Document:

Exhibit 10.3

                    SECOND EXCLUSIVE PATENT LICENSE AGREEMENT
                                     BETWEEN
                        BIOMIMETIC PHARMACEUTICALS, INC.
                                       AND
                               ZYMOGENETICS, INC.

This Exclusive Patent License Agreement (the "Agreement") is made on January 21,
2003 ("Effective Date") between BioMimetic Pharmaceuticals, Inc. ("Licensee") a
Delaware corporation having a principal place of business at 330 Mallory
Station. Suite A-l, Franklin, Tennessee 37067, and ZymoGenetics, Inc.
("Licensor") a Washington corporation having a principal place of business at
1201 Eastlake Avenue East, Seattle, Washington 98102.

                                   WITNESSETH

     WHEREAS, Licensor owns the "Licensed Patent Rights" as hereinafter defined;

     WHEREAS, Licensee desires to obtain an exclusive worldwide license for the
Licensed Patent Rights in the Field of Use in accordance with the terms of this
Agreement;

     WHEREAS, Licensor is willing to grant an exclusive worldwide license for
the Licensed Patent Rights in the Field of Use to Licensee on the terms and
conditions set forth herein;

     NOW THEREFORE, in consideration of the mutual covenants contained herein,
it is agreed by the parties as follows:

                                 1. DEFINITIONS

1.1 Affiliate means any company, corporation, business or entity controlled by,
controlling, or under common control with either Licensee or Licensor. "Control"
means direct or indirect beneficial ownership of at least fifty percent (50%)
interest in the voting stock (or the equivalent) of such corporation or other
business or having the right to direct, appoint or remove a majority or more of
the members of its board of directors (or their equivalent)

1.2 Biologically Active Substance means any product other than Licensed Product
which has intrinsic biological or cell stimulatory activity related to the
presence of growth factors, such as insulin-like growth factors (e.g.,
IGF-I, IGF-I etc), transforming growth factor family (e.g. TGF-beta, etc),
epidermal growth factor (EGF), fibroblast growth factors (aFGF, bFGF, etc),
keratinocyte growth factor (KGF) and growth factor like proteins or morphogens.
Such product will not include substances or compounds whose primary function is
to act as a vehicle for the delivery of PDGF (eg. synthetic bone powder such as
hydroxyapatites, natural bone powder or bone matrix, fibrin glue, collagen,
gelatin, or synthetic polymers such as polyactides or polyglycolides).

                                       -1-

1.3 Bundled Product means a Licensed Product sold or bundled together with other
products.

1.4 Combination Product means a Licensed Product which includes one or more
Biologically Active Substance(s) to achieve the desired therapeutic response.

1.5 Field of Use means the treatment and healing of bone, cartilage, tendon and
ligaments of the skeletal tissue system. For the avoidance of doubt, the parties
agree that the Field of Use specifically excludes the treatment and healing of
soft tissue wounds.

1.6 First Commercial Sale means the first sale of any Licensed Product by
Licensee or its Affiliates or Sublicensees following approval by the appropriate
governmental agency.

1.7 Improvement means any modification, alteration, enhancement or improvement
to Licensed Patents that Licensee shall own or control solely or as joint Owner
with Licensor, with such ownership or control determined by the U.S. laws of
inventorship.

1.8 Licensed Patents means: (a) the patents and the patent applications, short
particulars of which are set out in Exhibit A (attached hereto and made part of
this Agreement); and (b) any patents and patent applications of Licensor arising
from the patent families listed in Exhibit A to the extent any Valid Claim of
these patents or patent applications would, in the absence of the licenses
contemplated hereunder, bar the use or exploitation within the Field of Use of
a product developed by or for Licensee pursuant to this Agreement (treating for
this purpose any Valid Claim in pending applications as if they had been
issued), and (c) all patents issued or hereafter issuing therefrom throughout
the world, whether national or regional, and including any divisions, renewals,
reexaminations, continuations, continuations-in-part, extensions or reissues
thereof, and any supplementary protection certificates. Exhibit A will be
updated on at least an annual basis.

1.9 Licensed Patent Rights means all rights within the Field of Use under the
Licensed Patents.

1.10 Licensed Product(s) means: (a) any product or part thereof which is covered
by any Licensed Patent Rights; or (b) any product developed through the use of a
process which is covered by the Licensed Patent Rights.

1.11 Net Sales in major market countries, defined as North America (U.S.,
Canada, Mexico), the EU, Scandinavia, Oceania (Australia and New Zealand), China
and Japan means the amounts invoiced by Licensee or its Affiliates or its
Sublicensees during the Term of this Agreement for the sale of Licensed Products
to bona fide independent third parties in such major market countries, less to
the extent included in such amount: (i) normal and customary rebates, and cash
and trade discounts, actually taken; (ii) sales, use and/or other excise taxes,
custom duties or other governmental charges (other than taxes imposed on or
measured by net income) actually paid in connection with sales of Licensed
Products; (iii) the cost of any bulk packages and packing, prepaid freight
charges and insurance; (iv) amounts actually allowed or credited due to returns
paid; **. In the case of (i) and (iv), such amounts

**   REPRESENTS MATERIAL WHICH HAS BEEN REDACTED AND SEPARATELY FILED WITH THE
     SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL
     TREATMENT PURSUANT TO RULE 406 UNDER THE SECURITIES ACT OF 1933, AS
     AMENDED.

