Document:

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                                                                   Exhibit 10.15

                           [FORM OF ESCROW AGREEMENT]

                                ESCROW AGREEMENT

     THIS ESCROW AGREEMENT dated as of this ______ day of ________ 2003 ("Escrow
Agreement") is by and among Sardy House, LLC, a Colorado limited liability
company ("Sardy House"), North and South Aspen, L.L.C., a Colorado limited
liability company which owns all 25 of the outstanding limited liability company
membership interests of Sardy House ("North South"), W. G. Nielsen & Company, a
Colorado corporation ("Underwriter"), and Computershare Trust Company, Inc., a
Colorado corporation, as Escrow Agent ("Escrow Agent"). Collectively, Sardy
House and North South are hereinafter referred to as the "Issuer."

                                   BACKGROUND

     A. The Issuer is conducting a public offering through the Underwriter of up
to the total of 25 limited liability company membership interests of Sardy House
("Membership Interests") held by North South, which constitute all of the issued
and outstanding Membership Interests.

     B. The offering is being conducted on a "best efforts, all or none" basis
as to a minimum offering of seven (7) Membership Interests necessary to allow
for complete repayment of the bank debt of up to $4,350,000 on the Sardy House
property, the sale of which seven (7) Membership Interests must result in total
proceeds of a minimum of $4,665,000 before any commissions and referral fees and
excluding accrued interest on the bank debt to be repaid, and on a "best
efforts" basis as to the remaining 18 Membership Interests up to the maximum
offering of 25 Membership Interests. If a minimum of seven (7) Membership
Interests are not sold by ________, 2004, subject to extension for up to an
additional 30 days, the offering will be terminated and all money received shall
be returned to investors with interest within five (5) business days. Until the
minimum offering is achieved, all funds received from investors shall be
deposited into an interest bearing escrow account, with interest to be credited
toward the final purchase price.

     C. In connection with the offering, Sardy House has filed a Registration
Statement on Form SB-2 (Registration No. 333-105521) (together with all
amendments thereto, the "Registration Statement") with the Securities and
Exchange Commission (the "SEC").

     D. Persons who purchase Membership Interests in the offering will be
required to do so pursuant to a Subscription Agreement, the form of which is
attached as Exhibit A to this Escrow Agreement (the "Subscription Agreement")
(such persons who purchase the Membership Interests pursuant to the Subscription
Agreement are hereinafter referred to as the "Subscribers").

     E. In accordance with the Subscription Agreement, the Subscribers will be
required to submit full payment for their investment in the Membership Interests
at the time they return the executed Subscription Agreement to the Issuer or
Underwriter.

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     F. The offering price is $750,000 per Membership Interest. This price may
be changed at any time after _____________, 2003. If the offering price is
decreased it will be decreased for all purchasers, and if the offering price is
increased it will be increased for all purchasers who have not as of that date
executed Subscription Agreements and submitted Subscription Funds.

     G. Issuer and Underwriter desire to establish an escrow account with Escrow
Agent for the deposit of funds received from Subscribers in order to comply with
Rule 10b-9 and Rule 15c2-4 of the rules promulgated by the SEC under the
Securities Exchange Act of 1934.

     H. All payments for Subscriptions for Membership Interests ("Subscription
Funds") and the executed Subscription Agreements received by Issuer or
Underwriter shall be promptly forwarded, by no later than noon of the next
business day after receipt, to Escrow Agent, and Escrow Agent has agreed to
accept, hold and disburse such Subscription Funds deposited with it in
accordance with the terms of this Escrow Agreement.

     I. In order to establish the escrow of Subscription Funds and to effect the
consummation of the transactions contemplated by the Subscription Agreements,
the parties hereto have entered into this Escrow Agreement.

                                    AGREEMENT

     NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, for
themselves, their successors and assigns, hereby agree as follows:

     1. Certain Definitions. The following terms shall have the following
meanings when used herein:

     "Cash Investment" shall mean the number of Membership Interests subscribed
for by a Subscriber multiplied by the Purchase Price (as defined below) per
Membership Interest, as set forth in the Subscription Agreement submitted by
such Subscriber.

     "Construction Loan Agreement" shall mean that certain Construction Loan
Agreement dated March 28, 2003 among Sardy House, North South and WestStar Bank,
as amended.

     "Effective Date" shall mean the date on which the Registration Statement is
declared effective by the SEC.

     "Entire Offering" shall mean the sale of all 25 Membership Interests
offered.

     "Escrow Account" shall mean the interest bearing account entitled
"Computershare Trust Company, Inc., as Escrow Agent for Sardy House, LLC"
established by the Escrow Agent with a bank.

     "Escrow Funds" shall mean the Subscription Funds deposited with Escrow
Agent pursuant to this Escrow Agreement, together with any interest and other
income thereon.

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     "Escrow Period" shall have the meaning set forth in Section 3 of this
Escrow Agreement.

     "Maximum Offering Notice" shall mean a written notification, signed by the
Issuer, which shall specify that: (a) subscriptions for the Entire Offering have
been received and accepted; and (b) such subscriptions have not been withdrawn,
rejected or otherwise terminated.

     "Membership Interests" shall have the meaning set forth in the Section of
this Escrow Agreement titled "Background."

     "Minimum Offering" shall mean the sale of seven (7) Membership Interests,
which shall result in the receipt of total Subscription Funds of a minimum of
$4,665,000 before any commissions and referral fees, which total represents the
total minimum Subscription Funds necessary to upon release from escrow enable
North South to, as disclosed in the prospectus included in the Registration
Statement, (a) pay all commissions and referral fees in connection with the sale
of such Membership Interests and (b) completely repay the total indebtedness of
the Issuer to WestStar Bank of up to $4,350,000 pursuant to the Construction
Loan Agreement.

     "Minimum Offering Notice" shall mean a written notification, signed by the
Issuer, which shall specify that: (a) subscriptions for the Minimum Offering
have been received and accepted; and (b) such subscriptions have not been
withdrawn, rejected or otherwise terminated.

     "Purchase Price" shall mean the purchase price for each Membership Interest
as determined by the Issuer, which Purchase Price is initially $750,000 but may
be changed by Issuer at any time after ______________, 2003. If the Purchase
Price is decreased it shall be decreased for all purchasers, and if the Purchase
Price is increased it shall be increased for all purchasers who have not as of
that date executed Subscription Agreements and submitted Subscription Funds.

     "Subscribers" shall have the meaning set forth in the Section of this
Escrow Agreement titled "Background."

     "Subscription Accounting" shall mean an accounting of all subscriptions for
Membership Interests received and accepted by Issuer as of the date of such
accounting, indicating for each subscription the Subscriber's name, address and
taxpayer identification number, the number and total purchase price of
subscribed Membership Interests, any withdrawal of such subscription by the
Subscriber, any rejection of such subscription by the Issuers, or other
termination, for whatever reason, of such subscription.

     "Subscription Funds" shall have the meaning set forth in the Section of
this Escrow Agreement titled "Background."

     2. Appointment of and Acceptance by Escrow Agent and Establishment of
Escrow Account. Issuer hereby appoints Escrow Agent to serve as escrow agent
hereunder, and Escrow Agent hereby accepts such appointment in accordance with
the terms of this Escrow Agreement. In accepting such appointment, Escrow Agent
represents and warrants that it is a "bank," as that term is defined in Section
3(a)(6) of the Securities Exchange Act of 1934.

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     Prior to the Effective Date, the parties hereto shall establish the Escrow
Account. The Issuer and the Underwriter shall instruct Subscribers to make
payments for Subscription Funds either by wire transfer or check payable to
"Computershare Trust Company, Inc., as Escrow Agent for Sardy House, LLC." Wire
transfers shall be directed to the following account:

          Bank:______________________________________
          ABA #:_____________________________________
          Account #:_________________________________
          Account Name:Computershare Trust Company, Inc., as Escrow Agent for
          Sardy House, LLC

Any check received that is made payable to a party other than Escrow Agent shall
be returned to the person who submitted the check.

     3. Deposits into Escrow Account and Escrow Period.

          (a) Deposits into Escrow Account. After the Effective Date, Issuer and
     Underwriter shall forward to Escrow Agent, by no later than noon of the
     next business day after receipt, (i) the Subscription Funds and
     Subscription Agreements received by Issuer or Underwriter for deposit into
     the Escrow Account and (ii) the appropriate IRS Form W-9s or Form W-8s (or
     Escrow Agent's substitute forms therefor) for each Subscriber that are
     required to be executed and delivered by each Subscriber pursuant to the
     terms of the Subscription Agreement. Escrow Agent agrees to deposit into
     the Escrow Account, upon the receipt thereof, any and all Subscription
     Funds, including all checks and other instruments and monies payable to
     Escrow Agent as escrow agent therefor. Escrow Agent is hereby authorized to
     forward each check or other instrument for collection, and upon collection
     of the proceeds of each check or other instrument deposit the collected
     proceeds into the Escrow Account.

               ALL FUNDS SO DEPOSITED SHALL REMAIN THE PROPERTY OF THE
               SUBSCRIBERS ACCORDING TO THEIR RESPECTIVE INTERESTS AND SHALL NOT
               BE SUBJECT TO ANY LIEN OR CHARGE BY ESCROW AGENT OR BY JUDGMENT
               OR CREDITORS' CLAIMS AGAINST ISSUER UNTIL RELEASED TO ISSUER IN
               ACCORDANCE WITH SECTION 5(a) HEREOF.

          No party shall accept any funds from Subscribers prior to the
     Effective Date. Upon receipt of any Subscription Funds which are not equal
     to the proper Cash Investment for such subscription or if a notice of
     insufficient funds has been received by Escrow Agent for a check for such
     Subscription Funds, Escrow Agent's sole obligation shall be to notify
     Issuer of such fact and to return such Subscription Funds to Issuer. If
     Issuer rejects any subscription for which the Escrow Agent has already
     deposited Subscription Funds into the Escrow Account, the Escrow Agent
     shall promptly issue a check payable to the Subscriber in the amount of the
     Subscriber's subscription check plus

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     interest earned on such funds, after the Escrow Agent has cleared such
     funds, and deliver such check to Issuer. Issuer shall promptly deliver such
     check to the Subscriber.

          (b) Escrow Period for Minimum Offering. The escrow period (the "Escrow
     Period") with respect to the Minimum Offering shall begin with the
     Effective Date and shall terminate upon the earlier of the following to
     occur:

          (i)   The date upon which the Escrow Agent confirms that it has
                received the Minimum Offering Notice, and the Subscription Funds
                with respect to such Minimum Offering Notice have been deposited
                into the Escrow Account; or

          (ii)  5:00 p.m. (Denver, Colorado time) on __________, 2004, unless
                extended from time to time in writing by the Issuer and
                Underwriter for an additional number of days as described in the
                prospectus included in the Registration Statement, but not to be
                extended for more than an additional 30 days (as extended, the
                "Expiration Date"), if Subscription Funds with respect to the
                Minimum Offering have not been deposited into the Escrow Account
                by the Expiration Date; or

          (iii) The date upon which Escrow Agent receives written notice from
                Issuer of a determination to terminate the offering prior to
                completion of the Minimum Offering.

          (c) Escrow Period for Subscription Funds Received After Completion of
     Minimum Offering. The Escrow Period with respect to any Subscription Funds
     received and deposited into the Escrow Account after the Minimum Offering
     has been completed shall be as set forth in the provisions for such
     Subscription Funds in Section 5(a)(ii) of this Escrow Agreement.

     4. Investment of Escrow Funds. Prior to the disbursement of Escrow Funds
pursuant to Section 5 of this Escrow Agreement, the Escrow Funds shall be
invested only as directed in writing by Issuer. The Issuer may only direct
investments in the following:

          (a) short-term securities issued or guaranteed by the United States of
              America Government or of any agency thereof and backed by the full
              faith and credit of the United States of America;

          (b) bank accounts or bank money-market accounts with commercial banks
              with capital, surplus and undivided profits aggregating in excess
              of $1 billion (based on the most recent financial statements of
              such bank which are then publicly available at the SEC or
              otherwise); or

          (c) short-term certificates of deposit issued by a commercial bank
              with a combined capital and surplus (or parent holding company of
              which has a combined capital and surplus) of at least $50,000,000.

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     In the absence of specific written instructions by the Issuer, the Escrow
Agent shall invest and reinvest the Escrow Funds in bank money-market accounts
as set forth in paragraph (b) of this Section 4.

     5. Disbursements of Escrow Funds.

          (a) Completion of Offering.

               (i) Completion of Minimum Offering. Escrow Agent shall pay to
          North South by wire transfer the amount of the Escrow Funds equal to
          the Purchase Price multiplied by the number of Membership Interests
          purchased in the Minimum Offering, excluding interest and other income
          earned on the Escrow Funds, and deliver all documents and instruments,
          including certificates representing the Membership Interests for the
          Subscribers, no later than three (3) business days following receipt
          by Escrow Agent of the following items:

                    (1) The Minimum Offering Notice;
                    (2) A Subscription Accounting, substantiating the sale of
                        the Minimum Offering;
                    (3) Subscription Agreements signed by all Subscribers;
                    (4) Certificates representing the Membership Interests for
                        the Subscribers;
                    (5) Such other certificates, notices or other documents as
                        Escrow Agent, in its discretion, shall reasonably
                        require and shall have requested from Issuer in writing;
                        and
                    (6) Cleared Subscription Funds.

          At such time that Escrow Agent pays to North South in accordance with
          the above terms the value of the Escrow Funds equal to the Purchase
          Price multiplied by the number of Membership Interests purchased in
          the Minimum Offering, excluding interest and other income earned on
          such Escrow Funds, Escrow Agent shall deliver to each Subscriber the
          certificate representing the Membership Interests purchased by such
          Subscriber. In addition, in order to credit the interest and other
          income earned on the Escrow Funds toward the final Purchase Price paid
          by the Subscribers for their Membership Interests, Escrow Agent shall
          at such time pay by check to each Subscriber such Subscriber's pro
          rata amount of interest and other income earned on the Escrow Funds
          represented by such Subscriber's Subscription Funds. Further, if the
          amount of Subscription Funds paid by any Subscriber and deposited into
          the Escrow Account exceeds the final Purchase Price for the Membership
          Interests purchased by such Subscriber, Escrow Agent shall include in
          the amount of the check to such Subscriber the amount by which the
          Subscription Funds paid by such Subscriber and deposited into the
          Escrow Account exceeds the final Purchase Price.

          In connection with the completion of the Minimum Offering and the
          receipt of Escrow Funds from Escrow Agent in connection therewith,
          North South

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          acknowledges that it is solely obligated and responsible for the
          application of such released funds to payment of any commissions and
          referral fees in connection with the sale of the Membership Interests
          and to complete repayment of the outstanding indebtedness of the
          Issuer to WestStar Bank under the Construction Loan Agreement, as
          disclosed in the prospectus included in the Registration Statement.

               (ii) Subscription Funds Received After Completion of Minimum
          Offering. Commencing 14 days after the completion of the Minimum
          Offering, Escrow Agent shall pay to North South by wire transfer the
          amount of the Escrow Funds equal to the Purchase Price multiplied by
          the number of Membership Interests purchased after the completion of
          the Minimum Offering, excluding interest and other income earned on
          the Escrow Funds, no later than three (3) business days following
          receipt by the Escrow Agent of the items set forth in Sections
          5(a)(i)(2), (3), (4), (5) and (6) above with respect to Subscription
          Funds received after the completion of the Minimum Offering (with the
          document set forth in Section 5(a)(i)(2) not subject to a requirement
          to re-substantiate the sale of the Minimum Offering).

          At such time that Escrow Agent pays to North South in accordance with
          the above terms the value of the Escrow Funds equal to the Purchase
          Price multiplied by the number of Membership Interests purchased after
          completion of the Minimum Offering, excluding interest and other
          income earned on such Escrow Funds, Escrow Agent shall deliver to each
          Subscriber the certificate representing the Membership Interests
          purchased by such Subscriber. In addition, in order to credit the
          interest and other income earned on the Escrow Funds toward the final
          Purchase Price paid by the Subscribers for their Membership Interests,
          Escrow Agent shall at such time pay by check to each Subscriber such
          Subscriber's pro rata amount of interest and other income earned on
          the Escrow Funds represented by such Subscriber's Subscription Funds.
          Further, if the amount of Subscription Funds paid by any Subscriber
          and deposited into and remaining in the Escrow Account exceeds the
          final Purchase Price for the Membership Interests purchased by such
          Subscriber, Escrow Agent shall include in the amount of the check to
          such Subscriber the amount by which the Subscription Funds paid by
          such Subscriber and deposited into and remaining in the Escrow Account
          exceeds the final Purchase Price.

          In connection with the receipt of Escrow Funds from Escrow Agent after
          the completion of the Minimum Offering, North South acknowledges that
          it is solely obligated and responsible for the application of such
          released funds to payment of any commissions and referral fees in
          connection with the sale of the Membership Interests, as disclosed in
          the prospectus included in the Registration Statement.

          The foregoing process for Subscription Funds received after the
          completion of the Minimum Offering may be repeated every 14 days until
          receipt of the Maximum Offering Notice or the termination or
          expiration of the offering.

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          Notwithstanding the foregoing, Escrow Agent shall not be obligated to
          disburse the Escrow Funds to North South if Escrow Agent reasonably
          believes that (i) Subscription Funds in full payment equal to the
          required Cash Investment based on the Purchase Price for that number
          of Membership Interests equal to or greater than the Minimum Offering
          have not been received, deposited with and collected by Escrow Agent,
          subject to the right of Issuer to consummate the sale of some, but not
          all, of the Membership Interests (subject to the Minimum Offering
          condition) or (ii) any of the certifications and opinions set forth in
          the documents furnished to Escrow Agent are incorrect or incomplete.

               (b) Termination of the Offering. No later than five (5) business
          days after the receipt by Escrow Agent of written notice from Issuer
          of a determination to terminate the offering and that there will be no
          closing or further closing of the sale of Membership Interests to
          Subscribers, Escrow Agent shall pay to each Subscriber, by bank draft
          and by first class mail, that portion of the Escrow Funds equal to the
          amount of the Subscription Funds paid by such Subscriber and deposited
          into the Escrow Account, plus interest and other income earned
          thereon.

               (c) Rejection or Withdrawal of Subscriptions. No later than five
          (5) business days after receipt by Escrow Agent of written notice from
          Issuer that Issuer has rejected or permitted a withdrawal of any
          Subscription for which Subscription Funds have already been deposited
          into the Escrow Account by Escrow Agent, Escrow Agent shall pay to
          such Subscriber, by bank draft and by first class mail, that portion
          of the Escrow Funds equal to the amount of the Subscription Funds paid
          by such Subscriber and deposited into the Escrow Account, plus
          interest and other income earned thereon.

               (d) Expiration of Offering Period. Notwithstanding anything to
          the contrary contained herein, if Escrow Agent shall not have received
          the Minimum Offering Notice and cleared Subscription Funds therefore
          on or before the Expiration Date, Escrow Agent shall, within five (5)
          business days after such date and without any further instruction or
          direction from Issuer, return to each Subscriber, by bank draft and by
          first class mail, that portion of the Escrow Funds equal to the amount
          of the Subscription Funds paid by such Subscriber and deposited into
          the Escrow Account, plus interest and other income earned thereon.

     6. Suspension of Performance or Disbursement into Court. If, at any time,
there shall exist any dispute between Issuer, Underwriter, Escrow Agent,
Subscribers or any other person with respect to the holding or disposition of
any portion of the Escrow Funds or any other obligations of Escrow Agent
hereunder, or if at any time Escrow Agent is unable to determine, to Escrow
Agent's sole satisfaction, the proper disposition of any portion of the Escrow
Funds or Escrow Agent's proper actions with respect to its obligations
hereunder, or if Issuer has not within thirty (30) days of the furnishing by
Escrow Agent of a notice of resignation pursuant to Section 7 hereof appointed a
successor Escrow Agent to act hereunder, then Escrow Agent may, in its sole
discretion, take either or both of the following actions:

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          (a) Suspend the performance of any of its obligations under this
     Escrow Agreement until such dispute or uncertainty shall be resolved to the
     sole satisfaction of Escrow Agent or until a successor Escrow Agent shall
     have been appointed (as the case may be); and/or

          (b) Petition (by means of an interpleader action or any other
     appropriate method) any court of competent jurisdiction in Denver, Colorado
     for instructions with respect to such dispute or uncertainty, and pay to
     such court all funds held by it for holding and disposition in accordance
     with the instructions of such court. In determining the resolution of such
     dispute or uncertainty, such court shall apply the laws of the State of
     Colorado.

     Escrow Agent shall have no liability to Issuer, Underwriter, Subscribers or
any other person with respect to any such suspension of performance or
disbursement into court, specifically including any liability or claimed
liability that may arise, or be alleged to have arisen, out of or as a result of
any delay in the disbursement of funds held in the Escrow Account or any delay
in or with respect to any action required or requested of Escrow Agent.

     7. Resignation and Removal of Escrow Agent. Escrow Agent may resign from
the performance of its duties hereunder at any time by giving thirty (30) days'
prior written notice to Issuer, or may be removed by Issuer, with or without
cause, at any time by Issuer giving prior written notice to Escrow Agent. Such
resignation or removal shall take effect upon the appointment of a successor
Escrow Agent as provided herein below. Upon any such notice of resignation or
removal, Issuer shall appoint a successor Escrow Agent hereunder. If the Issuer
shall fail to appoint a successor Escrow Agent within thirty (30) days after
such notice of resignation or removal, the Escrow Agent shall have the right to
deposit the Escrow Funds to a court of competent jurisdiction for the
appointment of a successor Escrow Agent. Upon the acceptance in writing by a
successor Escrow Agent of any appointment as Escrow Agent hereunder, such
successor Escrow Agent shall thereupon succeed to and become vested with and
subject to all the rights, powers, privileges, duties and obligations of the
former Escrow Agent, and the former Escrow Agent shall be discharged from its
duties and obligations under this Escrow Agreement, but shall not be discharged
from any liability for actions taken as Escrow Agent hereunder prior to such
succession. After any former Escrow Agent's resignation or removal, the
provisions of this Escrow Agreement shall inure to its benefit as to any actions
taken or omitted to be taken by it while it was Escrow Agent under this Escrow
Agreement.

     8. Liability of Escrow Agent.

          (a) Escrow Agent shall have no liability or obligation with respect to
     the Escrow Funds other than as set forth in this Escrow Agreement, except
     for any liability which may result from Escrow Agent's willful misconduct
     or gross negligence. Escrow Agent's sole responsibility shall be for the
     safekeeping and disbursement of the Escrow Funds in accordance with the
     terms of this Escrow Agreement. Escrow Agent shall have no implied duties
     or obligations and shall not be charged with knowledge or notice of any
     fact or circumstance not specifically set forth herein. Escrow Agent may
     rely upon any instrument, whether bearing original, conformed or facsimile
     signatures, not only as to its

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     due execution, validity and effectiveness, but also as to the truth and
     accuracy of any information contained therein which Escrow Agent shall in
     good faith believe to be genuine, to have been signed or presented by the
     person or parties purporting to sign the same, and to conform to the
     provisions of this Escrow Agreement. In no event shall Escrow Agent be
     liable for incidental, indirect, special, consequential or punitive
     damages. Escrow Agent shall not be obligated to take any legal action or
     commence any proceeding in connection with the Escrow Funds or any account
     in which the Escrow Funds are deposited or this Escrow Agreement, or to
     appear in, prosecute or defend any such legal action or proceeding. Without
     limiting the generality of the foregoing, Escrow Agent shall not be
     responsible for or required to enforce any of the terms or conditions of
     any Subscription Agreement with Subscribers or any other agreement between
     Issuer and/or Subscribers. Escrow Agent shall not be responsible or liable
     in any manner for the performance by Issuer or any Subscribers of their
     respective obligations under any Subscription Agreement nor shall Escrow
     Agent be responsible or liable in any manner for the failure of Issuer,
     Underwriter or any third party (including any Subscriber) to honor any of
     the provisions of this Escrow Agreement. Escrow Agent may consult legal
     counsel selected by it in the event of any dispute or question as to the
     construction of any of the provisions hereof or of any other agreement or
     of its duties hereunder, and shall incur no liability and shall be fully
     indemnified from any liability whatsoever in acting in accordance with the
     opinion or instruction of such counsel. Issuer shall promptly pay, upon
     demand, the reasonable fees and expenses of any such counsel.

