Document:

Exhibit 10.13

 

RESEARCH AGREEMENT

 

THIS
RESEARCH AGREEMENT (hereinafter called “Agreement”), to be effective as of the 1st
day of June, 2004 (hereinafter called “Agreement Date”), is by and between
Baylor College of Medicine (hereinafter called “BAYLOR”), a Texas nonprofit
corporation having its principal place of business at One Baylor Plaza,
Houston, Texas 77030, and Power3 Medical Products, Inc., a corporation
organized under the laws of Nevada and having a principal place of business at
3400 Research Forest Drive, The Woodlands, Texas 77381, and its Affiliates
(hereinafter, collectively referred to as “Power3”).

 

WITNESSETH:

 

WHEREAS,
Power3 desires to collaborate with Baylor in order to obtain certain biological
materials and associated experimental or clinical information, and to use such
materials and information for the analysis, validation and identification of
protein structure and function; and Baylor agrees to provide such materials and
associated experimental or clinical information to Power3; and

 

WHEREAS,
Baylor desires to obtain certain data derived by Power3 from such biological
materials for research purposes, and Power3 agrees to provide such data for
such research purposes;

 

NOW,
THEREFORE, for and in consideration of the premises and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
the Parties hereto expressly agree as follows:

 

1.                                       DEFINITIONS
AS USED HEREIN

 

1.1                                 The
term “Affiliates” shall mean any corporation, partnership, joint venture or
other entity of which the common stock or other equity ownership thereof is
twenty five percent (25%) or more owned by Power3 or Baylor.

 

1.2                                 The
term “Biological Material” shall mean, collectively, Human Material, Animal
Material and Cell Culture Material that are provided by Baylor to Power3 under
this Agreement.

 

(i) 
“Human Material” means human tissue and associated human and experimental data.

 

(ii) 
“Animal Material” means animal tissues and associated experimental data.

 

(iii) 
“Cell Culture Material” means cell cultures and materials derived therefrom and
also associated experimental data.

 

1.3                                 The
term “Confidential Information” shall mean all information relating to the
business of a party that is not available to the general public, including but
not 

 

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limited to its technical
and business information, products, assets, inventions, know-how, research
programs, biological materials, software, trade secrets, designs, personnel,
financial condition, business plans or prospects, protocols, clinical
parameters or markers and other information associated with this Agreement,
whether or not patentable or copyrightable, delivered or communicated to the
other party.

 

Confidential
Information includes not only written information, but information transferred
orally, visually, electronically or by any other means, that is designated as
being confidential. Confidential Information also includes any copies, notes or
summaries prepared from the Confidential Information provided by either party.

 

1.4                                 The
term “Research Project” shall mean the research project described in Appendix A
to be conducted pursuant to this Agreement, which specifies certain Biological
Material, their quantities and delivery schedules to Power3.

 

1.5                                 The
term “Project Investigator” shall mean Dr. Christi Ballantyne, Baylor’s
lead investigator for the Research Project.

 

1.6                                 The
term “Program Manager” shall mean the person designated by Power3 to serve as
the primary liaison between Power3 and Baylor during the Research Term.

 

1.7                                 The term “Research Term” shall mean the
period of time beginning on the Agreement Date of this Agreement and ending on June 30,
2007 during which the Research Project shall be conducted. The Research Term of
this Agreement shall automatically be extended for additional one-year periods
unless either party gives written notice of intent to terminate at least sixty
(60) days prior to the end of the initial or any extended Research Term.

 

2.                                       BAYLOR’S OBLIGATIONS

 

2.1                                 Baylor
will use its reasonable efforts to provide Biological Material to Power3 in the
quantities and with the specifications as set forth in Appendix A.

 

2.2                                 Baylor
agrees to provide Power3 with Human Material that satisfies all requirements of
Baylor’s Institutional Review Board and all applicable laws and regulations. A
copy of the approval document from Baylor’s Institutional Review Board for the
Research Project, if applicable, shall be provided to Power3 by Baylor upon
request. Also, Baylor agrees to provide Power3 with Animal Material that
satisfies all requirements of Baylor’s Animal Use and Care Authority and all
applicable laws and regulations. A copy of the approval document from Baylor’s
Animal Use and Care Authority for the Research Project shall be provided to
Power3 by Baylor upon request.

