, Inc.

1300
Liberty Ridge Drive

Suite
3000

Fax:
[***]

Email:
[***]

Attention:
[***]

 

Any
Notice shall be deemed to have been received (i) when delivered by hand, if personally delivered, (ii) three (3) Business Days
after being sent by registered or certified mail, return receipt requested, (iii) one (1) Business Day after being sent by a national
overnight courier service, next Business Day Delivery, or (iv) on the date of receipt after being sent by electronic mail or facsimile,
if received before or during the recipient’s normal working hours on a Business Day or, otherwise, the next Business Day,
and, in the case of a facsimile, confirmed via receipt of transmission that it was received by facsimile. Any Party may, from
time to time, change its address by giving Notice to the other Parties in accordance with the provisions of this Section 13.2.

 

13.3
Governing Law; Jurisdiction; Waiver of Jury Trial

 

(a)
This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect
to the principles of conflicts of law thereof, and the Parties agree to the exclusive personal jurisdiction of and venue in any
federal court located in the District of Delaware or state court located in New Castle county, Delaware in respect of any legal
proceeding or dispute arising out of or in connection with this Agreement or the transactions contemplated hereby.

 

(b)
EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL PROCEEDING RELATING TO THIS AGREEMENT, THE
TRANSACTION DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, OR FOR ANY COUNTERCLAIM THEREIN.

 

13.4
Assignment

 

(a)
Neither Party may assign any or all of its rights or obligations under this Agreement without the other Party’s prior written
consent; provided, however, that (i) either Party may assign, sublicense, subcontract or delegate any or all of its rights or
obligations under this Agreement to an Affiliate of such Party, and (ii) following the Closing, either Party may assign all of
its rights or obligations under this Agreement to a Third Party to which such Party has sold all or substantially all of its assets
or, with respect to Cutanea, the business or product line containing the Product.

 

    	 	 	 

     

    

 

(b)
Any assignment to an Affiliate of a Party shall not release the assigning or transferring Party of its obligations hereunder.

 

(c)
In the event that a Party assigns any of its rights and obligations hereunder to a Third Party, the assigning Party shall, at
the request of the non-assigning Party, enter into, or cause such Third Party to enter into, such supplemental agreements pursuant
to which such Third Party will expressly assume all of the obligations of the assigning Party hereunder.

 

(d)
This Agreement inures to the benefit of and is binding upon the Parties and their respective successors (including any successor
by reason of amalgamation, merger or consolidation of any Party) and permitted assigns.

 

13.5
Severability

 

The
provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect
the validity or enforceability of the other provisions hereof. If any term or other provision of this Agreement, or the application
thereof to any Person or any circumstance, is invalid, illegal or unenforceable, (a) a suitable and equitable provision shall
be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid
or unenforceable provision, and (b) the remainder of this Agreement and the application of such provision to other Persons or
circumstances shall not be affected by such invalidity, illegality or unenforceability, nor shall such invalidity, illegality
or unenforceability affect the validity or enforceability of such provision, or the application thereof, in any other jurisdiction.

 

13.6
Amendment; Waiver

 

No
amendment, supplement, modification or waiver or termination of this Agreement and, unless otherwise specified, no consent or
approval by any Party, is binding unless executed in writing by each of the Parties (in the case of any such amendment, supplement
or modification) or by the Party to be bound thereby (in the case of any such waiver, termination, consent or approval). The waiver
by either Party of any right hereunder or of the failure to perform or of a breach by the other Party shall not be deemed a waiver
of any other right hereunder or of any other breach or failure by said other Party whether of a similar nature or otherwise.

 

13.7
Execution and Delivery

 

This
Agreement may be executed by the Parties in counterparts and may be executed and delivered by facsimile or electronic images (including
electronically delivered images such as .pdf) and all such counterparts, facsimiles and electronic images together constitute
one and the same agreement.

 

    	 	 	 

     

    

 

13.8
No Third-Party Beneficiaries

 

Except
as provided in Article 11, this Agreement is for the sole benefit of the Parties and their respective successors and permitted
assigns and nothing herein, express or implied, is intended to or shall confer upon any other Person any legal or equitable right,
benefit or remedy of any nature whatsoever under or by reason of this Agreement.

 

13.9
Bulk Sales Statutes

 

Cutanea
hereby waives compliance by Medimetriks with any applicable bulk sales statutes in any jurisdiction in connection with the transactions
under this Agreement.

 

13.10
Joint Drafting

 

The
Parties have been represented by counsel in the negotiations and preparation of this Agreement; therefore, this Agreement will
be deemed to be drafted by each of the Parties, and no rule of construction will be invoked respecting the authorship of this
Agreement.

 

[Signature
page follows]

 

    	 	 	 

     

    

 

IN
WITNESS WHEREOF, the Parties have executed this Agreement as of the date first written above.

 

	 	MEDIMETRIKS
    PHARMACEUTICALS, INC.
	 	 	                            
	 	By:	/s/
    [***]
	 	Print:	[***]
	 	Title:	[***]
	 	 	 
	 	CUTANEA
    LIFE SCIENCES, INC.
	 	 	 
	 	By:	/s/
    [***]
	 	Print:	[***]
	 	Title:	[***]

 

    	 	 	 

     

    

 

EXHIBIT
A

 

CUTANEA
PURCHASE ORDER

 

    	 	 	 

     

    

 

EXHIBIT
B

 

TELIGENT
PURCHASE ORDER

 

    	 	 	 

     

    

 

EXHIBIT
C

 

FORM
OF LETTER TO FDA

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