Document:

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                                                                  Exhibit 10.3.4

          Confidential Materials omitted and filed separately with the
         Securities and Exchange Commission. Asterisks denote omissions.

                                LICENSE AGREEMENT

This License Agreement ("Agreement") is made effective this 11th day of March,
2002 ("Effective Date"), by and between the University of Iowa Research
Foundation, an Iowa corporation having its principal place of business at 214
Technology Innovation Center, Iowa City, IA 52242 ("UIRF"), and BioVex Ltd, a
company incorporated under the laws of England and Wales having a principal
place of business at 70 Milton Park, Abingdon, Oxford, OX14 4RX, United Kingdom
("Licensee").

                                   WITNESSETH

WHEREAS, under the patent policy of The University of Iowa (UI), all inventions
arising during the normal course of research and teaching at the UI are assigned
to the UIRF to obtain patent or other appropriate intellectual property
protection and license said technology;

WHEREAS, UIRF is owner by assignment from Prof. Mark F. Stinski of his invention
and of U.S. Patent Nos. 5,168,062 and 5,385,839, issued December 1, 1992, and
January 31, 1995 respectively, titled TRANSFER VECTORS AND MICROORGANISMS
CONTAINING HUMAN CYTOMEGALOVIRUS (HCMV) IMMEDIATE-EARLY PROMOTER-REGULATORY DNA
SEQUENCE (no foreign filings have been undertaken by the UIRF);

WHEREAS, the development of this invention was sponsored by the National
Institute of Allergy and Infectious Diseases and as a consequence this license
is subject to overriding obligations to the Federal Government under 35 U.S.C.
Section 200-212 and applicable regulations;

WHEREAS, Licensee desires a non-exclusive license to the above United States
patents for their use in gene therapy applications;

WHEREAS, UIRF wishes to grant such a license in accordance with the terms of
this Agreement.

NOW THEREFORE, the parties agree as follows:

                            ARTICLE I -- DEFINITIONS

1.1 Licensed Patents shall mean U.S. Patent Nos. 5,168,062 and 5,385,839 titled
TRANSFER VECTORS AND MICROORGANISMS CONTAINING HUMAN CYTOMEGALOVIRUS (HCMV)
IMMEDIATE-EARLY PROMOTER-REGULATORY DNA SEQUENCE, by Prof. Mark F. Stinski,
issued December 1, 1992 and January 31, 1995 respectively, or any U.S. patents
issuing thereon, including any continuations, continuations-in-part, divisions,
reissues, reexaminations and extensions thereof and patents corresponding
thereto.

1.2 Licensed Products shall mean and include any and all biological materials
and products the making, using, selling or importing of which would, but for
this Agreement, constitute an infringement of one or more Valid Claims of the
Licensed Patents.

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1.3 Valid Claim shall mean any claim in an unexpired patent included within
Licensed Patents which claim has not been disclaimed or held invalid or
unenforceable by an unappealed or unappealable decision of a court.

1.4 Licensed Field shall mean the use and/or sale of the Licensed Products FOR
GENE THERAPY APPLICATIONS (INCLUDING GENETIC IMMUNIZATION OR DNA-BASED
VACCINES).

1.5 Licensed Territory shall mean any country in which the making, using,
selling or importing of Licensed Products would, but for the license granted in
this Agreement, infringe one or more Valid Claims of the Licensed Patents.

1.6 Net Sales shall mean the gross amount received by Licensee and/or its
Affiliates and/or its Partners from the sales of Licensed Products within the
Licensed Field in the Licensed Territory to third party customers less:

a) normal and customary rebates, cash and trade discounts actually allowed;

b) credits allowed for returned or damaged goods;

c) insurance and transportation costs; and

d) sales, excise, value added, import and export taxes, and any tariffs and
duties imposed on the transaction, if separately invoiced.

On sales between Licensee and/or its Affiliates and/or its Partners for resale,
the royalty shall be paid on the resale.

1.7 Yearly Accounting Period shall mean an annual period beginning on January 1
and ending on December 31 of the same year.

1.8 Earned Royalties shall mean royalties paid or payable by Licensee to UIRF as
determined with respect to Net Sales.

1.9 Affiliate means any corporation or other business entity in which Licensee
owns or controls, directly or indirectly, at least fifty percent (50%) of the
outstanding stock or other voting rights entitled to elect directors, or in
which Licensee is owned or controlled directly or indirectly by at least fifty
percent (50%) of the outstanding stock or other voting rights entitled to elect
directors.

1.10 For purposes of this Agreement, Partner shall mean any third party company
or legal entity which is not controlled by or under common control with
Licensee, with which Licensee has a joint venture or collaboration or
marketing/distribution or such other formal arrangement providing the third
party company the right to co-manufacture, co-develop, co-promote or co-market
Licensed Products in the Licensed Field in conjunction with Licensee.