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shall be deductible only to the extent the same are separately identified on the
invoice to the customer or other documentation maintained in the ordinary course
of business.

Net Sales in minor market countries, defined as countries other than the major
market countries, means ** less to the extent included in such amount: (i)
normal and customary rebates, and cash and trade discounts, actually taken; (ii)
sales, use and/or other excise taxes, custom duties or other governmental
charges (other than taxes imposed on or measured by net income) actually paid in
connection with sales of Licensed Products; (iii) the cost of any bulk packages
and packing, prepaid freight charges and insurance; (iv) amounts actually
allowed or credited due to returns paid; **. In the case of (i) and (iv), such
amounts shall be deductible only to the extent the same are separately
identified on the invoice to the customer or other documentation maintained in
the ordinary course of business.

1.12 Single Agent Product means a Licensed Product which contains no additional
Biologically Active Substance(s) to achieve the desired therapeutic response.

1.13 Sublicensee means any non-Affiliate to whom Licensee grants a sublicense of
some or all of the rights granted to Licensee under this Agreement. As used in
this Agreement, "Sublicensee" shall also include a third party to whom Licensee
has granted the right to distribute a Licensed Product.

1.14 Territory, means worldwide.

1.15 Valid Claim means with respect to the Licensed Patents (i) a claim of a
pending patent application; or (ii) a claim of an issued patent which has not
lapsed or become abandoned or been declared invalid or unenforceable by a court
of competent jurisdiction or an administrative agency from which no appeal has
been taken after ninety (90) days.

1.16 PDGF means Platelet Derived Growth Factor.

                                    2. GRANT

2.1 Exclusive License. Licensor hereby grants to Licensee and Licensee hereby
accepts from Licensor, upon the terms and conditions herein specified, a sole
and exclusive license under the Licensed Patent Rights in the Territory, and in
the Field of Use to develop, make, have made, import, have imported, use, offer
to sell, sell and otherwise commercialize Licensed Product(s).

2.2 Sublicenses. Licensor hereby grants to Licensee and Licensee hereby accepts
from Licensor, upon the terms and conditions herein specified the right to grant
sublicenses under the Licensed Patent Rights to the extent necessary to develop,
make, have made, import, have imported, use, offer for sale, sell and otherwise
commercialize Licensed Products; provided, within ten (10) days of the date such
sublicense is executed, Licensee shall provide Licensor with at least the
following information with respect to each such Sublicensee: (i) the identity of
the

**   REPRESENTS MATERIAL WHICH HAS BEEN REDACTED AND SEPARATELY FILED WITH THE
     SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL
     TREATMENT PURSUANT TO RULE 406 UNDER THE SECURITIES ACT OF 1933, AS
     AMENDED.

                                       -3-

Sublicensee; (ii) a description of the Licensed Product, and the rights being
granted to the Sublicensee; and (iii) the territory in which the Licensed
Product will be sold by Sublicensee. Each sublicense granted by Licensee shall
be consistent with all the terms and conditions of this Agreement, and Licensee
shall remain responsible to Licensor for the compliance of each such Sublicensee
with the financial and other obligations under this Agreement.

2.3 Due Diligence Milestones. Licensee shall proceed diligently with the
development of Licensed Products. Licensee shall be deemed to satisfy the
foregoing obligation if Licensee achieves the following milestones within the
time frame indicated:

     (a) Within thirty (30) months from Effective Date, Licensee shall file an
Investigational New Drug Application ("IND") or its equivalent for a Licensed
Product; and

     (b) Within the later of forty-eight (48) months from the filing of an IND
under Section 2.3(a) hereinabove or seventy-eight (78) months from the
Effective Date, Licensee shall file a Biologics License Application ("BLA") or
its equivalent for A Licensed Product.

     (c) Licensee agrees: (i) to exert all continuing reasonably diligent
efforts to register one or more Licensed Products for commercial sale for
administration in humans in the Field of Use throughout the Territory and; (ii)
to promote and market the Licensed Product(s) in such areas with all continuing
reasonable commercial efforts so that the sales thereof may be maximized.

     A milestone shall be deemed to be achieved by Licensee if achieved by
Licensee or any Sublicensee or Affiliate of Licensee.

2.4 Extensions. If Licensee anticipates it will fail to achieve the milestone
provided in 2.3(a) above, Licensee will provide written notice of such failure
to Licensor at least thirty (30) days prior to the end of the diligence period.
Upon receipt of such notice by Licensor, Licensee will be entitled to a maximum
of ** extensions in exchange for payment to Licensor of ** per extension, with
such payment being made by Licensee to Licensor within thirty (30) days of
failing to achieve any such milestone. If Licensee anticipates it will fail to
achieve the milestone provided in 2.3(b) above, Licensee will provide written
notice of such failure to Licensor at least thirty (30) days prior to the end of
the diligence period. Upon receipt of such notice by Licensor, Licensor, in its
sole discretion, may provide Licensee a ** extension for a fee to be agreed upon
in good faith between Licensor and Licensee. If the milestones are not met
within the periods provided and an extension has not been obtained pursuant to
this Section 2.4, Licensor may, at its sole discretion, terminate this Agreement
or render the License granted in Section 2.1 nonexclusive.

