Document:

EXHIBIT 10.35

     

     

    Sudbrook
Associates LLP

    Healthcare
Corporate Advisors

    Russett
House

    6
The Drive

    Cobham

    KT11
2JQ

    

    

    
      Strictly
Private and Confidential

    

    
      

    

    
      

    

    
      Dear
Sirs,

    

    
      

    

    
      1.
Engagement

    

    
      

    

    
      We write
this engagement letter agreement (this “Agreement”) to confirm the terms on
which Sudbrook Associates LLP (“Sudbrook” or “us”) has been engaged (“the
Engagement”) by Medgenics, Inc. (the “Company” or “you”) to act as its sole
corporate finance advisor in order to provide the services described herein
during the period of the Engagement.

    

    
      

    

    
      2.
Scope of Work

    

    
      

    

    
      Sudbrook
will provide the services detailed in Part 1 of Schedule 1 to the
Company in regard to the Company’s proposed transaction with Shire Plc (the
“Transaction”):

    

    
      

    

    
      3.
Exclusive Engagement

    

    
      

    

    
      3.1           During
the period of the Engagement (“the Engagement Period”), the Company will not
appoint any third party as an additional corporate finance advisor in relation
to the Transaction.

    

    
      

    

    
      3.2           If
the Company does not wish to proceed with a Transaction during the Engagement
Period and within 6 months of the date of termination or expiration of this
Engagement it or any of its affiliates enters into or completes a transaction
having similar terms and effect to the Transaction, the Company will pay
Sudbrook the fees as and when provided in Part 2 of Schedule 1 after the
successful closing of that transaction.

    

    
      

    

    
      4.
Remuneration

    

    
      

    

    
      4.1           Following
the successful closing of a Transaction, the Company agrees to pay Sudbrook the
fees as and when provided in Part 2 of Schedule 1 and to pay the reasonable
expenses incurred by Sudbrook in accordance with paragraph
4.2.

    

    
      

    

    
      
        	
                4.2

              	
                Unless
      otherwise agreed, the Company must pay all reasonable costs, charges and
      expenses (together “Expenses”) in connection with the Transaction or the
      Engagement including all reasonable out of pocket expenses incurred by
      Sudbrook (including roadshow, travel and hotel expenses), all stamp duty,
      stamp

              

      

    

    
      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      
        	
                 
      

              	
                duty
      reserve tax and any other stamp, transfer or registration duty or tax and
      any related fines, costs penalties or interest otherwise payable in
      connection with the Transaction (save for any such fines, costs penalties
      or interest incurred as a result of any acts or omissions of Sudbrook);
      all fees, commissions, costs, charges and expenses payable to the FSA, the
      LSE or any other exchange or regulatory or similar body; the reasonable
      fees, commissions, costs, charges and expenses of all legal, accountancy,
      and other advisors, receiving bankers, depositories, custodians and
      registrars engaged by the Company; and all printing, postage and
      advertising expenses required for the Transaction. Any individual costs
      and/or Expenses which are anticipated to exceed £500 require the prior
      written approval of the Company before being incurred by Sudbrook.
      Expenses incurred under this paragraph 4.2 shall be reimbursed within 30
      days after receipt of detailed invoice
therefor.

              

      

    

    
      

    

    
      5.
Authorities

    

    
      

    

    
      5.1           Sudbrook
is authorised by the Company to do all reasonable things which are necessary or
desirable to carry out the Engagement (including acting as the Company’s agent
or through agents, which may include Sudbrook’s officers, partners or employees
provided the Company has given its prior written approval in relation to such
actions as agents) or to comply with applicable law. The Company agrees to
ratify and confirm everything lawfully done in the exercise of this authority.
Notwithstanding anything to the contrary contained herein, Sudbrook shall have
no authority to enter into any agreements, documents or consents related to the
Transaction on behalf of the Company. The Company shall have the sole right to
approve, accept or reject any and all terms related to the
Transaction.

    

    
      

    

    
      5.2           Sudbrook
can assume that instructions have been properly authorised by the Company if
they are given in writing by the Company’s Chairman or CEO.

    

    
      

    

    
      6.
Confidentiality

    

    
      

    

    
      6.1           All
material non-public information that is furnished to Sudbrook by or on behalf of
the Company during the term of the Engagement will be used by Sudbrook solely
for the purposes of the Engagement and will be treated confidentially and will
be subject to the confidentiality provisions set forth on Schedule 3 attached
hereto.

    

    
      

    

    
      6.2           Sudbrook’s
obligations under this Paragraph 6 relating to other information, other than
technical information (as set out below), shall remain in effect throughout the
term of this Agreement and any renewal hereof and for a period of three years
after the termination of this Agreement. For technical information related to
the development, design and manufacture of the Company’s products, this Section
6 shall remain in effect

    

    
      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      throughout
the term of this Agreement and any renewal hereof and for a period of six years
after the termination of this Agreement.

    

    
      

    

    
      7.
Information provided by the Company

    

    
      

    

    
      Sudbrook
shall be entitled to rely upon the accuracy and completeness of all information
provided by the Company and is not required to conduct a physical inspection or
audit of any of the properties, assets or liabilities of the Company or anyone
else. Sudbrook shall be entitled to assume that any forecasts and projections
made available by the Company (or on their behalf) to Sudbrook have been
prepared reflecting the best available estimates and judgements of die Company
and that these estimates and judgements are reasonable. If during the course of
the Engagement the Company subsequently discovers any such information, in whole
or in part, to be or likely to be untrue, inaccurate or misleading, it shall
notify Sudbrook promptly.

    

    
      

    

    
      8.
Liability

    

    
      

    

    
      The
Company agrees to indemnify Sudbrook and certain others on the terms of Schedule
2.

    

    
      

    

    
      9.
Expiration and Termination of Engagement

    

    
      

    

    
      The
Engagement Period and this Agreement shall expire twelve (12)months after the
date of this Agreement, unless the parties mutually agree in writing to extend
the term. Sudbrook has the right to terminate the Engagement Period and this
Agreement at any time upon giving at least one month’s written notice to the
Company and not be liable for any losses, costs or damages which the Company may
incur as a result of such termination except for as a result of Sudbrook’s fraud
or negligence. The Company has the right to terminate the Engagement Period and
this Agreement at any time upon giving one month’s written notice to Sudbrook
and not be liable for any losses, costs or damages which the Company may incur
as a result of such termination except as provided in the following two
sentences of this Paragraph 9 and except for as a result of the Company’s fraud
or negligence. Subject to the terms of this Paragraph 9, termination by either
party will not affect any accrued rights or obligations and Sudbrook will remain
entitled to receive, in full, all fees and expenses for which the Company is
liable under the terms of this Agreement up to the date of such termination.
Upon any termination or expiration of the Engagement and this Agreement,
Schedule 2 and Paragraphs 3.2, 6, 7, 8, and 10 -12 of this Agreement shall
remain in full force and effect notwithstanding any such termination or
expiration.

    

    
      

    

    
      10.
Entire Agreement

    

    
      

    

    
      This
Agreement sets out the entire agreement and understanding between the Company
and Sudbrook in connection with the Engagement and shall be effective from the
date last written on the signature page hereto. Schedules 1, 2 and 3 attached
hereto are deemed to be integral parts of this Agreement.

    

    
      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      11.
Complaints

    

    
      

    

    
      Any
formal complaints relating to Sudbrook and in connection with the Engagement
should be made in the first instance in writing to Sudbrook’s compliance
officer, who has initial responsibility for complaints
procedures.

    

    
      

    

    
      12.
Governing Law

    

    
      

    

    
      This
Agreement shall be governed by and construed in accordance with English law and
the Company irrevocably submits to the exclusion jurisdiction of the English
Courts in connection with any matter arising from it.

    

    
      

    

    
      13.
General

    

    
      

    

    
      Please
sign and return to us the duplicate of this Agreement as an acknowledgement of
your acceptance of its terms.

    

    
      

    

    
      

    

    
      

    

    
      

    

    
      

    

    
      The
signature below hereby confirms your acceptance of the terms of this
Agreement.

    

    
      

    

    
      Yours
faithfully,

    

    
      

    

    
      

    

    
      /s/ James Culverwell        

    

    
      James
Culverwell, Partner

    

    
      

    

    
      For and
on behalf of Sudbrook Associates LLP

    

    
      

    

    
      Date:  5th
May 2010

    

    
      

    

    
      

    

    
      /s/ Andrew L. Pearlman      

    

    
      Andrew L.
Pearlman

    

    
      

    

    
      For and
on behalf of Medgenics, Inc.

    

    
      

    

    
      Date:  5th
May 2010

    

    
      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      SCHEDULE
1: SERVICES AND FEES

    

    
      PART
1: SERVICES

    

    
      

    

    
      
        	
                1.

              	
                Services

              

      

    

    
      

    

    
      
        	
              	
                1.1

              	
                Transaction
      Services

              

      

    

    
      

    

    
      
        	
                 
      

              	
                •

              	
                Introducing
      the Company to Shire plc;

              

      

    

    
      

    

    
      
        	
                 
      

              	
                •

              	
                Assisting,
      when requested by the Company, with the preparation of any documentation
      required for the Transaction including an information memorandum and
      management presentation,

              

      

    

    
      

    

    
      
        	
                 
      

              	
                •

              	
                Providing
      advice on the structure and terms of the Transaction and assisting, when
      requested by the Company, with the evaluation and negotiation of the
      Transaction.

