Document:

EX-10.7

 Exhibit 10.7 

THIS PROMISSORY NOTE (“NOTE”) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS
BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY
THAT SUCH REGISTRATION IS NOT REQUIRED. 
 PROMISSORY NOTE 
  

			
	Principal Amount: Up to $300,000	  	 Dated as of September 22, 2021
  

Seattle, Washington

 ALSP Orchid Acquisition Corporation I, a Cayman Island exempted company and blank check company (the
“Maker”), promises to pay to the order of ALSP Orchid Sponsor LLC or its registered assigns or successors in interest (the “Payee”), or order, the principal sum of up to Three Hundred Thousand Dollars ($300,000) in
lawful money of the United States of America, on the terms and conditions described below. All payments on this Note shall be made by check or wire transfer of immediately available funds or as otherwise determined by the Maker to such account as
the Payee may from time to time designate by written notice in accordance with the provisions of this Note. 
 1. Principal. The principal balance of
this Note shall be payable by the Maker on the earlier of: (i) April 30, 2022 or (ii) the date on which Maker consummates an initial public offering of its securities. The principal balance may be prepaid at any time. Under no
circumstances shall any individual, including but not limited to any officer, director, employee or shareholder of the Maker, be obligated personally for any obligations or liabilities of the Maker hereunder. 

2. Interest. No interest shall accrue on the unpaid principal balance of this Note. 

3. Drawdown Requests. Maker and Payee agree that Maker may request up to $300,000 for costs reasonably related to Maker’s initial public offering
of its securities. The principal of this Note may be drawn down from time to time prior to the earlier of: (i) December 31, 2021 or (ii) the date on which Maker consummates an initial public offering of its securities, upon written
request from Maker to Payee (each, a “Drawdown Request”). Each Drawdown Request must state the amount to be drawn down, must not be an amount less than $10,000 unless agreed upon by Maker and Payee and shall be reflected on Schedule
A. Payee shall fund each Drawdown Request no later than 5 business days after receipt of a Drawdown Request; provided, however, that the maximum amount of drawdowns collectively under this Note is $300,000. Once an amount is drawn down under this
Note, it shall not be available for future Drawdown Requests even if prepaid. No fees, payments or other amounts shall be due to Payee in connection with, or as a result of, any Drawdown Request by Maker. Notwithstanding the foregoing, all payments
shall be applied first to payment in full of any costs incurred in the collection of any sum due under this Note, including (without limitation) reasonable attorneys’ fees, and then to the reduction of the unpaid principal balance of this Note.

 4. Application of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum due under
this Note, including (without limitation) reasonable attorneys’ fees, then to the payment in full of any late charges and finally to the reduction of the unpaid principal balance of this Note. 

5. Events of Default. The following shall constitute an event of default (“Event of Default”): 

(a) Failure to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note within five
(5) business days of the date specified above. 
 (b) Voluntary Bankruptcy, Etc. The commencement by Maker of a voluntary case
under any applicable bankruptcy, insolvency, reorganization, rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar
official) of Maker or for any substantial part of its property, or the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts become due, or the taking of corporate action by
Maker in furtherance of any of the foregoing. 

 (c) Involuntary Bankruptcy, Etc. The entry of a decree or order for relief by a court
having jurisdiction in the premises in respect of Maker in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official)
of Maker or for any substantial part of its property, or ordering the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60
consecutive days. 
 6. Remedies. 
 (a)
Upon the occurrence of an Event of Default specified in Section 5(a) hereof, Payee may, by written notice to Maker, declare this Note to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts
payable hereunder, shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the documents evidencing the same to the contrary
notwithstanding. 
 (b) Upon the occurrence of an Event of Default specified in Sections 5(b) and 5(c), the unpaid principal balance of this
Note, and all other sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without any action on the part of Payee. 

7. Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest,
and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting
any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing for any stay of execution, exemption from civil process, or extension of time for
payment; and Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof or any writ of execution issued hereon, may be sold upon any such writ in whole or in part in any order desired by Payee. 

