Document:

Exhibit 10.7

 

PATENT AND TECHNOLOGY DEVELOPMENT AND
LICENSE AGREEMENT

 

This AGREEMENT (“AGREEMENT”)
is made on this 28th day of June, 2012, by and between ANNAMED, INC, a Texas corporation (“ANNAMED”), and
DERMIN Sp. zo.o.a limited liability company having a principal place of business located at PL-00-116 Warzawa, ul, Świętkorzyska
36/17, Poland (“LICENSEE”).

 

I. RECITALS

		A.	ANNAMED owns certain PATENT RIGHTS and TECHNOLOGY RIGHTS
related to LICENSED SUBJECT MATTER developed in its own facilities and at The University of Texas M. D. Anderson Cancer Center
(“UTMDACC”). PATENT RIGHTS and TECHNOLOGY RIGHTS developed at UTMDACC are subject to a License Agreement between ANNAMED
and UTMDACC (“UTMDACC LICENSE”).

 

		B.	LICENSEE desires to fund in part the development of topical
anticancer drugs.

 

		C.	ANNAMED, desires to have the LICENSED SUBJECT MATTER developed
in the LICENSED FIELD and used for the benefit of LICENSEE, ANNAMED, and where applicable, UTMDACC.

 

		D.	LICENSEE wishes to obtain a license from ANNAMED to practice
LICENSED SUBJECT MATTER.

 

NOW, THEREFORE, in consideration of the
mutual covenants and promises herein contained, the parties agree as follows:

 

II. EFFECTIVE DATE

This AGREEMENT is effective as of the date written above (“EFFECTIVE
DATE”).

 

III. DEFINITIONS

As used in this AGREEMENT, the following
terms have the meanings indicated:

 

AFFILIATE means any business
entity more than fifty percent (50%) owned by LICENSEE, any business entity which owns more than fifty percent (50%) of LICENSEE,
or any business entity that is more than fifty percent (50%) owned by a business entity that owns more than fifty percent (50%)
of LICENSEE.

 

CALENDAR YEAR means the
period between January 1st and December 31st including both of these dates.

 

COMMERCIALIZATION, with
a correlative meaning for COMMERCIALIZE and COMMERCIALIZING, means all activities undertaken before and after obtaining MARKET
AUTHORIZATION relating specifically to the pre-launch, launch, promotion, detailing, medical education and medical liaison activities,
marketing, pricing, reimbursement, sale, and distribution of the LICENSED PRODUCTS, including: (a) strategic marketing, sales force
detailing, advertising, medical education and liaison, and market and LICENSED PRODUCTS support; (b) any commercialization studies
for use in generating data to be submitted to regulatory authorities (and all associated reporting requirements), and (c) all customer
support, LICENSED PRODUCT distribution, invoicing and sales activities.

 

    	 	 	 

     

    

  

COMMERCIALLY REASONABLE EFFORTS
means those efforts consistent with the exercise of prudent scientific and business judgment in an active and ongoing program
as applied by a LICENSEE, AFFILIATE or SUBLICENSEE to the development and commercialization of its own pharmaceutical products
at a similar stage of development or commercialization and with similar market potential. Commercially Reasonable Efforts requires
that a LICENSEE, AFFILIATE or SUBLICENSEE, at a minimum, set annual reasonable goals and objectives for development and/or commercialization
(as applicable), assign responsibility for meeting such goals and objectives to qualified employees, and allocate sufficient resources
to meet such goals and objectives.

 

DOSSIER means documentation
that contains all available analytical and technical data related to the LICENSED SUBJECT MATTER and is required when applying
for an authorization to market medicinal products.

 

LICENSED FIELD means the
fields of human therapeutics.

 

LICENSED PRODUCTS means
any product or service sold by LICENSEE comprising LICENSED SUBJECT MATTER pursuant to this AGREEMENT.

 

LICENSED SUBJECT MATTER means
inventions and discoveries covered by PATENT RIGHTS or TECHNOLOGY RIGHTS within LICENSED FIELD as well as all documentation related
thereto, both existing and created in the future as a result of the activities of ANNAMED, LICENSEE and information made available
to MOLEULIN by UTMDACC, including data which constitutes the DOSSIER of medicinal products required when applying for their marketing
authorization.

 

LICENSED TERRITORY shall
include only the countries listed in Exhibit II attached hereto.

 

MARKETING AUTHORIZATION (MA)
means a document confirming that the relevant authorities in the LICENSED TERRITORY have allowed sales of a medicinal product
made on the basis of the LICENSED SUBJECT MATTER.

 

NDA means a New Drug Application,
as defined in the United States Food, Drug, and Cosmetic Act (21 U.S.C. § 301 et seq.), as amended, and the rules and regulations
promulgated thereunder, or an equivalent foreign filing.

 

NET SALES means the gross
revenues received by LICENSEE from a SALE less sales discounts actually granted, sales and/or use taxes actually paid, import and/or
export duties actually paid, outbound transportation actually prepaid or allowed, and amounts actually allowed or credited due
to returns (not exceeding the original billing or invoice amount), all as recorded by LICENSEE in LICENSEE’S official books and
records in accordance with generally accepted accounting practices and consistent with LICENSEE’S published financial statements
and/or regulatory filings.

 

PATENT RIGHTS means ANNAMED’s
rights in information or discoveries described in invention disclosures, or claimed in any patents, and/or patent applications,
whether domestic or foreign, and all divisionals, continuations, continuations-in-part, reissues, reexaminations or extensions
thereof and any letters patent that issue thereon as defined in Exhibit I attached hereto.

 

PHASE II CLINICAL STUDY means:
(a) that portion of the drug development and review process which provides for early controlled clinical studies conducted to obtain
preliminary data on the effectiveness of an investigational new drug for a particular indication, as more specifically defined
by the rules and regulations of the FDA, including 21 C.F.R. § 312.21 or any future revisions or substitutes therefor; or
(b) a similar clinical study in any national jurisdiction other than the United States.

 

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PHASE IIb CLINICAL STUDY
means that portion of a PHASE II CLINICAL STUDY involving controlled dose ranging to evaluate the efficacy and safety of an investigational
new drug in the target patient population and to define the optimal dosing regimen.

 

SALE or SOLD means the
transfer or disposition of a LICENSED PRODUCT for value to a party other than LICENSEE. SUBLICENSEE or AFFILIATE.

 

SUBLICENSEE means any
third part other than an AFFILIATE which pursuant to a written agreement with LICENSEE obtains a sublicense in accordance with
the terms of this AGREEMENT.

 

TECHNOLOGY RIGHTS means
ANNAMED’s rights in any technical information, know-how, processes, procedures, compositions, devices, methods, formulae, protocols,
techniques, software, designs, drawings or data owned or controlled by ANNAMED before the EFFECTIVE DATE, which are not claimed
in PATENT RIGHTS but that are necessary for practicing PATENT RIGHTS.