              

      

    

    
      

    

    
      
        	
              	
                1.2

              	
                Our
      Services are subject to the
following:

              

      

    

    
      

    

    
      
        	
                 
      

              	
                •

              	
                Our
      involvement in the preparation and publication of any communication in
      connection with the Engagement does not constitute authorisation of the
      contents of that document or any part of it, save to the extent expressly
      stated in that document.

              

      

    

    
      

    

    
      
        	
                 
      

              	
                •

              	
                Nothing
      in this Agreement requires us to provide specialist or technical advice
      (for example, on legal, regulatory, actuarial, accounting or taxation
      matters) which can be obtained from other professional advisors or for
      advising on the commercial aspects of the
  Transaction.

              

      

    

    
      

    

    
      
        	
                 
      

              	
                •

              	
                It
      is your responsibility to ensure that the advice received from your other
      professional advisors in relation to the Transaction is adequate and to
      the requisite standard for the purposes of the Transaction. We can assume
      all such advice is adequate and of the requisite standard without taking
      independent steps to verify
this.

              

      

    

    
      

    

    
      
        	
                 
      

              	
                •

              	
                In
      particular, we are not responsible for carrying out any due diligence
      investigations on your behalf. You should rely on your own expertise and
      that of your other professional advisors in defining the scope of any due
      diligence exercise and in formulating and assessing its
      conclusions.

              

      

    

    
      

    

    
      
        	
                 
      

              	
                •

              	
                Nothing
      we do in performing our services shall be construed as advice to proceed
      or not to proceed with the Transaction or any other transaction which may
      come within the scope of our advice. These are matters for commercial
      decision and are your responsibility. Whilst our advice may be a factor
      taken into account by you when deciding whether or not to proceed, regard
      must be had by you to the limitations on the scope of our advice as set
      out in this Agreement and/or any subsequent advice provided by you and any
      other factors, commercial or

              

      

    

    
      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      
        	
                 
      

              	
                otherwise,
      of which you and your other advisors are, or should be or become aware of
      other than our work.

              

      

    

    
      

    

    
      

    

    
      

    

    
      Part
2: Fees for the Transaction

    

    
      

    

    
      2.0   Fees

    

    
      

    

    
      
        	
              	
                2.1

              	
                The
      Company agrees to pay Sudbrook a Success Fee of 2% of the cash and
      non-cash consideration received by the Company from Shire plc or its
      affiliates in connection with the Transaction (“Consideration”).
      Consideration shall include, but is not limited to, fees, milestones,
      royalties and licensing revenues and includes payment in cash, shares,
      loan stock or other non-cash consideration. Consideration shall also
      include any consideration paid to the Company in the event of a successful
      offer to acquire part or all of the issued share capital of the Company.
      Notwithstanding anything to the contrary contained herein, funds provided
      by Shire plc or its affiliates for the reimbursement or direct payment of
      research and development expenses, including, without limitation, employee
      costs and expenses, shall not be deemed to be Consideration and no Success
      Fee shall be due to Sudbrook in connection
  therewith.

              

      

    

    
      

    

    
      
        	
                 
      

              	
                A
      Success Fee with respect to any Consideration received by the Company
      shall be paid to Sudbrook within 30 days of the Company’s actual receipt
      of such Consideration. For example, if the Transaction provides for the
      payment of $1.0 million upon the achievement of a certain milestone and
      such milestone is achieved, then the Company shall pay to Sudbrook a
      $20,000 Success Fee within 30 days after the Company receives from Shire
      plc or its affiliates the $1.0 million milestone payment. In the
      event that such milestone is not achieved or Shire plc or its affiliates
      fails to make the milestone payment, the Company shall not be obligated to
      pay such Success Fee.

              

      

    

    
      

    

    
      
        	
                 
      

              	
                If
      any portion of the Consideration is paid in the form of securities, the
      value of such securities, for the purposes of calculating the Transaction
      Value, will be determined by the average of the closing prices, on the
      principal investment exchange on which, they are listed or dealt in, on
      the five trading days ending five days prior to the date the securities
      are issued to the Company, its affiliates or stockholders. If such
      securities are not traded on a public market at that time, the value of
      the securities shall be the fair market value on the day when the
      securities are issued to the Company, its affiliates or stockholders. If
      the fair market value cannot be agreed by both parties a valuation will be
      sought from a third party whose appointment is agreed by both Sudbrook and
      the Company.

              

      

    

    
      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      
        	
              	
                2.2

              	
                All
      sums payable under this Agreement are exclusive of VAT (if
      any).

              

      

    

    
      

    

    
      
        	
              	
                2.3

              	
                The
      Company must pay the above fees together with all VAT payable on them to
      Sudbrook.

              

      

    

    
      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      SCHEDULE
2: INDEMNITY

    

    
      

    

    
      
        	
                1.

              	
                Indemnity

              

      

    

    
      

    

    
      
        	
              	
                1.1

              	
                The
      Company irrevocably agrees with Sudbrook (and for the benefit of the
      Indemnified Persons) that:

              

      

    

    
      

    

    
      
        	
                 
      

              	
                (A)

              	
                it
      will fully indemnify and hold harmless Sudbrook and each other Indemnified
      Person from and against any and all actions, claims, demands, proceedings
      brought by any third party whether pending, threatened or actual and
      whether successful, compromised, settled or discontinued (collectively
      “Claims”) and any liabilities, losses, damages, costs, charges and
      expenses of whatever nature and in whichever jurisdiction (collectively
      “Losses”) which may be suffered or incurred by, Sudbrook or any other
      Indemnified Person as a result of such Claims and which relate to or arise
      from, directly or indirectly, the Engagement (including, without
      limitation, in relation to any financial promotion (as referred to in
      section 21, FSMA) distributed on the Company’s
  behalf);

              

      

    

    
      

    

    
      
        	
                 
      

              	
                (B)

              	
                the
      Company will reimburse Sudbrook and any other Indemnified Person promptly
      on demand by Sudbrook or any such other Indemnified Person in full for all
      Losses incurred in connection with investigating, responding to, preparing
      for, defending or appearing as a witness in any such Claim, whether or not
      in connection with pending or threatened litigation, arbitration or other
      alternative dispute resolution procedures to which Sudbrook or any other
      Indemnified Person is a party or otherwise involved, and whether or not
      resulting in liability on the part of any such person, provided that
      Sudbrook and any other Indemnified Person wishing to claim under the
      indemnity in paragraph (A) above complies with the provisions of paragraph
      (C) below and that the Company will not be responsible for any Claims or
      Losses to the extent that (i) they are judicially determined to have
      arisen from Sudbrook’s fraud, wilful default or negligence (or that of an
      Indemnified Person) or the material breach by Sudbrook of its obligations
      to the Company under the Agreement or (ii) they arise as a result of a
      breach by Sudbrook or an Indemnified Person of its duties under the FSA
      Rules or under the regulatory system (as defined in such
      Rules);

              

      

    

    
      

    

    
      
        	
                 
      

              	
                (C)

              	
                the
      indemnity given in paragraph (A) above is subject to Sudbrook or any other
      Indemnified Person wishing to claim the benefit of the indemnity: (i)
      notifying the Company in writing as soon as reasonably practicable of any
      Claim and providing full details of the same, (ii) allowing the Company a
      reasonable period of time to make representations as to the conduct of the
      defence, or the terms of compromise, settlement or dealing with any Claim
      (iii) at the Company’s expense, co-operating with the Company and giving
      all such information as the Company may request in connection with any
      Claim brought against Sudbrook or any Indemnified Person; and (iv) not
      taking any action which might prejudice the position of Sudbrook or any
      Indemnified Person or the Company in relation to any such Claim, in
      particular not, without the prior written consent of the Company, settling
      or compromising or consenting to the entry of any judgment with respect to
      any pending or threatened Claim in respect of which indemnification may be
      sought under this Schedule 2;

              

      

    

    
      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      
        	
                 
      

              	
                (D)

              	
                no
      claim will be made against Sudbrook by the Company or any Associate of the
      Company in respect of the Engagement or the Agreement, and the Company
      will use all its reasonable endeavours to procure that no Claim will be
      made by any other person, except in each of these circumstances as a
      result of Sudbrook’s fraud, wilful default, negligence or breach of its
      obligations to the Company under the Agreement or as a result of a breach
      by Sudbrook or an Indemnified Person of its duties under the FSA Rules or
      FSMA or under the regulatory system (as defined in the FSA Rules), and
      neither Sudbrook nor any other Indemnified Person will have any liability
      whatsoever to the Company or any Associate of the Company for or in
      connection with the Engagement or the Agreement except to the extent that
      (i) such liability is judicially determined to have arisen from Sudbrook’s
      fraud, wilful default or negligence or breach of its obligations to the
      Company under the Agreement or (ii) results from a breach by Sudbrook or
      an Indemnified Person of its duties under the FSA Rules or under the
      regulatory system (as defined in the FSA
Rules),

              

      

    

    
      

    

    
      
        	
                 
      

              	
                (E)

              	
                Sudbrook
      will fully indemnify and hold harmless the Company, its Associates and any
      successor or assignee of any such person from and against Sudbrook’s
      fraud, wilful default, negligence or breach of its obligation to the
      Company under this Agreement (“Sudbrook Claims”) and any liabilities,
      losses, damages, costs, charges and expenses of whatever nature and in
      whichever jurisdiction (collectively “Losses”) which may be suffered or
      incurred by, the Company, its Associates and any successor or assignee of
      any such person as a result of such Sudbrook Claims, and shall provide
      reimbursement in connection with Sudbrook Claims, on the same terms, as
      the Company agrees to provide under the provisions of paragraph (B) in
      connection with Claims. The indemnity given in this paragraph (E) is
      subject to the terms of paragraph (C) as they may apply to such a Sudbrook
      Claim.