                             3. TERM AND TERMINATION

3.1 Term. The term of this Agreement shall be for a period beginning with the
Effective Date and extending, on a country-by-country basis, until the
expiration of the last to expire Valid

                                       -4-

**   REPRESENTS MATERIAL WHICH HAS BEEN REDACTED AND SEPARATELY FILED WITH THE
     SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL
     TREATMENT PURSUANT TO RULE 406 UNDER THE SECURITIES ACT OF 1933, AS
     AMENDED.

Claim that covers a Licensed Product in that country. Licensee's obligation to
pay royalties shall expire on a country-by-country basis.

3.2  Termination.

     (1) Except as described in Section 2.4, in the event that Licensee commits
any material breach of this Agreement, unless this Agreement provides a
different remedy, the Licensor at its option, may terminate this Agreement by
giving the breaching party written notice of its election to terminate as of a
stated date, not less than ** from such stated termination date. Such notice
shall state the nature of the defaults claimed by the non-breaching party. The
breaching party during said ** period may cure any default stated in said
notice, and if such default is cured, or, if such default will take longer than
** to cure and the breaching party is diligently pursuing such cure, Licensor
may at its sole discretion on a case-by-case basis allow or not allow a
reasonable extension of the cure period and this Agreement shall continue in
full force and effect as if such notice had not been given.

     (2) In the event either party shall become insolvent or shall cease
business, or shall file a voluntary petition or an answer admitting the
jurisdiction of the court and the material allegations of, or shall consent to,
involuntary petition pursuant to or purporting to be pursuant to any
reorganization or insolvency law of any jurisdiction, or shall make an
assignment for the benefit of creditors, or shall apply for or consent to the
appointment of a receiver or trustee of a substantial part of its property, at
the option of the other party, this Agreement may be terminated by the other
party effective as of a date ten (10) days following written notice by the party
intending to terminate.

3.3 Effect of Termination. If this Agreement is terminated prior to its
expiration, upon such termination Licensee shall cease all production and sale
of Licensed Products except for the production and sale of Licensed Products on
which production is complete prior to the notice of such termination. Licensee
may continue to sell such Licensed Products for up to ** after such notice and
shall pay to Licensor any royalties, milestones or sublicense fees that may
accrue on such sales.

3.4 Survivability. Articles 1, 6, 7, 9, 10 and 11, and Sections 3.3, 3.4, and,
with respect to amounts accruing prior to expiration or termination, Sections
4.2, 4.3, 4.4, 4.5, 4.6, 4.7, 4.8 and 4.9 hereof shall survive termination or
expiration of this Agreement.

                              4. FEES AND ROYALTIES

4.1 License Issue Fees. Upon execution of this Agreement, Licensee shall be
obligated to pay Licensor the sum of Five Hundred Thousand Dollars ($500,000),
in partial consideration for the rights granted to Licensee under this
Agreement. Such payment may be made, at the election of Licensee, either (a) in
cash on the date of this Agreement, or (b) in fully paid and nonassessable
shares of such equity security of Licensee as are issued in the next Qualified
Financing (as defined below), at the price paid by the investors in such
Qualified Financing and issued on the closing date of such Qualified Financing.
If payment is made pursuant to Section

                                       -5-

**   REPRESENTS MATERIAL WHICH HAS BEEN REDACTED AND SEPARATELY FILED WITH THE
     SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL
     TREATMENT PURSUANT TO RULE 406 UNDER THE SECURITIES ACT OF 1933, AS
     AMENDED.

4.1(b), Licensor shall be entitled to the same rights provided in the purchase
agreement and related agreements entered into with respect to the Qualified
Financing. For the purpose of this Section 4, a "Qualified Financing" means an
equity financing in the amount of at least **, of which no less than ** is
purchased by investors who were not previously shareholders (or related to
previous shareholders) of Licensee. If Licensor has not been issued shares in a
Qualified Financing by way of payment pursuant to Section 4.1(b) within ** days
after the date of this Agreement, then Licensor, at its option and on demand,
shall be entitled to immediate payment in cash.

4.2 Royalties. Licensee, in exchange for the rights granted to Licensee under
this Agreement, shall also pay or cause to be paid to Licensor royalties at the
rates and in accordance with the terms below:

     (a) Licensee shall pay royalties to Licensor equal to ** of Net Sales in
major market countries and Net Sales in minor market countries of all Single
Agent Products.

     (b) Licensee shall pay royalties to Licensor equal to ** of Net Sales in
major market countries and Net Sales in minor market countries of all
Combination Products.

4.3 Minimum Royalties. Licensee will provide written notice to Licensor within
thirty (30) days of making the First Commercial Sale of each Licensed Product.
In the first full calendar year of sales following the First Commercial Sale of
a Licensed Product, the royalties payable by Licensee to Licensor pursuant to
Section 4.2 shall not be less than One Million Dollars ($1,000,000). In the
second full calendar year following the First Commercial Sale of a Licensed
Product, the royalties payable by Licensee to Licensor pursuant to Section 4.2
shall not be less than One Million Five Hundred Thousand ($1,500,000). In the
third full calendar year following the First Commercial Sale of a Licensed
Product, the royalties payable by Licensee to Licensor pursuant to Section 4.2
shall not be less than Two Million Five Hundred Thousand ($2,500,000).