          (b) Escrow Agent is authorized, in its sole discretion, to comply with
     orders issued or process entered by any court with respect to the Escrow
     Funds, without determination by Escrow Agent of such court's jurisdiction
     in the matter. If any portion of the Escrow Funds is at any time attached,
     garnished or levied upon under any court order, or in case the payment,
     assignment, transfer, conveyance or delivery of any such property shall be
     stayed or enjoined by any court order, or in case any order, judgment or
     decree shall be made or entered by any court affecting such property or any
     part thereof, then and in any such event, Escrow Agent is authorized, in
     its sole discretion, to rely upon and comply with any such order, writ,
     judgment or decree which it is advised by legal counsel selected by it that
     is binding upon it without the need for appeal or other action; and if
     Escrow Agent complies with any such order, writ, judgment or decree, it
     shall not be liable to any of the parties hereto or to any other person or
     entity by reason of such compliance even though such order, writ, judgment
     or decree may be subsequently reversed, modified, annulled, set aside or
     vacated.

     9. Indemnification of Escrow Agent. From and at all times after the date of
this Escrow Agreement, Issuer shall, except as otherwise hereinafter provided,
to the fullest extent permitted by law, indemnify and hold harmless Escrow Agent
and each officer, director, employee, attorney, agent and affiliate of Escrow
Agent (collectively, the "Indemnified Parties") against any and all actions,
claims (whether or not valid), losses, damages, liabilities, costs and expenses
of any kind or nature whatsoever (including without limitation reasonable
attorneys' fees, costs and expenses) incurred by or asserted against any of the
Indemnified Parties from and after the date hereof, whether direct, indirect or
consequential, as a result of, arising from or in any way relating to any claim,
demand, suit, action or proceeding (including any inquiry or

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investigation) by any person, including without limitation Issuer or
Subscribers, whether threatened or initiated, asserting a claim for any legal or
equitable remedy against any person under any statute or regulation, including,
but not limited to, any federal or state securities laws, or under any common
law or equitable cause or otherwise, arising from or in connection with the
negotiation, preparation, execution, performance or failure of performance of
this Escrow Agreement or any transactions contemplated herein, whether or not
any such Indemnified Party is a party to any such action, proceeding, suit or
the target of any such inquiry or investigation; provided, however, that no
Indemnified Party shall have the right to be indemnified hereunder for any
liability finally determined by a court of competent jurisdiction, subject to no
further appeal, to have resulted solely from the gross negligence or willful
misconduct of such Indemnified Party. If any such action or claim shall be
brought or asserted against any Indemnified Party, such Indemnified Party shall
promptly notify Issuer in writing and Issuer shall promptly assume and enter an
appropriate defense for such Indemnified Party, including the employment of
counsel (reasonably satisfactory to such Indemnified Party) and the payment of
all expenses. Such Indemnified Party shall, in its sole discretion, have the
right to employ separate counsel (who may be selected by such Indemnified Party
in its sole discretion) in any such action and to participate in the defense
thereof, and the fees and expenses of such counsel shall be paid by such
Indemnified Party, except that Issuer shall be liable for and shall pay all such
fees and expenses if (i) Issuer agrees to pay such fees and expenses, (ii)
Issuer shall fail, in the reasonable discretion of such Indemnified Party, to
employ counsel reasonably satisfactory to the Indemnified Party in any such
action or proceeding, (iii) Issuer is the plaintiff in any such action or
proceeding, or (iv) the named parties to any such action or proceeding
(including any impleaded parties) include both Indemnified Party and Issuer, and
Indemnified Party shall have been advised by counsel that there may be one or
more legal defenses available to it which are different from or additional to
those available to Issuer. All such fees and expenses payable by Issuer pursuant
to the foregoing sentence shall be paid from time to time as incurred, both in
advance of and after the final disposition of such action or claim. The
obligations of Issuer under this Section 9 shall survive any termination of this
Escrow Agreement and the resignation or removal of Escrow Agent.

     10. Compensation to Escrow Agent.

          (a) Fees. Issuer shall pay to Escrow Agent the fees set forth in the
     attached Exhibit B to this Escrow Agreement.

          (b) No Disbursements from Escrow Funds to Pay Escrow Agent or Other
     Parties. Escrow Agent is not authorized to disburse to itself or any other
     person from the Escrow Funds (i) any amounts due to Escrow Agent or any
     other party under this Section 10 or (ii) any amount Escrow Agent or any
     Indemnified Party is entitled to seek pursuant to Section 9 hereof.
     Notwithstanding the foregoing, Escrow Agent may hold Escrow Funds until its
     fees are paid by Issuer.

     11. Representations and Warranties. The Issuers make the following
representations and warranties to Escrow Agent:

          (a) Each Issuer is a limited liability company duly formed and validly
     subsisting under the laws of the State of Colorado, and each Issuer has
     full power and

                                       11

<PAGE>

     authority to execute and deliver this Escrow Agreement and to perform its
     obligations hereunder.

          (b) This Escrow Agreement has been duly approved by all necessary
     limited liability company action of each Issuer, including any necessary
     approval by the members of each Issuer, has been executed by duly
     authorized managers of each Issuer, and constitutes a valid and binding
     agreement of each Issuer, enforceable in accordance with its terms (except
     as limited by bankruptcy, insolvency, or other laws affecting the
     enforcement of creditors' rights).

          (c) The execution, delivery and performance by each Issuer of this
     Escrow Agreement will not violate, conflict with, or cause a default under
     the articles of organization or the operating agreement of either Issuer,
     any applicable law or regulation, any court order or administrative ruling
     or decree to which either Issuer is a party or any of its property is
     subject, or any agreement, contract, indenture or other binding arrangement
     to which either Issuer is a party or any of its property is subject.

          (d) No party other than the parties hereto and the prospective
     Subscribers have, or shall have, any lien, claim or security interest in
     the Escrow Funds or any part thereof. No financing statement under the
     Uniform Commercial Code is on file in any jurisdiction claiming a security
     interest in or describing (whether specifically or generally) the Escrow
     Funds or any part thereof.

          (e) Each Issuer hereby acknowledges that the status of Escrow Agent is
     that of agent only for the limited purposes set forth herein, and hereby
     represents and covenants that no representation or implication shall be
     made that Escrow Agent has investigated the desirability or advisability of
     investment in the Membership Interests or has approved, endorsed or passed
     upon the merits of the investment therein and that the name of Escrow Agent
     has not and shall not be used in any manner in connection with the offer or
     sale of the Membership Interests other than to state that Escrow Agent has
     agreed to serve as Escrow Agent for the limited purposes set forth herein,
     as disclosed in the prospectus included in the Registration Statement.

          (f) All of the representations and warranties of each Issuer contained
     herein are true and complete as of the date hereof and will be true and
     complete at the time of any deposits to or disbursement from the Escrow
     Funds.

     12. Notice. All notices and other communications hereunder shall be in
writing and shall be deemed to have been validly served, given or delivered five
(5) days after deposit in the United States mail, by certified mail with return
receipt requested and postage prepaid, when delivered personally, one (1) day
after delivery to any overnight courier, or when transmitted by facsimile
transmission facilities, and addressed to the party to be noticed as follows:

                                       12

<PAGE>

                If to Issuer: North and South Aspen, L.L.C.
                              c/o Hotel Lenado
                              200 S. Aspen Street
                              Aspen, Colorado 81611
                              Attn: Mr. Daniel D. Delano
                              Fax: (970) 925-3840

              With a copy to: Roger V. Davidson, Esq.
                              Ballard Spahr Andrews & Ingersoll, LLP
                              1225 Seventeenth Street, Suite 2300
                              Denver, Colorado 80202
                              Fax: (303) 296-3956

           If to Underwriter: W. G. Nielsen & Company
                              3200 Cherry Creek South Drive, Suite 470
                              Denver, Colorado 80209
                              Attn: Mr. Wayne G. Nielsen
                              Fax: (303) 830-6620

              With a copy to: Philip A. Feigin, Esq.
                              Rothgerber Johnson & Lyons LLP
                              One Tabor Center, Suite 3000
                              1200 Seventeenth Street
                              Denver, Colorado 80202
                              Fax: (303) 623-9222

          If to Escrow Agent: Computershare Trust Company, Inc.
                              350 Indiana Street, Suite 800
                              Golden, Colorado 80401
                              Attn: Corporate Trust
                              Fax: (303) 262-0700

or to such other address as each party may designate for itself by like notice.

     13. Amendments or Waiver. This Escrow Agreement may be changed, waived or
discharged only by a writing signed by all of the parties hereto. No delay or
omission by any party in exercising any right with respect thereto shall operate
as a waiver. A waiver on any one occasion shall not be construed as a bar to, or
waiver of, any right or remedy on any future occasion.

     14. Severability. To the extent any provision of this Escrow Agreement is
prohibited by or invalid under applicable law, such provision shall be
ineffective to the extent of such prohibition or invalidity, without
invalidating the remainder of such provision or the remaining provisions of this
Escrow Agreement.

                                       13

<PAGE>

     15. Governing Law. This Escrow Agreement shall be construed and interpreted
in accordance with the internal laws of the State of Colorado without giving
effect to the principles or rules governing conflict of laws.

     16. Entire Agreement. This Escrow Agreement constitutes the entire
agreement among the parties relating to the acceptance, collection, holding,
investment and disbursement of the Escrow Funds and sets forth in its entirety
the obligations and duties of Escrow Agent with respect to the Escrow Funds.

     17. Assignability. This Escrow Agreement shall not be assignable without
the written consent of all of the parties hereto.

     18. Binding Effects. All of the terms of this Escrow Agreement, as it may
be amended from time to time, shall be binding upon, inure to the benefit of and
be enforceable by the respective successors and permitted assigns of Issuer,
Underwriter, Subscribers and Escrow Agent.

     19. Execution in Counterparts. This Escrow Agreement may be executed in two
or more counterparts, which when so executed shall constitute one and the same
agreement.

     20. Termination. This Escrow Agreement may be terminated at any time by a
written document signed by all of the parties hereto. Upon the first to occur of
(a) the disbursement of all amounts of Escrow Funds pursuant to Section 5 hereof
or (b) the disbursement of all amounts of Escrow Funds into a court pursuant to
Section 6 hereof, this Escrow Agreement shall terminate and Escrow Agent shall
have no further obligation or liability whatsoever with respect to this Escrow
Agreement or the Escrow Funds.

     21. Dealings. Escrow Agent and any stockholder, director, officer or
employee of Escrow Agent may buy, sell and deal in any of the securities of
Issuer and become pecuniarily interested in any transaction in which Issuer may
be interested, and contract and lend money to Issuer and otherwise act as fully
and freely as though it were not Escrow Agent under this Escrow Agreement.
Nothing herein shall preclude Escrow Agent from acting in any other capacity for
the Subscribers or any other person or entity.

     22. Signatures by Facsimile. Any facsimile signature of any party hereto
shall constitute a legal, valid and binding execution hereof by such party.

                  [Remainder of page intentionally left blank]

                                       14

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Escrow Agreement to
be executed as of the date first above written.

ISSUER:

SARDY HOUSE, LLC,                           NORTH AND SOUTH ASPEN, L.L.C.,
a Colorado limited liability company        a Colorado limited liability company

     By: BLOCK 66, LLC,                     By:
         a Colorado limited liability          ---------------------------------
         company,                               Daniel D. Delano, Manager
         its Manager

         By:
            -----------------------------
             Daniel D. Delano, Manager

UNDERWRITER:

W. G. NIELSEN & COMPANY,
a Colorado corporation

By:
   ---------------------------------------
    Wayne G. Nielsen, President

ESCROW AGENT:

COMPUTERSHARE TRUST COMPANY, INC.,
a Colorado corporation,
as Escrow Agent

By:
   -----------------------------------------

Name:
     ---------------------------------------

Title:
      --------------------------------------

By:
   -----------------------------------------

Name:
      --------------------------------------

Title:
      --------------------------------------

                                       15

<PAGE>

                                    EXHIBIT A

                             SUBSCRIPTION AGREEMENT

[Form of Subscription Agreement]

                                      A-1

<PAGE>

                                    EXHIBIT B

                        COMPUTERSHARE TRUST COMPANY, INC.
                                SARDY HOUSE, LLC
                            ESCROW AGENT FEE SCHEDULE

Account Acceptance and Annual Administrative Fee              $5,000

     The above fee includes the following services:

     > Receipt of the Subscription Agreements
     > Processing the Subscription Funds
     > Verification of the Collection of Subscription Funds

Subscription Agreements Received and Reviewed                 $10 each.

Deposit for Return of Funds to Subscribers                    $150

Return of Funds to Subscribers                                $20 each

     The above fee is required in the event the following services are required:

     > Check issuance
     > Calculation of Interest earned and paid to Subscribers
     > 1099's issued to Subscribers
     > Bank Reconciliation
     > Stationary and Supply Expense
     > Out-of-Pocket Expense

Tax Reporting - Transmittal of Information to IRS             $250
1099 Issuance                                                 $1.75 per form

Out-of-Pocket Expenses                                        At cost

     > Included but not limited to: attorney fees, printing, stationary, express
       mail charges, wire transfer fees and postage.

THE ACCEPTANCE, ANNUAL AND DEPOSIT FEES ARE PAYABLE AT THE CLOSING OF THE
ESCROW. Special or extraordinary events, such as amendments to the documents or
disputes are not included in the above fees, and we reserve the right to charge
an additional amount based on the time incurred in handling such events should
they occur. Late charges are 1 1/2% per month on outstanding balances owing 45
days from date of invoice.

                                      B-1<PAGE>
                                                                   EXHIBIT 10.17

                                          [*#*] CERTAIN CONFIDENTIAL INFORMATION
                                           CONTAINED IN THIS DOCUMENT, MARKED BY
                                            BRACKETS, HAS BEEN OMITTED AND FILED
                                     SEPARATELY WITH THE SECURITIES AND EXCHANGE
                                          COMMISSION PURSUANT TO RULE 406 OF THE
                                             SECURITIES ACT OF 1933, AS AMENDED.

                                LICENSE AGREEMENT

                                   (ENOXIMONE)

                                 BY AND BETWEEN

                          HOECHST MARION ROUSSEL, INC.

                                       AND

                                  MYOGEN, INC.

                         EFFECTIVE AS OF OCTOBER 1, 1998

<PAGE>

                                TABLE OF CONTENTS

<Table>
<Caption>
                                                                                                                PAGE

<S>                                                                                                           <C>
ARTICLE 1             DEFINITIONS.................................................................................1
         1.1      "Affiliate".....................................................................................1
         1.2      "Control".......................................................................................1
         1.3      "Development"...................................................................................1
         1.4      "Development Expenses"..........................................................................2
         1.5      "Development Plans".............................................................................2
         1.6      "Drug Approval Application".....................................................................2
         1.7      "Enoximone".....................................................................................2
         1.8      "Europe"........................................................................................2
         1.9      "Equity payments"...............................................................................2
         1.10     "FDA"...........................................................................................2
         1.11     "Field".........................................................................................2
         1.12     "HMR Data"......................................................................................2
         1.13     "HMR Know-how"..................................................................................2
         1.14     "HMR Patent"....................................................................................2
         1.15     "HMR Trademark".................................................................................3
         1.16     "IND"...........................................................................................3
         1.17     "Information"...................................................................................3
         1.18     "Joint Patent"..................................................................................3
         1.19     "Major Market Country"..........................................................................3
         1.20     "Material Breach"...............................................................................3
         1.21     "Milestone Payments"............................................................................3
         1.22     "Myogen Data"...................................................................................3
         1.23     "Myogen Know-how"...............................................................................3
         1.24     "Myogen Patent".................................................................................3
         1.25     "NDA" or "New Drug Applications"................................................................4
         1.26     "Net Sales".....................................................................................4
         1.27     "Patent"........................................................................................4
         1.28     "Patent Expenses"...............................................................................4
         1.29     "Product".......................................................................................4
         1.30     "Q & A".........................................................................................5
         1.31     "Regulatory Approval"...........................................................................5
         1.32     "Regulatory Filings"............................................................................5
         1.33     "Signing Fees"..................................................................................5
         1.34     "Sublicensee"...................................................................................5
         1.35     "Sublicense Fees"...............................................................................5
         1.36     "Terminated Countries"..........................................................................5
         1.37     "Termination Effective Date"....................................................................5
         1.38     "Territory".....................................................................................5
         1.39     "Third Party"...................................................................................5
         1.40     "Transfer Date".................................................................................5
         1.41     "UTC"...........................................................................................5
</Table>

                                           [*#*]CONFIDENTIAL TREATMENT REQUESTED

<PAGE>

                                TABLE OF CONTENTS
                                   (CONTINUED)

<Table>
<Caption>
                                                                                                                 PAGE

<S>                                                                                                              <C>
         1.42     "Written Disclosure"............................................................................5
ARTICLE 2             LICENSE GRANTS..............................................................................5
         2.1      Patent and Know-how License to Myogen to Conduct Development....................................5
         2.2      Patent and Know-how License to Myogen for Commercialization.....................................5
         2.3      Sublicenses.....................................................................................6
ARTICLE 3             DEVELOPMENT.................................................................................6
         3.1      Scope...........................................................................................6
         3.2      Conduct of Development..........................................................................6
         3.3      U.S. Compassionate Trials.......................................................................6
         3.4      Development Plans...............................................................................7
         3.5      Status Meetings.................................................................................7
         3.6      Obligations of the Parties......................................................................7
         3.7      Existing Inventory..............................................................................8
         3.8      Regulatory Matters..............................................................................9
ARTICLE 4             MILESTONES AND ROYALTIES....................................................................9
         4.1      Europe.........................................................................................10
         4.2      Territory other than Europe....................................................................10
         4.3      Duration of Royalty Obligations................................................................10
         4.4      Royalty Rate if Generics Introduced............................................................11
         4.5      Sales by Sublicensees..........................................................................11
         4.6      Royalty Payments and Reports...................................................................11
         4.7      Taxes..........................................................................................11
         4.8      Blocked Currency...............................................................................12
         4.9      Payments to or Reports by Affiliates...........................................................12
         4.10     No Multiple Royalties..........................................................................12
ARTICLE 5             CONFIDENTIALITY............................................................................12
         5.1      Confidentiality; Exceptions....................................................................12
         5.2      Authorized Disclosure..........................................................................12
         5.3      Survival.......................................................................................13
         5.4      Termination of Prior Agreement.................................................................13
         5.5      Publications...................................................................................13
ARTICLE 6             OWNERSHIP OF INTELLECTUAL PROPERTY AND PATENT RIGHTS.......................................13
         6.1      Ownership......................................................................................13
         6.2      Disclosure of Patentable Inventions............................................................14
         6.3      Patent Filings.................................................................................14
         6.4      Third Party Patent Rights......................................................................15
         6.5      Enforcement Rights.............................................................................15
         6.6      Assignment of Joint Patents....................................................................16
ARTICLE 7             REPRESENTATIONS AND WARRANTIES; EXCLUSIVITY................................................17
         7.1      Representations and Warranties.................................................................17
         7.2      Exclusivity; Non-competition Within The Field..................................................17
ARTICLE 8             INFORMATION & REPORTS......................................................................17
</Table>

                                      -ii-

                                           [*#*]CONFIDENTIAL TREATMENT REQUESTED

<PAGE>

                                TABLE OF CONTENTS
                                   (CONTINUED)

<Table>
<Caption>
                                                                                                                 PAGE

<S>                                                                                                              <C>
         8.1      Records of Revenues and Expenses...............................................................17
         8.2      Publicity Review...............................................................................18
ARTICLE 9             TERM AND TERMINATION.......................................................................18
         9.1      Term...........................................................................................18
         9.2      Termination by HMR For Myogen's Failure to Meet Milestones or Discontinuing
                  Development....................................................................................18
         9.3      Termination by HMR For Myogen's Failure to Commercialize or Market Products in
                  the Territory..................................................................................19
         9.4      Termination for Material Breach by Myogen......................................................21
         9.5      Termination Without Cause......................................................................22
         9.6      Termination for Material Breach by HMR.........................................................23
ARTICLE 10            INDEMNIFICATION............................................................................24
         10.1     Indemnification by HMR.........................................................................24
         10.2     Indemnification by Myogen......................................................................24
ARTICLE 11            DISPUTE RESOLUTION.........................................................................25
         11.1     General........................................................................................25
         11.2     Negotiation....................................................................................25
         11.3     Arbitration....................................................................................25
         11.4     Survivability..................................................................................26
         11.5     Jurisdiction...................................................................................26
ARTICLE 12            MISCELLANEOUS..............................................................................26
         12.1     Assignment; Binding Effect.....................................................................26
         12.2     Research and Development Entities..............................................................27
         12.3     Consents Not Unreasonably Withheld.............................................................27
         12.4     Force Majeure..................................................................................27
         12.5     Further Actions................................................................................27
         12.6     No Trademark Rights............................................................................27
         12.7     Notices........................................................................................27
         12.8     Waiver.........................................................................................28
         12.9     Severability...................................................................................28
         12.10    Ambiguities....................................................................................28
         12.11    Governing Law..................................................................................28
         12.12    Headings.......................................................................................28
         12.13    Counterparts...................................................................................28
         12.14    Entire Agreement...............................................................................28
         12.15    Additional Agreements..........................................................................29
</Table>

                                     -iii-

                                           [*#*]CONFIDENTIAL TREATMENT REQUESTED

<PAGE>

                                LICENSE AGREEMENT

         LICENSE AGREEMENT (the "Agreement") effective as of October 1, 1998
(the "Effective Date"), by and between MYOGEN, INC., a Delaware corporation
("Myogen") and HOECHST MARION ROUSSEL, INC., a Delaware corporation ("HMR").
Myogen and HMR are sometimes referred to herein individually as a "Party" and
together as the "Parties."

                              W I T N E S S E T H:

         WHEREAS, HMR is a leading multinational health care company with a
broad product portfolio of drugs for the treatment of human diseases;

         WHEREAS, Myogen is a biotechnology company that has expertise and
experience in the research and development of compounds for use in treating
cardiovascular disease;

         WHEREAS, Myogen desires to obtain an exclusive worldwide license from
HMR for the right to develop and commercialize Enoximone (as defined in Article
1.8) on the terms and subject to the conditions set forth in this Agreement.

         NOW, THEREFORE, in consideration of the foregoing premises and the
mutual covenants and agreements contained herein, the parties agree as follows:

                                   ARTICLE 1

                                   DEFINITIONS

         For purposes of this Agreement, the terms defined in this Article I
shall have the meanings specified below:

         1.1 "AFFILIATE" shall mean any corporation, firm, partnership or other
entity, whether de jure or de facto, which directly or indirectly owns, is owned
or is under common ownership with a party to this Agreement to the extent 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 direct the affairs of the entity and any
person, firm, partnership, corporation or other entity actually controlled by,
controlling or under common control with a party to this Agreement. This term
does not include those individuals or entities who have made an equity
investment in a party but who have no significant operational management with
respect to the party.

