Document:

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                                                                    EXHIBIT 10.8

                                                      EFFECTIVE JANUARY 21, 2003

                                GERON CORPORATION
                                 SEVERANCE PLAN
                         (AND SUMMARY PLAN DESCRIPTION)

         This Severance Plan (the "PLAN") sets forth the severance benefits
available to Covered Employees of Geron Corporation (together with any successor
to substantially all of its business, stock or assets, the "Company") in the
event of a transaction resulting in a Change of Control (as defined below).

         The Plan is an employee welfare benefit plan subject to the Employee
Retirement Income Security Act of 1974, as amended ("ERISA"). This Plan document
is also the summary plan description of the Plan. References in the Plan to
"You" or "Your" are references to an employee of the Company.

         1.       GENERAL ELIGIBILITY. You shall only be eligible for benefits
under this Plan if, immediately prior to a Triggering Event, you are an employee
of the Company.

         2.       ENHANCED SEVERANCE. Upon a Triggering Event following a Change
of Control (as described in Section 13(c)(ii), (iii) or (iv) below), you shall
receive a severance payment equal to the amount of your base salary for a
severance period that is determined based on your position with the Company
immediately before such Triggering Event pursuant to the following schedule:

<TABLE>
<CAPTION>
---------------------------------------------------------------
   Covered Position                        Severance Period
--------------------------------------------------------------
<S>                                        <C>
CEO                                          18 months
--------------------------------------------------------------
Senior VP                                    15 months
--------------------------------------------------------------
VP/Executive Director                        12 months
--------------------------------------------------------------
Senior Director/Director                      6 months
--------------------------------------------------------------
Associate Director/Group Leader               4 months
--------------------------------------------------------------
Senior Scientist/Scientist                    3 months
Manager/Associates
--------------------------------------------------------------
Other employees                               2 months
--------------------------------------------------------------
</TABLE>

         3.       PAYMENT AND OTHER TERMS.

                  (a)      All severance payments under this Plan shall be made
in a lump-sum and be reduced by any applicable taxes or any other amounts
required to be paid or withheld by the Company.

                  (b)      In the event of your termination while you have an
outstanding housing loan that has been provided by the Company, you will have
until the earlier of one year or the due date of the loan to settle the loan
with the Company (to the extent that applicable law permits

<PAGE>

modifications to your loan). During that year, you shall continue to make
interest payments to the Company.

                  (c)      The Company will not provide health benefits to you
following your termination of employment, other than as required under the
Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA"),
except that the Company will pay an amount toward your COBRA premium for
Medical, Dental and Vision coverage equal to the amount the Company was paying
for your Medical, Dental and Vision coverage immediately before your
termination, through the earlier of one (1) month following your termination or
when you obtain other employment offering health care coverage.

         4.       EFFECTIVE DATE OF PLAN/AMENDMENT. This Plan shall be effective
as of January 21, 2003. The Board shall have the power to amend or terminate
this Plan from time to time in its discretion and for any reason (or no reason),
provided that no such amendment or termination shall be effective with respect
to a Triggering Event that occurred prior to the amendment or termination.

         5.       CLAIMS PROCEDURES.

                  (a)      Normally, you do not need to present a formal claim
to receive benefits payable under this Plan.

                  (b)      If any person (the "CLAIMANT") believes that benefits
are being denied improperly, that the Plan is not being operated properly, that
fiduciaries of the Plan have breached their duties, or that the Claimant's legal
rights are being violated with respect to the Plan, the Claimant must file a
formal claim, in writing, with the Plan Administrator. This requirement applies
to all claims that any Claimant has with respect to the Plan, including claims
against fiduciaries and former fiduciaries, except to the extent the Plan
Administrator determines, in its sole discretion, that it does not have the
power to grant all relief reasonably being sought by the Claimant.

                  (c)      A formal claim must be filed within 90 days after the
date the Claimant first knew or should have known of the facts on which the
claim is based, unless the Plan Administrator in writing consents otherwise. The
Plan Administrator shall provide a Claimant, on request, with a copy of the
claims procedures established under subsection (d).

                  (d)      The Plan Administrator has adopted procedures for
considering claims (which are set forth in APPENDIX A), which it may amend from
time to time, as it sees fit. These procedures shall comply with all applicable
legal requirements. These procedures may provide that final and binding
arbitration shall be the ultimate means of contesting a denied claim (even if
the Plan Administrator or its delegates have failed to follow the prescribed
procedures with respect to the claim). The right to receive benefits under this
Plan is contingent on a Claimant using the prescribed claims and arbitration
procedures to resolve any claim.

         6.       PLAN ADMINISTRATION.

                  (a)      The Plan Administrator is responsible for the general
administration and management of the Plan and shall have all powers and duties
necessary to fulfill its

                                       2

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responsibilities, including, but not limited to, the discretion to interpret and
apply the Plan and to determine all questions relating to eligibility for
benefits. The Plan shall be interpreted in accordance with its terms and their
intended meanings. However, the Plan Administrator and all Plan fiduciaries
shall have the discretion to interpret or construe ambiguous, unclear, or
implied (but omitted) terms in any fashion they deem to be appropriate in their
sole discretion, and to make any findings of fact needed in the administration
of the Plan. The validity of any such interpretation, construction, decision, or
finding of fact shall not be given de novo review if challenged in court, by
arbitration, or in any other forum, and shall be upheld unless clearly arbitrary
or capricious.

                  (b)      All actions taken and all determinations made in good
faith by the Plan Administrator or by Plan fiduciaries will be final and binding
on all persons claiming any interest in or under the Plan. To the extent the
Plan Administrator or any Plan fiduciary has been granted discretionary
authority under the Plan, the Plan Administrator's or Plan fiduciary's prior
exercise of such authority shall not obligate it to exercise its authority in a
like fashion thereafter.

                  (c)      If, due to errors in drafting, any Plan provision
does not accurately reflect its intended meaning, as demonstrated by consistent
interpretations or other evidence of intent, or as determined by the Plan
Administrator in its sole discretion, the provision shall be considered
ambiguous and shall be interpreted by the Plan Administrator and all Plan
fiduciaries in a fashion consistent with its intent, as determined in the sole
discretion of the Plan Administrator. The Plan Administrator shall amend the
Plan retroactively to cure any such ambiguity.

                  (d)      No Plan fiduciary shall have the authority to answer
questions about any pending or final business decision of the Company or any
affiliate that has not been officially announced, to make disclosures about such
matters, or even to discuss them, and no person shall rely on any unauthorized,
unofficial disclosure. Thus, before a decision is officially announced, no
fiduciary is authorized to tell any employee, for example, that the employee
will or will not be laid off or that the Company will or will not offer exit
incentives in the future. Nothing in this subsection shall preclude any
fiduciary from fully participating in the consideration, making, or official
announcement of any business decision.

                  (e)      This Section may not be invoked by any person to
require the Plan to be interpreted in a manner inconsistent with its
interpretation by the Plan Administrator or other Plan fiduciaries.

         7.       SUPERSEDING PLAN. As of January 21, 2003, this Plan (i) shall
be the only plan with respect to which benefits may be provided to you upon a
Change of Control and (ii) shall supersede any other plan (other than the 1992
Stock Option Plan and the 2002 Equity Incentive Plan and any option agreements
thereunder) previously adopted by the Company with respect to a transaction
resulting in a Change of Control.

         8.       LIMITATION ON EMPLOYEE RIGHTS; AT-WILL EMPLOYMENT. This Plan
shall not give any employee the right to be retained in the service of the
Company or interfere with or restrict the right of the Company to discharge or
retire the employee. All employees of the Company are employed at will.

                                       3

<PAGE>

         9.       NO THIRD-PARTY BENEFICIARIES. This Plan shall not give any
rights or remedies to any person other than covered employees and the Company.

         10.      GOVERNING LAW. This Plan is a welfare plan subject to ERISA
and it shall be interpreted, administered, and enforced in accordance with that
law. To the extent that state law is applicable, the statutes and common law of
the State of California, excluding any that mandate the use of another
jurisdiction's laws, shall apply.

         11.      MISCELLANEOUS. Where the context so indicates, the singular
will include the plural and vice versa. Titles are provided herein for
convenience only and are not to serve as a basis for interpretation or
construction of the Plan. Unless the context clearly indicates to the contrary,
a reference to a statute or document shall be construed as referring to any
subsequently enacted, adopted, or executed counterpart.

         12.      DEFINITIONS. For purposes of this Plan, the following terms
shall have the following meanings:

                  (a)      "Cause" shall mean any of the following:

                           (i)      your continued failure to satisfactorily
         perform your duties to the Company (other than as a result of your
         total or partial incapacity due to physical or mental illness);

                           (ii)     any willful act or omission by you
         constituting dishonesty, fraud or other malfeasance against the
         Company;

                           (iii)    your conviction of a felony under the laws
         of the United States or any state thereof or any other jurisdiction in
         which the Company conducts business;

                           (iv)     your debarment by the U.S. Food and Drug
         Administration from working in or providing services to any
         pharmaceutical or biotechnology company under the Generic Drug
         Enforcement Act of 1992, or other ineligibility under any law or
         regulation to perform your duties to the Company; or

                           (v)      your breach of any of the material policies
         of the Company including without limitation being under the influence
         of illicit drugs or alcohol at work or on the Company's premises.