 

2.3                                 If
for any reason the Project Investigator is unable to continue in this capacity,
and a successor acceptable to both Baylor and Power3 is not available, the
Research Project may be terminated as provided in this Agreement.

 

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2.4                                 Baylor
shall promptly notify Power3 of any safety issues concerning handling and
processing of which it becomes aware associated with any Biological Material.

 

2.5                                 Baylor
shall promptly notify Power3 if it will be unable to provide Biological
Material in the quantities, on the schedule and meeting the specifications
set forth in this Agreement.

 

2.6                                 Consistent
with IRB requirements, Baylor shall use its best efforts to prevent the
disclosure of information to Power3 that would identify specific patients. If
such information is inadvertently revealed, Power3 will destroy such
information and notify Baylor in writing.

 

2.7                                 Baylor is entitled to provide portions of
the same Biological Material to third parties.

 

3.                                       POWER3’S OBLIGATIONS

 

3.1                                 Power3 shall commence the performance of
the Research Project promptly after the Agreement Date and shall use its
reasonable efforts to perform the Research Project in accordance with the
terms and conditions of this Agreement.

 

3.2                                 Within sixty (60) days after the
expiration or termination of the Research Term, including any extensions,
Power3 will make all protein data available to Baylor.

 

4.                                       CONFIDENTIALITY

 

4.1                                 Because
Baylor and Power3 will be cooperating with each other in this Research Project,
and because each may reveal to the other certain Confidential Information,
Baylor and Power3 agree to hold any Confidential Information that is obtained
in connection with this Agreement or the Research Project as confidential.

 

4.2                                 A
party receiving Confidential Information shall use its best efforts to ensure
that all Confidential Information of the disclosing party is kept confidential.
Thus, for example, neither party will disclose Confidential Information to any
third party without the express written consent of the disclosing party and no
receiving party will use such Confidential Information except pursuant to this
Agreement. A receiving party also agrees to notify the disclosing party
immediately upon discovery of any unauthorized use or disclosure of
Confidential Information and, in every reasonable way, to cooperate and to
assist the disclosing party to regain possession of the Confidential
Information and to prevent its further unauthorized use.

 

4.3                                 Each
party’s confidentiality obligations and the limitations upon the right to use
the Confidential Information shall not apply to the extent that the receiving
party can demonstrate that the same:  (a) was
already known by the receiving party prior to the 

 

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disclosure by the
disclosing party; (b) becomes patented, published or otherwise part of
the public domain through no fault or omission of the receiving party; (c) is
disclosed to the receiving party by a third party that has the right to make
such disclosure; (d) is independently developed by the receiving party
without any use of the Confidential Information and otherwise in a manner not
inconsistent with this Agreement; (e) is authorized to be disclosed by the
disclosing party in writing; or (f) is required to be disclosed by
applicable law, rule or regulation, by order of governmental or judicial
authority; provided that the receiving party shall use reasonable efforts to
obtain confidential treatment of such information and notifies the disclosing
party prior to making such disclosure.

 

5.                                       PUBLICATION RIGHTS

 

5.1                                 Power3
acknowledges Baylor’s strong institutional policy favoring the retention of
publication rights and dependence upon publication as an essential means of
intellectual exchange. Baylor acknowledges that Power3 has an interest in
publishing the results of the Research project, as well as protecting its
Confidential Information.

 

5.2                                 Subject to the provisions of Article 4 and Section 5.3,
the Project Investigator and Program Manager shall cooperate to publish the
results of and disseminate information pertaining to research conducted under
the Research Project to the extent that Confidential Information of Power3 is
not disclosed. All such published data must be associated with particular
research studies conducted by Baylor and Power3 pursuant to the Research
Project.

 

5.3                                 Baylor
and Power3 agree to submit any proposed publication or presentation of results
from the Research Project to Power3’s Program Manager (or other representative
designated by Power3 for this purpose) or to the Project Investigator for
review within a reasonable time prior to publication or presentation. For
purposes of clarity, a reasonable time prior to publication or presentation
shall be, by way of example:  (i) for
manuscripts written by the Project Investigator or Program Manager at least
thirty (30) days prior to submission of such manuscripts for publication; (ii) for
written abstracts prepared by the Project Investigator or Program Manager at
least fourteen (14) days prior to submission of such abstracts for publication;
and (iii) for hard copies of slides and other audiovisual aids at least
seven (7) days prior to presentation of such materials at scientific
meetings open to non-Baylor and non-Power3 personnel.