         1.2 "CONTROL" means possession of the ability to grant a license or
sublicense as provided for herein without violating the terms of any agreement
or other arrangement with or proprietary rights of any Third Party.

         1.3 "DEVELOPMENT" shall mean all activities relating to obtaining
Regulatory Approval of a Product, Product line extensions, alternative delivery
systems and new indications therefor and all activities relating to developing
the ability to manufacture the same. This includes pre-clinical testing,
toxicology, formulation, bulk product, fill/finish, manufacturing

                                      -1-

                                           [*#*]CONFIDENTIAL TREATMENT REQUESTED

<PAGE>

process development, manufacturing and quality assurance technical support,
clinical studies, regulatory affairs and outside counsel regulatory legal
services.

         1.4 "DEVELOPMENT EXPENSES" shall mean any and all Patent Expenses,
costs and expenses incurred in obtaining Regulatory Approval for the Product and
the expenses incurred by Myogen in accordance with the Development Plan, which
expenses are attributable to Development of the Products for use in the Field.

         1.5 "DEVELOPMENT PLANS" shall mean the Development Plans referred to in
Article 3.4.

         1.6 "DRUG APPROVAL APPLICATION" means an application for Regulatory
Approval required before commercial sale or use of a Product as a drug in a
country in the Territory.

         1.7 "ENOXIMONE" shall mean
1,3-dihydro-4-methyl-5-[*#*]-2H-imidazol-2-one, and all
pharmaceutically-acceptable forms (e.g., salts) and all formulations thereof,
including, without limitation, that formulation developed by HMR and marketed
under the trade name of Perfan in Europe.

         1.8 "Europe" shall mean the following countries Austria, Belgium,
Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the
Netherlands, Portugal, Spain Sweden, and the United Kingdom.

         1.9 "EQUITY PAYMENTS" shall have the meaning set forth in Article
2.3.2.

         1.10 "FDA" means the United States Food and Drug Administration or any
other equivalent regulatory authority in the Territory.

         1.11 "FIELD" means the prevention, treatment and/or diagnosis of
cardiovascular diseases and disorders.

         1.12 "HMR DATA" means all Information related to the Product HMR or any
of its Affiliates has in its possession arising out of all pre-clinical and
clinical research and development conducted by or on behalf of HMR or its
Affiliates or disclosed to HMR or its Affiliates by licensors and other
collaborators to the extent not subject to a restrictive confidentiality
arrangement with a Third Party.

         1.13 "HMR KNOW-HOW" means Information which (i) HMR discloses, or is
required to disclose, to Myogen under this Agreement and (ii) is within the
Control of HMR and its Affiliates. Notwithstanding anything herein to the
contrary, HMR Know-how shall exclude any HMR Patent.

         1.14 "HMR PATENT" means any and all Patents which cover the discovery,
evaluation, manufacture, use or importation, offer for sale and/or sale of
Enoximone in the Field or Product, which Patent is owned or Controlled by HMR or
any of its Affiliates as listed in Schedule 1.14, including HMR's or any of its
Affiliates' interest in any Joint Patent. HMR will promptly notify Myogen of any
HMR Patents that are issued or applied for hereafter.

         1.15 "HMR TRADEMARK" means the trademark Perfan in Europe and any other
trademarks or tradenames used by HMR to market Enoximone in any country in the
Territory.

         1.16 "IND" shall mean an Investigational New Drug Application.

                                      -2-

                                           [*#*]CONFIDENTIAL TREATMENT REQUESTED

<PAGE>

         1.17 "INFORMATION" means techniques and data including inventions,
practices, methods, assays, knowledge, know-how, skill, experience, marketing,
pricing, distribution, cost, sales and manufacturing information and test data
including pharmacological, pharmacokinetic, toxicological and clinical data,
analytical and quality control data, stability and integrity data, formulation
data, quality control data, and safety and efficacy data.

         1.18 "JOINT PATENT" shall have the meaning set forth in Article 6.3.1.

         1.19 "MAJOR MARKET COUNTRY" means each of Argentina, Brazil, Mexico,
Canada, United States, Germany, France, Italy, Spain, United Kingdom, Australia,
Japan, Korea, Belgium, Austria.

         1.20 "MATERIAL BREACH" shall have the meaning set forth in Article 9.4
(d).

         1.21 "MILESTONE PAYMENTS" shall have the meaning set forth in Article
2.3.2.

         1.22 "MYOGEN DATA" means all Information arising out of all Development
(as defined in Article III) conducted by or on behalf of Myogen or its
sublicensees, or disclosed to Myogen by its licensors and other collaborators
necessary to obtain Regulatory Approval for marketing of Products in the
Territory.

         1.23 "MYOGEN KNOW-HOW" means Information which (i) Myogen discloses, or
is required to disclose, to HMR under this Agreement and (ii) is within the
Control of Myogen, including, without limitation, all Information developed by
or on behalf of Myogen relating to the Product. HMR hereby acknowledges that
University Technology Corporation (UTC) may own the rights to some or all of
Myogen's Patents and Know-how and that there are agreements between UTC and
Myogen whereby Myogen has exclusively licensed, or has the right to exclusively
license, UTC's rights subject to rights for research and education. HMR also
acknowledges that Myogen's performance under this Agreement cannot violate any
of the terms of those agreements between Myogen and UTC which have been provided
to HMR set out as Schedule 1.23. Notwithstanding anything herein to the
contrary, Myogen Know-how shall exclude any Myogen Patents.

         1.24 "MYOGEN PATENT" means any and all Patents for inventions made
solely by Myogen personnel on behalf of Myogen or its Affiliates which covers
the evaluation, manufacture, use, importation, offer for sale and/or sale of
Enoximone for development by Myogen within the Field or Product, which Patent is
owned or Controlled by Myogen or its Affiliates, including Myogen's interest in
any Joint Patent. HMR hereby acknowledges that University Technology Corporation
(UTC) may own the rights to some or all of Myogen's Patents and Know-how and
that there are agreements between UTC and Myogen whereby Myogen has exclusively
licensed, or has the right to exclusively license, UTC's rights subject to
rights for research and education. HMR also acknowledges that Myogen's
performance under this Agreement cannot violate any of the terms of those
agreements between Myogen and UTC which have been provided to HMR set out as
Schedule 1.23. Myogen shall-promptly notify HMR of any Myogen Patents which are
issued or applied for hereafter.

         1.25 "NDA" OR "NEW DRUG APPLICATIONS" shall mean any and all
applications submitted to the FDA under Sections 505, 507, or 512 of the Federal
Food, Drug and Cosmetic Act and any applicable regulations related to any
Products, including without limitation, full NDAs, "paper" NDAs and abbreviated
NDAs (ANDAs) and all amendments and supplements or equivalents in the Territory.

         1.26 "NET SALES" of Myogen and/or its sublicensee shall mean such
party's gross sales of Products produced hereunder less the sum of the
following, to the extent each is actually incurred and included in the invoice
price and does not exceed the reasonable and customary amount for such item in
the market in which such sales occurred:

         (a) discounts, rebates and similar amounts;

         (b) sales, tariff duties and/or use taxes directly imposed and with
reference to particular sales;

         (c) outbound transportation including packaging, handling and insurance
prepaid or allowed;

         (d) amounts allowed or credited on returns.

                                      -3-

                                           [*#*]CONFIDENTIAL TREATMENT REQUESTED

<PAGE>
         No deductions shall be made for commissions paid to individuals whether
they be with independent sales agencies or regularly employed by Myogen and on
its payroll, or for cost of collections. Products shall be considered "sold"
when billed out or invoiced. In the event that the sale is made to an Affiliate,
the Net Sale will not be less than an equivalent sale to a non-Affiliate.

         1.27 "PATENT" means an (i) United States patent, continuation,
continuation-in-part, division, patent of addition, reexamination, reissue,
renewal, extension, term restoration and foreign counterpart thereof, including
a supplementary protection certificate and other administrative protection, and
(ii) application for a United States patent and foreign counterpart thereof; in
either case, which claim the manufacture, sale or use of Enoximone or a Product,
or formulations or manufacture thereof, for use in the Field. Any other compound
or use outside of the Field disclosed or claimed in such patent or patent
application is not within this definition of "Patent."

         1.28 "PATENT EXPENSES" means the fees and expenses of outside counsel
and payments to Third Parties incurred after the Effective Date in connection
with the preparation, filing, prosecution and maintenance of Myogen Patents and
HMR Patents, including the costs of patent interference and opposition
proceedings.

         1.29 "PRODUCT" shall mean any finished pharmaceutical composition
containing Enoximone as a pharmaceutically active ingredient (either alone or in
combination with one or more other pharmaceutically active ingredients), for use
in the Field.

         1.30 "Q & A" shall have the meaning set forth in Article 8.2.

         1.31 "REGULATORY APPROVAL" means any approval (including pricing and
reimbursement approvals), product and/or establishment license, registration or
authorization of any federal, state or local regulatory agency, department,
bureau or other governmental entity necessary for the manufacture, use, storage,
import, export, transport or sale of a Product.

         1.32 "REGULATORY FILINGS" shall have the meaning set forth in Article
3.8.2.

         1.33 "SIGNING FEES" shall have the meaning set forth in Article 2.3.2.

         1.34 "SUBLICENSEE" shall have the meaning set forth in Article 2.3.2.

         1.35 "SUBLICENSE FEES" shall have the meaning set forth in Article
2.3.2.

         1.36 "TERMINATED COUNTRIES" shall have the meaning set forth in Article
9.3.1.

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         1.37 "TERMINATION EFFECTIVE DATE" shall have the meaning set forth in
Article 9.2.

         1.38 "TERRITORY" means all countries and territories of the world
provided that any country(ies) in which this Agreement is terminated shall be
removed from the scope of this definition.

         1.39 "THIRD PARTY" means any entity other than Myogen or HMR or their
respective Affiliates.

         1.40 "TRANSFER DATE" shall have the meaning set forth in Article 4.1
(c).

         1.41 "UTC" means University Technology Corporation, a not for profit
Colorado Corporation, having its principle place of business at 3101 Iris
Avenue, Suite 250, Boulder, Colorado 80301.

         1.42 "WRITTEN DISCLOSURE" shall have the meaning set forth in Article
8.2.

                                   ARTICLE 2

                                 LICENSE GRANTS

         2.1 PATENT AND KNOW-HOW LICENSE TO MYOGEN TO CONDUCT DEVELOPMENT. Upon
the terms and subject to the conditions of this Agreement, HMR grants to Myogen
an exclusive license (even as to HMR and its Affiliates) under the HMR Patents
and HMR Know-how, and Joint Patents, if any, to conduct Development in the
Territory in accordance with the terms of this Agreement with respect to
Enoximone for use in the Field; [*#*]

         2.2 PATENT AND KNOW-HOW LICENSE TO MYOGEN FOR COMMERCIALIZATION. Upon
the terms and subject to the conditions of this Agreement, including, without
limitation, the royalty payment obligations herein, HMR grants to Myogen an
exclusive (even as to HMR and its Affiliates) license under the HMR Patents and
HMR Know-how to conduct manufacturing, pre-marketing activities,
commercialization (including the right to make, have made, use, import, sell,
offer for sale and have sold) and related activities in the Territory with
respect to Enoximone and any Product in accordance with the terms of this
Agreement; [*#*]

         2.3 SUBLICENSES.

         2.3.1 APPROVAL REQUIRED. The foregoing license shall include the right
to sublicense, but only upon prior written notice to HMR.

         2.3.2 SUBLICENSE FEES AND PAYMENTS. At such time that the aggregate of
sublicensee fees, signing and payments (including equity payments) to Myogen
from all sublicenses exceed [*#*], Myogen shall pay to HMR [*#*] of such fees
and payments in excess of the initial [*#*]. Such payments to HMR shall be made
by Myogen within [*#*] days of Myogen's receipt of the corresponding payment
from the applicable sublicensee. "Sublicense fees" shall mean any lump sum fees
paid by Sublicensee to Myogen, but shall not mean any royalties on sales of
Product received by Myogen from the sublicensee. "Signing fees" shall mean fees
received by Myogen from the sublicensee upon signing of the sublicense
agreement. "Milestone payments" shall mean payments received by Myogen from the
sublicensee that are payable upon achievement of a particular milestone or goal.
"Equity payments" shall mean amounts received by Myogen for investments by the
sublicensee in Myogen to obtain an equity position in Myogen in connection with
its Myogen sublicensing activity. "Sublicensee" means a Third Party that enters
into a sublicense agreement with Myogen providing a sublicense to such Third
Party under Myogen's license provided by this Agreement.

                                   ARTICLE 3

                                   DEVELOPMENT

         3.1 SCOPE. Myogen shall conduct a development program with respect to
Products with the objective of obtaining Regulatory Approval and commercializing
a Product as set forth in this Agreement.

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         3.2 CONDUCT OF DEVELOPMENT. Myogen will be solely responsible for
carrying out Development of Products. Throughout the term hereof, Myogen shall
have the right to engage Third Parties to perform its research, development and
commercialization activities pursuant to this Agreement, provided such Third
Party agrees to be bound by Article V hereof or the equivalent. Notwithstanding
any other provision hereof, Myogen shall have sole control and authority over
all aspects of Development and commercialization of Products in the Territory,
and HMR shall not have any liability with respect thereto.

         3.3 U.S. COMPASSIONATE TRIALS Promptly after the date of execution of
this Agreement, Myogen shall assume full responsibility for all aspects of U.S.
compassionate trials under the IND for Enoximone that was submitted to the FDA.
HMR will transfer all records and study data relating to the Compassionate
trials to Myogen. Myogen and HMR will cooperate to ensure an orderly and clear
transfer of responsibility.

         3.4 DEVELOPMENT PLANS. Development of Products pursuant to this Article
III shall be governed by a separate written plan attached as Exhibit 3.4 hereto
("Development Plan") which, together with updates, shall be prepared by Myogen
and submitted to HMR for its information. Each Development Plan will describe
the proposed overall program of development for Products, including, process
development, clinical studies and regulatory plans and other elements of
obtaining Regulatory Approval. Each Development Plan will set forth key
objectives. Each Development Plan will be updated annually by Myogen and,
together with any updates thereto, be provided to HMR for its information.

         3.5 STATUS MEETINGS. Representatives from HMR and Myogen will meet at
least two (2) times annually to discuss development and commercialization of
Products for use in the Field for purposes of HMR's information and to monitor
Myogen's compliance with the provisions of this Agreement. The location of such
meetings will alternate between Myogen's facilities and HMR's facilities. Each
Party will bear its own travel and related costs. Myogen shall provide HMR all
Information reasonably requested by HMR during the term hereof relating to the
development and commercialization of Products for use in the Field and Products.

         3.6 OBLIGATIONS OF THE PARTIES.

         3.6.1 MYOGEN'S OBLIGATIONS.

                  (a) Myogen shall use reasonable commercial diligence,
consistent with accepted business practices and legal requirements relating to
pharmaceutical drug development and within the general guidelines as set forth
in the Development Plans and any updates thereto, to continue Development of
Products in the Territory, devoting the same degree of attention and diligence
to such development efforts as similar companies devote to development
activities for potential drug products of comparable market potential.

                  (b) Myogen shall initiate a Phase III study for the purpose of
obtaining FDA Regulatory Approval of a Product after regulatory consultation
with the FDA within 3 years after the Effective Date; provided that in the event
Myogen experiences any delays in complying with this Section 3.6.1(b) that are
caused by parties or events outside of the control of Myogen, including, without
limitation, any additional requirements imposed by the FDA beyond those
specified in the Development Plan, the date by which Myogen is required to
initiate a Phase III study as required herein shall automatically be extended by
the period of such delay. As used in this Section 3.6.1(b), the "Initiation of a
Phase III study" shall be deemed to have occurred when the first patient is
enrolled in such study.

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                  (c) In the event Myogen fails to meet the commercial diligence
requirements of this Article 3.6.1, HMR may in its discretion terminate this
Agreement as provided in Article IX herein.

         3.6.2 HMR'S OBLIGATIONS.

                  (a) Within 120 days after execution of this Agreement, HMR
shall transfer to Myogen the IND for Enoximone, shall deliver to Myogen all HMR
Data in the form in which it is currently available in order to facilitate
commencement of Development hereunder, and thereafter shall provide such
additional HMR Data or data subsequently developed by HMR and its Affiliates
reasonably requested by Myogen.

                  (b) It is expressly understood that HMR has no obligation to
finalize clinical reports but that HMR shall deliver to Myogen the raw data and,
if available, the final clinical reports.

         3.6.3 DEVELOPMENT REPORTS. Myogen shall submit semi-annual written
summary reports which describe the progress of development efforts undertaken by
it, if any, under this Agreement. Summary reports shall include, without
limitation, a description and statement of purpose of each study in progress,
and with respect to clinical trials, the number of patients which enrolled in,
dropped from, or completed the study, as well as any side effect or unexpected
data, and the progress towards the diligence obligations set forth in Article
3.6.1.

         3.6.4 DEVELOPMENT AND COMMERCIALIZATION EXPENSES.

                  (a) During the term of this Agreement, (i) Myogen shall bear
its own costs and expenses incurred with any development and commercialization
conducted pursuant to this Agreement, and (ii) Myogen will reimburse HMR for
efforts and costs related to HMR data retrieval at HMR facilities, for
consultation services and commercialization assistance which HMR performs at the
rates as set forth on Schedule 3.6.4 attached hereto. HMR shall submit written
statements on a quarterly basis to Myogen setting forth such expenses incurred
by HMR for such quarter and Myogen shall reimburse HMR for such expenses within
thirty (30) days thereafter.

                  (b) In the event of termination pursuant to Article IX, Myogen
shall bear its own costs and expenses incurred in connection with any
development and commercialization conducted by it pursuant to this Agreement.

         3.7 EXISTING INVENTORY.

                  (a) Within 120 days after the date of execution of the
Agreement, Myogen shall purchase from HMR and HMR shall deliver to Myogen,
approximately [*#*] active ingredient to be used by Myogen for Development.

                  (b) Upon the Transfer Date (as defined in Section 4.1 hereof),
Myogen shall purchase from HMR and HMR shall deliver to Myogen, that number of
kilograms of Enoximone active ingredient [*#*] as shall be determined by
Myogen in its sole discretion upon the Transfer Date.

                  (c) [*#*] of Enoximone active ingredient purchased under
this Section 3.7, payment of which shall be made by Myogen within ten (10)
business days after the relevant shipment has been dispatched by HMR. HMR will
ship the Enoximone "Free Carrier, HMR site Midland, MI, (FCA per INCOTERMS, 1990
version)".

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         3.8 REGULATORY MATTERS.

                  3.8.1 COMPLIANCE WITH REGULATIONS. Myogen, and HMR to the
extent it is providing services will conduct their efforts hereunder in
compliance with all applicable regulatory requirements, including without
limitation, the FDA's Good Clinical Practice, Good Laboratory Practice and Good
Manufacturing Practice regulations and the guidelines of the International
Conference on Harmonization of Technical Requirements for Registration of
Pharmaceuticals for Human Use.

                  3.8.2 REGULATORY FILINGS. After transfer of the IND for
Enoximone that was submitted to the FDA and HMR Data to Myogen, Myogen shall, at
its own expense, prepare and submit all filings with the regulatory authorities
with respect to Enoximone in each Major Market Country (the "Regulatory
Filings"), and Myogen shall be responsible for causing such applications to
progress through the approval process in a timely manner. [*#*] Myogen shall,
promptly after each such Regulatory Filing, deliver to HMR a report with a brief
summary of such Regulatory Filing, which shall be held by HMR subject to the
provisions of Article V.

                  3.8.3 MAINTENANCE OF RECORDS. Myogen shall maintain records
with respect to activities conducted in connection with the Development of
Enoximone in sufficient detail and in the manner appropriate for Regulatory
Approval purposes and in a manner which will reflect all clinical and
pre-clinical studies conducted, results achieved and data obtained by Myogen in
the course of such Development.

                  3.8.4 ADVERSE EVENT REPORTING. After transfer of the IND for
Enoximone that was submitted to the FDA to Myogen, Myogen shall be responsible
for reporting of adverse experience information to meet the current requirements
for Adverse Drug Reaction reporting to the FDA. The parties recognize that the
holder of a IND may be required to submit information regarding adverse events
concerning the Product to various governmental agencies. In addition,
supplemental information may be required to be provided at periodic intervals
and adverse events may be required to be reported at more frequent intervals
depending on the severity of the event.

                                   ARTICLE 4

                            MILESTONES AND ROYALTIES

         4.1 Europe. As consideration for the rights granted to Myogen by HMR
under this Agreement for Europe Myogen shall make the following payments to HMR:

                  (a) Myogen will pay to HMR [*#*] upon signing of this
Agreement;

         (b) Myogen will pay to HMR [*#*] upon the earlier of (i) the approval
by the FDA for Myogen to proceed with Phase III clinical studies with the oral
Formulation of a product or (ii) six (6) months after the Effective Date;

                  (c) On a date no later than one (1) year from the date of
signing (the "Transfer Date"), Myogen shall pay to HMR [*#*] Upon the Transfer
Date (i) HMR shall transfer to

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Myogen any and all of its rights and obligations for Enoximone and Product
commercialization activities in Europe except as specified in this Section
4.1(c), and (ii) HMR shall transfer whatever rights it may have under the
existing HMR Trademarks in the countries listed in Exhibit 4.1.(c). Myogen will
[*#*] prepare and provide the documents necessary to transfer the HMR Trademark
rights. HMR is not transferring, and Myogen does not accept any liabilities
caused by or arising from the manufacture, use, commercialization or sale of the
Product incurred or arising prior to the Transfer Date. All accounts payable or
receivable existing as of the Transfer Date or relating to any periods prior to
the Transfer Date shall remain the accounts payable or receivable of HMR. All
reporting, tax and other responsibilities and obligations relating to the
Enoximone or Product for periods prior to the Transfer Date shall remain with
HMR. All returns of Enoximone or Product shipped prior to the Transfer Date
shall be the responsibility of HMR;

                  (d) On the first anniversary of the Transfer Date, Myogen
shall pay to HMR [*#*]

                  (e) On the second anniversary of the Transfer Date, Myogen
shall pay to HMR [*#*]

                  (f) Beginning on the first day of the calendar quarter in
which the second anniversary of the Transfer Date falls, Myogen will pay to HMR
for a period of ten (10) years, on a quarterly basis within 60 days after the
end of each calendar quarter, periodic payments equal to [*#*] that occurred in
the immediately preceding calendar quarter;

                  (g) The payments in Article 4.1(a)-(e) shall be allocated
between HMR and its Affiliates. HMR shall receive sixty percent (60%) of these
payments. HMR's European Affiliates shall receive forty percent (40%). HMR will
retain one hundred percent (100%) of the royalties in Article 4.1(f) and Article
4.2.

         4.2 TERRITORY OTHER THAN EUROPE. With respect to markets in the
Territory excluding Europe and in consideration of the rights granted by HMR
under this Agreement, Myogen shall pay to HMR, on a quarterly basis within sixty
(60) days after the end of each calendar quarter, periodic payments equal to
[*#*] in such markets that occurred in the immediately preceding calendar
quarter.

         4.3 DURATION OF ROYALTY OBLIGATIONS. If this Agreement is not
terminated in accordance with the other provisions hereof, Myogen's obligation
to pay earned royalties hereunder in a particular country shall continue until
the termination of this Agreement for so long as Myogen by its activities would,
but for the license granted herein, infringe a valid claim of an unexpired HMR
Patent in such country covering said activity. From and after the expiration of
such claims, all royalty amounts shall be reduced by [*#*] but shall in no event
be less than [*#*] until the tenth (10) anniversary of the first commercial sale
of the relevant Product in such country after which time all royalty obligations
shall cease entirely.

