Document:

Exhibit 10.41

RESEARCH AGREEMENT

FOR INVESTIGATOR SPONSORED CLINICAL TRIAL

This Research Agreement (“Agreement”)
dated as of and effective the 12 day of July, 2006 is made by and
between

BIOENVISION Limited,
whose trading office is 10 Lochside Place, Edinburgh Park, Edinburgh EH12 9RG
UK, (“BIOENVISION”)

and

Cardiff University, whose
administrative offices are at 30-36 Newport Road, Cardiff, CF24 ODE, (“Sponsor”)

WHEREAS,

a)                                      BIOENVISION
has agreed, without any involvement in the initiation or conduct of the Sponsor’s
clinical trial to provide financial support for the following Clinical Trial
entitled:

AML 16 Clinical
Trial:  “A TRIAL FOR OLDER PATIENTS WITH
ACUTE

MYELOID LEUKAEMIA AND HIGH RISK MYELODYSPLASTC SYNDROME:

Non-Intensive Arm” — Stage 1 (up to 50 patients enrolled)

(Trial Reference ISRCTN 11036523)

b)                                     The
Clinical Trial is being initiated by the Sponsor and is to be conducted under
the supervision of the Chief Investigator, Professor Alan Burnett, at the
Department of Haematology, Cardiff University and in addition participating
hospitals, who may participate according to the conditions agreed with the
Sponsor.

c)                                      This
Agreement sets forth the obligations of Chief Investigator and Sponsor as well
as the nature of BIOENVISION’S obligations.

NOW, THEREFORE, based on
the foregoing premises and the mutual covenants and agreements contained herein
and other consideration the receipt and sufficiency of which is hereby
acknowledged, the parties hereto hereby agree as follows:

1.                                       GENERAL

a)                                      For
the avoidance of doubt the Sponsor agrees that BIOENVISION is neither the
sponsor or co-sponsor of the Clinical Trial nor, during the term of this
Agreement or otherwise, shall BIOENVISION be deemed to be the sponsor or
co-sponsor of the Clinical Trial for any purpose whatsoever.

b)                                     Subject
to the provisions set out below at Clause 1, it is recognised that the Sponsor
intends to invite other hospitals, institutions or investigators to participate
in this Clinical Trial under the leadership of the Sponsor and Chief Investigator,
it is set out herewith that whatever relationship this does require between the
Sponsor and these sites or investigators, it does not and shall not establish
any contractual relationship or other contractual liability or contractual
obligation of any nature whatsoever, in each case, between BIOENVISION and
these sites and/or investigators. 
Further, the adding of these sites or investigators by the Sponsor shall
not affect any of the Sponsor’s obligations as the Sponsor of the Clinical
Trial, which need to be fulfilled for the Clinical Trial as a whole,
independent of the number of participating sites or investigators.  The Sponsor is responsible for ensuring that
any such participating sites and investigators comply and act consistently with
the Sponsor’s obligations and with the rights of BIOENVISION which are set out
in this Agreement.

c)                                      The
Sponsor makes no representation or warranty and Bioenvision expressly
indemnifies and waives all claims against the Sponsor arising out of or in
connection with any claims relating to the stability, safety, or toxicity 

of the Medicinal Product
developed, formulated, packaged or manufactured in accordance with its
provision under this Agreement for the Clinical Trial.

d)                                     Bioenvision
assumes all risk or loss or claims in respect of the use of the Medicinal
Product save where the Sponsor has been negligent and/or indemnifies the
Sponsor in respect of such loss or damage and Bioenvision further warrants that
the use of the Medicinal Product will not infringe any patents or any other
proprietary rights and will indemnify the Sponsor in respect of any claims
relating to such warranty.

e)                                      The
Sponsor will indemnify Bioenvision against claims arising as a result of
clinical negligence and/or negligent harm to Clinical Trial Subjects under its
duty of care during the conduct of the Clinical Trial pursuant to this
Agreement.

f)                                        The
Sponsor shall only be liable to Bioenvision in respect to of the Results
provided to Bioenvision to the extent that the Sponsor has been negligent or is
in wilful default in respect of the Results and/or is in deliberate breach of
the terms and conditions of this Agreement.

g)                                     Neither
Party shall be liable to the other for any loss of profit, business,
reputation, contracts, revenues or anticipated savings for any special,
indirect or consequential damage or any nature which arises directly or
indirectly out of or in connection with this Agreement.

h)                                     Bioenvision
shall indemnify and hold the Sponsor free and harmless from any and all claims,
demands, liability, losses, actions or causes of actions, or any fines or
penalties, and any and all expenses associated therewith (including, without
limiting the generality of the foregoing, defence costs and reasonable
out-of-pocket attorney’s fees), arising out of or in connection with, are the
result of, or are otherwise related to:

any act or omission of Bioenvision;

the promotion, distribution, use, misuse or sale of the Medicinal
Product (including, without limiting the generality of the foregoing, any
claims, express, implied or statutory, made as to the efficacy or safety
thereof);

any Drug Product Labelling or packaging;

Bioenvision’s compliance or non-compliance with any applicable
governmental, local governmental, or regulatory authority laws or regulations;

any failure of Bioenvision to perform, in whole or in part, any of its
obligations hereunder, or

Bioenvision’s manufacture or handling of the Medicinal Drug, or any
acts or omissions of Bioenvision in respect thereof.

2.                                       RESPONSIBILITIES
RELATED TO THE CLINICAL TRIAL.  In Consideration of BIOENVISION providing
certain financial support set forth in this Agreement, the Sponsor agrees to
assume the following obligations:

a)                                      To
provide BIOENVISION with the Protocol which has been developed by the Chief
Investigator (and any and all amendments, modifications, supplements thereto or
restatements thereof), used or to be used in the Clinical Trial and the written
approval of the same by the Central Office for Research Ethics Committees (“COREC”).

b)                                     To
permit Bioenvision to review the design of the CRFs (Case Record Forms) for the
Clinical Trial.

c)                                      To
furnish BIOENVISION with a copy of all correspondence with the COREC and/or the
offices of domestic or foreign regulatory agencies within five (5) business
days of receipt or transmittal by or the Sponsor;

d)                                     To
notify BIOENVISION immediately of any action by the COREC altering their review
or approval of the Clinical Trial;

e)                                      To
promptly notify BIOENVISION of any problems or potential concerns involving risk
to human subjects;

f)                                        To
furnish BIOENVISION with a monthly summary status report of the research
performed under the Clinical Trial in a format to be agreed between BIOENVISION
and the Chief Investigator.  The content
of this interim report is subject to the provisions of the Data Protection Act
1998;

g)                                     To
furnish BIOENVISION with a complete report of the research performed under
Stage I of the non-intensive arm of the Clinical Trial along with a publishable
manuscript (the “Clinical Trial Report”) within 90 days of the completion of
the Clinical Trial.  The complete report
will be structured in a format to be discussed and agreed between BIOENVSION
and the Chief Investigator.  BIOENVISION
hereby recognises that the Chief Investigator has the right of first
publication within the 60 day period immediately following the delivery of the
Clinical Trial Report to BIOENVISION. 
The Sponsor shall retain all Intellectual Property Rights in respect of
the Results of the Clinical Trial save to the extent that the provisions of
clause 6(a) and/or 6(c) apply;

h)                                     To
notify BIOENVISION immediately of any changes in the status of the Chief
Investigator or the Sponsor’s status at the site(s); provided, however, that
any such change in status shall be notified to BIOENVISION in writing.

i)                                         To
not use BIOENVISION’S name in any advertising or other communication concerning
this Clinical Trial other than with the prior written consent of BIOENVISION in
its sole discretion;

j)                                         To
conduct the Clinical Trial in accordance with the Protocol attached hereto as Appendix
A; provided, however that any change to the Protocol shall be notified to
BIOENVISION in writing and that BIOENVISION shall acknowledge receipt of any
such notification.

k)                                      To
submit promptly all changes in the Protocol for BIOENVISION’S review.  The Sponsor also agrees to notify BIOENVISION
immediately if any subject in this Clinical Trial is simultaneously enrolled in
another Clinical Trial;

l)                                         To
notify BIOENVISION of any “serious” adverse event possibly related to
CLOFARABINE, within 24 hours of receiving notification of such an event.  For purposes of this requirement, under ICH
guidelines (ICH E2A Directive 2001/20) “serious” means any adverse event(s)
which are:

associated with the patient’s death;

associated with inpatient hospitalisation or
prolonged hospitalisation of the patient;

life-threatening to the patient;

associated with severe or permanent
disability/incapacity;

associated with cancer, or a congenital
anomaly; or

significant for any other reason.

