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Exhibit 10.22  

 
 

FORBEARANCE AGREEMENT    
    

        THIS AGREEMENT is entered into this    day of June, 2004 by and between Philips Medical Capital, LLC ("PMC") and IMCOR Pharmaceutical Co. f/k/a
Photogen Technologies, Inc. ("Debtor"). 

        The
parties stipulate as follows: 

	A.
	On
or about October 25, 1999, Photogen, Inc. executed and delivered to Picker Financial Group, LLC ("Picker") an Equipment Lease (the "Lease"), pursuant to which Picker
leased the equipment described therein to Photogen, Inc. under the terms set forth in the Lease (collectively, the "Equipment").

	B.
	In
connection therewith, Debtor executed and delivered that certain Guaranty, guarantying all of the obligations of Photogen, Inc. under the Lease.

	C.
	Under
the Guaranty, Debtor is justly indebted to PMC in the amount of $568,601 as of the date of this Agreement (the "Indebtedness"). In addition, the Lease provides for the accrual of
interest, costs and expenses, including, without limitation, attorneys' fees (collectively, "Costs").

	D.
	The
Indebtedness and Costs are fully enforceable and is not subject to any defense or counterclaim, or any claim of setoff or recoupment (although Debtor reserves all rights against
Tufts University).

	E.
	Picker
subsequently assigned the Lease to PMC.

	F.
	Debtor
represents that it has been seeking financing since January 2003 but has not been able to obtain additional capital except for bridge financing provided by its principal
venture capital investors led by Mi3 L.P. and Oxford Bioscience Partners IV, L.P.; those venture capital investors have advised Debtor that they are unwilling to provide financing to discharge the
Indebtedness; and Debtor is continuing to seek financing and is currently in the process of completing a private placement. Debtor makes no representations or warranties as to its ability to obtain
capital or other financing in the future.

	G.
	The
parties acknowledge that each has been represented by counsel in connection with the negotiation and execution of this Agreement, that this Agreement represents an
arms-length transaction, and that each party has acted in good faith in the making of this Agreement. 

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

        1.    Forbearance Period.    Subject to the express provisions of this Forbearance Agreement, PMC hereby agrees to
forbear from exercising its remedies under the Lease and the Guaranty or under applicable law (including, without limitation, the right to collect the Indebtedness and Costs in accordance with the
terms of the Lease and Guaranty and the right to take possession of the Equipment) until the occurrence of a Termination Event, as defined in Section 3 of this Agreement. This period of
forbearance is hereinafter referred to as the "Forbearance Period." 

        2.    Conditions of Forbearance.    PMC's agreement to forbear is conditioned upon and subject to timely satisfaction
of each of the following conditions ("Conditions of Forbearance"): 

        (a)    Cash.    Debtor shall pay PMC (i) $75,000 on the second business day after the closing of the second
tranche of its private placement, but no later than July 22, 2004, and (ii) an additional $25,000 within six months thereafter. 

        (b)    Stock.    Debtor shall, within three (3) business days after the date hereof, issue shares of its stock
to PMC (the "PMC Stock") in an amount equal to ten percent (10%) less than the (A) the Indebtedness (less any amount paid or payable in cash under paragraph (a) above)  divided  

 

 by (B) the VWAP for the ten (10) trading days prior to the date of this Agreement, but in no event will the price per share be $0.75 or less. "VWAP" means on any
particular trading day or for any particular period, the volume weighted average trading price per share of Common Stock on such date or for such period as reported by the Bloomberg L.P., by any
successor performing similar functions. The provisions related to granting of the PMC Stock and PMC's ability to sell same and the Final Payment are described in greater detail in Exhibit "A"
attached hereto and incorporated herein by reference. 

        (c)    Correctness of Representations and Warranties.    All representations and warranties made by Debtor to PMC
under this Agreement shall remain true and correct throughout the Forbearance Period. 

        (d)    No Defaults Under Lease Documents.    During the Forbearance Period, Debtor's obligation to make payments to
PMC under the Lease and Guaranty shall be governed by this Agreement. Debtor shall perform or shall cause to be performed all obligations, covenants, representations and warranties contained in the
Lease except for the payment obligations. A copy of the insurance for the Equipment, as required by the Lease is attached hereto as Exhibit "B". With respect to all such obligations, covenants,
representations and warranties, an Event of Default under any of the Lease documents or a default under the Guaranty shall constitute a Termination Event under this Agreement. 