 

5.4                                 Power3
shall advise Baylor in writing if any Confidential Information or patentable
information contained in any proposed publication or presentation materials
should not be published. Baylor agrees to delete Confidential Information as
requested by Power3. Baylor agrees to refrain from publishing any patentable
information for a period not to exceed sixty (60) days upon written request, to
enable Power3 to appropriately coordinate with Baylor to seek patent or other
applicable intellectual property rights.

 

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6.                                       INVENTION RIGHTS

 

6.1                                 Baylor shall have sole and exclusive
ownership rights to any invention of a product, device, process, or method,
whether patentable or unpatentable developed solely by Baylor employees (a “Baylor
Invention”) arising under this Agreement subject to the right of Power3 to take
an exclusive, or non-exclusive, fee-bearing, royalty-bearing license to the
Invention, as set forth in Section 6.2 below. Likewise, Power3 shall have
sole and exclusive ownership rights to any invention of a product, device,
process, or method, whether patentable or unpatentable developed solely by
Power3 employees (a “Power3 Invention”) arising under this Agreement subject to
the right of Baylor to take a non-exclusive, non-fee-bearing,
non-royalty-bearing license to make and use the Invention for
non-commercial research, patient care, teaching and other educationally related
purposes. All right, title and interest
to inventions made jointly by Baylor employees with one or more employees of
Power3 shall belong jointly to Baylor and Power3 (a “Joint Invention”), and
Baylor’s interest shall be disposed of in accordance with Section 6.2 of
this agreement. Inventorship of inventions shall be determined in accordance
with U.S. patent law or by mutual agreement if the invention is not patentable;
provided however, that the Parties agree that Inventions either solely or
jointly-owned by Baylor shall be commercially exploited by the Parties solely
in accordance with Section 6.2 of this Agreement.

 

6.2                                 Baylor grants to Power3 the right of first
review with respect to any Baylor Invention, or any ownership rights that
Baylor may have in a Joint Invention discovered under this Agreement,
under the following the terms:

 

(a)                                  Power3 shall comply with the terms of
non-disclosure, as set forth in Article 4 of this Agreement.

 

(b)                                 Baylor shall notify Power3, in writing, of
the Invention and provide Power3 with sufficient detail to evaluate the
Invention.

 

(c)                                  Power3 shall have sixty (60) days after such
notification to evaluate the Invention and notify Baylor, in writing, that
Power3 desires to license the Invention.

 

(d)                                 Upon notification by Power3 of its desire to
acquire rights to the Invention, Power3 and Baylor shall negotiate, in good
faith, for a period not to exceed sixty (60) days, unless extended by mutual
written agreement of Baylor and Power3, in an effort to arrive at terms and
conditions satisfactory to Baylor and Power3 for the license by Power3 of the
Invention (a “Baylor License Agreement”).

 

(e)                                  If Baylor and Power3 do not reach such
agreement within said sixty-day (60-day) period, or if Power3 fails to notify
Baylor within said forty-five-day (45-day) period, or if Power3 decides not to
acquire a Baylor License Agreement to the Baylor rights in a Baylor Invention
or a Joint Invention, Baylor shall be free to deal with Baylor’s rights in the
Baylor Invention or Joint Invention as Baylor in its discretion may decide,
and Baylor shall have no further obligations to Power3 with respect to the
Baylor rights in an Invention.

 

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6.3                                 With respect to Baylor
Inventions or Baylor’s rights in a Joint Invention that Power3 has elected to
take an exclusive, or non-exclusive, royalty-bearing license, as provided in
Sections 6.1 and 6.2, Baylor shall be responsible for the preparation, filing,
and prosecution of all patent applications covering any such Baylor Invention
or Joint Invention arising out of the Research Project. Power3 shall be
responsible for all costs and fees associated therewith from and after the
Agreement Date of such license and shall reimburse Baylor for such costs
accrued prior to the Agreement Date of such license. Baylor shall seek and
consider the advice and counsel of Power3 in such filing / prosecution of
patent applications. Power3 and its employees shall reasonably assist Baylor in
the preparation, filing, and prosecution of such patent applications.