The Sponsor agrees to
make available to BIOENVISION, promptly, and within reporting guidelines for
serious adverse events, the completed SAE Form and any and all such records as
may be reasonably necessary and pertinent to investigate an adverse event, including,
without limitation, any such adverse event which may be associated with use of
a BIOENVISION drug during the Clinical Trial;

m)                                   To
comply with all laws, regulations or standards applicable to the Clinical
Trial, including, but not limited to, obligations for safety reporting, and any
other requirements reporting to regulatory authorities, informed consent,
ethical review board requirements, obtaining and documenting regulatory
authorisations and CTAs and EUDRACT documentation prior to the commencement of
the Clinical Trial, archiving and retention of records, and all other
applicable principles of Good Clinical Practice; and

n)                                     To
maintain records, and to instruct participating centres to do likewise, of the
receipt, storage and administration or dispensing of CLOFARABINE, identifying
(but not necessarily by name) each patient to whom the drug is administered or
dispensed, and to make these records available to BIOENVISION at any time
requested.

o)                                     The
Sponsor shall be responsible for compliance with all laws and regulations
applicable to any destruction or disposition of CLOFARABINE at the Sponsor’s
site and/or at the site of any other institution participating in the Clinical
Trial.

p)                                     To
provide BIOENVISION with a copy of the Clinical Trial Monitoring Plan, prior to
the commencement of the Clinical Trial, and to further provide BIOENVISION with
a copy of the record of monitoring visits and source data verification with
each and every summary status and complete report of the research, as detailed
in section 2(f) and 2(g) of this agreement.

3.                                       CONSIDERATION
AND PAYMENTS.

a)                                      Contingent
on the Sponsor’s compliance with the obligations set forth herein, BIOENVISION
shall provide the Sponsor with an initial Clinical Trial set up payment of
[****] and further payments based on the provision of summary status reports as
set out in paragraph 2(f) and as detailed in Appendix B.  The final payment will be due on delivery of
the final Clinical Trial Report and publishable manuscript provided for in
Section 2(g), in each case, as more fully described in the Financial Support
Schedule attached hereto as Appendix B.

b)                                     BIOENVISION’S
payment obligations set forth in Section 3(a) and Appendix B attached hereto
are contingent upon Sponsor’s obligation to reimburse BIOENVISION for the cost
associated with the supply of clofarabine, as detailed in the Financial Support
Schedule attached hereto as Appendix B.

c)                                      All
payments by BIOENVISION under this Section 3 shall be made within thirty (30)
days of the end of the month in which the Sponsor’s invoice (notification of
meeting the respective milestone as set in the Financial Support Schedule (Appendix
B)) is received.  Each invoice shall
set forth in reasonable detail the status of the Clinical Trial or relevant
Clinical Trial report, as applicable, and the description and amount due.  Matters in dispute shall be payable upon
mutual resolution of such disputes.  The
Sponsor shall be prepared to follow up with any and all such supporting
documentation reasonably requested by BIOENVISION.

All payments by Sponsor
to BIOENVISION shall be made within sixty (60) days of the end of the month in
which BIOENVISION’S Invoice is delivered.

BIOENVISION’s payment
will be made to:

AML 16 Bioenvision
Account

RACD Finance
Department

Cardiff University

30-36 Newport Road

Cardiff

CF24 ODE

Or in such other name
and/ or address as provided after BIOENVISION’S receipt of prior written notice
of such change.

**** Material omitted
pursuant to a request for confidential treatment under Rule 24b-2 of the
Exchange Act of 1934.  Material filed
separately with the Securities and Exchange Commission.

Sponsor’s payments will
be made to:

Bioenvision
Limited

10 Lochside Place

Edinburgh Park

Edinburgh

EH12 9RG

Attention: 
Accounts Department

Or in such other name
and/ or address as provided after Sponsor’s receipt of prior written notice of
such change.

4.                                       CLINICAL
TRIAL DRUG SUPPLY AND DELIVERY.  Contingent on the Sponsor’s compliance with
the obligations set forth herein and with the terms set forth in Appendix C
and the Financial Support Schedule (Appendix B), the parties hereby
agree as follows:

a)                                      The
Sponsor will notify BIOENVISION of the specific needs for each shipment of
clofarabine during the conduct of the Clinical Trial.  Each request will be activated by electronic
communication from the Trial Office in the Clinical Trials Unit, University of
Birmingham identifying the principal investigator and site in addition to
detailing the patient trial number, quantity, named pharmacist and full
delivery invoice address.

b)                                     The
Sponsor must provide BIOENVISION with a copy of the Sponsor’s COREC approval,
and the EC approval of each participating site, prior to BIOENVISION shipment
of clofarabine.

c)                                      Bioenvision
will be responsible for the labelling of the Clinical Trial drug in compliance
with the European Directive 2001/20/EC, (Volume 4 Good Manufacturing Practices,
Annexe 13, Manufacture of investigational medicinal products).

5.                                       PUBLICATION.

a)                                      Upon
completion of each Clinical Trial, and any prior publication of multi-centre
data, or when the Clinical Trial data are adequate (in Sponsor’s and
BIOENVISION’ s reasonable judgement), the Sponsor will prepare the data
deriving from the Clinical Trial for publication.  In so far as any publication relates to
clofarabine such data will be submitted to BIOENVISION for review and comment
prior to publication.  In order to ensure
that BIOENVISION will be able to make comments and suggestions where pertinent,
material for public dissemination will be submitted to BIOENVISION for review
at least thirty (30) days prior to submission for publication, public
dissemination, or review by a publication committee.

b)                                     During
the period for review of a proposed publication referred to in clause (a)
above, BIOENVISION shall be entitled to make a reasoned request to the Sponsor
that publication be delayed for a period of up to six (6) months from the date
of first submission to BIOENVISION in order to enable BIOENVISION to take steps
to protect its proprietary information. 
The Sponsor shall not unreasonably withhold consent to such a request.

c)                                      In
the event that any such Publication does not relate to clofarabine then the
Publication shall be provided to BIOENVISION for information purposes only.