        (e)    No Defaults Hereunder.    During the Forbearance Period, Debtor shall not breach any promise or covenant
contained in this Agreement or the Lease. 

        3.    Termination Events.    Each of the following shall constitute a Termination Event under this Agreement and an
Event of Default under the Lease: 

	(a)
	Debtor
fails to comply in a timely manner with any of the Conditions of Forbearance set forth above. 

        (b)   Debtor
becomes a debtor in bankruptcy by means of either a voluntary or involuntary petition. 

        (c)   Any
kind of receivership or insolvency proceeding is commenced by or against Debtor. 

        (d)   Debtor's
common stock shall cease to be listed on the Nasdaq SmallCap Market or a comparable national securities market or exchange. 

        (e)   Debtor
fails to cause a registration statement covering resale of the PMC Stock to become effective within 12 months from the date of this Agreement or fails to
comply with any other provision of Exhibit A. 

        (f)    Debtor
shall breach any other representation, warranty or covenant set forth in this Agreement. 

        4.    Termination of Forbearance Period.    Debtor agrees that the Forbearance Period automatically, and without
notice, shall be terminated upon the earlier of: 

        (a)   the
discharge of the Indebtedness in accordance with Exhibit A, or 

        (b)   occurrence
of any Termination Event, as defined above. Upon termination of the Forbearance Period due to the occurrence of a Termination Event, the entire amount of the
Indebtedness outstanding at that time, plus Costs, shall be immediately due and payable, and PMC shall be under no obligation to forbear in any respect and shall be entitled immediately to exercise
all of its rights and remedies under the Lease and Guaranty, all without further notice to Debtor. 

        5.    Forgiveness of Indebtedness.    Provided that throughout the Forbearance Period Debtor satisfies all of the
Conditions of Forbearance set forth above, then PMC (for itself and any other entity deemed 

2

 

to
be a lessor under the Lease, including Picker) shall forgive remaining outstanding balance of the Indebtedness and Costs, if any, and shall release Debtor from all further obligations and
liabilities under the Lease and Guaranty. If, however, there shall ever occur a Termination Event, PMC shall be under no obligation to forgive or discharge any portion of the then outstanding
Indebtedness or related Costs. 

        6.    Confession of Judgment.    Debtor will execute a confession of judgment in the form attached hereto as Exhibit
"C" and PMC shall be entitled to utilize such confession of judgment upon the occurrence of any Termination Event in the full amount of the Indebtedness then outstanding at that time. 

        7.    Representations, Warranties and Covenants.    In order to induce PMC to enter into this Agreement, Debtor makes
the following representations, warranties and covenants: 

	(a)
	Debtor
is a validly existing corporation in good standing under the laws of the State of Nevada and is duly qualified to conduct its business in all jurisdictions where it does
conduct business;

	(b)
	Debtor
is duly authorized and empowered to enter into and perform under this Agreement;

	(c)
	The
execution and performance of this Agreement by Debtor does not and will not violate any agreement to which Debtor is a party;

	(d)
	All
written financial and other information given by Debtor or any of its agents or representatives to PMC is and shall be true and accurate in all material respects;

	(e)
	During
the Forbearance Period, Debtor will not dispose of any material amount of its property outside of the ordinary course of business except for licenses of its intellectual
property on commercially reasonable terms;

	(f)
	During
the Forbearance Period, without PMC's written consent (not to be unreasonably withheld) Debtor will not incur any additional debt for borrowed money except for trade debt
incurred in the ordinary course of business and up to an aggregate of $2,000,000 of other debt for borrowed money to be used for working capital; and

	(g)
	Debtor
shall take no action that would impair Debtor's ability to perform its obligations hereunder or to satisfy any of the Conditions of Forbearance. 

        8.    Effectiveness of the Lease and Guaranty.    This Agreement shall not constitute a novation of the Lease or the
Guaranty or any other agreement between the parties hereto and such documents shall remain in full force and effect subject only to PMC's agreement to forbear as set forth herein. 