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                             ARTICLE II -- THE GRANT

2.1 UIRF hereby grants to Licensee and its Affiliates, subject to the terms and
conditions hereof, a non-exclusive license under Licensed Patents to make, have
made, use, import, sell, offer to sell and have sold the Licensed Products
within the Licensed Field in the Licensed Territory.

2.2 The license granted in Section 2.1 above extends to a Partner as defined in
Section 1.10 only to the extent that said license is limited to the Partner's
right to manufacture, use, sell and import Licensed Products within the Licensed
Field in conjunction with Licensee. Within thirty (30) days of the execution of
this Agreement, or in the case of Licensee's new Partner Agreements, within
thirty (30) days of the execution of the Partner Agreement, Licensee shall
notify its Partner(s) that this License grants to the Partner only limited
rights under the Licensed Patent for the Licensed Field and that the Partner
will need a separate license from the UIRF for the Partner's use, manufacture or
sale of any additional products which are not made in conjunction with Licensee.
Licensee shall promptly send copies to UIRF of all such notifications sent to
such Partners, specifying the Licensed Products that are the subject of the
agreement between Licensee and the Partner.

Since (a) the UIRF has granted a number of non-exclusive licenses to the
Licensed Patents and (b) there exist several inter-relationships among UIRF's
licensees and licensees' affiliates, the Partners of Licensee may already have
enabling licenses for the Licensed Patents within the Licensed Field.
Additionally, since UIRF will get delayed notification of the nature of the
relationship between Licensee and its Partner, UIRF cannot be the party
determining whether any of Licensee's Partners have such enabling licenses
already. The UIRF will not intentionally collect any double payments; however,
all payments made to UIRF are non-refundable and UIRF shall not be held
responsible for any double payments that are made by Licensee and/or its
Partners.

                ARTICLE III -- PAYMENTS, REPORTS, RECORD-KEEPING

3.1 In consideration of the rights granted to Licensee pursuant to Article II of
this Agreement, Licensee agrees to make the following payments to the UIRF :

(a) A non-refundable payment ("License Fee") of [**] dollars ($[**]) immediately
upon execution of this Agreement.

(b) Earned Royalties in an amount equal to [**] percent ([**]%) of the Net Sales
of Licensed Products to be paid on a quarterly basis.

(c) A payment of [**] dollars ($[**]) for each of the first four Licensed
Products to successfully complete Phase I FDA trials. Such payment shall accrue
for each Licensed Product upon approval by FDA for the product to proceed to
Phase II FDA trials and shall be payable within thirty (30) days of accrual.
This payment would accrue and be payable regardless of the date of execution of
this Agreement. If such milestone event has occurred and associated payment has
accrued prior to the execution of this Agreement, Licensee shall pay such
amount(s) immediately to UIRF upon execution of this Agreement

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(d) A payment of [**] dollars ($[**]) for each of the first four Licensed
Products to successfully complete Phase II FDA trials. Such payment for each
Licensed Product shall accrue upon approval by FDA for the product to proceed to
Phase III FDA trials and shall be payable within thirty (30) days of accrual.
This payment would accrue and be payable regardless of the date of execution of
this Agreement. If such milestone event has occurred and associated payment has
accrued prior to the execution of this Agreement, Licensee shall pay such
amount(s) immediately to UIRF upon execution of this Agreement.

(e) A payment of [**] dollars ($[**]) for each of the first four (4) Licensed
Products to receive FDA approval for marketing in the United States. Such a
payment for each Licensed Product shall accrue upon receipt of FDA approval for
the product and shall be payable within thirty (30) days of accrual. This
payment would accrue and be payable regardless of the date of execution of this
Agreement. If such milestone event has occurred and associated payment has
accrued prior to the execution of this Agreement, Licensee shall pay such
amount(s) immediately to UIRF upon execution of this Agreement.

(f) An annual payment ("License Maintenance Fee") of thirty - five thousand
dollars ($35,000), beginning on the one-year anniversary of the Effective Date
and continuing annually on each anniversary of the Effective Date. The License
Maintenance Fee is not due on any anniversary of this Agreement if on that date
Licensee is commercially selling Licensed Product and paying an earned royalty
to UIRF on the sales of that Licensed Product.