 

IV. LICENSE

ANNAMED, hereby grants to LICENSEE a royalty-bearing, exclusive
license under LICENSED SUBJECT MATTER to manufacture, have manufactured, use, import, offer to sell and/or sell LICENSED PRODUCTS
within LICENSED TERRITORY for use within LICENSED FIELD. This grant is subject to Article XIV-Term and Termination hereinbelow,
the payment by LICENSEE to ANNAMED of all consideration as provided herein, the timely payment, of all amounts due under any related
sponsored research agreement between ANNAMED and LICENSEE in effect during this AGREEMENT, and is further subject to the following
rights retained by ANNAMED to Publish the general scientific findings from research related to LICENSED SUBJECT MATTER, subject
to the terms of Article Xll-Confidential Information and Publication; and

 

LICENSEE may extend the license granted
herein to any AFFILIATE provided that the AFFILIATE consents in writing to be bound by this AGREEMENT to the same extent as LICENSEE.
LICENSEE agrees to deliver such contract to ANNAMED within thirty (30) calendar days following execution thereof.

 

LICENSEE may grant sublicenses under LICENSED
SUBJECT MATTER in the LICENSED TERRITORY consistent with the terms of this AGREEMENT provided that LICENSEE is responsible for
its SUBLICENSEES relevant to this AGREEMENT, and for diligently collecting all amounts and records due LICENSEE from SUBLICENSEES.
If a SUBLICENSEE pursuant hereto becomes bankrupt, insolvent or is placed in the hands of a receiver or trustee, LICENSEE, to the
extent allowed under applicable law and in a timely manner, agrees to use its best reasonable efforts to collect all consideration
owed to LICENSEE and to have the sublicense agreement confirmed or rejected by a court of proper jurisdiction.

 

LICENSEE must deliver to ANNAMED a true
and correct copy of each sublicense granted by LICENSEE, and any modification or termination thereof within thirty (30) calendar
days after execution, modification, or termination.

 

If this AGREEMENT is terminated pursuant
to Article XIV-Term and Termination, ANNAMED agrees to accept as successors to LICENSEE, existing SUBLICENSEES in good standing
at the date of termination provided that each such SUBLICENSEE consents in writing to be bound by all of the terms and conditions
of this AGREEMENT.

 

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V. CONSIDERATION, PAYMENTS AND REPORTS

In consideration for the DOSSIER to be developed
by ANNAMED and provided to LICENSEE under this AGREEMENT, LICENSEE agrees to pay ANNAMED the following:

 

		(a)	All out-of-pocket expenses incurred by ANNAMED in
filing, prosecuting, enforcing and maintaining PATENT RIGHTS in the LICENSED TERRITORY, and all such future expenses incurred by
ANNAMED, for so long as, and in such countries as this AGREEMENT remains in effect. ANNAMED will invoice LICENSEE within thirty
(30) calendar days of the EFFECTIVE DATE for expenses incurred as of that time and on a quarterly basis thereafter. The invoice
amounts will be paid by LICENSEE within thirty (30) calendar days of invoice; and

 

In consideration of rights granted by ANNAMED
to LICENSEE under this AGREEMENT, LICENSEE agrees to pay ANNAMED the following:

 

		(a)	A running royalty on sales of LICENSED PRODUCTS in
accordance with Exhibit II attached hereto; and

 

		(b)	Unless otherwise provided in this article V(e) below, the following percentage of  all consideration received by LICENSEE
                                                                                 from either (i) any SUBLICENSE pursuant to Article IV-License hereinabove, or (ii) any assignee pursuant to Article
                                                                                 XIII-Assignment hereinbelow (in consideration for ANNAMED allowing the assignment), including but not limited to, royalties,
                                                                                 up-front payments, marketing, distribution, franchise, option, license, or documentation fees, bonus, and certain milestone
                                                                                 payments and equity securities not excluded above:

 

		(i)	prior to completion of a PHASE IIb CLINICAL STUDY
in the LICENSED TERRITORY - twenty five percent (25%); and

 

		(ii)	on or after completion of PHASE IIb CLINICAL STUDY in
the LICENSED TERRITORY - ten percent (10%).

 

Notwithstanding the above provision, in the event that the amounts
payable to ANNAMED under the above percentages are less than the payments that ANNAMED is required to pay to UTMDACC for sublicenses
granted under the UTMDACC LICENSE, LICENSEE shall be required to pay the amounts required under the UTMDACC LICENSE, referred to
in paragraph “d” of Article V of this AGREEMENT plus 5% of those amounts to ANNAMED for those sublicenses.

 

No payments will be due from LICENSEE to ANNAMED under this
Article V(b) for (i) research and development money; (ii) payments received by LICENSEE from a sublicense as a result of the purchase
or sale of debt or equity securities of LICENSEE by such sublicense; or (iii) sales of LICENSED PRODUCTS covered by Article V(a).

 

As an example of how Article V(b) would be applied, if LICENSEE
entered into a sublicense allowing a third party to use the LICENSED SUBJECT MATTER in exchange for payments to be made to LICENSEE,
ANNAMED would be entitled to receive 25% of the payments received by LICENSEE until the completion by ANNAMED of a PHASE IIb CLINICAL
STUDY. Once ANNAMED completed a PHASE IIb CLINICAL STUDY, ANNAMED would then be entitled receive only 10% of the payments received
by LICENSEE. Furthermore, the sale of any LICENSED PRODUCTS subject to the percentages included in Article V(a) would not be subject
to the running royalty set forth in Article V(b).

 

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Unless otherwise provided, all such payments
are payable within forty-five (45) calendar days (“the Due Date”) after March 31, June 30, September 30, and December
31 of each year during the term of this AGREEMENT, at which time LICENSEE will also deliver to ANNAMED a true and accurate report,
giving such particulars of the business conducted by LICENSEE and its SUBLICENSEES, if any exist, during the preceding three calendar
months under this AGREEMENT as necessary for ANNAMED to account for LICENSEE’s payments hereunder. This report will include pertinent
data, including, but not limited to:

 

		(a)	the accounting methodologies used to account for and
calculate the items included in the report and any differences in such accounting methodologies used by LICENSEE since the previous
report; and

 

		(b)	a list of LICENSED PRODUCTS produced for the three (3)
preceding calendar months categorized by the technology it relates to under PATENT RIGHTS; and

 

		(c)	the total quantities of LICENSED PRODUCTS produced that
are subject to the running royalties described in this Article V; and

 

		(d)	the total SALES that are subject to the running royalties
described in this Article V; and

 

		(e)	the calculation of NET SALES that are subject to the running
royalties described in this Article V; and

 

		(f)	the royalties so computed and due ANNAMED for the LICENSED
PRODUCTS that are subject to the running royalties described in this Article V; and

 

		(g)	all consideration received from each SUBLICENSEE or assignee
and payments due ANNAMED; and

 

		(h)	all other amounts due ANNAMED herein.

 

Simultaneously with the delivery of each
such report, LICENSEE agrees to pay ANNAMED the amount due, if any, for the period of such report. These reports are required even
if no payments are due.