                  (b)      "Change of Control" shall mean the occurrence of any
of the following:

                           (i)      as a result of any merger or consolidation,
         the voting securities of the Company outstanding immediately prior
         thereto represent (either by remaining outstanding or by being
         converted into voting securities of the surviving or acquiring entity)
         less than 49% of the combined voting power of the voting securities of
         the Company or such surviving or acquiring entity outstanding
         immediately after such merger or consolidation;

                                       4

<PAGE>

                           (ii)     during any period of twenty four consecutive
         calendar months, the individuals who at the beginning of such period
         constitute the Company's Board of Directors (the "BOARD"), and any new
         directors whose election by such Board or nomination for election by
         stockholders was approved by a vote of at least two-thirds of the
         members of such Board who were either directors on such Board at the
         beginning of the period or whose election or nomination for election as
         directors was previously so approved, for any reason cease to
         constitute at least a majority of the members thereof;

                           (iii)    any individual, entity or group (within the
         meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act
         of 1934 as amended ("Exchange Act"))(a "Person") shall become the
         beneficial owner (within the meaning of Rule 13d-3 promulgated under
         the Exchange Act) of more than 20% of the then outstanding shares of
         Common Stock of the Company;

                           (iv)     any sale of all or substantially all of the
         assets of the Company; provided that in the event of a sale of less
         than all of the assets of the Company the Plan Administrator may
         determine that a Change of Control has only occurred (for purposes of
         determining eligibility for benefits under the Plan) with regard to
         those employees whose services are specifically attributable to the
         sold assets, or

                           (v)      the complete liquidation or dissolution of
         the Company.

         The Plan Administrator shall have sole discretion with regard to
whether a Change of Control has occurred for purposes of this Plan, and if a
Change of Control has occurred as a result of sale of less than all of the
Company's assets as described in clause (iv) above, shall have sole discretion
with regard to the determination of which employees' services are specifically
attributable to the sold assets and are therefore eligible for benefits under
this Plan in connection with such sale of assets.

                  (c)      "Triggering Event" shall mean

                           (i)      your employment is terminated by the Company
         without Cause in connection with a Change of Control or within twelve
         (12) months following a Change of Control; provided, however, if you
         are terminated by the Company in connection with a Change of Control
         but immediately accept employment with the Company's successor or
         acquirer, you will not be deemed to be covered by this subsection (i),
         unless you are subsequently terminated without Cause by the successor
         or acquirer within the twelve (12) months following the Change of
         Control;

                           (ii)     you, in connection with a Change of Control,
         are not offered Comparable Employment (new or continuing) by the
         Company or the Company's successor or acquirer within thirty (30) days
         after the Change of Control or you reject any employment that you are
         offered. "COMPARABLE EMPLOYMENT" shall mean employment on terms which
         provide (a) the same or greater rate of base pay or salary as in effect
         immediately prior to a Change of Control, (b) the same, equivalent or
         higher job title and level of responsibility as you had prior to a
         Change of Control, (c) if as of the Change of Control you are employed
         at the director level or above, equivalent or higher bonus

                                       5

<PAGE>

         opportunity as your bonus opportunity for the year preceding the year
         in which the Change of Control occurs, and d) a principal work location
         that is both (i) no more than forty-five (45) miles from your principal
         work location immediately prior to the Change of Control and (ii) no
         more than thirty (30) miles farther from your principal weekday
         residence than was your principal work location immediately prior to
         the Change of Control; or

                           (iii)    after accepting (or continuing) employment
         with the Company after a Change of Control, you resign employment
         within six (6) months following a Change of Control due to a Material
         Change in Your Terms of Employment. For purposes of the foregoing, a
         "MATERIAL CHANGE IN YOUR TERMS OF EMPLOYMENT" shall occur if: (a) your
         base salary or job title is materially reduced from that in effect
         immediately prior to a Change of Control or (b) if as of the Change of
         Control you are employed at the director level or above, you are
         subject to a substantial reduction in bonus opportunity from your bonus
         opportunity for the year preceding the year in which the Change of
         Control occurs, or (c) your principal work location is to be moved to a
         location that is either (i) more than forty-five (45) miles from your
         principal work location immediately prior to the Change of Control or
         (ii) more than thirty (30) miles farther from your principal weekday
         residence than was your principal work location immediately prior to
         the Change of Control.

                                       6

<PAGE>

                                   APPENDIX A

                   DETAILED CLAIMS AND ARBITRATION PROCEDURES

         1.       CLAIMS PROCEDURE

                  INITIAL CLAIMS

                  All claims shall be presented to the Plan Administrator in
writing. Within 90 days after receiving a claim, a claims official appointed by
the Plan Administrator shall consider the claim and issue his or her
determination thereon in writing. The claims official may extend the
determination period for up to an additional 90 days by giving the Claimant
written notice. The initial claim determination period can be extended further
with the consent of the Claimant. Any claims that the Claimant does not pursue
in good faith through the initial claims stage shall be treated as having been
irrevocably waived.

                  CLAIMS DECISIONS

                  If the claim is granted, the benefits or relief the Claimant
seeks shall be provided. If the claim is wholly or partially denied, the claims
official shall, within 90 days (or a longer period, as described above), provide
the Claimant with written notice of the denial, setting forth, in a manner
calculated to be understood by the Claimant: (1) the specific reason or reasons
for the denial; (2) specific references to the provisions on which the denial is
based; (3) a description of any additional material or information necessary for
the Claimant to perfect the claim, together with an explanation of why the
material or information is necessary; and (4) an explanation of the procedures
for appealing denied claims. If the Claimant can establish that the claims
official has failed to respond to the claim in a timely manner, the Claimant may
treat the claim as having been denied by the claims official.

                  APPEALS OF DENIED CLAIMS

                  Each Claimant shall have the opportunity to appeal the claims
official's denial of a claim in writing to an appeals official appointed by the
Plan Administrator (which may be a person, committee, or other entity). A
Claimant must appeal a denied claim within 60 days after receipt of written
notice of denial of the claim, or within 60 days after it was due if the
Claimant did not receive it by its due date. The Claimant (or the Claimant's
duly authorized representative) may review pertinent documents in connection
with the appeals proceeding and may present issues and comments in writing. The
Claimant may present only the evidence and theories during the appeal that the
Claimant presented during the initial claims stage, except for information the
claims official may have requested the Claimant to provide to perfect the claim.
Any claims that the Claimant does not pursue in good faith through the appeals
stage, such as by failing to file a timely appeal request, shall be treated as
having been irrevocably waived.

                  APPEALS DECISIONS

                  The decision by the appeals official shall be made not later
than 60 days after the written appeal is received by the Plan Administrator,
unless special circumstances require an extension of time, in which case a
decision shall be rendered as soon as possible, but not later

<PAGE>

than 120 days after the appeal was filed, unless the Claimant agrees to a
further extension of time. The appeal decision shall be in writing, shall be set
forth in a manner calculated to be understood by the Claimant, and shall include
specific reasons for the decision, as well as specific references to the
provisions on which the decision is based, if applicable. If a Claimant does not
receive the appeal decision by the date it is due, the Claimant may deem the
appeal to have been denied.

                  PROCEDURES

                  The Plan Administrator shall adopt procedures by which initial
claims shall be considered and appeals shall be resolved; different procedures
may be established for different claims. All procedures shall be designed to
afford a Claimant full and fair consideration of his or her claim.

                  ARBITRATION OF REJECTED APPEALS

                  If a Claimant has pursued a claim through the appeal stage of
these claims procedures, the Claimant may contest the actual or deemed denial of
that claim through arbitration, as described below. In no event shall any denied
claim be subject to resolution by any means (such as in a court of law) other
than arbitration in accordance with the following provisions.

         2.       ARBITRATION PROCEDURE

                  REQUEST FOR ARBITRATION

                  A Claimant must submit a request for arbitration to the Plan
Administrator within 60 days after receipt of the written denial of an appeal
(or within 60 days after he or she should have received the determination). The
Claimant or the Plan Administrator may bring an action in any court of
appropriate jurisdiction to compel arbitration in accordance with these
procedures.

                  APPLICABLE ARBITRATION RULES

                  If the Claimant has entered into a valid arbitration agreement
with the Company, the arbitration shall be conducted in accordance with that
agreement. If not, the rules set forth in the balance of this Appendix shall
apply: The arbitration shall be held under the auspices of the Judicial
Arbitration and Mediation Service (JAMS), whichever is chosen by the party who
did not initiate the arbitration. Except as provided below, the arbitration
shall be in accordance with JAMS's then-current employment dispute resolution
rules. The Arbitrator shall apply the Federal Rules of Evidence and shall have
the authority to entertain a motion to dismiss or a motion for summary judgment
by any party and shall apply the standards governing such motions under the
Federal Rules of Civil Procedure. The Federal Arbitration Act shall govern all
arbitrations that take place under these Detailed Claims and Arbitration
Procedures (or that are required to take place under them), and shall govern the
interpretation or enforcement of these Procedures or any arbitration award. To
the extent that the Federal Arbitration Act is inapplicable, California law
pertaining to arbitration agreements shall apply.

                  ARBITRATOR

                                       2

<PAGE>

                  The Arbitrator shall be an attorney familiar with employee
benefit matters who is licensed to practice law in the state in which the
arbitration is convened. The Arbitrator shall be selected in the following
manner from a list of 11 arbitrators drawn by the sponsoring organization under
whose auspices the arbitration is being conducted and taken from its panel of
labor and employment arbitrators. Each party shall designate all arbitrators on
the list whom they find acceptable; the parties shall then alternately strike
arbitrators from the list of arbitrators acceptable to both parties, with the
party who did not initiate the arbitration striking first. If only one
arbitrator is acceptable to both parties, he or she will be the Arbitrator. If
none of the arbitrators is acceptable to both parties, a new panel of
arbitrators shall be obtained from the sponsoring organization and the selection
process shall be repeated.