3.2 Licensee agrees to submit to UIRF within sixty (60) days after December 31,
March 31, June 30 and September 30 of each calendar year, reports setting forth
for the preceding three (3) month reporting period, the Net Sales of Licensed
Products and royalty due thereon and with each such royalty report to pay the
amount of royalty due. Each such royalty report will cover Licensee's most
recently completed calendar quarter and will show:

(a) The gross sales and Net Sales of Licensed Products sold during the most
recently completed calendar quarter;

(b) The name and number of each type of Licensed Product sold;

(c) The royalties, in U.S. dollars, payable with respect to sales of Licensed
Products;

(d) The method used to calculate the royalty; and

(e) The exchange rates used, if applicable.

3.3 If no sales of Licensed Products have been made during any reporting period,
a statement to this effect is required.

3.4 It is anticipated that Licensee may supply Licensed Products to an
Affiliate, Partner or to another licensee of UIRF for further processing and/or
sale by such Affiliate, Partner or other licensee of UIRF under Licensed
Patents. UIRF will accept royalties on Licensed Product(s) under this Agreement
directly from Licensee or such Affiliate, Partner or other licensee of UIRF upon
receipt of appropriate notification from Licensee and such Affiliate, Partner or
other

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licensee of UIRF. However, absent such notification to UIRF, Licensee shall bear
the responsibility for the payment of royalties on such Licensed Product(s).

3.5 In the event that Licensee becomes obligated at any time or from time to
time during the term of this Agreement to pay royalties to any third party for
the practice of any method or use of any composition of matter covered by any
claim of the Licensed Patents or for the sale of any Licensed Products,
Licensee's royalty obligation to the UIRF shall be reduced by an amount equal to
its royalty obligation to such third party; provided, however, that Licensee's
royalty obligation shall not be reduced by more than fifty percent (50%) for any
one calendar quarter.

3.6 Licensee's obligation to pay royalties on Licensed Product(s) hereunder
shall be suspended during any period of time that Licensee is enjoined, or
reasonably believes it may be enjoined, from exercising any of its rights
hereunder with respect to the Licensed Patents or any such Licensed Product(s).
Upon resolution of any such matter, Licensee shall promptly pay to UIRF all
amounts previously withheld with respect to such matter, less any reduction
which may be applicable pursuant to Section 3.5 above, provided, however, that
Licensee's royalty obligation shall not be reduced by more than fifty percent
(50%) for any one calendar quarter.

3.7 Licensee shall report, not any less frequently than annually, on its efforts
and progress made towards commercialization of any products involving Licensed
Patents. Licensee agrees to notify UIRF promptly, in writing, of the date of the
first commercial sale of a Licensed Product to an end user.

3.8 Licensee shall keep complete, true and accurate books of account and records
of Licensed Products made, used and/or sold under this Agreement for the purpose
of showing the derivation of all amounts payable to UIRF under this Agreement.
Said books and records shall be kept at Licensee's principal place of business
for at least five (5) years following the end of a reporting period to which
they pertain. UIRF is hereby granted by Licensee the right, upon reasonable
written notice to Licensee, to retain an independent certified public accountant
reasonably acceptable to Licensee and appropriately bound by confidentiality, to
audit Licensee's records solely to verify sales of the Licensed Products. The
UIRF shall bear the fees and expenses of such audit, but if an error in
royalties of more than five percent (5%) of the total royalties due for any year
is discovered in any audit, then Licensee shall bear the fees and expenses of
that audit.

3.9 All payments due hereunder shall be payable in United States dollars.
Conversion of foreign currency to U.S. dollars shall be made at the conversion
rate existing in the United States as reported in The Wall Street Journal on the
last working day of each royalty period. Such payments shall be without
deduction of exchange, collection or other charges.

3.10 In the event payments or fees are not received by UIRF when due, Licensee
shall pay to UIRF interest charges at a rate of one and one half percent (1.5%)
per month. Such interest is calculated from the date the payment was due until
actually received by UIRF.

3.11 No royalties may be collected or paid on Licensed Products sold to the
account of the U.S. Government, any agency thereof, state or domestic municipal
government as provided for under 35 U.S.C. Section 200-212 and applicable
regulations.

<PAGE>

                       ARTICLE IV -- TERM AND TERMINATION

4.1 Unless terminated earlier in accordance with this Agreement, the term of
this Agreement shall be until the expiration of the last to expire of the
Licensed Patents or until the Licensed Patents are held invalid or unenforceable
by a court or tribunal from which no appeal can be taken.

4.2 In the event Licensee fails to make payments due hereunder, UIRF shall have
the right to terminate this Agreement upon ninety (90) days written notice,
unless Licensee makes such payments plus interest within the ninety (90) day
notice period.

4.3 In the event that Licensee shall become insolvent, shall make an assignment
for the benefit of its creditors, or shall have a petition in bankruptcy filed
for or against it and such petition shall not have been discharged within ninety
(90) days, UIRF may, at its option, terminate this license upon thirty (30) days
written notice.

