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Exhibit 10.36    
    

 
 

LICENSE AGREEMENT    
    
    by and between    
    
    TWENTE UNIVERSITY    
    
    AND    
    
    IMMUNIVEST CORPORATION    
    

 
 
 

TABLE OF CONTENTS    
    

	 
	 	 
	 	Page

	ARTICLE 1—DEFINITIONS	 	4
	 	1.1	 	"Affiliate"	 	4
	 	1.2	 	"Agreement Term"	 	4
	 	1.3	 	"Cytodisk Technology"	 	4
	 	1.4	 	"Effective Date"	 	4
	 	1.5	 	"Field"	 	4
	 	1.6	 	"Immunicon"	 	4
	 	1.7	 	"Immunicon Invention"	 	4
	 	1.8	 	"Immunicon Technology"	 	4
	 	1.9	 	"Institution Invention"	 	4
	 	1.10	 	"Institution Technology"	 	5
	 	1.11	 	"Invention"	 	5
	 	1.12	 	"Investigator"	 	5
	 	1.13	 	"Joint Inventions"	 	5
	 	1.14	 	"Laboratories of the Investigators"	 	5
	 	1.15	 	"Licensed Processes"	 	5
	 	1.16	 	"Licensed Products"	 	5
	 	1.17	 	"Licensed Technology"	 	5
	 	1.18	 	"Net Sales Price"	 	5
	 	1.19	 	"Patents"	 	5
	 	1.20	 	"Research Program"	 	6
	 	1.21	 	"Technology"	 	6
	 	1.22	 	"Technology Development Agreement"	 	6
	ARTICLE 2—GRANT	 	6
	 	2.1	 	Grant of License	 	6
	 	2.2	 	Right to Sublicense	 	6
	ARTICLE 3—DUE DILIGENCE	 	6
	ARTICLE 4—ROYALTIES	 	6
	 	4.1	 	Running Royalty	 	6
	 	4.2	 	No Multiple Royalties	 	7
	 	4.3	 	Withholding	 	7
	ARTICLE 5—REPORTS AND RECORDS	 	7
	 	5.1	 	Books and Records	 	7
	 	 	(a) Reports	 	7
	 	5.2	 	Payment of Running Royalties	 	7
	 	5.3	 	Currency Conversion	 	7
	 	5.4	 	Late Payment Interest	 	8
	ARTICLE 6—TERMINATION	 	8
	 	6.1	 	Immunivest Bankruptcy	 	8
	 	6.2	 	Failure to Pay Royalties	 	8
	 	6.3	 	Other Breaches	 	8
	 	6.4	 	Immunivest Right To Terminate	 	8
	 	6.5	 	Effect of Termination	 	8
	ARTICLE 7—ARBITRATION	 	9
	 	7.1	 	Arbitration	 	9
	 	7.2	 	Institution's Right To Sue	 	9
	 	 	 	 	 

2

 

	ARTICLE 8—INFRINGEMENT	 	9
	 	8.1	 	Notice	 	9
	 	8.2	 	Immunivest Prosecution of Infringement	 	9
	 	8.3	 	Institution Prosecution of Infringement	 	9
	 	8.4	 	Declaratory Judgment Actions	 	10
	 	8.5	 	Cooperation	 	10
	 	8.6	 	Grant of Licenses	 	10
	ARTICLE 9—PRODUCT LIABILITY	 	10
	 	9.1	 	No Warranties by Institution	 	10
	 	9.2	 	Disclaimers of Warranties	 	10
	 	9.3	 	Immunivest Indemnity	 	10
	 	9.4	 	Compliance with Laws	 	11
	ARTICLE 10—NON-USE OF NAMES	 	11
	ARTICLE 11—PAYMENTS, NOTICES, ETC	 	12
	ARTICLE 12—MISCELLANEOUS PROVISIONS	 	12
	 	12.1	 	No Waiver	 	12
	 	12.2	 	Governing Law	 	12
	 	12.3	 	Severability	 	12
	 	12.4	 	Assignment; Binding Effect	 	12
	 	12.5	 	Entire Agreement and Amendment	 	12
	 	12.6	 	Headings, Gender and "Person"	 	13
	 	12.7	 	Expenses	 	13
	 	12.8	 	No Benefit to Others	 	13
	 	12.9	 	Exhibits	 	13
	 	12.10	 	Counterparts	 	13
	 	12.11	 	Independent Contractors	 	13
	 	Appendices	 	 
	Appendix A—Cytodisk Technology	 	 
	Appendix B—Field	 	 

3

 
	**
	Certain information in these exhibits has been omitted and will be filed separately with the Securities and Exchange Commission pursuant to a confidential
treatment request under 17 C.F.R. Sections 200.80(b)(4), 200.83 and 230.406.

 
 

LICENSE AGREEMENT    
    

        This License Agreement is made this first day of April 1997 (the "Effective Date"), by and between University of Twente, with its seat at Enschede,
P.O. Box 217, 7500 AE. The Netherlands (the "Institution") and Immunivest Corporation, a Delaware corporation having offices at Suite 1300, 1105 North Market Street, P.O. Box 8985,
Wilmington, Delaware 19899-8985 ("Immunivest"). 

        WHEREAS,
Mr. Clemens Pouw is the authorized legal representative of the Institution and Dr. Leon Terstappen is the authorized legal representative of Immunivest; 

        WHEREAS,
Dr. Jan Greve is a member of the faculty or staff at the Institution and has agreed to serve as Principal Investigator for the Research; 

        WHEREAS,
the Institution and Immunicon Corporation, the parent of Immunivest, have entered into a Technology Development Agreement of even date herewith providing for sponsored research,
through the Principal Investigator, in the field of applied optics with special reference to the cytodisk technology described on Appendix A—Cytodisk
Technology, and wishes to enter into a licensing agreement covering certain technology presently possessed by the Institution and developed during the course of the Research; 

        NOW,
THEREFORE, in consideration of the foregoing premises and the mutual covenants and conditions set forth below, the Institution and Immunivest (collectively, the "parties") agree as
follows: 

 
 

ARTICLE 1—DEFINITIONS    
    

        As used herein, the following terms shall have the following meanings: 

        1.1   "Affiliate" shall mean any corporation or business entity which is controlled by, controls, or is under common control
with a party. For this purpose, the meaning of the word "control" shall include, without limitation, direct or indirect ownership of more than fifty percent (50%) of the voting shares or voting
interest of such corporation or business entity, so long as such party has the right to direct the management of the business and operations of such corporation or business entity. 

        1.2   "Agreement Term" shall mean the term of this Agreement beginning on the effective date hereof and continuing for a period
of the greater of (i) the expiration date of the last to expire of any Patents licensed hereunder, or (ii) ten years after the date hereof, unless terminated sooner pursuant to
Article 6 hereof. 

        1.3   "Cytodisk Technology" shall have the meaning described in Appendix A. 

        1.4   "Effective Date" shall mean April 1, 1997. 

        1.5   "Field" shall have the meaning described in  Appendix B—Field.

        1.6   "Immunicon" shall mean Immunicon Corporation and its Affiliates. 

        1.7   "Immunicon Invention" shall mean any Invention conceived, created, made, and reduced to practice by Immunicon alone or,
as to an Invention relating to Immunicon Technology, any Invention made by Immunicon, by Institution, or jointly by them. 

        1.8   "Immunicon Technology" shall mean all Technology currently in the possession of Immunicon or conceived, developed or
reduced to practice hereafter by Twente or Immunicon relating to selection of biological materials and their alignment on a surface. 

        1.9   "Institution Invention" shall mean any Invention conceived, created, made, and reduced to practice by the Principal
Investigator alone or with other Institution participants during the Research Program or withing six months of the termination thereof, but shall not include any Invention relating to Immunicon
Technology. 

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        1.10 "Institution Technology" shall mean all Cytodisk Technology in the possession of the Laboratory of the Principal
Investigator on the Effective Date, or in the possession of the Laboratories of any Investigator on the date on which such Investigator is appointed as such. 

        1.11 "Invention" shall mean any invention, development, improvement, method, software, work of authorship, or technology,
whether or not patentable, conceived, created, made, or reduced to practice in the course of the conduct of the Research Program or, by Institution, within six month of the termination thereof. 

        1.12 "Investigator" shall mean each member of the faculty, employee or researcher of the Institution employed in the
Research. 

        1.13 "Joint Inventions" shall mean all Inventions conceived, developed or reduced to practice in the Research Program (or by
Institution within six months of the termination thereof) with the participation of the Principal Investigator or other Investigators and the Immunicon Investigator or other Immunicon participants
whether or not any such participant would be deemed an inventor for the purposes of any applicable patent law but shall not include conceptions, developments or reductions to practice in the area of
Immunicon Technology. 

        1.14 "Laboratories of the Investigators" shall mean the laboratory of the Principal Investigator and of each Investigator
maintained at the facilities of Institution. 

        1.15 "Licensed Processes" shall mean any method or procedure useful in the manufacture or use of Licensed Products included
in the Licensed Technology. 