6.                                       INTELLECTUAL
PROPERTY

a)                                      The
Sponsor will disclose and promptly assign to BIOENVISION in writing any
improvements, inventions or discoveries relating to clofarabine, whether or not
patentable, including without limitation any and all reformulations of
clofarabine, generated by the Sponsor or one of its agents, employees or
representatives, or arising from the activities or discoveries, whether or not
patentable, generated or arising from the activities under this Agreement
relating to clofarabine conceived and/or reduced to practice during the term of
this Agreement relating to clofarabine which are conceived or reduced to
practice by the Sponsor, any co-sponsor of this Clinical Trial and/or 

any employee or
representative of the Sponsor or such co-sponsor or the Clinical Trial (“the
Intellectual Property Rights”).

b)                                     Any
other rights in any improvements, inventions or discoveries including
Intellectual Property Rights, whether or not patentable, generated by the
Sponsor or one of its agents, employees or representatives, or arising from the
activities or discoveries, whether or not patentable, generated or arising from
the activities under this Agreement conceived and/or reduced to practice during
the term of this Agreement which are conceived or reduced to practice by the
Sponsor, any co-sponsor of this Clinical Trial and/or any employee or
representative of the Sponsor or such co-sponsor or the Clinical Trial (“the
Intellectual Property Rights”) shall belong with the Sponsor.

c)                                      Any
Intellectual Property Rights concerning the use of clofarabine shall be the
sole and exclusive property of BIOENVISION, regardless of the source of any
such improvement, invention, reformulation or discoveries, and, during the term
of this Agreement or thereafter, as applicable, the Sponsor agrees to promptly
assign or cause to be assigned all right, title and interest in and to such
Intellectual Property Rights to BIOENVISION.

d)                                     BIOENVISION’S
obligation to make final payment for the final Clinical Trial Report set forth
in Section 3(a) above shall be contingent upon its having received any and all
such Intellectual Property Rights from the Sponsor and/or Chief Investigator.

7.                                       Term
and Termination.  The term of this Agreement shall expire upon
completion of the Clinical Trial; provided, however, that

a)                                      Either
BIOENVISION or the Sponsor (the “Terminating Party”) may terminate this
Agreement with immediate effect at any time if the other Party (the “Defaulting
Party”) is (i) in breach of any of the Defaulting Party’s obligations hereunder
and fails to remedy such breach where it is capable of remedy within 28 days of
a written notice from the Terminating Party specifying the breach and requiring
its remedy; or (ii) declared insolvent or has an administrator or receiver
appointed over all or any part of its assets or ceases or threatens to cease to
carry on its business.

b)                                     A
Party may terminate this Agreement immediately on notice to the other Party
with immediate effect if it is reasonably of the opinion that the Clinical
Clinical Trial should cease in the interests of the health of Clinical Clinical
Trial Patients involved in the Clinical Clinical Trial as advised by the
Clinical Trial independent Data and Ethics Monitoring Committee.

c)                                      BIOENVISION
may terminate this Agreement on notice to the Sponsor if Professor Alan Burnett
is no longer able (for whatever reason) to act as Chief Investigator and no
replacement mutually acceptable to BIOENVISION and the Sponsor can be found.

d)                                     If
BIOENVISION terminates this Agreement for any reason pursuant to Section 8(a)
above, BIOENVISION agrees that it shall confer with the Sponsor and use its
best endeavours to minimise any inconvenience or harm to Clinical Trial
Patients caused by the premature termination of the Clinical Trial.

e)                                      If
this Agreement or this Clinical Trial is terminated for any reason prior to
completion of the Clinical Trial or BIOENVISION’s receipt of a final Clinical
Trial report, the Sponsor shall

immediately return to BIOENVISION or dispose of (as instructed by
BIOENVISION) all unused clofarabine and other supplies previously supplied by
BIOENVISION to the Sponsor’s site and instruct participating sites to do
likewise.

promptly provide BIOENVISION with an itemised statement of work
performed as of the date of termination consistent with the Financial Support
Schedule (Appendix B); and

promptly refund to BIOENVISION the amount, if any, by which BIOENVISION
payment(s) under this Agreement exceed BIOENVISION obligation.

8.                                       AGREEMENT
AND MODIFICATION

a)                                      This
Agreement including its Appendices contains the entire understanding between
the Parties and supersedes all other understandings and/or agreements between
the parties, whether written or oral, prior to the date hereof between the
Parties relating to the Clinical Trial or the other subject matter of this Agreement.

b)                                     BIOENVISION
reserves the right to modify and re-negotiate the terms of this agreement under
the following conditions:

if it is determined by BIOENVISION that aspects of the Clinical Trial
conducted within the terms of this Agreement would be suitable for use as part
of a regulatory strategy for clofarabine, BIOENVISION reserves the right to
negotiate a new contract with The Sponsor which would constitute a separate
Agreement.

if clofarabine is approved by the EMeA for the treatment of first line
Acute Myeloid Leukaemia, BIOENVISION reserves the right to review and
re-negotiate the entire Agreement, subject to providing no less than three (3)
months prior written notice to the Sponsor.

9.                                       GENERAL
PROVISIONS:

a)                                      Independent
Contractors.  In conducting this Clinical
Trial, the Sponsor will not be acting as an agent, partner, or employee of
BIOENVISION and will not have any authority to, nor will the Sponsor, make
agreements with third parties that are binding upon BIOENVISION in any manner
or nature whatsoever.

b)                                     Notices.  Unless otherwise agreed to in this Agreement,
any notice, request or other communication required to be given pursuant to the
provisions of this Agreement shall be in writing and shall be deemed to be
given when delivered in person or five business days after being deposited in
the mail, postage prepaid, certified, return receipt requested, or two business
days after being deposited with an internationally recognised overnight
courier, return receipt requested, or one business day after being faxed, to
the parties addressed as follows:

If to the Sponsor:

Geraint Jones

Director of
Research and Commercial Division

Cardiff University

30-36 Newport Road

Cardiff

CF24 ODE

In respect of Serious Adverse Events:

Alan K Burnett MD

Department of Haematology

Cardiff University

Heath Park,
Cardiff

CF14 4XN

If to BIOENVISION:

Hugh Griffith

Bioenvision
Limited

10 Lochside Place

Edinburgh

EH12 9RG

Fax:  0131 248
3300

With a copy to:

David Luci

Bioenvision, Inc

345 Park Avenue

41st Floor

New York 10154

USA

c)                                      Governing
Law; Jurisdiction.  This Agreement shall
be governed by and construed in accordance with the internal laws England and
Wales.  Each party to this Agreement
agrees to be bound by the jurisdiction of the courts located in London, England
in connection with any dispute arising under this Agreement.

d)                                     Counterparts.  This Agreement may be signed in one or more
counterparts, each of which shall be deemed an original as against either party
whose signature appears thereon, but all of which together shall constitute one
and the same instrument.

e)                                      Survival
of Obligations.  In the event of the
termination of this Agreement, all obligations of the parties hereto existing
prior to termination shall remain the obligation of each such party until
discharged.  All confidentiality
obligations shall survive any such termination for a period of ten (10) years
thereafter.

f)                                        Authority;
No conflicts.  The Sponsor represents and
warrants to BIOENVISION that The Sponsor has full power and authority to enter
into this Agreement and entering into this Agreement does not conflict with any
other obligation of the Sponsor and/or Chief Investigator.  The Sponsor agrees to assure that any and all
other centres to be included in the Clinical Trial(s) shall have the power and
authority to participate in the Clinical Trial(s) prior to allowing such
participation in the Clinical Trial(s).