         4.4 ROYALTY RATE IF GENERICS INTRODUCED. In the event that a generic
version of a Product is marketed in any country of the Territory where no
relevant Patents within the HMR Patents or Joint Patents have issued, the
royalty rate in that country will be reduced to [*#*] of the applicable
royalty provided in Articles 4.1 and 4.2 but shall in no event be less than
three and [*#*]

         4.5 SALES BY SUBLICENSEES. In the event Myogen grants licenses or
sublicenses to others to make or sell Products, such licenses or sublicenses
shall include an obligation for the

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<PAGE>

licensee or sublicensee to account for and report to Myogen its Net Sales of
such Products on the same basis as if such Net Sales were sales by Myogen, and
Myogen shall pay royalties to HMR as if the Net Sales of the sublicensee were
sales of Myogen. Amounts payable by the sublicensee to Myogen on account of the
sublicense shall not be included in amounts deducted from gross sales in
arriving at Net Sales.

         4.6 ROYALTY PAYMENTS AND REPORTS. Royalty payments under this Agreement
shall be made to HMR or its designee along with the report summarizing the Net
Sales of any Products by Myogen, its Affiliates or Sublicensees during the
relevant quarter within sixty (60) days following the end of each calendar
quarter. All payments to HMR shall be in U.S. currency. For the purpose of
calculating payments, the currency exchange rate for converting any currency to
U.S. dollars shall be the exchange rate in the key currency cross rates table in
the final edition of The Wall Street Journal (U.S. Eastern Edition) or in the
case the currency exchange rate is not published in The Wall Street Journal, the
mid-point of the closing bid and ask price of "Reuter's 2000 Information
Service" historical databases, on the last business day of each calendar quarter
to which such payment relates. A "business day" is a day on which banks are open
for business in the country of the currency to be translated. Unless HMR
instructs Myogen otherwise payments pursuant to this Article V shall be made by
bank wire transfer as follows:

                  Citibank, New York
                  Hoechst Marion Roussel, Inc.
                  [*#*]

         4.7 TAXES. HMR shall pay any and all taxes levied on account of
royalties it receives under this Agreement. If laws or regulations require that
taxes be withheld, then Myogen will (i) deduct those taxes from the remittance
royalty, (ii) timely pay the taxes to the proper taxing authority and (iii) send
proof of payment to HMR within thirty (30) days following such payment.

         4.8 BLOCKED CURRENCY. In each country where the local currency is
blocked or cannot be removed from such country, Myogen will pay the royalty owed
on Net Sales in that country in US currency to HMR at the exchange rate in
Article 4.6.

         4.9 PAYMENTS TO OR REPORTS BY AFFILIATES. Any payment required under
any provision of this Agreement to be made to either Party or any report
required to be made by either Party shall be made to or by an Affiliate of that
Party if designated by that Party as the appropriate recipient or reporting
entity.

         4.10 NO MULTIPLE ROYALTIES. No multiple royalties shall be payable
because any Product, its manufacture, use, lease or sale are or shall be covered
by more than one HMR Patent or HMR Know-how licensed under this Agreement.

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                                   ARTICLE 5

                                 CONFIDENTIALITY

         5.1 CONFIDENTIALITY; EXCEPTIONS. Except to the extent expressly
authorized by this Agreement or otherwise agreed in writing, the Parties agree
that, for the term of this Agreement and for [*#*] years thereafter, the
receiving Party shall keep confidential and shall not publish or otherwise
disclose or use for any purpose other than as provided for in this Agreement any
Information related to the Products and other information and materials
furnished to it by the other Party pursuant to this Agreement, or any provisions
of this Agreement that are the subject of an effective order of the Securities
and Exchange Commission granting confidential treatment pursuant to the
Securities Exchange Act of 1934, as amended (collectively, "Confidential
Information"), except to the extent that it can be established by the receiving
Party that such Confidential Information:

                  (a) was already known to the receiving Party at the time of
disclosure by the other Party;

                  (b) was generally available to the public or otherwise part of
the public domain at the time of its disclosure to the receiving Party;

                  (c) became generally available to the public or otherwise part
of the public domain after its disclosure and other than through any act or
omission of the receiving Party in breach of this Agreement;

                  (d) was disclosed to the receiving Party by a Third Party who
had no obligation to the disclosing Party not to disclose such information to
others; or

                  (e) was independently developed by the receiving Party without
breach of the provisions of this Agreement (and can be verified by the
disclosing Party as such).

         5.2 AUTHORIZED DISCLOSURE. Each Party may disclose Confidential
Information hereunder to the extent such disclosure is reasonably necessary in
(i) filing or prosecuting patent applications, (ii) prosecuting or defending
litigation, (iii) complying with applicable laws or regulations or (iv)
conducting pre-clinical or clinical trials, provided that if a Party is required
by law or regulation to make any such disclosure of the other Party's
Confidential Information it will, except where impracticable for necessary
disclosures (e.g., in the event of medical emergency), give reasonable advance
notice to the other Party of such disclosure requirement and, except to the
extent inappropriate in the case of patent applications, will use its reasonable
efforts to secure confidential treatment of such Confidential Information
required to be disclosed. In addition each Party shall be entitled to disclose,
under a binder of confidentiality containing provisions as protective as those
of this Article V, Confidential Information to any Third Party for the purpose
of carrying out the purposes of this Agreement. Nothing in this Article V shall
restrict any Party from using for any purpose consistent with the terms of this
Agreement any Information developed by it during the term of this Agreement.
When a Party makes disclosure of Confidential Information to any of its
employees, it shall obtain an acknowledgment and

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<PAGE>

agreement from each such employee that such employee agrees to be bound by the
provisions of Article 6.1 hereof or the equivalent.

         5.3 SURVIVAL. This Article V shall survive the termination or
expiration of this Agreement for a period of [*#*] years.

         5.4 TERMINATION OF PRIOR AGREEMENT. All Information exchanged between
the Parties under the Confidentiality Agreement between Myogen and HMR, dated as
of February 4, 1997, as amended, shall be deemed Confidential Information and
shall be subject to the terms of this Article V, and shall be included within
the definitions of Myogen Know-how and HMR Know-how.

         5.5 PUBLICATIONS. Except as required by law, each Party agrees that it
shall not publish or present Information or Confidential Information without the
opportunity for prior review by the other Party. Each Party shall provide to the
other the opportunity to review and approve any proposed publications or
presentations (including information to be presented verbally) which relate to
Enoximone or the Products or otherwise constitutes Confidential Information as
early as reasonably practical, but at least four weeks prior to their intended
submission for publication (except, where applicable, with the written consent
of an appropriate officer of the other Party) and such submitting Party agrees,
upon written request from the other Party, not to submit such abstract or
manuscript for publication or to make such presentation until the other Party
consents. It is understood and agreed that the provisions of this Article 5.5
are directed to publications and presentations that may be made to the general
public, including the relevant scientific communities, and that nothing herein
will prevent or limit Myogen from preparing materials that may contain
Information or Confidential Information and making presentations with respect
thereto that are private in nature.

                                   ARTICLE 6

              OWNERSHIP OF INTELLECTUAL PROPERTY AND PATENT RIGHTS

         6.1 OWNERSHIP.

                  6.1.1 HMR shall solely own, and it alone shall have the right
to apply for Patents within and outside of the United States for any inventions
made solely by HMR's personnel or consultants in the course of performing work
under this Agreement.

                  6.1.2 Myogen and/or UTC shall solely own, and Myogen alone
shall have the right to apply for Patents within and outside of the United
States for any inventions made solely by Myogen's personnel or consultants, or
substantially by Myogen with insignificant contribution from HMR, in the course
of performing work under this Agreement.

                  6.1.3 Inventions made jointly by personnel or consultants of
Myogen and HMR, so long as both Parties have made substantial contribution to
the inventions, shall be owned jointly, without accounting, by Myogen and/or UTC
and HMR. The law of joint ownership of inventions of the United States shall
apply to any joint ownership of patents within the United States claiming joint
inventions of the Parties.

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         6.2 DISCLOSURE OF PATENTABLE INVENTIONS. Each Party shall provide to
the other any invention disclosure submitted in the normal course of performing
its obligations hereunder which discloses an invention related to the Enoximone
in the Field or the Products. Such invention disclosures shall be provided to
the other Party promptly after submission and in no event later than ten (10)
days after the end of the calendar quarter in which the disclosure was
submitted, provided, however, that no disclosure is required that would
constitute publication prior to the time a patent issues, and in any case all
submissions will be considered Confidential Information of the Party submitting
the invention disclosure.

         6.3 PATENT FILINGS.

                  6.3.1 MYOGEN AND JOINT PATENTS. Myogen shall prepare, file,
and prosecute Patents for (i) inventions relating to Enoximone that are made
pursuant to Section 6.1.2 hereof by Myogen personnel and consultants (all of
which shall be issued in Myogen's and/or UTC's name and shall be Myogen
Patents), and (ii) inventions relating to Enoximone that are made jointly
pursuant to Section 6.1.3 hereof by personnel and consultants of Myogen and HMR
in the course of the performance of the Parties' obligations under this
Agreement (which shall be issued in HMR's and Myogen's and/or UTC joint name and
shall be "Joint Patents"), and will use reasonable efforts to file initially all
such applications in the United States. With respect to Joint Patents only (A)
the determination of the countries outside of the United States in which to file
patent applications shall be made by Myogen and, if appropriate, UTC; (B) Myogen
shall keep HMR informed of the status of such Patents and shall seek the advice
of HMR with respect to such Patent strategy and draft applications and shall
give reasonable consideration to any suggestions or recommendation of HMR
concerning the preparation, filing, prosecution and maintenance thereof; and (C)
the Parties shall cooperate in good faith in the prosecution of such Patents and
shall share all material Information relating thereto promptly after receipt of
such Information.

                  6.3.2 HMR PATENTS. HMR shall file, prosecute and be entitled
to be issued in its name Patents to cover inventions relating to Enoximone that
are made solely by HMR personnel and consultants (all of which will be HMR
Patents), and will use reasonable efforts to file initially all such
applications in the United States. The determination of the countries outside of
the U.S. in which to file shall be made by mutual agreement of the Parties. If,
however, there is a dispute as to where to file, the more comprehensive filing
shall be made. HMR shall keep Myogen informed of the status of each HMR Patent
and shall seek the advice of Myogen with respect to HMR Patent strategy and
draft applications and shall give reasonable consideration to any suggestions or
recommendations of Myogen concerning the preparation, filing, prosecution and
maintenance thereof. The Parties shall cooperate reasonably in the prosecution
of all applications for HMR Patents and shall share all material Information
relating thereto promptly after receipt of such Information. If, during the term
of this Agreement, HMR intends to allow any HMR Patent under which Myogen has a
license under this Agreement, to lapse or become abandoned without having first
filed a substitute, HMR shall, whenever practicable, notify Myogen of such
intention at least sixty (60) days prior to the date upon which such HMR Patent
shall lapse or become abandoned, and Myogen shall thereupon have the right, but
not the obligation, to assume responsibility for the prosecution and maintenance
thereof (and Patent Expenses shall continue to be shared).

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         6.4 THIRD PARTY PATENT RIGHTS.

                  (a) HMR represents and warrants that to its knowledge that
there are no Third Party rights which may be infringed by the manufacture or
sale of any Product, the use of any Patent, Know-how or any other activity
contemplated by this Agreement.

                  (b) Neither Party makes any representation or warranty to the
other, other than that made in this Section 6.4, with respect to the validity,
enforceability, perfection or dominance of any Patent or other proprietary right
or with respect to the absence of rights of Third Parties which may be infringed
by the manufacture or sale of any Product, the use of any Patent, Know-how or
any other activity contemplated by this Agreement. Each Party agrees to bring to
the attention of the other Party any patent or patent application it discovers,
or has discovered, and which relates to the subject matter of this Agreement.

         6.5 ENFORCEMENT RIGHTS.

                  6.5.1 GENERAL.

                  (a) In the event a Third Party, through the actual or proposed
manufacture, import, use, sale or offer for sale of a product competitive with a
Product being developed or commercialized under this Agreement infringes or is
reasonably likely to infringe ("Competitive Product Infringement") any Myogen
Know-how, Myogen Patent, HMR Know-how, HMR Patents, or Joint Patents, Myogen
and/or UTC shall have the right to institute, prosecute and control any action
or proceeding with respect to such infringement, and the right to any and all
relief, recovery and the like. HMR has the right to participate and be
represented in such action by counsel of its own selection at its own expense.
HMR agrees to be joined as a party plaintiff, if necessary in any such action,
and to give Myogen reasonable assistance and any needed authority to control,
file and to prosecute such action.

                  (b) If either Party learns or determines in good faith that
there is or is a reasonable likelihood of Competitive Product Infringement of
any Myogen Patents, HMR Patents, or Joint Patents by a Third Party, the Party
first having knowledge shall promptly notify the other Party in writing thereof,
which notice shall set forth the facts of such actual or potential infringement
in reasonable detail. If Myogen or HMR, as the case may be, fails to institute
and prosecute an action or proceeding to abate any actual infringement within a
period of ninety (90) days after receiving written notice of actual infringement
or otherwise having knowledge of the actual infringement, then the other Party
shall have the right, but not the obligation, to bring and prosecute any action
and the Party which failed to bring such action agrees to be joined as a party
plaintiff in such action and to give the Party bringing such action reasonable
assistance and all authority to control, file and prosecute the action as may be
necessary; provided, however, that the Party which failed to bring the action
shall have the right to participate and to be represented in any such action by
counsel of its choice; provided, further, that HMR's right to bring such an
action may be limited if the Myogen Patent at issue is owned by UTC (HMR hereby
acknowledges that UTC has the first right to bring an action against an
infringer in the case of a Myogen Patent owned by UTC and licensed to Myogen).

                                      -14-

                                           [*#*]CONFIDENTIAL TREATMENT REQUESTED
<PAGE>

                  (c) [*#*] and related recoveries with respect to actions
brought under this Article 6.5.1 shall be [*#*] to the benefit of Myogen,
except as otherwise noted herein. Any amounts recovered in such action referred
to in this Article 6.5.1 shall be recovered by Myogen.

                  (d) No settlement or consent judgment or other voluntary final
disposition of suit under this Article 6.5.1 may be entered into without the
joint consent of Myogen and HMR, which consents shall not be withheld
unreasonably or delayed, except with respect to Myogen Patents owned by UTC.

             6.5.2 SETTLEMENT OF THIRD PARTY CLAIMS FOR PRODUCTS; ROYALTY
REDUCTION. If a Third Party asserts that a patent or other right owned by it is
infringed by the manufacture, use or sale of any Product and if following the
conclusion of proceedings brought as a result of such alleged infringement,
Myogen is required to pay the Third Party any payment of any kind for the right
to sell a Product in a particular country, the royalty rate then payable to HMR
attributable only to sales in such country shall be reduced by [*#*] The royalty
rate shall return to its previous level once Myogen has fully satisfied the
payment due to the Third Party. [*#*] No settlement or consent judgment or other
voluntary final disposition of a suit under this Article 6.5.2 may be entered
into without the mutual consent of Myogen and HMR which shall not be
unreasonably withheld or delayed.

             6.5.3 PATENT PROSECUTION RIGHTS. Notwithstanding the
provisions of Article 6.5.1, a Party shall not file or prosecute any action for
infringement of a Patent for which the other Party has the primary
responsibility if the other Party having primary responsibility is prosecuting
at least one such action for infringement of such Patent, without the agreement
of the other Party, which agreement shall not be unreasonably withheld.

         6.6 ASSIGNMENT OF JOINT PATENTS. Neither Party may assign its rights
under any Joint Patent except with the prior written consent of the other Party;
provided, however, that either party may assign such rights without consent to
an Affiliate or other permitted assignee under this Agreement in connection with
a merger or similar reorganization or sale of all or substantially all of its
assets.

                                   ARTICLE 7

                   REPRESENTATIONS AND WARRANTIES; EXCLUSIVITY

         7.1 REPRESENTATIONS AND WARRANTIES. Each Party hereby represents and
warrants to the other Party that this Agreement is a legal and valid obligation
binding on such Party and enforceable in accordance with its terms, subject to
laws regarding bankruptcy or insolvency generally, provided that the Parties
acknowledge and agree that this Agreement constitutes a license of "intellectual
property" as provided in Section 365(n) of the U.S. Bankruptcy Code. The
execution, delivery and performance of the Agreement by such Party does not
conflict with any agreement, instrument or understanding, oral or written, to
which it is a Party or by which it is bound, nor violate any law or regulation
of any court, governmental body or administrative or

                                      -15-

                                           [*#*]CONFIDENTIAL TREATMENT REQUESTED
<PAGE>

other agency having jurisdiction over it. Such Party represents and warrants
that it has not, and covenants that during the term of the Agreement it will
not, grant to any Third Party any rights which would conflict or interfere with
or curtail or impair the rights granted to the other Party hereunder.

         7.2 EXCLUSIVITY; NON-COMPETITION WITHIN THE FIELD During the term of
this Agreement: HMR and its Affiliates shall not, directly or indirectly,
conduct, have conducted or fund any research, development, regulatory, or
commercialization activity of Enoximone or the Products within the Field other
than pursuant to the terms and conditions of this Agreement, and Myogen
acknowledges that its activities and operations pursuant to this Agreement shall
be the principal mechanism by which Myogen will commercialize the Products. HMR
may terminate this Agreement for cause pursuant to Article 9.4 hereof in the
event of the material breach of this paragraph 7.2 by Myogen or its Affiliates.

                                   ARTICLE 8

                              INFORMATION & REPORTS

         8.1 RECORDS OF REVENUES AND EXPENSES. Myogen will maintain complete and
accurate accounts and records of revenues, costs, expenses and payments earned
or made in connection with this Agreement and such records shall be available
for examination at HMR's expense during Myogen's reasonable business hours for a
period of two (2) years from creation of the individual records. In addition,
not more often than once each year, HMR may designate a firm of certified public
accountant acceptable to Myogen to verify the correctness of calculations and
classifications of such revenues, costs, expenses or payments earned or made in
connection with this Agreement. Amounts that are determined to be due as a
result of any variances in revenues, costs, expenses or payments earned or made
in connection with this Agreement discovered during such audit shall be paid by
Myogen within thirty (30) days of the conclusion of the audit (subject to
Article XIII hereof). If the audit results in a variance of more than 5% in
favor of HMR, the reasonable audit expenses of HMR shall be paid by Myogen. Any
records or accounting information received from Myogen shall be included within
the definition of Confidential Information for purposes of Article VI. In the
event the provisions of Section 9.5.3 apply, the provisions of this Section 8.1
shall apply to HMR.

         8.2 PUBLICITY REVIEW. Subject to the provisions of this Article 8.2, no
Party shall originate any written publicity, news release, or other public
announcement relating to this Agreement or the performance hereunder or the
existence of an arrangement between the Parties (collectively, "Written
Disclosure"), without the prior prompt review and written approval of the other,
which approval shall not be unreasonably withheld. In addition, each Party
agrees to submit to the other Party, for prompt review and written approval, any
question and answer sheet or similar materials ("Q & A") prior to using such
materials in connection with oral disclosures. With regard to any proposed
Written Disclosure or Q & A by Myogen, HMR shall take into consideration that
Myogen is a specialized privately held company and as such will find it
important to provide ongoing information about this Agreement and the status of
the Collaboration Agreement to investors or potential investors. Recognizing
that it is impractical to have each oral disclosure reviewed in advance, the
Parties agree that oral disclosures by any Party of information which is
immaterial and which relates to this Agreement, or to performance

                                      -16-

                                           [*#*]CONFIDENTIAL TREATMENT REQUESTED
<PAGE>

hereunder or the existence of an arrangement between the Parties, shall be
generally consistent with previously approved Written Disclosures or Q & A's.
Notwithstanding the foregoing provisions of this Article 8.2, any Party may make
any public Written Disclosure it believes in good faith is required by
applicable law or any listing or trading agreement concerning its
publicly-traded securities based upon the written advice of counsel, provided
that prior to making such Written Disclosure, the disclosing Party shall provide
the other Party with an opportunity to promptly review the proposed Written
Disclosure. To the extent that the reviewing Party reasonably requests that any
information in the proposed Written Disclosure be deleted, the disclosing Party
shall take reasonable action to avoid disclosure, where possible, including
requesting confidential treatment of such information pursuant to Rule 406 of
the Securities Act of 1933 or Rule 26b-2 of the Securities Exchange Act of 1934,
as applicable (or any other applicable regulation relating to the confidential
treatment of information).

                                   ARTICLE 9

                              TERM AND TERMINATION

         9.1 TERM. This Agreement shall commence as of the Effective Date and
shall terminate as provided herein in its entirety or with respect to certain
countries in the Territory as set forth herein.

         9.2 TERMINATION BY HMR FOR MYOGEN'S FAILURE TO MEET MILESTONES OR
DISCONTINUING DEVELOPMENT. HMR shall have the right to terminate this Agreement
in its entirety under this Section 9.2 only during the period prior to the first
Regulatory Approval of a product (other than Perfan) in the United States if
Myogen shall either: (a) discontinue Development of Product as set forth in
Article 3.6.1(a) or, (b) fails to meet the milestone set forth in 3.6.1(b).
Termination of this Agreement shall be made pursuant to a written notice (the
"Termination Notice") delivered by HMR to Myogen within ninety (90) days after
the expiration of the time period with respect to which such notice is being
delivered. Such termination shall be effective as of thirty (30) days following
delivery of the Termination Notice to Myogen (the "Termination Effective Date").
If HMR terminates this Agreement as set forth above, Myogen may retain all
rights granted under Article II herein to make, manufacture and commercialize
intravenous Product sold under the trade name Perfan in Europe only ( the
"European Rights") paying a royalty rate of [*#*] to HMR for the duration of the
HMR Patents or for ten (10) years from the Transfer Date whichever is longer;
provided however, that Myogen satisfies all payment requirements of Article 4.1.
In the event HMR terminates this Agreement under this Section 9.2 and Myogen
elects not to retain European Rights, then Myogen shall return to HMR or
destroy, at HMR's discretion, all unused Enoximone at its own expense and all
rights granted under Article II of this Agreement shall terminate.

                  9.2.1 TERMINATION EFFECTIVE DATE. If HMR terminates this
Agreement pursuant to this Section 9.2, the Parties shall continue to perform
their obligations under this Agreement pending the winding down of operations on
the Termination Effective Date (other than with respect to the European Rights
as provided in this Section 9.2). Upon the Termination Effective Date:

                                      -17-

                                           [*#*]CONFIDENTIAL TREATMENT REQUESTED
<PAGE>

                  (a) all licenses and rights of Myogen to HMR Patents and HMR
Know- how hereunder shall terminate in their entirety with respect to Enoximone
and Product except with respect to the European Rights as provided in this
Section 9.2;

                  (b) all HMR Confidential Information and HMR Data shall be
returned to HMR (except with respect to the European Rights as provided in this
Section 9.2), except Myogen may retain one copy of such information solely for
legal archive purposes;

                  (c) Myogen shall transfer to HMR all INDs, Drug Approval
Applications and Regulatory Approvals related to Enoximone and Product(s) and
shall take such other actions and execute such other instruments, assignments
and documents as may be necessary to effect the transfer of such rights
hereunder to HMR (except with respect to the European Rights as provided in this
Section 9.2); and

                  (d) all Confidential Information of Myogen, excluding that
information transferred pursuant to Article 9.2 (c) above, shall be promptly
destroyed by HMR and HMR shall certify to Myogen such destruction, except HMR
may retain one copy of such information solely for legal archive purposes.