        1.16 "Licensed Products" shall mean any product or service produced or provided using the Licensed Technology. 

        1.17 "Licensed Technology" shall mean all Institution Technology, Institution Inventions and all Joint Inventions. 

        1.18 "Net Sales Price" shall mean Immunivest's, its Affiliates or sublicensees billings for the Licensed Products produced
hereunder less the sum of the following: 

        (a)   trade,
cash and quantity discounts or rebates actually allowed or taken; 

        (b)   credits
or allowances given or made for rejection or return of, and for uncollectible amounts on, previously sold Licensed Products or for retroactive price reductions; 

        (c)   to
the extent separately stated on purchase orders, invoices, or other documents of sale, any tax or government charge, (other than an income tax) levied on the sale,
transportation or delivery of a Licensed Product and borne by the seller thereof, and 

        (d)   any
separately invoiced charges for freight or insurance; and 

        (e)   commissions
paid to entities or persons whether they be with independent sales agencies or regularly employed by Immunivest and on its payroll, or for cost of
collections. 

        Licensed
Product(s) shall be considered "sold" when billed out or invoiced. 

        Net
Sales Price shall not include sales or transfers between Immunivest and its Affiliates, or sublicensees, except that where such Affiliate or sublicensee utilizes the Licensed
Products or Licensed Processes for the performance of commercial services for third party customers, Net Sales Price shall
be based on subsequent final sales of such Licensed Products to third parties by such Affiliates or sublicensees. 

        1.19 "Patents" shall mean any United States and foreign patents and patent applications, and renewals, continuations,
divisions, revivals, reissues and extensions corresponding thereto, on inventions resulting from the Research Program. 

        1.20 "Research Program" shall have the meaning specified in the Technology Development Agreement. 

        1.21 "Technology" shall mean all information, developments, discoveries, inventions, know-how, methods, products,
processes, techniques and other information, whether or not patented or patentable. 

5

 

        1.22 "Technology Development Agreement" shall mean the Technology Development Agreement of even date herewith between
Immunicon and the Institution providing for sponsored research, through the Principal Investigator, in the field of applied optics with special reference to cytodisk technology described in  Appendix A—Description of
Cytodisk Technology of such Agreement. 

ARTICLE 2—GRANT  

        2.1   Grant of License. Institution hereby grants to Immunivest a worldwide right and license, which shall be exclusive in the
Field even against the Institution, under the Licensed Technology to make, have made, use, lease and/or sell Licensed Products and to practice Licensed Processes. Notwithstanding the foregoing,
Institution retains a right to use the Licensed Technology for research purposes in the Field. In consideration therefor, during the term of the Technology Development Agreement, the Institution shall
disclose all developments and improvement in the Licensed Technology to Immunivest and all such development and improvements shall become Licensed Technology subject to this Agreement 

        2.2   Right to Sublicense.

        (a)   Immunivest
shall have the right to sublicense worldwide any of the rights, privileges and license granted hereunder. 

        (b)   Any
sublicenses granted by Immunivest or its Affiliates shall provide for the termination of the sublicense, or, at the option of the sublicensee, conversion of the
sublicense to a direct license between such sublicensee and the Institution, on termination of the License pursuant to Article 6. Such conversion shall be subject to the Institution's approval
and upon acceptance by the sublicensee of the remaining provisions of this Agreement. 

 
 

ARTICLE 3—DUE DILIGENCE    
    

        Immunivest shall use reasonable commercial efforts to bring Licensed Product(s) and/or Licensed Process(es) to market through a thorough, vigorous and diligent
program for exploitation of the Licensed Technology. Institution recognizes that Immunivest may determine, in its sole discretion, that other and competitive technologies are more suitable for its
products in the Field. 

 
 

ARTICLE 4—ROYALTIES    
    

        4.1   Running Royalty.    Immunivest shall pay a royalty to be determined by negotiation between the parties based on
the contribution of the Licensed Technology to the Licensed Products, but not to exceed, in any case: 

        (a)   [**]%
of the Net Sales Price for each Licensed Product or Licensed Process sold by Immunivest, its Affiliates, or its sublicensees in a country
in which the applicable Licensed Technology is not the subject of a valid Patent, and 

        (b)   [**]%
of the Net Sales Price for each Licensed Product or Licensed Process sold by Immunivest, its Affiliates, or its sublicensees in a country
in which the applicable Licensed Technology is the subject of a valid Patent. 

In
the event that the parties are unable to agree on the royalty to be paid, the matter shall be determined by binding arbitration pursuant to Article 7; provided however that the maximum
royalty payable as a result of such arbitration shall not exceed the amount stated in (a) and (b) above and the
minimum royalty shall not be less than [**]% if the Licensed Technology is covered by clause (a) above and [**]%
if it is covered by clause (b) above. 

**  Certain information in these exhibits has been omitted and will be filed separately with the Securities and Exchange Commission pursuant to a confidential
treatment request under 17 C.F.R. Sections 200.80(b)(4), 200.83 and 230.406.

        4.2   No Multiple Royalties.    No multiple royalties shall be payable because the Licensed Product(s) or Licensed
Process(es), its manufacture, lease or sale are or shall be covered by more than one Patent. 

6

 

        4.3   Withholding.    Royalty payments shall be paid in United States dollars at the offices of Institution, or at
such other place as Institution may reasonably designate consistent with the laws and regulations controlling in any foreign country net of all withholding taxes which Immunivest or any sublicensee
shall be required by law to withhold on remittance of the royalty payments. 

 
 

ARTICLE 5—REPORTS AND RECORDS    
    

        5.1   Books and Records.    Immunivest shall keep full, true and accurate books of account containing all particulars
that may be necessary for the purpose of showing the amount payable to Institution by way of royalty as aforesaid. Said books of account shall be kept at Immunivest's principal place of business or
the principal place of business of the appropriate Affiliate of Immunivest to which this Agreement relates. Said books and the supporting data shall be open at all reasonable times, but not more often
than once each year, for five (5) years following the end of the calendar year to which they pertain, to the inspection of an independent certified public accountant retained by Institution for
the purpose of verifying Immunivest's royalty statement or compliance in other respects with this Agreement. In the event that any such inspection shows an under reporting and an underpayment in
excess of ten percent (10%) for any fiscal year of Immunivest (after taking into account any payments made by Immunivest prior to the audit in respect of such fiscal year), the Immunivest shall pay
the cost of such examination as well as any additional sum that would have been payable to the Institution had Immunivest reported correctly, plus interest on the unpaid royalties, equal to one
percent per month in excess of the "Prime Rate" as published in the Wall Street Journal. Whenever such Prime Rate changes, the interest rate described
above shall correspondingly change, effective upon the opening of business on the date of the publication of such change. 

        (a)   Reports.    Immunivest, within sixty (60) days after each quarter of the calendar year, shall deliver a
report in writing setting forth sales of Licensed Products (including a negative report, if appropriate) and will accompany such report with such particulars of the business conducted by Immunivest,
its Affiliates or sublicenses during the preceding three-month period under this Agreement as shall be pertinent to a royalty accounting hereunder. These shall include at least the following: 

	(i)
	All
Licensed Products and or Licensed Processes manufactured and sold.

	(ii)
	Total
billings for Licensed Product sold.

	(iii)
	Accounting
for all Licensed Process(es) used or sold.

	(iv)
	Total
Royalties due.

	(v)
	Names
and addresses of all sublicensees of Immunivest. 

        5.2   Payment of Running Royalties.    With each such report submitted, Immunivest shall pay to Institution the
running royalties due and payable under this Agreement. If no royalties shall be due, Immunivest shall so report. 

        5.3   Currency Conversion.    Any payments due hereunder on sales outside of the United States shall be payable in
U.S. Dollars at the rate of exchange of the currency of the country in which the sales are made at the average of the following: the exchange rate as reported in the Wall Street Journal for the first
business day of the calendar quarter for which royalties are payable plus the exchange rate as reported in the Wall Street Journal for the last business day of the calendar quarter for which royalties
are payable, divided by two (2). Such payments shall be without deduction for such exchange costs and collection or other similar changes. 

        5.4   Late Payment Interest.    Payments of running royalties which are delayed beyond the sixty (60) days
after the end of the quarter in which they become due and payments of all other royalties which are delayed beyond sixty (60) days of the date specified in Section 4.1 shall be subject
to an interest charge equal to 1 per annum in excess of the "Prime Rate" as published in The Wall Street Journal. Whenever such Prime Rate, as so published, changes, the
interest rate described above shall correspondingly change, effective upon the opening of business on the date of publication of such change. 

7

 

 
 

ARTICLE 6—TERMINATION    
    

        6.1   Immunivest Bankruptcy.    If Immunivest shall become bankrupt or insolvent, or shall file a petition in
bankruptcy, or if the business of Immunivest shall be placed in the hands of a receiver, assignee or trustee for the benefit of creditors, whether by the voluntary act of Immunivest or otherwise, this
Agreement shall automatically terminate. 