                  LOCATION

                  The arbitration will take place in or near the city in which
the Claimant is or was last employed by the Company or in which the Plan is
principally administered, whichever is specified by the Plan Administrator, or
in such other location as may be acceptable to both the Claimant and the Plan
Administrator.

                  AUTHORITY OF ARBITRATOR

                  The Arbitrator shall have the authority to resolve any factual
or legal claim relating to the Plan or relating to the interpretation,
applicability, or enforceability of these arbitration procedures, including, but
not limited to, any claim that these procedures are void or voidable. The
Arbitrator may grant a Claimant's claim only if the Arbitrator determines that
it is justified because: (1) the appeals official erred on an issue of law; or
(2) the appeals official's findings of fact, if applicable, were not supported
by substantial evidence. The arbitration shall be final and binding on all
parties.

                  LIMITATION ON SCOPE OF ARBITRATION

                  The Claimant may not present any evidence, facts, arguments,
or theories at the arbitration that the Claimant did not pursue in his or her
appeal, except in response to new evidence, facts, arguments, or theories
presented on behalf of the other parties to the arbitration. However, an
arbitrator may permit a Claimant to present additional evidence or theories if
the Arbitrator determines that the Claimant was precluded from presenting them
during the claim and appeal procedures due to procedural errors of the Plan
Administrator or its delegates.

                  ADMINISTRATIVE RECORD

                  The Plan Administrator shall submit to the Arbitrator a
certified copy of the record on which the appeals official's decision was made.

                  EXPERTS, DEPOSITIONS, AND DISCOVERY

                  Except as otherwise permitted by the Arbitrator on a showing
of substantial need, either party may: (1) designate one expert witness; (2)
take the deposition of one individual and the other party's expert witness; (3)
propound requests for production of documents; and (4) subpoena witnesses and
documents relating to the discovery permitted in this paragraph.

                                       3

<PAGE>

                  PRE-HEARING PROCEDURES

                  At least 30 days before the arbitration hearing, the parties
must exchange lists of witnesses, including any expert witnesses, and copies of
all exhibits intended to be used at the hearing. The Arbitrator shall have
jurisdiction to hear and rule on pre-hearing disputes and is authorized to hold
pre-hearing conferences by telephone or in person, as the Arbitrator deems
necessary.

                  TRANSCRIPTS

                  Either party may arrange for a court reporter to provide a
stenographic record of the proceedings at the party's own cost.

                  POST-HEARING PROCEDURES

                  Either party, on request at the close of the hearing, may be
given leave to file a post-hearing brief within the time limits established by
the Arbitrator.

                  COSTS AND ATTORNEYS' FEES

                  The Claimant and the Company shall equally share the fees and
costs of the Arbitrator, except that the Claimant shall not be required to pay
any of the Arbitrator's fees and costs if such a requirement would make
mandatory arbitration under these procedures unenforceable. On a showing of
material hardship, the Company, in its discretion, may advance all or part of
the Claimant's share of the fees and costs, in which case the Claimant shall
reimburse the Company out of the proceeds of the arbitration award, if any, that
the Claimant receives. Each party shall pay its own costs and attorneys' fees,
except as required by applicable law.

                  PROCEDURE FOR COLLECTING COSTS FROM CLAIMANT

                  Before the arbitration commences, the Claimant must deposit
with the Plan Administrator his or her share of the anticipated fees and costs
of the Arbitrator, as reasonably determined by the Plan Administrator. At least
2 weeks before delivering his or her decision, the Arbitrator shall send his or
her final bill for fees and costs to the Plan Administrator for payment. The
Plan Administrator shall apply the amount deposited by the Claimant to pay the
Claimant's share of the Arbitrator's fees and costs and return any surplus
deposit. If the Claimant's deposit is insufficient, the Claimant will be billed
for any remaining amount due. Failure to pay any amount within 10 days after it
is billed shall constitute the Claimant's irrevocable election to withdraw his
or her arbitration request and abandon his or her claim.

                  ARBITRATION AWARD

                  The Arbitrator shall render an award and opinion in the form
typically rendered in labor arbitrations. Within 20 days after issuance of the
Arbitrator's award and opinion, either party may file with the Arbitrator a
motion to reconsider, which shall be accompanied by a supporting brief. If such
a motion is filed, the other party shall have 20 days from the date of the
motion to respond, after which the Arbitrator shall reconsider the issues raised
by the motion and

                                       4

<PAGE>

either promptly confirm or promptly change his or her decision. The decision
shall then be final and conclusive on the parties. Arbitrator fees and other
costs of a motion for reconsideration shall be borne by the losing party, unless
the Arbitrator orders otherwise. Either party may bring an action in any court
of appropriate jurisdiction to enforce an arbitration award. A party opposing
enforcement of an arbitration award may not do so in an enforcement proceeding,
but must bring a separate action in a court of competent jurisdiction to set
aside the award. In any such action, the standard of review shall be the same as
that applied by an appellate court reviewing the decision of a trial court in a
nonjury trial.

                  SEVERABILITY

                  The invalidity or unenforceability of any part of these
arbitration procedures shall not affect the validity of the rest of the
procedures.

                                       5

<PAGE>

                                   APPENDIX B

                             ADDITIONAL INFORMATION

                               RIGHTS UNDER ERISA

         As a participant in the Plan, you are entitled to certain rights and
protections under ERISA. ERISA provides that all Plan participants will be
entitled to:

RECEIVE INFORMATION ABOUT YOUR PLAN AND BENEFITS

         1.       Examine, without charge, at the Plan administrator's office
and at certain Company offices, all Plan documents including collective
bargaining agreements, if any, and copies of all documents filed by the Plan
with the U.S. Department of Labor, and available at the Public Disclosure Room
of the Pension and Welfare Benefit Administration, such as annual reports and
Plan descriptions.

         2.       Obtain, upon written request to the Plan administrator, copies
of documents governing the operation of the Plan, including collective
bargaining agreements, if any, and copies of the latest annual report (Form 5500
Series) and updated summary plan description. The Plan Administrator may make a
reasonable charge for the copies.

         3.       Receive a summary of the Plan's annual financial report, if
any. The Plan administrator is required by law to furnish each participant with
a copy of this summary annual report.

PRUDENT ACTIONS BY PLAN FIDUCIARIES

         In addition to creating rights for Plan participants, ERISA imposes
duties upon the people who are responsible for the operation of the employee
benefit plan. The people who operate your Plan, called "fiduciaries" of the
Plan, have a duty to do so prudently and in the interest of you and other Plan
participants and beneficiaries. No one, including the Company, your union, or
any other person, may fire you or otherwise discriminate against you in any way
to prevent your from obtaining a welfare benefit or exercising your right under
ERISA.

ENFORCE YOUR RIGHTS

         If your claim for a welfare benefit is denied or ignored, in whole or
in part, you have a right to know why this was done, to obtain copies of
documents relating to the decision without charge, and to appeal any denial, all
within certain time schedules.

         Under ERISA, there are steps you can take to enforce the above rights.
For instance, if you request a copy of plan documents or the latest annual
report from the Plan and do not receive them within 30 days, you may file suit
in a Federal court. In such a case, the court may require the Plan Administrator
to provide the materials and pay you up to $110 a day until you receive the
materials, unless the materials were not sent because of reasons beyond the
control of the Plan administrator. If you have a claim for benefits, which is
denied or ignored, in whole or in part, you may file suit in a state or Federal
court. In addition, if you disagree with the Plan's

<PAGE>

decision or lack thereof concerning the qualified status of a domestic relations
order or a medical child support order, you may file suit in Federal court. If
it should happen that Plan fiduciaries misuse the Plan's money, or if you are
discriminated against for asserting your rights, you may seek assistance from
the U.S. Department of Labor, or you may file suit in a federal court. The court
will decide who should pay court costs and legal fees. If you are successful,
the court may order the person you have sued to pay these costs and fees. If you
lose, the court may order you to pay these costs and fees, for example, if it
finds your claim is frivolous.

ASSISTANCE WITH YOUR QUESTIONS

         If you have any questions about your Plan, you should contact the Plan
Administrator. If you should have any questions about this statement or about
your rights under ERISA, or if you need assistance in obtaining documents from
the Plan administrator, you should contact the nearest office of the Pension and
Welfare Benefits Administration, U. S. Department of Labor, listed in your
telephone directory or the Division of Technical Assistance and Inquires,
Pension and Welfare Benefits Administration, U. S. Department of Labor, 200
Constitution Avenue N. W., Washington, D. C. 20210. You may also obtain certain
publications about your rights and responsibilities under ERISA by calling the
publications hotline of the Pension and Welfare Benefits Administration.