                  (e) Myogen shall return to HMR or destroy, at HMR's
discretion, any unused Enoximone obtained from HMR pursuant to Article 3.7 at
its own expense provided, however, that in the event Myogen retains the European
Rights, as provided in this Section 9.2, Myogen shall not be obligated to return
any unused Enoximone.

         9.3 TERMINATION BY HMR FOR MYOGEN'S FAILURE TO COMMERCIALIZE OR MARKET
PRODUCTS IN THE TERRITORY.

              9.3.1 FAILURE TO COMMERCIALIZE IN MAJOR MARKET COUNTRIES. With
respect to each Major Market Country, if Myogen, (i) discontinues Development
(i.e. does not fulfill the criteria set forth in Article 3.6.1(a)) in any such
country, or (ii) does not Commercialize the Product in any such country within
12 months after obtaining Regulatory Approval in such country, then HMR shall
have the right to terminate this Agreement with respect to such Major Market
Countries (such countries shall be referred to as "Terminated Countries") and
the definition of the Territory shall thenceforth exclude such countries. HMR
shall provide written notification to Myogen of its intent to deem a particular
country a Terminated Country, and Myogen shall have ninety (90) days following
receipt of such written notice in which to respond to such proposed action. If
Myogen shall in good faith dispute such intention to deem a particular country a
Terminated Country, the Parties shall submit such matter to arbitration pursuant
to the terms of Article XI hereof. As used in this Section 9.3, "Commercialize"
means to commence the commercial sale or commercial distribution of the Product.

              9.3.2 FAILURE TO COMMERCIALIZE IN OTHER COUNTRIES. If Myogen
commercializes a product in all of the Major Market Countries within 12 months
after obtaining relevant Regulatory Approval in each of these countries, then
Myogen shall have an additional two years to commercialize the Product in other
countries in the Territory. HMR shall have the right, at its option, to
terminate Myogen's rights hereunder with respect to those countries where a
Product has not been commercialized as set forth above (any such countries

                                      -18-

                                           [*#*]CONFIDENTIAL TREATMENT REQUESTED
<PAGE>

shall also be referred to as "Terminated Countries"), and the definition of the
Territory shall thenceforth exclude such countries. HMR shall provide written
notification to Myogen of its intent to deem a particular country a Terminated
Country, and Myogen shall have ninety (90) days following receipt of such
written notice in which to respond to such proposed action. If Myogen shall in
good faith dispute such intention to deem a particular country a Terminated
Country, the Parties shall submit such matter to arbitration pursuant to the
terms of Article XI hereof.

              9.3.3 EFFECT OF TERMINATED COUNTRIES. If HMR terminates this
Agreement with respect to a Terminated Country, then the following provisions
shall apply:

                  (a) HMR shall receive an exclusive (even as to Myogen but
subject to the existing rights of Third Parties and if necessary, subject to the
approval of UTC) right and license in the Terminated Countries with the right to
grant sublicenses, to all Myogen Patents, Myogen Know-how and all of Myogen's
interest in trademarks in the Terminated Countries related to Enoximone, to
make, have made, import, use, sell, offer for sale and have sold Products,
subject to the royalty obligations set forth below in Article 9.3.3(c), and
shall have the exclusive right (but not the obligation) to enforce the Patents
against Competitive Product Infringement in the Terminated Countries, except in
cases where UTC reserves this right, and the exclusive right (but not the
obligation) to enforce the trademark rights related to Enoximone against
infringers in the Terminated Countries.

                  (b) Myogen shall transfer all INDs, Drug Approval Applications
and Regulatory Approvals related to Enoximone in the Terminated Countries to
HMR, and take such other actions and execute such other instruments, assignments
and documents as may be necessary to transfer the rights hereunder in the
Terminated Countries to HMR.

                  (c) Subject to Myogen's performance of the provisions of this
Article 9.3.3 and Myogen's fulfillment of its obligations for payments due under
Article 4.1, Myogen shall be entitled to receive royalties with respect to the
Net Sales by HMR or its sublicensees of Products in those Terminated Countries
under Article IX at a rate of [*#*]

         9.4 TERMINATION FOR MATERIAL BREACH BY MYOGEN.

                  (a) Subject to the provisions of this Article 9.4, if Myogen
shall have committed a Material Breach (as defined below) and such Material
Breach shall remain uncured and shall be continuing for a period of ninety (90)
days following receipt of written notice thereof from HMR, then, in addition to
any and all other rights and remedies that may be available, HMR shall have the
right to terminate this Agreement effective upon the expiration of such ninety
(90) day period. Any such written notice of alleged Material Breach from HMR
shall include a reasonably detailed description of all relevant facts and
circumstances demonstrating, supporting and/or relating to each such alleged
Material Breach by Myogen.

                                      -19-

                                          [*#*] CONFIDENTIAL TREATMENT REQUESTED
<PAGE>

                  (b) If HMR terminates this Agreement pursuant to the
provisions of this Article 9.4, then the following provisions shall apply:

                           (i) HMR shall receive an exclusive (even as to Myogen
but subject to the existing rights of Third Parties and if necessary, subject to
the approval of UTC) right and license in the Terminated Countries with the
right to grant sublicenses, to all Myogen Patents, Myogen Know-how and all of
Myogen's interest in trademarks in the Terminated Countries related to
Enoximone, to make, have made, import, use, sell, offer for sale and have sold
Products, subject to the royalty obligations set forth above in Article
9.3.3(c), and shall have the exclusive right (but not the obligation) to enforce
the Patents against Competitive Product Infringement in the Terminated Countries
at its sole expense, except in cases where UTC, reserves this right, and the
exclusive right (but not the obligation) to enforce the trademark rights related
to Enoximone against infringers in the Terminated Countries.

                           (ii) all licenses and rights in the HMR Patents, HMR
Know- how and HMR Trademarks granted to Myogen hereunder shall terminate;

                           (iii) all Confidential Information supplied by each
Party to the other Party shall be promptly destroyed by each Party and each
Party shall certify such destruction to the other, except that each Party may
retain one copy of such information solely for legal archive purposes;

                           (iv) Myogen shall cooperate in the transfer to HMR of
all NDAs, Drug Approval Applications and Regulatory Approvals related to
Enoximone, and shall take such other actions and execute such other instruments,
assignments and documents as may be necessary to effect the transfer of rights
hereunder to HMR.

                  (c) Termination of this Agreement pursuant to this Article 9.4
shall not relieve Myogen of any liability, including any obligation to make
payments hereunder, which accrued hereunder prior to the effective date of such
termination, nor preclude HMR from pursuing all rights and remedies it may have
hereunder or at law or in equity with respect to any breach of this Agreement
nor prejudice HMR's right to obtain performance of any obligation.

                  (d) For purposes of this Article 9.4 and Article 9.6,
"Material Breach" shall mean the breach or failure to perform, in a material
respect, a material obligation under this Agreement. Without limiting the
foregoing and by way of example only, the term "Material Breach" shall be deemed
to include the failure of Myogen in a material respect to meet Myogen's payment
or non-compete obligations. In no event shall a failure to meet timelines
specified in any Research and Development Plan, in and of itself, be deemed to
constitute a Material Breach in the event such failure is caused by parties or
events outside the control of Myogen, including, without limitation, any
additional requirements imposed by the FDA.

                  (e) The provisions of this Article 9.4 shall survive
termination of this Agreement for a period of [*#*].

                                      -20-

                                           [*#*]CONFIDENTIAL TREATMENT REQUESTED
<PAGE>

         9.5 TERMINATION WITHOUT CAUSE.

              9.5.1 TERMINATION WITHOUT CAUSE (INCLUDING DENIAL OF PHASE III
TRIALS). Myogen shall have a continuing right, subject to this Article 9.5, to
terminate this Agreement, (a) without cause, effective upon six (6) month
advance written notice to HMR, or (b) upon written notice to HMR, if within six
(6) months after the Effective Date Myogen has not received necessary consent or
the like from the FDA to proceed to Phase III clinical trials for Enoximone
((a), (b), or both (a) and (b), "Termination Without Cause").

              9.5.2 EFFECT OF TERMINATION WITHOUT CAUSE. If Myogen
terminates pursuant to this Article 9.5, then:

                  (a) all licenses and rights in the HMR Patents, HMR Know-how
and HMR Trademarks granted to Myogen hereunder shall terminate;

                  (b) all Confidential Information supplied by HMR to Myogen
shall be returned to HMR, except Myogen may retain one copy of such information
solely for legal archive purposes;

                  (c) Myogen shall cooperate in the transfer of all NDAs, Drug
Approval Applications and Regulatory Approvals related to Enoximone to HMR, and
shall take such other actions and execute such other instruments, assignments
and documents as may be necessary to effect the transfer of rights hereunder to
HMR.

              9.5.3 ROYALTY UPON TERMINATION WITHOUT CAUSE. Notwithstanding
anything in this Article 9.5 to the contrary, if, and only if, (i) Myogen
terminates this Agreement pursuant to this Article 9.5 subsequent to the filing
by Myogen of an NDA covering the use of Enoximone in the Field but prior to the
completion of Myogen's due diligence obligations set forth in Article III of
this Agreement, (ii) HMR or any of its sublicensees completes the development
and commercialization of Enoximone and (iii) Myogen fulfills all of its
obligations for payments due under Article 4.1, then Myogen shall be entitled to
a royalty of [*#*] of Net Sales of any Product incorporating Enoximone.

              9.5.4 TERMINATION DUE TO EXPIRATION OF ROYALTY OBLIGATIONS.
Unless earlier terminated, this Agreement shall terminate on a country by
country basis upon expiration of Myogen's obligation to pay royalties in such
countries pursuant to this Agreement.

              9.5.5 TERMINATION BY MUTUAL CONSENT. This agreement may be
terminated by the mutual written consent of the parties.

              9.5.6 ACCRUED RIGHTS, SURVIVING OBLIGATIONS. Termination,
relinquishment or expiration of the Agreement or any portion hereof for any
reason shall be without prejudice to any rights which shall have accrued to the
benefit of either Party prior to such termination, relinquishment or expiration,
including damages arising from any breach hereunder. Such termination,
relinquishment or expiration shall not relieve either Party from obligations
which are expressly indicated to survive termination or expiration of this
Agreement.

                                      -21-

                                           [*#*]CONFIDENTIAL TREATMENT REQUESTED
<PAGE>

         9.6 TERMINATION FOR MATERIAL BREACH BY HMR.

                  (a) Subject to the provisions of this Article 9.6, if HMR
shall have committed a Material Breach (as defined below) and such Material
Breach shall remain uncured and shall be continuing for a period of ninety (90)
days following receipt of written notice thereof from Myogen, then, in addition
to any and all other rights and remedies that may be available to Myogen, Myogen
shall have the right to terminate this Agreement effective upon the expiration
of such ninety (90) day period. Any such written notice of alleged Material
Breach from Myogen shall include a reasonably detailed description of all
relevant facts and circumstances demonstrating, supporting and/or relating to
each such alleged Material Breach by HMR.

                  (b) If Myogen terminates this Agreement pursuant to the
provisions of this Article 9.6, the following provisions apply:

                           (i) all licenses and rights in the HMR Patents, HMR
Know-how and HMR Patents granted to Myogen hereunder shall [*#*]

                           (ii) all Confidential Information supplied by Myogen
to HMR shall be promptly returned to Myogen, except that HMR may retain one copy
of such information solely for legal archive purposes.

                  (c) Termination of this Agreement pursuant to this Article 9.6
shall not relieve HMR of any liability hereunder which accrued prior to the
effective date of such termination, nor preclude Myogen from pursuing all rights
and remedies it may have hereunder or at law or in equity with respect to any
breach of this Agreement, nor prejudice Myogen's right to obtain performance of
any obligation.

                  (d) For purposes of this Article 9.6, "Material Breach" shall
have the same meaning as it does for Article 9.4. By way of example only, the
term "Material Breach" shall be deemed to include the violation of the exclusive
nature of the grant of licenses and rights to Myogen under this Agreement, the
failure of HMR to supply the HMR Data, the failure of HMR to transfer the IND,
and the failure of HMR to transfer its rights pursuant to 4.1(c).

         9.7 TRANSFER OF TRADEMARK UPON TERMINATION. Should the agreement
terminate for any reason pursuant to this Article IX, other than pursuant to
section 9.6, at the written request of HMR, Myogen shall transfer to HMR its
rights under the HMR Trademarks previously assigned to it by HMR under section
4.1(c) hereof.

                                   ARTICLE 10

                                 INDEMNIFICATION

         10.1 INDEMNIFICATION BY HMR.

              10.1.1 MYOGEN INDEMNIFIED PARTIES. HMR hereby agrees to
indemnify, save, defend and hold Myogen and its agents and employees (the
"Myogen Indemnified Parties")

                                      -22-

                                           [*#*]CONFIDENTIAL TREATMENT REQUESTED
<PAGE>

harmless from and against any and all suits, claims, actions, demands,
liabilities, expenses and/or loss, including reasonable legal expense and
attorneys' fees (collectively, "Losses"), incurred by or against any Myogen
Indemnified Parties, which arise out of the breach of this Agreement by HMR, or
any negligence or willful misconduct by HMR, except to the extent such Losses
are attributable to the breach of this Agreement by Myogen or any Myogen
Indemnified Parties or any negligence or willful misconduct by Myogen or any
Myogen Indemnified Parties.

              10.1.2 NOTICE OF CLAIM. In the event that a Myogen Indemnified
Party seeks indemnification under Article 10.1.1, it shall inform HMR of such
claim as soon as reasonably practicable after it receives notice of the claim
and shall permit HMR to assume direction and control of the defense of the claim
(including the right to settle the claim solely for monetary consideration), and
shall cooperate as reasonably requested (at the expense of HMR) in the defense
of the claim.

         10.2 INDEMNIFICATION BY MYOGEN.

              10.2.1 HMR INDEMNIFIED PARTIES. Myogen hereby agrees to
indemnify, save, defend and hold HMR and its agents and employees (the "HMR
Indemnified Parties") harmless from and against any and all Losses incurred by
or against such HMR Indemnified Parties which (i) arise out of the breach of
this Agreement by Myogen, or any negligence or willful misconduct by Myogen,
except to the extent such Losses are attributable to the breach of this
Agreement by HMR or any HMR Indemnified Parties or any negligence or willful
misconduct by HMR or any HMR Indemnified Parties , or (ii) arise out of the
design, manufacture, use, handling, storage, sale or other disposition of
Products by Myogen, its agents or sublicensees, except to the extent such Losses
also result from the negligence or willful misconduct of any HMR Indemnified
Parties

              10.2.2 NOTICE OF CLAIM. In the event that any HMR Indemnified
Party seeks indemnification under Article 10.2.1, it shall inform Myogen of a
claim as soon as reasonably practicable after it receives notice of the claim
and shall permit Myogen to assume direction and control of the defense of the
claim (including the right to settle the claim solely for monetary
consideration), and shall cooperate as reasonably requested (at the expense of
Myogen) in the defense of the claim.

              10.2.3 INSURANCE.

                  (a) Throughout the Term and thereafter for a period of ten
years (if such insurance is on a claims-made basis), each party shall carry and
maintain in full force and effect insurance with an insurance company or
companies having a Best's rating of A or higher against clinical trials
liability, commercial general liability, and/or product liability with respect
to such Product. Each Party shall include the other Party as an additional
insured under such Insurance policies. Such policies may be worldwide blanket
policies.

                  (b) Such insurance shall be unimpaired by claims, and shall
include indemnity against liability on the part of either Party and any of its
Affiliates, as well as HMR, as their interests may appear, due to injury,
disability or death of any person or persons, or injury to property, arising
from the manufacture, sale or use of such Product or components thereof in

                                      -23-

                                           [*#*]CONFIDENTIAL TREATMENT REQUESTED
<PAGE>

amounts of not less than [*#*] million combined single limit, bodily injury
and property damage. Within 30 days after the date hereof, each Party shall
furnish the other Party with certificates of insurance evidencing the aforesaid
coverage and naming the other Party as an additional insured thereunder, which
certificates shall describe the principal terms of such policy or policies and
provide that 30 days prior written notice of cancellation or material changes in
said insurance policies will be given to the other Party.

                  (c) The indemnification obligations herein shall apply on a
first dollar basis, without limitation or reduction to any deductible or
self-insured retention which the Parties may have under their insurance
coverage.

                  (d) The provisions of this Article X shall survive the
expiration or termination of this Agreement for a period of ten years following
the effective date of such expiration or termination.

                                   ARTICLE 11

                               DISPUTE RESOLUTION

         11.1 GENERAL. The Parties recognize that disputes as to certain matters
may from time to time arise during the term of this Agreement which relate to
either Party's rights and/or obligations hereunder. It is the objective of the
Parties to establish procedures to facilitate the resolution of disputes rising
under this Agreement in an expedient manner by mutual cooperation and without
resort to litigation. To accomplish this objective, the Parties agree to follow
the procedures set forth in this Article XI if and when a dispute arises under
this Agreement.

         11.2 NEGOTIATION. Either Party may, by written notice to the other,
have such dispute referred to their respective executive officers designated
below or their successors, for attempted resolution by good faith negotiations
within fourteen (14) days after such notice is received. Said designated
officers are as follows:

              FOR HMR:  Head of Business Development and Strategic Planning

              FOR MYOGEN:  Chief Executive Officer

In the event the designated executive officers are not able to resolve such
dispute, either Party may at anytime after the fourteen (14) day period seek to
resolve the dispute through the means provided in Article 11.3.

         11.3 ARBITRATION. Any dispute, controversy or claim arising out of or
relating to this Agreement or the validity, construction, enforceability or
performance hereof or thereof, including without limitation disputes relating to
alleged breach or to termination of this Agreement, but excluding any dispute,
controversy or claim arising out of or relating to the validity, enforceability
or infringement of any Patent, shall be finally and exclusively resolved by
arbitration by binding Alternative Dispute Resolution ("ADR") pursuant to the
Commercial Arbitration Rules and the administration of the American Arbitration
Association for Large, Complex Cases then in effect. Arbitral proceedings shall
be conducted in Kansas City, Missouri,

                                      -24-

                                           [*#*]CONFIDENTIAL TREATMENT REQUESTED
<PAGE>

if requested and begun by Myogen and in Denver, Colorado if requested and begun
by HMR, before three (3) arbitrators. The arbitral panel may award any remedy
allowed by law, including money damages, prejudgment interest and attorneys'
fees, and may grant final, complete, interim, or interlocutory relief, including
injunctive relief. Notwithstanding the foregoing, punitive, exemplary or
multiple damages may not be awarded.

              11.3.1 LEGAL FEES. Except as set forth in Article 11.3 above,
each Party shall bear its own legal fees.

              11.3.2 CONFIDENTIALITY. The ADR proceeding shall be
confidential and the arbitral panel shall issue appropriate protective orders to
safeguard each Party's Confidential Information. Except as required by law, no
Party shall make (or instruct the arbitrator to make) any public announcement
with respect to the proceedings or decision of the arbitrator without prior
written consent of each other Party. The existence of any arbitrated dispute,
and the award, shall be kept in confidence by the Parties and the arbitral
panel, except as required in connection with the enforcement of such award or as
otherwise required by applicable law.

         11.4 SURVIVABILITY. Any duty to arbitrate under this Agreement shall
remain in effect and enforceable after termination of this Agreement for any
reason for the statute of limitations applicable to any disputes arising out of
this Agreement.

         11.5 JURISDICTION. For the purpose of this Article XI, each Party
agrees to abide by the award rendered in any arbitration, and the Parties agree
to accept the jurisdiction of any court having jurisdiction over it for the
purposes of enforcing awards entered pursuant to this Article and for enforcing
the agreements reflected in this Article.

                                   ARTICLE 12

                                  MISCELLANEOUS

         12.1 ASSIGNMENT; BINDING EFFECT.

              12.1.1 ASSIGNMENT TO AFFILIATES. Either Party may assign any
of its rights or obligations under this Agreement in any country in the
Territory to any Affiliates; provided, however, that such assignment shall not
relieve the assigning Party of its responsibilities for performance of its
obligations under this Agreement.

              12.1.2 ASSIGNMENT TO NON-AFFILIATES. Either Party may assign
any of its rights or obligations under this Agreement or its ownership interest
in Joint Patents to a non-Affiliate only in connection with a merger or similar
reorganization or the sale of all or substantially all of its assets, or
otherwise with the prior written consent of the other Party. This Agreement
shall survive any such merger or reorganization of either Party with or into, or
such sale of assets to, a Third Party and no consent for such merger,
reorganization or sale shall be required hereunder; provided, that in the event
of such merger, reorganization or sale, no intellectual property rights of the
acquiring corporation shall be included in the Patents licensed.

                                      -25-

                                           [*#*]CONFIDENTIAL TREATMENT REQUESTED
<PAGE>

              12.1.3 BINDING EFFECT. This Agreement shall be binding upon
and inure to the benefit of the Parties and their respective successors and
permitted assigns of the Parties. Any assignment not in accordance with this
Agreement shall be void and of no effect.

         12.2 RESEARCH AND DEVELOPMENT ENTITIES. Either Party may assign its
rights and obligations under this Agreement to an entity or entities (e.g.,
partnership or corporation) that are specifically formed for financial purposes
and that finance research and development performed by such Party; provided,
however, that such assignment shall not relieve the assigning Party of
responsibility for performance of its obligations under this Agreement.

         12.3 CONSENTS NOT UNREASONABLY WITHHELD. Whenever provision is made in
this Agreement for either Party to secure the consent or approval of the other,
such consent or approval shall not unreasonably be withheld or delayed. Whenever
provision is made in this Agreement for one Party to object or to disapprove a
matter, such objection or disapproval shall not be unreasonably exercised.

         12.4 FORCE MAJEURE. Neither Party shall lose any rights hereunder or be
liable to the other Party for damages or losses on account of failure of
performance by the defaulting Party if the failure is occasioned by government
action, war, fire, explosion, flood, strike, lockout, embargo, act of God, or
any other similar cause beyond the control of the defaulting Party, provided
that the Party claiming force majeure has exerted all reasonable efforts to
avoid or remedy such force majeure; provided, however, that in no event shall a
Party be required to settle any labor dispute or disturbance. The foregoing
shall not affect either Party's rights hereunder to terminate this Agreement in
its entirety or with respect to the Product or certain countries in the
Territory pursuant to the terms hereof.

         12.5 FURTHER ACTIONS. Each Party agrees to execute, acknowledge and
deliver such further instruments and do all such other acts as may be necessary
or appropriate in order to carry out the purposes and intent of this Agreement.

         12.6 NO TRADEMARK RIGHTS. Except as otherwise provided herein or
otherwise agreed to in writing by the Parties, no right, express or implied is
granted by this Agreement to use in any manner the name "Myogen," "HMR" or any
other trade name or trademark of the other Party or its Affiliates in connection
with the performance of the Agreement.

         12.7 NOTICES. All notices hereunder shall be in writing and shall be
deemed given if delivered personally or by facsimile transmission (receipt
verified), mailed by registered or certified mail (return receipt requested),
postage prepaid, or sent by a nationally recognized express courier service, to
the Parties at the following address (or at such other address for a Party as
shall be specified by like notice; provided, that notices of a change of address
shall be effective only upon receipt thereof).

                                      -26-

                                           [*#*]CONFIDENTIAL TREATMENT REQUESTED
<PAGE>

         IF TO MYOGEN, ADDRESSED TO: MYOGEN, INC.
                                     Fitzsimmons Bldg. 500, P.O. Box 6366
                                     Denver, Colorado 80045-0366
                                     Attention: President
                                     Telephone: (303) 331-1264
                                     Telecopy:  (303) 331-1268

         IF TO HMR, ADDRESSED TO:    HOECHST MARION ROUSSEL, INC.
                                     Route 202-206, P.O. Box 6800
                                     Bridgewater, NJ 08807-0800
                                     Attention: Vice President, General Counsel
                                                Legal Department
                                     Telephone: (908) 231-3537
                                     Telecopy:  (908) 231-4480

         12.8 WAIVER. Except as specifically provided for herein, the waiver
from time to time by either Party of any of their rights or their failure to
exercise any remedy shall not operate or be construed as a continuing waiver of
same or of any other of such Party's rights or remedies provided in this
Agreement. All such waivers shall be in writing.