4.4 Licensee shall have the right to terminate this Agreement at any time by
written notice to UIRF to that effect. Licensee shall have the right during a
period of six (6) months following the effective date of such termination to
sell or otherwise dispose of the Licensed Products existing at the time of such
termination, and shall make a final report and payment of all royalties related
thereto within sixty (60) days following the end of such period or the date of
the final disposition of such inventory, whichever first occurs.

4.5 Licensee agrees to retain records subsequent to the termination of this
Agreement under Section 4.1 and to make sales reports to UIRF even after
Licensed Patents have expired for the sole purpose of assuring UIRF that all
products construed as Licensed Products under prevailing patent law and any
associated obligations under this Agreement are and have been met. Concurrent
with the submittal of each post-termination report, Company shall pay UIRF all
applicable royalties. This obligation shall cease at the end of the reporting
period following the sale or destruction of the last Licensed Product.

4.6 Any termination of this Agreement will not affect the rights and obligations
set forth in the following Articles: 3.8, 4.4, 4.5, 6.1, 6.2, 7.5 and 7.6.

                             ARTICLE V -- ASSIGNMENT

5.1 This Agreement may be assigned by Licensee as part of a transfer of all, or
substantially all, of the business to which this Agreement relates. This
Agreement shall be binding upon and inure to the benefit of successors in
interest and assigns of Licensee. Licensee agrees to inform UIRF of such
transfer promptly.

                   ARTICLE VI -- REPRESENTATIONS: LIMITATIONS

6.1 Nothing in this Agreement shall be construed as:

(a) a warranty or representation by UIRF as to the validity or scope of any
Licensed Patents; or

<PAGE>

(b) a warranty or representation that anything made, used, sold or otherwise
commercialized under the license granted in this Agreement is or will be free
from infringement of patents owned by third parties; or

(c) conferring a right to use in advertising, publicity or otherwise the name of
the University of Iowa ("UI") or UIRF, unless UIRF has specifically approved the
same in writing; or

(d) conferring by implication, estoppel or otherwise any license or rights under
any patents of the UIRF/UI other than Licensed Patents, regardless of whether
such patents are dominant or subordinate to Licensed Patents (however, UIRF is
not aware of any UIRF patent or application dominant to Licensed Patents); or

(e) an obligation to furnish any know-how not provided in Licensed Patents.

6.2 UIRF expressly disclaims any and all implied or express warranties and makes
no express or implied warranties of merchantability or fitness for any
particular purpose of the Licensed Patents, biological materials or processes or
Licensed Products contemplated by this Agreement.

6.3 Licensee warrants that prior to the Effective Date of this Agreement, there
have been no commercial sales of products which would be characterized as
Licensed Products had this Agreement been in force at the time of such
commercial sales.

                             ARTICLE VII -- GENERAL

7.1 Licensee shall not distribute or resell the Licensed Products to others
except in accordance with this Agreement. Licensee agrees to comply with all
applicable laws and regulations.

7.2 UIRF shall have the responsibility for the prosecution, filing and
maintenance of all Licensed Patents, including the conduct of all interference,
opposition, nullity and revocation proceedings, as well as responsibility for
all fees and costs associated therewith.

7.3 UIRF shall have the right but not the obligation at its expense to initiate
any proceeding relating to any infringement by a third party of any Licensed
Patents in the Licensed Field. In the event the UIRF decides not to initiate a
proceeding relating to infringement by a third party, the UIRF agrees to inform
Licensee of its rationale for not filing a proceeding, and further agrees to
consider Licensee's comments thereto.

7.4 UIRF shall have no obligation to defend any action for infringement brought
against Licensee by a third party.

7.5 The relationship between UIRF and Licensee shall be that of independent
contractors. UIRF and Licensee shall have no other relationship other than as
independent contracting parties. Neither party is authorized or empowered to act
as agent for the other for any purpose and shall not on behalf of the other
enter into any contract, warranty, or representation as to any matter. Neither
shall be bound to the acts or conduct of the other.

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7.6 Licensee shall indemnify and hold harmless UIRF and UI and their employees,
officers, agents, consultants and their respective successors, heirs and
assigns, from any action, claim or liability, including, without limitation,
liability for death, personal injury, or property damages arising directly or
indirectly from Licensee's possession, distribution or other use of Licensed
Products under this Agreement and/or from Licensee's publication or distribution
of test reports, data and other information relating to Licensed Products.

7.7 If any provision of this Agreement is held to be invalid, illegal or
unenforceable in any respect, that invalidity, illegality or unenforceability
will not affect any other provisions of this Agreement, and this Agreement will
be construed as if the invalid, illegal or unenforceable provisions had never
been contained in it.