ADMINISTRATIVE INFORMATION

<TABLE>
<S>                                            <C>
Name of Plan:                                  The Geron Corporation Change of Control Plan with
                                               respect to Options and Severance

Plan Administrator:                            Compensation Committee of the Board of Directors
                                               Geron Corporation
                                               230 Constitution Drive
                                               Menlo Park, CA 94025 USA
                                               Tel: 650-473-7700
                                               Fax: 650-473-7750

Type of Administration:                        Self-Administered

Type of Plan:                                  Severance Pay Employee Welfare Benefit Plan

Employer Identification Number:                75-2287752

Direct Questions Regarding the Plan to:        Compensation Committee of the Board of Directors
                                               Geron Corporation
                                               230 Constitution Drive
                                               Menlo Park, CA 94025 USA
                                               Tel: 650-473-7700
                                               Fax: 650-473-7750

Agent for Service of Legal Process:            Corporate Secretary
                                               Geron Corporation
                                               230 Constitution Drive
</TABLE>

                                       2

<PAGE>

<TABLE>
<S>                                            <C>
                                               Menlo Park, CA 94025 USA
                                               Tel: 650-473-7700
                                               Fax: 650-473-7750

                                               Service of Legal Process may also be made upon the Plan
                                               Administrator

Plan Year:                                     Calendar Year

Plan Number:                                   SP-1
</TABLE>

                                       3<PAGE>

                                                                   EXHIBIT 10.39

          CONFIDENTIAL PORTIONS HAVE BEEN OMITTED BASED UPON A REQUEST
            FOR CONFIDENTIAL TREATMENT PURSUANT TO RULE 24b-2 OF THE
         SECURITIES EXCHANGE ACT OF 1934 AND HAVE BEEN SEPARATELY FILED
                              WITH THE COMMISSION.

                                LICENSE AGREEMENT

         This License Agreement is entered into and made effective (the
"EFFECTIVE DATE") as of the latter of the dates on which EASTERN VIRGINIA
MEDICAL SCHOOL and ACSENTIENT, INC. has executed this agreement, by and between
Eastern Virginia Medical School ("LICENSOR") located at 825 Fairfax Avenue,
Norfolk, Virginia 23507, U.S.A., and AcSentient Inc., a Delaware corporation
("LICENSEE") located at 209 Chalon Drive, Cary, North Carolina 27511, with
respect to the facts set forth below.

                                    RECITALS

         A.       Licensor is engaged in fundamental scientific research
including research relating to Topical Formulation(s) Containing Aminocaproic
Acid and uses thereof.

         B.       Licensee is engaged in research, development and
commercialization of ophthalmolic technology.

         C.       Licensor has disclosed to Licensee certain technology
described in Exhibit A and incorporated herein by reference (the "PATENT AND
TRADEMARK SCHEDULE").

         D.       Licensor has the exclusive right to grant a license to the
technology and Trademark described in "Parent and Trademark Schedule", subject
to certain rights of the U.S. Government to use such technology for its own
purposes, resulting from the receipt by Licensor of certain funding from the
U.S. Government.

         E. Licensor desires to grant to Licensee, and Licensee wishes to
acquire, an exclusive worldwide right and license to the technology and
Trademark described in the "Patent and Trademark Schedule" and to certain parent
rights and know-how of Licensor with respect thereto, subject to the terms and
conditions set forth herein, with a view to developing and marketing therapeutic
products within the Field (as defined below).

                                    AGREEMENT

         NOW, THEREFORE, in consideration of the mutual covenants and conditions
set forth herein, Licensor and Licensee hereby agree as follows:

         1.       Definitions.

                  1.1 Affiliate. The term "AFFILIATE" shall mean any entity
which directly or indirectly controls, is controlled by or is under common
control with Licensee. The term "CONTROL" as used herein means direct or
indirect beneficial ownership of at least fifty percent (50%) of the voting
stock in the case of a corporation, or of the rights to receive distributable
net income, in the

<PAGE>

case of any other business entity, whether through the ownership of a majority
of the outstanding voting securities or by contract or otherwise.

                  1.2 Confidential Information. The term "CONFIDENTIAL
INFORMATION" shall mean any and all proprietary or confidential information of
Licensor or Licensee, as applicable, which may be exchanged between the parties
at any time and from time to time during the term of this Agreement. Information
to treated as "confidential" shall be marked "confidential" at the time of
disclosure. Information that is disclosed orally or visually shall be identified
as "confidential" at the time of disclosure and its confidential status shall be
confirmed in writing within 20 days of disclosure. Information shall not be
considered confidential to the extent that it:

                           a.       Is publicly disclosed through no fault of
any party hereto, either before or after it becomes known to the receiving
party; or

                           b.       Was known to the receiving party prior to
the date of this Agreement as clearly established by the receiving party's
records, which knowledge was acquired independently and not from another party
hereto (or such party's employees); or

                           c.       Is subsequently disclosed to the receiving
party in good faith by a third party who has a right to make such disclosure; or

                           d.       Has been published by a third party as a
matter of right and such publication does not violate any confidentiality
obligation.

                  1.3 Field. The term "FIELD" shall mean topical formulation(s)
containing aminocaproic acid, the method to produce and apply the topical
formulation(s) and all ophthalmic uses of the topical formulation(s).

                  1.4 Know-How. The term "KNOW-HOW" shall mean all non-public
materials, information, data and other know-how related thereto whether or not
the same is eligible for protection under the patent laws of the United States
or elsewhere, and whether or not any such processes and technology, or
information related thereto, would be enforceable as a trade secret or the
copying of which would be enjoined or restrained by a court as constituting
unfair competition, which are related to the Field and are necessary or useful
for Licensee to use, develop or market the Licensed Products or seek regulatory
approval therefor.

                  1.5 Licensed Product. The term "LICENSED PRODUCT" shall mean
any product, the development, manufacture, use, sale or offer for sale of which
would, but for the rights granted under this Agreement, infringe one or more
pending or issued claims of Licensor Patent and Trademark Rights in any country,
or the sale or marketing of which would infringe Licensor Trademark in any
country.

                  1.6      Net Sales. The term "NET SALES" shall mean the gross
amount invoiced by Licensee, or its Affiliates and sublicensees, or any of them,
on all sales of Licensed Products,less:

[ * ]
[ * ]
[ * ]
[ * ]
[ * ]

*  CONFIDENTIAL PORTIONS HAVE BEEN OMITTED BASED UPON A REQUEST FOR CONFIDENTIAL
   TREATMENT PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934 AND
   HAVE BEEN SEPARATELY FILED WITH THE COMMISSION.

                                        2

<PAGE>

[ * ]
[ * ]
[ * ]
[ * ]
[ * ]
[ * ].

                  1.7 Licensor Patent and Trademark Rights. The term "LICENSOR
PATENT AND TRADEMARK RIGHTS" shall mean (i) any and all U.S. and foreign patent
and trademark applications covering Licensor Technology and/or Licensor
Trademarks owned by or assignable to the Licensor, as set forth in Exhibit A
attached hereto and incorporated herein by reference, (ii) the granted patents
and/or registered trademarks proceeding from such applications, (iii) all
divisions, continuations, continuations-in-part, reissues, reexaminations,
extensions and additions thereof, and (iv) rights, at common law or otherwise,
in Licensor Trademark, so long as said patents and/or trademarks have not been
held invalid and/or unenforceable by a court of competent jurisdiction from
which there is no appeal or, if appealable, from which no appeal has been taken.

                  1.8 Licensor Technology. The term "LICENSOR TECHNOLOGY" shall
mean, collectively, the Licensor Patent and Trademark Rights and Know-How and
all enhancements and improvements thereto made by Licensor during the term of
this Agreement.

                  1.9      Licensor Trademark. The term "LICENSOR TRADEMARK"
shall mean the trademark disclosed in Exhibit A attached hereto and incorporated
herein by reference.

         2.       License Terms and Conditions.

                  2.1 Grant of License. Licensor hereby grants to Licensee the
exclusive, worldwide license, including the right to sublicense, to Licensor
Technology, to make, to have made, to use, to offer for sale and to sell
Licensed Products in the Field, and to use the Licensor Trademark on or in
association with such Licensed Products, subject to the terms of this Agreement.

                  2.2 Initial Royalty. In partial consideration for the rights
granted under this Agreement, Licensee shall pay to Licensor a nonrefundable
royalty on the Effective Date in the amount of Sixty-Five Thousand Dollars
($65,000). The royalty described in this Section 2.2 is consideration for the
grant and continuation of the license hereunder, and Licensor shall have no
obligation to return any portion of such royalty for any reason.

                  2.3      Running Royalties.

                           2.3.1    Percentage Royalty. As additional
consideration for the rights granted under this Agreement, Licensee shall pay to
Licensor a running royalty on a country-by-country basis in the amount of [ * ]
of Net Sales of Licensed Products.

                  2.4      Combination Products.

                           2.4.1    Definition of Combination Product. As used
herein, the term "COMBINATION PRODUCT" shall mean a Licensed Product sold by
Licensee in a formulation which contains one or more additional Active
Ingredients which are the subject of granted patents owned by or assigned to
Licensee. For the purposes of this Agreement, "Active Ingredient" shall mean any

*  CONFIDENTIAL PORTIONS HAVE BEEN OMITTED BASED UPON A REQUEST FOR CONFIDENTIAL
   TREATMENT PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934 AND
   HAVE BEEN SEPARATELY FILED WITH THE COMMISSION.

                                        3

<PAGE>

composition of matter approved by the United States Food and Drug Administration
for the treatment of the same indication(s) as Licensed Product.