        9.    Release and Waiver.    Debtor hereby agrees that, with respect to the Lease, the Guaranty and the other
documents related to and the transactions contemplated by the Lease and Guaranty: Debtor has no claims or causes of action against PMC and its officers, directors and employees of any kind whatsoever
and hereby releases PMC from any and all claims, causes of action, demands and liabilities of any kind whatsoever whether direct or indirect, fixed or contingent, liquidated or
non-liquidated, disputed or undisputed, known or unknown, which Debtor has or may acquire in the future relating in any way to any such event, circumstance, action or failure to act from
the beginning of time to the date of this Agreement. 

        10.    Costs and Expenses.    Debtor agrees to pay on demand all reasonable out-of-pocket
costs and expenses of PMC, including the fees and out-of-pocket expenses of counsel for PMC, in connection with the administration, enforcement, or protection of PMC's rights
under this Forbearance Agreement, the Guaranty and Lease. 

3

 

        11.    No Obligation to Extend Future Forbearances; No Waiver.    Debtor acknowledges and agrees that PMC is not
obligated and does not agree to extend any other or future forbearances except as expressly set forth herein. This Agreement shall not constitute a waiver by PMC of any of Debtor's defaults under the
Guaranty. Except as expressly provided herein, PMC reserves all of its rights and remedies under the Guaranty and the Lease. No action or course of dealing on the part of PMC, its officers, employees,
consultants, or agents, nor any failure or delay by PMC with respect to exercising any right, power or privilege of PMC under the Lease, the Guaranty or this Agreement, shall operate as a waiver
thereof, except to the extent expressly provided herein. 

        12.    No Obligation to Make Further Advances.    Debtor acknowledges and agrees that PMC is under no obligation to
advance any additional credit to Debtor. 

        13.    Governing Law.    This Agreement shall be governed by and construed in accordance with the laws of the
Commonwealth of Pennsylvania. The parties agree that the federal and state courts located in Philadelphia county, Pennsylvania shall have exclusive jurisdiction over any dispute arising hereunder or
under the Guaranty. 

        14.    Amendments.    This Agreement cannot be amended, rescinded, supplemented or modified except in writing signed
by the parties hereto. 

        15.    Complete Agreement.    This Agreement contains the entire agreement of the parties and supersedes any other
discussions or agreements relating to the subject of this Agreement. 

        16.    Time of the Essence.    TIME IS OF THE ESSENCE OF THIS AGREEMENT. 

        IN
WITNESS WHEREOF, this Forbearance Agreement has been executed as of the date first set forth above. 

	Witness:	 	IMCOR PHARMACEUTICAL CO.
	

By:	
 	

    
	
 	

By:	
 	

    

	

Print name:	
 	

    
	
 	

Print name:	
 	

    

	

Title:	
 	

    
	
 	

Title:	
 	

    

	

 	
 	

 	
 	

Address:	
 	

    

	

 	
 	

 	
 	

 	
 	

    

	

Witness:	
 	

PHILIPS MEDICAL CAPITAL, LLC
	

By:	
 	

    
	
 	

By:	
 	

    

	

Print name:	
 	

    
	
 	

Print name:	
 	

    

	

Title:	
 	

    
	
 	

Title:	
 	

    

	

 	
 	

 	
 	

Address:	
 	

1111 Old Eagle School Road

Wayne, PA 19004

Attn: Peter E. Ochroch, Esq.

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EXHIBIT A  

        This Exhibit A sets out the terms and conditions governing the issuance, registration and sale of the PMC Stock. If Debtor complies with these provisions,
the Indebtedness shall be deemed to be "discharged" for purposes of Section 4(a) and Section 5 of the Forbearance Agreement. 

        1.     Debtor
shall cause its transfer agent to issue and deliver the PMC Stock to PMC pursuant to PMC's instructions in accordance with Section 2(b), above. 

        2.     Debtor
shall file a registration statement covering PMC's resale of the PMC Stock with the Securities and Exchange Commission ("SEC") within 10 days after
Debtor files with the SEC a registration statement covering the shares Oxford and Mi3 acquired from Debtor in November 2003, but in no event later than six (6) months from the date hereof. PMC
shall cooperate with the Debtor to provide information about PMC or its resale of the shares necessary to satisfy the requirements of the SEC. 