10.                                 CONFIDENTIALITY:

a)                                      Each
Party further agrees to take reasonable and appropriate measures to safeguard
Confidential Information received from the other from theft, loss or negligent
disclosure to others and to limit access to Confidential Information to those
of its officers, directors and employees who reasonably require such access in
order to accomplish performance of this Agreement.  Each Party shall take all reasonable
precautions in dealing with The Project Description and with any information
documents and papers provided to it by the other Party so as to prevent any
unauthorised person from having access to The Project Description, information,
documents or papers or to any report on or records of any tests carried out.

b)                                     The
restrictions contained in this Clause shall continue to apply after the
termination of this Agreement.

c)                                      The
provision of Clause 10.a shall not apply to the whole or any part of the
Confidential Information that:

is lawfully obtained free of any duty of confidentiality otherwise than
directly or indirectly from the other Party;

is known to the receiving Party at the time of disclosure without
breach of this Agreement by the receiving Party

was already in the possession of the Party receiving such information
and which they can show from written records other than as a result of a breach
of this Agreement;

is in the public domain without out or other than as a result of a
breach of this Agreement by the receiving Party;

is necessarily disclosed pursuant to a statutory obligation or is
legally required to be disclosed to a regulatory agency or pursuant to an order
of a court of competent jurisdiction, provided that where 

permissible
the disclosing Party be given an opportunity to seek protective order and
following any such disclosure the Confidential Information shall remain
Confidential Information for the purposes of this Agreement and shall remain to
be dealt with according to the provisions of this Agreement;

is disclosed with prior written consent of the other Party;

is discovered or developed independently by the receiving Party in
activities not related to the performance of this Agreement;

is necessarily disclosed by a Party, by virtue of its status as a
public authority in terms of the Freedom of Information Act (England) 2000
subject at all times to the provisions of Clause s.41 and s.43 thereof.  Any notice being received by either Party
pursuant to this FOI Act 2000 then the Party receiving such notice shall
immediately notify the other Party prior to disclosing any Confidential
Information under this Agreement.  The
Parties hereby agree that all and any Confidential Information under this
Agreement is except information pursuant to s 41 and s. 43 of the FOI Act 2000
and shall be exempt form disclosure to any third party

d)                                     Each
Party further agrees to return to the other Party, upon request, all copies of
Confidential Information, except for one record copy which may, upon written
notice to the other Party, be retained in confidence for archive purposes only.

e)                                      The
receiving Party agrees to notify the disclosing Party promptly of the date of,
and the circumstances involved in, the loss or unauthorised disclosure of any
Confidential Information belonging to such Party.

f)                                        The
confidentiality and non-use obligations imposed by this Section shall continue
in force for 10 years following termination of this Agreement.

IN WITNESS WHEREOF, each
party has caused This Agreement to be signed by its duly authorised officer as
of the day and year written below.

Signed for an on behalf
of Cardiff University

On 20th day of June 2006.

	
    /s/ Geraint W. Jones

  	
   

  	
  Witness:

  	
    /s/ A. Evans

  
	
   

  	
   

  	
   

  
	
  Name:

  	
    Mr. Geraint W. Jones

  	
   

  	
  Name:

  	
    Mrs. A. Evans

  
	
   

  	
    Director, 

    Research and Commercial Division

  	
  Address:

  	
    26 Lonydail, Cardiff

  

 

Signed for an on behalf of Bioenvision Limited

On 12day of July 2006.

	
    /s/ Hugh Griffith

  	
   

  	
  Witness:

  	
    /s/ M. Adamson

  
	
   

  	
   

  	
   

  
	
  Name:

  	
    Hugh Griffith

  	
   

  	
  Name:

  	
    Moira Adamson

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address:

  	
    10 Lochside Place, Edinburgh

  

 

APPENDIX A

PROTOCOL

Updated versions of the
Protocol will be notified to Bioenvision and can be downloaded from the AML 16
Trial Web-Site.

APPENDIX B

FINANCIAL SUPPORT SCHEDULE

In accordance with the
Research Agreement and contingent on the Sponsors compliance with the
obligations set forth herein and those referenced in Clause 2 and 3 of the
aforementioned Research Agreement, and depending on completion of the
MILESTONES BIOENVISION shall provide financial support totaling [****] as
detailed below.

	
  Initial Payment

  	
  [****]

  	
  Upon Signature of Contract

  
	
   

  	
   

  	
   

  
	
  2nd Payment

  	
  [****]

  	
  Upon receipt of the interim report on first 12
  patients treated with clofarabine in the Clinical Trial

  
	
   

  	
   

  	
   

  
	
  3rd Payment

  	
  [****]

  	
  Upon receipt of the interim report on the second 12
  patients treated with clofarabine in the Clinical Trial

  
	
   

  	
   

  	
   

  
	
  4th Payment

  	
  [****]

  	
  Upon receipt of the interim report on the second 12
  patients treated with clofarabine in the Clinical Trial

  
	
   

  	
   

  	
   

  
	
  Final Payment and

  	
  [****]

  	
  Upon receipt of the final Clinical Trial report
  publishable manuscript.

  

 

BIOENVISION’s payment
obligations set forth in Section 3 of this Research Agreement and this Appendix
B are contingent upon The Sponsor’s promptly providing clinical data from the
Clinical Trial to BIOENVISION.

Sponsor shall pay
BIOENVISION for the cost associated with the supply of clofarabine [****].

BIOENVISION shall have
the right to offset amounts due and owing to Sponsor against amounts due and
owing by Sponsor to BIOENVISION under this Agreement.

**** Material omitted
pursuant to a request for confidential treatment under Rule 24b-2 of the
Exchange Act of 1934.  Material filed separately
with the Securities and Exchange Commission.

APPENDIX C

Sponsor acknowledges it
is acquiring drug supply of clofarabine solely and exclusively to properly
compare and contrast treatment regimens of compounds known or considered to be
active agents in the adult AML disease indication in performance of the
investigator sponsored clinical study known as AML-16.

Sponsor further
acknowledges it will acquire drug supply of clofarabine at prevailing market
rates to conduct the AML-16 clinical study regardless of Bioenvision’s decision
to either acquire or not acquire the clinical data generated by AML-16 (and
related interim and final study reports generated by Sponsor) and that a
comparison of compounds to treat adult AML would be incomplete without inclusion
of clofarabine in this multi-arm clinical study.

IN WITNESS WHEREOF, the parties have caused this Appendix C to Research
Agreement to be executed by their duly authorised officer, as of the 12
day of July 2006.

 

	
  BIOENVISION LIMITED

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
    /s/ Hugh Griffith

  	
   

  	
   

  
	
   

  	
   

  
	
  Name:

  	
  Hugh Griffith

  	
   

  
	
  Title:

  	
  C.O.O.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  CARDIFF
  UNIVERSITY

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
    /s/ Geraint W. Jones

  	
   

  	
   

  
	
   

  	
   

  
	
  Name:

  	
  Mr. Geraint W.
  Jones

  	
   

  
	
  Title:

  	
  Director,
  Research and Commercial DivisionExhibit 10.42

RESEARCH AGREEMENT

FOR INVESTIGATOR SPONSORED CLINICAL TRIAL

This Research Agreement
(“Agreement”) dated as of and effective the 11th day of August, 2006 is made by and between

BIOENVISION Limited,
whose trading office is 10 Lochside Place, Edinburgh Park, Edinburgh EH12 9RG
UK, (“BIOENVISION”)

And

Cardiff University, whose
administrative offices are at 30-36 Newport Road, Cardiff, CF24 ODE,
(“Sponsor”)

WHEREAS,

a)                                      BIOENVISION
has agreed, without any involvement in the initiation or conduct of the
Sponsor’s clinical trial to provide financial support for the following
Clinical Trial entitled:

AML 16 Clinical
Trial:  “A PHASE II/III TRIAL FOR OLDER
PATIENTS WITH

ACUTE MYELOID LEUKAEMIA AND HIGH RISK MYELODYSPLASTC

SYNDROME: Intensive Arm” (up to 400 patients enrolled)

(Trial Reference ISRCTN 11036523)

b)                                     The
Clinical Trial is being initiated by the Sponsor and is to be conducted under
the supervision of the Chief Investigator, Professor Alan Burnett, at the
Department of Haematology, Cardiff University and in addition participating
hospitals, who may participate according to the conditions agreed with the
Sponsor.

c)                                      This
Agreement sets forth the obligations of Chief Investigator and Sponsor as well
as the nature of BIOENVISION’S obligations.