         12.9 SEVERABILITY. If any term, covenant or condition of this Agreement
or the application thereof to any party or circumstance shall, to any extent, be
held to be invalid or unenforceable, (i) the remainder of this Agreement, or the
application of such term, covenant or condition to the Parties or circumstances
other than those as to which it is held invalid or unenforceable shall not be
affected thereby and each term, covenant or condition of this Agreement shall be
valid and be enforced to the fullest extent permitted by law; and (ii) the
Parties hereto covenant and agree to renegotiate any such term, covenant or
application thereof in good faith in order to provide a reasonably acceptable
alternative to the term, covenant or condition of this Agreement or the
application thereof that is invalid or unenforceable, it being the intent of the
Parties that the basic purposes of this Agreement are to be effectuated.

         12.10 AMBIGUITIES. Ambiguities, if any, in this Agreement shall not be
construed against either Party, irrespective of which Party may be deemed to
have authored the ambiguous provision.

         12.11 GOVERNING LAW. This Agreement shall be governed by and
interpreted under the laws of the State of Delaware, without regard to
principles of conflicts of law.

         12.12 HEADINGS. The Article and paragraph headings contained herein are
for the purposes of convenience only and are not intended to define or limit the
contents of said Articles or paragraphs and do not form a part of this
Agreement.

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

         12.14 ENTIRE AGREEMENT. This Agreement and the Confidentiality
Agreement, including all Exhibits attached hereto and thereto, and all documents
delivered concurrently

                                      -27-

                                           [*#*]CONFIDENTIAL TREATMENT REQUESTED
<PAGE>

herewith, set forth all the covenants, promises, agreements, warranties,
representations, conditions and understandings between the Parties hereto and
supersede and terminate all prior agreements, warranties, representations,
conditions or understandings, either oral or written, between the Parties other
than as specifically set forth herein and therein. No subsequent alteration,
amendment, change or addition to this Agreement shall be binding upon the
Parties hereto unless reduced to writing and signed by the respective authorized
officers of the Parties.

         12.15 ADDITIONAL AGREEMENTS. The Parties agree that after the execution
of this Agreement they will enter into to good faith negotiations with respect
to an Interim Supply Agreement and a Technical Agreement for Product supply by
HMR.

                                      -28-

                                           [*#*]CONFIDENTIAL TREATMENT REQUESTED
<PAGE>

         IN WITNESS WHEREOF, the Parties have executed this Agreement in
duplicate originals by their duly authorized officers as of the date and year
first above written.

<Table>
<S>                                                    <C>
MYOGEN, INC.                                           HOECHST MARION ROUSSEL, INC.

By:    /s/ J. William Freytag                          By:      /s/ M A Yeomans
   -------------------------------------------            ------------------------------------------

Name:  J. William Freytag                              Name:    Michael A. Yeomans
     -----------------------------------------              ----------------------------------------

Title: President & CEO                                 Title: Vice President, Licensing & Alliances
      ----------------------------------------               ---------------------------------------
</Table>

                                      -29-

                                           [*#*]CONFIDENTIAL TREATMENT REQUESTED
<PAGE>

                                  SCHEDULE 1.14

   RPT-CASELIST-RPT
   09/29/1998

                               CASE SERIES REPORT

TITLE:          ENHANCEMENT OF PRAZOSIN

ABSTRACT: THIS INVENTION RELATES TO THE SYNERGISTIC ENHANCEMENT OF CERTAIN
ANTIHYPERTENSIVES BY THE CONJUNCTIVE USE OF CERTAIN CARDIOTONIC AGENTS. MORE
SPECIFICALLY, THIS INVENTION RELATES TO THE ENHANCEMENT OF THE BLOOD PRESSURE
LOWERING EFFECT ACHIEVED WITH ALPHAl-ADRENOCEPTOR ANTAGONISTS BY THE
CONJUNCTIVE ADMINISTRATION OF CARDIOTONIC AGENTS POSSESSING THE ABILITY TO
SPECIFICALLY INHIBIT CYCLIC AMP-PHOSPHODIESTERASE.

INVTRS:        DAGE RICHARD C

<Table>
<Caption>
CASE NO.              STATUS       SN/FILED                PAT/ISSUED         EXPIRES
-------------------   ------       ----------              ----------         ----------
<S>                   <C>          <C>                     <C>                <C>
35262            JP   G            278440/87               2612175            11/05/2007
11/05/1987            02/27/1997          Assignee: MERRELL DOW PHARMACEUTICALS INC

35262            KR   G            87-12354                96662              11/15/2010
                                   11/04/1987              03/06/1996         Assignee: MERRELL DOW PHARMACEUTICALS INC

35262            LU   G                                    0268146            11/04/2007
                                   11/04/1987              01/09/1991         Assignee: MERRELL DOW PHARMACEUTICALS INC

35262            NL   G                                    0268146            11/04/2007
                                   11/04/1987              01/09/1991         Assignee: MERRELL DOW PHARMACEUTICALS INC

35262            PH   G            36022                   23818              11/23/2006
                                   11/04/1987              11/23/1989         Assignee: MERRELL DOW PHARMACEUTICALS INC

35262            SE   G            87116236.8              0268146.           11/04/2007
                                   11/04/1987              01/09/1991         Assignee: MERRELL DOW PHARMACEUTICALS INC

35262            TW   G            76106585                31295              01/21/2004
                                   11/02/1987              05/25/1989         Assignee: MERRELL DOW PHARMACEUTICALS INC

35262            us   I            927785
                                   11/05/1986                                 Assignee: MERRELL DOW PHARMACEUTICALS INC

35262            ZA   G            87/8182                 87/8182            10/30/2007
                                   10/30/1987              06/29/1988         Assignee: MERRELL DOW PHARMACEUTICALS INC
</Table>

                                      -31-
<PAGE>

RPT-CASELIST-RPT
09/29/1998

                               CASE SERIES REPORT

TITLE:         ENHANCEMENT OF PRAZOSIN

ABSTRACT: THIS INVENTION RELATES TO THE SYNERGISTIC ENHANCEMENT OF CERTAIN
ANTIHYPERTENSIVES BY THE CONJUNCTIVE USE OF CERTAIN CARDIOTONIC AGENTS. MORE
SPECIFICALLY, THIS INVENTION RELATES TO THE ENHANCEMENT OF THE BLOOD PRESSURE
LOWERING EFFECT ACHIEVED WITH ALPHAl-ADRENOCEPTOR ANTAGONISTS BY THE
CONJUNCTIVE ADMINISTRATION OF CARDIOTONIC AGENTS POSSESSING THE ABILITY TO
SPECIFICALLY INHIBIT CYCLIC AMP-PHOSPHODIESTERASE.

INVTRS:        DAGE RICHARD C

<Table>
<Caption>
CASE NO.              STATUS       SN/FILED                PAT/ISSUED         EXPIRES
-------------------   ------       ----------              ----------         ----------
<S>                   <C>          <C>                     <C>                <C>
35262A           US   G            153542                  4868182            11/05/2006
                                   02/03/1988              09/19/1989         Assignee: MERRELL DOW PHARMACEUTICALS INC
</Table>

                                      -32-
<PAGE>

  RPT-CASELIST-RPT
  09/29/1998

                               CASE SERIES REPORT

TITLE:     NOVEL 4-AROYLIMIDAZOL-2- ONES

ABSTRACT:

INVTRS:    DAGE RICHARD C                              GRISAR J MARTIN
           SCHNETTLER RICHARD A

<Table>
<Caption>
CASE NO.              STATUS       SN/FILED                PAT/ISSUED         EXPIRES
-------------------   ------       ----------              ----------         ----------
<S>                   <C>          <C>                     <C>                <C>
MOO964           us   I            49808
                                   06/18/1979                                 Assignee: RICHARDSON MERRELL INC
</Table>

                                      -33-
<PAGE>

  RPT-CASELIST-RPT
  09/29/1998

                               CASE SERIES REPORT

TITLE:      NOVEL 4-AROYLIMIDAZOL-2- ONES

ABSTRACT:   NOVEL 4-AROYLIMIDAZOL-Z-ONES ARE USEFUL AS
            ANTIHYPERTENSIVES, CARDIOTONICS AND ANTITHROMBOTICS.
            THE AROYL GROUP CAN BE A 2-FURYL, 2-THIENYL OR
            OPTIONALLY SUBSTITUTED PHENYL.

INVTRS:     DAGE RICHARD C                            GRISAR J MARTIN
            SCHNETTLER RICHARD A

<Table>
<Caption>
CASE NO.              STATUS       SN/FILED                PAT/ISSUED         EXPIRES
-------------------   ------       ----------              ----------         ----------
<S>                   <C>          <C>                     <C>                <C>
M00964A          AT   G            3142/80                 375349             12/15/2001
                                   06/13/1980              05/15/1984         Assignee: RICHARDSON MERRELL INC

M00964A          AU   G            59118/80                532783             06/06/2000
                                   06/06/1980              03/14/1984         Assignee: RICHARDSON MERRELL INC

M00964A          BE   G            201057                  883856             06/17/2000
                                   06/17/1980              07/15/1980         Assignee: MERRELL DOW PHARMACEUTICALS INC

M00964A          CA   G            354197                  1132554            09/28/1999
                                   06/17/1980              09/28/1982         Assignee: MERRELL PHARMACEUTICALS INC

M00964A          CH   G            4627/80                 646155             06/16/2000
                                   06/16/1980              11/15/1984         Assignee: RICHARDSON MERRELL INC

M00964A          DE   G            3021792.6               3021792            06/11/2000
                                   06/11/1980              08/10/1989         Assignee: RICHARDSON MERRELL INC

M06964A          DK   G            2590/80                 160269             06/17/2000
                                   06/17/1980              07/22/1991         Assignee: RICHARDSON MERRELL INC

M00964A          ES   G            492255                  492255             04/27/2001
                                   06/09/1980              04/27/1981         Assignee: RICHARDSON MERRELL INC

M00964A          FR   G            8013434                 8013434            06/17/2000
                                   06/17/1980              09/12/1983         Assignee: RICHARDSON MERRELL INC

M00964A          GB   G            8019898                 2055364            06/18/2000
                                   06/18/1980              06/08/1983         Assignee: MERRILL DOW PHARMACEUTICALS INC

M00964A          HK   G                                    614                06/18/2000
                                                           08/21/1986         Assignee: RICHARDSON MERRELL INC

M00964A          HU   G            1506/80                 186736             06/17/2000
                                   06/17/1980              01/21/1985         Assignee: RICHARDSON MERRELL INC

M00964A          HU   G            4624/84                 192634             06/17/2000
 A                                 12/12/1984              12/22/1986         Assignee: RICHARDSON MERRELL INC

M00964A          IE   G            1162/80                 50646              06/05/2000
                                   06/05/1980              09/17/1986         Assignee: MERRELL DOW PHARMACEUTICALS INC
</Table>

                                      -34-
<PAGE>

  RPT-CASELIST-RPT
  09/29/1998

                               CASE SERIES REPORT

TITLE:      NOVEL 4-AROYLIMIDAZOL-2- ONES

ABSTRACT:   NOVEL 4-AROYLIMIDAZOL-2-ONES ARE USEFUL AS
            ANTIHYPERTENSIVES, CARDIOTONICS AND ANTITHROMBOTICS.
            THE AROYL GROUP CAN BE A 2-FURYL, 2-THIENYL OR
            OPTIONALLY SUBSTITUTED PHENYL.

INVTRS:     DAGE RICHARD C                            GRISAR J MARTIN
            SCHNETTLER RICHARD A

<Table>
<Caption>
CASE NO.               STATUS       SN/FILED                PAT/ISSUED         EXPIRES
-------------------    ------       ----------              ----------         ----------
<S>                    <C>          <C>                     <C>                <C>
M00964A          IL    G            60243                   60243              06/06/2000
                                    06/06/1980              05/01/1987         Assignee: RICHARDSON MERRELL INC

M00964A          IT    G            48997A/80               1143922            06/17/2000
                                    06/17/1980              10/29/1986         Assignee: RICHARDSON MERRELL INC

M00964A          JP    G            81495/80                1600613            06/18/2000
                                    06/18/1980              01/31/1991         Assignee: RICHARDSON MERRELL

M00964A          MAYA  G                                    709                06/18/2000
                                                            12/16/1986         Assignee: RICHARDSON MERRELL INC
M00964A          NL    F            8003498
                                    06/17/1980                                 Assignee: RICHARDSON MERRELL INC

M00964A          NO    G            801796                  152841             06/17/2000
                                    06/17/1980              11/27/1985         Assignee: RICHARDSON MERRELL INC

M00964A          NZ    G            193935                  193935             06/04/2000
                                    06/04/1980              10/09/1985         Assignee: RICHARDSON MERRELL INC

M00964A          PH    G            24143                   18683              08/29/2002
                                    06/16/1980              08/29/1985         Assignee: RICHARDSON MERRELL INC

M00964A          PH    I            32264                                      02/11/1991
 A                                  04/19/1985                                 Assignee: RICHARDSON MERRELL 'INC

M00964A          RU    G            2942302                 1217255            07/07/2000
                                    07/07/1980              03/07/1986         Assignee: RICHARDSON MERRELL INC

M00964A          SABA  G                                    13                 06/18/2000
                                                            01/15/1987         Assignee: RICHARDSON MERRELL INC

M00964A          SARA  G                                    2949               06/18/2000
                                                            08/20/1986         Assignee: RICHARDSON MERRELL INC

M00964A          SE    G            8004253.4               8004253            06/06/2000
                                    06/06/1980              02/05/1987         Assignee: RICHARDSON.MERRELL INC

M00964A          SE    G            8501452                 8501452            06/06/2000
 A                                  03/25/1985              09/19/1991         Assignee: RICHARDSON MERRELL INC
</Table>

                                      -35-
<PAGE>

  RPT-CASELIST-RPT
  09/29/1998

                               CASE SERIES REPORT

TITLE:      NOVEL 4-AROYLIMIDAZOL-2- ONES

ABSTRACT:   NOVEL 4-AROYLIMIDAZOL-2-ONES ARE USEFUL AS
            ANTIHYPERTENSIVES, CARDIOTONICS AND ANTITHROMBOTICS.
            THE AROYL GROUP CAN BE A 2-FURYL, 2-THIENYL OR
            OPTIONALLY SUBSTITUTED PHENYL.

INVTRS:     DAGE RICHARD C                            GRISAR J MARTIN
            SCHNETTLER RICHARD A

<Table>
<Caption>
CASE NO.               STATUS       SN/FILED                PAT/ISSUED         EXPIRES
-------------------    ------       ----------              ----------         ----------
<S>                    <C>          <C>                     <C>                <C>
M00964A          SG    G            2055364                 8690467-g          06/18/2000
                                                            12/26/1986         Assignee: RICHARDSON MERRELL INC
M00964A          US    I            119207
                                    02/07/1980                                 Assignee: RICHARDSON MERRELL INC

M00964A          ZA    G            80/3332                 80/3332            06/04/2000
                                    06/04/1980              01/21/1981         Assignee: RICHARDSON MERRELL INC
</Table>

                                      -36-
<PAGE>

  RPT-CASELIST-RPT
  09/29/1998

                               CASE SERIES REPORT

TITLE:         NOVEL 4-AROYLIMIDAZOL-2- ONES

ABSTRACT:      NOVEL 4-AROYLIMIDAZOL-2-ONES ARE USEFUL AS
               ANTIHYPERTENSIVES, CARDIOTONICS AND ANTITHROMBOTICS.
               THE AROYL GROUP CAN BE A 2-FURYL, 2-THIENYL OR
               OPTIONALLY SUBSTITUTED PHENYL.

INVTRS:        DAGE RICHARD C                             GRISAR J MARTIN
               SCHNETTLER RICHARD A

<Table>
<Caption>
CASE NO.               STATUS       SN/FILED                PAT/ISSUED         EXPIRES
-------------------    ------       ----------              ----------         ----------
<S>                    <C>          <C>                     <C>                <C>
M00964AEXT       BE    G            201057                  883856             06/17/2002
                                    06/17/1980              07/15/1980         Assignee: MERRELL DOW PHARMACEUTICALS INC

M00964AEXT       FR    G            8013434                 92C0319            10/27/2004
                                    05/26/1992              09/11/1992         Assignee: RICHARDSON MERRELL INC

M00964AEXT       GB    G            8019898                 2055364            10/27/2002
                                    06/18/1980              06/08/1983         Assignee: MERRELL DOW  PHARMACEUTICALS INC

M00964AEXT       IE    F            1162/80
                                    06/05/1980                                 Assignee: MERRELL DOW  PHARMACEUTICALS INC

M00964AEXT       IT    G            48997A/80               1143922            03/09/2011
                                    06/17/1980              lo/2911986         Assignee: RICHARDSON MERRELL INC

M00964AEXT       NL    F            8003498
                                    06/17/1980                                 Assignee: RICHARDSON MERRELL INC
</Table>

                                      -37-
<PAGE>

  RPT-CASELIST-RPT
  09/29/1998

                               CASE SERIES REPORT

TITLE:       NOVEL 4-AROYLIMIDAZOL-2- ONES

ABSTRACT:

INVTRS:      DAGE RICHARD C                            GRISAR J MARTIN
             SCHNETTLER RICHARD A

<Table>
<Caption>
CASE NO.               STATUS       SN/FILED                PAT/ISSUED         EXPIRES
-------------------    ------       ----------              ----------         ----------
<S>                    <C>          <C>                     <C>                <C>
M00964B          US    I            159048
                                    06/13/1980                                 Assignee: RICHARDSON MERRELL INC
</Table>

                                      -38-
<PAGE>

  RPT-CASELIST-RPT
  09/29/1998

                               CASE SERIES REPORT

TITLE:         NOVEL 4-AROYLIMIDAZOL-2-ONES

ABSTRACT:      NOVEL 4-AROYLIMIDAZOL-2-ONES ARE USEFUL AS
               ANTIHYPERTENSIVES, CARDIOTONICS AND ANTITHROMBOTICS.
               THE AROYL GROUP CAN BE A 2-FURYL, 2-THIENYL OR
               OPTIONALLY SUBSTITUTED PHENYL. ADDED: Xl CAN ALSO BE AN
               ALKYL-SULFONE OR -SULFOXIDE.

INVTRS:        DAGE RICHARD C                            GRISAR J MARTIN
               SCHNETTLER RICHARD A

<Table>
<Caption>
CASE NO.               STATUS       SN/FILED                PAT/ISSUED         EXPIRES
-------------------    ------       ----------              ----------         ----------
<S>                    <C>          <C>                     <C>                <C>
M00964C          AT    G                                    0058435            02/18/2002
                                    02/18/1982              12/30/1986         Assignee: MERRELL DOW PHARMACEUTICALS INC

MOO964C          AU    G            80486/82                558789             02/15/2002
                                    02/15/1982              05/25/1987         Assignee: MERRELL DOW PHARMACEUTICALS INC

M00964C          BE    G                                    0058435            02/18/2002
                                    02/18/1982              12/30/1986         Assignee: MERRILL DOW PHARMACEUTICALS INC

M00964C          CA    G            396247                  1173047            08/21/2001
                                    02/15/1982              08/21/1984         Assignee: MERRELL PHARMACEUTICALS INC

M00964C          CH    G                                    0058435            02/18/2002
                                    02/18/1982              12/30/1986         Assignee: MERRELL DOW PHARMACEUTICALS INC

M00964C          DE    G            3274855.8               0058435            02/18/2002
                                    02/18/1982              12/30/1986         Assignee: MERRELL DOW PHARMACEUTICALS INC

M00964C          DK    G            675/82                  161250             02/16/2002
                                    02/16/1982              12/09/1991         Assignee: MERRELL DOW PHARMACEUTICALS INC

M00964C          EP    I            82101233.3              0058435            02/18/2002
                                    02/18/1982              12/30/1986         Assignee: MERRELL DOW PHARMACEUTICALS INC

M00964C          ES    G            509636                  509636             04/26/2003
                                    02/16/1982              04/26/1983         Assignee: MERRELL DOW PHARMACEUTICALS INC

MOO964C          FR    G                                    0058435            02/18/2002
                                    02/18/1982              12/30/1986         Assignee: MERRELL DOW PHARMACEUTICALS INC

M00964C          GB    G            8204721                 2093031            02/17/2002
                                    02/17/1982              10/24/1984         Assignee: MERRELL DOW PHARMACEUTICALS INC

M00964C          GR    G            67318                   76025              02/15/2002
                                    02/15/1982              08/03/1984         Assignee: MERRELL DOW PHARMACEUTICALS INC

M00964C          HK    G                                    615                02/17/2002
                                                            08/21/1986         Assignee: MERRELL PHARMACEUTICALS INC
</Table>

                                      -39-
<PAGE>

  RPT-CASELIST-RPT
  09/29/1998

                               CASE SERIES REPORT

TITLE:       NOVEL 4-AROYLIMIDAZOL-2-ONES

ABSTRACT:    NOVEL 4-AROYLIMIDAZOL-2-ONES ARE USEFUL AS
             ANTIHYPERTENSIVES, CARDIOTONICS AND ANTITHROMBOTICS.
             THE AROYL GROUP CAN BE A 2-FURYL, 2-THIENYL OR OPTIONALLY
             SUBSTITUTED PHENYL. ADDED: Xl CAN ALSO BE AN
             ALKYL-SULFONE OR -SULFOXIDE.

INVTRS:      DAGE RICHARD C                            GRISAR J MARTIN
             SCHNETTLER RICHARD A

<Table>
<Caption>
CASE NO.               STATUS       SN/FILED                PAT/ISSUED        EXPIRES
-------------------    ------       ----------              ----------        ----------
<S>                    <C>          <C>                     <C>               <C>
M00964C          IE    G            333/82                  52422             02/16/2002
                                    02/16/1982              02/03/1988        Assignee: MERRELL DOW PHARMACEUTICALS INC

M00964C          IL    G            65010                   65010             02/14/2002
                                    02/14/1982              09/01/1986        Assignee: MERRELL DOW PHARMACEUTICALS INC

M00964C          IT    G            20134/BE/87             0058435           02/18/2002
                                    02/18/1982              12/30/1986        Assignee: MERRELL DOW PHARMACEUTICALS INC

M00964C          JP    G            22154/82                1740674           02/16/2002
                                    02/16/1982              03/15/1993        Assignee: MERRELL DOW PHARMACEUTICALS INC

M00964C          KR    G            82-715                  22212             02/18/2002
                                    02/18/1982              12/03/1986        Assignee: MERRELL DOW PHARMACEUTICALS INC

M00964C          LU    G                                    0058435           02/18/2002
                                    02/18/1982              12/30/1986        Assignee: MERRELL DOW PHARMACEUTICALS INC

M00964C          MAYA  G                                    710               02/17/2002
                                                            12/16/1986        Assignee: MERRELL DOW PHARMACEUTICALS INC

M00964C          NL    G                                    0058435           02/18/2002
                                    02/18/1982              12/30/1986        Assignee: MERRELL DOW PHARMACEUTICALS INC

M00964C          NO    G            820495                  156527            02/17/2002
                                    02/17/1982              10/07/1987        Assignee: MERRELL DOW PHARMACEUTICALS INC

MOO964C          NZ    G            199733                  199733            02/15/2002
                                    02/15/1982              01/20/1986        Assignee: MERRELL DOW PHARMACEUTICALS INC

M00964C          PH    I            26861                   18106             03/21/2002
                                    02/12/1982              03/21/1985        Assignee: MERRELL DOW PHARMACEUTICALS INC

M00964C          SABA  G                                    323               02/17/2002
                                                            12/01/1986        Assignee: MERRELL DOW PHARMACEUTICALS INC

M00964C          SARA  G                                    2947              02/17/2002
                                                            08/20/1986        Assignee: MERRELL DOW PHARMACEUTICALS INC
</Table>

                                      -40-
<PAGE>

  RPT-CASELIST-ROT
  09/29/1998

                               CASE SERIES REPORT

TITLE:        NOVEL 4-AROYLIMIDAZOL-2-ONES

ABSTRACT:     NOVEL 4-AROYLIMIDAZOL-2-ONES ARE USEFUL AS
              ANTIHYPERTENSIVES, CARDIOTONICS AND ANTITHROMBOTICS.
              THE AROYL GROUP CAN BE A 2-FURYL, 2-THIENYL OR
              OPTIONALLY SUBSTITUTED PHENYL. ADDED: Xl CAN ALSO BE AN
              ALKYL-SULFONE OR -SULFOXIDE.