7.8 Neither party may waive or release any of its rights or interests in this
Agreement except in writing. Any delay or failure to assert any right arising
from this Agreement shall not be deemed or construed to be a waiver of such
right.

7.9 The headings of the several sections are inserted for convenience of
reference only and are not intended to be a part of or to affect the meaning or
interpretation of this Agreement.

                             ARTICLE VIII -- MARKING

8.1 Licensee agrees to comply with marking provisions of Title 35, U.S. Code,
Section 287, if required, or any future equivalent provisions of the United
States relating to the marking of patented devices, or with marking complying
with the law of the country where the Licensed Products are shipped, used or
sold when such marking is required to preserve patent rights.

                      ARTICLE IX -- NOTICES; APPLICABLE LAW

9.1 Any notice, report or payment provided for in this Agreement shall be deemed
sufficiently given when sent by facsimile or regular, certified or registered
mail addressed to the party for whom intended at the following addresses, or to
such address as either party may hereafter designate in writing to the other:

For UIRF:

University of Iowa Research Foundation,
Brenda L. Akins, Associate Director
214 Technology Innovation Center
Iowa City, IA 52242-5000
Phone: 319-335-4546
Fax: 319-335-4489

For Licensee:

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

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9.2 This agreement shall be construed, interpreted, and applied in accordance
with the laws of the State of Iowa.

                            ARTICLE X -- INTEGRATION

10.1 This Agreement constitutes the entire agreement between the parties
relating to the subject matter thereof, and all prior negotiations,
representations, agreements and understandings are merged into, extinguished by,
and completely expressed by it. This Agreement cannot be changed or terminated
orally, but only in writing and if signed by both parties. This Agreement shall
be binding on the heirs, successors, and assigns of the parties hereto.

IN WITNESS WHEREOF, both the UIRF and Licensee have executed this Agreement by
their respective and duly authorized officers on the day and year written. This
Agreement is effective as of the Effective Date.

LICENSOR                                 LICENSEE
University of Iowa Research Foundation   BioVex Ltd.

By: /s/ W. Bruce Wheaton                 By: /s/ Robert Coffin
    ----------------------------------       -----------------------------------
Date:                                    Date:
      --------------------------------         ---------------------------------
Name: W. Bruce Wheaton                   Name: Robert Coffin
Title: Executive Director                Title: Director<PAGE>
                                                                  Exhibit 10.6.2

(OXFORD THERAPEUTICS CONSULTING LOGO)

                                 THIS AGREEMENT

                    IS MADE ON THE 19TH DAY OF SEPTEMBER 2006

                                     BETWEEN

(1) BIOVEX LIMITED, 70 MILTON PARK, ABINGDON, OXFORD OX14 4RX("THE CLIENT") AND

(2) OXFORD THERAPEUTICS CONSULTING LIMITED WHOSE REGISTERED OFFICE IS AT PO BOX
284, BRIGHTWELL CUM SOTWELL, WALLINGFORD OX10 1BB ("THE CONSULTANT")
<PAGE>
NOW IT IS AGREED:

1.    INTERPRETATION AND LAW

1.1   IN THIS AGREEMENT:

"Commencement Date"                     means 19 September, 2006

"Client's Confidential Information"     means all information confidential to
                                        the Client whether relating to the
                                        Client's business, customers, clients,
                                        suppliers or otherwise but excluding
                                        information now or at any time
                                        hereinafter becoming generally known or
                                        accessible to the general public (unless
                                        due to the default of the Consultant
                                        hereunder) and information obtained by
                                        the Consultant from a third party free
                                        of restrictions on use or disclosure.

"Consultant's Confidential              means all information confidential to
Information"                            the Consultant whether relating to the
                                        Consultant's business, customers,
                                        clients, suppliers or otherwise but
                                        excluding information now or at any time
                                        hereinafter becoming generally known or
                                        accessible to the general public (unless
                                        due to the default of the Consultant
                                        hereunder) and information obtained by
                                        the Client from a third party free of
                                        restrictions on use or disclosure.

"Expenses"                              means all expenses properly incurred by
                                        the Consultant in providing the Services
                                        to the Client hereunder [including
                                        without limitation travel, accommodation
                                        and subsistence expenses and any
                                        honoraria paid by the Consultant to
                                        other advisers].

                                        2
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"Fee"                                   means the fees more particularly set out
                                        in the Fees Appendix annexed and payable
                                        in accordance with Clause 4 of this
                                        Agreement.

"Man Day"                               means the provision of the Services by
                                        any one of the Consultant's personnel
                                        (which shall include travelling time) to
                                        the client from 7.30 a.m. to 7.30 p.m.
                                        on any week day subject to a minimum of
                                        8 hours and "Man Hour" shall be
                                        construed and interpreted accordingly.