NOW, THEREFORE, based on
the foregoing premises and the mutual covenants and agreements contained herein
and other consideration the receipt and sufficiency of which is hereby
acknowledged, the parties hereto hereby agree as follows:

1.                                       GENERAL

a)                                      For
the avoidance of doubt the Sponsor agrees that BIOENVISION is neither the
sponsor nor co-sponsor of the Clinical Trial nor, during the term of this
Agreement or otherwise, shall BIOENVISION be deemed to be the sponsor or
co-sponsor of the Clinical Trial for any purpose whatsoever.

b)                                     Subject
to the provisions set out below at Clause 1, it is recognised that the Sponsor
intends to invite other hospitals, institutions or investigators to participate
in this Clinical Trial under the leadership of the Sponsor and Chief
Investigator, it is set out herewith that whatever relationship this does
require between the Sponsor and these sites or investigators, it does not and
shall not establish any contractual relationship or other contractual liability
or contractual obligation of any nature whatsoever, in each case, between
BIOENVISION and these sites and/or investigators.  Further, the adding of these sites or
investigators by the Sponsor shall not affect any of the Sponsor’s obligations
as the Sponsor of the Clinical Trial, which need to be fulfilled for the
Clinical Trial as a whole, independent of the number of participating sites or
investigators.  The Sponsor is
responsible for ensuring that any such participating sites and investigators
comply and act consistently with the Sponsor’s obligations and with the rights
of BIOENVISION which are set out in this Agreement.

c)                                      The
Sponsor makes no representation or warranty and Bioenvision expressly
indemnifies and waives all claims against the Sponsor arising out of or in
connection with any claims relating to the stability, safety, or toxicity of
the Medicinal Product developed, formulated, packaged or manufactured in
accordance with its provision under this Agreement for the Clinical Trial.

d)                                     Bioenvision
assumes all risk or loss or claims in respect of the use of the Medicinal
Product save where the Sponsor has been negligent and/or indemnifies the
Sponsor in respect of such loss or damage and Bioenvision further warrants that
the use of the Medicinal Product will not infringe any patents or any other
proprietary rights and will indemnify the Sponsor in respect of any claims
relating to such warranty.

e)                                      The
Sponsor will indemnify Bioenvision against claims arising as a result of
clinical negligence and/or negligent harm to Clinical Trial Subjects under its
duty of care during the conduct of the Clinical Trial pursuant to this
Agreement.

f)                                        The
Sponsor shall only be liable to Bioenvision in respect to the Results provided
to Bioenvision to the extent that the Sponsor has been negligent or is in
wilful default in respect of the Results and/or is in deliberate breach of the
terms and conditions of this Agreement.

g)                                     Neither
Party shall be liable to the other for any loss of profit, business,
reputation, contracts, revenues or anticipated savings for any special,
indirect or consequential damage or any nature which arises directly or
indirectly out of or in connection with this Agreement.

h)                                     Subject
to the foregoing provisions of this Clause 1, Bioenvision shall indemnify and
hold the Sponsor free and harmless from any and all claims, demands, liability,
losses, actions or causes of actions, or any fines or penalties, and any and
all expenses associated therewith (including, without limiting the generality
of the foregoing, defence costs and reasonable out-of-pocket attorney’s fees),
arising out of or in connection with, are the result of, or are otherwise
related to:

any act or omission of Bioenvision;

the promotion, distribution, use, misuse or sale of the Medicinal
Product (including, without limiting the generality of the foregoing, any
claims, express, implied or statutory, made as to the efficacy or safety
thereof);

any Drug Product Labelling or packaging;

Bioenvision’s compliance or non-compliance with any applicable
governmental, local governmental, or regulatory authority laws or regulations;

any failure of Bioenvision to perform, in whole or in part, any of its
obligations hereunder, or

Bioenvision’s manufacture or handling of the Medicinal Drug, or any
acts or omissions of Bioenvision in respect thereof.

2.                                       RESPONSIBILITIES
RELATED TO THE CLINICAL TRIAL.  In Consideration of BIOENVISION providing
certain financial support set forth in this Agreement, the Sponsor agrees to
assume the following obligations:

a)                                      To
provide BIOENVISION with the Protocol which has been developed by the Chief
Investigator (and any and all amendments, modifications, supplements thereto or
restatements thereof), used or to be used in the Clinical Trial and the written
approval of the same by the Central Office for Research Ethics Committees
(“COREC”).

b)                                     To
permit Bioenvision to review the design of the CRFs (Case Record Forms) for the
Clinical Trial.

c)                                      To
furnish BIOENVISION with a copy of all correspondence with the COREC and/or the
offices of domestic or foreign regulatory agencies within five (5) business
days of receipt or transmittal by or the Sponsor;

d)                                     To
notify BIOENVISION immediately of any action by the COREC altering their review
or approval of the Clinical Trial;

e)                                      To
promptly notify BIOENVISION of any problems or potential concerns involving
risk to human subjects;

f)                                        To
furnish BIOENVISION with a monthly summary status report of the research
performed under the Clinical Trial in a format to be agreed between BIOENVISION
and the Chief Investigator.  The content
of this interim report is subject to the provisions of the Data Protection Act
1998;

g)                                     To
furnish BIOENVISION with a complete report of the research performed under
intensive arm of the Clinical Trial along with a publishable manuscript (the
“Clinical Trial Report”) within 90 days of the completion of the Clinical
Trial.  The complete report will be
structured in a format to be discussed and agreed between BIOENVISION and the
Chief Investigator.  BIOENVISION hereby
recognises that the Chief Investigator has the right of first publication
within the 60 day period immediately following the delivery of the Clinical
Trial Report to BIOENVISION.  The Sponsor
shall retain all Intellectual Property Rights in respect of the Results of the
Clinical Trial save to the extent that the provisions of clause 6(a) and/or
6(c) apply;

h)                                     To
notify BIOENVISION immediately of any changes in the status of the Chief
Investigator or the Sponsor’s status at the site(s); provided, however, that
any such change in status shall be notified to BIOENVISION in writing.

i)                                         To
not use BIOENVISION’S name in any advertising or other communication concerning
this Clinical Trial other than with the prior written consent of BIOENVISION in
its sole discretion;

j)                                         To
conduct the Clinical Trial in accordance with the Protocol attached hereto as Appendix
A; provided, however that any change to the Protocol shall be notified to
BIOENVISION in writing and that BIOENVISION shall acknowledge receipt of any
such notification.

k)                                      To
submit promptly all changes in the Protocol for BIOENVISION’S review.  The Sponsor also agrees to notify BIOENVISION
immediately if any subject in this Clinical Trial is simultaneously enrolled in
another Clinical Trial;

l)                                         To
notify BIOENVISION of any “serious” adverse event possibly related to
CLOFARABINE, within 24 hours of receiving notification of such an event.  For purposes of this requirement, under ICH
guidelines (ICH E2A Directive 2001/20) “serious” means any adverse event(s)
which are:

associated with the patient’s death;

associated with inpatient hospitalisation or
prolonged hospitalisation of the patient;

life-threatening to the patient;

associated with severe or permanent
disability/incapacity;

associated with cancer, or a congenital
anomaly; or

significant for any other reason.