              

      

    

    
      

    

    
      
        	
                 
      

              	
                (F)

              	
                nothing
      in this Schedule 2 shall restrict or limit the Company’s, Sudbrook’s or
      any Indemnified Person’s general obligation at law to mitigate a loss it
      may suffer or incur as a result of an event that may give rise to a claim
      under the indemnity in paragraph (A) or (E)
  above;

              

      

    

    
      

    

    
      
        	
                 
      

              	
                (G)

              	
                all
      sums payable under this Schedule 2 must be paid free and clear of all
      deductions or withholdings unless the deduction or withholding is required
      by law, in which event the payee will pay such additional amount as to
      ensure that the net amount received by the payor will equal the full
      amount which would have been received by it had no such deduction or
      withholding been made;

              

      

    

    
      

    

    
      
        	
                 
      

              	
                (H)

              	
                if HM
      Revenue & Customs or any other taxing authority brings into charge to
      tax any sum payable under this Schedule 2 by way of reimbursement or
      indemnity and no tax relief was available for the loss giving rise to the
      reimbursement or indemnity, the amount so payable shall be grossed up by
      such amount as ensures that after deduction of the tax so chargeable
      (ignoring for this purpose the availability of any reliefs or other
      deductions available to the payee) there shall be left a sum equal to the
      amount that would otherwise be payable as a result of such reimbursement
      or indemnity;

              

      

    

    
      

    

    
      
        	
                 
      

              	
                (I)

              	
                References
      in this Schedule 2 to:

              

      

    

    
      

    

    
      
        	
              	
                 
      

              	
                “Affiliate”
      means, in relation to a body corporate, any subsidiary undertaking or
      parent undertaking of that body corporate, and any subsidiary undertaking
      of any

              

      

    

    
      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      
        	
                 
      

              	
                such
      parent undertaking for the time being as those terms are defined in the
      Companies Act 2006;

              

      

    

    
      

    

    
      
        	
                 
      

              	
                “Associates”
      means, in relation to an undertaking, the officers, directors and
      employees from time to time of the undertaking, any Affiliates of the
      undertaking and the officers, directors and employees from time to time of
      any such Affiliates; and

              

      

    

    
      

    

    
      
        	
                 
      

              	
                “Indemnified
      Persons” are to Sudbrook, its Associates and any successor or assignee of
      any such persons;

              

      

    

    
      

    

    
      
        	
                 
      

              	
                (J)

              	
                this
      Schedule 2 is in addition to any rights which Sudbrook or any other
      Indemnified Person may have under common law or otherwise including, but
      not limited to, any right of contribution;
and

              

      

    

    
      

    

    
      
        	
                 
      

              	
                (K)

              	
                the
      benefit of the provisions in this Schedule 2 will survive termination of
      the Engagement.

              

      

    

    
      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      SCHEDULE
3: CONFIDENTIALITY

    

    
      

    

    
      The
parties agree that, in the course of the Engagement it may be necessary or
desirable for the Company to disclose to Sudbrook certain confidential and
proprietary information regarding the Company and its business, properties and
assets, including, without limitation, the Company’s (i) inventions, processes,
and specifications, (ii) trade secrets, unpublished patent applications and any
and all other proprietary information whether embodied in the Company’s
products, processes or otherwise, (iii) past, present and future research, (iv)
compilations of information (including without limitation studies, records,
reports, drawings, memoranda, drafts and any other related information), (v)
business, development and marketing plans and/or proposals, (vi) training
methods, and (vii) any and all other ideas, concepts, strategies, suggestions
and recommendations relating, without limitation, to any of the foregoing or to
any devices, products, processes or services offered or developed, or to be
developed or proposed to be developed by the Company, in each case with respect
to (i) - (vii) above, which concerns the Subject Matter (such information and
materials, and any derivatives thereof, the “Confidential Information”).
Sudbrook agrees as follows with respect to all Confidential
Information:

    

    
      

    

    
      
        	
                1.

              	
                Sudbrook
      shall only use the Confidential Information for purposes of performing its
      obligations under the Engagement and shall obtain an executed
      confidentiality agreement, the form and substance of which has been
      previously approved by the Company in its sole discretion, from each and
      every party to which Sudbrook desires to evaluating, making, monitoring
      and disposing of investments in the Company, and shall not use the
      Confidential Information for any other
purposes.

              

      

    

    
      

    

    
      
        	
                2.

              	
                Sudbrook
      shall treat all Confidential Information as the strictly confidential and
      exclusive property of the Company, and shall not directly or indirectly
      disclose or distribute such Confidential Information to any third party
      (except as provided in paragraphs 1
above).

              

      

    

    
      

    

    
      
        	
                3.

              	
                Confidential
      Information shall not include information which (a) was in the possession
      of Sudbrook or the affiliates prior to receipt from the Company; (b) was
      in the public domain at the time of receipt, or became a part of the
      public domain through no fault of Sudbrook; (c) is disclosed to Sudbrook
      or its affiliates by a third party lawfully entitled to make such
      disclosure; or (d) was independently developed by Sudbrook or its
      affiliates.

              

      

    

    
      

    

    
      
        	
                4.

              	
                If
      Sudbrook is required by judicial or administrative process to disclose any
      Confidential Information, Sudbrook shall promptly notify the Company and
      shall allow the Company a reasonable time to oppose such process. Sudbrook
      shall only disclose such Confidential Information pursuant to an
      appropriate protective order that preserves the confidentiality of such
      Confidential Information unless otherwise required by such judicial or
      administrative process and shall take all reasonable and lawful actions to
      avoid and/or minimize the extent of such
  disclosure.

              

      

    

    
      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      
        	
                5.

              	
                No
      provision of the Agreement shall be construed as an obligation of either
      party to enter into an agreement relating to any investment in the Company
      or to any products, technology or services, or as a grant of license or
      ownership rights to the Confidential Information or any invention,
      discovery or improvement made using such Confidential
      Information.

              

      

    

    
      

    

    
      
        	
                6.

              	
                Sudbrook
      will upon written request from the Company promptly return or destroy all
      copies of any documents, samples or other physical embodiments of the
      Confidential Information to the
Company.

              

      

    

    
      

    

    
      
        	
                7.

              	
                Sudbrook
      acknowledges and agrees that the unauthorized disclosure or use of any
      Confidential Information in breach of the terms of this Schedule 3 or
      Section 6 of the Agreement will result in irreparable harm, injury and
      damage to the Company that cannot be adequately compensated by money
      damages alone. Therefore, Sudbrook hereby stipulates, acknowledges and
      agrees that upon proof satisfactory to a court or tribunal of competent
      jurisdiction of a breach or threatened breach of this Schedule 3 or
      Section 6 of the Agreement, the Company shall be entitled, in addition to
      any other remedies allowed by law, and without the requirement to post any
      bond or other security, to entry of a temporary restraining order,
      preliminary and/or permanent injunction, as the case may be, to restrain
      and enjoin any unauthorized disclosure or use of Confidential
      Information.

              

      

    

    
      

    

    
      
        	
                8.

              	
                Sudbrook
      hereby acknowledges that Medgenics is a company whose issued shares have
      been admitted to trading on the AIM market of London Stock Exchange plc.
      Confidential Information imparted and/or to be imparted by Medgenics to
      Sudbrook regarding Medgenics and/or its subsidiary is or may be inside
      information relating to Medgenics and/or the securities of Medgenics
      within the meaning of the United Kingdom’s Criminal Justice Act 1993. As
      such, Sudbrook may already be and, in any event, will hereafter become
      made “an insider” in relation to
Medgenics.

              

      

    

    
      

    

    
      
        	
                9.

              	
                Sudbrook
      hereby agrees that, entirely without prejudice to the generality of the
      foregoing provisions hereof, that it will
not:

              

      

    

    
      

    

    
      (i)           use
Confidential Information to deal or encourage any other person to deal in
securities of Medgenics. Sudbrook will ensure that each of its employees,
consultants and advisers to whom any of the Confidential Information is imparted
expressly acknowledges the said status or potential status of the Confidential
Information and will agree in writing to becoming “an insider” in relation to
such Confidential Information prior to such disclosure being made to him or her.
For the purposes of the foregoing the term “deal” is to be construed in
accordance with the said Criminal Justice Act 1993;

    

    
      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      (ii)           (and
will procure that each of Sudbrook’s affiliates and subsidiaries will and will
use its best efforts to procure that none of their respective related, connected
or associated parties will) without Medgenics’ prior written consent directly or
indirectly by purchase or otherwise, acquire (conditionally or otherwise), offer
to acquire, or agree to acquire ownership or options to acquire such ownership
or any rights whatsoever in respect of any share capital in Medgenics (or
otherwise act in concert with any person who so acquires, offers to acquire or
agrees to acquire) within twelve months from the date of the
Agreement.EXHIBIT
10.36

         

         

        

        
          

        

        
          

        

      

       

    

    
      	
              
                Nomura
      Code Securities Limited

              

            	 
      	 
      	 
      	 
      
	
              1
      Carey Lane

            	
              Telephone

            	
              +44
      (0)20 7776 1200

            	
              Direct
      Tel

            	
              +44
      (0) 20 7776 1207

            
	
              London

            	
              Facsimile

            	
              +44
      (0)20 7776 1201

            	
              Direct
      Fax

            	
              +44
      (0) 20 7776 1201

            
	
              EC2V
      8AE

            	
              Web
      site

            	
              www.nomuracode.com

            	
              E-Mail

            	
              cic@nomuracode.com

            

    

    
       

      Strictly
Private & Confidential

    

    
       

      Medgenics
Inc.