4.4 Bundled Products. In the event that a Licensed Product is sold as part of a
Bundled Product the Net Sales of the Licensed Product, for the purposes of
determining royalty payments, shall be determined by multiplying the Net Sales
of the Bundled Product by the fraction, A/(A+B) where A is the average sale
price of the Licensed Product when sold separately in finished form, provided A
is sold thusly, and B is the average sale price of the other product(s) in the
Bundled Product sold separately in finished form.

In the event the Licensed Product is not sold separately in finished form,
Licensor and Licensee will mutually agree on a value for the average sale price
of the Licensed Product if it were to be sold separately in finished form and
that average sale price will be incorporated into the calculation above.

4.5 Milestone Payments. Licensee shall provide Licensor written notice within
thirty (30) days of the achievement of each of the milestone events set forth
below, whether achieved by the Licensee, Affiliate or Sublicensee. All such
milestone events will be subject to the corresponding

                                       -6-

**   REPRESENTS MATERIAL WHICH HAS BEEN REDACTED AND SEPARATELY FILED WITH THE
     SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL
     TREATMENT PURSUANT TO RULE 406 UNDER THE SECURITIES ACT OF 1933, AS
     AMENDED.

Due Diligence Milestone clause(s) in Section 2.3. With each such notice,
Licensee shall pay to Licensor the corresponding amount set forth below:

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                            MILESTONE                                AMOUNT
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1. IND filing or equivalent foreign filing for a Licensed                  **
Product; and
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2. Initiation of Phase III or pivotal clinical trials, as "Phase           **
III" is defined by Title 21: Chapter l-Food and Drug
Administration, Department of Health and Human Services for a
Licensed Product; and
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3. Filing of a BLA or equivalent foreign filing for a Licensed             **
Product; and
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4. First marketing approval by the United States Food and Drug             **
Administration for a Licensed Product.
-----------------------------------------------------------------------------
5. One year following first marketing approval by the United               **
States Food and Drug Administration for a Licensed Product
-----------------------------------------------------------------------------
6. Two years following first marketing approval by the United              **
States Food and Drug Administration for a Licensed Product
-----------------------------------------------------------------------------

Milestones 1-4 may be paid in either cash or Licensee stock, or a combination
thereof, at the election of Licensee, and milestones 5-6 may be paid in either
cash or Licensee stock, or a combination thereof, at the election of Licensor,
provided, however, that a milestone may not be paid in Licensee stock if
Licensee has sold its stock under the Securities Act of 1933, as amended,
pursuant to a public offering prior to the date on which the applicable
milestone event is achieved. In the case of payment in Licensee stock under this
Section 4.5 or under Section 4.6 hereinbelow, such payment shall be made in
fully paid and nonassessable shares of such equity security of Licensee as are
issued in the next Qualified Financing (as defined in Section 4.1 hereinabove)
occurring after the applicable milestone event or SB Payment Date (as defined in
Section 4.6), at the price paid by the investors in such Qualified Financing and
issued on the closing date of such Qualified Financing. Notwithstanding, the
foregoing, if no Qualified Financing takes place within ** days after the
applicable milestone event or SB Payment Date, then payment shall be made in
fully paid and nonassessable shares of such equity security of Licensee as were
issued in the last Qualified Financing occurring prior to the applicable
milestone event or SB Payment Date, at the price paid by the investors in such
Qualified Financing. If payment is made in Licensee stock under this Section 4.5
or Section 4.6 hereinbelow, Licensor shall be entitled to the same rights
provided in the purchase agreement and related agreements entered into with
respect to the Qualified Financing. If Licensor has not been issued shares of
Licensee stock under this Section 4.5 or Section 4.6 hereinbelow within ** days
after the applicable milestone event or SB Payment Date, then Licensor, at its
option and on demand, shall be entitled to immediate payment in cash.

4.6 Sales Bonus Payment. No later than April 1 of the year following the first
(but only the first) calendar year in which worldwide annual Net Sales of
Licensed Products by Licensee, Affiliate and Sublicensee exceeds ** ("SB

                                       -7-

**   REPRESENTS MATERIAL WHICH HAS BEEN REDACTED AND SEPARATELY FILED WITH THE
     SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL
     TREATMENT PURSUANT TO RULE 406 UNDER THE SECURITIES ACT OF 1933, AS
     AMENDED.

Payment Date"), Licensee will pay a Sales Bonus to Licensor of **. Such payment
may be paid in either cash or Licensee stock, or a combination thereof, at the
election of Licensor, as provided in Section 4.5 hereinabove, provided, however,
that a milestone may not be paid in Licensee stock if Licensee has sold its
stock under the Securities Act of 1933, as amended, pursuant to a public
offering prior to the SB Payment Date.