 

During the term of this AGREEMENT and for
one (1) year thereafter but not longer than the period 7 years from the date of conclusion of this Agreement, LICENSEE agrees to
keep complete and accurate records of its and its SUBLICENSEEs’ SALES and NET SALES in sufficient detail to enable the royalties
and other payments due hereunder to be determined. LICENSEE agrees to permit ANNAMED or its representatives, at ANNAMED’s expense,
to periodically examine LICENSEE’s books, ledgers, and records during regular business hours for the purpose of and to the extent
necessary to verify any report required under this AGREEMENT. If any amounts due ANNAMED are determined to have been underpaid
in an amount equal to or greater than five percent (5%) of the total amount due during the period so examined, then LICENSEE will
pay the cost of the examination plus accrued interest at the highest allowable rate.

 

Within sixty (60) calendar days following
each anniversary of the EFFECTIVE DATE, LICENSEE will deliver to ANNAMED a written progress report as to LICENSEE’s (and any SUBLICENSEE’s)
efforts and accomplishments during the preceding year in diligently commercializing LICENSED SUBJECT MATTER in the LICENSED TERRITORY
and LICENSEE’s (and SUBLICENSEEs’) commercialization plans for the upcoming year.

 

All amounts payable hereunder by LICENSEE
will be paid in United States funds via wire transfer without deductions for taxes, assessments, fees, or charges of any, kind.

 

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No payments due or royalty rates owed under
this AGREEMENT will be reduced as the result of co-ownership of LICENSED SUBJECT MATTER by ANNAMED and another party, including,
but not limited to, LICENSEE.

 

Any payments received beyond the Due Date
will be subject to a late payment penalty of five percent (5%) of the amount originally owed for each month payment is delayed
beyond the Due Date.

 

VI. COLLABORATION AND NON COMPETITION

ANNAMED and LICENSEE agree to share all
research results pertaining to LICENSED SUBJECT MATTER with one another and to cooperate fully in facilitating the use of such
research in efforts to obtain regulatory approval within the LICENSED TERRITORY with regard to such efforts undertaken by LICENSEE
and worldwide with regard to such efforts undertaken by ANNAMED. As an example, ANNAMED will share with LICENSEE all data a reports
relating to applications made to the FDA regarding LICENSED SUBJECT MATTER to assist LICENSEE in its own efforts to seek EU approval.
ANNAMED will assist LICENSEE in its efforts to obtain funding required for the further development of licensed technology by providing
LICENSEE with information available to ANNAMED regarding ANNAMED’s research efforts and results.

 

Within thirty (30) days of its submission
of an NDA to the US Food and Drug Administration, ANNAMED agrees to provide LICENSEE all documentation and information available
to ANNAMED necessary for LICENSEE to create a DOSSIER.

 

During the term of this AGREEMENT, ANNAMED
agrees not to compete with LICENSEE in the LICENSED TERRITORY within the LICENSED FIELD for the sale of LICENSED PRODUCTS or products
that use technology similar to the LICENSED SUBJECT MATTER or for the sale of products with indications approved for LICENSED PRODUCTS
in the LICENSED TERRITORY within the LICENSED FIELD. During the term of this AGREEMENT, LICENSEE agrees not to compete with ANNAMED
outside the LICENSED TERRITORY for the sale of LICENSED PRODUCTS or products that use technology similar to the LICENSED SUBJECT
MATTER or for the sale of products with indications approved for LICENSED PRODUCTS outside the LICENSED TERRITORY. The LICENSEE
and ANNAMED both agree that these restrictions are necessary and narrowly-tailored to achieve the legitimate business purposes
of this AGREEMENT and the development of the LICENSED SUBJECT MATTER.

 

VII. PATENTS AND INVENTIONS

If after consultation with LICENSEE, ANNAMED
believes that a new patent application should be filed for LICENSED SUBJECT MATTER in the LICENSED TERRITORY, LICENSEE will pay
the cost of searching, preparing, filing, prosecuting and maintaining same. ANNAMED agrees to use patent counsel for such efforts
mutually agreed to by LICENSEE and ANNAMED. ANNAMED will keep LICENSEE fully informed on a timely basis of all activity on the
filings related to the LICENSED SUBJECT MATTER in the LICENSED TERRITORY and will provide LICENSEE with a copy of all applications
and any documents received or filed during prosecution thereof for which LICENSEE has paid the cost of filing. For all applications
and responses to office actions filed during the term of this AGREEMENT, LICENSEE will timely provide ANNAMED an initial draft
and ANNAMED will review, finalize and file such documents. If LICENSEE notifies ANNAMED that it does not intend to pay the cost
of an application, or if LICENSEE does not respond or make an effort to agree with ANNAMED on the disposition of rights of the
subject invention, then ANNAMED may file such application at its own expense and LICENSEE’S rights to such invention under
this AGREEMENT shall terminate in their entirety. The parties agree that they share a common legal interest to get valid enforceable
patents and that LICENSEE will keep all privileged information received pursuant to this Section confidential.

 

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If ANNAMED decides to cease the prosecution
or maintenance of any patent relating to the LICENSED SUBJECT MATTER in the LICENSED TERRITORY, it shall notify LICENSEE in writing
sufficiently in advance so that LICENSEE may, at its discretion, assume the responsibility for the prosecution or maintenance of
such patents, at LICENSEE’S sole expense.

 

ANNAMED and LICENSEE undertake to cooperate
with each other with a view to acquire and effectively enforce the rights arising from patent protection of the LICENSED SUBJECT
MATTER in the LICENSED TERRITORY. Upon ANNAMED’s request the LICENSEE will assist ANNAMED in these types of activities performed
also in territories other than the LICENSED TERRITORY, whenever this is possible, necessary and legally permitted, with the understanding
that the cost of these activities will be borne by ANNAMED. ANNAMED undertakes to actively assist LICENSEE in the process of soliciting
subsidies for development and effective application of the LICENSED SUBJECT MATTER.

 

VIII. INFRINGEMENT BY THIRD PARTIES

LICENSEE, at its expense, may enforce any
patent exclusively licensed hereunder against infringement in the LICENSED TERRITORY by third parties and is entitled to retain
recovery from such enforcement. After reimbursement of LICENSEE’S reasonable legal costs and expenses related to such recovery,
LICENSEE agrees to pay ANNAMED either: (a) the royalty detailed in Article V for any monetary recovery that is for sales of LICENSED
PRODUCTS lost due to the infringement and fifty percent (50%) of any other damages received; or (b) fifty percent (50%) of reasonable
royalties awarded and any other damages received in any recovery in which the compensatory award is solely for reasonable royalties.

 

LICENSEE must notify ANNAMED in writing
of any potential infringement within thirty (30) calendar days of knowledge thereof. If LICENSEE decides not to pursue an infringement
enforcement action within six month of knowledge of such infringement, LICENSEE will notify ANNAMED and then ANNAMED may, at its
discretion, after considering the commercially reasonable bases for LICENSEE’s decision not to pursue such infringement enforcement
action, pursue the enforcement of any patent licensed hereunder on behalf of itself and LICENSEE. In such case, the parties will
discuss in good faith the appropriate settlement of such case and/or the appropriate distribution of any recovery from such action,
which shall depend on LICENSEE’s involvement with and contribution to such case and the effect of the LICENSEE’s ability to commercialize
the LICENSED SUBJECT MATTER in the LICENSED TERRITORY.