    

    
      8000
Towers Crescent Dr.

    

    
      Suite
1300

    

    
      Vienna,
Va. 22182

    

    
      U.S.A.

    

    
       

      FAO:
Andrew L. Pearlman, Ph.D., CEO, President, and Director

    

    
       

      12 May
2010

    

    
       

      Dear
Sir

    

    
       

      Terms
of our engagement as your joint broker

    

    
       

      This
letter agreement (“the Agreement”) sets out the terms on which Medgenics Inc.
(“Medgenics” or “the Company”), on behalf of itself and its subsidiaries has
retained Nomura Code Securities Limited (“Nomura Code”) as its joint corporate
broker. Such retention will be upon the terms and conditions set out in the
Agreement and which include Nomura Code’s standard terms and conditions attached
at Schedule 1 to this letter (“the Terms and Conditions”).

    

    
       

      
        	
                1. 

              	
                RETENTION

              

      

    

    
       

      This
Agreement will become effective on the announcement, by means of an RIS, that
the Company is appointing Nomura Code as its joint broker (the “Effective
Date”). Subject to this announcement being published, the Company retains Nomura
Code as its joint corporate broker and to provide corporate broking services on
an on-going basis.

    

    
       

      Duties
of Broker

    

    
       

      Until
such time as Nomura Code’s appointment under this Agreement is terminated,
Nomura Code shall (subject to the Company complying with its obligations under
this Agreement) provide the services set out in Schedule 2 and such other
services which may be required of it. Nomura Code acknowledges that SVS
Securities plc (“SVS”) is the existing, and will remain joint, broker to the
Company with Nomura Code following the Effective Date. Nomura Code will use all
reasonable endeavours to work in willing co­operation with and assist and
liaise with SVS in the performance of the services hereunder and in the
discharge of the duties and responsibilities of the role of broker to the
Company.

    

    
       

      In its
capacity as broker, Nomura Code will, in accordance with Rule 35 of the AIM
Rules for Companies (the “AIM Rules”), be responsible to the London Stock
Exchange for fulfilling the responsibilities set out in the AIM Rules applicable
to a broker to an AIM company which include using best endeavours to find
matching business if there is no market maker in the Company’s
shares.

    

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

     

     

    
      
        
          
            

          

          
            

             

          

        

      

    

    
      Nomura
Code will not be responsible for providing advice in connection with the AIM
Rules or those matters for which the Company has agreed to seek or arrange, or a
company would usually seek or arrange, advice (such as, for example, legal,
regulatory, technical, accounting or taxation matters) elsewhere and Nomura Code
will not have any liability in respect of any services or advice provided to the
Company by persons other than Nomura Code, its associated companies and their
directors, officers and employees. Nomura Code shall not be under any obligation
to provide any fairness opinions to be used in connection with any transaction
undertaken by the Company.

    

    
       

      The
Company acknowledges that all the services as joint corporate broker provided by
Nomura Code pursuant to this Agreement are subject to the Financial Services
Authority (“FSA”) Handbook and the Rules of the London Stock
Exchange.

    

    
       

      
        	
                2. 

              	
                REMUNERATION

              

      

    

    
       

      In
consideration of the services to be provided by Nomura Code under this letter,
the Company shall pay to Nomura Code a retainer fee of £50,000 (fifty thousand
pounds sterling) per annum plus VAT, where applicable, which fees shall start to
accrue on a daily basis over 12 months from the Effective Date until the date of
termination of the Agreement constituted by this letter and shall be paid
quarterly in advance within 30 days of the invoice date. If the Company requires
specific transaction advice on, for example, but not limited to, acquisitions,
disposals and fundraising, a separate transaction fee for such work shall be
agreed in advance by Nomura Code and the Company.

    

    
       

      
        	
                3. 

              	
                REIMBURSEMENT OF
      EXPENSES

              

      

    

    
       

      The
Company agrees to reimburse Nomura Code promptly for all reasonable
out-of-pocket expenses incurred in connection with the Agreement or the
provision of any of its services (including, but not limited to, reasonable
travel expenses and the reasonable fees and expenses of Nomura Code’s legal
advisers, and any other professional advisers retained, with the Company’s prior
written consent, on either the Company’s or Nomura Code’s behalf) and any VAT
incurred thereon by Nomura Code (provided that such fees and charges have been
agreed with the Company prior to their being incurred save in respect of de minimis amounts of up to
£1000 per item).

    

    
       

      
        	
                4. 

              	
                THE COMPANY’S
      OBLIGATIONS

              

      

    

    
       

      In
consideration of Nomura Code agreeing to act joint corporate broker to the
Company, the Company agrees and where appropriate confirms
that:

    

    
       

      
        	
                (a)

              	
                it
      has complied and will comply with all applicable AIM Rules and all other
      requirements of the London Stock Exchange and all other legal requirements
      in relation to the trading on AIM of the Company’s share
      capital,

              

      

    

    
       

      
        	
                (b)

              	
                it
      has complied and will comply with the Companies Act 1985 and the Companies
      Act 2006 (the “Companies Acts”) and the Financial Services and Markets Act
      2000 (the “FSMA”), so far as applicable to the
  Company;

              

      

    

    
       

      
        	
                (c)

              	
                it has complied and will comply
      with all legal requirements applicable to any prospectus or
      admission document issued or proposed to be issued by it or to any
      annual report and accounts or circulars or other documents sent or to be
      sent by it to its
shareholders;

              

      

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

     

    
      
        
          

        

        
          

           

        

      

    

    
      
        	
                (d)

              	
                it
      will as soon as reasonably practicable comply with all reasonable
      directions given by Nomura Code in its role as the Company’s joint
      corporate broker in order to ensure compliance by the Company and/or the
      directors with the AIM Rules, the Companies Acts, the FSMA, the Prospectus
      Rules or any other legal or regulatory requirements, each as applicable to
      the Company, and inform Nomura Code forthwith upon becoming aware of any
      breach by the Company and/or any director of the AIM Rules, the Companies
      Acts, the FSMA, the Takeover Code, the Prospectus Rules or any other legal
      or regulatory requirements applicable to the Company and, where
      practicable, request the advice and guidance of Nomura Code in relation to
      all matters relevant to the Company’s compliance on an ongoing basis with
      the above legal and regulatory
requirements;

              

      

    

    
       

    

    
      
        	
                (e)

              	
                it
      will register any transfer of securities within fourteen days of receipt
      and will despatch share certificates, or credit the relevant Euroclear
      account as applicable, without
delay;

              

      

    

    
       

      
        	
                (f)

              	
                it
      will notify Nomura Code without delay of all such matters which would or
      might give rise to an obligation to make an announcement to an RIS and/or
      to seek shareholder approval (and in particular, but without limitation,
      any new developments which are not public knowledge concerning a change in
      (i) its financial condition, (ii) its sphere of activity or (iii) the
      performance of its business or (iv) in the Company’s expectation of its
      performance, which in each case if made public would be likely to lead to
      a substantial movement in the price of its shares) and to keep Nomura Code
      informed of any developments at the Company and of any such matters as
      Nomura Code shall reasonably require in order for it to discharge its
      duties and responsibilities to the Company as the Company’s joint
      broker;

              

      

    

    
       

      
        	
                (g)

              	
                it
      will before making any material announcement of the kind required to be
      notified to an RIS use its reasonable endeavours to consult with Nomura
      Code so far as practicable as to the content of such
      announcement;

              

      

    

    
       

      
        	
                (h)

              	
                it
      will ensure that all statements in any advertisements issued by the
      Company, or in any document or announcement issued by it, are true in all
      material respects and not misleading in any material respect and that any
      expressions of opinion, contention or expectation included in such
      statements are made on reasonable grounds and to notify Nomura Code
      promptly on discovering that any published press announcement or other
      public document contained any information subsequently discovered to be
      inaccurate or misleading;

              

      

    

    
       

      
        	
                (i)

              	
                it
      will not, without first notifying Nomura Code, adopt or give effect to any
      arrangements (other than the Company’s share option schemes as currently
      constituted or existing issued warrants) which may have the effect of
      increasing the number of shares in the capital of the Company which may be
      acquired or disposed of by employees of the Company or any of its
      subsidiaries after the effective date of appointment of Nomura Code under
      the terms of this letter;

              

      

    

    
       

      
        	
                (j)

              	
                it
      will notify Nomura Code as soon as reasonably practicable after approval
      by or on behalf of the board of the Company
of:

              

      

       

    

    
      
        	
              	
                (i)

              	
                any
      intended payments of dividends or other
  distributions;

              

      

       

    

    
      
        	
              	
                (ii)

              	
                the
      preliminary announcement of profits or losses for any financial
      periods;

              

      

       

    

    
      
        	
              	
                (iii)

              	
                any
      proposed change in the capital structure of the Company;
    and

              

      

    

    
       

      
        	
              	
                (iv)

              	
                all
      proposed dealings by directors in the securities of the Company (prior to
      such dealings taking place)

              

      

    

    
       

      
        	
                (k)

              	
                it
      will consult with Nomura Code in relation to potential acquisitions,
      mergers or other corporate transactions not in the ordinary course of
      business;

              

      

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    
      
        
           

          

          
            

          

        

        
          

           

        

      

    

    
      