        6.2   Failure to Pay Royalties.    Should Immunivest fail in its payment to Institution of royalties due in
accordance with the terms of this Agreement, Institution shall have the right to serve notice upon Immunivest by certified mail at the address designated in Article II hereof, of its intention
to terminate this Agreement within thirty (30) days after receipt of said notice of termination unless Immunivest shall pay to Institution, within the thirty (30) day period, if
Immunivest shall not have paid all such royalties due and payable, the rights, privileges and license granted hereunder shall thereupon immediately terminate. 

        6.3   Other Breaches.    Upon any material breach or default of this Agreement by Immunivest, other than those
occurrences set out in Sections 6.1 and 6.2 hereinabove, which shall always take precedence in that order over any material breach or default referred to in this Section 6.3, Institution shall
have the right to terminate this Agreement and the rights, privileges and license granted hereunder by thirty (30) days' notice by certified mail to Immunivest. Such termination shall become
effective unless Immunivest shall have cured any such breach or default prior to the expiration of the thirty (30) day period from receipt of Institution notice of termination, or, if cure of
such breach shall require more than thirty (30) days, Immunivest shall have commenced such cure and be diligently pursuing it. 

        6.4   Immunivest Right To Terminate.    Immunivest shall the right to terminate this Agreement at any time on one
(1) months' notice by certified mail to Institution. 

        6.5   Effect of Termination.

        (a)   Upon
termination of this Agreement for any reason, nothing herein shall be construed to release either party from any obligation that matured prior to the effective date
of such termination. Immunivest and/or any sublicensee thereof may, however, after the effective date of such termination, sell all completed Licensed Products, and complete Licensed Products in the
process of manufacture at the time of such termination and sell the same, provided that Immunivest shall pay to Institution the royalties thereon as required by Article 4 of this Agreement and
shall submit the reports required by Article 5 hereof on the sales of Licensed Products. 

        (b)   Upon
any such termination of this Agreement, other than by reason of the expiration of the Agreement Term, Immunivest shall cease to use the Licensed Technology. On
termination of this Agreement by reason of the expiration of the Agreement Term, the licenses and rights granted herein to Immunivest shall be irrevocable and perpetual. 

 
 

ARTICLE 7—ARBITRATION    
    

        7.1   Arbitration.    Except as otherwise provided in Section 7.2, any controversy or claim arising out of or
relating to this Agreement or the breach thereof, shall be referred to and resolved by a panel of three arbitrators. Arbitrators shall be neutral. One arbitrator shall be chosen by each of the parties
and a third selected by the two chosen by the parties. The panel shall settle the controversy by arbitration, which shall take place in Philadelphia, Pennsylvania. The arbitration shall be governed by
the United States Arbitration Act, and shall be conducted in accordance with the Commercial Arbitration Rules of the American Arbitration Association then in effect. The decision of the arbitrators
shall be final and binding, and any party may apply for judgment upon the award rendered by the arbitrators in any court having jurisdiction over the matter. Each party shall bear its respective
expenses of any such arbitration. The costs of such arbitration shall be shared equally by the parties and shall be limited to the arbitrators' fees and expenses. 

8

 

        7.2   Institution's Right To Sue.    Institution reserves the right and power to proceed with direct judicial
remedies against Immunivest without arbitration for breach of the royalty payment and sales reporting provisions of this Agreement after giving written notice of such breach to Immunivest followed by
an opportunity period of thirty (30) days in which to cure such breach and otherwise complying with the provisions of this Agreement. In collecting overdue royalty payments and securing
compliance with reporting obligations, Institution may use all judicial remedies available. 

 
 

ARTICLE 8—INFRINGEMENT    
    

        8.1   Notice.    Immunivest and Institution shall promptly inform the other in writing of any alleged infringement of
which it shall have notice by a third party of any patents within the Patent Rights and provide such other with any available evidence of infringement. 

        8.2   Immunivest Prosecution of Infringement.    During the term of this Agreement, Immunivest shall have the right,
but shall not be obligated, to prosecute at its own expense any infringements of the Patents and, in furtherance of such right, Institution hereby agrees that Immunivest may join Institution as a
party plaintiff in any such suit, without expense to Institution. In the event that Immunivest shall undertake the enforcement and/or defense of the Patent Rights by litigation, Immunivest may
withhold up to [**]
of the royalties otherwise thereafter due Institution hereunder and apply the same toward reimbursement of its expenses, including reasonable attorneys' fees, in connection therewith. Any recovery of
damages by Immunivest for any such suit shall be applied first in satisfaction of any unreimbursed expenses and legal fees of Immunivest relating to the suit, and next toward reimbursement of
Institution for any royalties past due or withheld and applied pursuant to this Article 8. The balance remaining from any such recovery shall be divided equally between Immunivest and
Institution. No settlement, consent judgment or other voluntary final disposition of the suit may be entered into without the consent of Institution, which consent shall not unreasonably be withheld.
Immunivest shall indemnify Institution against any order for costs that may be made against Institution in such proceedings. 

**  Certain information in these exhibits has been omitted and will be filed separately with the Securities and Exchange Commission pursuant to a confidential
treatment request under 17 C.F.R. Sections 200.80(b)(4), 200.83 and 230.406.

        8.3   Institution Prosecution of Infringement.    If within six (6) months after having been notified of any
alleged infringement, Immunivest shall have been unsuccessful in persuading the alleged infringer to desist and shall not have brought and shall not be diligently prosecuting an infringement action,
or if Immunivest shall notify Institution at any time prior thereto of its intention not to bring suit against any alleged infringer, then, and in those events only, Institution shall have the right,
but shall not be obligated, to prosecute at its own expense any infringement of the Patents, and Institution may, for such purposes, use the name of Immunivest as party plaintiff. Any recovery of
damages by Institution from any such suit shall be the sole property of Institution. 

        8.4   Declaratory Judgment Actions.    In the event that a declaratory judgement action alleging invalidity or
non-infringement of any of the Patents shall be brought against Immunivest, Institution, at its option, shall have the right, within thirty (30) days after commencement of such
action, to intervene and take over the sole defense of the action at its own expense. 

        8.5   Cooperation.    In any infringement suit as either party may institute to enforce the Patents pursuant to this
Agreement, the other party hereto shall, at the request and expense of the party initiating such suit, cooperate in all respects and, to the extent possible, have its employees testify when requested
and make available relevant records, papers, information, samples, specimens, and the like. 

        8.6   Grant of Licenses.    The party conducting any legal action hereunder shall have the sole right to sublicense
any alleged infringer under the Patents for future infringement on terms consistent herewith. Such license shall be consistent with the terms hereof, except that Institution shall not be prohibited
from granting such a license by the exclusivity of Immunivest's license hereunder. 

9

 

 
 

ARTICLE 9—PRODUCT LIABILITY    
    

        9.1   No Warranties by Institution.    Institution does not warrant the validity of the Patents licensed hereunder
and makes no representation whatsoever with regard to the scope of the licensed Patents or that such Patents may be exploited by Immunivest, an Affiliate, or sublicensee without infringing other
patents. 

        9.2   Disclaimers of Warranties.    Institution EXPRESSLY DISCLAIMS ANY AND ALL IMPLIED OR EXPRESS WARRANTIES OF
MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF THE PATENTS OR LICENSED TECHNOLOGY OR INFORMATION SUPPLIED BY Institution, LICENSED PROCESSES OR LICENSED PRODUCTS CONTEMPLATED BY THIS
AGREEMENT. Further, Institution has made no investigation and makes no representation that the Licensed Technology supplied by it will be free from liability for patent infringement. 

        9.3   Immunivest Indemnity.

        (a)   Immunivest
shall indemnify, defend and hold Institution and its current or former directors, governing board members, trustees, officers, faculty, medical and
professional staff, employees, students and agent and their respective successors, heirs and permitted assigns (the "Indemnitees") against any liability, damage, loss or expense (including reasonable
attorneys' fees and out of pocket expenses of litigation) incurred by or imposed upon the Indemnitees or any one of them arising out of any theory of product liability (including, but not limited to,
actions in the form of tort, warranty or strict liability) concerning any Licensed Product and/or Licensed Process or service thereto made, used or sold pursuant to any right or license granted under
this Agreement. 

        (b)   Institution
shall give Immunivest timely notice of any such claim. Immunivest shall have the right to assume and defend any legal action for which it has an
indemnification obligation hereunder with counsel of its own choosing. Each Indemnitee shall cooperate in such defense. Immunivest shall have the right to settle any such claim and each Indemnitee
shall be bound by the terms of such settlement. 

