Document:

EX-10.32

 Exhibit 10.32 

***Text Omitted and Filed Separately with 

the Securities and Exchange Commission. 

Confidential Treatment Requested Under 

17 C.F.R. Sections 200.80(b)(4) and 240.24b-2. 

December 19, 2014 
 Novasep, Inc. 

23 Creek Circle 
 Boothwyn, PA 19061 

USA 
  

	Re:	Mydicar Commercial Supply Project 

 Ladies and Gentlemen: 

As we have discussed, Celladon Corporation, a Delaware corporation (“Celladon”), and Novasep, Inc., a New Jersey corporation
(“Novasep”), are in discussions regarding a potential collaborative relationship related to Celladon’s proprietary AAV1/SERCA2a gene therapy candidate known as MYDICAR®, pursuant to which the parties would implement
a transfer program to enable Novasep to produce Mydicar on behalf of Celladon, Novasep would make facility modifications necessary for the manufacture of Mydicar and perform process development, scale-up and validation services necessary for
commercial production of Mydicar, and Novasep would manufacture and supply Mydicar to Celladon for commercial distribution (collectively, the “Project”). For the sake of clarity, fill and finish services or activities are
excluded from Novasep’s scope of services and supply. 
 The purpose of this letter agreement (the “Letter”) is: (i) to
set forth the parties’ binding rights and obligations with respect to certain preliminary Project activities that the parties wish to commence, or reserve capacity for (as applicable), prior to the negotiation and execution by the parties of a
definitive agreement governing the Project (a “Definitive Agreement”); and (ii) to facilitate the discussion and negotiation of a Definitive Agreement. 

The parties, intending to be legally bound (except with respect to Schedule B to this Letter, which is not binding on either party), agree as
follows: 
 1. Initial Activities. Novasep (itself and/or through its affiliate Novasep Belgium) agrees: (a) to perform the activities described
in Schedule A to this Letter (the “Initial Project Plan”) in accordance with the terms to be negotiated in good faith by the Parties and in compliance with applicable laws, rules and regulations; and (b) to
use commercially reasonable efforts to perform such activities and deliver the deliverables to be agreed to by the Parties substantially in accordance with the timelines to be agreed. 

2. Payments. Celladon agrees to compensate Novasep for the performance of the Initial Project Plan in an aggregate amount of up to four million seven
hundred fifty thousand Euro (4,750,000 €), which shall be payable as follows: 
 (a) one million Euro
(1,000,000 €) within three business days after the date of this Letter; 
 (b) one million five hundred thousand Euro
(1,500,000 €) no later than [...***...]; 
 (c) six hundred thousand Euro (600,000 €) no later than
[...***...]; 

  
 ***Confidential
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 Novasep, Inc. 

December 19, 2014 
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 (d) eight hundred twenty five thousand Euro (825 000 €) no later than
[...***...]; and 
 (e) eight hundred twenty five thousand Euro (825 000 €) no later than [...***...]. 

3. Definitive Agreement. Commencing as promptly as practicable after the date of this Letter, the parties shall negotiate in good faith a Definitive
Agreement on commercially reasonable terms. Upon signature by the parties, the Definitive Agreement would supersede this Letter. Exhibit B to this Letter outlines some of the key principles and terms that the parties expect to include in
a Definitive Agreement. However, the parties acknowledge that Exhibit B hereto is a statement of intent only, is intended to facilitate the negotiation of a Definitive Agreement, is not intended to be, and is not, legally binding on
either party, and addresses only a limited subset of the terms that would need to be included in a Definitive Agreement. The parties further acknowledge that the key principles and terms outlined in Exhibit B will require further
discussion, elaboration and qualification and may require modification. The parties will use commercially reasonable efforts to conclude a Definitive Agreement as promptly as practicable and in any event by March 31, 2015; provided,
however, that if Celladon exercises its termination right under Section 4(a) or Section 4(b) of this Letter prior to signature by the parties of a Definitive Agreement, then the parties shall have no further obligation to
negotiate a Definitive Agreement. 
 4. [...***...]: 

[...***...] 

  
 ***Confidential
Treatment Requested 

  
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 Novasep, Inc. 

December 19, 2014 
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 [...***...] 