The Sponsor agrees to make available to BIOENVISION,
promptly, and within reporting guidelines for serious adverse events, the
completed SAE Form and any and all such records as may be reasonably 

necessary and pertinent to investigate an adverse
event, including, without limitation, any such adverse event which may be
associated with use of a BIOENVISION drug during the Clinical Trial;

m)                                   To
comply with all laws, regulations or standards applicable to the Clinical Trial,
including, but not limited to, obligations for safety reporting, and any other
requirements reporting to regulatory authorities, informed consent, ethical
review board requirements, obtaining and documenting regulatory authorisations
and CTAs and EUDRACT documentation prior to the commencement of the Clinical
Trial, archiving and retention of records, and all other applicable principles
of Good Clinical Practice; and

n)                                     To
maintain records, and to instruct participating centres to do likewise, of the
receipt, storage and administration or dispensing of CLOFARABINE, identifying
(but not necessarily by name) each patient to whom the drug is administered or
dispensed, and to make these records available to BIOENVISION at any time
requested.

o)                                     The
Sponsor shall be responsible for compliance with all laws and regulations
applicable to any destruction or disposition of CLOFARABINE at the Sponsor’s
site and/or at the site of any other institution participating in the Clinical
Trial.

p)                                     To
provide BIOENVISION with a copy of the Clinical Trial Monitoring Plan, prior to
the commencement of the Clinical Trial, and to further provide BIOENVISION with
a copy of the record of monitoring visits and source data verification with
each and every summary status and complete report of the research, as detailed
in clause 2(f) and 2(g) of this Agreement.

3.                                       CONSIDERATION
AND PAYMENTS.

a)                                      Contingent
on the Sponsor’s compliance with the obligations set forth herein, BIOENVISION
shall provide the Sponsor with an initial Clinical Trial set up payment of
[****] and further payments based on the provision of summary status reports as
set out in paragraph 2(f) and as detailed in Appendix B.  The final payment will be due on delivery of
the final Clinical Trial Report and publishable manuscript provided for in
clause 2(g), in each case, as more fully described in the Financial Support
Schedule attached hereto as Appendix B.

b)                                     BIOENVISION’S
payment obligations set forth in clause 3(a) and Appendix B attached hereto are
contingent upon Sponsor’s obligation to reimburse BIOENVISION for the cost
associated with the supply of clofarabine, as detailed in the Financial Support
Schedule attached hereto as Appendix B.

c)                                      All
payments by BIOENVISION under this clause 3 shall be made within thirty (30)
days of the end of the month in which the Sponsor’s invoice (notification of
meeting the respective milestone as set in the Financial Support Schedule (Appendix
B)) is received.  Each invoice shall
set forth in reasonable detail the status of the Clinical Trial or relevant
Clinical Trial report, as applicable, and the description and amount due.  Matters in dispute shall be payable upon
mutual resolution of such disputes.  The Sponsor
shall be prepared to follow up with any and all such supporting documentation
reasonably requested by BIOENVISION.

All payments by Sponsor
to BIOENVISION shall be made within sixty (60) days of the end of the month in
which BIOENVISION’S Invoice is delivered.

BIOENVISION’s payment
will be made to:

AML 16 Bioenvision
Account

RACD Finance
Department

Cardiff University

30-36 Newport Road

Cardiff

CF24 ODE

**** Material omitted
pursuant to a request for confidential treatment under Rule 24b-2 of the
Exchange Act of 1934.  Material filed
separately with the Securities and Exchange Commission.

Or in such other name
and/ or address as provided after BIOENVISION’S receipt of prior written notice
of such change.

Sponsor’s payments will
be made to:

Bioenvision
Limited

10 Lochside Place

Edinburgh Park

Edinburgh

EH12 9RG

Attention: 
Accounts Department

Or in such other name
and/ or address as provided after Sponsor’s receipt of prior written notice of
such change.

4.                                       CLINICAL
TRIAL DRUG SUPPLY AND DELIVERY.  Contingent on the Sponsors compliance with
the obligations set forth herein and with the terms set forth in the Financial
Support Schedule (Appendix B), the parties hereby agree as follows:

a)                                      The
Sponsor will notify BIOENVISION of the specific needs for each shipment of
clofarabine during the conduct of the Clinical Trial.  Each request will-be activated by electronic
communication from the Trial Office in the Clinical Trials Unit, University of
Birmingham identifying the principal investigator and site in addition to
detailing the patient trial number, quantity, named pharmacist and full
delivery invoice address.

b)                                     The
Sponsor must provide BIOENVISION with a copy of the Sponsor’s COREC approval,
and the EC approval of each participating site, prior to BIOENVISION shipment
of clofarabine.

c)                                      Bioenvision
will be responsible for the labelling of the Clinical Trial drug in compliance
with the European Directive 2001/20/EC, (Volume 4 Good Manufacturing Practices,
Annexe 13, Manufacture of investigational medicinal products).

5.                                       PUBLICATION.

a)                                      Upon
completion of each Clinical Trial, and any prior publication of multi-centre
data, or when the Clinical Trial data are adequate (in Sponsor’s and
BIOENVISION’ s reasonable judgement), the Sponsor will prepare the data
deriving from the Clinical Trial for publication.  In so far as any publication relates to
clofarabine such data will be submitted to BIOENVISION for review and comment
prior to publication.  In order to ensure
that BIOENVISION will be able to make comments and suggestions where pertinent,
material for public dissemination will be submitted to BIOENVISION for review
at least thirty (30) days prior to submission for publication, public
dissemination, or review by a publication committee.

b)                                     During
the period for review of a proposed publication referred to in clause (a)
above, BIOENVISION shall be entitled to make a reasoned request to the Sponsor
that publication be delayed for a period of up to six (6) months from the date
of first submission to BIOENVISION in order to enable BIOENVISION to take steps
to protect its proprietary information. 
The Sponsor shall not unreasonably withhold consent to such a request.

c)                                      In
the event that any such Publication does not relate to clofarabine then the
Publication shall be provided to BIOENVISION for information purposes only.

6.                                       INTELLECTUAL
PROPERTY

a)                                      The
Sponsor will disclose and promptly assign to BIOENVISION in writing any
improvements, inventions or discoveries relating to clofarabine, whether or not
patentable, including without limitation any and all reformulations of
clofarabine, generated by the Sponsor or one of its agents, employees or
representatives, or arising from the activities or discoveries, whether or not
patentable, generated or arising from the activities under this 

Agreement relating to
clofarabine conceived and/or reduced to practice during the term of this
Agreement relating to clofarabine which are conceived or reduced to practice by
the Sponsor, any co-sponsor of this Clinical Trial and/or any employee or
representative of the Sponsor or such co-sponsor or the Clinical Trial (the
“Intellectual Property Rights”).

b)                                     Any
other rights in any improvements, inventions or discoveries including
intellectual property rights (other than the “Intellectual Property Rights”
defined in clause 6(a) above), whether or not patentable, generated by the
Sponsor or one of its agents, employees or representatives, or arising from the
activities or discoveries, whether or not patentable, generated or arising from
the activities under this Agreement conceived and/or reduced to practice during
the term of this Agreement which are conceived or reduced to practice by the
Sponsor, any co-sponsor of this Clinical Trial and/or any employee or
representative of the Sponsor or such co-sponsor or the Clinical Trial (the
“Sponsor Intellectual Property Rights”) shall belong with the Sponsor.

c)                                      Any
Intellectual Property Rights concerning the use of clofarabine shall be the
sole and exclusive property of BIOENVISION, regardless of the source of any
such improvement, invention, reformulation or discoveries, and, during the term
of this Agreement or thereafter, as applicable, the Sponsor agrees to promptly
assign or cause to be assigned all right, title and interest in and to such
Intellectual Property Rights to BIOENVISION.

d)                                     BIOENVISION’S
obligation to make final payment for the final Clinical Trial Report set forth
in clause 3(a) above shall be contingent upon its having received any and all
such Intellectual Property Rights from the Sponsor and/or Chief Investigator.