 

In any suit or dispute involving an infringer,
the parties agree to cooperate fully with each other. At the request and expense of the party bringing suit, the other party will
permit access during regular business hours, to all relevant personnel, records, papers, information, samples, specimens, and the
like in its possession.

 

IX. PATENT MARKING

LICENSEE agrees that all packaging containing
individual LICENSED PRODUCT(S), documentation therefor, and when possible for actual LICENSED PRODUCT(S) sold by LICENSEE, AFFILIATES,
and/or SUBLICENSEEs of LICENSEE will be permanently and legibly marked with the number of any applicable patent(s) licensed hereunder
in accordance with each country’s patent laws.

 

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X. INDEMNIFICATION AND INSURANCE

LICENSEE agrees to hold harmless and indemnify
ANNAMED, its officers, employees, and agents from and against any claims, demands, or causes of action whatsoever, costs of suit
and reasonable attorney’s fees, including without limitation, those costs arising on account of any injury or death of persons
or damage to property caused by, or arising out of or resulting from, the exercise or practice of the rights granted hereunder
by LICENSEE, its officers, its AFFILIATES or their officers, employees, agents or representatives.

 

In no event shall ANNAMED be liable for
any indirect, special, consequential or punitive damages (including, without limitation, damages for loss of profits or expected
savings or other economic losses, or for injury to persons or property) arising out of, or in connection with, this AGREEMENT or
its subject matter, regardless of whether ANNAMED knows or should know of the possibility of such damages.

 

Beginning at the time when any LICENSED
SUBJECT MATTER is being distributed or sold (including for the purpose of obtaining regulatory approvals) by LICENSEE or by a SUBLICENSEE,
LICENSEE shall, at its sole cost and expense, procure and maintain commercial general liability insurance in amounts not less than
US$2,000,000 per incident and US$2,000,000 annual aggregate, and LICENSEE shall use reasonable efforts to have ANNAMED, its officers,
directors, employees and agents named as additional insureds. Such commercial general liability insurance shall provide: (i) product
liability coverage; (ii) broad form contractual liability coverage for LICENSEE’s indemnification under this AGREEMENT; and
(iii) coverage for litigation costs. The minimum amounts of insurance coverage required herein shall not be construed to create
a limit of LICENSEE’s liability with respect to its indemnification under this AGREEMENT.

 

LICENSEE shall provide ANNAMED with written
evidence of such insurance within thirty (30) days of its procurement. Additionally, LICENSEE shall provide ANNAMED with written
notice of at least fifteen (15) days prior to the cancellation, non-renewal or material change in such insurance.

 

LICENSEE shall maintain such commercial
general liability insurance beyond the expiration or termination of this AGREEMENT during: (i) the period that any LICENSED SUBJECT
MATTER developed pursuant to this AGREEMENT is being commercially distributed or sold by LICENSEE or by a SUBLICENSEE or agent
of LICENSEE; and (ii) the five (5) year period immediately after such period.

 

XI. USE OF ANNAMED AND UTMDACC’S NAME

LICENSEE will not use the name of (or the
name of any employee of) UTMDACC or ANNAMED in any advertising, promotional or sales literature, on its Web site, or for the purpose
of raising capital without the advance express written consent of ANNAMED or UTMDACC, as the case may be.

 

Notwithstanding the above, LICENSEE may
use the name of (or name of employee of) UTMDACC or ANNAMED in routine business correspondence, or as needed in appropriate regulatory
submissions without express written consent.

 

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XII. CONFIDENTIAL INFORMATION AND
PUBLICATION

ANNAMED and LICENSEE each agree that all
information contained in documents marked “confidential” and forwarded to one by the other (i) are to be received in
strict confidence, (ii) are to be used only for the purposes of this AGREEMENT, and (iii) will not be disclosed by the recipient
party (except as required by law or court order), its agents or employees without the prior written consent of the other party,
except to the extent that the recipient party can establish by competent written proof that such information:

 

		(a)	was in the public domain at the time of disclosure; or

 

		(b)	later became part of the public domain through no act or
omission of the recipient party, its employees, agents, successors or assigns; or

 

		(c)	was lawfully disclosed to the recipient party by a third
party having the right to disclose it; or

 

		(d)	was already known by the recipient party at the time of
disclosure; or

 

		(e)	was independently developed by the recipient party without
use of the other party’s confidential information; or

 

		(f)	is required by law or regulation to be disclosed.

 

Each party’s obligation of confidence
hereunder will be fulfilled by using at least the same degree of care with the other party’s confidential information as
it uses to protect its own confidential information, but always at least a reasonable degree of care. This obligation will exist
while this AGREEMENT is in force and for a period of three (3) years thereafter.

 

ANNAMED reserves the right to publish the
general scientific findings from research related to LICENSED SUBJECT MATTER, with due regard to the protection of LICENSEE’s confidential
information, ANNAMED will submit the manuscript of any proposed publication to LICENSEE at least thirty (30) calendar days before
publication, and LICENSEE shall have the right to review and comment upon the publication in order to protect LICENSEE’s confidential
information. Upon LICENSEE’s request, publication may be delayed up to sixty (60) additional calendar days to enable LICENSEE to
secure adequate intellectual property protection of LICENSEE’s confidential information that would otherwise be affected by the
publication.

 

Notwithstanding the limitations of this
Article XII, LICENSEE shall have the right to use information provided by ANNAMED in its applications with EU governmental funding
and regulatory agencies for the purposes of seeking funding or approval for the LICENSED SUBJECT MATTER.

 

XIII. ASSIGNMENT

This AGREEMENT may not be assigned by LICENSEE
without the prior written consent of ANNAMED, which will not be unreasonably withheld. ANNAMED must respond within thirty (30)
days of receipt of LICENSEE’s written request for assignment.

 

XIV. TERM AND TERMINATION

Subject to provisions in this Article XIV
hereinbelow, the term of this AGREEMENT is from the EFFECTIVE DATE to the full end of the term or terms for which PATENT RIGHTS
have not expired.

 

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Any time after two (2) years from the EFFECTIVE
DATE, ANNAMED has the right to terminate this license in any national political jurisdiction within the LICENSED TERRITORY if LICENSEE,
within ninety (90) calendar days after receiving written notice from ANNAMED of the intended termination, fails to provide written
evidence consistent with ANNAMED’s reporting obligations to UTMDACC that LICENSEE or its SUBLlCENSEE(s) has COMMERCIALIZED
or is using COMMERCIALLY REASONABLE EFFORTS to COMMERCIALIZE a LICENSED PRODUCT such jurisdiction,

 

Subject to any rights herein which survive
termination, this AGREEMENT will earlier terminate in its entirety:

 

		(a)	automatically, if LICENSEE becomes bankrupt or insolvent
and/or if the business of LICENSEE shall be placed in the hands of a receiver, assignee, or trustee, whether by voluntary act
of LICENSEE or otherwise; or

 

		(b)	upon thirty (30) calendar days written notice from ANNAMED,
if LICENSEE breaches or defaults on the payment or report obligations of ARTICLE V and has failed to make payments for one hundred
eighty (180) calendar days, or use of name obligations of ARTICLE XI, unless, before the end of the such thirty (30)-calendar
day notice period, LICENSEE has cured the default or breach to ANNAMED’s satisfaction (including the payment of any late payment
penalties due), and so notifies ANNAMED. stating the manner of the cure; or

 

		(c)	upon sixty (60) calendar days written notice from ANNAMED
if LICENSEE breaches or defaults on any other obligation under this AGREEMENT, unless, before the end of the such sixty (60) calendar-day
notice period, LICENSEE has cured the default or breach to ANNAMED’s satisfaction and so notifies ANNAMED, stating the manner
of the cure; or

 

		(d)	at any time by mutual written agreement between LICENSEE
and ANNAMED upon one hundred eighty (180) calendar days written notice to all parties and subject to any terms herein which survive
termination; or

 

		(e)	if ANNAMED exercises its right to terminate due to LICENSEE’s
failure to commercialize or actively attempt to commercialize as described above in this Article XIV; or

 

		(f)	upon sixty (60) calendar days written notice from ANNAMED,
if LICENSEE has defaulted or been late on its payment obligations pursuant to the terms of this AGREEMENT on any two (2) occasions
in a twelve (12) month period.