8. Unconditional Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement of the
payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or
consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers,
guarantors, or sureties may become parties hereto without notice to Maker or affecting Maker’s liability hereunder. 
 9. Notices. All notices,
statements or other documents which are required or contemplated by this Note shall be made in writing and delivered: (i) personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic
transmission to the address designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address or fax number as may be designated in writing by such party or (iii) by electronic mail, to the
electronic mail address most recently provided to such party or such other electronic mail address as may be designated in writing by such party. Any notice or other communication so transmitted shall be deemed to have been given on the day of
delivery, if delivered personally, on the business day following receipt of written confirmation, if sent by facsimile or electronic transmission, 1 business day after delivery to an overnight courier service or 5 days after mailing if sent by mail.

 10. Construction. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF DELAWARE, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS
THEREOF. 
 11. Severability. Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction. 
 12. Trust Waiver. Notwithstanding anything herein to the contrary, the Payee hereby waives any and all
right, title, interest or claim of any kind (“Claim”) in or to any distribution of or from the trust account to be established in which the proceeds of the initial public offering (the “IPO”) to be conducted by the
Maker (including the deferred 

 
underwriters discounts and commissions) and the proceeds of the sale of the warrants to be issued in a private placement to occur prior to the closing of the IPO are to be deposited, as described
in greater detail in the registration statement and prospectus to be filed with the Securities and Exchange Commission in connection with the IPO, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against
the trust account for any reason whatsoever. 
 13. Amendment; Waiver. Any amendment hereto or waiver of any provision hereof may be made with,
and only with, the written consent of the Maker and the Payee. 
 14. Assignment. No assignment or transfer of this Note or any rights or
obligations hereunder may be made by any party hereto (by operation of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required consent shall be void. 

 IN WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be duly
executed by the undersigned as of the day and year first above written. 
  

					
	ALSP ORCHID ACQUISITION CORPORATION I
		
	By:	 	 /s/ Thong Q. Le

		 	Name:	 	Thong Q. Le
		 	Title:	 	Chief Executive Officer

 Schedule A 
  

					
	 Date of Drawdown
	  	 Amount
	  	 Use of Fundsdrrx-ex101_437.htm

Exhibit 10.1

 

Certain information identified by bracketed asterisks ([***]) has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted information.

 

 

AMENDMENT NO. 1 TO EXCLUSIVE LICENSE AGREEMENT

THIS AMENDMENT No. 1 TO EXCLUSIVE LICENSE AGREEMENT is entered into on July 2, 2015 (the “Effective Date of the Amendment”), by and between DURECT Corporation (“Company”) and Virginia Commonwealth University Intellectual Property Foundation (“VCUIPF”).

WHEREAS, Company and VCUIPF are parties to an Exclusive License Agreement dated December 5, 2012 (the “Agreement”), and

WHEREAS, the parties now wish to amend the Agreement as provided for herein.

NOW, THEREFORE, in consideration of the foregoing and the covenants and promises contained in this Amendment, the parties do hereby agree as follows:

	
 
	
1.
	
Appendix A of the Agreement is hereby amended by deleting it in its entirety and replacing it with the Appendix A attached hereto and made a part hereof.

	
 
	
2.
	
All capitalized terms not otherwise defined in this Amendment shall have the same meanings that are ascribed to them in the Agreement.

	
 
	
3.
	
Except as expressly amended by this Amendment, the Agreement shall remain unchanged and continue in full force and effect as provided therein.  This Amendment and the Agreement constitute the complete, final and exclusive understanding and agreement of the parties with respect to the subject matter of the Agreement, and supersede any and all prior or contemporaneous negotiations, correspondence, understandings and agreements, whether oral or written, between the parties respecting the subject matter of the Agreement.  This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

IN WITNESS WHEREOF, the parties hereto have executed this Amendment in duplicate originals by their authorized officers as of the Effective Date of the Amendment.