        	
                (l)

              	
                it
      will forward to Nomura Code for its prior perusal proofs of all documents
      to be despatched to holders of the Company’s securities and documents
      relating to takeovers, mergers, reorganisations or other schemes and all
      press announcements (other than routine trade press
      announcements);

              

      

    

    
       

      
        	
                (m)

              	
                it
      will provide to and review with Nomura Code such financial information
      (including audited consolidated annual accounts, preliminary statements,
      interim accounts, monthly management accounts, budgets and business plans)
      relating to the Company as Nomura Code may reasonably require from time to
      time;

              

      

    

    
       

      
        	
                (n)

              	
                it
      will promptly make available to Nomura Code any other information
      whatsoever required by Nomura Code which Nomura Code reasonably believes
      is necessary to enable it to carry out its obligations to the Company
      and/or the London Stock Exchange as
broker;

              

      

    

    
       

      
        	
                (o)

              	
                without
      limitation to paragraph 4(a) above, it shall have adopted by board
      resolution, and take all proper and reasonable steps to ensure compliance
      by its directors or any applicable employees (as defined in the AIM Rules)
      with a share dealing code containing the restriction on dealings as set
      out in Rule 21 of the AIM
Rules;

              

      

    

    
       

      
        	
                (p)

              	
                it
      will consult with Nomura Code in respect of any proposed changes to the
      directors (including appointments of new directors and the removal or
      replacement of existing directors) and to ensure that any new director
      completes a due diligence
questionnaire;

              

      

    

    
       

      Provided
that the Company shall not be obliged to perform any act or comply with any
requirement if and to the extent that such performance or compliance shall give
rise to a breach of any obligation or duty owed by the Company to a third person
or otherwise infringe or breach any legal regulatory or equitable rights of any
third parties or any law or regulation applicable to the Company, whether in the
UK or in any other jurisdiction.

    

    
       

      
        	
                5. 

              	
                ACKNOWLEDGEMENTS

              

      

    

    
       

      The
Company acknowledges and confirms that:-

    

    
       

      
        	
                (a)

              	
                the
      directors of the Company understand the nature of their responsibilities
      to holders of the Company’s securities and will carry out all their
      obligations, and will in so far as they are able procure that the Company
      carries out all of its obligations, under and in accordance with the AIM
      Rules and other requirements of the London Stock
  Exchange;

              

      

    

    
       

      
        	
                (b)

              	
                save
      in relation to any of the Company’s issued shares that shall from time to
      time be “restricted securities” (as defined in Rule 144 promulgated under
      the United States Securities Act of 1933, as amended) by reason of the
      fact that the Company’s shares has not been registered under the US
      Securities Act of 1933, the shares in the Company which have been admitted
      to trading on AIM are free from restrictions on transferability (including
      any limitations on size of holdings and in respect of classes or identity
      of holders) except for any restrictions of the kind permitted by Rule 32
      of the AIM Rules;

              

      

    

    
       

      
        	
                (c)

              	
                Nomura
      Code may take such steps as it considers reasonably necessary or desirable
      to comply with legal or other regulatory requirements relevant to any
      services provided by it to the
Company;

              

      

    

    
       

      
        	
                (d)

              	
                Nomura
      Code retains the right to refuse to issue or approve, or arrange for the
      issue of, a particular document or announcement and to require the Company
      to cease to distribute a document or announcement which, in Nomura Code’s
      reasonable opinion, has any connection with or potential effect on its
      appointment under this Agreement if at any time Nomura Code becomes aware
      of information which, in its opinion, renders the document or announcement
      untrue, incomplete or misleading in a material
  respect.

              

      

    

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    

    
      

    

    
      

    

    
       

      
        	
                6.

              	
                DATE
      OF APPOINTMENT

              

      

    

    
       

      The
effective date of appointment of Nomura Code as the Company’s joint corporate
broker is the date of the announcement, by means of an RIS, confirming the
appointment of Nomura Code as joint corporate broker.

    

    
       

      
        	
                7.

              	
                FSA
      RULES AND STATUS

              

      

    

    
       

      Nomura
Code is authorised to perform regulated activities in the UK and is regulated by
the Financial Services Authority and the Company acknowledges that all services
provided by Nomura Code under this Agreement are subject to the FSA
Rules.

    

    
       

      Nomura
Code aims to offer the Company an efficient and effective service but is
required by the FSA Rules to inform the Company that, if it should feel unhappy
with any aspect of the service it receives from Nomura Code, it should not
hesitate to contact the Compliance Officer, Phil Dixon, Nomura Code Securities,
1 Carey Lane, London EC2V 8AE.

    

    
       

      Classification

    

    
       

      Nomura
Code proposes to treat you as a Professional Client in respect
of the investment services we provide to you under MiFID. We will accord you the
relevant protections associated with your categorisation. Under MiFID, you are
entitled to request a different classification (i.e. as a Retail Client or
Eligible Counterparty). However, you should be aware that Nomura Code is unable
to provide services directly to Retail Clients. Should you request Eligible
Counterparty status, you would lose certain regulatory protections. If you wish
to discuss your classification, please contact the Compliance Officer at kvb@nomuracode.com.

    

    
       

      Conflicts
of Interests

    

    
       

      
        	
                (a)

              	
                Nomura
      Code is engaged in a wide range of designated investment business. This
      may give rise to situations where Nomura Code under the FSA Rules, Rule 21
      of the AIM Rules for Nominated Advisers (the “Nomad Rules”) or under the
      general law: (i) may have interests, relationships and/or arrangements
      which conflict with those of the Company whether in relation to the
      Engagement or otherwise; and/or (ii) may have other clients whose
      interests conflict with those of the Company (“Conflicts of
      Interests”).

              

      

    

    
       

      
        	
                (b)

              	
                Nomura
      Code maintains and operates effective organisational and administrative
      arrangements with a view to taking all reasonable steps to prevent
      conflicts of interest from constituting or giving rise to a material risk
      of damage to the interests of its clients. Nomura Code’s full conflict of
      interest policy can be found on Nomura Code’s website at www.nomuracode.com under Compliance and
      Legal Notices.

              

      

    

    
       

      
        	
                (c)

              	
                It
      is Nomura Code’s policy, in providing services to its clients, to do so on
      a consistent basis thus ensuring, so far as is practicable, that all
      clients are treated in a fair and equal
manner.

              

      

    

    
       

      
        	
                (d)

              	
                So
      as expressly to override any duty, obligation or restriction which would
      otherwise apply by law, regulation or the FSA Rules, where a conflict of
      interest or potential conflict of interest arises between either the
      Company and Nomura Code or the Company and another customer for which
      Nomura Code has, or may have, or may have had a relationship, Nomura Code
      may provide services to the Company pursuant to this Agreement, and may
      provide services to other existing clients or future clients of Nomura
      Code notwithstanding the existence of any conflict of interest or
      potential conflict of
interest.

              

      

    

    
       

      
        	
                (e)

              	
                The
      employees of Nomura Code assigned to the Engagement (as defined below) may
      (due, for example, to a Chinese Wall) be oblivious to, and in any event
      are required to disregard, any Conflicts of Interests and the Company
      agrees that Nomura Code may act for it despite any Conflicts of Interests
      and that any profit or remuneration from such interests may be retained by
      Nomura Code.

              

      

    

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    
       

      

      
        
          

        

        
          

           

        

      

    

    
      
        	
                (f)

              	
                The
      Company agrees that, subject to the FSA Rules and Rule 21 of the Nomad Rules, Nomura Code
      does not have a duty to disclose any matter that comes to its notice in
      the course of its business if doing so would constitute a breach of duty
      owed to any other persons.

              

      

    

    
       

      
        	
                8. 

              	
                TERMINATION

              

      

    

    
       

      
        	
                (a)

              	
                The
      appointment of Nomura Code as joint corporate broker shall continue until
      terminated in accordance with the provisions of paragraphs 8(b) to 8(g)
      (inclusive).

              

      

    

    
       

      
        	
                (b) 

              	
                Nomura
      Code may terminate the provision of any of its
  services:-

              

      

    

    
       

      
        	
              	
                (i)

              	
                forthwith
      by serving a notice in writing to the Company in the event of any material
      breach of this Agreement by the Company;
or

              

      

    

    
       

      
        	
              	
                (ii)

              	
                without
      prejudice to its rights in paragraph 8(b)(i) above, by giving the Company
      two months’ notice in
writing.

              

      

    

    
       

      
        	
                (c)

              	
                For
      the purposes of paragraph 8(b)(i) above a “material breach” entitling
      Nomura Code to terminate this Agreement shall be deemed to include, but
      not be limited to any of the
following:

              

      

    

    
       

      
        	
              	
                (i)

              	
                a
      failure by the Company to follow the advice given by its Nominated Adviser
      in respect of the AIM Rules after consultation with the Company’s legal
      advisers;

              

      

    

    
       

      
        	
              	
                (ii)

              	
                any
      material failure by the Company or any of the directors to make any
      disclosures or take any actions required under the AIM Rules (in particular any
      announcements required under Rule 11 (General disclosure of price
      sensitive information)), the FSMA, the Prospectus Rules, the Companies
      Acts or any other law or regulation to which (in each case) the Company is
      subject and the failure not being remedied (where capable of remedy)
      within five business days of the failure coming to the notice of the
      Company;

              

      

    

    
       

      
        	
              	
                (iii)

              	
                non-payment
      of the fees and expenses referred to in paragraph 2 on the date they fall
      due for payment;

              

      

    

    
       

      
        	
              	
                (iv)

              	
                any
      material or persistent breach by the Company of its obligations under this
      Agreement and (where capable of remedy) the relevant matter has remained
      unremedied to the reasonable satisfaction of Nomura Code for ten business
      days after the Company has received a request for remedy from Nomura Code;
      and/or

              

      

    

    
       

      
        	
              	
                (v)

              	
                where
      the Company’s shares become ineligible for admission to trading on
      AIM.