4.7 Sublicense Fees. Licensee agrees to pay to Licensor sublicense fees as
follows:

     (1) ** of any license fees and milestone payment (but excluding royalty
payments) paid to Licensee by any Sublicensee minus the corresponding minimum
license fee or milestone payment previously paid to Licensor by Licensee, if
any, for Licensed Products if the sublicense is for a Single Agent Product(s)
and such sublicense is entered into within ** of the Effective Date.

     (2) ** of any license fees and milestone payments (but excluding royalty
payments) paid to Licensee by any Sublicensee minus the corresponding minimum
license fee or milestone payment previously paid to Licensor by Licensee, if
any, if the sublicense involves only a Combination Product(s) and such
sublicense is entered into within ** of the Effective Date.

     (3) ** of any license fees and milestone payments (but excluding royalty
payments) paid to Licensee by any Sublicensee minus the corresponding minimum
license fee or milestone payment previously paid to Licensor by Licensee, if
any, if the sublicense involves a Single Agent Product(s) or Combination
Product(s) and such sublicense is entered into from ** to ** of the Effective
Date.

     (4) ** of any license fees and milestone payments (but excluding royalties)
paid to Licensee by any Sublicensee minus the corresponding minimum license fee
or milestone payment previously paid to Licensor by Licensee, if any, if the
sublicense involves a Single Agent Product(s) or Combination Product(s) and such
sublicense is entered into later than ** after the Effective Date.

4.8 Schedule and Form of Payment/Taxes. Licensee shall pay royalties and
sublicense fees, if any, on a quarterly basis commencing on the date of First
Sale of a Licensed Product and payments shall be due and payable with the
reports required by this Section 4.6 forty five (45) days following the close of
the relevant calendar quarterly period. Each such payment shall be accompanied
by a report for the period covered showing total number or volume of Licensed
Products sold and identified as Net Sales on a country by country basis, the
exchange rate used to convert any payments into U.S. dollars, and total
royalties due. All amounts payable to Licensor hereunder shall be payable in
United States funds. Licensee shall be responsible for the payment of all
withholding taxes imposed by any country on any royalty payable to Licensor
hereunder and shall withhold such taxes from the amounts payable to Licensor
hereunder. Notwithstanding the foregoing, if the law of any foreign country
prevents any payment payable to Licensor hereunder to be made in the United
States of America or prevents any such payment to be made in United States
dollars, Licensor agrees to accept such royalty in form and place as permitted,
including deposits by Licensee in the applicable foreign currency in a local
bank or banks in such

                                       -8-

**   REPRESENTS MATERIAL WHICH HAS BEEN REDACTED AND SEPARATELY FILED WITH THE
     SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL
     TREATMENT PURSUANT TO RULE 406 UNDER THE SECURITIES ACT OF 1933, AS
     AMENDED.

country designated by Licensee. If any currency conversion is required in
connection with any payment to Licensor hereunder such conversion shall be made
at the buying rate for the transfer of such other currency as quoted by Citicorp
Bank (New York), or its successor, on the last business day of the applicable
accounting period, in the case of any payment payable with respect to a
specified quarterly period.

4.9 Records. Licensee shall maintain complete and accurate records sufficient to
enable accurate calculation of royalties due Licensor under this Agreement. Once
a calendar year, Licensor shall have the right to select a certified public
accountant reasonably acceptable to Licensee to inspect, on not less than
fifteen (15) days prior written notice and during regular business hours, the
records of Licensee necessary to verify Licensee's statement and royalty
payments due pursuant to this Agreement. Licensee agrees to cooperate and
provide reasonable access to the books, records and premises of Licensee;
provided, however, that such access shall be limited to those books and records
necessary to verify the accuracy of the payment made by Licensee to Licensor
pursuant to this Agreement. The entire cost for such inspection shall be borne
by Licensor unless there is a discrepancy of greater than, or equal to, ten
percent (10%) in Licensee's favor in which case Licensee shall bear the entire
cost of the inspection and audit. Records shall be preserved by Licensee for
three (3) years for inspection by Licensor.

                 5. PROSECUTION AND MAINTENANCE OF PATENT RIGHTS

5.1 Right to Prosecute and Maintain Licensed Patents. During the term hereof,
Licensor shall, at its own cost and expense, file, prosecute and maintain all
patents and patent applications as set forth in Exhibit A, and shall maintain
the Licensed Parents to keep the same in full force and effect, except as
otherwise provided herein. Licensee shall render Licensor such assistance as the
latter may reasonably require to comply with said obligations. Licensor shall
retain the right to abandon patent applications in order to advance prosecution
of Licensed Patents. In any other event, however, if Licensor should wish to
finally abandon any one or more of the Licensed Patents or cease the maintenance
thereof, Licensor shall notify Licensee not less than sixty (60) days prior to
any action required to preserve such Licensed Patents, and shall offer Licensee
a right to prosecute and maintain such Licensed Patents. Licensee shall notify
Licensor within sixty (60) days of receipt of Licensor's notification of
Licensee's intent to assume such prosecution and maintenance rights that
Licensor wishes to abandon or cease maintaining. Licensee shall thereafter have
the right, but not the obligation, to pursue the prosecution and maintenance of
such Licensed Patents at Licensees sole expense, and Licensor shall provide such
assistance and execute such documents as are necessary to assist Licensee in
such prosecution and maintenance. Licensee shall thereafter assume all costs and
expenses related to such Licensed Patents, and such costs and expenses may be
deducted from royalty or milestone payments due and payable by Licensee to
Licensor pursuant to this Agreement.