        (c)   Beginning
at the time as any such Licensed Product or Licensed Process or service thereto is being commercially distributed or sold (other than for the purpose of
obtaining regulatory approvals) by Immunivest or by a sublicensee, Affiliate or agent of Immunivest, Immunivest shall, at its sole cost and expense, procure and maintain comprehensive general
liability insurance in amounts not less than $2,000,000 per incident and $2,000,000 annual aggregate and naming the Indemnitees as additional insureds. During the clinical trials of any such Licensed
Product and/or Licensed Process, Immunivest shall, at its sole cost and expense, procure and maintain comprehensive general liability insurance in such equal or lesser amounts as Institution
reasonably shall require, naming the Indemnitees as additional insured. Such comprehensive general liability insurance shall provide (i) product liability coverage and (ii) broad form
contractual liability for Immunivest's indemnification under this Agreement. If Immunivest elects to self-insure all or part of the limits described above (including deductibles or
retentions which are in excess of $250,000 annual aggregate) such self-insurance program must be reasonably acceptable to the Institution. The minimum amount of insurance coverage required
shall not be construed to create a limit of Immunivest's liability with respect to its indemnification under this Agreement. 

        (d)   Immunivest
shall provide Institution with written evidence of such insurance on request of Institution. Immunivest shall provide Institution with written notice at least
fifteen (15) days prior to its cancellation or non-renewal of such insurance, or of a material change in conditions reducing the limits or coverage described above. If Immunivest
does not obtain replacement insurance within ninety (90) days following such notice, then, unless such insurance is no longer commercially available to Immunivest, or Immunivest is using its
best efforts to obtain replacement insurance, 

10

 

Institution
shall have the right to terminate this Agreement at the end of such ninety (90) day period, effectively immediately on such notice. 

        (e)   Immunivest
shall maintain such comprehensive general liability insurance beyond the expiration or termination of this Agreement during (i) the period that any
Licensed Product and/or Licensed process, or service relating thereto, is being commercially distributed or sold by Immunivest, or by a sublicensee, Affiliate or agent of Immunivest and (ii) a
reasonable period after the period referred to (i) of this clause which in no event shall be less than fifteen (15) years. 

        9.4   Compliance with Laws.    Immunivest shall comply with all applicable laws and regulations relating to the sales
of Licensed Products and Licensed Processes. In particular, it is understood and acknowledged that the transfer of certain commodities and technical data is subject to United States laws and
regulations controlling the export of such commodities and data, including all Export Administration Regulations of the United States Department of Commerce. These laws and regulations, among other
things, prohibit or require a license for the export of certain types of technical data to certain specified countries. Immunivest shall defend and hold Institution harmless in the event of any legal
action of any nature occasioned by Immunivest's violation of such laws and regulations. 

 
 

ARTICLE 10—NON-USE OF NAMES    
    

        Immunivest shall not use the name of Institution nor any adaptation thereof, nor the names of any if its faculty, students or staff, in any advertising,
promotional or sales literature without prior written consent obtained from Institution, in each case, except that Immunivest may state that it is licensed by Institution under one or more of the
patents and/or applications comprising the Patents. 

 
 

ARTICLE 11—PAYMENTS, NOTICES, ETC    
    

        Any payment, notice or other communication pursuant to this Agreement shall be sufficiently made or given on the date of mailing if sent to such party by
certified first class mail, postage prepaid, addressed to it at its address below or as it shall designate by written notice given to the other party: 

        In
the case of Institution: 

Enschede

P.O. Box 217

7500 AE. The Netherlands

Attention: Director 

        If
to Immunivest: 

Immunivest
Corporation

Suite 1300

1105 North Market Street

P.O. Box 8985

Wilmington, Delaware 19899-8985

c/o Delaware Corporate Management

Attention: President 

        With
a required copy to: 

Joseph
H. Hennessy, Esquire

Morgan, Lewis & Bockius L.L.P.

One Logan Square

Philadelphia, PA 19103 

or
to such other address as the addressee may have specified in a notice duly given to the sender as provided herein. Such notice, request, demand, waiver, consent, approval or other communication
will be deemed to have been given as of the date so delivered, telegraphed or mailed. 

11

 
 
 

ARTICLE 12—MISCELLANEOUS PROVISIONS    
    

        12.1 No Waiver.    A waiver by either party of a breach or violation of any provision of this Agreement will not
constitute or be construed as a waiver of any subsequent breach or violation of that provision or as a waiver of any breach or violation of any other provision of this Agreement. 

        12.2 Governing Law.    To the extent not in conflict with the Patent and Trademarks Act of 1980, P.L.
96-517, as amended, and any regulations thereunder (the "Act") this Agreement and the covenants, promises and agreements contained herein shall be governed in accordance with the laws of
the Commonwealth of Pennsylvania. Anything herein to the contrary notwithstanding, this Agreement is made specifically subject to the Act. 

        12.3 Severability.    If any provision of this Agreement or the application thereof is adjudicated to be invalid or
unenforceable, such invalidity or unenforceability shall not affect other provisions or applications of this Agreement which can be given effect without the invalid and unenforceable provision or
application, and to this end, the provisions of this Agreement shall be severable. 

        12.4 Assignment; Binding Effect.    This Agreement shall be binding upon and shall inure to the benefit of the
parties and their respective successors and assigns. 

        12.5 Entire Agreement and Amendment.    This Agreement and the License Agreements contemplated herein embody the
entire understanding of the parties relating to the subject matter hereof and supersede all prior understandings and agreements. No modification or amendment of this Agreement shall be valid or
binding unless such modification or amendment is in writing and is signed by each of the parties hereto. 

        12.6 Headings, Gender and "Person".    All headings and captions contained in this Agreement are for convenience of
reference only, do not form a part of this Agreement and shall not effect in any way the meaning or interpretation of this Agreement. Words used herein, regardless of the number and gender
specifically used, shall be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. Any reference to a
"person" herein shall include any individual, firm, corporation, partnership, trust, governmental authority or body, association, unincorporated organization or any other entity. 

        12.7 Expenses.    Each party hereto shall pay its expenses incidental to the preparation of this Agreement, the
carrying out of the provisions of this Agreement and the consummation of the transactions contemplated hereby. 

        12.8 No Benefit to Others.    The representations, warranties, covenants and agreements contained in this Agreement
are for the sole benefit of the parties hereto and their successors and assigns, and they shall not be construed as conferring any rights on any other persons. 

        12.9 Exhibits.    All Exhibits referred to herein are intended to be and hereby are specifically made a part of
this Agreement. 

        12.10 Counterparts.    This Agreement may be executed in counterparts, each of which shall be deemed to be an
original, and such counterparts together shall constitute one Agreement. 

        12.11 Independent Contractors.    In the performance of their respective duties contemplated hereunder, the status
of each of Institution and Immunivest, including their respective employees and agents, shall be that of an independent contractor, and not as an employee, agent, or fiduciary of the other party, and
as such it shall have no right to make commitments for or on behalf of the other party. 

12

 

        IN
WITNESS WHEREOF, Institution and Immunivest have duly executed this Agreement on the dates written below. 

	TWENTE UNIVERSITY	 	 
	

By:	
 	

/s/ CCM Pouw
	
 	

 
	Name:	 	CCM Pouw
	 	 
	Title:	 	Dr.
	 	 
	Date:	 	23-04-97
	 	 
	

IMMUNICON CORPORATION	
 	

 
	

By:	
 	

/s/ LEON TERSTAPPEN
	
 	

 
	Name:	 	LEON TERSTAPPEN
	 	 
	Title:	 	MD Phd Chief Scientific Officer
	 	 
	Date:	 	
	 	 

13

 
 
 

APPENDIX A    
    
    Description of Cytodisk Technology    
    

        Cytodisk Technology shall mean and include all methods, apparatus, products and services for optically analyzing particles similar to cells, cell fragments,
viruses and bacteria that are magnetically aligned on a flat disk or rectangular shaped flat support. 

14

 
 
 

APPENDIX B    
    
    FIELD    
    

        The term "Field" shall mean and include all methods, apparatus, products and services for analyzing magnetically selected and aligned particles similar to cells,
cell fragments, viruses, bacteria, and synthetic materials and capture agents, for example as read by cytodisk. 

15

QuickLinks

Exhibit 10.36

LICENSE AGREEMENT by and between TWENTE UNIVERSITY AND IMMUNIVEST CORPORATION

TABLE OF CONTENTS

LICENSE AGREEMENT

ARTICLE 1—DEFINITIONS

ARTICLE 3—DUE DILIGENCE

ARTICLE 4—ROYALTIES

ARTICLE 5—REPORTS AND RECORDS

ARTICLE 6—TERMINATION

ARTICLE 7—ARBITRATION

ARTICLE 8—INFRINGEMENT

ARTICLE 9—PRODUCT LIABILITY

ARTICLE 10—NON-USE OF NAMES

ARTICLE 11—PAYMENTS, NOTICES, ETC

ARTICLE 12—MISCELLANEOUS PROVISIONS

APPENDIX A Description of Cytodisk Technology

APPENDIX B FIELDQuickLinks
 -- Click here to rapidly navigate through this document
  

 
 

Exhibit 10.37    
    

 
 

TECHNOLOGY DEVELOPMENT AGREEMENT    
    
    BY AND BETWEEN    
    
    TWENTE UNIVERSITY    
    
    AND    
    
    IMMUNICON CORPORATION    
    

i

 
 
 

TABLE OF CONTENTS    
    

	 
	 	 