7.                                       Term
and Termination.  The term of this Agreement shall expire upon
completion of the Clinical Trial; provided, however, that

a)                                      Either
BIOENVISION or the Sponsor (the “Terminating Party”) may terminate this
Agreement with immediate effect at any time if the other Party (the “Defaulting
Party”) is (i) in breach of any of the Defaulting Party’s obligations hereunder
and fails to remedy such breach where it is capable of remedy within 28 days of
a written notice from the Terminating Party specifying the breach and requiring
its remedy; or (ii) declared insolvent or has an administrator or receiver
appointed over all or any part of its assets or ceases or threatens to cease to
carry on its business.

b)                                     A
Party may terminate this Agreement immediately on notice to the other Party
with immediate effect if it is reasonably of the opinion that the Clinical
Trial should cease in the interests of the health of Clinical Trial Patients
involved in the Clinical Trial as advised by the Clinical Trial independent
Data and Ethics Monitoring Committee.

c)                                      BIOENVISION
may terminate this Agreement on notice to the Sponsor if Professor Alan Burnett
is no longer able (for whatever reason) to act as Chief Investigator and no
replacement mutually acceptable to BIOENVISION and the Sponsor can be found.

d)                                     If
BIOENVISION terminates this Agreement for any reason pursuant to clause 8(a)
above, BIOENVISION agrees that it shall confer with the Sponsor and use its
best endeavours to minimise any inconvenience or harm to Clinical Trial
Patients caused by the premature termination of the Clinical Trial.

e)                                      If
this Agreement or this Clinical Trial is terminated for any reason prior to
completion of the Clinical Trial or BIOENVISION’s receipt of a final Clinical
Trial report, the Sponsor shall

immediately return to BIOENVISION or dispose of (as instructed by
BIOENVISION) all unused clofarabine and other supplies previously supplied by
BIOENVISION to the Sponsor’s site and instruct participating sites to do
likewise.

promptly provide BIOENVISION with an itemised statement of work performed
as of the date of termination consistent with the Financial Support Schedule
(Appendix B); and

promptly refund to BIOENVISION the amount, if any, by which BIOENVISION
payment(s) under this Agreement exceed BIOENVISION obligation.

8.                                       AGREEMENT
AND MODIFICATION

a)                                      This
Agreement including its Appendices contains the entire understanding between
the Parties and supersedes all other understandings and/or agreements between
the parties, whether written or oral, prior to the date hereof between the
Parties relating to the Clinical Trial or the other subject matter of this
Agreement.

b)                                     BIOENVISION
reserves the right to modify and re-negotiate the terms of this agreement under
the following conditions:

if it is determined by BIOENVISION that
aspects of the Clinical Trial conducted within the terms of this Agreement
would be suitable for use as part of a regulatory strategy for clofarabine,
BIOENVISION reserves the right to negotiate a new contract with The Sponsor
which would constitute a separate Agreement.

if clofarabine is approved by the EMeA for
the treatment of first line Acute Myeloid Leukaemia, BIOENVISION reserves the
right to review and re-negotiate the entire Agreement, subject to providing no
less than three (3) months prior written notice to the Sponsor.

9.                                       GENERAL
PROVISIONS:

a)                                      Independent
Contractors.  In conducting this Clinical
Trial, the Sponsor will not be acting as an agent, partner, or employee of
BIOENVISION and will not have any authority to, nor will the Sponsor, make
agreements with third- parties that are binding upon BIOENVISION in any manner
or nature whatsoever.

b)                                     Notices.  Unless otherwise agreed to in this Agreement,
any notice, request or other communication required to be given pursuant to the
provisions of this Agreement shall be in writing and shall be deemed to be
given when delivered in person or five business days after being deposited in
the mail, postage prepaid, certified, return receipt requested, or two business
days after being deposited with an internationally recognised overnight
courier, return receipt requested, or one business day after being faxed, to
the parties addressed as follows:

If to the Sponsor:

Geraint Jones

Director of
Research and Commercial Division

Cardiff University

30-36 Newport Road

Cardiff

CF24 ODE

In respect of Serious Adverse Events:

Alan K Burnett MD

Department of
Haematology

Cardiff University

Heath Park,
Cardiff

CF14 4XN

If to BIOENVISION:

Hugh Griffith

Bioenvision
Limited

10 Lochside Place

Edinburgh

EH12 9RG

Fax:  0131 248
3300

With a copy to:

David Luci

Bioenvision, Inc

345 Park Avenue

41st Floor

New York 10154

USA

c)                                      Governing
Law; Jurisdiction.  This Agreement shall
be governed by and construed in accordance with the internal laws of England
and Wales.  Each party to this Agreement
agrees to be bound by the jurisdiction of the courts located in London, England
in connection with any dispute arising under this Agreement.

d)                                     Counterparts.  This Agreement may be signed in one or more
counterparts, each of which shall be deemed an original as against either party
whose signature appears thereon, but all of which together shall constitute one
and the same instrument.

e)                                      Survival
of Obligations.  In the event of the
termination of this Agreement, all obligations of the parties hereto existing
prior to termination shall remain the obligation of each such party until
discharged.  All confidentiality
obligations shall survive any such termination for a period of ten (10) years
thereafter.

f)                                        Authority;
No conflicts.  The Sponsor represents and
warrants to BIOENVISION that The Sponsor has full power and authority to enter
into this Agreement and entering into this Agreement does not conflict with any
other obligation of the Sponsor and/or Chief Investigator.  The Sponsor agrees to assure that any and all
other centres to be included in the Clinical Trial(s) shall have the power and
authority to participate in the Clinical Trial(s) prior to allowing such
participation in the Clinical Trial(s).

10.                                 CONFIDENTIALITY:

a)                                      Each
Party further agrees to take reasonable and appropriate measures to safeguard
Confidential Information received from the other from theft, loss or negligent
disclosure to others and to limit access to Confidential Information to those
of its officers, directors and employees who reasonably require such access in
order to accomplish performance of this Agreement.  Each Party shall take all reasonable
precautions in dealing with The Project Description and with any information
documents and papers provided to it by the other Party so as to prevent any
unauthorised person from having access to The Project Description, information,
documents or papers or to any report on or records of any tests carried out.

b)                                     The
restrictions contained in this Clause shall continue to apply after the termination
or expiration of this Agreement.