	
DURECT CORPORATION
	
VIRGINIA COMMONWEALTH UNIVERSITY

	

	
INTELLECTUAL PROPERTY FOUNDATION

By:/s/ Steve HelmerBy:/s/ Ivelina Metcheva

Name:Steve Helmer                Name:Ivelina Metcheva Phd, MBA            

 

 
 

Certain information identified by bracketed asterisks ([***]) has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted information.

 

Title:VP, Chief Patent Counsel   Title:  President

Date: July 2, 2015Date:  July 1, 2015

2

 

 
 

Certain information identified by bracketed asterisks ([***]) has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted information.

 

APPENDIX A

LICENSED PATENT RIGHTS

 

U.S. Patent Applications: 

 

		
	
Provisional Serial No. 60/621,537, filed  October 25, 2004
	
Nuclear Oxysterol, Potent Regulator Of Cholesterol Homeostasis, For Therapy Of Hypercholesterolemia, Hyperlipidemia, and Atherosclerosis

	
Non-Provisional Serial No. 11/739,330, filed April 26, 2007
	
Nuclear Sulfated Oxysterol, Potent Regulator Of Cholesterol Homeostasis, For Therapy Of Hypercholesterolemia, Hyperlipidemia, and Atherosclerosis

	
Provisional Serial No. 61/154,063, filed  February 20, 2009
	
5-Cholesten-3b , 25-diol 3-sulfate (25HC3S), an authentic PPARy agonist and LXR antagonist, or the therapy of inflammatory diseases

	
Non-Provisional Serial No. 12/708,803, filed  February 19, 2010
	
Nuclear Sulfated Oxysterol, Potent Regulator Of Lipid Homeostasis, For Therapy Of Hypercholesterolemia, Hypertriglycerides, Fatty Liver Diseases, and Atherosclerosis 

	
Provisional Serial No. 61/472,293, filed April 6, 2011
	
Hydroxysteroid sulfotransferase (SULT2B1b) for therapy of hyperlipidemia and fatty liver diseases 

	
Non-Provisional Serial No.  13/441,241, filed April 6, 2012
	
Sulfated Oxysterol and Oxysterol Sulfation by Hydroxysterol Sulfotransferase Promote Lipid Homeostasis and Liver Proliferation

	
Provisional Serial No. 61/604,711, filed February 29, 2012
	
Sulfated oxysterol, 25HC3S and oxysterol sulfation by hydroxysterol sulfotransferase (SULT2Blb) promote liver proliferation: therapy for cirrhosis, injury,  recovery following hepatectomy, and other applications

	
Provisional Serial No. 61/623,203, filed April 12, 2012

Provisional Serial No. 61/623,414, filed April 12, 2012

 
	
A Novel Cholesterol Metabolite, 5-Cholesten, 3-,25-diol, Disulfate (25HCDS) for Therapy of Metabolic Disorders, Hyperlipidemia, Fatty Liver Disease, Diabetes and Atherosclerosis 

	
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Non-Provisional, Serial No. 13/766,839, filed February 14, 2013]
	
[Nuclear Sulfated Oxysterol, Potent Regulator of Lipid Homeostasis, for Therapy of Hypercholesterolemia, Hypertriglycerides, Fatty Liver Diseases, and Atherosclerosis

	
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Provisional Serial No. 61/920,617, filed December 24, 2013
	
Use of Oxysterol Sulfates 5-Cholesten-3,25-Diol, 3-Sulfate (25HC3S) and 5-Cholesten 3,25-Diol, Disulfate (25HCDS) to Treat Necrosis, Apoptosis, Acute Liver Failure, and/or Kidney Failure

3

 

 
 

Certain information identified by bracketed asterisks ([***]) has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted information.