 

6.4                                 With respect to Power3
Inventions, Power3 shall be responsible for the preparation, filing and
prosecution of all patent applications covering any such Power3 Invention. Power3
will notify Baylor of such Power3 Inventions and will grant Baylor a non-exclusive,
non-fee-bearing, non-royalty-bearing license to make and use the Invention for non-commercial research, patient
care, teaching and other educationally related purposes.

 

7.                                       WARRANTIES

 

7.1                                 The
parties represent and warrant that each has the full authority to enter into
this Agreement and to disclose any Confidential Information that is disclosed
to the other party. As of the Agreement Date, to the best of their knowledge,
neither is a party to any agreement or other instrument and has no by-law or
charter provision and knows of no law or regulation that would prohibit it from
entering into this Agreement.

 

7.2                                 Baylor
warrants that all Human Material provided to Power3 under this Agreement will
be obtained in accordance with all applicable rules and regulations,
including with patient informed consent, as stipulated by Baylor’s
Institutional Review Board, and allowing for the use by Power3 of such Human
Material as described in this Agreement. Baylor acknowledges that Power3
endorses the use of ethically approved protocols that follow the guidelines
recommended by the National Bioethics Advisory Committee, the American College
of Pathologists, and the American Society of Human Genetics for the donation
and retention of samples and data for use in biomedical research.

 

7.3                                 Baylor
warrants that all Animal Material provided to Power3 under this Agreement will
be obtained in accordance with all applicable rules and regulations,
including all requirements of Baylor Animal Safety and Use Authority.

 

7.4                                 DISCLAIMER
OF WARRANTY. WITH THE EXCEPTION OF SECTIONS 7.1- 7.3,  BAYLOR MAKES NO
WARRANTIES OR REPRESENTATIONS, EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED
TO, WARRANTIES OF FITNESS OR MERCHANTABILITY, REGARDING OR WITH RESPECT TO THE
BIOLOGICAL MATERIALS OR INVENTIONS AND BAYLOR MAKES NO WARRANTIES OR 

 

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REPRESENTATIONS,
EXPRESS OR IMPLIED, OF THE PATENTABILITY OF THE BIOLOGICAL MATERIALS OR
INVENTIONS OR OF THE ENFORCEABILITY OF ANY PATENTS ISSUING THEREUPON, IF ANY,
OR THAT THE BIOLOGICAL MATERIALS OR INVENTIONS ARE OR SHALL BE FREE FROM
INFRINGEMENT OF ANY PATENT OR OTHER RIGHTS OF THIRD PARTIES.

 

8.                                       INDEMNIFICATION

 

8.1                                 Power3 agrees to defend, indemnify and hold
harmless Baylor, the Project Investigator, Baylor’s trustees, officers, agents,
staff, employees, students, and faculty members, and its affiliated hospitals
(all such parties are hereinafter referred to collectively as the “Indemnified
Parties”) from and against any and all liability, claims, lawsuits, losses,
demands, damages, costs, and expenses (including reasonable attorney’s fees and
court costs), arising directly or indirectly out of the Research Project or the
design, manufacture, sale or use of any embodiment or manifestation of the
Research Project regardless of whether any and all such liability, claims,
lawsuits, losses, demands, damages, costs, and expenses (including attorney’s
fees and court costs) arise in whole or in part from the negligence of any
of the Indemnified Parties. Notwithstanding the foregoing, Power3 will not be
responsible for any liability, claims, lawsuits, losses, demands, damages,
costs, and expenses (including attorney’s fees and court costs) which arise
solely from:

 

(i)                                     the gross negligence or intentional misconduct
of Baylor or the Project Investigator; and

 

(ii)                                  actions by Baylor or the Project Investigator
in violation of applicable laws or regulations.