                           2.4.2    Royalty Payable on Combination Products. The
royalty payable on Combination Products shall be the royalty rate set forth in
Section 2.2.1 above based on a pro rata portion of Net Sales of Combination
Products in accordance with the following formula:

                                 X = A/B, where

                  X = the pro rata portion of Net Sales attributable to Licensor
Patent Rights or other Licensor Technology licensed herein (expressed as a
percentage), and

                  A = the fair market value of the component in the Combination
Product utilizing Licensor Technology licensed hereunder, and

                  B = A plus the fair market value of one or more additional
Active Ingredients components.

                  The fair market values described above shall be determined by
the parties hereto in good faith. In the absence of agreement as to the fair
market value of all of the components contained in a Combination Product, the
fair market value of each component shall be determined by arbitration in
accordance with the provisions of Section 10.2 hereof.

                  2.5      Quarterly Payments.

                           2.5.1    Sales by Licensee. With regard to Net Sales
made by Licensee or its Affiliates, royalties shall be payable by Licensee
quarterly, within [ * ] after the end of each calendar quarter during the term
of this Agreement, based upon the Net Sales of Licensed Products and Combination
Products during such preceding calendar quarter, commencing with the calendar
quarter in which the first commercial sale of any Licensed Product or
Combination Product is made.

                           2.5.2    Sales by Sublicensees. With regard to Net
Sales made by sublicensees of Licensee or its Affiliates, royalties shall be
payable by Licensee quarterly, within [ * ] after the end of each calendar
quarter, based upon the Net Sales of Licensed Products and Combination Products
by such sublicensee during such preceding calendar quarter, commencing with the
calendar quarter in which the first commercial sale of any Licensed Product is
made by such sublicensee.

                  2.6 Term of License. Unless terminated sooner in accordance
with the provisions of this Agreement, the term of this Agreement shall expire
when the last of the royalty obligations set forth in Section 2.8 has expired.
Notwithstanding the foregoing, if applicable government regulations require a
shorter term and/or a shorter term of exclusivity than provided for herein, then
(i) the term of this Agreement shall be so shortened or this Agreement shall be
amended to provide for a non-exclusive license, and, in such event, the parties
shall negotiate in good faith to reduce appropriately the royalties payable as
set forth under the section heading "Royalties" hereof or (ii) this Agreement
may be terminated at the sole option of the Licensee.

*  CONFIDENTIAL PORTIONS HAVE BEEN OMITTED BASED UPON A REQUEST FOR CONFIDENTIAL
   TREATMENT PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934 AND
   HAVE BEEN SEPARATELY FILED WITH THE COMMISSION.

                                        4

<PAGE>

                  2.7 Sublicense, Assignment or Transfer. Licensee shall not
have the right to grant sublicenses to any party with respect to the rights
conferred upon Licensee under this Agreement, without the prior written
authorization of Licensor. Any such sublicense shall be subject in all respects
to the restrictions, exceptions, obligations, reports, termination provisions,
and other provisions contained in this Agreement. Licensee shall pay Licensor
royalties of all Net Sales of such sublicensee in accordance with Section 2.3 of
this agreement, the same as if said Net Sales had been made by Licensee;
provided, however, that sales of Licensed Products by Licensee to a sublicensee
which is a reseller shall be excluded from Net Sales, and only the subsequent
sale of such Licensed Products by such sublicensee to an unrelated party shall
be deemed to be Net Sales hereunder. Licensee shall pay Licensor [ * ] of all
income or other compensation, equity or otherwise, received or provided to
Licensee as a result of any transfer or assignment.

                  2.8 Duration of Royalty Obligations. The royalty obligations
of Licensee as to each Licensed Product shall terminate on a country-by-country
basis concurrently with the expiration of the last to expire of Licensor Patent
and Trademark Rights utilized by or in such Licensed Product in each such
country.

                  2.9 Reports. Licensee shall furnish to Licensor at the same
time as each royalty payment is made by Licensee, a detailed written report of
Net Sales of the Licensed Products and Combination Products and the royalty due
and payable thereon, including a description of any offsets or credits deducted
therefrom, on a product-by-product and country-by-country basis, for the
calendar quarter upon which the royalty payment is based.

                  2.10 Records. Licensee shall keep, and cause its Affiliates
and sublicensees to keep, full, complete and proper records and accounts of all
sales of Licensed Products in sufficient detail to enable the royalties payable
on Net Sales of each Licensed Product and Combination Product to be verified.
Licensor shall have the right to appoint an independent certified public
accounting firm approved by Licensee, which approval shall not be unreasonably
withheld, to audit and copy the records of Licensee, its Affiliates and
sublicensees as necessary to verify the royalties payable pursuant to this
Agreement. Licensee, its Affiliates and sublicensees shall pay to Licensor an
amount equal to any additional royalties to which Licensor is entitled as
disclosed by the audit, plus interest thereon at the rate of [ * ] per month.
Such audit shall be at Licensor's expense; provided, however, that if the audit
discloses that Licensor was underpaid royalties with respect to any Licensed
Product by at least [ * ] for any calendar quarter, then Licensee, its
Affiliates or sublicensee, as the case may be, shall reimburse Licensor for any
such audit costs. Licensor may exercise its right of audit as to each of
Licensee, its Affiliates or sublicensees no more frequently than once in any
calendar year. The accounting firm shall disclose to Licensor only information
relating to the accuracy of the royalty payments. Licensee, its Affiliates and
sublicensees shall preserve and maintain all such records required for audit for
a period of [ * ] [ * ] after the calendar quarter to which the record applies.

                  2.11 Foreign Sales. The remittance of royalties payable on Net
Sales outside the United States shall be payable to Licensor in United States
Dollar equivalents at the official rate of exchange of the currency of the
country from which the royalties are payable, as quoted in the Wall Street
Journal for the last business day of the calendar quarter in which the royalties
are payable. If the transfer of or the conversion into the United States Dollar
equivalents of any such remittance in any such instance is not lawful or
possible, the payment of such part of the royalties as is necessary shall be
made by the deposit thereof, in the currency of the county where the sale was
made on which the royalty was based to the credit and account of Licensor or its
nominee in any commercial bank or

*  CONFIDENTIAL PORTIONS HAVE BEEN OMITTED BASED UPON A REQUEST FOR CONFIDENTIAL
   TREATMENT PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934 AND
   HAVE BEEN SEPARATELY FILED WITH THE COMMISSION.

                                        5

<PAGE>

trust company of Licensor's choice located in that country, prompt written
notice of which shall be given by Licensee to Licensor.

                  2.12 Foreign Taxes. Any tax required to be withheld by
Licensee under the laws of any foreign country for the accounts of Licensor
shall be promptly paid by Licensee for and on behalf of Licensor to the
appropriate governmental authority, and Licensee shall use its best efforts to
furnish Licensor with proof of payment of such tax together with official or
other appropriate evidence issued by the applicable government authority. Any
such tax actually paid on Licensor's behalf shall be deducted from royalty
payments due Licensor.

         3.       Patent and Trademark Matters.

                  3.1 Patent and Trademark Prosecution and Maintenance. From and
after the Effective Date, the provisions of this Section 3 shall control the
prosecution and maintenance of any patent and/or trademark included within
Licensor Patent and Trademark Rights. Subject to the requirements, limitations
and conditions set forth in this Agreement, Licensor shall (i) own, prepare,
file and prosecute the United States and foreign patent and trademark
applications within Licensor Patent and Trademark Rights (including any
interferences and foreign oppositions), (ii) maintain the patents and trademarks
issuing therefrom (and file extensions thereto upon request of Licensee) and
(iii) direct and control all activities conducted pursuant to the foregoing
clauses (i) and (ii). Licensor shall select the patent attorney, subject to
Licensee's written approval, which approval shall not be unreasonably withheld.
Licensee shall have full rights of consultation with the patent attorney so
selected on all matters relating to Licensor Patent and Trademark Rights.
Licensor shall use its best efforts to implement all reasonable requests made by
Licensee with regard to the preparation, filing, prosecution and/or maintenance
of the patent and trademark applications and/or patents and trademarks within
Licensor Patent and Trademark Rights, but it is understood that Licensor is not
obligated to implement such Licensee requests. In no event, however, shall
Licensor file or prosecute a patent application for Licensor Patent and
Trademark Rights when Licensee has demonstrated to Licensor's satisfaction that
the patent application filing or prosecution would be prejudicial to plans for
worldwide development and commercialization of the Licensor Technology.

                  3.2 Information to Licensee. Licensor shall keep Licensee
informed with regard to the patent and/or trademark application and maintenance
processes. Licensor shall deliver to Licensee copies of all patent and/or
trademark applications, amendments, related correspondence, and other related
matters.

                  3.3 Patent and Trademark Costs. Licensee acknowledges and
agrees that Licensor does not have independent funding to cover patent and
trademark costs, and that the license granted hereunder is in part in
consideration for Licensee's assumption of the costs and expenses as described
herein. Licensee shall pay for all reasonable expenses incurred by Licensor
pursuant to Section 3.1 hereof. Licensee agrees to pay all future patent and
trademark expenses directly or to reimburse Licensor for the payment of such
expenses. In the event Licensee gives written notice to Licensor that Licensee
elects to discontinue payment for the filing, prosecution and/or maintenance of
any patent or trademark application, any such application and/or patent and
trademark shall be excluded from the definition of Licensor Patent and Trademark
Rights and from the scope of the license granted under this Agreement, and all
rights relating thereto shall revert to Licensor and may be freely licensed by
Licensor, and Licensee shall have no rights thereunder. Licensee shall give
Licensor at least [ * ] prior written notice of such election. No such notice
shall have any effect on Licensee's obligations to pay expenses incurred up to
the effective date of such election.