              

      

    

    
       

      
        	
                (d)

              	
                If
      Nomura Code elects to terminate the provision of any but not all of its
      services, the Company shall be entitled to terminate Nomura Code’s
      appointment in relation to such services for which such appointment has
      not been terminated by Nomura Code and such termination, unless agreed
      otherwise, shall take place at the same time as the termination by Nomura
      Code of its appointment takes
effect.

              

      

    

    
       

      
        	
                (e) 

              	
                The
      Company may terminate the provision of any of Nomura Code’s
      services:-

              

      

    

    
       

      
        	
              	
                (i)

              	
                forthwith
      by serving a notice in writing to Nomura Code in the event of any material
      breach of this Agreement by Nomura
Code;

              

      

    

    
       

      
        	
              	
                (ii)

              	
                without
      prejudice to its rights in paragraph 8(e)(i) above, by giving Nomura Code
      one month’s notice in writing;
or

              

      

    

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    
      

      
        

      

      
        

         

      

    

    
      
        	
              	
                (iii)

              	
                forthwith
      if approval  by
      the  London  Stock  Exchange for Nomura Code
      to act as nominated adviser and/or broker to the Company is
      withdrawn.

              

      

    

    
       

      
        	
                (f)

              	
                If
      the Company or Nomura Code terminate Nomura Code’s appointment as joint
      corporate broker and Nomura Code agrees to continue to provide its
      services in respect of any appointment which is not being terminated, then
      the provisions of this letter shall continue in force insofar as they are
      consistent with the provision of its services in respect of the
      appointment for which Nomura Code continues to be retained. A revised fee
      will be agreed for the services being retained which will be based on the
      existing fee and reflect the lower level of service being
      provided

              

      

    

    
       

      Please
confirm the Company’s acceptance of the terms of this Agreement by signing below
and returning one executed copy to us.

    

    
       

       

      Yours
sincerely

    

    
      

       

      NOMURA
CODE SECURITIES LIMITED

    

    
 

    
      
        	
                By:

              	
                /s/ Chris
      Collins

              

      

      Chris
Collins

      Chief
Executive Officer 

      Nomura
Code Securities Limited

    

    
      

       

      Accepted
and Agreed: 

      Medgenics
Inc.

    

    
      for
itself and all of its affiliates

       

      

    

    
      

       

    

    
      
        	
                By: 

              	
                /s/ Andrew L.
      Pearlman

              

      

    

    
      Andrew
L. Pearlman, Ph.D.

      CEO,
President, and Director

      Medgenics
Inc.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
       

      SCHEDULE
1

    

    
       

      TERMS
AND CONDITIONS

    

    
       

      
        	
                1. 

              	
                Application

              

      

    

    
       

      These
Terms and Conditions (the “Terms”) will apply to the services which Nomura Code
Securities Limited (“Nomura Code”) will provide to the Company pursuant to the
letter of engagement (the “Agreement”) to which the Terms are attached (the
“Engagement”).

    

    
       

      
        	
                2. 

              	
                Authorities

              

      

    

    
       

      
        	
                
                

              	
                (a)

              	
                Nomura
      Code is authorised by the Company to do anything which, in Nomura Code’s
      opinion, is reasonably necessary either to carry out the Engagement
      (including acting as the Company’s agent or through agents or in
      conjunction with a subcontractor, as appropriate) or to act in accordance
      with any applicable laws, rules, regulations, authorisations, consents or
      practice as may reasonably be appropriate. The Company agrees that it
      shall approve and confirm everything lawfully done by Nomura Code in the
      exercise of such discretion.

              

      

    

    
       

      
        	
              	
                (b)

              	
                Nomura
      Code shall not be responsible for providing specialist advice in any
      circumstances where the Company has agreed to procure, or would usually
      procure, such advice from others (for example, accounting, regulatory,
      legal, pensions or taxation matters) and Nomura Code shall not be liable
      in relation to any advice or services provided to the Company by persons
      other than Nomura Code irrespective of whether such advice is given or
      made or available or reviewed by Nomura Code, or discussed by Nomura Code
      with the Company.

              

      

    

    
       

      
        	
              	
                (c)

              	
                Nomura
      Code shall be entitled to believe that any information and/or instructions
      given or purported to be given by an individual or person who is or
      purports to be and is reasonably believed by Nomura Code to be a director,
      duly authorised employee or authorised agent of the Company have been
      properly authorised by the
Company.

              

      

    

    
       

      
        	
                3. 

              	
                Provision of
      Information

              

      

    

    
       

      
        
          	
                	
                  (a)

                	
                  The
      Company agrees to provide Nomura Code with all material information in its
      possession relevant to the Engagement. Nomura Code will rely on the
      Company to ensure that any information made available to Nomura Code
      and/or third parties or otherwise published is information that the
      Company is legally entitled to provide for the purpose for which it is
      intended to be used and without committing a breach of any obligation or
      duty owed by the Company to a third person or otherwise infringing any
      legal, regulatory or equitable rights of any third parties whatsoever and
      that it is true, fair, complete and accurate and not misleading in any
      material respect and there are no omissions which could be material. If
      the Company subsequently becomes aware that any such information is not
      correct it will notify Nomura Code immediately and update the position
      accordingly. The Company shall ensure that all statements and documents
      made and/or published by it (the “Materials”) or on its behalf in relation
      to the Engagement will only be made or published after Nomura Code has
      been consulted. The Company acknowledges that, except where required by
      law or rules made by the FSA under the Financial Services and Markets Act
      2000 (“FSMA”), Nomura Code will have no obligation to independently verify
      any documentation sent to investors and/or shareholders, any statement of
      fact or opinion contained in such documentation or any information or
      documentation provided by the
Company.

                

        

      

    

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    
      
        	
              	
                (b)

              	
                The
      Company agrees to ensure that any financial promotion, document or
      announcement issued to the London Stock Exchange or
      otherwise:-

              

      

    

    
       

      
        	
                 
      

              	
                (i)

              	
                is
      true and not misleading and all expressions of opinion, intention or
      expectation it contains are made on reasonable grounds, and that there are
      no facts known the omission of which would make any such financial
      promotion, document or announcement misleading;
  and

              

      

    

    
       

      
        	
                 
      

              	
                (ii)

              	
                contains
      all information required by and otherwise complies with all applicable
      laws and regulations.

              

      

       

    

    
      
        	
              	
                (c)

              	
                Nomura
      Code shall be entitled to assume that all and any matters, which may be
      material for disclosure or otherwise in the context of the Engagement,
      will be brought to its attention and, furthermore, it will only provide
      its services on the basis of information disclosed to
  it.

              

      

       

    

    
      
        	
              	
                (d)

              	
                Nomura
      Code shall not be liable for any losses, liabilities, damages or costs
      suffered by the Company as a consequence of providing advice based on any
      inaccurate or misleading information or documentation which has been
      supplied by or on behalf of the Company or resulting from any omission
      from such information or
documentation.

              

      

    

    
       

      
        	
                4. 

              	
                Use of
      Material

              

      

    

    
       

      Any
reports or papers produced by Nomura Code for the Company, in either draft or
final form, will be exclusively for the use of the Company and will not be
available for distribution to other persons unless otherwise agreed by Nomura
Code. Notwithstanding any consent granted by Nomura Code, it shall not under any
circumstances have any responsibility whatsoever to any third party to which any
advice or report is disclosed or otherwise provided. No reference to Nomura Code
or to its advice is to be made in any publication made by the Company or any
holding company of the Company or by any subsidiary or associated company of any
such holding company or on their behalf, without the prior consent of Nomura
Code unless such reference is required by any legal or regulatory obligation.
All correspondence and papers in Nomura Code’s possession or control relating to
this Agreement or the Engagement shall be the sole property of Nomura Code, save
for original contracts, share certificates and other original documents held to
the Company’s order.

    

    
       

      
        	
                5. 

              	
                Confidentiality

              

      

    

    
       

      Nomura
Code agrees not to use any information obtained from the Company for any
unlawful purpose and to keep confidential and not to disclose any material
non-public information to any person, except that:

    

    
       

      
        	
              	
                (a)

              	
                Nomura
      Code may disclose any information which becomes publicly available other
      than by reason of wrongful disclosure by Nomura
  Code;

              

      

    

    
       

      
        	
              	
                (b)

              	
                Nomura
      Code may disclose any information which its legal advisers conclude after
      consultation, to the extent practicable, with the Company and its legal
      advisers, is or may be necessary or desirable to be disclosed by law or
      rule or regulation or pursuant to any court or administrative order or
      ruling or in any pending legal or administrative proceeding or
      investigation or the requirement of any regulatory
    authority;

              

      

    

    
       

      
        	
              	
                (c)

              	
                Nomura
      Code may disclose any information to its employees and to any of its
      agents, legal and other professional advisers and, to any other person
      that Nomura Code considers necessary or desirable in order to perform any
      of the services contemplated herein. The Company acknowledges that it will
      not unreasonably withhold or delay such
consent;

              

      

    

    
       

      
        	
              	
                (d)

              	
                Nomura
      Code shall not be required to keep confidential information that becomes
      available to Nomura Code other than from the Company (and other than
      subject to an obligation of confidentiality to the Company);
      and

              

      

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    
      
        	
              	
                (e)

              	
                Nomura
      Code shall not be required to keep confidential information that is known
      by Nomura Code prior to the date of the engagement letter and in respect
      of which Nomura Code is not under an existing obligation of
      confidentiality to the Company, as evidenced by the written records of the
      Company or Nomura Code.