        3.     The
proceeds of PMC's sale of PMC Stock, net of broker commissions, shall be applied to reduce the Indebtedness. PMC shall not be required to account to Debtor for any
net proceeds in excess of the Indebtedness. 

        4.     Debtor
shall be required to keep the registration statement effective until PMC can sell shares of PMC Stock in accordance with Rule 144 under the Securities Act
of 1933. If for any reason the registration statement is not effective during the period it is required to be, the Sale Period described below will be extended for the period of time the registration
statement is not effective. 

        5.     At
the end of the Sale Period, Debtor shall pay PMC an amount in cash (the "Final Payment") equal to the excess of (a) the amount of Indebtedness then outstanding
(if any) over (b) the sum of (i) the aggregate net proceeds of PMC's sales of the PMC Stock at the end of the Sale Period, plus (ii) the value of the PMC Stock remaining that is
beneficially owned by PMC at such time (calculated based on the VWAP for such shares for the ten (10) trading days prior to the date of determination), plus (iii) any payments PMC receives
directly or indirectly from Tufts University in connection with the Lease or transactions contemplated thereby in excess of $50,000, if any; provided, however, that Debtor will be relieved of the
obligation to make any Final Payment if during any consecutive twenty (20) trading days during the Sale Period the VWAP of the Debtor's common stock is $3.50 or greater (such price to be adjusted for
stock splits and stock combinations) and where the average sales volume on such trading days is not less than 15,000 shares per day. The "Sale Period" is the period of time beginning on the
date the registration statement covering the PMC Stock becomes effective and ending 12 months thereafter. 

        6.     PMC
represents and warrants that it is an "accredited investor" as such term is defined under Regulation D under the Securities Act of 1933; and that it is
acquiring the PMC Shares for its own account and not with a view to the resale or distribution thereof except pursuant to an effective registration statement or otherwise in accordance with applicable
law. 

EXHIBIT "B"  

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Exhibit 10.23  

 
  EXCHANGE AGREEMENT    
    

        Exchange Agreement, dated as of June 4, 2004 (the "Exchange Agreement"), by and among IMCOR Pharmaceutical Co., a Nevada corporation (the
"Company"), Xmark Fund, L.P., a Delaware limited partnership, and Xmark Fund, Ltd., a Cayman Islands corporation (individually and collectively, together with their respective successors
and assigns "Senior Creditor"), and Oxford BioScience Partners IV L.P., a Delaware limited partnership, MRNA Fund II, L.P. a Delaware limited partnership, and
Mi3 L.P., a Delaware limited liability partnership (individually and collectively, together with their respective successors and permitted assigns, "Subordinate Creditor"). 

RECITALS:  

        WHEREAS, pursuant to the terms of that certain Going Forward Agreement, dated as of May 2, 2003 and amended on August 18, 2003 (the "Going Forward
Agreement"; capitalized terms used but not defined herein shall have the respective meanings ascribed thereto in the Going Forward Agreement), by and among Senior Creditor and the Company:
(i) Senior Creditor has the right to require the Company to purchase from Senior Creditor an aggregate of 1,611,989 shares (the "Put Shares") of the Company's common stock, par value $.001 per
share, owned by Senior Creditor at a per share purchase price equal to $1.00 (the aggregate amount due and payable to Senior Creditor pursuant to the Company's obligation to purchase the Put Shares is
referred to herein as the "Put Share Price"); (ii) the Company is obligated to issue Senior Creditor Interest Shares having an aggregate value equal to $74,263 (the "Interest Share
Obligation"); and (iii) the Company owes Senior Creditor an aggregate of $92,195, as of the date hereof, as a result of its postponement of Senior Creditor's right to exercise the Put Right
(the "Put Right Penalty Payment" and together with the Put Share Price and the Interest Share Obligation, the "Going Forward Obligations"); and 

        WHEREAS,
the obligations of the Company under the Going Forward Agreement (including, without limitation, the obligations arising pursuant to the Put Right) are secured by a first
priority duly perfected security interest in certain collateral of the Company pursuant to the terms of that certain Security Agreement, dated as of June 18, 2003 (the "General Security
Agreement"), by and among the Company and Senior Creditor and that certain Patent and Trademark Security Agreement, dated as of June 18, 2003 (the "IP Security Agreement" and together with the
General Security Agreement, the "Security Agreements"), by and among the Company and Senior Creditor; 