 

		(g)	at any time by LICENSEE if (i) ANNAMED fails to provide
to LICENSEE the documentation and information required for LICENSEE to prepare a DOSSIER within thirty (30) days of ANNAMED’s
filing of an NDA with the Food and Drug Administration, or (ii) ANNAMED does not cooperate in the process of LICENSEE soliciting
a subsidy to develop the LICENSED SUBJECT MATTER within thirty (30) days of LICENSEE’s request for such cooperation.

 

Upon termination of this AGREEMENT:

 

		(a)	nothing herein will be construed to release either party
of any obligation maturing prior to the effective date of the termination; and

 

		(b)	LICENSEE covenants and agrees to be bound by the provisions
of Articles X (Indemnification and Insurance), XI (Use of ANNAMED and UTMDACC’s Name) and XII (Confidential Information and Publication)
of this AGREEMENT; and

 

    	 	Page 10	 

     

    

  

		(c)	LICENSEE may, after the effective date of the termination
and for a period of no more than six (6) months from such date of termination, sell all LICENSED PRODUCTS and parts therefor that
it has on hand at the date of termination, if LICENSEE pays the earned royalty thereon and any other amounts due pursuant to Article
V of this AGREEMENT; and

 

		(d)	Subject to paragraph (c) immediately above, LICENSEE agrees
to cease and desist any use and all SALE of the LICENSED SUBJECT MATTER and LICENSED PRODUCTS upon termination of this AGREEMENT;
and

 

		(e)	LICENSEE grants to ANNAMED a nonexclusive royalty bearing
license with the right to sublicense others with respect to improvements made by LICENSEE (including improvements licensed by
LICENSEE from third parties) in the LICENSED SUBJECT MATTER. LICENSEE and ANNAMED agree to negotiate in good faith the royalty
rate for the nonexclusive license. ANNAMED’s right to sublicense others hereunder is solely for the purpose of permitting
others to develop and commercialize the entire technology package.

 

ANNAMED shall have the option to terminate
all rights hereunder with regard to Germany in exchange for US$500,000.00. Upon exercise of this option, ANNAMED and LICENSEE agree
that Germany shall no longer be considered a LICENSED TERRITORY.

 

XV. WARRANTY: SUPERIOR RIGHTS

ANNAMED represents and warrants its belief
that (a) it is the owner of the entire right, title, and interest in and to LICENSED SUBJECT MATTER developed by ANNAMED and it
has the exclusive right to license LICENSED SUBJECT MATTER covered by the UTMDACC OPTION, (b) it has (or will have in the case
of the LICENSED SUBJECT MATTER covered by the UTMDACC OPTION) the sole right to grant licenses thereunder, and (c) it has not knowingly
granted licenses thereunder to any other entity that would restrict rights granted hereunder except as stated herein,

 

LICENSEE understands and agrees that ANNAMED,
by this AGREEMENT, makes no representation as to the operability or fitness for any use, safety, efficacy, approvability by regulatory
authorities, time and cost of development, patentability, and/or breadth of the LICENSED SUBJECT MATTER. ANNAMED, by this AGREEMENT,
also makes no representation as to whether any patent covered by PATENT RIGHTS is valid or as to whether there are any patents
now held, or which will be held, by others or by ANNAMED or UTMDACC in the LICENSED FIELD, nor does ANNAMED make any representation
that the inventions contained in PATENT RIGHTS or LICENSED PRODUCTS do not infringe any other patents now held or that will be
held by others or by ANNAMED.

 

LICENSEE, by execution hereof acknowledges,
covenants and agrees that LICENSEE has not been induced in any way by ANNAMED or employees thereof to enter into this AGREEMENT,
and further warrants and represents that (a) LICENSEE has conducted sufficient due diligence with respect to all items and issues
pertaining to this AGREEMENT; and (b) LICENSEE has adequate knowledge and expertise, or has used knowledgeable and expert consultants,
to adequately conduct such due diligence, and agrees to accept all risks inherent herein.

 

XVI. GENERAL

This AGREEMENT constitutes the entire and
only agreement between the parties for LICENSED SUBJECT MATTER and all other prior negotiations, representations, agreements and
understandings are superseded hereby. No agreements altering or supplementing the terms hereof will be made except by a written
document signed by both parties.

 

    	 	Page 11	 

     

    

  

Any notice required by this AGREEMENT must
be given by prepaid, first class, certified mail, return receipt requested, and addressed in the case of ANNAMED to:

 

ANNAMED, INC

1225 North Loop West

Suite 725

Houston, TX 77008

Attn: Walter V Klemp

Chief Executive Officer

 

or in the case of LICENSEE to:

 

DERMIN Sp. z o. o.

ul. Świętkorzyska 36/17

00-116 Warszawa

Poland

Attn: Jerzy Repeta

President of Management Board

 

or other addresses as may be given from time to time
under the terms of this notice provision.

 

LICENSEE must comply with all applicable
international, national and local laws and regulations in connection with its activities pursuant to this AGREEMENT.

 

This AGREEMENT will be construed and enforced
in accordance with the laws of the United States of America and of the State of Texas, without regard to its conflict of law provisions.
The Texas State Courts of Harris County, Texas (or, if there is exclusive federal jurisdiction, the United States District Court
for the Southern District of Texas, Houston Division) shall have exclusive jurisdiction and venue over any dispute arising out
of this AGREEMENT, and LICENSEE consents to the jurisdiction of such courts; however, nothing herein shall be deemed as a waiver
by ANNAMED of its sovereign immunity.

 

Failure of ANNAMED to enforce a right under
this AGREEMENT will not act as a waiver of right or the ability to later assert that right relative to the particular situation
involved.

 

Headings included herein are for convenience only and will
not be used to construe this  AGREEMENT.

 

If any part of this AGREEMENT is for any
reason found to be unenforceable, all other parts nevertheless will remain enforceable.

 

    	 	Page 12	 

     

    

  

IN WITNESS WHEREOF, the parties hereto
have caused their duly authorized representatives to execute this AGREEMENT.