INVTRS:       DAGE RICHARD C                            GRISAR J MARTIN
              SCHNETTLER RICHARD A

<Table>
<Caption>
CASE NO.               STATUS       SN/FILED                PAT/ISSUED        EXPIRES
-------------------    ------       ----------              ----------        ----------
<S>                    <C>          <C>                     <C>               <C>
M00964C          SE    G            82101233.3              0058435            02/18/2002
                                    02/18/1982              12/30/1986        Assignee: MERRELL DOW PHARMACEUTICALS INC

M00964C          SG    I                                    466               06/16/1995
                                                            12/26/1986        Assignee: MERRELL DOW  PHARMACEUTICALS INC

M00964C          TW    I            7110919                 17847             10/16/1997
                                    03/16/1982              02/07/1983        Assignee: MERRELL DOW  PHARMACEUTICALS INC

M00964C          US    I            235453
                                    02/18/1981                                Assignee: RICHARDSON MERRELL INC

M00964C          ZA    G            82/0969                 82/0969           02/15/2002
                                    02/15/1982              09/28/1983        Assignee: MERRELL DOW  PHARMACEUTICALS INC
</Table>

                                      -41-
<PAGE>

  RPT-CASELIST-RPT
  09/29/1998

                               CASE SERIES REPORT

TITLE:      NOVEL 4-AROYLIMIDAZOL-Z-ONES

ABSTRACT:   NOVEL 4-AROYLIMIDAZOL-Z-ONES WHEREIN THE AROYL GROUP
            CAN BE FURYL, THIENYL OR PHENYL GROUP. THE PHENYL GROUP
            MAY BE SUBSTITUTED WITH ALKYL, ALKOXY, HYDROXY, HALO,
            ALKYLTHIO, ALKYLSULFOXIDE, ALKYLSULFONE, CF3,
            AMINOSULPHONYL, AMINO, PYRROLIDINO, PIPERIDINO,
            MORPHALINE OR PIPERAZINO GROUP. THE COMPOUNDS ARE
            USEFUL AS CARDIOTONIC AGENTS.

INVTRS:     DAGE RICHARD C                            GRISAR J MARTIN
            SCHNETTLER RICHARD A

<Table>
<Caption>
CASE NO.               STATUS       SN/FILED                PAT/ISSUED        EXPIRES
-------------------    ------       ----------              ----------        ----------
<S>                    <C>          <C>                     <C>               <C>
M00964D          US    I            373457
                                    4/30/1982                                 Assignee: RICHARDSON MERRELL INC
</Table>

                                      -42-
<PAGE>

  RPT-CASELIST-RPT
  09/29/1998

                               CASE SERIES REPORT

TITLE:       NOVEL 4-AROYLIMIDAZOL-2-ONES

ABSTRACT:    NOVEL 4-AROYLIMIDAZOL-2-ONES ARE USEFUL AS
             ANTIHYPERTENSIVES, CARDIOTONICS, ANTITHROMBOTICS,
             BRONCHODILATORS AND UTEROSPASMOLYTICS. THE AROYL GROUP
             CAN BE A 2-FURYL, Z-THIENYL OR PHENYL, OPTIONALLY
             SUBSTITUTED WITH ALKYL, ALKOXY, ALKYLTHIO, HALOGEN,
             HYDROXY, METHYLENEDIOXY, ALKYLSULFOXIDE, ALKYLSULFONE,
             AMINO, CYCLIC AMINO, TRIFLUOROMETHYL OR SULFONAMIDO.
             COVERS CARDIOTONIC COMPUND MDL-17043.

INVTRS:      DAGE RICHARD C                            GRISAR J MARTIN
             SCHNETTLER RICHARD A

<Table>
<Caption>
CASE NO.               STATUS       SN/FILED                PAT/ISSUED        EXPIRES
-------------------    ------       ----------              ----------        ----------
<S>                    <C>          <C>                     <C>               <C>
M00964E          US    G            417805                  4405635           09/20/2000
                                    09/13/1982              09/20/1983        Assignee: MERRELL DOW  PHARMACEUTICALS INC
</Table>

                                      -43-
<PAGE>

  RPT-CASELIST-RPT
  09/29/1998

                               CASE SERIES REPORT

TITLE:        PHARMACEUTICAL COMPOSITION FOR 4-AROYLIMIDAZOL-2-ONES

ABSTRACT:     THE PRESENT INVENTION PROVIDES A LIQUID PHARMACEUTICAL
              COMPOSITION COMPRISING A) AN EFFECTIVE AMOUNT OF A
              4-AROYLIMIDAZOL-2-ONE, OR A PHARMACEUTICALLY ACCEPTABLE
              SALT THEREOF, AND B) ONE OR MORE PHARMACEUTICALLY ACCEPTABLE
              NONIONIC SURFACTANTS IN AN AMOUNT FROM ABOUT
              30 PERCENT TO ABOUT 99 PERCENT BY WEIGHT OF THE
              COMPOSITION, AND OPTIONALLY FURTHER COMPRISES ONE OR
              MORE PHARMACEUTICALLY ACCEPTABLE EXCIPIENTS OTHER THAN
              NONIONIC SURFACTANTS IN A TOTAL AMOUNT UP TO ABOUT 45
              PERCENT BY WEIGHT OF THE COMPOSITION.

INVTRS:       DANIELSON DW                              DOMET J

<Table>
<Caption>
CASE NO.               STATUS       SN/FILED                PAT/ISSUED        EXPIRES
-------------------    ------       ----------              ----------        ----------
<S>                    <C>          <C>                     <C>               <C>
MO1308           AR    G            313066                  241632            10/30/2007
                                    01/25/1989              10/30/1992        Assignee: MEKRELL DOW PHARMACEUTICALS INC

MO1308           AT    G                                    0326103           01/25/2009
                                    01/25/1989              07/15/1992        Assignee: MERRELL DOW PHARMACEUTICALS INC

MO1308           AU    G            28768/89                611757            01/25/2009
                                    01/25/1989              10/14/1991        Assignee: MERRELL DOW PHARMACEUTICALS INC

MO1308           BE    G                                    0326103           01/25/2009
                                    01/25/1989              07/15/1992        Assignee: MERRELL DOW PHARMACEUTICALS INC

MO1308           CA    I            588904                                    05/03/1993
                                    01/23/1989                                Assignee: MERRELL DOW PH+RMACEUTICALS(CANADA)

MO1308           CH    G                                    0326103           01/25/2009
                                    01/25/1989              07/15/1992        Assignee: MERRELL DOW PHARMACEUTICALS INC

MO1308           CN    I            89100532
                                    01/28/1989                                Assignee: MERRELL DOW PHARMACEUTICALS INC

MO1308           DE    G            68902056.2              0326103           01/25/2009
                                    01/25/1989              07/15/1992        Assignee: MERRELL DOW PHARMACEUTICALS INC

MO1308           DK    G            375/89                  169566            01/27/2009
                                    01/27/1989              12/05/1994        Assignee: MERRELL DOW PHARMACEUTICALS INC

MO1308           EP    I            89101268.4              0326103           01/25/2009
                                    01/25/1989              07/15/1992        Assignee: MERRELL DOW PHARMACEUTICALS INC

MO1308           ES    G                                    0326103           01/25/2009
                                    01/25/1989              07/15/1992        Assignee: MERRELL DOW PHARMACEUTICALS INC

M01308           FI    I                                                      01/04/1989
                                                                              Assignee: MERRELL DOW PHARMACEUTICALS INC
</Table>

                                      -44-
<PAGE>

  RPT-CASELIST-RPT
  09/29/1998

                               CASE SERIES REPORT

TITLE:        PHARMACEUTICAL COMPOSITION FOR 4-AROYLIMIDAZOL-2-ONES

ABSTRACT:     THE PRESENT INVENTION PROVIDES A LIQUID PHARMACEUTICAL
              COMPOSITION COMPRISING A) AN EFFECTIVE AMOUNT OF A
              4-AROYLIMIDAZOL-2-ONE, OR A PHARMACEUTICALLY ACCEPTABLE
              SALT THEREOF, AND B) ONE OR MORE PHARMACEUTICALLY
              ACCEPTABLE NONIONIC SURFACTANTS IN AN AMOUNT FROM ABOUT
              30 PERCENT TO ABOUT 99 PERCENT BY WEIGHT OF THE
              COMPOSITION, AND OPTIONALLY FURTHER COMPRISES ONE OR
              MORE PHARMACEUTICALLY ACCEPTABLE EXCIPIENTS OTHER THAN
              NONIONIC SURFACTANTS IN A TOTAL AMOUNT UP TO ABOUT 45
              PERCENT BY WEIGHT OF THE COMPOSITION.

INVTRS:       DANIELSON DW                              DOMET J

<Table>
<Caption>
CASE NO.               STATUS       SN/FILED                PAT/ISSUED        EXPIRES
-------------------    ------       ----------              ----------        ----------
<S>                    <C>          <C>                     <C>               <C>
MO1308           FR    G                                    0326103           01/25/2009
                                    01/25/1989              07/15/1992        Assignee: MERRELL DOW PHARMACEUTICALS INC

MO1308           GB    G                                    0326103           01/25/2009
                                    01/25/1989              07/15/1992        Assignee: MERRELL DOW PHARMACEUTICALS INC

MO1308           GR    G            920402114               0326103           01/25/2009
                                    01/25/1989              07/15/1992        Assignee: MERRELL DOW PHARMACEUTICALS INC

~01308           HU    I            428/89                                    08/18/1992
                                    01/27/1989                                Assignee: MERRELL DOW PHARMACEUTICALS INC

MO1308           IE    G            275/89                  62426             01/27/2009
                                    01/27/1989              01/18/1995        Assignee: MERRILL DOW PHARMACEUTICALS INC

MO1308           IL    F            89049
                                    01/24/1989                                Assignee: MERRELL DOW PHARMACEUTICALS INC

MO1308           IT    G            25467/BE/92             0326103           01/25/2009
                                    01/25/1989              07/15/1992        Assignee: MERRELL DOW PHARMACEUTICALS INC

MO1308           JP    I            16542/89
                                    01/27/1989                                Assignee: MERRELL DOW PHARMACEUTICALS INC

MO1308           KR    I            89-960
                                    01/28/1989                                Assignee: MERRELL DOW PHARMACEUTICALS INC

MO1308           LU    G                                    0326103           01/25/2009
                                    01/25/1989              07/15/1992        Assignee: MERRELL DOW PHARMACEUTICALS INC

MO1308           NL    G                                    0326103           01/25/2009
                                    01/25/1989              07/15/1992        Assignee: MERRELL DOW PHARMACEUTICALS INC

MO1308           NO I                                                         01/04/1989
                                                                              Assignee: MERRELL DOW PHARMACEUTICALS INC
</Table>

                                      -45-
<PAGE>

  RPT-CASELIST-RPT
  09/29/1998

                               CASE SERIES REPORT

TITLE:        PHARMACEUTICAL COMPOSITION FOR 4-AROYLIMIDAZOL-2-ONES

ABSTRACT:     THE PRESENT INVENTION PROVIDES A LIQUID PHARMACEUTICAL
              COMPOSITION COMPRISING A) AN EFFECTIVE AMOUNT OF A
              4-AROYLIMIDAZOL-2-ONE, OR A PHARMACEUTICALLY ACCEPTABLE
              SALT THEREOF, AND B) ONE OR MORE PHARMACEUTICALLY
              ACCEPTABLE NONIONIC SURFACTANTS IN AN AMOUNT FROM ABOUT
              30 PERCENT TO ABOUT 99 PERCENT BY WEIGHT OF THE
              COMPOSITION, AND OPTIONALLY FURTHER COMPRISES ONE OR
              MORE PHARMACEUTICALLY ACCEPTABLE EXCIPIENTS OTHER THAN
              NONIONIC SURFACTANTS IN A TOTAL AMOUNT UP TO ABOUT 45
              PERCENT BY WEIGHT OF THE COMPOSITION.

INVTRS:       DANIELSON DW                              DOMET J

<Table>
<Caption>
CASE NO.               STATUS       SN/FILED                PAT/ISSUED         EXPIRES
-------------------    ------       ----------              ----------         ----------
<S>                    <C>          <C>                     <C>                <C>
MO1308           NZ    G            227700                  227700             01/24/2009
                                    01/24/1989              02/04/1991         Assignee: MERRELL DOW PHARMACEUTICALS INC

MO1308           PH    I            38117                                      07/15/1993
                                    01/29/1989                                 Assignee: MERRELL DOW PHARMACEUTICALS INC

MO1308           PT    G            89561                   89561              01/27/2009
                                    01/27/1989              07/07/1993         Assignee: MERRELL DOW PHARMACEUTICALS INC

MO1308           SE    G            89101268.4              0326103            01/25/2009
                                    01/25/1989              07/15/1992         Assignee: MERRILL DOW PHARMACEUTICALS INC

MO1308           TW    I            78100532                                   06/28/1991
                                    01/25/1989                                 Assignee: MERRELL DOW PHARMACEUTICALS INC

MO1308           US    I            149803
                                    01/29/1988                                 Assignee: MERRELL DOW PHARMACEUTICALS INC

MO1308           ZA    G            89/0552                  89/0552           01/24/2009
                                    01/24/1989               10/25/1989        Assignee: MERRELL DOW PHARMACEUTICALS INC
</Table>

                                      -46-
<PAGE>

  RPT-CASELIST-RPT
  09/29/1998

                               CASE SERIES REPORT

TITLE:        PHARMACEUTICAL COMPOSITION FOR 4-AROYLIMIDAZOL-2-ONES

ABSTRACT:     THE PRESENT INVENTION PROVIDES A LIQUID PHARMACEUTICAL
              COMPOSITION COMPRISING A) AN EFFECTIVE AMOUNT OF A
              4-AROYLIMIDAZOL-2-ONE, OR A PHARMACEUTICALLY ACCEPTABLE
              SALT THEREOF, AND B) ONE OR MORE PHARMACEUTICALLY
              ACCEPTABLE NONIONIC SURFACTANTS IN AN AMOUNT FROM ABOUT
              30 PERCENT TO ABOUT 99 PERCENT BY WEIGHT OF THE
              COMPOSITION, AND OPTIONALLY FURTHER COMPRISES ONE OR
              MORE PHARMACEUTICALLY ACCEPTABLE EXCIPIENTS OTHER THAN
              NONIONIC SURFACTANTS IN A TOTAL AMOUNT UP TO ABOUT 45
              PERCENT BY WEIGHT OF THE COMPOSITION.

INVTRS:       DANIELSON DW                              DOMET J

<Table>
<Caption>
CASE NO.               STATUS       SN/FILED                PAT/ISSUED        EXPIRES
-------------------    ------       ----------              ----------        ----------
<S>                    <C>          <C>                     <C>               <C>
M01308A          US    I            327399
                                    03/21/1989                                Assignee: MERRILL DOW PHARMACEUTICALS INC
</Table>

                                      -47-
<PAGE>

  RPT-CASELIST-RPT
  09/29/1998

                               CASE SERIES REPORT

TITLE:        PHARMACEUTICAL COMPOSITION FOR 4-AROYLIMIDAZOL-2-ONES

ABSTRACT:     THE PRESENT INVENTION PROVIDES A LIQUID PHARMACEUTICAL
              COMPOSITION COMPRISING A) AN EFFECTIVE AMOUNT OF A
              4-AROYLIMIDAZOL-2-OnE, OR A PHARMACEUTICALLY ACCEPTABLE
              SALT THEREOF, AND B) ONE OR MORE PHARMACEUTICALLY
              ACCEPTABLE NONIONIC SURFACTANTS IN AN AMOUNT FROM ABOUT
              30 PERCENT TO ABOUT 99 PERCENT BY WEIGHT OF THE
              COMPOSITION, AND OPTIONALLY FURTHER COMPRISES ONE OR
              MORE PHARMACEUTICALLY ACCEPTABLE EXCIPIENTS OTHER THAN
              NONIONIC SURFACTANTS IN A TOTAL AMOUNT UP TO ABOUT 45
              PERCENT BY WEIGHT OF THE COMPOSITION.

INVTRS:       DANIELSON DW                              DOMET J

<Table>
<Caption>
CASE NO.               STATUS       SN/FILED                PAT/ISSUED        EXPIRES
-------------------    ------       ----------              ----------        ----------
<S>                    <C>          <C>                     <C>               <C>
M01308B          US    I            511811
                                    04/17/1990                                Assignee: MERRELL DOW PHARMACEUTICALS INC
</Table>

                                      -48-
<PAGE>

  RPT-CASELIST-RPT
  09/29/1998

                               CASE SERIES REPORT

TITLE:        PHARMACEUTICAL COMPOSITION FOR 4-AROYLIMIDAZOL-2-ONES

ABSTRACT:     THE PRESENT INVENTION PROVIDES A LIQUID PHARMACEUTICAL
              COMPOSITION COMPRISING A) AN EFFECTIVE AMOUNT OF A
              4-AROYLIMIDAZOL-Z-ONE, OR A PHARMACEUTICALLY ACCEPTABLE
              SALT THEREOF, AND B) ONE OR MORE PHARMACEUTICALLY
              ACCEPTABLE NONIONIC SURFACTANTS IN AN AMOUNT FROM ABOUT
              30 PERCENT TO ABOUT 99 PERCENT BY WEIGHT OF THE
              COMPOSITION, AND OPTIONALLY FURTHER COMPRISES ONE OR
              MORE PHARMACEUTICALLY ACCEPTABLE EXCIPIENTS OTHER THAN
              NONIONIC SURFACTANTS IN A TOTAL AMOUNT UP TO ABOUT 45
              PERCENT BY WEIGHT OF THE COMPOSITION.

INVTRS:       DANIELSON DW                              DOMET J

<Table>
<Caption>
CASE NO.               STATUS       SN/FILED                PAT/ISSUED        EXPIRES
-------------------    ------       ----------              ----------        ----------
<S>                    <C>          <C>                     <C>               <C>
MO 1308C         US    I            811897
                                    12/20/1991                                Assigde: MERRELL DOW PHARMACEUTICALS INC
</Table>

                                      -49-
<PAGE>

  RPT-CASELIST-RPT
  09/29/1998

                               CASE SERIES REPORT

TITLE:        PROCESS FOR THE PRODUCTION OF IMIDAZOLONES

ABSTRACT:     THE PRESENT INVENTION PERTAINS TO A PROCESS FOR
              PRODUCING A 2-IMIDAZOLONE FROM A UREIDOACETAL. THE
              UREIDOACETAL IS SUBJECTED TO AN ACID CATALYZED
              CONDENSATION IN ORDER TO PRODUCE THE 2-IMIDAZOLONE. THE
              REACTION IS CONDUCTED IN AN ALCOHOLIC SOLVENT IN ORDER
              TO MINIMIZE THE PRODUCTION OF A POLYMERIC BY-PRODUCT.

INVTRS:       AIMAN CE                                  DAUGS ED

<Table>
<Caption>
CASE NO.               STATUS       SN/FILED                PAT/ISSUED        EXPIRES
-------------------    ------       ----------              ----------        ----------
<S>                    <C>          <C>                     <C>               <C>
MO1331           US    I            181015
                                    04/13/1988                                Assignee: MERRELL DOW PHARMACEUTICALS INC
</Table>

                                      -50-

<PAGE>

  RPT-CASELIST_RPT
  09/29/1998

                               CASE SERIES REPORT

TITLE:        PROCESS FOR THE PRODUCTION OF IMIDAZOLONES

ABSTRACT:     THE PRESENT INVENTION PERTAINS TO A PROCESS FOR
              PRODUCING A 2-IMIDAZOLONE FROM A UREIDOACETAL. THE
              UREIDOACETAL IS SUBJECTED TO AN ACID CATALYZED
              CONDENSATION IN ORDER TO PRODUCE THE 2-IMIDAZOLONE. THE
              REACTION IS CONDUCTED IN AN ALCOHOLIC SOLVENT IN ORDER
              TO MINIMIZE THE PRODUCTION OF A POLYMERIC BY-PRODUCT.

INVTRS:       AIMAN CE                        DAUGS ED

<Table>
<Caption>
CASE NO.              STATUS       SN/FILED                PAT/ISSUED         EXPIRES
-------------------   ------       ----------              ----------         ----------
<S>                   <C>          <C>                     <C>                <C>
M01331A          US   I            379730
                                   07/14/1989                                 Assignee: MERRELL DOW PHARMACEUTICALS INC
</Table>

                                      -51-
<PAGE>

  RPT-CASELIST_RPT
  09/29/1998

                               CASE SERIES REPORT

TITLE:        PROCESS FOR THE PRODUCTION OF 2-IMIDAZOLONES

ABSTRACT:     THE PRESENT INVENTION PERTAINS TO A PROCESS FOR
              PRODUCING A 2-IMIDAZOLONE FROM A UREIDOACETAL. THE
              UREIDOACETAL IS SUBJECTED TO AN ACID CATALYZED
              CONDENSATION IN ORDER TO PRODUCE THE 2-IMIDAZOLONE. THE
              REACTION IS CONDUCTED IN AN ALCOHOLIC SOLVENT IN ORDER
              TO MINIMIZE THE PRODUCTION OF A POLYMERIC BY-PRODUCT.

INVTRS:       AIMAN CE                                  DAUGS ED

<Table>
<Caption>
CASE NO.              STATUS       SN/FILED                PAT/ISSUED         EXPIRES
-------------------   ------       ----------              ----------         ----------
<S>                   <C>          <C>                     <C>                <C>
M01331B          US   I            511870
                                   04/20/1990                                 Assignee: MERRELL DOW PHARMACEUTICALS INC
</Table>

                                      -52-
<PAGE>

  RPT-CASELIST_RPT
  09/29/1998

                               CASE SERIES REPORT

TITLE:       PROCESS FOR THE PRODUCTION OF 2-IMIDAZOLONES

ABSTRACT:    THE PRESENT INVENTION PERTAINS TO A PROCESS FOR
             PRODUCING A 2-IMIDAZOLONE FROM A UREIDOACETAL. THE
             UREIDOACETAL IS SUBJECTED TO AN ACID CATALYZED
             CONDENSATION IN ORDER TO PRODUCE THE 2-IMIDAZOLONE. THE
             REACTION IS CONDUCTED IN AN ALCOHOLIC SOLVENT IN ORDER
             TO MINIMIZE THE PRODUCTION OF A POLYMERIC BY-PRODUCT.