	 	Page

	ARTICLE 1—DEFINITIONS	 	1
	 	1.1	 	"Affiliate"	 	1
	 	1.2	 	"Agreement Term"	 	1
	 	1.3	 	"Budget"	 	1
	 	1.4	 	"Cytodisk Technology"	 	1
	 	1.5	 	"Effective Date"	 	1
	 	1.6	 	"Field"	 	1
	 	1.7	 	"Final Research Report"	 	1
	 	1.8	 	"Immunicon"	 	1
	 	1.9	 	"Immunicon Investigator"	 	2
	 	1.10	 	"Immunicon Invention"	 	2
	 	1.11	 	"Immunicon Technology"	 	2
	 	1.12	 	"Institution Invention"	 	2
	 	1.13	 	"Institution Technology"	 	2
	 	1.14	 	"Invention"	 	2
	 	1.15	 	"Investigator"	 	2
	 	1.16	 	"Joint Inventions"	 	2
	 	1.17	 	"Laboratories of the Investigators"	 	2
	 	1.18	 	"License Agreement"	 	2
	 	1.19	 	"Patents"	 	2
	 	1.20	 	"Research Grant"	 	2
	 	1.21	 	"Research Period"	 	2
	 	1.22	 	"Research Program"	 	2
	 	1.23	 	"Technology"	 	2
	

ARTICLE 2—RESEARCH PROGRAM	
 	

3
	 	2.1	 	Conduct of the Research Program	 	3
	 	2.2	 	Changes in Research Program	 	3
	 	2.3	 	Compliance with Law	 	3
	

ARTICLE 3—RESEARCH SUPPORT	
 	

3
	

ARTICLE 4—PRINCIPAL INVESTIGATOR, THE INVESTIGATORS AND THE IMMUNICON INVESTIGATOR	
 	

3
	 	4.1	 	Investigators	 	3
	 	4.2	 	Principal Investigator	 	3
	

ARTICLE 5—RECORDS AND REPORTS	
 	

3
	 	5.1	 	Reports	 	3
	 	5.2	 	Access	 	4
	

ARTICLE 6—USE OF NAME AND PUBLICATION	
 	

4
	 	6.1	 	No Use Without Permission	 	4
	 	6.2	 	Publications	 	4
	 	6.3	 	Use of Results of Research Program	 	4
	 	 	 	 	 

ii

 

	

ARTICLE 7—INVENTIONS AND PATENT RIGHTS	
 	

4
	 	7.1	 	Notice of Inventions	 	4
	 	7.2	 	Ownership of Inventions	 	4
	 	7.3	 	Patent Applications	 	5
	 	7.4	 	Institution Warranties	 	5
	 	7.5	 	Subsequent Agreements	 	6
	

ARTICLE 8—LICENSES	
 	

6
	 	8.1	 	License Agreement	 	6
	 	8.2	 	Research Licenses	 	6
	 	8.3	 	No Warranties	 	6
	

ARTICLE 9—TERM AND TERMINATION	
 	

6
	 	9.1	 	Term	 	6
	 	9.2	 	Termination by Immunicon	 	6
	 	9.3	 	Termination by Institution	 	7
	 	9.4	 	Surviving Clauses	 	7
	

ARTICLE 10—ASSIGNMENT	
 	

7
	

ARTICLE 11—ARBITRATION	
 	

7
	

ARTICLE 12—NOTICES	
 	

7
	

ARTICLE 13—MISCELLANEOUS PROVISIONS	
 	

8
	 	13.1	 	Governing Law	 	8
	 	13.2	 	Only Agreements	 	8
	 	13.3	 	Force Majure	 	8
	 	13.4	 	Amendment	 	8
	 	13.5	 	Severability	 	8
	 	APPENDICES	 	 
	

Appendix A—Research Grant and Budget	
 	

 
	Appendix B—Cytodisk Technology	 	 
	Appendix C—Field	 	 
	Appendix D—Research Program	 	 

iii

  

	**
	Certain information in these exhibits has been omitted and will be filed separately with the Securities and Exchange Commission pursuant to a confidential
treatment request under 17 C.F.R. Sections 200.80(b)(4), 200.83 and 230.406.

 
 

TECHNOLOGY DEVELOPMENT AGREEMENT    
    

        This Technology Development Agreement is made as of this first day of April 1997 by and between University of Twente, with its seat at Enschede,
P.O. Box 217, 7500 AE. The Netherlands [fax number] (the "Institution") and Immunicon Corporation, a Delaware corporation having offices at 1310 Masons Mill Road,
Huntingdon Valley, Pennsylvania 19006 (215) 938 0437fax ("Immunicon"). 

        WHEREAS,
Mr. Clemens Pouw is the authorized legal representative of the Institution and Dr. Leon Terstappen is the authorized legal representative of Immunicon; 

        WHEREAS,
Dr. Jan Greve (the "Principal Investigator") is a member of the Faculty of Applied Physics at the Institution, and will direct the Research; 

        WHEREAS,
other members of the faculty, or students or employees of the Institution ("Investigator" or "Investigators") will participate in the Research from time to time and will be
subject to the terms hereof; 

        WHEREAS,
the Institution, through the Principal Investigator and the Investigators, has experience, inter alia in the field of Cytodisk
Technology (hereafter defined), and wishes to enter into a technology development agreement with Immunicon pursuant to which it will conduct the Research Program (hereafter defined); 

        WHEREAS,
Immunicon has experience in cell separation and in technologies to align cells on materials; 

        WHEREAS,
Immunivest Corporation ("Immunivest"), a wholly owned subsidiary of Immunicon, desires to obtain from the Institution and the Institution desires to grant to Immunicon, a
license to use the Cytodisk Technology in the Field (hereafter defined) and the results of the Research Program; 

        NOW,
THEREFORE, in consideration of the foregoing premises and the mutual covenants and conditions set forth below, the Institution and Immunicon (collectively, the "parties") agree as
follows: 

ARTICLE I—DEFINITIONS  

        As used herein, the following terms shall have the following meanings: 

        1.01 "Affiliate" shall mean any corporation or business entity which is controlled by, controls, or is under common control
with a party. For this purpose, the meaning of the word "control" shall include, without limitation, direct or indirect ownership of more than fifty percent (50%) of the voting shares or voting
interest of such corporation or business entity, so long as such party has the right to direct the management of the business and operations of such corporation or business entity. 

        1.02 "Agreement Term" shall mean the term of this Agreement beginning on the Effective Date hereof and continuing until
September 30, 1997 unless sooner terminated in accordance with Article 9. 

        1.03 "Budget" shall mean the budget contained in Appendix A—Research Grant and Budget. 

        1.04 "Cytodisk Technology" shall have the meaning described in Appendix B—Cytodisk Technology. 

        1.05 "Effective Date" shall mean April 1, 1997. 

        1.06 "Field" shall have the meaning described in Appendix C—Field. 

        1.07 "Final Research Report" shall mean the final report on the results of the Research Program provided by Institution in
form and substance satisfactory to Immunicon. 

        1.08 "Immunicon" shall mean Immunicon Corporation and its Affiliates. 

1

 

        1.09 "Immunicon Investigator" shall mean Dr. Leon Terstappen or such other representative as Immunicon may designate
in writing from time to time. 

        1.10 "Immunicon Invention" shall mean any Invention conceived, created, made, and reduced to practice by Immunicon alone or,
as to an Invention relating to Immunicon Technology, any Invention made by Immunicon, by Institution, or jointly by them. 

        1.11 "Immunicon Technology" shall mean all Technology currently in the possession of Immunicon or conceived, developed or
reduced to practice hereafter by Twente or Immunicon relating to selection of biological materials and their alignment on surface. 

        1.12 "Institution Invention" shall mean any Invention conceived, created, made, and reduced to practice by the Principal
Investigator alone or with other Institution participants during the Research Program or withing six months of the termination thereof, but shall not include any Invention relating to Immunicon
Technology. 

        1.13 "Institution Technology" shall mean all Cytodisk Technology in the possession of the Laboratory of the Principal
Investigator on the Effective Date, or in the possession of the Laboratories of any Investigator on the date on which such Investigator is appointed as such. 

        1.14 "Invention" shall mean any invention, development, improvement, method, software, work of authorship, or technology,
whether or not patentable, conceived, created, made, or reduced to practice in the course of the conduct of the Research Program or, by Institution, within six month of the termination thereof. 

        1.15 "Investigator" shall mean each member of the faculty, employee or researcher of the Institution employed in the Research
Program. 

        1.16 "Joint Inventions" shall mean all Inventions conceived, developed or reduced to practice in the Research Program (or by
Institution within six months of the termination thereof) with the participation of the Principal Investigator or other Investigators and the Immunicon Investigator or other Immunicon participants
whether or not any such participant would be deemed an inventor for the purposes of any applicable patent law but shall not include conceptions, developments or reductions to practice in the area of
Immunicon Technology. 

        1.17 "Laboratories of the Investigators" shall mean the laboratory of the Principal Investigator and of each Investigator
maintained at the facilities of Institution. 

        1.18 "License Agreement" shall mean the License Agreement by and between Institution and Immunivest executed and delivered
simultaneously herewith. 