 

8.2                                 Power3 agrees to provide a diligent defense
against any and all liability, claims, lawsuits, losses, demands, damages,
costs, and expenses (including attorney’s fees and court costs), brought
against the Indemnified Parties with respect to the subject of the indemnity
contained in Section 8.1, whether such claims or actions are rightfully or
wrongfully brought or filed.

 

8.3                                 Any Indemnified Party wishing to be
indemnified as provided in Sections 8.1 and 8.2 shall:

 

(a)                                  promptly after receipt of notice of any and
all liability, claims, lawsuits losses, demands, damages, costs, and expenses,
or after the commencement of any action, suit, or proceeding giving rise to the
right of indemnification, notify Power3, in writing, of said liability, claims,
lawsuits, losses, demands, damages, costs, and expenses and send to Power3 a
copy of all papers served on the Indemnified Party; the Indemnified Party’s
failure to notify Power3 will not relieve Power3 from any liability to the
Indemnified Party;

 

(b)                                 permit Power3 to retain counsel of its
choosing to represent the Indemnified Party (but in the event that Power3 does not
select counsel to represent the Indemnified Party 

 

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within
ten (10) days, the Indemnified Party may select its own counsel, the
fees and all costs of which counsel will be borne by Power3); and

 

(c)                                  allow Power3 to retain exclusive control of
any such liability, claims, lawsuits, losses, demands, damages, costs, and
expenses, including the right to make any settlement, except that Power3 will
not have the right to make any settlement or take any other action which would
be deemed to confess wrongdoing by any of the Indemnified Parties or could
reasonably be expected to have a negative effect on the reputation of one of
the Indemnified Parties, without the prior written consent of Baylor and the
Indemnified Party involved.

 

9.                                       INSURANCE

 

9.1                                 During the term of this Agreement, Power3
shall maintain in full force and effect a general liability insurance policy
with limits of not less than $2,000,000.

 

9.2                                 Power3 agrees to obtain and maintain a
products liability insurance policy that is acceptable to Baylor, said policy
to be in effect before the commercialization of any product under a Baylor
License Agreement.

 

9.3                                 Such policies shall name Baylor, the Project
Investigator, Baylor’s trustees, officers, agents, staff, employees, students,
and faculty members, and its affiliated hospitals as additional insureds. Such
coverage(s) shall be purchased from a carrier or carriers deemed acceptable to
Baylor which shall provide certificates evidencing the coverage(s) maintained
and specifying that Baylor will be given no less than sixty (60) days prior
written notice of any change in or cancellation of such coverage(s).

 

10.                                 TERMINATION

 

10.1                           The Research Term shall automatically
renew at the end of its initial term as indicated in Section 1.7 and shall
expire at the end of any renewal period that is not extended. The Research
Project shall expire simultaneously.

 

10.2                           This Agreement shall terminate upon the
expiration of the Research Term, including any extensions.

 

10.3                           This
Agreement may be terminated at the option of the notifying party should
any one or more of the following events occur: 
(a) the notifying party provides the other party with sixty (60)
days advance written notice; (b) either party materially breaches this
Agreement, and the non-breaching party provides the other with thirty (30) days
advance written notice of termination and such breach is not remedied within
such thirty (30) day period.

 

10.4                           Termination
of this Agreement shall not affect any accrued rights and obligations of the
parties.

 

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11.                                 CONFLICT OF INTEREST

 

Baylor
institutional policy states that persons engaged in project research may not
purchase or sell shares in a company which sponsors such research. Faculty
members of Baylor are further required to disclose to the College under
applicable policies certain consulting, stock ownership, or other relationships
with a company which sponsors such research. By signing below, Project
Investigator agrees to comply with Baylor institutional policy and requirements
governing conflict of interest.

 

12.                                 INDEPENDENT CONTRACTORS

 

Power3 and Baylor shall at all time act as
independent parties and nothing contained in this Agreement shall be construed
or implied to create an agency or partnership. Neither party shall have the
authority to contract or incur expenses on behalf of the other except as may be
expressly authorized by collateral agreements. The Project Investigator and
members of the Project Team shall not be deemed to be employees of Power3.

 

13.                                 OTHER EMPLOYMENT

 

13.1                           Baylor warrants that the Project Investigator is permitted to enter
into this Agreement and that the terms and conditions hereof are consistent
with the Project Investigator’s obligations to Baylor.