5. Confidentiality. All information and materials disclosed or transferred by Celladon to Novasep pursuant to the Initial Project Plan shall at all
times be owned solely by Celladon and shall be considered “Confidential Information” of Celladon for purposes of that certain Mutual Confidential Disclosure Agreement between Celladon and Groupe Novasep SAS dated August 15, 2011 (the
“Non-Disclosure Agreement”), which shall remain in full force and effect in accordance with its terms; provided, however, that Novasep shall have the right to use the information and materials disclosed or transferred
by Celladon to Novasep pursuant to the Initial Project Plan for the purpose of performing the Initial Project Plan (but not for any other purpose); and provided, further, that, (a) notwithstanding Section 7 of the Non-Disclosure Agreement to the contrary, the expiration date of the Non-Disclosure Agreement is hereby extended to December 19, 2024, and (b) with respect to any
Confidential Information of Celladon that is specifically identified to be a trade secret under applicable law, Novasep’s obligations under the Non-Disclosure Agreement shall survive the expiration
thereof for so long as such Confidential Information remains a trade secret. 
 6. Intellectual Property. Celladon shall solely own, and Novasep
hereby assigns to Celladon, all right, title and interest in and to any invention, development or discovery (whether or not patentable) made or generated by or on behalf of Novasep or Novasep Belgium in the course of performance of the Initial
Project Plan that constitutes a modification or improvement of, or that uses or incorporates, Celladon’s Confidential Information (as defined in the Non-Disclosure Agreement and supplemented by Section 5 of this Letter), including all
intellectual property rights therein. Celladon shall grant a non-exclusive, royalty-free license to Novasep, Novasep Belgium, and their affiliates to use any invention, development or discovery (whether or not patentable) made or generated by or on
behalf of Novasep or Novasep Belgium in the course of performance of the Initial Project Plan that is generally applicable to the development or manufacture of biological products or product components and does not use, require the use of, or
incorporate any of Celladon’s Confidential Information. 
 7. Survival. The parties’ respective rights and obligations under
Sections 4, 5, 6, 7 and 8 of this Letter and under the Non-Disclosure Agreement (as supplemented by this Letter) shall survive termination of this Letter or the Definitive Agreement (as applicable) pursuant to Section 4 of this Letter.

 8. Miscellaneous. Each party will be responsible for and bear all of its own costs and expenses incurred in connection with the negotiation of
this Letter and the Definitive Agreement. Novasep’s relationship with Celladon is that of an independent contractor and nothing in this Letter should be construed to create a partnership, joint venture, or employer-employee relationship. This
Letter shall be governed by the laws of the State of New Jersey, USA, excluding its conflicts of laws principles. This Letter, including the Exhibits hereto, together with the Non-Disclosure Agreement,
constitutes the complete and exclusive agreement of the parties with respect to the subject matter hereof and thereof. This Letter may not be modified except by 

  
 ***Confidential
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 Novasep, Inc. 

December 19, 2014 
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a written instrument signed by both parties. No failure or delay of one of the parties to insist upon strict performance of any of its rights or powers under this Letter shall operate as a waiver
thereof, nor shall any other single or partial exercise of such right or power preclude any other further exercise of any rights or remedies provided by law. This Letter may be executed in multiple counterparts (including by facsimile), each of
which shall be deemed an original and all of which together shall constitute one and the same instrument. 
 If this Letter is acceptable to you, please
indicate your acceptance by countersigning this Letter below and returning a copy to me. 
  

			
	Sincerely,
	
	CELLADON CORPORATION
		
	By:		 /s/ Paul B. Cleveland

			Paul B. Cleveland
			President and Chief Financial Officer

 Agreed to and accepted as of the date first set forth above: 

 

			
	NOVASEP, INC.
		
	By:		 /s/ Andrew Brennan

		
	Name:		Andrew Brennan
	Title:		General Manager, US Operations

  
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 Schedule A 

Initial Project Plan 

[...***...] 

  
 ***Confidential
Treatment Requested 

 Exhibit B 

Non-Binding Summary of Terms 

[...***...] 

  
 ***Confidential
Treatment RequestedEX-10.33

 Exhibit 10.33 

AMENDMENT NO. 1 
 TO

 LOAN AND SECURITY AGREEMENT 

THIS AMENDMENT NO. 1 TO LOAN AND
SECURITY AGREEMENT (this “Amendment”) is dated as of December 10, 2014 (the “First Amendment Date”) and is entered into by and among CELLADON CORPORATION, a Delaware corporation, and each of
its subsidiaries (hereinafter collectively referred to as the “Borrower”), HERCULES TECHNOLOGY III, L.P., a Delaware limited partnership (HT III”), and HERCULES TECHNOLOGY GROWTH CAPITAL, INC., a Maryland corporation
(“HTGC”). Capitalized terms used herein without definition shall have the same meanings given them in the Loan Agreement (as defined below). 

RECITALS 

A. Borrower, Agent and Lender have entered into that certain Loan and Security Agreement dated as of July 31, 2014 (as may be
amended, restated, or otherwise modified, the “Loan Agreement”), pursuant to which Lender has agreed to extend and make available to Borrower certain advances of money. 

B. Borrower, Agent and Lender desire to amend the Loan Agreement upon the terms and conditions more fully set forth herein. 

AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing Recitals and intending to be legally bound, the parties hereto agree as follows: 

1. AMENDMENTS. 

1.1 The definition of “Funding Milestone” in the Loan Agreement is hereby amended and restated in its entirety as follows:

 “Funding Milestone” means the delivery of a written notice from the Borrower to Agent that states that the Phase2b data supports
the continued development of MYDICAR for reducing hospitalization for heart failure in Nab-negative NYHA class III or class IV heart failure patients who are not in immediate need of a left ventricular assist device or heart transplant, with the
next clinical step for such indication (other than the two previously planned studies as disclosed to Agent) being a phase III study or for registration for approval, all as reasonably determined by Borrower’s senior management and board of
directors not later than June 30, 2015. For the avoidance of doubt, any determination by the Borrower’s senior management and board of directors that the Phase2b data supports the development of MYDICAR for other indications or supports
the conduct of one or more different studies at any phase level will not prevent the occurrence of a Funding Milestone that would otherwise be deemed to have occurred upon satisfying the conditions in the previous sentence. 