        1.19 "Patents" shall mean any United States and foreign patents and patent applications, and renewals, continuations,
divisions, revivals, reissues and extensions corresponding thereto, on Inventions. 

        1.20 "Research Grant" shall mean the amounts provided Appendix A. 

        1.21 "Research Period" shall mean the period commencing on the Effective Date and terminating on termination of the Research
Program. 

        1.22 "Research Program" shall have the meaning specified in Appendix D—Research Program. 

        1.23 "Technology" shall mean all information, developments, discoveries, inventions, know-how, methods, products,
processes, techniques and other information, whether or not patented or patentable. 

2

 

ARTICLE II—RESEARCH PROGRAM  

        2.01 Conduct of the Research Program.    The Institution will conduct the Research Program. The Research Program
will be conducted in the laboratory facilities of the Institution. The Institution and Immunicon shall cooperate and shall use reasonable commercial efforts to accomplish their respective tasks and
the purposes of the Research Program. 

        2.02 Changes in Research Program.    Any alteration in or amendment to the Research Program must be approved in
writing by the parties hereto prior to such alteration or amendment being effective. 

        2.03 Compliance with Law.    The Institution, and its employees and staff, shall comply with all applicable laws,
rules, and regulations relating to the conduct of the Research Program. 

ARTICLE III—RESEARCH SUPPORT  

        During the Agreement Term Immunicon shall provide the Research Grant to the Institution in the amounts and during the periods specified in the Budget, for the
purpose of facilitating successful completion of the Research Program. Commencing with Phase II of the Research Plan, the Research Grant shall be paid in calendar quarterly installments in advance,
with appropriate adjustment for partial calendar quarters. The Institution shall apply the Research Grant in accordance with the Budget. The Institution shall maintain adequate books and records with
respect to its use of the Research Grant and shall provide Immunicon with a final accounting of the expenditure of the Research Grant within sixty (60) days after the end of the Research Period
or any early termination of this Agreement. Immunicon shall have the right to audit such books and records on a periodic basis in order to confirm the Institution's compliance with the Budget.
Immunicon has no other funding obligation to the Institution pursuant to this Agreement beyond the amount described in this Article 3. 

 
 

ARTICLE IV—PRINCIPAL INVESTIGATOR, THE INVESTIGATORS AND THE IMMUNICON INVESTIGATOR    
    

        4.01 Investigators.    The conduct and direction of the Research Program for the Institution will be the
responsibility of the Principal Investigator and be subject to the overall direction of the Immunicon Investigator. No person shall be permitted by the Institution to participate in the Research
Program unless such person shall have been accepted as an Investigator by Immunicon in writing and such person shall have executed and delivered this Agreement at the place indicated therefor and a
confidentiality agreement in form and substance satisfactory to Immunicon. 

        4.02 Principal Investigator.    In the event the Principal Investigator leaves the Institution, or substantially
changes his or her field of interest, or is unavailable for any reason to carry out his or her duties as a Principal Investigator, the Institution shall without delay propose by written notice to
Immunicon a nominee to serve in his or her place as Principal Investigator, and upon written approval thereof by Immunicon, the nominee shall become and serve as a Principal Investigator for all
purposes hereunder, and this Agreement shall continue with full force and effect. However, in the event the Institution does not so propose a nominee, or Immunicon does no so approve the nominee,
within thirty (30) days after the departure, change of field or unavailability of the Principal Investigator, Immunicon may terminate this Agreement immediately upon written notice to the
Institution. 

ARTICLE V—RECORDS AND REPORTS  

        5.01 Reports.    The Principal Investigator will provide Immunicon with reasonably detailed periodic, written
progress reports, no less frequently than every four (4) months during the Research Period, and with the Final Research Report within sixty (60) days after the earlier of the end of the
Research Period or any termination of this Agreement. 

3

 

        5.02 Access.    The Institution shall provide Immunicon with reasonable access to the laboratory of the Principal
Investigator and the Investigators and to laboratory notebooks and other data generated pursuant to the Research Program. The Principal Investigator and the Investigators shall be reasonably available
for consultations with Immunicon regarding the Research Program and its progress from time to time. 

ARTICLE VI—USE OF NAME AND PUBLICATION  

        6.01 No Use Without Permission.    Except as otherwise provided in this Article 5 each party agrees not to
use the name of another party, or any adaptation thereof, of any faculty member or employee or consultant to such other party in any publicity or disclosure without such other party's or such faculty
member's, employee's or consultant's, as the case may be, prior written consent, which shall not unreasonably be withheld. Notwithstanding the foregoing to the contrary, Immunicon may make proper
reference to published technical publications by Institution participants in the Research Program and may make such general disclosures of the existence and terms of the relationship between Immunicon
and the Institution and between Immunicon and the Principal Investigator, the Investigator and laboratories as may be desired by Immunicon for lawful purposes, and may make such other disclosures as
in the opinion of legal counsel are required or desirable as a matter of law. 

        6.02 Publications.    Immunicon acknowledges that Institution participants in the Research Program are encouraged
to publish the results of the Research Program. In an effort to protect patent rights and Immunicon's confidential information, the Institution shall provide Immunicon with a copy of any proposed
publication (which for all purposes hereof shall be deemed to include, without limitation, any article, speech, lecture, or other disclosure) at least sixty (60) days prior to the earlier of
submission for publication or disclosure. Immunicon, within thirty (30) days after receipt of such proposed publication, may require the Institution to delete any information disclosed in the
proposed publication which Immunicon reasonably determines to be confidential or proprietary to Immunicon and, in addition, may request the Institution to delay publishing such proposed publication
for a maximum of ninety (90) days after Immunicon's receipt of same and to protect the potential patentability of any invention described therein which may be disclosed hereunder, which request
shall not unreasonably be denied. The Institution shall give Immunicon the option of receiving a collaboration acknowledgment in any such publication. The Principal Investigator and each Investigator
shall be bound by this Section whether or not their publications are as members of the Institution. Notwithstanding the foregoing, Institution shall make no publication of Immunicon Technology. 

        6.03 Use of Results of Research Program.    Subject only to any limitations contained in the License Agreement,
Immunicon may use the research reports and the results of the Research Program, including without limitation any Invention, for any purpose to the extent that such use does not infringe any patent
owned by the Institution. 

 
 

ARTICLE VII—INVENTIONS AND PATENT RIGHTS    
    

        7.01 Notice of Inventions.    Institution shall promptly notify Immunicon of any Invention made by it during the
course of the Research Program. 

        7.02 Ownership of Inventions.    Institution Inventions shall be owned solely by Institution. Joint Inventions
shall be owned jointly by the Institution, on the one hand, and Immunicon, on the other hand with no obligation for accounting except as provided in the License Agreement. All Immunicon Inventions
shall be owned solely by Immunicon. 

4

 

        7.03 Patent Applications.

        (a)   Immunicon
shall have the right, but not the obligation, to prepare, file, prosecute, and maintain all patent applications and patents relating to any Immunicon Invention
in any country and territory, at its sole expense and sole discretion. 

        (b)   Immunicon
shall have the right, but not the obligation, to prepare, file and maintain all patent applications and patents relating to any Joint Invention or any
Institution Invention, at its sole expense and sole discretion. If it elects make such a filing, Immunicon shall use reasonable efforts to obtain the prompt issuance of the broadcast possible claims
in such applications and to maintain such claims in issued patents. Filings made with respect to Institution Inventions shall be made in the name of the Institution. Immunicon shall consult with the
Institution as to the preparation and filing of such patent applications, and shall furnish to the Institution copies of all correspondence and other documents relevant to such preparation and filing
reasonably prior to sending such correspondence or filing such other documents, or making any payment due thereunder to allow for review and comment by the Institution. Immunicon promptly shall
provide the Institution with copies of all communications received from any patent office regarding such patent applications. Immunicon shall not unreasonably refuse to incorporate any changes or
suggestions made by the Institution or its counsel in connection with the preparation, filing, prosecution, or maintenance of any such patent application or patent, including without limitation,
executing and delivering any certificates, instruments, or other documents necessary or desirable in connection therewith. 

        (c)   The
Institution may prepare, file, prosecute, or maintain any patent applications or patents relating to any Institution Invention and any Joint Invention as to which
Immunicon has notified the Institution that Immunicon will not exercise its rights under Section 7.3(b) above, in any country and territory, at the Institution's sole expense. The Institution
shall consult with Immunicon as to the preparation and filing of such patent applications, and shall furnish to Immunicon copies of all correspondence and other documents relevant to such preparation
and filing reasonably prior to sending such correspondence or filing such other documents or making any payment due thereunder to allow for review and comment by Immunicon. The Institution promptly
shall provide Immunicon with copies of any and all communications received from any patent office regarding such patent applications. The Institution shall not unreasonably refuse to incorporate any
changes or suggestions made by Immunicon or its counsel in connection with the preparation or filing of any such patent application. 