 

13.2                           Dr. Christi Ballantyne’s work as Project Investigator is essential
to the work to be performed under this Agreement. Other investigators may not
be substituted nor can substantial changes in the level of effort of the
Project Investigator be made without the prior written approval of Power3.

 

14.                                 USE OF INSTITUTION NAME/PUBLIC STATEMENTS

 

14.1                           Power3 agrees that it will not at any time during or following
termination of this Agreement use the name of Baylor or any other names, insignia,
symbol(s), or logotypes associated with Baylor or any variant or variants
thereof or the names of the Project Investigator or any other Baylor faculty
member or employee orally or in any literature, advertising, or other materials
without the prior written consent of Baylor, which consent may be withheld
at Baylor’s sole discretion. Notwithstanding the foregoing, Baylor
acknowledges Power3’s intention to distribute periodic informational releases
and announcements to the news media regarding the progress of the Research
Project. Accordingly, Baylor agrees that Power3 may identify the existence
of the Research Project and its general nature and progress, and the names of
the Project Investigators.

 

14.2                           Baylor agrees to make no public presentations about the Research
Project outside of appropriate scientific meetings, to issue no news releases
about the Research Project, and not to use Power3’s name, insignia, (symbol(s),
or logotypes in any form of public information without the written
permission of Power3; provided that Baylor may 

 

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identify the existence of
the Research Project and its general nature and progress and the names of
Power3 employees involved in the Research Project.

 

15.                                 CHOICE OF LAW

 

Any disputes or claims arising under this Agreement
shall be governed by the laws of the State of Texas, Harris County, City of
Houston as the site for the performance of the Research Project.

 

16.                                 SEVERABILITY

 

If any one or more of the provisions of this Agreement
shall be held to be invalid, illegal or unenforceable, the validity, legality
or enforceability of the remaining provisions of this Agreement shall not in
any way be affected or impaired thereby.

 

17.                                 WAIVER

 

The failure of any party hereto to insist upon
strict performance of any provision of this Agreement or to exercise any right
hereunder will not constitute a waiver of that provision or right.

 

18.                                 NOTICES

 

All
notices, reports or other communication pursuant to this Agreement shall be
sent to such party via (i) United States Postal Service postage prepaid, (ii) overnight
courier, or (iii) facsimile transmission, addressed to it at its address
set forth below or as it shall designate by written notice given to the other
party. Notice shall be sufficiently made, or given and received (a) on the
date of mailing or (b) when a facsimile printer reflects transmission.

 

If to Power3:

 

Steven Rash

Chief Executive Officer

Power3 Medical Products, Inc.

3400 Research Forest Drive

The Woodlands, TX 
77381

 

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If to Baylor with respect to all non-technical
matters:

 

Barbara Cochran

Director of Sponsored Programs

Office of Research

Baylor College of Medicine

One Baylor Plaza, BCM310-600D

Houston, Texas 77030-3498

 

Facsimile No. 713-798-6990

 

If to Baylor with respect to technical questions:

 

Dr. Christi Ballantyne

Baylor College of Medicine

6501
Fannin Street

Houston,
TX  77030

 

19.                                 ASSIGNMENT

 

This Agreement may be assigned by Power3 to any
parent, subsidiary, or affiliate of Power3 or to any successor in interest only
by reason of any merger, acquisition, partnership, or license agreement only
with Baylor’s prior written approval which shall not be unreasonably withheld. Any
assignment or attempt to assign, or any delegation or attempt to delegate, in
the absence of such prior written consent, shall be void and without effect. This
Agreement may not be assigned by Baylor.

 

20.                                 ENTIRETY

 

This Agreement represents the entire agreement of
the parties and it expressly supersedes all previous written and oral
communications between the parties. No amendment, alteration, or modification
of this Agreement or any exhibits attached hereto shall be valid unless
executed in writing by authorized signatories of both parties.

 

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IN
WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement
in multiple originals by their duly authorized officers and representatives on
the respective dates shown below, but effective as of the Agreement Date.