5.2 Assistance and Communication. Licensor shall have exclusive control over the
prosecution of the Licensed Patents before all national and international patent
offices. Licensee shall cooperate with Licensor and shall render all reasonable
assistance to Licensor in preparing, filing and prosecuting Licensed Patents
relating to the Field of Use. Licensor agrees to provide Licensee with copies of
all correspondence to and from the U.S. Patent and Trademark Office

                                       -9-

and other national and international patent offices regarding the prosecution of
the Licensed Patents.

                          6. PATENT MARKINGS AND EXPORT

6.1 Marking. Licensee shall comply with all applicable United States and foreign
statutes related to the marking of Licensed Products and their packaging with
patent pending, patent number(s), or other intellectual property notices and
legends required to maintain the Licensed Patent Rights.

6.2 Export. Licensee shall be solely responsible for obtaining all licenses,
permits or authorizations required from the U.S. and any other government for
export or reexport of Licensed Products. Licensor agrees to provide Licensee
with such assistance as it may reasonably request in obtaining such licenses,
permits or authorization at Licensee's expense.

                               7. CONFIDENTIALITY

7.1 Confidential Information. It may be necessary for one party to disclose to
the other party certain confidential or proprietary information. "Confidential
Information" means information related to the business of Licensee or to the
business of Licensor and includes, without limitation, information exchanged by
the parties in anticipation of this Agreement, all tangible and intangible
information relating to scientific data, analyses and projections; intellectual
property, trade secrets, know how products and product candidates, business,
strategies, operations, systems, software, ideas, financial information,
contracts, business documents, and business records together with analysis,
compilations, studies and other documents, in whatever form furnished, prepared
or stored, whether prepared by a party, its representatives or others, which are
based upon, incorporate or otherwise reflect such information. During the term
of this Agreement and for ** thereafter, the party receiving Confidential
Information of the other party agrees not to disclose such Confidential
Information and not to use it for any purposes except those specifically allowed
in this Agreement. Confidential Information shall not include information which:

     (1) is now in the public domain or which becomes generally available to the
public through no fault of the receiving party;

     (2) is already known to, or in the possession of, the receiving party prior
to disclosure by the disclosing party as can be demonstrated by written
evidence;

     (3) is disclosed on a non-confidential basis to the receiving party by a
third party having the right to make such a disclosure;

     (4) is independently developed by or for the receiving party (by activity
not associated with the Licensed Patent Rights) as can be demonstrated by
written evidence; or

**   REPRESENTS MATERIAL WHICH HAS BEEN REDACTED AND SEPARATELY FILED WITH THE
     SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL
     TREATMENT PURSUANT TO RULE 406 UNDER THE SECURITIES ACT OF 1933, AS
     AMENDED.

                                      -10-

     (5) is required to be disclosed by order of any court or governmental or
regulatory authority, but only after notification to the providing party by the
receiving party of such requirement in order to allow the providing party to
seek protection for the providing party's Confidential Information from such
court or governmental or regulatory authority.

7.2 Additional PDGF-B Information. Licensee, from time to time during the term
of this Agreement but not more than once per calendar year, may request that
Licensor supply it with certain research data concerning PDGF-B generated by
Licensor after the Effective Date of this Agreement, including research data
generated in studies ongoing as of the Effective Date of the Agreement, to the
extent and only to the extent such data relates solely to the use of Licensed
Product(s) in the Field of Use. Subject to any contractual and other obligations
with respect to such research data, Licensor shall have the sole right, in its
sole discretion, to decide whether to make any such research data available to
Licensee. If Licensor decides to make any such data available to Licensee, it
shall be treated by Licensee as the Confidential Information of Licensor,
subject to the terms and conditions of this Agreement. Licensee shall have no
right to use such research data for any purpose other than to evaluate its
interest in entering into a business relationship with Licensor with respect to
such research data, provided, however, that neither party shall be obligated to
enter into any agreement with the other party with respect to such research
data.

                   8. INTERFERENCE, OPPOSITION AND ENFORCEMENT

8.1 Interference. In the event an interference is declared by the U.S. Patent
and Trademark Office involving one or more of the Licensed Patents, then
Licensor shall promptly notify Licensee in writing. Licensor shall have
exclusive control over the conduct of the interference. At Licensor's sole
discretion and expense, Licensee shall assist Licensor and cooperate in any such
interference upon Licensor's request. In the event that there is an interference
declared involving one or more of the Licensed Patents, the obligation of
Licensee to pay royalties under the Licensed Patent Rights shall continue
unabated.

8.2 Opposition. In the event that one or more Licensed Patents are subject to an
opposition proceeding, then Licensor shall promptly notify Licensee in writing.
Licensor shall have exclusive control over the conduct of the opposition. At
Licensor's sole discretion and expense, Licensee shall assist Licensor and
cooperate in any such opposition upon Licensor's request. In the event that
there is an opposition involving one or more of the Licensed Patents, the
obligation of Licensee to pay royalties under the Licensed Patent Rights shall
continue unabated.