 

		
	
Non-Provisional Serial No. 14/391,929, filed October 10, 2014
	
Novel Cholesterol Metabolite, 5-Cholesten, 3-Beta-25-diol, Disulfate (25HCDS) for Therapy of Metabolic Disorders, Hyperlipidemia, Diabetes, Fatty Liver Diseases and Atherosclerosis

	
Provisional Serial No. 62/062,260, filed October 10, 2014
	
Cholesterol Metabolite, 5-Cholesten, 3-25-Diol, 3-Sulfate (25HC3S) for Therapy of Leptin-Resistant Hyperlipidemia and Fatty Liver Diseases

	
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Non-Provisional Serial No. 14/689,822, filed April 17, 2015
	
Sulfated Oxysterol and Oxysterol Sulfation by Hydroxysterol Sulfotransferase Promote Lipid Homeostasis and Liver Proliferation

 

Foreign Patent Applications:

 

		
	
PCT Application No. US05/33874
	
Nuclear Sulfated Oxysterol, Potent Regulator of Cholesterol Homeostasis for Therapy of Hypercholesterolemia, Hyperlipidemia and Atherosclerosis

	
Australian Application No. 2013246435
	
A Novel Cholesterol Metabolite, 5-Cholesten, 3-Beta-25-diol, Disulfate (25HCDS) for Therapy of Metabolic Disorders, Hyperlipidemia, Diabetes, Fatty Liver Diseases and Atherosclerosis

	
Brazilian Application No. BR112014025081-2
	
A Novel Cholesterol Metabolite, 5-Cholesten, 3-Beta-25-diol, Disulfate (25HCDS) for Therapy of Metabolic Disorders, Hyperlipidemia, Diabetes, Fatty Liver Diseases and Atherosclerosis

	
Canadian Application No. 2,867,694
	
A Novel Cholesterol Metabolite, 5-Cholesten, 3-Beta-25-diol, Disulfate (25HCDS) for Therapy of Metabolic Disorders, Hyperlipidemia, Diabetes, Fatty Liver Diseases and Atherosclerosis

	
Chinese Application No. 201380019476.3
	
A Novel Cholesterol Metabolite, 5-Cholesten, 3-Beta-25-diol, Disulfate (25HCDS) for Therapy of Metabolic Disorders, Hyperlipidemia, Diabetes, Fatty Liver Diseases and Atherosclerosis

	
Eurasian Application No. 201491859
	
A Novel Cholesterol Metabolite, 5-Cholesten, 3-Beta-25-diol, Disulfate (25HCDS) for Therapy of Metabolic Disorders, Hyperlipidemia, Diabetes, Fatty Liver Diseases and Atherosclerosis

	
European Application No. 13775974.2
	
A Novel Cholesterol Metabolite, 5-Cholesten, 3-Beta-25-diol, Disulfate (25HCDS) for Therapy of Metabolic Disorders, Hyperlipidemia, Diabetes, Fatty Liver Diseases and Atherosclerosis

	
Hong Kong Application No. 15102737.7
	
A Novel Cholesterol Metabolite, 5-Cholesten, 3-Beta-25-diol, Disulfate (25HCDS) for Therapy of Metabolic Disorders, Hyperlipidemia, Diabetes, Fatty Liver Diseases and Atherosclerosis

4

 

 
 

Certain information identified by bracketed asterisks ([***]) has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted information.

 

		
	
Israeli Application No. 234892
	
A Novel Cholesterol Metabolite, 5-Cholesten, 3-Beta-25-diol, Disulfate (25HCDS) for Therapy of Metabolic Disorders, Hyperlipidemia, Diabetes, Fatty Liver Diseases and Atherosclerosis

	
Indian Application No. 2366/KOLNP/2014
	
A Novel Cholesterol Metabolite, 5-Cholesten, 3-Beta-25-diol, Disulfate (25HCDS) for Therapy of Metabolic Disorders, Hyperlipidemia, Diabetes, Fatty Liver Diseases and Atherosclerosis