 

POWER3 MEDICAL PRODUCTS, INC.                       BAYLOR COLLEGE OF MEDICINE

 

 

	
  By:

  	
  /s/:Ira L Goldknopf PhD

  	
  7/23/04

  	
   

  	
  By:

  	
  /s/: B. Cochran

  	
  8/17/04

  
	
   

  	
  Signature

  	
  Date

  	
   

  	
   

  	
  Signature

  	
  Date

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Ira L. Goldknopf, Ph.D.

  	
   

  	
   

  	
  Barbara Cochran

  
	
   

  	
  Chief Scientific Officer

  	
   

  	
   

  	
  Director, Sponsored Programs

  

 

 

I,
Dr. Christie M. Ballantyne, named as Project Investigator in this
Agreement, acknowledge that I have read this Agreement in its entirety and that
I shall use reasonable efforts to uphold my individual obligations and
responsibilities set forth herein:

 

 

	
  By:

  	
  /s/: Christie M. Ballantyne

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Signature

  	
  Date

  	
   

  	
   

  	
  Signature

  	
  Date

  
	
   

  	
  Project Investigator

  	
   

  	
   

  	
   

  	
  Co-Project Investigator

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Christie M. Ballantyne

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Typed Name

  	
   

  	
   

  	
   

  	
  Typed Name

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Professor of Medicine

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Title

  	
   

  	
   

  	
   

  	
  Title

  	
   

  

 

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Appendix A

 

Project Research

 

The purpose of this
research is to discover biomarkers in serum and plasma that are of particular
utility in diagnosis and drug targeting for metabolic syndrome and associated
disorders including diabetes, cardiovascular disease, hypertension, and stroke.
Included are discoveries of previously unknown utilities for known and unknown
proteins.

 

Going forward, the
project will entail:

 

1.               Screening
metabolic syndrome patient and control samples, including and disease controls,
provided by Baylor, using2D gel electrophoresis (Power3) and immunochemical
techniques, and ELISA and Immunohistochemistry (Baylor), the application of
statistical methods and disease severity correlations (Baylor), as well as 1D
and 2D Westerns (Power3), for biomarker validation.

 

2.               Expanding
the study at Power3 to other cardiovascular and metabolic related diseases,
utilizing samples provided by Baylor.

 

3.               The
development of diagnostic tests and drug targets using the biomarkers and
utilities discovered in 1 and 2 by Power3.

 

. The research includes consultation between Dr. Christie
Ballantyne and Dr. Ira L. Goldknopf on study design and results
interpretation as well as the extension of the study to clinical trials to be
conducted by Power3 using patients recruited by Baylor.

 

13Exhibit 10.26

 

 

NOTE (“the
Note”)

 

Power3 Medical Products, Inc., a New
York corporation (the “Company”) for value received hereby promises to pay Michael J. Rosinski (“Payee”) on or
before April 30, 2005, (“Maturity Date”); the principal amount of thirty five thousand dollars ($35,000.00) (“Principal”).
Payment of the Principal amount shall be paid by the Company from first
available funds from any financing the Company may undertake or any other
source of funds which may become available to the Company.

 

Should the Principal not be repaid as of April 30,
2005 interest of 6 % per year on any unpaid Principal amount will be earned by
the Payee until such time as all of the Principal amount is repaid. This Note may be
repaid at any time prior to April 30, 2004 without interest or penalty.

 

Notices, payments, requests, and other
communications to the respective parties hereunder shall be in writing, and
shall be deemed received when delivered personally, by facsimile, or first class certified
mail, return receipt requested and postage prepaid, as follows:

 

If to the lender:

 

Michael J. Rosinski

3 West Windward Cove

The Woodlands, Texas 77381

 

If to the Company:

 

Power3 Medical Products, Inc.

3400 Research Forest Parkway

Woodlands, Texas 77381

 

This Note is governed by and is to be
construed in accordance with the law of the State of Texas.

 

 

	
   

  	
  Payee

  	
   

  	
  Power3 Medical Products, Inc.

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  /s/: Michael
  J. Roskinski

  	
   

  	
  /s/: Steven
  B. Rash

  	
   

  
	
   

  	
  Michael J. Rosinski

  	
   

  	
  By: Steven B. Rash

  	
   

  
	
   

  	
   

  	
  Its: Chairman and CEO

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00102-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00102-of-00352.parquet"}]]