 

	ANNAMED	 
	 	 
	By:	/s/ Walter V. Klemp	 
	 	 	 
	Its:	Chief Executive Officer	 

 

 

    	 	Page 13	 

     

    

  

EXHIBIT I – PATENT RIGHTS

 

	
        UTMDACC Reference

        Number
	 	Patent Number	 	Subject Matter
	MDA96-045	 	US5,977,327	 	Synthesis of Annamycin
	MDA94-031	 	US5,902,604	 	Submicron Liposome Suspensions Obtained from Preliposome Lyophilizates
	 	 	US7,238,366	 	Submicron Liposome Suspensions Obtained from Preliposome Lyophilizates

 

    	 		 

     

    

  

EXHIBIT
II - LICENSED TERRITORY AND ROYALTY RATES

 

	LICENSED TERRITORY	 	ROYALTY RATE
	Poland	 	To be determined by the UTMDACC
	Ukraine	 	LICENSE. It is understood and agreed that
	Czech Republic	 	such running royalty will be equal to those
	Hungary	 	amounts set forth in the UTMDACC LICENSE
	Romania	 	which ANNAMED would otherwise owe to
	Slovakia	 	UTMDACC for any sale of LICENSED
	Belarus	 	PRODUCTS in the LICENSED TERRITORY
	Lithuania	 	plus an override of 2.5% to be added to such
	Latvia	 	amounts. For example, if the UTMDACC
	Estonia	 	LICENSE calls for a running royalty of 2.5%,
	Netherlands	 	the resulting royalty to LICENSEE will be
	Turkey	 	5.0%
	Belgium	 	 
	Switzerland	 	 
	Austria	 	 
	Sweden	 	 
	Greece	 	 
	Portugal	 	 
	Norway	 	 
	Denmark	 	 
	Ireland	 	 
	Finland	 	 
	Luxembourg	 	 
	Iceland	 	 
	Kazachstan	 	 
	Russian Federation	 	 
	Uzbekistan	 	 
	Georgia	 	 
	Armenia	 	 
	Azerbaijan	 	 
	Germany	 	15%Exhibit 10.12

 

ESCROW DEPOSIT AGREEMENT

 

This ESCROW DEPOSIT
AGREEMENT (this “Agreement”) dated as of this 1st day of March 2016, by and among MOLECULIN BIOTECH,
INC., a Delaware corporation (the “Company”), having an address at 2575 West Bellfort, Suite 333, Houston,
Texas 77054, BONWICK CAPITAL PARTNERS, LLC, a New York limited liability company (the “Underwriter”),
having an address at 40 West 57th Street, 28th Floor, New York, New York 10019, and SIGNATURE BANK
(the “Escrow Agent”), a New York State chartered bank, having an office at 950 Third Avenue, 9th Floor, New
York, NY 10022. All capitalized terms not herein defined shall have the meaning ascribed to them in that certain Amendment No.
1 to Form S-1 Registration Statement (the “Registration Statement”), dated February 16, 2016.

 

WITNESSETH:

 

WHEREAS, pursuant
to the terms of the Registration Statement the Company desires to sell (the “Offering”) a minimum of $7,000,000
(the “Minimum Amount”) and a maximum of $10,000,000 (the “Maximum Amount”) of its shares
(the “Shares”). Each Share is being sold at a price of $5.00 per Share; and

 

WHEREAS, unless
the Minimum Amount is sold by sixty (60) days after the effective date of the Registration Statement
(the “Termination Date”), the Offering shall terminate and all funds shall be returned to the subscribers in
the Offering, and if the Minimum Amount is met, the Offering may continue until the Termination Date; and

 

WHEREAS, the
Company and Underwriter desire to establish an escrow account with the Escrow Agent into which the Company and Underwriter shall
instruct Investors introduced to the Company by Underwriter (the “Investors”) to deposit checks and other instruments
for the payment of money made payable to the order of “Signature Bank as Escrow Agent for Moleculin Biotech, Inc.,”
and Escrow Agent is willing to accept said checks and other instruments for the payment of money in accordance with the terms hereinafter
set forth; and

 

WHEREAS, the
Company, as issuer, and Underwriter, as an introducing broker-dealer, represent and warrant to the Escrow Agent that they will
comply with all of their respective obligations under applicable state and federal securities laws and regulations with respect
to sale of the Offering; and

 

WHEREAS, the
Company and Underwriter represent and warrant to the Escrow Agent that they have not stated to any individual or entity that the
Escrow Agent’s duties will include anything other than those duties stated in this Agreement; and

 

WHEREAS, the
Company and Underwriter warrant to the Escrow Agent that a copy of each document that has been delivered to Investors and
third parties that include Escrow Agent’s name and duties, has been attached hereto as Schedule I.

 

     

     

    

 

NOW, THEREFORE,
IT IS AGREED as follows:

 

1.           Delivery
of Escrow Funds.

 

(a)          Underwriter
and the Company shall instruct Investors to deliver to Escrow Agent wire transfers to Signature Bank, 950 Third Avenue, 9th Floor,
New York, NY 10022, ABA No. 026013576 for credit to Signature Bank, as Escrow Agent for Moleculin Biotech, Inc., Account No. 1502647500,
in each case, with the name and address of the individual or entity making payment. The previous sentence notwithstanding, any
checks received by the Escrow Agent directly from investors or indirectly through an underwriter made payable to the order of “Signature
Bank, as Escrow Agent for Moleculin Biotech, Inc.” shall be dealt with as set forth below. In the event any Investor’s
address is not provided to Escrow Agent by the Investor, then Underwriter and/or the Company agree to promptly provide Escrow Agent
with such information in writing. The wire transfers and any such checks shall be deposited into a non interest-bearing account
at Signature Bank entitled “Moleculin Biotech, Inc., Signature Bank, as Escrow Agent” (the “Escrow Account”).

 

(b)          The
collected funds deposited into the Escrow Account are referred to as the “Escrow Funds.”

 

(c)          The
Escrow Agent shall have no duty or responsibility to enforce the collection or demand payment of any funds deposited into the Escrow
Account. If, for any reason, any check deposited into the Escrow Account shall be returned unpaid to the Escrow Agent, the sole
duty of the Escrow Agent shall be to return the check to the Investor and advise the Company and Underwriter promptly thereof.

 

2.           Release
of Escrow Funds. The Escrow Funds shall be paid by the Escrow Agent in accordance with the following:

 

(a)          In
the event that the Company and Underwriter advise the Escrow Agent in writing that the Offering has been terminated (the “Termination
Notice”), the Escrow Agent shall promptly return the funds paid by each Investor to said Investor without interest or
offset.

 

(b)          Reserved.

 

(c)          Provided
that the Escrow Agent does not receive the Termination Notice in accordance with Section 2(a) and there is the Minimum Amount deposited
into the Escrow Account on or prior to the Termination Date, the Escrow Agent shall, upon receipt of written instructions, in the
form of Exhibit A, attached hereto and made a part hereof, or in a form and substance satisfactory to the Escrow Agent, received
from the Company and Underwriter, pay the Escrow Funds in accordance with such written instructions, such payment or payments to
be made by wire transfer within one (1) business day of receipt of such written instructions. Such instructions must be received
by the Escrow Agent no later than 3:00 PM Eastern Time on a Banking Day for the Escrow Agent to process such instructions that
Banking Day.