*  CONFIDENTIAL PORTIONS HAVE BEEN OMITTED BASED UPON A REQUEST FOR CONFIDENTIAL
   TREATMENT PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934 AND
   HAVE BEEN SEPARATELY FILED WITH THE COMMISSION.

                                        6

<PAGE>

                  3.4 Ownership. The patent and trademark applications filed and
the patents and trademarks obtained by Licensor pursuant to Section 3.1 hereof
shall be owned solely by Licensor, assigned to Licensor and deemed a part of
Licensor Patent and Trademark Rights.

                  3.5 Licensor Right to Pursue Patent and/or Trademark. If at
any time during the term of this Agreement, Licensee's rights with respect to
Licensor Patent and Trademark Rights are terminated, Licensor shall have the
right to take whatever action Licensor deems appropriate to obtain or maintain
the corresponding patent and/or trademark protection at its own expense. If
Licensor pursues patents under this Section 3.5, Licensee agrees to reasonably
cooperate, including by providing, at no charge to Licensor, all appropriate
technical data and executing all necessary legal documents.

                  3.6      Infringement Actions.

                           3.6.1    Prosecution and Defense of Infringements. In
order to maintain the license granted hereunder in force, Licensee shall
prosecute any and all infringements of any Licensor Patent and Trademark Rights
and shall defend all charges of infringement arising as a result of the exercise
of Licensor Patent and Trademark Rights by Licensee, its Affiliates or
sublicensees, unless otherwise agreed to between Licensor and Licensee. Licensee
may enter into settlements, stipulated judgments or other arrangements
respecting such infringement, at its own expense, but only with the prior
written consent of Licensor, which consent shall not be unreasonably withheld.
Licensor shall permit any action to be brought in its name if required by law,
and Licensee shall hold Licensor harmless from any costs, expenses of liability
respecting all such infringements or charges of infringement. Licensor agrees to
provide, at a reasonable hourly rate of compensation, all reasonable assistance
of a technical nature which Licensee may require in any litigation arising in
accordance with the provisions of this Section 3.6.1 for which Licensee shall
reimburse Licensor's out-of-pocket expenses. In the event Licensee fails to
prosecute any such infringement, Licensee shall notify Licensor in writing
promptly and Licensor shall have the right to prosecute such infringement on its
own behalf. Failure on the part of Licensee to prosecute any such infringement
that Licensor subsequently elects to prosecute on its own behalf shall be
grounds for termination of the license granted to Licensee hereunder, at the
option of Licensor.

                           3.6.2    Credit; Allocation of Recovery. Any damages
or other recovery from an infringement action undertaken by Licensee pursuant to
Section 3.6.1 shall be used first, to reimburse the parties for the costs and
expenses incurred in such action (including reasonable attorneys' fees) and
thereafter, shall be allocated between the parties as follows: (i) [ * ] to
Licensor and (ii) [ * ] to Licensee. If Licensee fails to prosecute any such
action to completion, then any damages or other recovery net of the parties,
costs and expenses incurred in such infringement action shall be the sole
property of Licensor.

         4.       Obligations Related to Commercialization.

                  4.1 Commercial Development Obligation. In order to maintain
the license granted hereunder in force, Licensee shall use reasonable efforts
and due diligence to develop Licensor Technology and Licensor Patent and
Trademark Rights which are licensed hereunder into commercially viable Licensed
Products, as promptly as is reasonably and commercially feasible, and thereafter
to produce and sell reasonable quantities of Licensed Products. Licensee shall
propose a Development Plan (Exhibit B) and shall keep Licensor generally
informed as to Licensee's progress in such development, production and sale,
including its efforts, if any, to sublicense Licensor

*  CONFIDENTIAL PORTIONS HAVE BEEN OMITTED BASED UPON A REQUEST FOR CONFIDENTIAL
   TREATMENT PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934 AND
   HAVE BEEN SEPARATELY FILED WITH THE COMMISSION.

                                        7

<PAGE>

Technology and Licensor Patent and Trademark Rights, and Licensee shall deliver
to Licensor a quarterly written report and such other reports as Licensor may
reasonably request. The parties hereto acknowledge and agree that achievement of
the milestones described in Exhibit B attached hereto on or before the dates set
forth therein shall be evidence of compliance by Licensee with its commercial
development obligations hereunder for the time periods specified in Exhibit B.
In the event Licensor has a reasonable basis to believe that Licensee is not
using reasonable efforts and due diligence as required hereunder, upon notice by
Licensor to Licensee which specifies the basis for such belief, Licensor and
Licensee shall negotiate in good faith to attempt to mutually resolve the issue.
In the event Licensor and Licensee cannot agree upon any matter related to
Licensee's commercial development obligations, the parties agree to utilize
arbitration pursuant to Section 10.2 hereof in order to resolve the matter. If
the arbitrator determines that Licensee has not complied with its obligations
hereunder, and such default is not cured within [ * ] after the arbitrator's
decision, Licensor may terminate Licensee's rights under this Agreement.

                  4.2 Governmental Approvals and Marketing of Licensed Products.
Licensee shall be responsible for obtaining all necessary governmental approvals
for the development, production, distribution, sale and use of any Licensed
Product, at Licensee's expense, including, without limitation, any safety and
efficacy studies. Licensor shall provide such materials, information and
assistance as may be reasonably requested by Licensee to obtain such
governmental approvals. Licensee shall have sole responsibility for any warning
labels, packaging and instructions as to the use of Licensed Products or
Combination Products and for the quality control for any Licensed Product or
Combination Products.

                  4.3 Indemnity. Licensee hereby agrees to indemnify, defend and
hold harmless Licensor and any parent, subsidiary or other affiliated entity and
their trustees, officers, employees, scientists and agents from and against any
liability or expense arising from any product liability claim asserted by any
party as to any Licensed Product or Combination Products or any claims arising
from the use of any Licensor Patent and Trademark Rights or Licensor Technology
pursuant to this Agreement. Such indemnity and defense obligation shall apply to
any product liability or other claims, including without limitation, personal
injury, death or property damage, made by employees, subcontractors,
sublicensees, or agents of Licensee, as well as any member of the general
public. Licensee shall have the right to defend such a claim with counsel of its
own choosing. Licensee shall have Licensor and any parent, subsidiary or other
affiliated entity and their trustees, officers, employees, scientists and agents
named as additional insured parties on any product liability insurance policies
maintained by Licensee, its Affiliates and sublicensees applicable to Licensed
Products or Combination Products.

                           4.3.1    Insurance Requirements. The LICENSEE agrees
that it will secure General Liability or Products Liability Insurance covering
the sale and use of Licensed Products, and will require its underwriters to name
the LICENSOR as an additional insured under the policies. The LICENSEE shall
provide to the LICENSOR copies of the policies of insurance within [ * ] of
issuance of the coverages. The LICENSEE agrees to obtain and maintain in effect
so long as it sells or offers the same for sale, general liability insurance
extending to bodily injury and/or property damage with limits of [ * ] per
occurrence with no annual aggregate, and to products liability with limits of [
* ] per occurrence with no annual aggregate. These policy coverages shall be
purchased from and issued by a carrier (or carriers) licensed to do business in
States specified by the LICENSOR, and shall extend to the obligations of
indemnification assumed by the LICENSEE pursuant to the terms of this Agreement.
The

*  CONFIDENTIAL PORTIONS HAVE BEEN OMITTED BASED UPON A REQUEST FOR CONFIDENTIAL
   TREATMENT PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934 AND
   HAVE BEEN SEPARATELY FILED WITH THE COMMISSION.

                                        8

<PAGE>

LICENSEE shall provide certificates evidencing such insurance coverage to the
LICENSOR promptly after the execution of this Agreement.

                  4.4      Patent Marking. To the extent required by applicable
law, Licensee shall mark all Licensed Products or Combination Products or their
containers in accordance with the applicable patent marking laws.

                  4.5      No Use of Name. The use of the name "EASTERN VIRGINIA
MEDICAL SCHOOL", or any variation thereof in connection with the advertising or
sale of Licensed Products is expressly prohibited.

                  4.6 U.S. Manufacture. To the extent required by applicable
United States laws, if at all, Licensee agrees that Licensed Products will be
manufactured in the United States, or its territories, subject to such waivers
as may be required, or obtained, if at all, from the United States Department of
Health and Human Services, or its designee.

                  4.7 Foreign Registration. Except as provided in Section 3.1
hereof, Licensee agrees to register this Agreement with any foreign governmental
agency which requires such registration, and Licensee shall pay all costs and
legal fees in connection therewith. In addition, except as provided in Section
3.1 hereof, Licensee shall assure that all foreign laws affecting this Agreement
or the sale of Licensed Products or Combination Products are fully satisfied.

         5.       Representations and Warranties of License.

                  5.1 Power and Authority. Licensor hereby represents and
warrants that it has full right, authority and power to enter into this
Agreement and to grant the exclusive license under the Licensor Patent and
Trademark Rights and to perform its obligations under this Agreement. Upon
execution and delivery by Licensee, this Agreement shall constitute a valid and
binding agreement of Licensor enforceable against it in accordance with its
terms.