        WHEREAS,
the Company desires to obtain a loan from Silicon Valley Bank in the aggregate principal amount of $750,000 (the "SVB Loan"); 

        WHEREAS,
it is a condition of the SVB Loan that Senior Creditor consent to the SVB Loan; and 

        WHEREAS,
in order to induce Senior Creditor to consent to the SVB Loan and to extend the payment date of certain of the Going Forward Obligations, the Company has offered to issue
and deliver to Senior Creditor the secured promissory notes (the "Notes") in the form attached hereto as Exhibit A in exchange for Senior
Creditor's right, title and interest in and to the Put Shares, the Interest Shares and the Put Right ("Exchange"); and 

        WHEREAS,
the Notes and the indebtedness evidenced thereby are a secured Obligation (as defined in each of the Security Agreements) under the Security Agreements; and 

        WHEREAS,
in order to induce Senior Creditor to consent to the SVB Loan, Subordinate Creditor desires to (i) consent to the Exchange, (ii) re-affirm the
priority, validity and extent of Senior Creditor's liens in the Company (which liens secure the Company's obligations under the Notes) and (iii) acknowledge that the existing Lien and
Subordination Agreement, dated as of June 18, 2003 (the "Lien Subordination Agreement"), by and among Senior Creditor and Subordinate Creditor remains in full force and effect; and 

        WHEREAS,
the parties hereto desire to effectuate the Exchange on the terms and conditions set forth herein; 

 

        NOW
THEREFORE, in consideration of the mutual covenants contained herein, and intending to be legally bound, the parties hereby agree as follows: 

        1.    Exchange.    Simultaneously herewith, (i) Senior Creditor is hereby tendering the Put Shares, together
with stock powers duly endorsed in favor of the Company, and all of its right, title and interest in and
to the Interest Shares and the Put Right to the Company in exchange for the Notes, and (ii) the Company is issuing and delivering the Notes to Senior Creditor duly executed on behalf of the
Company. 

        2.    Senior Creditor Representations and Warranties.    Senior Creditor hereby represents and warrants to the Company
that: 

        (a)   Senior
Creditor is duly incorporated or organized, validly existing and in good standing in its jurisdiction of incorporation or organization. Senior Creditor has full
power and authority to enter into, deliver and perform this Agreement and has taken all action required to authorize the execution and delivery of this Agreement and to consummate the transactions
contemplated hereby, and the person signing this Agreement on behalf of Senior Creditor has been duly authorized to act on behalf of and to bind Senior Creditor. 

        (b)   The
execution and delivery of this Agreement and the consummation of the transactions contemplated hereby will not (i) violate, conflict with or result in an
event of default under any agreement or contract to which Senior Creditor is a party or by which it is bound, (ii) violate any applicable law, ordinance, rule or regulation of any governmental
body having jurisdiction over the Senior Creditor or its business or any order, judgment or decree applicable to the Senior Creditor, (iii) require the Senior Creditor to obtain the consent of
any governmental agency or entity or any other third party (other than any consent which has been obtained by the Senior Creditor), (iv) result in the creation of any liens, claims, charges or
encumbrances (collectively, "Encumbrances") on the Notes or the Put Shares to be transferred to the Company, or (v) violate any provision of its certificate of incorporation or certificate of
limited partnership, as applicable, and by-laws or partnership agreement, as applicable. 

        (c)   This
Agreement has been duly executed and delivered by the Senior Creditor and constitutes the valid and binding obligation of the Senior Creditor, enforceable against
the Senior Creditor in accordance with its terms, except as may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization or similar laws affecting creditors' rights generally or by
general equitable principles and except insofar as the enforceability of any provision of such agreement would be restricted or void by reason of public policy. 

        (d)   The
Senior Creditor owns the Put Shares being transferred to the Company beneficially and of record, free and clear of all Encumbrances, except for those Encumbrances
imposed by securities laws generally or created by the Company. Except for the Put Shares which are being transferred to the Company, Senior Creditor is not entitled to registration rights with
respect to any shares of Common Stock or securities convertible into or exercisable or exchangeable for Common Stock. 