 

(d)          If
by 3:00 P.M. Eastern time on the Termination Date, the Escrow Agent has not received written instructions from the Company and
Underwriter regarding the disbursement of the Escrow Funds or the total amount of the Escrow Funds is less than the Minimum Amount,
then the Escrow Agent shall promptly return the Escrow Funds to the Investors without interest or offset. The Escrow Funds returned
to each Investor shall be free and clear of any and all claims of the Escrow Agent.

 

    	 	2	 

     

    

 

(e)          The
Escrow Agent shall not be required to pay any uncollected funds or any funds that are not available for withdrawal.

 

(f)          If
the Termination Date or any date that is a deadline under this Agreement for giving the Escrow Agent notice or instructions or
for the Escrow Agent to take action is not a Banking Day, then such date shall be the Banking Day that immediately preceding that
date. A “Banking Day” is any day other than a Saturday, Sunday or a day that a New York State chartered bank
is not legally obligated to be opened.

 

3.            Acceptance
by Escrow Agent. The Escrow Agent hereby accepts and agrees to perform its obligations hereunder, provided that:

 

(a)          The
Escrow Agent may act in reliance upon any signature believed by it to be genuine, and may assume that any person who has been designated
by Underwriter or the Company to give any written instructions, notice or receipt, or make any statements in connection with the
provisions hereof has been duly authorized to do so. Escrow Agent shall have no duty to make inquiry as to the genuineness, accuracy
or validity of any statements or instructions or any signatures on statements or instructions. The names and true signatures of
each individual authorized to act singly on behalf of the Company and Underwriter are stated in Schedule II, which is attached
hereto and made a part hereof. The Company and Underwriter may each remove or add one or more of its authorized signers stated
on Schedule II by notifying the Escrow Agent of such change in accordance with this Agreement, which notice shall include
the true signature for any new authorized signatories.

 

(b)          The
Escrow Agent may act relative hereto in reliance upon advice of counsel in reference to any matter connected herewith. The Escrow
Agent shall not be liable for any mistake of fact or error of judgment or law, or for any acts or omissions of any kind, unless
caused by its willful misconduct or gross negligence.

 

(c)          Underwriter
and the Company agree to indemnify and hold the Escrow Agent harmless from and against any and all claims, losses, costs, liabilities,
damages, suits, demands, judgments or expenses (including but not limited to reasonable attorney’s fees) claimed against
or incurred by Escrow Agent arising out of or related, directly or indirectly, to this Escrow Agreement unless caused by the Escrow
Agent’s gross negligence or willful misconduct.

 

(d)          In
the event that the Escrow Agent shall be uncertain as to its duties or rights hereunder, the Escrow Agent shall be entitled to
(i) refrain from taking any action other than to keep safely the Escrow Funds until it shall be directed otherwise by a court of
competent jurisdiction, or (ii) deliver the Escrow Funds to a court of competent jurisdiction.

 

    	 	3	 

     

    

 

(e)          The
Escrow Agent shall have no duty, responsibility or obligation to interpret or enforce the terms of any agreement other than Escrow
Agent’s obligations hereunder, and the Escrow Agent shall not be required to make a request that any monies be delivered
to the Escrow Account, it being agreed that the sole duties and responsibilities of the Escrow Agent shall be to the extent not
prohibited by applicable law (i) to accept checks or other instruments for the payment of money and wire transfers delivered to
the Escrow Agent for the Escrow Account and deposit said checks and wire transfers into the non-interest bearing Escrow Account,
and (ii) to disburse or refrain from disbursing the Escrow Funds as stated above, provided that the checks received by the Escrow
Agent have been collected and are available for withdrawal.

 

4.            Escrow
Account Statements and Information. The Escrow Agent agrees to send to the Company and/or the Underwriter a copy of
the Escrow Account periodic statement, upon request in accordance with the Escrow Agent’s regular practices for providing
account statements to its non-escrow clients and to also provide the Company and/or Underwriter, or their designee, upon request
other deposit account information, including Escrow Account balances, by telephone or by computer communication, to the extent
practicable. The Company and Underwriter agree to complete and sign all forms or agreements required by the Escrow Agent for that
purpose. The Company and Underwriter each consent to the Escrow Agent’s release of such Escrow Account information to any
of the individuals designated by Company or Underwriter, which designation has been signed in accordance with Section 3(a) by any
of the persons in Schedule II.  Further, the Company and Underwriter have an option to receive e-mail notification
of incoming and outgoing wire transfers. If this e-mail notification service is requested and subsequently approved by the Escrow
Agent, the Company and Underwriter agrees to provide a valid e-mail address and other information necessary to set-up this service
and sign all forms and agreements required for such service. The Company and Underwriter each consent to the Escrow Agent’s
release of wire transfer information to the designated e-mail address(es). The Escrow Agent’s liability for failure to comply
with this section shall not exceed the cost of providing such information.

 

5.            Resignation
and Termination of the Escrow Agent. The Escrow Agent may resign at any time by giving 30 days’ prior written notice
of such resignation to Underwriter and the Company. Upon providing such notice, the Escrow Agent shall have no further obligation
hereunder except to hold as depositary the Escrow Funds that it receives until the end of such 30-day period. In such event, the
Escrow Agent shall not take any action, other than receiving and depositing Investors checks and wire transfers in accordance with
this Agreement, until the Company has designated a banking corporation, trust company, attorney or other person as successor. Upon
receipt of such written designation signed by Underwriter and the Company, the Escrow Agent shall promptly deliver the Escrow Funds
to such successor and shall thereafter have no further obligations hereunder. If such instructions are not received within 30 days
following the effective date of such resignation, then the Escrow Agent may deposit the Escrow Funds held by it pursuant to this
Agreement with a clerk of a court of competent jurisdiction pending the appointment of a successor. In either case provided for
in this Section, the Escrow Agent shall be relieved of all further obligations and released from all liability thereafter arising
with respect to the Escrow Funds.

 

    	 	4	 

     

    

 

6.            Termination.
The Company and Underwriter may terminate the appointment of the Escrow Agent hereunder upon written notice specifying the date
upon which such termination shall take effect, which date shall be at least 30 days from the date of such notice. In the event
of such termination, the Company and Underwriter shall, within 30 days of such notice, appoint a successor escrow agent and the
Escrow Agent shall, upon receipt of written instructions signed by the Company and Underwriter, turn over to such successor escrow
agent all of the Escrow Funds; provided, however, that if the Company and Underwriter fail to appoint a successor
escrow agent within such 30-day period, such termination notice shall be null and void and the Escrow Agent shall continue to be
bound by all of the provisions hereof. Upon receipt of the Escrow Funds, the successor escrow agent shall become the escrow agent
hereunder and shall be bound by all of the provisions hereof and Escrow Agent shall be relieved of all further obligations and
released from all liability thereafter arising with respect to the Escrow Funds and under this Agreement.

 

7.            Investment.
All funds received by the Escrow Agent shall be held only in non-interest bearing bank accounts at Signature Bank.