                  5.2 Title and Validity. Licensor hereby represents and
warrants that it is the sole owner of all right, title and interest in and to
the Licensor Patent and Trademark Rights. To Licensor's knowledge, there are no
claims or suits challenging Licensor's ownership or right to use the Licensor
Patent and Trademark Rights, or alleging that any of the Licensor Patent and
Trademark Rights infringe any rights of any third party, nor does there exist
any basis therefor. To Licensor's knowledge, it is not necessary for Licensee to
obtain any royalty bearing licenses from any third party in order to fully
exercise the rights granted by Licensor hereunder. Licensor has no knowledge of
any fact that casts substantial doubt on the validity of any of the Licensor
Patent and Trademark Rights as of this date.

                  5.3 No Conflict. Licensor hereby represents and warrants that
no other person or organization presently has any assignment, option, or license
under the Licensor Patent and Trademark Rights with respect to the manufacture,
use or sale of Licensed Product in the United States or anywhere in the world.
Execution, delivery and consummation of this Agreement will not result in the
breach of or give rise to cause for termination of any agreement or contract to
which Licensor may be a party or, to Licensor's knowledge, which otherwise
relates to the Licensor Patent and Trademark Rights or the Licensed Products.
Neither Licensor nor any of its Affiliates after the Effective Date shall enter
into any agreement or take or fail to take any action which shall restrict its
legal right to grant to Licensee the rights and benefits contemplated under this
Agreement.

                                        9

<PAGE>

                  5.4 Indemnity. It is understood that if any of the
representations and warranties hereunder are not true and correct as of the date
hereof and Licensee incurs damages, costs or other expenses as a result of such
falsity or circumstances falsely represented, Licensor shall defend, indemnify
and hold harmless Licensee and its Affiliates for any such damages, costs or
expenses incurred.

                  5.5 Disclaimer. Subject to the foregoing, LICENSOR MAKES NO
OTHER WARRANTIES CONCERNING LICENSOR PATENT AND TRADEMARK RIGHTS OR LICENSOR
TECHNOLOGY COVERED BY THIS AGREEMENT, INCLUDING WITHOUT LIMITATION, ANY EXPRESS
OR IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE AS TO
LICENSOR PATENT AND TRADEMARK RIGHTS, LICENSOR TECHNOLOGY OR ANY LICENSED
PRODUCT.

         6.       Interests in Intellectual Property Rights.

                  6.1 Preservation of Title. Licensor shall retain full
ownership and title to Licensor Technology, and Licensor Patent and Trademark
Rights licensed hereunder and shall use its reasonable best efforts to preserve
and maintain such full ownership and title, subject to Licensee fully performing
all of its obligations under this Agreement.

                  6.2 [ * ]License to Improvements. Licensee hereby grants to
Licensor a non-exclusive, [ * ] license to any improvement to Licensor
Technology developed by Licensee, to use for its own non-commercial research
purposes or grant to other nonprofit institutions for their non-commercial
research purposes. Licensor hereby grants to Licensee a non-exclusive, royalty
free license to any improvement to Licensor Technology developed by Licensor if
the research was solely sponsored by Licensee.

                  6.3 Governmental Interest. Licensee and Licensor acknowledge
that Licensor has received, and expects to continue to receive, funding from the
United States Government in support of Licensor's research activities. Licensee
and Licensor acknowledge and agree that their respective rights and obligations
pursuant to this Agreement shall be subject to Licensor's obligations and the
rights of the United States Government, if any, which arise or result from
Licensor's receipt of research support from the United States Government,
including without limitation, the grant by Licensor to the United States a
non-exclusive, irrevocable, royalty-free license to Licensor Technology and
Licensor Patent and Trademark Rights licensed hereunder for governmental
purposes.

                  6.4 Reservation of Rights. Licensor reserves the right to use
for any non-commercial research purposes and the right to allow other nonprofit
institutions to use for any non-commercial research purposes any Licensor
Technology and Licensor Patent and Trademark Rights licensed hereunder, without
Licensor or such other institutions being obligated to pay Licensee any
royalties or other compensation.

         7.       Confidentiality and Publication.

                  7.1 Treatment of Confidential Information. The parties agree
that during the term of this Agreement, and for a period of [ * ] after this
Agreement terminates, a party receiving Confidential Information of the other
party will (i) maintain in confidence such Confidential Information to the same
extent such party maintains its own proprietary information,

*  CONFIDENTIAL PORTIONS HAVE BEEN OMITTED BASED UPON A REQUEST FOR CONFIDENTIAL
   TREATMENT PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934 AND
   HAVE BEEN SEPARATELY FILED WITH THE COMMISSION.

                                       10

<PAGE>

(ii) not disclose such Confidential Information to any third party without prior
written consent of the other party and (iii) not use such Confidential
Information for any purpose except those permitted by this Agreement.

                  7.2 Publications. Licensee agrees that Licensor shall have a
right to publish in accordance with its general policies. However, prior to
publication, Licensor shall submit to Licensee copies of proposed publications
which contain subject matter relating to intellectual property licensed
hereunder or to a Licensed Product, and afford Licensee [ * ] to review the
publication(s). Upon timely written request by Licensee, Licensor shall delay
any such publication until the preparation and filing of a patent application
pursuant to Section 3.1, which delay shall not exceed [ * ].

                  7.3 Publicity. Except as otherwise provided herein or required
by law, no party shall originate any publication, news release or other public
announcement, written or oral, whether in the public press, stockholders'
reports, or otherwise, relating to this Agreement or to any sublicense
hereunder, or to the performance hereunder or any such agreements, without the
prior written approval of the other party, which approval shall not be
unreasonably withheld. Licensee shall not use the name of Licensor or any of
Licensor's employees in any marketing or sales literature or otherwise without
Licensor's prior written approval. Scientific publications published in
accordance with Section 7.2 of this Agreement and disclosures required under the
securities laws shall not be construed as publicity governed by this Section
7.3.

         8.       Term and Termination.

                  8.1 Term. Unless terminated sooner in accordance with the
terms set forth herein, the term of this Agreement, and the license granted
hereunder, shall expire as provided in Section 2.6 hereof.

                  8.2 Termination Upon Default. Any one or more of the following
events shall constitute an event of default hereunder: (i) the failure of a
party to pay any amounts when due hereunder and the expiration of [ * ] after
receipt of a written notice requesting the payment of such amount; (ii) the
failure of a party to perform any obligation required of it to be performed
hereunder, and the failure to cure within [ * ] after receipt of notice from the
other party specifying in reasonable detail the nature of such default. Upon the
occurrence of any event of default, the non-defaulting party may deliver to the
defaulting party written notice of intent to terminate, such termination to be
effective upon the date set forth in such notice.

                  Such termination rights shall be in addition to and not in
substitution for any other remedies that may be available to the non-defaulting
party. Termination pursuant to this Section 8.2 shall not relieve the defaulting
party from liability and damages to the other party for breach of this
Agreement. Waiver by either party of a single default or a succession of
defaults shall not deprive such party of any right to terminate this Agreement
arising by reason of any subsequent default.

                  8.3 Termination For Financial Considerations. This Agreement,
and the license granted herein, may be terminated by Licensor giving written
notice of termination to Licensee in the event Licensee informs Licensor in
writing of Licensee's inability to pay its debts as they come due, fails to pay
royalties within [ * ] after they are due pursuant to this Agreement, or upon
the appointment of a receiver of any of Licensee's assets, or the making by
Licensee of any assignment for the benefit of creditors. Termination shall be
effective upon the date specified in such

*  CONFIDENTIAL PORTIONS HAVE BEEN OMITTED BASED UPON A REQUEST FOR CONFIDENTIAL
   TREATMENT PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934 AND
   HAVE BEEN SEPARATELY FILED WITH THE COMMISSION.

                                       11

<PAGE>

notice. To the extent permitted by applicable law, in the event that: (i)
Licensee (1) applies for or consents to the appointment of, or the taking of
possession by, a receiver, custodian, trustee or liquidator of all or
substantially all of its property, (2) makes a general assignment for the
benefit of its creditors, (3) commences a case under the United States
Bankruptcy Code, or files a petition seeking to take advantage of any other law
relating to bankruptcy, insolvency, or composition or readjustment, with respect
to substantially all of its debts, or (4) adopts any resolution of its board of
directors or stockholders for the purpose of effecting any of the foregoing; or
(ii) a proceeding or case is commenced without the application or consent of
Licensee that seeks a remedy described in (1) above and such proceeding or case
continues undismissed, or an order, judgment or decree approving or ordering any
of such remedies shall be entered and continue unstayed and in effect, for a
period of [ * ] from and after the date service of process is effected upon
Licensee; then, and in any such event, Licensee will be deemed to have defaulted
under this Agreement, and this Agreement will be deemed to have been terminated
by Licensor as of that date.

                  8.4 Licensee Termination. Licensee shall have the right to
terminate this Agreement at any time upon [ * ] written notice to Licensor, and
upon payment of all amounts due Licensor through the effective date of
termination.

                  8.5 Rights Upon Expiration. Neither party shall have any
further rights or obligations upon the expiration of this Agreement upon its
regularly scheduled expiration date with respect to this Agreement, other than
the obligation of Licensee to make any and all reports and payments for the
final quarter period. Provided, however, that upon such expiration, each party
shall be required to continue to abide by its non-disclosure obligations as
described in Section 7.1. Licensee shall continue to abide by its obligation to
indemnify Licensor as described in Section 4.3 and by its obligations under
Section 6.2 hereof, and Licensor shall continue to abide by its obligation to
indemnify Licensee as described in Section 5.4.