	
Japanese Application No. 2015-505762
	
A Novel Cholesterol Metabolite, 5-Cholesten, 3-Beta-25-diol, Disulfate (25HCDS) for Therapy of Metabolic Disorders, Hyperlipidemia, Diabetes, Fatty Liver Diseases and Atherosclerosis

	
South Korean Application No. 2014-7031567
	
A Novel Cholesterol Metabolite, 5-Cholesten, 3-Beta-25-diol, Disulfate (25HCDS) for Therapy of Metabolic Disorders, Hyperlipidemia, Diabetes, Fatty Liver Diseases and Atherosclerosis

	
Mexican Application No. MX/a/2014/012324
	
A Novel Cholesterol Metabolite, 5-Cholesten, 3-Beta-25-diol, Disulfate (25HCDS) for Therapy of Metabolic Disorders, Hyperlipidemia, Diabetes, Fatty Liver Diseases and Atherosclerosis

	
PCT Application No. PCT/US2013/031861
	
A Novel Cholesterol Metabolite, 5-Cholesten, 3-Beta-25-diol, Disulfate (25HCDS) for Therapy of Metabolic Disorders, Hyperlipidemia, Diabetes, Fatty Liver Diseases and Atherosclerosis

	
South African Application No. 2014/06981
	
A Novel Cholesterol Metabolite, 5-Cholesten, 3-Beta-25-diol, Disulfate (25HCDS) for Therapy of Metabolic Disorders, Hyperlipidemia, Diabetes, Fatty Liver Diseases and Atherosclerosis

	
PCT Application No. PCT/US2014/072128
	
Uses of Oxygenated Cholesterol Sulfates

	
Taiwanese Application No. 103145013
	
Uses of Oxygenated Cholesterol Sulfates

 

VCU Invention Disclosures

 

		
	
VCU Invention Disclosure No.
	
Title

	
REN-04-072, disclosed September 24, 2004
	
Nuclear oxysterol, potent regulator of cholesterol hemeostasis, for therapy of hypercholesterolemia, hyperlipidemia, and atherosclerosis

	
REN-08-078, disclosed December 15, 2008
	
5-Cholesten-3b, 25-diol 3-sulfate (25HC3S), an authentic PPARy agonist and LXR antagonist, for the therapy of inflammatory diseases, such as inflammatory bowel diseases, fat liver diseases, and atheroclerotic diseases

	
REN-11-030, disclosed April 5, 2011
	
Hydroxysteroid sulfotransferase (SULT2B1b) for therapy of hyperlipidemia and fatty liver diseases

5

 

 
 

Certain information identified by bracketed asterisks ([***]) has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted information.

 

		
	
 

REN-11-93, disclosed November 7, 2011
	
Sulfated oxysterols, 25HC3S and 25HCDS, and oxysterol sulfation by hydroxysterol sulfotransferase (SULT2B1b) promote liver proliferation: therapy for cirrhosis, injury, and recovery following hepatectomy 

 

	
 

REN-11-94, disclosed November 7, 2011
	
A novel cholesterol metabolite, 5-cholesten, 3-,25-diol, disulfate (25HCDS) for therapy of metabolic disorders, hyperlipidemia, diabetes, fat liver diseases, and atherosclerosis 

	
REN-12-025, disclosed March 26, 2012
	
A Novel Cholesterol Metabolite, 5-Cholesten, 3-,25-diol, Disulfate (25HCDS) for Therapy of Metabolic Disorders, Hyperlipidemia, Diabetes, Fat Liver Diseases, and Atherosclerosis

	
REN-12-061, disclosed June 21, 2012
	
Novel Oxysterol, 5-Cholesten 3,27-diol 27-Glucuronide, for Therapy of Hypertriglyceridemia

	
 

REN-12-075
	
Low Levels of Oxysterol Sulfates, 25-,24, and 27(26)-hydroxycholesterol Sulfates, as biomarkers for diagnosis of lipid metabolic disorders, nonalcoholic fatty liver diseases

	
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