1.2 Section 2.1(a)(ii). Section 2.1(a)(ii) of the Loan Agreement is hereby amended and restated in its entirety as follows:

 (ii) Subject to the terms and conditions of this Agreement, beginning on the date that the Funding Milestone has been achieved and
continuing through June 30, 2015, Lender will severally (and not jointly) make in an amount not to exceed its respective Term Commitment, the Second Tranche Advance. 

 2. BORROWER’S REPRESENTATIONS
AND WARRANTIES. Borrower represents and warrants to Lender and Agent that: 
 2.1
Immediately upon giving effect to this Amendment (i) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such
representations and warranties relate to an earlier date, in which case they are true and correct as of such date), and (ii) no Event of Default has occurred and is continuing with respect to which Borrower has not been notified in writing by
Agent or Lender. 
 2.2 Borrower has the corporate power and authority to execute and deliver this Amendment and to perform its
obligations under the Loan Agreement, as amended by this Amendment. 
 2.3 The certificate of incorporation, bylaws and other
organizational documents of Borrower delivered to Agent and Lender on the Closing Date remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect. 

2.4 The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan
Agreement, as amended by this Amendment, have been duly authorized by all necessary corporate action on the part of Borrower. 
 2.5
This Amendment has been duly executed and delivered by Borrower and is the binding obligation of Borrower, enforceable against it in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency,
reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors’ rights; and 

2.6 As of the date hereof, it has no defenses against the obligations to pay any amounts under the Obligations. Borrower acknowledges
that Lender and Agent have acted in good faith and have conducted in a commercially reasonable manner their relationships with Borrower in connection with this Amendment. 

Borrower understands and acknowledges that Lender and Agent are entering into this Amendment in reliance upon, and in partial consideration
for, the above representations and warranties, and agrees that such reliance is reasonable and appropriate. 
 3.
LIMITATION. The amendments set forth in this Amendment shall be limited precisely as written and shall not be deemed (a) to be a waiver or modification of any other term or condition of the Loan Agreement or of
any other instrument or agreement referred to therein or to prejudice any right or remedy which Agent or Lender may now have or may have in the future under or in connection with the Loan Agreement (as amended hereby) or any instrument or agreement
referred to therein; or (b) to be a consent to any future amendment or modification or waiver to any instrument or agreement the execution and delivery of which is consented to hereby, or to any waiver of any of the provisions thereof. Except
as expressly amended hereby, the Loan Agreement shall continue in full force and effect. 

  
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 4. RESERVED 

5. EFFECTIVENESS. This Amendment shall become effective upon the satisfaction of all the following
condition precedent: 
 5.1 Amendment. Borrower, Agent and Lender shall have duly executed and delivered this Amendment to each
other. 
 5.2 Payment of Lender Expenses. Borrower shall have paid all Lender expenses (including all reasonable attorneys’ fees
and reasonable expenses) incurred through the date of this Amendment. 
 6. COUNTERPARTS. This
Amendment may be signed in any number of counterparts, and by different parties hereto in separate counterparts, with the same effect as if the signatures to each such counterpart were upon a single instrument. All counterparts shall be deemed an
original of this Amendment. This Amendment may be executed by facsimile, portable document format (.pdf) or similar technology signature, and such signature shall constitute an original for all purposes. 

7. INCORPORATION BY REFERENCE. The provisions of Section 11 of the
Agreement shall be deemed incorporated herein by reference, mutatis mutandis. 
 8. SECOND
TRANCHE ADVANCE REFINANCED. For the avoidance of doubt, the $15,000,000 commitment for the Second Tranche Advance set forth in Section 2.1(a)(ii) of the Loan
Agreement in effect prior to this Amendment has been terminated in full and is now replaced by the Second Tranche Advance commitment set forth in this Amendment. 

[SIGNATURES CONTINUED ON THE FOLLOWING PAGE] 

  
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 IN WITNESS WHEREOF, the
parties have duly authorized and caused this Amendment to be executed as of the date first written above. 
  

			
	BORROWER:
	
	CELLADON CORPORATION
		
	Signature:		 /s/ Paul B. Cleveland

		
	Print Name:		 Paul B. Cleveland

		
	Title:		 President and CFO

 Accepted in Palo Alto, California: 
  

											
	AGENT AND LENDER:				LENDER:		
			
	HERCULES TECHNOLOGY GROWTH CAPITAL, INC.				 HERCULES TECHNOLOGY III, L.P.,

a Delaware limited partnership

					
	Signature:		 /s/ Ben Bang
				By:		Hercules Technology SBIC
	Name:		Ben Bang						Management, LLC, its General
	Title:		Associate General Counsel						Partner
					
							By:		Hercules Technology Growth Capital, Inc., its Manager
						
									By:		 /s/ Ben Bang

									Name:		Ben Bang
									Title:		Associate General Counsel

  
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