        (e)   The
Notes have not be registered under the Securities Act of 1933, as amended (the "Securities Act"), or state securities laws and, therefore, the Notes cannot be resold
or transferred unless they are subsequently registered under the Securities Act and applicable state securities or "Blue Sky" laws or exemptions from such registration are available. 

        3.    Company Representations and Warranties.    The Company hereby represents and warrants to the Senior Creditor
that: 

        (a)   The
Company is duly incorporated, validly existing and in good standing in its jurisdiction of incorporation. The Company has full power and authority to enter into,
deliver and perform this Agreement, and it has taken all action required to authorize the execution and delivery of this 

2

 

Agreement
and to consummate the transactions contemplated hereby, and the person signing this Agreement on behalf of the Company has been duly authorized to act on behalf of and to bind the Company. 

        (b)   The
execution and delivery of this Agreement and the consummation of the transactions contemplated hereby will not (i) violate, conflict with or result in an
event of default under any agreement or contract to which the Company is a party or by which it is bound, (ii) violate any applicable law, ordinance, rule or regulation of any governmental body
having jurisdiction over the Company or its business or any order, judgment or decree applicable to the Company, (iii) require the Company to obtain the consent of any governmental agency or
entity or any other third party (other than any consent which has been obtained by the Company), (iv) result in the creation of any Encumbrances on the Notes or the Put Shares being transferred
to the Company, or (v) violate any provision of its certificate of incorporation or by-laws. 

        (c)   This
Agreement has been duly executed and delivered by the Company and constitutes the valid and binding obligation of the Company, enforceable against the Company in
accordance with its terms, except as may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization or similar laws affecting creditors' rights generally or by general equitable
principles and except insofar as the enforceability of any provision of such agreement would be restricted or void by reason of public policy. 

        (d)   The
Notes have been duly and validly authorized by the Company. 

	4.
	[intentionally
omitted] 

        5.    Security Agreements.    The parties hereto hereby agree that each of the Security Agreements shall be amended as
follows: 

        (a)   in
the case of the General Security Agreement, the defined term "Obligations" shall be amended and restated in its entirety to read as follows: 

	

	""Obligations"
shall mean

	(1)
	all
obligations and liabilities to the Secured Parties, whether now existing or hereafter arising, under the Notes, this Security Agreement, the Patent and Trademark Security
Agreement, the Going Forward Agreement (as amended by the Exchange Agreement), the Exchange Agreement and/or any document or agreement related to any of the foregoing and the due performance and
compliance with the terms of the Notes, this Security Agreement, the Patent and Trademark Security Agreement, the Going Forward Agreement (as amended by the Exchange Agreement), the Exchange Agreement
and/or any document or agreement related to any of the foregoing;

	(2)
	any
and all sums advanced by the Secured Parties in order to preserve the Collateral or to preserve the Secured Parties' security interest in the Collateral; and

	(3)
	in
the event of any proceeding for the collection or enforcement of any obligations or liabilities of the Grantor referred to in the immediately preceding clauses (1) through
(2) in accordance with the terms of the Notes, this Security Agreement, the Patent and Trademark Security Agreement, the Going Forward Agreement (as amended by the Exchange Agreement), the
Exchange Agreement and/or any document or agreement related to the foregoing, the expenses of re-taking, holding, preparing for sale, selling or otherwise disposing of or realizing on the
Collateral, or of any other exercise by the Secured Parties of their rights hereunder, together with reasonable attorneys' fees and court costs." 

3

 

        (b)   in
the case of the IP Security Agreement, the defined term "Obligations" shall be amended and restated in its entirety to read as follows: 

	

	""Obligations"
shall mean

	(1)
	all
obligations and liabilities to the Secured Parties, whether now existing or hereafter arising, under the Notes, the Security Agreement, this Patent and Trademark Security
Agreement, the Going Forward Agreement (as amended by the Exchange Agreement), the Exchange Agreement and/or any document or agreement related to any of the foregoing and the due performance and
compliance with the terms of the Notes, the Security Agreement, this Patent and Trademark Security Agreement, the Going Forward Agreement (as amended by the Exchange Agreement), the Exchange Agreement
and/or any document or agreement related to any of the foregoing;

	(2)
	any
and all sums advanced by the Secured Parties in order to preserve the Collateral or to preserve the Secured Parties' security interest in the Collateral; and

	(3)
	in
the event of any proceeding for the collection or enforcement of any obligations or liabilities of the Grantor referred to in the immediately preceding clauses (1) through
(2) in accordance with the terms of the Notes, the Security Agreement, this Patent and Trademark Security Agreement, the Going Forward Agreement (as amended by the Exchange Agreement), the
Exchange Agreement and/or any document or agreement related to the foregoing, the expenses of re-taking, holding, preparing for sale, selling or otherwise disposing of or realizing on the
Collateral, or of any other exercise by the Secured Parties of their rights hereunder, together with reasonable attorneys' fees and court costs." 