              

      

    

    
       

      
        	
                6. 

              	
                Conflicts of
      Interests

              

      

    

    
       

      
        	
              	
                (a)

              	
                Nomura
      Code and its affiliates are engaged in a wide range of designated
      investment business. This may give rise to situations where Nomura Code or
      its affiliates under the general law: (i) may have interests,
      relationships and/or arrangements which conflict with those of the Company
      whether in relation to the Engagement or otherwise; and/or (ii) may have
      other clients whose interests conflict with those of the Company
      (“Conflicts of Interests”).

              

      

    

    
       

      
        	
              	
                (b)

              	
                Nomura
      Code maintains and operates effective organisational and administrative
      arrangements with a view to taking all reasonable steps to prevent
      conflicts of interest from constituting or giving rise to a material risk
      of damage to the interests of its clients. Nomura Code’s full conflict of
      interest policy can be found on Nomura Code’s website at www.nomuracode.com.

              

      

    

    
       

      
        	
              	
                (c)

              	
                It
      is Nomura Code’s policy, in providing services to its clients, to do so on
      a consistent basis thus ensuring, so far as is practicable, that all
      clients are treated in a fair and equal
manner.

              

      

    

    
       

      
        	
              	
                (d)

              	
                So
      as expressly to override any duty, obligation or restriction which would
      otherwise apply by law, regulation or the FSA Rules, where a conflict of
      interest or potential conflict of interest arises between either the
      Company and Nomura Code or the Company and another customer for which
      Nomura Code has, or may have, or may have had a relationship, Nomura Code
      may provide services to the Company pursuant to this Agreement, and may
      provide services to other existing clients or future clients of Nomura
      Code notwithstanding the existence of any conflict of interest or
      potential conflict of
interest.

              

      

    

    
       

      
        	
              	
                (e)

              	
                The
      employees of Nomura Code assigned to the Engagement may (due, for example,
      to a Chinese Wall) be oblivious to, and in any event are required to
      disregard, any Conflicts of Interests and the Company agrees that Nomura
      Code may act for it despite any Conflicts of Interests and that any profit
      or remuneration from such interests may be retained by Nomura
      Code.

              

      

    

    
       

      
        	
              	
                (f)

              	
                The
      Company agrees that Nomura Code does not have a duty to disclose any
      matter that comes to its notice in the course of its business if doing so
      would constitute a breach of duty owed to any other
    persons.

              

      

    

    
       

      
        	
                7. 

              	
                Assignment

              

      

    

    
       

      The
rights of each party to this Agreement are personal to it and may not be
assigned without the prior written consent of the other
party.

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    
      
        	
                8. 

              	
                Indemnity

              

      

    

    
       

      Neither
the Company nor any of its affiliates shall make any claim against Nomura Code,
its affiliates, legal and other professional advisers, the respective directors,
officers, agents and employees of each of the foregoing and any person
controlling Nomura Code or any of its affiliates (together with Nomura Code
referred to herein as the “Nomura Code Persons”) to recover any loss or damage
which the Company, the directors of the Company, any investor in, guarantor of,
any lender of debt finance to the Company, or any subscriber/purchaser of any of
the securities issued/transferred in connection with the activities contemplated
by this Agreement or any subsequent purchaser or transferee thereof or any other
person may suffer or incur by reason of the proper fulfilment of its duties
under this Agreement, save and to the extent that such loss or damage arises
from the judicially determined negligence or wilful default, fraud or material
breach by Nomura Code or any other Nomura Code Person of its obligations under
this Agreement or its failure to comply with the provisions of the Financial
Services and Markets Act 2000 or a material breach of the Nomad Rules (together
“Regulatory Requirements”).

    

    
       

      The
Company hereby undertakes to indemnify and to hold Nomura Code and each and
every other Nomura Code Person harmless from and against all or any losses,
claims, actions, liabilities, expenses, demands, charges or proceedings
(together “Proceedings”) whatsoever in any jurisdiction brought or established
against Nomura Code or any other Nomura Code Person by any company (including
the Company), person, partnership, governmental agency or regulatory body
whatsoever (including, without limitation, all such costs, charges and expenses
as are reasonably paid or incurred by Nomura Code or any other Nomura Code
Person in responding to, disputing or considering any such actual or potential
actions, claims or demands or in enforcing its or their rights under this
indemnity) by reason of the proper performance by Nomura Code of its duties
under the Engagement and in particular but without limitation, against all or
any Proceedings brought or established against Nomura Code or any other Nomura
Code Person or which Nomura Code or any other Nomura Code Person may suffer or
incur in connection with or arising out of or related to:

    

    
       

      
        	
              	
                (a)

              	
                any
      of the Materials issued or supplied by the Company in connection with the
      Engagement, not containing or being alleged not to contain all information
      required to be stated therein or any statement therein (whether of fact,
      opinion, expectation or intention and including any forecast, projection
      or estimate) being or being alleged to be untrue, inaccurate, incomplete
      or misleading or as having been made negligently or otherwise without the
      required standard of skill and care or
  reasonableness;

              

      

    

    
       

      
        	
              	
                (b)

              	
                any
      of the Materials issued or supplied by the Company in connection with the
      Engagement, failing or being alleged to fail to disclose all material
      information necessary to enable an informed assessment to be made of the
      assets and liabilities, financial position, profits and losses, and
      prospects of the Company or of the rights attaching to any of the
      securities issued by the Company in connection with the
      Engagement;

              

      

    

    
       

      
        	
              	
                (c) 

              	
                any
      breach by the Company of any of its obligations under the
      Engagement;

              

      

    

    
       

      
        	
              	
                (d)

              	
                any
      failure or alleged failure by the Company to comply with any legal,
      statutory or regulatory requirement whether of the United Kingdom or
      elsewhere,

              

      

    

    
       

      save and
to the extent that in any such case, such loss or other matter as aforesaid
arises as a result of the judicially determined negligence or wilful default or
fraud of Nomura Code or the material breach by it of its obligations under this
Agreement or imposed on it under the Regulatory Requirements PROVIDED THAT any
such breach or contravention by any one Nomura Code Person shall not of itself
obviate this indemnity in favour of any other Nomura Code Person and the
provisions of this paragraph 8 shall be read and construed
accordingly.

    

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    
      If the
HMRC in the United Kingdom or any other taxing authority in any jurisdiction
brings into any charge to taxation (or into any computation of income or profits
for the purposes of any charge to taxation) any sum payable under this
indemnity, then the amount so payable shall be grossed up by such amount as will
ensure that after deduction of the taxation so chargeable there shall remain a
sum equal to the amount that would otherwise be payable under such indemnity
(such additional payments as are necessary to achieve this purpose being made by
the Company on demand from Nomura Code from time to time).

    

    
       

      This
indemnity shall extend to include all reasonable costs and expenses including
legal fees and expenses (together with any value added or equivalent tax
thereon) suffered or reasonably incurred by Nomura Code or any Nomura Code
Person in connection with claiming and/or enforcing its or their rights under
this indemnity.

    

    
       

      If at any
time any one or more of the provisions of this indemnity or any part of the
indemnity is or becomes invalid, illegal or unenforceable in any respect under
any law, the validity, legality and enforceability of the remaining provisions
of this indemnity shall not in any way be affected or impaired
thereby.

    

    
       

      This
indemnity confers benefits on any Nomura Code Person and, subject as set out
below, is intended to be enforceable by each Nomura Code Person by virtue of the
Contracts (Rights of Third Parties) Act 1999. No other party is intended to have
any other rights under the Agreement pursuant to that Act.

    

    
       

      The terms
of this Agreement may be rescinded or varied in any way without the consent of
any Nomura Code Person other than Nomura Code and no Nomura Code Person (other
than Nomura Code) may enforce, or take any step to enforce, any of the
provisions of this Agreement without Nomura Code’s prior written consent (at
Nomura Code’s absolute discretion), which may, if given, be given on and subject
to such terms and conditions as Nomura Code may determine.

    

    
       

      If, as a
result of any exclusion or limitation of liability agreed by the Company with
any other person, the amount for which Nomura Code is able to claim contribution
against such other person in connection with any claim by the Company against
Nomura Code arising out of or in connection with the Engagement is reduced, the
liability of Nomura Code to the Company in respect of such claim shall be
reduced by the amount by which the amount for which Nomura Code is entitled to
claim from such other person is reduced and the Company shall indemnify Nomura
Code in respect of any increased liability to any third party which would not
have arisen but for such exclusion or limitation.

    

    
       

      
        	
                9. 

              	
                Billing
      arrangements

              

      

    

    
       

      Payment
of any bill presented to the Company by Nomura Code is due within 30 days from
receipt of the invoice. If the Company does not pay any such bill within 30 days
of receipt, Nomura Code reserve the right to charge the Company interest on the
amount outstanding on a daily basis from the date payment is due. Interest will
be calculated at an annual rate which is the lower of (a) 2% per year above the
base rate from time to time of Lloyds TSB Bank pic and (b) the applicable rate
for payment of interest on judgment debts.

    

    
       

      
        	
                10. 