c)                                      The
provision of Clause 10a) shall not apply to the whole or any part of the
Confidential Information that;

i)                                         Is
lawfully obtained free of any duty of confidentiality otherwise than directly
or indirectly from the other Party;

ii)                                      Is
known to the receiving Party at the time of disclosure without breach of this
Agreement by the receiving Party

iii)                                   was
already in the possession of the Party receiving such information and which
they can show from written records other than as a result of a breach of this
Agreement;

iv)                                  Is
in the public domain without out or other than as a result of a breach of this
Agreement by the receiving Party;

v)                                     is
necessarily disclosed pursuant to a statutory obligation or is legally required
to be disclosed to a regulatory agency or pursuant to an order of a court of
competent jurisdiction, provided that where permissible the disclosing Party be
given an opportunity to seek protective order and following any such disclosure
the Confidential Information shall remain Confidential Information for the
purposes of this Agreement and shall remain to be dealt with according to the
provisions of this Agreement;

vi)                                  is
disclosed with prior written consent of the other Party;

vii)                               is
discovered or developed independently by the receiving Party in activities not
related to the performance of this Agreement;

viii)                            is
necessarily disclosed by a Party, by virtue of its status as a public authority
in terms of the Freedom of Information Act (England) 2000 subject at all times
to the provisions of Clause s.41 and s.43 thereof.  In the event of any notice being received by
either Party pursuant to this FOI Act 2000, then the Party receiving such
notice shall immediately notify the other Party prior to disclosing any
Confidential Information under this Agreement. 
The Parties hereby agree that all and any Confidential Information under
this Agreement is exempt information pursuant to s 41 and s. 43 of the FOI Act
2000 and shall be exempt form disclosure to any third party

d)                                     Each
Party further agrees to return to the other Party, upon request, all copies of
Confidential Information, except for one record copy which may, upon written
notice to the other Party, be retained in confidence for archive purposes only.

e)                                      The
receiving Party agrees to notify the disclosing Party promptly of the date of,
and the circumstances involved in, the loss or unauthorised disclosure of any
Confidential Information belonging to such Party.

f)                                        The
confidentiality and non-use obligations imposed by this clause shall continue
in force for 10 years following termination or expiration of this Agreement.

IN WITNESS WHEREOF, each
party has caused This Agreement to be signed by its duly authorised officer as
of the day and year written below.

Signed for an on behalf
of Cardiff University

On [30th] day of August 2006.

	
  /s/ Kathy Pittard Davies

  	
   

  	
  Witness:

  	
  /s/ Chris Shaw

  
	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  	
  Name:

  	
  Chris Shaw

  
	
   

  	
  Dr. Kathy
  Pittard Davies

  Deputy Director and Head of Research Policy 

  and Management

  Research and Commercial Division

  	
   

  	
  Address:

  	
  RACD, 30-36 Newport Road, Cardiff

  

 

Signed for an on behalf
of Bioenvision Limited

On [ 11] day of August 2006.

	
  /s/ Hugh Griffith

  	
   

  	
  Witness:

  	
  /s/ Moira Adamson

  
	
   

  	
   

  	
   

  
	
  Name:

  	
  Hugh Griffith

  	
   

  	
  Name:

  	
  Moira Adamson

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Address:

  	
  10 Lochside Place, Edinburgh

  

 

APPENDIX A

PROTOCOL

APPENDIX B

FINANCIAL SUPPORT SCHEDULE

In accordance with the
Research Agreement and contingent on the Sponsors compliance with the
obligations set forth herein and those referenced in Clause 2 and 3 of the
aforementioned Research Agreement, and depending on completion of the
MILESTONES BIOENVISION shall provide financial support totaling [****] as
detailed below.

	
  Payment 

  Number

  	
   

  	
  Milestone

  	
   

  	
  Amount

  
	
  1

  	
   

  	
  Upon signature of contract

  	
   

  	
  [****]

  
	
  2

  	
   

  	
  Upon completion of clofarabine dosing of 25 patients
  and receipt of monthly status reports

  	
   

  	
  [****]

  
	
  3

  	
   

  	
  Upon completion of clofarabine dosing of 50 patients
  and receipt of monthly status reports

  	
   

  	
  [****]

  
	
  4

  	
   

  	
  Upon completion of clofarabine dosing of 75 patients
  and receipt of monthly status reports

  	
   

  	
  [****]

  
	
  5

  	
   

  	
  Upon completion of clofarabine dosing of 100
  patients and receipt of monthly status reports

  	
   

  	
  [****]

  
	
  6

  	
   

  	
  Upon completion of clofarabine dosing of 125
  patients and receipt of monthly status reports

  	
   

  	
  [****]

  
	
  7

  	
   

  	
  Upon completion of clofarabine dosing of 150
  patients and receipt of monthly status reports

  	
   

  	
  [****]

  
	
  8

  	
   

  	
  Upon completion of clofarabine dosing of 175
  patients and receipt of monthly status reports

  	
   

  	
  [****]

  
	
  9

  	
   

  	
  Upon completion of clofarabine dosing of 200
  patients and receipt of monthly status reports

  	
   

  	
  [****]

  
	
  10

  	
   

  	
  Upon completion of clofarabine dosing of 225
  patients and receipt of monthly status reports

  	
   

  	
  [****]

  
	
  11

  	
   

  	
  Upon completion of clofarabine dosing of 250
  patients and receipt of monthly status reports

  	
   

  	
  [****]

  
	
  12

  	
   

  	
  Upon completion of clofarabine dosing of 275
  patients and receipt of monthly status reports

  	
   

  	
  [****]

  
	
  13

  	
   

  	
  Upon completion of clofarabine dosing of 300
  patients and receipt of monthly status reports

  	
   

  	
  [****]

  
	
  14

  	
   

  	
  Upon completion of clofarabine dosing of 325
  patients and receipt of monthly status reports

  	
   

  	
  [****]

  
	
  15

  	
   

  	
  Upon completion of clofarabine dosing of 350
  patients and receipt of monthly status reports

  	
   

  	
  [****]

  
	
  16

  	
   

  	
  Upon completion of clofarabine dosing of 375
  patients and receipt of monthly status reports

  	
   

  	
  [****]

  
	
  17

  	
   

  	
  Upon completion of clofarabine dosing of 400
  patients and receipt of final study report

  	
   

  	
  [****]

  
	
  TOTAL

  	
   

  	
   

  	
   

  	
  [****]

  

 

BIOENVISION’s payment
obligations set forth in clause 3 of this Research Agreement and this Appendix
B are contingent upon The Sponsor’s promptly providing clinical data from the
Clinical Trial to BIOENVISION.

Sponsor shall pay
BIOENVISION for the cost associated with the supply of clofarabine [****].

BIOENVISION shall have
the right to offset amounts due and owing to Sponsor against amounts due and
owing by Sponsor to BIOENVISION under this Agreement.

**** Material omitted
pursuant to a request for confidential treatment under Rule 24b-2 of the
Exchange Act of 1934.  Material filed
separately with the Securities and Exchange Commission.

APPENDIX C

Sponsor acknowledges it
is acquiring drug supply of clofarabine solely and exclusively to properly
compare and contrast treatment regimens of compounds known or considered to be
active agents in the adult AML disease indication in performance of the
investigator sponsored clinical study known as AML-16.

Sponsor further
acknowledges it will acquire drug supply of clofarabine at prevailing market
rates to conduct the AML-16 clinical study regardless of Bioenvision’s decision
to either acquire or not acquire the clinical data generated by AML-16 (and
related interim and final study reports generated by Sponsor) and that a
comparison of compounds to treat adult AML would be incomplete without
inclusion of clofarabine in this multi-arm clinical study.

IN WITNESS WHEREOF, the
parties have caused this Appendix C to Research Agreement to be executed by
their duly authorised officer, as of the 30th day of August 2006.

	
  BIOENVISION LIMITED

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By: 

  	
    /s/ Hugh Griffith

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Name:

  	
  Hugh Griffith

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
  C.O.O.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  CARDIFF
  UNIVERSITY

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By: 

  	
    /s/ Kathy Pittard Davies 

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Name: Dr.
  Kathy Pittard Davies

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:   Deputy Director and Head of
  Research Policy and Management

  
	
   

  	
  Research and Commercial Division

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