"Results"                               means all materials (including without
                                        limit software) to be provided to the
                                        Client by the Consultant as part of the
                                        Services, such materials being specified
                                        in the Results Materials Appendix.

"Services"                              means the services specified in the
                                        Services Appendix annexed hereto and
                                        including the services described in any
                                        documents referred to in the Services
                                        Appendix, such documents being annexed
                                        hereto.

"Term"                                  means the period commencing on the
                                        Commencement Date and expiring on 31
                                        December 2006.

1.2   The headings in this Agreement are for convenience only and shall not
      affect its interpretation.

1.3   This Agreement shall be governed in all respects by English law and the
      parties hereby submit to the non-exclusive jurisdiction of the English
      courts.

                                        3
<PAGE>
2.    CONSULTANT'S OBLIGATIONS

2.1   The Consultant will provide the Services to the Client in accordance with
      this Agreement. For the avoidance of doubt nothing in this Agreement shall
      be construed as restricting or prohibiting the Consultant from at any time
      providing services (whether or not similar to "the Services") to any third
      party.

2.2   The Consultant will use all reasonable endeavours to provide the Services
      to the Client within the Term but all timings agreed to by the consultant
      are business estimates only (but given in good faith) and the Consultant
      will not be liable for any loss, injury, damage or expense arising
      directly or indirectly from any delay in respect of the Consultant's
      performance of its obligations hereunder.

2.3   Without prejudice to any other obligation of confidentiality from time to
      time subsisting between the Client and the Consultant, the Consultant
      hereby undertakes (subject to the Client's written consent) not at any
      time hereafter to disclose any Confidential Information to any third party
      nor to use any Client's Confidential Information save (in either case) as
      may be reasonably necessary for the purposes of providing the Services
      hereunder.

3.    CO-OPERATION BY CLIENT

3.1   The Client will as soon as is reasonably practicable after the signing of
      this Agreement make available to the Consultant (in a form readily
      accessible to the Consultant) all such information in the Client's
      possession or control as is materially relevant to the services and
      including without limitation the information and materials specified in
      the Materials Appendix annexed hereto.

3.2   The Client will promptly provide to the Consultant such further
      information as the Consultant may from time to time request.

3.3   The Client shall ensure that the person(s) named in the Personnel Appendix
      annexed hereto is/are available to the Consultant at all reasonable times
      for the purposes of liaison between the Client and the Consultant.

3.4   The Client will afford the Consultant every co-operation in relation to
      this Agreement and the provision by the Consultant of the services
      hereunder.

3.5   In the event that the Consultant requires information from the Client at

                                        4
<PAGE>
      any time then the obligations of the Consultant shall be suspended until
      the Consultant receives such information. If such information is delayed
      or withheld for more than 28 days then the Consultant may terminate this
      Agreement by notice to the Client on terms that the Client will pay to the
      Consultant the balance of the Fee [together with any further fees accrued
      due under Clause 4] and a sum equal to the Consultant's loss of profit
      resulting from such termination.

3.6   In the event that the Consultant finds it necessary or appropriate to
      disclose to the Client any Consultant's Confidential Information then
      without prejudice to any other obligation of confidentiality from time to
      time subsisting between the Client and the Consultant the Client hereby
      undertakes (subject to the Consultant's written consent) not at any time
      to disclose any Consultant's Confidential Information to any third party
      nor to use any Consultant's Confidential Information save (in either case)
      as may be reasonably necessary for the purposes of providing the Services
      hereunder.

4.    FEES, EXPENSES AND PAYMENT

4.1   In consideration for the provision of the Services to be provided by the
      Consultant under this Agreement, the Client agrees to pay the Consultant
      the Fees. All payments to the Consultant shall be made against the
      Consultant's invoices which shall be submitted to the client at the end of
      each calendar month during the provision of the Services in respect of
      work carried out during the period. All payments shall be made by the
      Client within 30 days of the Consultant's invoice for such fees by cheque
      or in such manner and currency as may be nominated by the Consultant.

4.2   The Consultant may at any time submit to the Client an invoice for
      Expenses. Invoices which are exclusively for Expenses (i.e. not including
      any Fees) are payable and will be paid by the Client within 30 days of the
      invoice date. Invoices which are for fees and for Expenses are payable and
      will be paid by the Client within 30 days of the Consultant's invoice.