8.3 Enforcement. In the event that Licensee becomes aware of any infringement by
a third party of any of the Licensed Patent Rights, Licensee shall promptly
notify Licensor in writing (including evidence establishing a prima facie case
of infringement by such third party). If Licensor or a prior licensee of the
Licensed Patent (hereinafter, "Prior Licensee") take action against an
infringer, then the obligation of Licensee to pay royalties under the Licensed
Patent Rights shall continue unabated. Licensee acknowledges that a
discontinuation of such third party infringement or initiation of suit against
such third party infringer may be accomplished by Licensor or its Prior
Licensee. If Licensor and its Prior Licensee decline to take action against an

                                      -11-

infringer in the Field of Use then the royalties payable to Licensor by Licensee
pursuant to this Agreement shall be reduced by ** in the territory where such
infringement is taking place and such reduction in royalties shall remain in
effect so long as the infringement continues to take place in that territory
without action being taken by Licensor or its Prior Licensee. Licensor (or its
Prior Licensee conducting such suit under Section 8.3, above), shall have
exclusive control over the conduct of any enforcement action. Licensee shall
assist Licensor (or its Prior Licensee) and cooperate upon request in any such
litigation. All expenses incurred by Licensee, including legal fees, resulting
from requested assistance to Licensor shall be paid by the Licensor within 30
days of receipt of a written invoice from Licensee. Any recovery as a result of
any litigation or settlement thereof shall be the property of Licensor or its
Prior Licensee.

8.4 Declaratory Judgment Action. In the event a third party brings an action to
obtain a declaration of patent invalidity against Licensor and one or more
Licensed Patents, Licensor shall have the sole right to defend such action at
its own cost and expense, and to control any ensuing litigation.

                        9. REPRESENTATIONS AND WARRANTIES

9.1. Representations, Warranties and Covenants of Licensee. Licensee represents
and warrants to and covenants with Licensor that:

     (a) Licensee is a corporation duly organized, validly existing and in
corporate good standing under the laws of Tennessee; and

     (b) Licensee has the corporate and legal right, title, authority and power
to enter into this Agreement; and

     (c) Licensee has taken all necessary action to authorize the execution,
delivery and performance of this Agreement; and

     (d) upon the execution and delivery of this Agreement, this Agreement shall
constitute a valid and binding obligation of Licensee, enforceable in accordance
with its terms, except as enforceability may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
creditors' and contracting parties' rights generally and except as
enforceability may be subject to general principles of equity (regardless of
whether such enforceability is considered in a proceeding in equity or at law);
and

     (e) the performance of its obligations under this Agreement will not
conflict with or result in a breach of any agreements, contracts or other
arrangements to which it is a party; and

     (f) Licensee will not during the term of this Agreement enter into any
agreements, contracts or other arrangements that would prevent Licensee from
meeting its obligations or adversely impact Licensor's rights under this
Agreement; and

**   REPRESENTS MATERIAL WHICH HAS BEEN REDACTED AND SEPARATELY FILED WITH THE
     SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL
     TREATMENT PURSUANT TO RULE 406 UNDER THE SECURITIES ACT OF 1933, AS
     AMENDED.

                                      -12-

     (g) Licensee will comply with all applicable laws, regulations and
guidelines in connection with the activities conducted by Licensee pursuant to
this Agreement, including but not limited to all applicable product safety,
product testing, product labeling, package marking and product advertising laws
and regulations and the regulations of the United States and any other relevant
nation concerning any export or other transfer of technology, services or
products.

9.2. Representations, Warranties and Covenants of Licensor. Licensor represents
and warrants to and covenants with Licensee that:

     (a) Licensor is a corporation duly organized, validly existing and in
corporate good standing under the laws of the state of Washington; and

     (b) Licensor has the corporate and legal right, title, authority and power
to enter into this Agreement; and

     (c) Licensor has taken all necessary action to authorize the execution,
delivery and performance of this Agreement;

     (d) upon the execution and delivery of this Agreement, this Agreement shall
constitute a valid and binding obligation of Licensor enforceable in accordance
with its terms, except as enforceability may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
creditors' and contracting parties' rights generally and except as
enforceability may be subject to general principles of equity (regardless of
whether such enforceability is considered in a proceeding in equity or, at law);
and

     (e) the performance of its obligations under this Agreement will not
conflict with or result in a breach of any agreements, contracts or other
arrangements to which it is a party; and

     (f) Licensor will not after the Effective Date enter into any agreements,
contracts or other arrangements that would prevent Licensor from meeting its
obligations or conflict with Licensee's rights under this Agreement; and

     (g) Licensor will comply with all applicable laws, regulations and
guidelines in connection with the performance of Licensor's obligations pursuant
to this Agreement, including but not limited to all applicable product safety,
product testing, product labeling, package marking and product advertising laws
and regulations and the regulations of the United States and any other relevant
nation concerning any export or other transfer of technology, services or
products.