        7.04 Institution Warranties.

        (a)   The
Institution represents, warrants, and covenants that all persons who are engaged in the Research Program are bound by written agreements providing for the assignment
of all Inventions conceived, created, made, or reduced to practice in the course of the Research Program, and all intellectual property rights thereto, to the Institution and for the protection of
confidential and proprietary information on terms consistent with those contained herein. The Principal Investigator and each Investigator confirms the existence of such an agreement covering him/her. 

        (b)   Each
of the Institution and the Principal Investigator represents and warrants that it or he/she has not entered into any agreement with, and has not received any monies
or other support from, any third party which could form the basis for that third party to assert any rights in the Cytodisk Technology (but only in so far as relates to the Field) or any Invention.
The Institution shall cause each Investigator to execute and deliver a copy of this Agreement to signify his/her agreement to the terms hereof and warranty to the same effect prior to being appointed
as an Investigator. 

5

 

        7.05 Subsequent Agreements.    If the Institution and/or the Principal Investigator and/or any Investigator intends
to enter into any agreement with, or will receive any monies or the support from, any third party with respect to the subject matter of the Research Program, the Institution and/or the Principal
Investigator and/or the Investigator shall (i) give Immunicon advance written notice of such agreement or support and (ii) take all steps necessary to secure for the Institution the
broadest possible rights in all Inventions and to ensure that the terms of such agreement or support do not provide a basis for that third party to assert any rights in the Cytodisk Technology or any
Institution Invention and are in all ways consistent with the terms of this Agreement. Notwithstanding anything in this Agreement to the contrary, the Institution and/or the Principal Investigator
and/or any Investigator will not enter into any agreement with, or receive monies or other support from, any commercial third party with respect to the Research Program or from any other party that
would limit Immunicon's rights hereunder or under the License Agreement. 

ARTICLE VIII—LICENSES  

        8.01 License Agreement.    Simultaneously herewith the Institution and Immunivest shall enter into the License
Agreement. 

        8.02 Research Licenses.

        (a)   Immunicon
hereby grants Institution the license to use the Immunicon Technology for the sole purpose of conducting the Research Program. 

        (b)   Institution
hereby grants Immunicon the license to use the Institution Technology for the sole purpose of conducting the Research Program. 

        8.03 No Warranties.

        (a)   Institution
makes no representation or warranty of any kind with respect to the Institution Technology including, without limitation, merchantability, fitness for any
purpose, or that such Technology may be exploited by Immunicon without infringing the patent of third parties, except that Institution represents and warrants that it has no knowledge that such
Technology infringes any such patents or any claimed intellectual property rights of third parties. 

        (b)   Immunicon
makes no representation or warranty of any kind with respect to the Immunicon Technology including, without limitation, merchantability, fitness for any
purpose, or that such Technology may be exploited by Institution without infringing the patents of third parties except that Immunicon represents and warrants that it has no knowledge that such
Technology infringes any such patents or any claimed intellectual property rights of third parties. 

ARTICLE IX—TERM AND TERMINATION  

        9.01 Term.    The Term of this Agreement shall be from the Effective Date through September 30, 1997,
subject to the rights of Immunicon in Section 9.2. Subject to said rights, the Term of this agreement shall automatically be extended for successive six month periods unless the party desiring
to terminate the Agreement at the end of its then current Term shall have given 60 days prior notice to the other party of its intent to terminate the Agreement. Notwithstanding the foregoing,
the Term shall not be extended unless the parties have agreed upon a Research Grant and Budget for the period of such extension prior to the expiration of the period covered by the then current
Research Grant and Budget. 

        9.02 Termination by Immunicon.    Immunicon may terminate this Agreement at any time upon thirty (30) days'
prior written notice to the Institution. In the event that Immunicon terminates this Agreement pursuant to this Section 9.2, Immunicon shall be excused from making payments to the 

6

 

Institution
in accordance with Article 3 above which become due after the effective date of such termination. 

        9.03 Termination by Institution.    Institution may terminate this Agreement: 

        (a)   In
the event Immunicon fails to make any payments due hereunder, on forty-five (45) days written notice, unless Immunicon makes such payments, plus
interest at the rate of six percent per annum, within the forty-five (45) day notice period. If such payments are not so made, the Institution may immediately terminate this
Agreement. 

        (b)   In
the event that Immunicon shall be in material default in the performance of any obligations under this Agreement (other than as provided under Section 9.3(a)
Above which shall take precedence over any other default), and if the default has not been remedied within ninety (90) days after the date of notice in writing of such default, the Institution
may terminate the Agreement immediately by written notice; provided however that, if the default cannot be cured within such period, the Institution shall not have the right to terminate the Agreement
if Immunicon shall have commenced cure of the default and shall be working in good faith to cure it. 

        (c)   In
the event that Immunicon shall be adjudicated insolvent, shall make an assignment for the benefit of creditors, or shall file a petition in bankruptcy, the
Institution shall have the right to terminate the Agreement immediately upon giving Immunicon written notice of such termination. 

        9.04 Surviving Clauses.    The provisions of this Section 9.4, Sections 5.2, 7.2, 7.3, 7.3(c), 7.4(b), and
7.5 and Articles 6 and 8 shall survive termination of this Agreement. Termination of this Agreement for any reason shall not release any party hereto from any obligation theretofore accrued. 

ARTICLE X—ASSIGNMENT  

        Neither this Agreement nor any of the rights or obligations hereunder may be assigned by the Institution without the prior written consent of Immunicon. This
Agreement shall be binding upon a inure to the benefit of the parties hereto and their successors and permitted assigns. 

ARTICLE XI—ARBITRATION  

        Any and all claims, disputes or controversies arising under, out of, or in connection with this Assignment, which have not been resolved by good faith
negotiations between the parties, shall be resolved by final and binding arbitration in Philadelphia, Pennsylvania, in accordance with the rules and procedures of the American Arbitration Association
before a single arbitrator who shall be reasonably familiar with the biotechnology industry. The decision of any such arbitrator shall be final and binding upon the parties hereto. Any award rendered
in such arbitration may be enforced and judgment thereon entered by any court of the Commonwealth of Pennsylvania or any federal court sitting in the Commonwealth of Pennsylvania, to whose
jurisdiction for such purposes the Institution and Immunicon each hereby irrevocably consents and submits. Each party hereto shall pay its own costs in connection with any arbitration in accordance
with this Article 11, and the Institution, on the one hand, and Immunicon, on the other hand, shall pay one-half (1/2) of the fees and expenses of the arbitrator and
the arbitration proceeding itself. 

ARTICLE XII—NOTICES  

        Any notice required or permitted hereunder shall be in writing and shall be delivered by hand, mailed by certified or registered mail, return receipt requested,
charges and postage prepaid, or telecopied, addressed at the addresses and telecopy numbers set forth above, or such other addresses or telecopy numbers of which an addressee may have provided an
addressor with notice in accordance with the terms of this Article 12. Notices shall be deemed given upon receipt if delivered by hand, 

7

 

three
(3) days after deposit in the U.S. mail if mailed in accordance with this Article 12, or on the day of dispatch if transmitted by telecopy in accordance with this Article 12
(so long as confirmation copies are mailed in accordance with this Article 12). 

ARTICLE XIII—MISCELLANEOUS PROVISIONS  

        13.01 Governing Law.    This agreement shall be construed, governed, and interpreted in accordance with the laws of
the Commonwealth of Pennsylvania, without regard to its conflict of laws principles. 

        13.02 Only Agreements.    This Agreement, the License Agreement and the Confidential Disclosure Agreements
previously executed between the parties constitute the entire agreement among the parties hereto, and supersede all prior agreements and understandings, whether written or oral, with respect to the
subject matter hereof. 

        13.03 Force Majure.    No party hereto will be responsible for delays resulting from acts beyond the control of
such party, provide that the nonperforming party uses reasonable efforts to avoid or remove such causes of nonperformance and continues performance hereunder with reasonable dispatch whenever such
causes are removed. 

        13.04 Amendment.    This Agreement may be amended and any of its terms or conditions may be waived only by a
written instrument executed by the parties hereto or, in the case of a waiver, by the party or parties waiving compliance. The failure of a party hereto at any time or times to require performance of
any provision hereof shall in no manner affect its rights at a later time to enforce the same. No waiver by a party hereto of any condition or term in any one or more instances shall be construed as a
further or continuing waiver of such condition or term or any other condition or term. 

        13.05 Severability.    If any provision of this Agreement is declared void, illegal or unenforceable, the provision
shall be deemed amended as necessary to conform to applicable laws or regulations, or if it cannot be so amended without materially altering the intention of the parties, the remainder of the
Agreement shall continue in full force and effect as if the offending provisions were not contained herein. 

        IN
WITNESS WHEREOF, the parties have executed and delivered this Agreement as of the Effective Date. 

	 	 	TWENTE UNIVERSITY
	 	 	By:	 	/s/ CCM Pouw

	 	 	Name:	 	CCM Pouw

	 	 	Title:	 	Dr.