4.3   If the Client fails to pay to the Consultant any sum due to the Consultant
      hereunder when due then without prejudice to any other right of the
      Consultant the Consultant may:

      4.3.1 charge the Client interest before and after any judgement on such
            overdue sums at a rate of 4% above the base rate per annum of the
            National Westminster Bank PLC from time to time in respect of sums
            which are overdue by no more than 60 days and

                                        5
<PAGE>
            at a rate of 6% above the base rate per annum of the National
            Westminster Bank PLC from time to item in respect of sums which are
            more than 60 days overdue, such interest to be charged weekly and
            compounded until payment of such overdue sums in full together with
            such interest; and/or

      4.3.2 suspend provision of the Services until payment of such overdue sums
            in full together with any interest charged under Clause 4.3.1.

5.    FORCE MAJEURE

Neither party shall be liable to the other under this Agreement for failure to
carry out its provisions to the extent that such failure is caused by any cause
beyond the parties' respective reasonable control including without limitation
fire, war, riot, sabotage, sickness or industrial action. The Client or the
Consultant (as the case may be) shall promptly inform the other party of the
existence of such conditions of force majeure. In the event that such conditions
of force majeure continue or are expected to continue for more than 2 months the
parties shall consult together in order to find a mutually acceptable solution.

6.    INTELLECTUAL PROPERTY RIGHTS

Unless otherwise provided in any Protocol specified in the Services the Client
shall not use any Results for the purpose of making any submission to a
regulatory body or for the purpose of any advertising or publicity without prior
review by the Consultant to ensure accuracy of presentation of any Results used.
Following review, written confirmation will be provided by the Consultant to the
Client, such confirmation not to be unreasonably withheld. In addition the
Client shall ensure that its use of the results does not contravene any law,
regulation or code of practice.

7.    LIABILITY

7.1   The Consultant will perform the Services with reasonable skill and care
      but will effect the Services on the basis that they are not required for
      any special purpose different from the usual purposes for which such
      Services are required and the Client shall be deemed to have full
      knowledge of the nature and consequences of the Services. It is the
      Client's responsibility to satisfy itself that the Services are suitable
      for its requirements and the Consultant does not profess to have any skill
      or judgement in relation to the particular needs of the Client.

7.2   Subject to the warranty given in Clause 7.1 and as otherwise expressly

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      provided herein all warranties and conditions, express or implied by law
      or otherwise with respect to the Services are hereby excluded and the
      Consultant shall not be liable to the Client for any loss or damage
      whatsoever (including without prejudice to the generality of the foregoing
      any liability in contract, negligence or any other tort for any indirect,
      consequential or economic loss or for loss of profit or opportunity of any
      kind) arising directly or indirectly in connection with the Services or
      otherwise except insofar as any exclusion or limitation of the
      Consultant's liability hereunder is prohibited void or enforceable by law.

7.3   The Client is solely responsible for the use which it makes of the Results
      and for ensuring the safety and use of its products and for verifying the
      accuracy of all information comprised in the Results when used in
      promotional material or regulatory submissions.

7.4   The Client shall indemnify and hold harmless the Consultant from and
      against all losses, costs, claims, demands and expenses accruing to the
      Consultant arising out of any claim or cause of action with respect to any
      loss of or damage to any property or any personal injury or death of any
      person which is occasioned whether directly or indirectly by any act or
      omission (whether negligent or not) on the part of the Client, its agents
      or employees (including without limitation in respect of the use of the
      results by the Client).

7.5   Where under the Services to be provided by the Consultant, there is a need
      to effect contracts with third parties such contracts shall be made
      directly between the Client and the third party unless otherwise agreed by
      the Consultant and where the Consultant is charged with the negotiation of
      the terms of such contracts, it does so as the agent of the Client and
      without liability to the Client and/or the third party and the Client
      hereby acknowledges that:-

      7.5.1 it has sought and acts upon its own legal and professional advice as
            to the terms thereof; and

      7.5.2 does not rely upon any representation or warranty, implied or
            otherwise on the part of the Consultant that the contract with the
            third party is in a form appropriate and acceptable to enter into.

                                        7
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 8. TERMINATION

This contract may be terminated by either party at any time with one month's
written notice. Without prejudice to the rights of either party existing prior
to termination this Agreement may also be terminated by written notice:

8.1   Forthwith by the Consultant if the Client fails to pay to the Consultant
      when due any sum payable hereunder.

8.2   Forthwith by either party if the other party is in breach of this
      Agreement and fails in the case of a breach capable of remedy to remedy
      the same or in the case of a breach not capable of remedy to pay
      reasonable compensation in either case within 14 days of a written notice
      requiring the defaulting party to remedy such breach or (as the case may
      be) pay such reasonable compensation (which shall be specified in such
      notice).