        (c)   in
the case of each of the Security Agreements, the defined term "Notes" shall be amended and restated in its entirety to read as follows 

	

	""Notes"
shall have the meaning ascribed thereto in that certain Exchange Agreement, dated as of June 4, 2004 (the "Exchange Agreement"), by and
among Grantor, the Secured Parties and the other entities party thereto." 

        6.    Acknowledgment of Security Interest; Amendment to Lien and Subordination Agreement.    

        (a)   The
Company hereby acknowledges, confirms and agrees that (i) Senior Creditor has and shall continue to have valid, enforceable and perfected first priority liens
upon, and security interests in, the Collateral (as defined in the Security Agreements) and (ii) the Notes and the indebtedness evidenced thereby are secured obligations of the Company pursuant
to the terms of the Security Agreements. Subordinate Creditor hereby acknowledges, confirms and agrees that (i) Senior Creditor's Lien (as defined in the Lien Subordination Agreement) on the
Collateral constitutes a first priority Lien on such property to secure the payment and performance of all of the Senior Obligations (as defined in the Lien Subordination Agreement) and is superior to
any Lien or other interest of Subordinate Creditor in the same property arising pursuant to the Subordinated Obligations Documents (as defined in the Lien Subordination Agreement), by operation of law
or otherwise; and any Lien or other interests of Subordinate Creditor in any of the Collateral shall be subordinate to the Lien of Senior Creditor therein, and (ii) the Notes and the
indebtedness evidenced thereby are secured obligations of the Company pursuant to the terms of the Security Agreements. 

4

 

        (b)   Senior
Creditor and Subordinate Creditor acknowledge and agree that the Lien Subordination Agreement is and remains in full force and effect and is hereby amended as
follows: 

        (i)    The
defined term "Notes" shall be amended and restated in its entirety to read as follows: 

	

	""Notes"
shall have the meaning ascribed thereto in that certain Exchange Agreement, dated as of June 4, 2004, by and among Borrower, Senior Creditor
and Subordinate Creditor. " 

        (ii)   The
defined term "Senior Creditor Loan Documents" shall be amended and restated to read in its entirety as follows: 

	

	""Senior
Creditor Loan Documents" shall mean and include the Notes (as defined in the Exchange Agreement, dated as of June 4, 2004, by and among
Borrower, Senior Creditor and Subordinate Creditor) and all other instruments or agreements now or hereafter evidencing or securing the payment of the whole or any part of the Senior Obligations. " 

        7.    Notices.    All notices and other communications required or permitted to be given pursuant to this Agreement
shall be in writing signed by the sender, and shall be deemed duly given (a) on the date
delivered if personally delivered, (b) on the date sent by telecopier with automatic confirmation by the transmitting machine showing the proper number of pages were transmitted without error,
(c) upon receipt by the receiving party of any notice sent by registered or certified mail (first-class mail, postage pre-paid, return receipt requested) or (d) on the date
targeted for delivery if delivered by nationally recognized overnight courier or similar courier service, in each case addressed to the receiving party, at the following addresses: 

	

	If
to the Company:

	

	IMCOR
Pharmaceutical Co.

6175 Lusk Boulevard

San Diego, California 92121

Facsimile: (858) 410-5161

Attention: Chief Executive Officer

	

	with
a copy (which shall not in itself constitute effective notice) to:

	

	Grippo &
Elden

227 W. Monroe Street, Suite 3600

Chicago, IL 60606

Facsimile: (312) 558-1195

Attention: Matthew I. Hafter, Esq.