                  8.6 Rights Upon Termination. Notwithstanding any other
provision of this Agreement, upon any termination of this Agreement prior to the
regularly scheduled expiration date of this Agreement, the license granted
hereunder shall terminate. Except as otherwise provided in Section 8.6 of this
Agreement with respect to work-in-progress, upon such termination, Licensee
shall have no further right to develop, manufacture or market any Licensed
Product, or to otherwise use any Licensor Patent and Trademark Rights or any
Licensor Technology not otherwise includable therein. Upon any such termination,
Licensee shall promptly return all materials, samples, documents, information,
and other materials which embody or disclose Licensor Patent and Trademark
Rights or any Licensor Technology not otherwise includable therein; provided,
however, that Licensee shall not be obligated to provide Licensor with
proprietary information which Licensee can show that it independently developed.
Any such termination shall not relieve either party from any obligations accrued
to the date of such termination. Upon such termination, each party shall be
required to abide by its nondisclosure obligations as described in Section 7.1,
and Licensee shall continue to abide by its obligations to indemnify Licensor as
described in Section 4.3, and Licensor shall continue to abide by its obligation
to indemnify Licensee as described in Section 5.4.

                  8.7 Work-in-Progress. Upon any such early termination of the
license granted hereunder in accordance with this Agreement, Licensee shall be
entitled to finish any work-in-progress and to sell any completed inventory of a
Licensed Product covered by such license which remain on hand as of the date of
the termination, so long as Licensee pays to Licensor the royalties applicable
to said subsequent sales in accordance with the terms and conditions as set
forth in this

*  CONFIDENTIAL PORTIONS HAVE BEEN OMITTED BASED UPON A REQUEST FOR CONFIDENTIAL
   TREATMENT PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934 AND
   HAVE BEEN SEPARATELY FILED WITH THE COMMISSION.

                                       12

<PAGE>

Agreement, provided that no such sales shall be permitted after the expiration
of [ * ] after the date of termination.

                  8.8 Survival of Sublicenses. In the event that the licenses
granted to Licensee under this Agreement are terminated, any granted sublicenses
shall remain in full force and effect, provided that the sublicensee is not then
in breach of its sublicense agreement and the sublicensee agrees in writing to
be bound and promptly becomes bound to Licensor as a licensor under the terms
and conditions of this Agreement.

         9.       Assignment; Successors.

                  9.1 Assignment. Neither this Agreement nor any rights granted
hereunder may be assigned or transferred by Licensee, except to an Affiliate of
Licensee, without the prior written consent of Licensor.

                  9.2 Binding Upon Successors and Assigns. Subject to the
limitations on assignment herein, this Agreement shall be binding upon and inure
to the benefit of any successors in interest and permitted assigns of Licensor
and Licensee. Any such successor or permitted assignee of Licensee's interest
shall expressly assume in writing the performance of all the terms and
conditions of this Agreement to be performed by Licensee.

         10.      General Provisions.

                  10.1 Independent Contractors. The relationship between
Licensor and Licensee is that of independent contractors. Licensor and Licensee
are not joint venturers, partners, principal and agent, master and servant,
employer or employee, and have no other relationship other than independent
contracting parties. Licensor and Licensee shall have no power to bind or
obligate each other in any manner, other than as is expressly set forth in this
Agreement.

                  10.2 Dispute Resolution. Any controversy or claim arising out
of or relating to this Agreement, or the breach thereof, shall be settled by an
agreed form of alternative dispute resolution (ADR), including mediation,
arbitration or other form of ADR. If the parties cannot agree on a form of ADR,
dispute shall be settled by binding arbitration in accordance with the
Commercial Arbitration Rules of the American Arbitration Association ("AAA").
Judgment upon the award rendered by the arbitrators may be enforced in any court
having jurisdiction thereof.

                  10.3 Entire Agreement; Modification. This Agreement sets forth
the entire agreement and understanding between the parties as to the subject
matter hereof. There shall be no amendments or modifications to this Agreement,
except by a written document which is signed by both parties.

                  10.4     Applicable Law. This Agreement shall be construed and
enforced in accordance with the laws of the State of Virginia.

                  10.5 Headings. The headings for each article and section in
this Agreement have been inserted for convenience or reference only and are not
intended to limit or expand on the meaning of the language contained in the
particular article or section.

*  CONFIDENTIAL PORTIONS HAVE BEEN OMITTED BASED UPON A REQUEST FOR CONFIDENTIAL
   TREATMENT PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934 AND
   HAVE BEEN SEPARATELY FILED WITH THE COMMISSION.

                                       13

<PAGE>

                  10.6 Severability. Should any one or more of the provisions of
this Agreement be held invalid or unenforceable by a court of competent
jurisdiction, it shall be considered severed from this Agreement and shall not
serve to invalidate the remaining provisions thereof. The parties shall make a
good faith effort to replace any invalid or unenforceable provision with a valid
and enforceable one such that the objectives contemplated by them when entering
this Agreement may be realized.

                  10.7 No Waiver. Any delay in enforcing a party's rights under
this Agreement or any waiver as to a particular default or other matter shall
not constitute a waiver of such party's rights to the future enforcement of its
rights under this Agreement, excepting only as to an express written and signed
waiver as to a particular matter for a particular period of time.

                  10.8 Name. Whenever there has been an assignment or a
sublicense by Licensee as permitted by this Agreement, the term "Licensee" as
used in this Agreement shall also include and refer to, if appropriate, such
assignee or sublicensee.

                  10.9 Attorneys' Fees. In the event of a dispute between the
parties hereto or in the event of any default hereunder, the party prevailing in
the resolution of any such dispute or default shall be entitled to recover its
reasonable attorneys' fees and other costs incurred in connection with resolving
such dispute or default.

                  10.10 Notices. Any notices required by this Agreement shall be
in writing, shall specifically refer in this Agreement and shall be sent by
registered or certified airmail, postage prepaid, or by telefax, telex or cable,
charges prepaid, or by overnight courier, postage prepaid and shall be forwarded
to the respective addresses set forth below unless subsequently changed by
written notice to the other party:

                  For Licensor:  Eastern Virginia Medical School
                                 825 Fairfax Avenue
                                 Norfolk, Virginia 23507 U.S.A.
                                 Attention:  J. Sumner Bell, III, M.D.
                                 President   Fax No.:  (757) 446-6095

                  For Licensee:  AcSentient, Inc.
                                 209 Chalon Drive
                                 Cary, North Carolina 27511 U.S.A.
                                 Attention:  Lisa T. Grimes
                                 Fax No.:  (919) 469-2377

                  Notice shall be deemed delivered upon the earlier of (i) when
received, (ii) three (3) days after deposit into the mail, (iii) the date notice
is sent via telefax, telex or cable, or (iv) the day immediately following
delivery to overnight courier (except Sunday and holidays).

                  10.11 Compliance with U.S. Laws. Nothing contained in this
Agreement shall require or permit Licensor or Licensee to do any act
inconsistent with the requirements of any United States law, regulation or
executive order as the same may be in effect from time to time.

                                       14

<PAGE>

                  10.12 Further Assurances. The parties each, at any time or
from time to time, shall execute and deliver or cause to be delivered such
further assurances, instruments or documents as may be reasonably necessary to
fulfill the terms and conditions of this Agreement.

                  10.13    Counterparts. This Agreement may be signed in
counterparts which collectively shall constitute a single agreement.

                  IN WITNESS WHEREOF, the parties have executed this Agreement
by their duly authorized representatives as of the date set forth above.

LICENSOR:                                         LICENSEE:
Eastern Virginia Medical School                   AcSentient, Inc.

Signature: /s/ J. Sumner Bell, III, M.D.          Signature: /s/ Lisa T. Grimes
           -----------------------------                    -------------------

By:        J. Sumner Bell, III, M.D.              By:        Lisa Grimes

Title:     President                              Title:     CEO

Date:      January 29, 2002                       Date:________________________

                                       15

<PAGE>

                                    EXHIBIT A

                          PATENT AND TRADEMARK SCHEDULE

A.       Topical Gel Containing Aminocaproic Acid for Preventing Secondary
         Hemorrhage Following Hyphem

         U.S. Patent No. 5,415,863                    Awarded:  5/16/95

B.       Topical Gel Containing Aminocaproic Acid Applied to the Eye

         U.S. Patent No. 5,505,954                    Awarded:  4/9/96

C.       Method for Preparing a Topical Aminocaproic Acid Containing Ophthalmic
         Gel

         U.S. Patent No. 5,547,680                    Awarded:  8/20/96

D.       Topical Composition for Re-epithelialization of Persistent Epithelial
         defects

         U.S. Patent No. 5,541,226                    Awarded:

E.       Registered Trademark: "Caprogel"

         U.S. Trademark Reg. No. 2,393,778            Registered:  10/10/00

<PAGE>

                                    EXHIBIT B

                                DEVELOPMENT PLAN

Phase IIIB Clinical Trial

[ * ] [ * ]

[ * ] [ * ]

[ * ] [ * ]

Toxicology Trial

[ * ] [ * ]

[ * ] [ * ]

[ * ] [ * ]

Seek Food and Drug Administration (FDA) Approval

[ * ] [ * ]

[ * ] [ * ]

Market Caprogel

[ * ] [ * ]

*  CONFIDENTIAL PORTIONS HAVE BEEN OMITTED BASED UPON A REQUEST FOR CONFIDENTIAL
   TREATMENT PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934 AND
   HAVE BEEN SEPARATELY FILED WITH THE COMMISSION.

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