8.3   Forthwith by the Consultant if the Client adopts a resolution for its
      winding up (unless the same be part of a solvent reconstruction or
      amalgamation) or if any petition is presented for the appointment of an
      administrator or a receiver or to wind up the Client or a receiver or an
      administrative receiver is appointed in respect of any part of the
      Client's undertaking or assets or if the Client suffers any other action
      in consequence of debt or any analogous event under any foreign
      jurisdiction occurs or if the Client is unable to pay its debts within the
      meaning of Section 123 of the Insolvency Act 1986 (or any reenactment or
      further enactment thereof) or if the Client makes or attempts to make any
      arrangement or composition with or for the benefit of its creditors or
      ceases to carry on business.

9.    CONSEQUENCES OF TERMINATION

9.1   If this agreement is terminated by the Client in accordance with Clause
      8.2 (but not otherwise) then the Client shall be entitled to retain any
      materials provided to the Client by the Consultant in performing the
      services and to use such materials in accordance with Clause 6 but
      provided that the Client shall forthwith reimburse the Consultant all
      Expenses and pay to the Consultant all other sums accrued due hereunder
      together with a fair and reasonable proportion of the Fee and any further
      Fees accrued under Clause 4 taking into account the time spent by the
      Consultant in providing the Services.

9.2   If this Agreement is terminated by the Consultant in accordance with
      Clause 8 (but not otherwise) then the Client shall forthwith at its own
      cost and as directed by the Consultant return to the Consultant or destroy

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<PAGE>
      all materials embodying any Results (and certify to the Consultant that it
      has done so), reimburse the Consultant all expenses and pay to the
      Consultant the balance of the Fee outstanding together with any further
      Fees accrued due under Clause 4 and a sum equal to the Consultant's loss
      of profit resulting from such termination and all outstanding licenses
      under the Intellectual Property Rights in the results shall forthwith and
      automatically be revoked.

10.   ASSIGNMENT AND SUBCONTRACTING

10.1  The Client will not assign any of its rights or obligations hereunder.

10.2  The Consultant may freely assign the whole or any part of this Agreement
      and may sub-contract any of the services in its absolute discretion
      notwithstanding the provisions of clause 7.5.

11.   RELATIONSHIP OF PARTIES

Neither party shall be deemed by virtue of this Agreement to be the agent or the
partner of the other and the Client and the Consultant will respectively each
make clear in all dealings with third parties that it has no authority to make
representations on behalf of the other or to bind the other contractually with
any third party.

12.   ENFORCEABILITY

If any of the terms hereof are held to be void or unenforceable by any reason of
law they shall be void or unenforceable to that extent only and no further and
all other terms shall remain valid and fully enforceable.

13.   AMENDMENTS ETC

This Agreement together with all documents (if any) referred to herein and
annexed hereto embodies the entire agreement of the parties in relation to the
Services and this Agreement may not be amended except in writing signed by the
authorised representatives of both parties.

14.   INDULGENCE

No indulgence granted by either party to the other in relation to any term
hereof shall be deemed a waiver of such term or prejudice the later enforcement
of that or any other term thereof.

15. NOTICES

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Any notice given hereunder shall be in writing and sent or delivered to the
address of the recipient party given above (or as from time to time otherwise
notified) by

16.1  Facsimile transmission and in which case it will be deemed received when
      sent; or

16.2  Hand (including courier) and in which case it will be deemed received when
      delivered; or

16.3  Air Mail (where appropriate) and in which case it will be deemed received
      5 days after posting; or

16.4  Ordinary first class mail (where the recipient party is within the same
      jurisdiction as the server) and in which case it will be deemed received 2
      days after posting.

17.   ARBITRATION

In the event of a dispute or difference between the parties as to the terms of
this Agreement or the Services to be performed or obligations operating as
between the parties, the matter shall be referred to the determination of an
independent arbitrator appointed by agreement between the parties or in default
of agreement by the President of the Institute of Arbitrators and who shall base
his determination upon English law and whose determination shall be final and
binding upon the parties.

                                       10
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                               PERSONNEL APPENDIX

      STAFF TO BE MADE AVAILABLE TO ASSIST IN THE PROVISION OF THE SERVICES

                               Dr Brian Hamilton

                                       11
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                               SERVICES APPENDIX

     To provide advice relating to BioVex's clinical development programmes

                                       12
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                                  FEES APPENDIX

The Client shall pay to the Consultant:

      L1400/L175.00(from January 1, 2006) for each Man Day/Man Hour exclusive of
      Value Added Tax.

      Expenses charged at cost

      Petrol mileage at 60p/mile

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AS WITNESS the hands of the duly authorised representatives of the parties the
day and year first above written:

FOR BIOVEX LIMITED

Signed:     /s/ Colin Love    15/9/06

Name:       Colin Love

Position:   Development Director

FOR OXFORD THERAPEUTICS CONSULTING LIMITED

Signed:     /s/ Janice Steiner

Name:       Janice Ann Steiner

Position:   Director

                                       14

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