	 	 	Date:	 	23-04-97

	

 	
 	

IMMUNICON CORPORATION
	

 	
 	

By:	
 	

/s/ LEON WMM TERSTAPPEN

	 	 	Name:	 	LEON WMM TERSTAPPEN MD Phd

	 	 	Title:	 	Chief Scientific Officer

	 	 	Date:	 	

8

 

        The
undersigned Principal Investigator and each Investigator hereby approves and accepts the terms of this Technology Development Agreement and, in consideration of being named Principal
Investigator herein, agrees to be bound by the terms of this Technology Development Agreement relating to the assignment and licensing of inventions, nonuse of government or third party funds for
research, the provision of research reports, use of names, and publications. 

	PRINCIPAL INVESTIGATOR	 	 
	

/s/ JAN GREVE
 DR. JAN GREVE	
 	

 
	

INVESTIGATOR	
 	

 
	

/s/
	
 	

/s/
	Name:	 	
	 	 
	Title:	 	    
	 	 

[Add
pages for additional Investigators, as necessary.] 

9

 
 
 

APPENDIX A    
    
    Research Grant and Budget    
    

        Institution's expenditures related to the Research Program will be administered by the Principal Investigator or his designate (after identification thereof to
Immunicon). The Institution will assign an expense number (FQ number) to the project. The budget for the six month period is in guilders and the US dollar amounts are estimates and subject to
variation caused by changes in currency conversion rates. Currency conversion shall be made at the time payment. 

        Period:
Effective Date through September 30, 1997, subject to extension as provided in Section 9.1 

        Position:
Medewerker Onderzocker 

        Name:
Arjan Tibbe 

        Gross
Salary (including faculty/university overhead, social security, unemployment costs and all other associates costs): 

fl.5,631
per month 

fl.33,786
for the six month period 

        Small
optical and mechanical components: 

fl.5,000 

        Reagents: 

fl.1,000 

        Workshops: 

fl.10,000

        Total:
fl.49,786 

        Estimated
total in US dollars for the period: $26,203. 

10

 
 
 

APPENDIX B    
    
    Cytodisk Technology    
    

        Cytodisk Technology shall mean and include all methods, apparatus, products and services for optically analyzing particles similar to cells, cell fragments,
viruses and bacteria that are magnetically aligned on a flat disk or rectangular shaped flat support. 

11

 
 
 

APPENDIX C    
    
    Field    
    

        The term "Field" shall mean and include all methods, apparatus, products and services for analyzing magnetically selected and aligned particles similar to cells,
cell fragments, viruses, bacteria, and synthetic materials and capture agents, for example as read by cytodisk. 

12

 
 
 

APPENDIX D    
    
    Research Program    
    

        [**] This is to be accomplished by building breadboard systems and various experiments along the following lines: 

	•
	[**]

	•
	[**]

	•
	[**]

	•
	[**]

	•
	[**]

	•
	[**]

        On
completion of the initial [**] month period the progress and status of the project will be evaluated by Immunicon and a more detailed plan will be specified
for the upcoming [**]. 

        The
key questions to be answered over the [**] period are: 

	•
	[**]

	•
	[**]

	•
	[**]

	•
	[**]

	•
	[**]

	•
	[**]

	**
	Certain information in these exhibits has been omitted and will be filed separately with the Securities and Exchange Commission pursuant to a confidential
treatment request under 17 C.F.R. Sections 200.80(b)(4), 200.83 and 230.406.

13

 

[IMMUNICON
LOGO] 

May
5, 1999 

Jan
Greve, Ph.D.

University of Twente

Department of Applied Physics

Drienerlolaan 5

7500 AE Enschede

The Netherlands 

Dear
Jan, 

        The
purpose of this letter is to summarize the key decisions and actions from our visit to Twente University last week. We found the meetings to be very productive and appreciate the
efforts of all those involved in the collaboration with Immunicon. Also, thank you very much for the warm hospitality shown to all of us. 

        In
terms of the scope of work going forward, the following are the key tasks: 

	1.
	[**]

	2.
	[**]

	3.
	[**]

	4.
	[**]

	5.
	[**]

        The
current Technology Development Agreement between Twente and Immunicon is hereby extended to December 31, 1999 with an automatic extension to December 31, 2000 unless we
give you notice of termination 90 days in advance of the automatic extension commencement date of January 1, 2000. 

        Twente
will prepare a budget for the 9-month period commencing on April 1, 1999 and ending on December 31, 1999 and a budget estimate for the year 2000. These should be
prepared before Dr. Tibbe's trip in June. With respect to the budgets, the following assumptions should be used: 

	1.
	Dr.
Tibbe will be funded in full plus an allowance for workshop support and necessary supplies and materials. For your information, I enclose the original research budget (for
approximately 6 months) that is Appendix A to the Technology Development Agreement.

	2.
	Dr.
Tibbe's travel to and from the U.S. and basic accomodation expenses while visiting Immunicon will be paid directly by Immunicon. Dr. Tibbe will submit expense reports for
other expenses during the time he is engaged in collaborating with Immunicon while in the U.S. Expenses assocated with Dr. Tibbe's holiday will not be covered by Immunicon, although we will pay
him an honorarium of $1,000 for his visit.

	**
	Certain information in these exhibits has been omitted and will be filed separately with the Securities and Exchange Commission pursuant to a confidential
treatment request under 17 C.F.R. Sections 200.80(b)(4), 200.83 and 230.406.

14

 
	3.
	The
cost of components for the [**] systems will be included in the budget together with estimates of costs for flow cells, a green laser and ancillary parts
and equipment. 

        On
a separate, but related, point, we are very interested to remain in close contact concerning the work on [**]. We were very impressed by the work and would
appreciate brief, periodic electronic mail or fax reports on this area of research through Dr. de Grooth. 

        If
you have any questions, please contact me. We at Immunicon look forward to furthering our very productive collaboration. 

Sincerely, 

/s/  EDWARD L. ERICKSON    

Edward L. Erickson

Chairman & CEO 

	**
	Certain information in these exhibits has been omitted and will be filed separately with the Securities and Exchange Commission pursuant to a confidential
treatment request under 17 C.F.R. Sections 200.80(b)(4), 200.83 and 230.406.

15

 
APPENDIX
A 

Research
Grant and Budget 

Institution's
expenditures related to the Research Program will be administered by the Principal Investigator or his designate (after identification thereof to Immunicon). The Institution will assign
an expense number (FQ number) to the project. The budget for the six month period is in guilders and the US dollar amounts are estimates and subject to variation caused by changes in currency
conversion rates. Currency conversion shall be made at the time payment. 

Period:
Effective Date through September 30, 1997, subject to extension as provided in Section 9.1 

Position:
Medewerker Onderzocker 

Name:
Arjan Tibbe 

Gross
Salary (including faculty/university overhead, social security, unemployment costs and all other associates costs): 

fl.5,631
per month

fl.33,786 for the six month period 

Small
optical and mechanical components:

        fl.5,000 

Reagents:

        fl.1,000 

Workshops:

        fl.10,000 

Total:
fl.49,786 

Estimated
total in US dollars for the period: $26,203. 

16

[IMMUNICON LETTERHEAD] 

April 26,
2001 

Jan
Greve, Ph.D.

University of Twente

Department of Applied Physics

Drienerlolann 5

7500 AE Enschede

The Netherlands 

Re: Immunicon/Twente Agreement  

Dear
Jan, 

        This
letter will confirm the further extension of the Technology Development Agreement between Twente University and Immunicon Corporation for an additional period of January 1,
2001 through December 31, 2001, in accordance with the terms and conditions I describe in my e-mail dated April 5, 2001 to HM Burkink, on which you were copied, and the
relevant provisions of the previous extension letter sent to you by Edward L. Erickson dated May 5, 1999. In the future, it is understood and agreed that this agreement, unless amended by
further agreement of Twente and Immunicon in writing, will be extended automatically on a calendar year basis under the same terms and conditions, unless Immunicon notifies Twente that it wishes to
terminate the agreement at least 90 days prior to the end of a calendar year. 

        Please
acknowledge the above by signing and dating the duplicate copy of this letter in the space provided below and returning it to me, so that we may update our files. 

	Sincerely,	 	Accepted and Agreed:
	

/s/ Leon WMM Terstappen
 Leon WMM Terstappen, M.D., Ph.D.

Senior Vice President, Research and Development	
 	

By:	

/s/ Jan Greve
 Jan Greve, Ph.D.

Jos H.A. de Smit, Ph.D.

Dean
	 	 	Date:	17 May 2001

QuickLinks

Exhibit 10.37

TECHNOLOGY DEVELOPMENT AGREEMENT BY AND BETWEEN TWENTE UNIVERSITY AND IMMUNICON CORPORATION

TABLE OF CONTENTS

TECHNOLOGY DEVELOPMENT AGREEMENT

ARTICLE IV—PRINCIPAL INVESTIGATOR, THE INVESTIGATORS AND THE IMMUNICON INVESTIGATOR

ARTICLE VII—INVENTIONS AND PATENT RIGHTS

APPENDIX A Research Grant and Budget

APPENDIX B Cytodisk Technology

APPENDIX C Field

APPENDIX D Research Program

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