              	
                Legal and regulatory
      requirements

              

      

    

    
       

      The
Company confirms and undertakes that it possesses all necessary powers and has
obtained all necessary authorisations, consents and approvals validly and
lawfully to enter into the Engagement.

    

    
      

        
          
             

          

          
            5

            
              

            

          

          
             

          

        

    

    
      The
Company undertakes that (save as expressly disclosed to Nomura Code in writing)
it has and undertakes that it shall maintain all necessary consents and
authorisations which are necessary in relation to the Engagement. The Company
agrees that it will comply and will procure that all of its subsidiaries will
comply with all relevant laws and regulations applicable to it in any
jurisdiction including inter alia, in relation to the United States, all
relevant provisions of Delaware law and in relation to the United Kingdom, the
Companies Act 1985 and the Companies Act 2006 (if applicable), the Financial
Services and Markets Act 2000, the Nomad Rules, the AIM Rules for Companies, the
Prospectus Rules and the Disclosure and Transparency Rules published by the FSA,
the Criminal Justice Act 1993 and the rules of the London Stock Exchange and any
and all successors thereto and re-enactments thereof. In performing the
Engagement, Nomura Code is also subject to (as well as the range of applicable
laws) several rules and regulations and the requirements of various regulators.
The Company agrees that the duties of Nomura Code to it will not restrict the
freedom of Nomura Code to take all steps that it deems necessary in order for it
to comply with any applicable laws, rules and regulations.

    

    
      

      The
Company undertakes to obtain appropriate advice (including legal advice) in
respect of all laws and regulations which may be applicable to it in the UK or
any other jurisdiction in connection with any engagement and without incurring
any duty of care to Nomura Code and to communicate such advice to Nomura Code if
it is or may be relevant to the Engagement.

    

    
       

      
        	
                11. 

              	
                Miscellaneous

              

      

    

    
       

      
        	
              	
                (a)

              	
                This
      Agreement has been and is made solely for the benefit of the Company and
      Nomura Code, in the case of Nomura Code for itself and as trustee (with
      sole discretion as to acting in such capacity) for the benefit (and not
      the burden) of this Agreement for each of the other Nomura Code
      Persons.

              

      

    

    
       

      
        	
              	
                (b)

              	
                Nomura
      Code may process, store and retain by computer or otherwise any
      information (including personal data) obtained about the Company as a
      consequence of this and any other agreement the Company may enter into
      with Nomura Code. All collated information, including databases on which
      such information is stored, held by Nomura Code and other members of the
      Nomura Code is and shall remain the property of Nomura
    Code.

              

      

    

    
       

      
        	
              	
                (c)

              	
                This
      Agreement represents the entire agreement and understanding between the
      Company and Nomura Code in relation to the appointment of Nomura Code as
      joint broker to the Company.

              

      

    

    
       

      
        	
              	
                (d)

              	
                The
      Company has authorised Nomura Code to make such enquiries and obtain such
      references as it may consider necessary to fulfil its statutory
      obligations under the UK Money Laundering legislation (“the Money
      Laundering Evaluation”). This Agreement authorises Nomura Code to make
      such further enquiries and obtain such further references as it may from
      time to time consider necessary for continuing compliance with its
      statutory obligations under such legislation. Should Nomura Code be unable
      to satisfactorily complete the Money Laundering Evaluation in relation to
      the Company, it shall be entitled to terminate this Agreement and
      Engagement forthwith.

              

      

    

    
       

      
        	
              	
                (e)

              	
                Notices
      given pursuant to any of the provisions of this Agreement shall be in
      writing and shall be sent
      by facsimile transmission or personally delivered to: (a) The Company’s
      registered address, for the attention of the Chief Executive and
      (b) Nomura Code Securities Limited, 1 Carey Lane, London, EC2V 8AE, for
      the attention of Christopher Collins, or to such other address as either
      party may have notified to the other in accordance with this paragraph.
      Any such communication shall be deemed to have been received on the same
      day if sent by facsimile transmission on a working day, at 9.00 a.m. on
      the next working day in the place where left if personally delivered. A
      “working day” shall mean a day other than a Saturday or a Sunday or
      recognised public holiday in
England.

              

      

    

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    
      
        	
              	
                (f)

              	
                If
      any provision of this Agreement contravenes the applicable regulations or
      law or shall be declared void or unenforceable by the Court or
      administrative body of competent jurisdiction, the validity of the
      remaining provisions of this Agreement shall not be affected
      thereby.

              

      

    

    
       

      
        	
              	
                (g)

              	
                Nomura
      Code may record telephone calls. These records (if made) will be the sole
      property of Nomura Code and may be used as evidence of orders or
      instructions given by the Company or agreements entered into by the
      Company with Nomura Code. Any recordings made shall be kept confidential
      and may not be disclosed to any third party unless required by law or
      order of a court of competent jurisdiction or the requirements of the
      Financial Services Authority or any other regulatory body or
      authority.

              

      

    

    
       

      
        	
              	
                (h)

              	
                The
      Company authorises Nomura Code to communicate in relation to this
      Agreement and/or the Engagement with all persons involved in this
      Agreement and/or the Engagement including, without limitation, its own
      employees and any third party advisers or agents, by means of electronic
      mail, including the internet, in addition to other means of communication.
      Nomura Code may refer to the Engagement for its marketing
      purposes.

              

      

    

    
       

      
        	
              	
                (i)

              	
                Unless
      otherwise agreed, Nomura Code may disclose to third parties that the
      Company is or has been a client in the past. The Company also grants
      Nomura Code a licence to use any of the Company’s trade marks, logos and
      service marks in respect of such
use.

              

      

    

    
       

      
        	
              	
                (j)

              	
                Unless
      expressly provided, none of the terms of this Engagement shall be
      enforceable by any person who is not a party to it, in accordance the
      Contracts (Rights of Third Parties) Act
1999.

              

      

    

    
       

      
        	
              	
                (k)

              	
                The
      Agreement (i) shall be deemed to
      be entered into once signed by the Company and Nomura Code and either
      executed copies are exchanged or are faxed back by the Company to Nomura
      Code and by Nomura Code to the Company and (ii) may be executed in two or
      more counterparts, each of which shall be deemed an original, but which
      together shall constitute one and the same
  instrument.

              

      

    

    
       

      
        	
              	
                (I)

              	
                Time
      is of the essence in relation to this Agreement and/or the Engagement with
      regard to (i) all payments to be made by the Company to Nomura Code and
      (ii) ail notices to be served by any party to this
    Agreement.

              

      

    

    
       

      
        	
              	
                (m)

              	
                These
      terms supersede any earlier terms of business that may have agreed with
      the Company and, in the absence of express agreement to the contrary,
      shall apply to the services referred to in the Engagement and all
      subsequent services Nomura Code provide the
  Company.

              

      

    

    
       

      
        	
              	
                (n)

              	
                Any
      term of this Agreement can be amended with the prior written consent of
      the Company and Nomura Code.

              

      

    

    
       

      
        	
                12. 

              	
                Waiver

              

      

    

    
       

      The
failure or delay by Nomura Code in exercising any right under the Engagement
shall not operate as a waiver of such right. The single or partial exercise
of any right under the Engagement by Nomura Code shall not prevent any other or
further exercise of such right or the exercise of any other right. No breach of
any provision of the Engagement by the Company will be waived except with the
express written consent of Nomura Code.

    

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    
      
        	
                13. 

              	
                Governing
      Law

              

      

    

    
       

      This
Agreement shall be governed by, and construed in accordance with, the laws of
England. Any suits, claims, causes of action or disputes arising under this
Agreement shall be brought in the courts of England and the Company hereby
consents to such jurisdiction.

    

    
      

       

      Information
about Nomura Code Securities Limited:

    

    
      Registered
office:

    

    
      1 Carey
Lane

    

    
      London,
EC2V 8AE

    

    
      (Registered
No. 4778512, England)

    

    
      
        	
                Telephone: 

              	
                020
      7776 1200

              

      

    

    
      
        	
                Facsimile: 

              	
                020
      7776 1201

              

      

    

    
      

       

      Nomura
Code Securities Limited is authorised and regulated by The Financial Services
Authority and is a member of the London Stock
Exchange.

    

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    
      Schedule
2

    

    
       

      Services

    

    
       

      
        	
                ■

              	
                Provision
      of general equity market advice, including advice on the Protein Therapy
      and general biopharmaceutical
sector.

              

      

    

    
       

      
        	
                ■ 

              	
                Liaison
      with the Company’s shareholders and potential investors, as
      appropriate.

              

      

    

    
       

      
        	
                ■

              	
                Assistance,
      in conjunction with the Company and its other advisers, in the preparation
      and communication of Company announcements and press releases including,
      but not limited to, preliminary and interim announcement of results,
      provided that responsibility for such announcements and releases rests
      with the Company.

              

      

    

    
       

      
        	
                ■ 

              	
                Advice
      in relation to investor relations activity and provision of investor
      relations services.

              

      

    

    
       

      
        	
                ■

              	
                Assistance,
      in conjunction with the Company’s other advisers, in the analysis of
      shareholder, analyst, press and other opinion of the Company and in the
      development of a communications
strategy.

              

      

    

    
       

      For the
avoidance of doubt, Nomura Code shall not be responsible for any due diligence
or advice provided to the Company by any other advisers and any appointment of
Nomura Code in relation to specific transaction of the Company shall be provided
for in a separate letter or agreement and the Company acknowledges that this is
neither an express nor an implied commitment by Nomura Code to act in any such
capacity in any transaction.

    

    
      
         

      

      
        9

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