	

	If
to Senior Creditor:

	

	152
West 57th Street, 21st Floor

New York, New York 10019

Attention: Mitchell D. Kaye

Facsimile: (212) 247-1329

	

	with
a copy (which shall not in itself constitute effective notice) to:

	

	Lowenstein
Sandler PC

65 Livingston Avenue

Roseland, New Jersey 07068

Attention: Steven Siesser, Esq.

Facsimile: (973) 597-2507 

5

 
	

	If
to Subordinate Creditor:

	

	Oxford
Bioscience Partners IV L.P.

222 Berkley Street, Suite 1650

Boston, MA 02116

Facsimile: (617) 357-7476

Attention: Jonathan Fleming

	

	With
a copy (which shall not in itself constitute effective notice) to:

	

	Mintz
Levin Cohn Ferris Glovsky and Popeo PC

12010 Sunset Hills Road

Reston, VA 20190

Facsimile: (703) 464-4895

Attention: Mark J. Wishner, Esq. 

or
to such other address as either party shall have previously specified in writing to the other party in a manner compliant with the above provision for giving notice hereunder. 

        8.    Entire Agreement.    This Agreement, together with the other documents referenced herein, constitutes the entire
agreement among the parties regarding the subject matter hereof, there being no other written, oral or other agreements or understandings between them with respect to the subject matter hereof. 

        9.    Severability.    The invalidity of any portion of this Agreement shall not affect the validity, force or effect
of the remaining portions of this Agreement. If it is ever held that any provision hereunder is too broad to permit enforcement of such provision to its fullest extent, such provision shall be
enforced to the maximum extent permitted by law. 

        10.    Applicable Law; Jurisdiction; Venue; Waiver of Jury Trial.    This Agreement and all matters arising hereunder
shall be governed and construed in accordance with the applicable laws of the State of New York without regard to principles of conflicts of applicable law or any rule of interpretation or
construction as to which party drafted this Agreement. Each party hereto hereby irrevocably submits to the personal and subject matter jurisdiction of the United States District Court and the courts
of the State of New York located in New York County, New York, over any suit, action or proceeding arising out of or relating to this Agreement. EACH PARTY HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, (A) THE RIGHT TO TRIAL BY JURY; (B) ANY OBJECTION THAT THEY MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING
BROUGHT IN ANY SUCH COURT; AND (C) ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. Final judgment in any suit, action or
proceeding brought in any such court shall be conclusive and binding upon each party duly served with process therein and may be enforced in the courts of the jurisdiction of which either party or any
of their property is subject, by a suit upon such judgment. 

        11.    Expenses.    The Company shall pay the fees and expenses of counsel for Senior Creditor in connection with or
arising out of the negotiation and preparation of this Agreement and the Notes. 

        12.    Counterparts.    This Agreement may be executed in counterparts, each of which shall be deemed an original and
all of which together shall constitute one and the same instrument. 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK] 

6

 

        IN WITNESS WHEREOF, each of the parties has caused this Agreement to be duly executed and delivered, all as of the first date written
above. 

	 	COMPANY:
	

 	

IMCOR PHARMACEUTICAL CO.
	

 	

By:	
 	

    

	 	 	 	Name:	 	 
	 	 	 	Title:	 	 
	

 	
SUBORDINATE CREDITOR:
	

 	

OXFORD BIOSCIENCE PARTNERS IV L.P
	 	By:	 	OBP Management IV L.P., its General Partner
	

 	

By:	
 	

    

	 	 	 	Name:	 	 
	 	 	 	Title:	 	 
	

 	

MRNA FUND II, L.P.
	

 	

By:	
 	

OBP Management IV L.P., its General Partner
	

 	

By:	
 	

    

	 	 	 	Name:	 	 
	 	 	 	Title:	 	 
	

 	

Mi3 L.P.
	

 	

By:	
 	

MI3 Services L.L.C., its General Partner
	

 	

By:	
 	

    

	 	 	 	Name:	 	 
	 	 	 	Title:	 	 
	

 	
SENIOR CREDITOR:
	

 	

XMARK FUND, L.P.
	

 	

By:	
 	

    

	 	 	 	Name:	 	 
	 	 	 	Title:	 	 
	

 	

XMARK FUND, LTD.
	

 	

By:	
 	

    

	 	 	 	Name:	 	 
	 	 	 	Title:	 	 

7

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