 

8.            Compensation.
Escrow Agent shall be entitled, for the duties to be performed by it hereunder, to a fee of $4,000.00, which fee shall be paid
by the Company upon the signing of this Agreement. In addition, the Company shall be obligated to reimburse Escrow Agent for all
fees, costs and expenses incurred or that become due in connection with this Agreement or the Escrow Account, including reasonable
attorney’s fees. Neither the modification, cancellation, termination or rescission of this Agreement nor the resignation
or termination of the Escrow Agent shall affect the right of Escrow Agent to retain the amount of any fee which has been paid,
or to be reimbursed or paid any amount which has been incurred or becomes due, prior to the effective date of any such modification,
cancellation, termination, resignation or rescission. To the extent the Escrow Agent has incurred any such expenses, or any such
fee becomes due, prior to any closing, the Escrow Agent shall advise the Company and the Company shall direct all such amounts
to be paid directly at any such closing.

 

9.            Notices.
All notices, requests, demands and other communications required or permitted to be given hereunder shall be in writing and shall
be deemed to have been duly given if sent by hand-delivery, by facsimile (followed by first-class mail), by nationally recognized
overnight courier service or by prepaid registered or certified mail, return receipt requested, to the addresses set forth below:

 

If to Underwriter:

 

Bonwick Capital Partners,
LLC

40 West 57th Street,
28th Floor

New York, New York
10019

Attention: Daniel J.
McClory, Managing Director

Fax:

 

If to the Company:

 

Moleculin
Biotech, Inc.

2575 West
Bellfort, Suite 333

Houston,
Texas 77054

Attention:
Walter V. Klemp, Acting CEO

 

    	 	5	 

     

    

 

If to Escrow Agent:

 

Signature Bank

950 Third Avenue, 9th
Floor

New York, NY 10022

Attention: John
D. Gonzalez, Group Director & SVP

Fax: (646) 822-1520

 

10.          General.

 

(a)          This
Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York applicable to agreements
made and to be entirely performed within such State, without regard to choice of law principles and any action brought hereunder
shall be brought in the courts of the State of New York, located in the County of New York. Each party hereto irrevocably waives
any objection on the grounds of venue, forum nonconveniens or any similar grounds and irrevocably consents to service of process
by mail or in any manner permitted by applicable law and consents to the jurisdiction of said courts. EACH OF THE PARTIES HERETO
HEREBY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF THE TRANSACTIONS CONTEMPLATED
BY THIS AGREEMENT.

 

(b)          This
Agreement sets forth the entire
agreement and understanding of the parties with respect to the matters contained herein and supersedes all prior agreements, arrangements
and understandings relating thereto.

 

(c)          All
of the terms and conditions of this Agreement shall be binding upon, and inure to the benefit of and be enforceable by, the parties
hereto, as well as their respective successors and assigns.

 

(d)          This
Agreement may be amended, modified, superseded or canceled, and any of the terms or conditions hereof may be waived, only by a
written instrument executed by each party hereto or, in the case of a waiver, by the party waiving compliance. The failure of any
party at any time or times to require performance of any provision hereof shall in no manner affect its right at a later time to
enforce the same. No waiver of any party of any condition, or of the breach of any term contained in this Agreement, whether by
conduct or otherwise, in any one or more instances shall be deemed to be or construed as a further or continuing waiver of any
such condition or breach or a waiver of any other condition or of the breach of any other term of this Agreement. No party may
assign any rights, duties or obligations hereunder unless all other parties have given their prior written consent.

 

(e)          If
any provision included in this Agreement proves to be invalid or unenforceable, it shall not affect the validity of the remaining
provisions.

 

(f)          This
Agreement and any modification or amendment of this Agreement may be executed in several counterparts or by separate instruments
and all of such counterparts and instruments shall constitute one agreement, binding on all of the parties hereto.

 

    	 	6	 

     

    

 

11.          Form
of Signature. The parties hereto agree to accept a facsimile transmission copy of their respective actual signatures as evidence
of their actual signatures to this Agreement and any modification or amendment of this Agreement; provided, however,
that each party who produces a facsimile signature agrees, by the express terms hereof, to place, promptly after transmission of
his or her signature by fax, a true and correct original copy of his or her signature in overnight mail to the address of the other
party.

 

12.          No
Third-Party Beneficiaries.  This Agreement is solely for the benefit of the parties and their respective successors
and permitted assigns, and no other person has any right, benefit, priority, or interest under or because of the existence of this
Agreement.

 

    	 	7	 

     

    

 

IN WITNESS WHEREOF, the parties
have duly executed this Agreement as of the date first set forth above.

 

	MOLECULIN BIOTECH, INC.	 	BONWICK CAPITAL PARTNERS, LLC
	 	 	 
	By:	 	 	By:	 
	 	Name: Walter V. Klemp	 	 	Name:
	 	Title: Acting Chief Executive Officer	 	 	Title:
	 	 	 	 	 
	SIGNATURE BANK	 	 	 
	 	 	 	 
	By:	 	 	 	 
	 	Name:	 	 	 
	 	Title:	 	 	 
	 	 	 	 	 
	By:	 	 	 	 
	 	Name:	 	 	 
	 	Title:	 	 	 

 

    	 	8	 

     

    

 

Schedule
I

 

OFFERING DOCUMENTS

 

	Escrow Deposit Agreement – Public Offering	Rev. 05/2015

 

    	 	9	 

     

    

 

Schedule
II

 

The Escrow Agent is
authorized to accept instructions signed or believed by the Escrow Agent to be signed by any one of the following on behalf of
the Company and Underwriter.

 

Moleculin Biotech, Inc.

 

	Name	 	True Signature
	 	 	 
	Walter V. Klemp	 	 
	 	 	 
	Louis Ploth, Jr.	 	 

 

Bonwick Capital Partners, LLC

 

	Name	 	True Signature
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

	Escrow Deposit Agreement – Public Offering	Rev. 05/2015

  

    	 	10	 

     

    

 

Exhibit A

 

FORM OF ESCROW RELEASE NOTICE

 

Date:

 

Signature Bank

950 Third Avenue, 9th Floor,

New York, NY 10022

Attention: John D. Gonzalez, Group Director
& SVP

 

Dear _________:

 

In accordance with the terms of Section
2(c) of an Escrow Deposit Agreement dated as of ________ __, 2016 (the "Escrow Agreement"), by and between Moleculin
Biotech, Inc. (the "Company"), Signature Bank (the "Escrow Agent") and Bonwick Capital Partners, LLC. ("Underwriter"),
the Company and Underwriter hereby notify the Escrow Agent that the ________ closing will be held on ___________ for gross proceeds
of $_________.

 

PLEASE DISTRIBUTE FUNDS BY WIRE TRANSFER
AS FOLLOWS (wire instructions attached):

 

	________________________:	$ 
	 	 
	________________________:	$ 
	 	 
	________________________:	$ 

 

	Very truly yours,	 
	 	 
	Moleculin Biotech, Inc.	 
	 	 
	By:	 	 
	Name: 	 	 
	Title:	 	 
	 	 
	Bonwick Capital Partners, LLC	 
	 	 
	By:	 	 
	Name:	 	 
	Title:

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