INVTRS:      AIMAN CE                                  DAUGS ED

<Table>
<Caption>
CASE NO.              STATUS       SN/FILED                PAT/ISSUED         EXPIRES
-------------------   ------       ----------              ----------         ----------
<S>                   <C>          <C>                     <C>                <C>
M0133lC          US   I            639392
                                   01/10/1991                                 Assignee: MERRELL DOW PHARMACEUTICALS INC
</Table>

                                      -53-
<PAGE>

  RPT-CASELIST_RPT
  09/29/1998

                                        CASE SERIES REPORT

TITLE:       PROCESS FOR THE PRODUCTION OF 2-IMIDAZOLONES

ABSTRACT:    THE PRESENT INVENTION PERTAINS TO A PROCESS FOR
             PRODUCING A 2-IMIDAZOLONE FROM A UREIDOACETAL. THE
             UREIDOACETAL IS SUBJECTED TO AN ACID CATALYZED
             CONDENSATION IN ORDER TO PRODUCE THE 2-IMIDAZOLONE. THE
             REACTION IS CONDUCTED IN AN ALCOHOLIC SOLVENT IN ORDER
             TO MINIMIZE THE PRODUCTION OF A POLYMERIC BY-PRODUCT.

INVTRS:      AIMAN CE                                    DAUGS ED

<Table>
<Caption>
CASE NO.              STATUS       SN/FILED                PAT/ISSUED         EXPIRES
-------------------   ------       ----------              ----------         ----------
<S>                   <C>          <C>                     <C>                <C>
M01331D          US   I            751596
                                   08/21/1991                                 Assignee: MERRELL DOW PHARMACEUTICALS INC
</Table>

                                      -54-
<PAGE>

  RPT-CASELIST_RPT
  09/29/1998

                               CASE SERIES REPORT

TITLE:       PROCESS FOR THE PRODUCTION OF 2-IMIDAZOLONES

ABSTRACT:    THE PRESENT INVENTION PERTAINS TO A PROCESS FOR
             PRODUCING A 2-IMIDAZOLONE FROM A UREIDOACETAL. THE
             UREIDOACETAL IS SUBJECTED TO AN ACID CATALYZED
             CONDENSATION IN ORDER TO PRODUCE THE 2-IMIDAZOLONE. THE
             REACTION IS CONDUCTED IN AN ALCOHOLIC SOLVENT IN ORDER
             TO MINIMIZE THE PRODUCTION OF A POLYMERIC BY-PRODUCT.

INVTRS:      AIMAN CE                                  DAUGS ED

<Table>
<Caption>
CASE NO.              STATUS       SN/FILED                PAT/ISSUED         EXPIRES
-------------------   ------       ----------              ----------         ----------
<S>                   <C>          <C>                     <C>                <C>
M01331E          US   I            818510
                                   01/08/1992                                 Assignee: MERRELL DOW PHARMACEUTICALS INC
</Table>

                                      -55-
<PAGE>

  RPT-CASELIST_RPT
  09/29/1998

                               CASE SERIES REPORT

TITLE:       PROCESS FOR THE PRODUCTION OF 2-IMIDAZOLONES

ABSTRACT:    THE PRESENT INVENTION PERTAINS TO A PROCESS FOR
             PRODUCING A 2-IMIDAZOLONE FROM A UREIDOACETAL. THE
             UREIDOACETAL IS SUBJECTED TO AN ACID CATALYZED
             CONDENSATION IN ORDER TO PRODUCE THE 2-IMIDAZOLONE. THE
             REACTION IS CONDUCTED IN AN ALCOHOLIC SOLVENT IN ORDER
             TO MINIMIZE THE PRODUCTION OF A POLYMERIC BY-PRODUCT.

INVTRS:      AIMAN CE                                  DAUGS ED

<Table>
<Caption>
CASE NO.              STATUS       SN/FILED                PAT/ISSUED         EXPIRES
-------------------   ------       ----------              ----------         ----------
<S>                   <C>          <C>                     <C>                <C>
M0133lF          US   I            902437
                                   06/18/1992                                 Assignee: MERRELL DOW PHARMACEUTICALS INC
</Table>

                                      -56-
<PAGE>

  RPT-CASELIST_RPT
  09/29/1998

                                        CASE SERIES REPORT

TITLE:       PROCESS FOR THE PRODUCTION OF Z-IMIDAZOLONES

ABSTRACT:    THE PRESENT INVENTION PERTAINS TO A PROCESS FOR
             PRODUCING A 2-IMIDAZOLONE FROM A UREIDOACETAL. THE
             UREIDOACETAL IS SUBJECTED TO AN ACID CATALYZED
             CONDENSATION IN ORDER TO PRODUCE THE 2-IMIDAZOLONE. THE
             REACTION IS CONDUCTED IN AN ALCOHOLIC SOLVENT IN ORDER
             TO MINIMIZE THE PRODUCTION OF A POLYMERIC BY-PRODUCT.

INVTRS:      AIMAN CE                                  DAUGS ED

<Table>
<Caption>
CASE NO.              STATUS       SN/FILED                PAT/ISSUED         EXPIRES
-------------------   ------       ----------              ----------         ----------
<S>                   <C>          <C>                     <C>                <C>
M01331G          US   I            971713
                                   11/04/1992                                 Assignee: MERRELL DOW PHARMACEUTICALS INC
</Table>

                                      -57-
<PAGE>

RPT-CASELIST_RPT
09/29/1998

                                    CASE SERIES REPORT

TITLE:       PROCESS FOR THE PRODUCTION OF 2-IMIDAZOLONES

ABSTRACT:    THE PRESENT INVENTION PERTAINS TO A PROCESS FOR
             PRODUCING A 2-IMIDAZOLONE FROM A UREIDOACETAL. THE
             UREIDOACETAL IS SUBJECTED TO AN ACID CATALYZED
             CONDENSATION IN ORDER TO PRODUCE THE 2-IMIDAZOLONE. THE
             REACTION IS CONDUCTED IN AN ALCOHOLIC SOLVENT IN ORDER
             TO MINIMIZE THE PRODUCTION OF A POLYMERIC BY-PRODUCT.

INVTRS:      AIMAN CE                                DAUGS ED

<Table>
<Caption>
CASE NO.              STATUS       SN/FILED                PAT/ISSUED         EXPIRES
-------------------   ------       ----------              ----------         ----------
<S>                   <C>          <C>                     <C>                <C>
M01331H          US   G            39539                   5338862            08/16/2011
                                   03/29/1993              08/16/1994         Assignee: MERRELL DOW PHARMACEUTICALS INC

                                                 137   TOTAL RECORDS REPORTED
</Table>

                                      -58-

<PAGE>

                                  SCHEDULE 1.23

                       UNIVERSITY TECHNOLOGY CORPORATION
                     INTELLECTUAL PROPERTY LICENSE AGREEMENT

                 FILED SEPARATELY AS AN EXHIBIT TO THE COMPANY'S
                      REGISTRATION STATEMENT OF FORM S-1.

--------------------------------------------------------------------------------

                                   ----------

                                      -31-

                                           [*#*]CONFIDENTIAL TREATMENT REQUESTED
<PAGE>

                                   EXHIBIT 3.4
                                DEVELOPMENT PLAN

                                    [*#*]

                                      -32-

                                           [*#*]CONFIDENTIAL TREATMENT REQUESTED
<PAGE>

                                 SCHEDULE 3.6.4

Non-exempt personnel:  [*#*] per hour

Exempt personnel:  [*#*] per hour

                                      -33-

                                           [*#*]CONFIDENTIAL TREATMENT REQUESTED
<PAGE>

                                 EXHIBIT 4.1 (c)
                         PERFAN - ALL ACTIVE TRADEMARKS

                                    09/28/98

<Table>
<Caption>

                                               APPLICATION   FILING   REGISTRATION    REGISTRATION
       COUNTRY NAME     TRADEMARK    STATUS      NUMBER       DATE       NUMBER            DATE            OWNER NAME
       ------------     ---------    ------    -----------   ------   ------------    ------------         ----------

<S>                     <C>        <C>         <C>           <C>      <C>             <C>           <C>
ARGENTINA                PERFAN    REGISTERED    1592937     24-Apr-87 1370311            27-Dec-89 MERRELL PHARMACEUTICALS INC.

AUSTRALIA                PERFAN    REGISTERED    416268      02-Oct-84 A416268            02-Oct-84 MERRELL PHARMACEUTICALS INC.

AUSTRIA                  PERFAN    REGISTERED    313144      20-Jan-82 467190             20-Jan-82 MARION MERRELL DOW EUROPE AG

BENELUX                  PERFAN    REGISTERED    676376      25-Jul-85 410845             25-Jul-85 MERRELL PHARMACEUTICALS INC.

BENELUX                  PERFAN    REGISTERED    313144      20-Jan-82 467190             20-Jan-82 MARION MERRELL DOW EUROPE AG

BRAZIL                   PERFAN    REGISTERED    811775259   08-Nov-84 811775259          10-Jun-86 MERRELL PHARMACEUTICALS INC.

CANADA                   PERFAN    REGISTERED    537872      06-Mar-85 314937             06-Jun-86 MERRELL PHARMACEUTICALS INC.

COLOMBIA                 PERFAN    REGISTERED    205478      07-Oct-81 168,141            28-Sep-94 MERRELL PHARMACEUTICALS INC.

CZECH REPUBLIC           PERFAN    REGISTERED    ""          27-Dec-90 169460             11-Mar-92 MERRELL PHARMACEUTICALS INC.

DENMARK                  PERFAN    REGISTERED    7175        28-Sep-89 20                 03-Jan-92 MERRELL PHARMACEUTICALS INC.

ECUADOR                  PERFAN    REGISTERED    8123        13-Apr-87 1105-94            07-Jun-88 MERRELL PHARMACEUTICALS INC.

EGYPT                    PERFAN    REGISTERED    64782       16-Oct-84 64782              16-Oct-84 MERRELL PHARMACEUTICALS INC.

FINLAND                  PERFAN    REGISTERED    1691        14-Apr-87 107970             20-Jul-90 MERRELL PHARMACEUTICALS INC.

FRANCE                   PERFAN    REGISTERED    313144      20-Jan-82 467190             20-Jan-82 MARION MERRELL DOW EUROPE AG

HONG KONG                PERFAN    REGISTERED    3652        19-Nov-84 A568/1986          19-Nov-84 MERRELL PHARMACEUTICALS INC.

HUNGARY                  PERFAN    REGISTERED    313144      20-Jan-82 467190             20-Jan-82 MARION MERRELL DOW EUROPE AG

HUNGARY                  PERFAN    REGISTERED    54491       01-Feb-91 140265             01-Feb-91 MERRELL PHARMACEUTICALS INC.

ICELAND                  PERFAN    REGISTERED    797         29-Sep-89 58/1990            10-Jan-90 MERRELL PHARMACEUTICALS INC.

INTERNATIONAL
  REGISTRATION           PERFAN    REGISTERED    313144      20-Jan-82 467190             20-Jan-82 MARION MERRELL DOW EUROPE AG

ISRAEL                   PERFAN    REGISTERED    73516       24-Aug-89 73516              24-Aug-89 MERRELL DOW PHARMACEUTICALS INC.

ITALY                    PERFAN    REGISTERED    313144      20-Jan-82 467190             20-Jan-82 MARION MERRELL DOW EUROPE AG

JAPAN                    PERFAN    REGISTERED    106578      05-Oct-84 2713480            30-Apr-96 MERRELL PHARMACEUTICALS INC.

MEXICO                   PERFAN    REGISTERED    141586      09-Jun-92 431168             18-Feb-93 MERRELL PHARMACEUTICALS INC.

MOROCCO                  PERFAN    REGISTERED    313144      20-Jan-82 467190             20-Jan-82 MARION MERRELL DOW EUROPE AG

NEW ZEALAND              PERFAN    REGISTERED    155097      03-Oct-84 A155097            03-Oct-84 MERRELL PHARMACEUTICALS INC.

NORWAY                   PERFAN    REGISTERED    1426        09-Apr-87 134067             03-Nov-88 MERRELL PHARMACEUTICALS INC.

PAKISTAN                 PERFAN    REGISTERED    84192       14-Oct-84 84192              14-Oct-84 MERRELL PHARMACEUTICALS INC.

PARAGUAY                 PERFAN    REGISTERED    5128        06-Oct-84 193934             26-Aug-86 MERRELL PHARMACEUTICALS INC.

PERU                     PERFAN    REGISTERED    86791       14-Feb-85 63566              27-Jan-87 MERRELL DOW PHARMACEUTICALS INC.

POLAND                   PERFAN    REGISTERED    96447       07-Feb-91 70227              07-Feb-91 MERRELL PHARMACEUTICALS INC.

PORTUGAL                 PERFAN    REGISTERED    313144      20-Jan-82 467190             20-Jan-82 MARION MERRELL DOW-SOCIEDATE

REPUBLIC OF IRELAND      PERFAN    REGISTERED    2997        02-Oct-84 A112660            02-Oct-84 MERRELL PHARMACEUTICALS INC.

ROMANIA                  PERFAN    REGISTERED    23963       05-Aug-91 17660              12-Mar-91 MERRELL DOW PHARMACEUTICALS INC.

ROMANIA                  PERFAN    REGISTERED    14795       09-Jan-85 33362              09-Jan-85 MERRELL DOW PHARMACEUTICALS INC.

RUSSIAN FEDERATION       PERFAN    REGISTERED    131175      24-Jan-91 98646              09-Sep-91 MERRELL PHARMACEUTICALS INC.

SINGAPORE                PERFAN    REGISTERED    S/5468      19-Oct-84 5468/84            19-Oct-84 MERRELL PHARMACEUTICALS INC.

SOUTH AFRICA             PERFAN    REGISTERED    7446        07-Oct-81 81/7446            07-Oct-81 MERRELL PHARMACEUTICALS INC.

SWEDEN                   PERFAN    REGISTERED    2968        13-Apr-87 215664             02-Feb-90 MERRELL DOW PHARMACEUTICALS INC.

SWITZERLAND              PERFAN    REGISTERED    4022        23-Jul-81 313144             23-Jul-81 DOW EUROPE S.A.

TURKEY                   PERFAN    REGISTERED    6611        01-Feb-88 ""                           MERRELL PHARMACEUTICALS INC.

UNITED KINGDOM           PERFAN    REGISTERED    1318243     07-Aug-87 1318243            07-Aug-87 DOWELANCO

URUGUAY                  PERFAN    REGISTERED    239743      11-Sep-90 239743             27-May-91 MERRELL PHARMACEUTICALS INC.

VENEZUELA                PERFAN    PENDING       20272       21-Nov-90 ""                           MERRELL PHARMACEUTICALS INC.

YUGOSLAVIA               PERFAN    REGISTERED    313144      20-Jan-82 467190             20-Jan-82 MARION MERRELL DOW EUROPE AG

YUGOSLAVIA               PERFAN    REGISTERED    Z-91/98     10-Jan-91 38374              08-Sep-94 MERRELL PHARMACEUTICALS INC.
</Table>

                                      -34-

                                          [*#*] CONFIDENTIAL TREATMENT REQUESTED
<PAGE>

                                 First Amendment

                                     to the

                                License Agreement

                                   (Enoximone)

                                 By and Between

                          Hoechst Marion Roussel, Inc.

                                       and

                                  Myogen, Inc.

         This First Amendment is effective this 23rd day of November 1999, by
and between Hoechst Marion Roussel, Inc., ("HMR") a Delaware corporation and
Myogen, Inc. ("Myogen") a Delaware corporation, generally referred to as a
"Party" and together as the "Parties."

                                   BACKGROUND

         HMR and Myogen entered into a License Agreement dated October 1, 1998
(the "License Agreement"). The Parties now wish to amend the License Agreement
to change the Milestone and Royalty obligations, the Transfer Date and to add
Co-Marketing rights.

         NOW, THEREFORE, in consideration of the mutual promises and agreements
set forth herein, the Parties hereto agree as follows:

                                       1.

                                          [*#*] CONFIDENTIAL TREATMENT REQUESTED
<PAGE>

1.  Capitalized terms not otherwise defined herein shall have the meanings set
    forth in the License Agreement.

2.  ARTICLE I, section 1.40 "Transfer Date" is deleted entirely and replaced
    with the following:

        1.40 "Transfer Date" shall mean the actual date that the transfer of
    European rights from HMR to Myogen commences, but in no event later than
    [*#*].

3.  ARTICLE II is amended to add a new section 2.4.

        2.4 Co-Marketing Rights. After the Transfer Date, [*#*] to HMR, Myogen
    grants to HMR the right to co-market in Europe, under terms and conditions
    to be negotiated in good faith which are consistent with standards for the
    pharmaceutical industry, the oral Enoximone product being developed by
    Myogen. If additional studies are required for European registration and HMR
    elects to perform these studies then the terms of the co-marketing agreement
    will be adjusted accordingly to reflect HMR's contribution to the
    development of European Enoximone. If HMR exercises its right to co-market,
    HMR shall market the oral Enoximone product under HMR's trade name.

4.  ARTICLE III, section 3.7(c) is amended to read in its entirety:

        (c) HMR shall invoice and charge Myogen [*#*] per kilogram of
    Enoximone active ingredient purchased under this Section 3.7, payment of
    which shall be made by Myogen in four quarterly payments beginning on
    [*#*]. HMR will ship the Enoximone [*#*].

                                       2.

                                          [*#*] CONFIDENTIAL TREATMENT REQUESTED
<PAGE>

5.  ARTICLE IV, section 4.1(c) is amended by deleting the first sentence only
    and adding in its place:

        (c) [*#*], Myogen shall pay to HMR [*#*] payable in quarterly
    payments of [*#*] due no later than the first day of each calendar
    quarter.

6.  ARTICLE IV, sections 4.1 (d) and 4.1 (e) are deleted entirely and replaced
    with the following:

        (d) [*#*], Myogen shall pay to HMR [*#*] payable in quarterly
    payments of [*#*] due no later than the first day of each calendar
    quarter.

        (e) [*#*], Myogen shall pay to HMR [*#*] payable in quarterly
    payments of [*#*] due no later than the first day of each calendar
    quarter.

7.  ARTICLE IV section (f) is amended by deleting [*#*] and adding in its
    place [*#*].

8.  ARTICLE IV, section 4.3 is amended to change the last sentence to read:

        ...From and after the expiration of such claims, all royalty amounts,
    excluding those [*#*] shall be reduced by [*#*] but shall in no event be
    less than [*#*] until the tenth (10) anniversary of the first commercial
    sale of the relevant Product in such country after which time all royalty
    obligations shall cease entirely.

                                       3.

                                          [*#*] CONFIDENTIAL TREATMENT REQUESTED
<PAGE>

Except as amended hereby, the License Agreement shall remain unchanged and in
full force and effect.

         IN WITNESS WHEREOF, the Parties have caused this First Amendment to be
executed by their duly authorized representatives as of this date set forth
above.

HOECHST MARION ROUSSEL, INC.                  MYOGEN, INC.

By: /s/ Signature Illegible                   By: /s/ J. William Freytag
    ------------------------------                -----------------------------
Title:                                        Title: President and CEO
      ----------------------------                  ---------------------------

                                       4.

                                          [*#*] CONFIDENTIAL TREATMENT REQUESTED

<PAGE>

              SECOND AMENDMENT TO THE LICENSE AGREEMENT (ENOXIMONE)

                                 BY AND BETWEEN

                          AVENTIS PHARMACEUTICALS INC.
                     (FORMERLY HOECHST MARION ROUSSEL, INC.)

                                       AND

                                  MYOGEN, INC.,

         This Second Amendment to the License Agreement (Enoximone) by and
between Aventis Pharmaceuticals Inc. (formerly Hoechst Marion Roussel, Inc.) and
Myogen, Inc., effective October 1, 1998 ("Second Amendment" and "License
Agreement," respectively) is effective this ____ day of May 2003 ("Effective
Date"), by and between Aventis Pharmaceuticals Inc., a Delaware corporation with
a principal office at 300 Somerset Corporate Blvd, Bridgewater, New Jersey 08807
("Aventis"), and Myogen, Inc., a Delaware corporation with a principal office at
7575 W. 103rd Avenue, suite 102, Westminster, CO 80021-5426 ("Myogen") (each
individually a "Party" and collectively "Parties").

                                   BACKGROUND

         Aventis and Myogen entered into the License Agreement on October 1,
1998, and subsequently amended it for the first time on November 25, 1999
("First Amendment"). Among other changes to the License Agreement, the First
Amendment added Section 2.4 Co-Marketing Rights, whereby Myogen granted to
Aventis the right to co-market the oral Enoximone product in Europe. The Parties
now wish to modify the terms of the First Amendment to terminate all such rights
granted to Aventis under the First Amendment to co-market the oral Enoximone
product in Europe; and, in consideration for the termination of the co-marketing
rights, to amend the License Agreement to provide for a royalty to be paid by
Myogen to Aventis if the Net Sales of the oral Enoximone product in Europe reach
or exceed the threshold described below.

         NOW, THEREFORE, in consideration of the mutual promises and agreements
set forth in this Second Amendment, the Parties agree as follows:

1. GRANT BACK OF CO-MARKETING RIGHTS RELATING TO ORAL ENOXIMONE PRODUCT.

         (a)      The license granted by Myogen to Aventis in Paragraph 3 of the
                  First Amendment (which added a new Section 2.4 to Article II
                  of the License Agreement) to co-market in Europe the oral
                  Enoximone product being developed by Myogen is hereby
                  terminated. Accordingly, Section 2.4 of the License Agreement
                  is hereby deleted in its entirety.

         (b)      It is understood that notwithstanding anything contained in
                  the License Agreement to the contrary, Aventis shall not have
                  any obligation of any

                                    1   [/\#/\] CONFIDENTIAL TREATMENT REQUESTED

<PAGE>

                  kind, financial or otherwise, with respect to the development
                  or co-marketing in Europe of the oral Enoximone product being
                  developed by Myogen.

2. Section 4.1(f) is amended and restated as follows:

         (f) Beginning on the first day of the calendar quarter in which the
second anniversary of the Transfer Date falls, Myogen will pay to Aventis for a
period of ten (10) years on a quarterly basis within sixty (60) days after the
end of each calendar quarter, periodic payments equal to the following
percentage of Net Sales in Europe that occurred during the immediately preceding
calendar quarter:

                  (1) [/\#/\] of Net Sales in Europe less than [/\#/\] in a
                  calendar year; and,

                  (2) [/\#/\] of the incremental Net Sales in Europe that equal
                  or exceed [/\#/\] in a calendar year.

3. MISCELLANEOUS.

         (a)      Capitalized terms not otherwise defined in this Second
                  Amendment shall have the meaning set forth in the License
                  Agreement.

         (b)      Except as expressly modified by this Second Amendment, the
                  terms and conditions of the License Agreement (as previously
                  amended by the First Amendment) shall remain unchanged and in
                  full force and effect.

                  (REMAINDER OF PAGE INTENTIONALLY LEFT BLANK)

                                    2   [/\#/\] CONFIDENTIAL TREATMENT REQUESTED
<PAGE>

         IN WITNESS WHEREOF, the Parties have caused this Second Amendment to be
executed by their duly authorized representatives as of the Effective Date set
forth above.

AVENTIS PHARMACEUTICALS INC.               MYOGEN, INC.

By: /s/ Michael A. Yeomans, Ph.D.          By: /s/ J. William Freytag
    ----------------------------------         ---------------------------------

Title: VP, Head of Global Business         Title: President & CEO
       -------------------------------            ------------------------------
       Development
       -------------------------------

Date:     6/12/03                          Date: 5/6/03
       -------------------------------           -------------------------------

                                    3   [/\#/\] CONFIDENTIAL TREATMENT REQUESTED

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00057-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00057-of-00352.parquet"}]]