9.3. Warranty Disclaimer. EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THIS
AGREEMENT, NEITHER PARTY MAKES ANY WARRANTY WITH RESPECT TO THE LICENSED PATENT
RIGHTS, GOODS, SERVICES OR OTHER SUBJECT MATTER OF THIS AGREEMENT AND HEREBY
DISCLAIMS WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND
NON-INFRINGEMENT WITH RESPECT TO ANY AND ALL OF THE FOREGOING.

                                      -13-

9.4. Limited Liability. EXCEPT IN THE CASE OF GROSS NEGLIGENCE OR WILLFUL
MISCONDUCT, NEITHER LICENSEE NOR LICENSOR WILL BE LIABLE WITH RESPECT TO ANY
MATTER ARISING UNDER THIS AGREEMENT UNDER ANY CONTRACT, NEGLIGENCE, STRICT
LIABILITY OR OTHER LEGAL OR EQUITABLE THEORY FOR (A) ANY PUNITIVE, EXEMPLARY,
INCIDENTAL OR CONSEQUENTIAL DAMAGES OR LOST PROFITS OR (B) COST OF PROCUREMENT
OF SUBSTITUTE GOODS, TECHNOLOGY OR SERVICES.

                               10. INDEMNIFICATION

10.1 Personal Injury or Property Damage. Licensee and Sublicensee(s) shall
indemnify and hold Licensor and its Affiliates and their respective directors,
officers, employees and agents harmless from and against any and all claims,
judgments, costs, awards, expenses (including, but not limited to, any
attorney's fees) or liability of any kind arising out of any activities
performed by Licensee and Sublicensees pursuant to this Agreement, including
without limitation personal injury or property damage caused or alleged to be
caused by a Licensed Product. In addition, Licensee and Sublicensee(s) shall
assume all obligations for warranties and product liability claims that
accompany or result from the sale or use of a Licensed Product; and shall
indemnify and hold Licensor harmless from and against any and all claims,
judgments, costs, awards, expenses (including, but not limited to, any
attorney's fees) or liability of any kind arising from customers and relating to
such warranty obligations or product liability claims. Licensee's or
Sublicensee's obligation to indemnify Licensor under this Section 10.1 shall not
apply to the extent caused by the gross negligence or willful misconduct of
Licensor.

10.2. Patent Infringement. Licensee shall indemnify and hold Licensor and its
Affiliates and their respective directors, offers, employees and agents harmless
from and against any and all claims, judgments, costs, awards, expenses
(including, but not limited to, any attorney's fees) or liability of any kind
arising out of or connected with the actual or alleged infringement of any
patent or other proprietary right of third parties by reason of Licensee's, or
Sublicensee's making, having made, using, importing, offering for sale, selling
or having sold any Licensed Product, provided, however, that in the event a
suit, claim or action is brought against Licensee or Sublicensee(s) by a third
party. Licensor shall render all reasonable assistance to Licensee upon request
of Licensee, at Licensee's cost and expense in connection therewith. Licensee's
obligation to indemnify Licensor under this Section 10.2 shall not apply to the
extent caused by the gross negligence or willful misconduct of Licensor.

10.3. Insurance. Licensee shall maintain and cause its Sublicensee's to maintain
appropriate product liability insurance in form and with insurers reasonably
acceptable to Licensor with respect to the development, manufacture, use and
sale of Licensed Products by Licensee and its Sublicensees, Licensee shall
maintain and cause its Sublicensees to maintain such insurance for so long as
it continues to manufacture, use or sell Licensed Products, and thereafter for
so long as Licensee customarily maintains insurance with respect to sales of its
other products. Licensee agrees to obtain and maintain the following levels of
insurance:

                                      -14-

     (a)  from and after the initiation of clinical trials for any Licensed
          Product, insurance in amounts of not less than twenty million dollars
          ($20,000,000); and

     (b)  from and after the first regulatory approval for a Licensed Product,
          insurance in amounts of not less than fifty million dollars
          ($50,000,000).

     It is understood that such insurance shall not be construed to limit
Licensee's liability with respect to its indemnification obligations hereunder.
At the request of Licensor, Licensee shall provide Licensor with a certificate
of insurance evidencing the foregoing coverage.

10.4. Survival. The obligations of this Section 10 shall survive the expiry or
termination, for whatever reason, of this Agreement.

                                11. IMPROVEMENTS

11.1 Ownership of Improvements. Any Improvement made or otherwise developed
solely by Licensee shall be solely owned by Licensee. Any Improvement made or
otherwise developed jointly by Licensee and Licensor shall be owned by Licensor
and Licensee according to the patent laws of the United States. Any jointly
owned Improvement shall be included within the Licensed Patent Rights. Licensee
shall have the first right, but not the obligation, at its sole cost and
expense, to file and prosecute patent applications and maintain patents with
respect to any Improvement made solely by Licensee; provided, however, that
Licensee shall notify Licensor of any decision not to file and prosecute patent
applications or maintain patents with respect to any such Improvement and
Licensee shall then have the right, but not the obligation, at its sole cost and
expense, to file and prosecute such patent applications and maintain such
patents and shall thereafter solely own any such Improvement, any patent
applications filed thereon and any patents issuing therefrom. With respect to
jointly owned Improvements, the parties shall have the right, but not the
obligation, at their joint cost and expense, to jointly file and prosecute
patent applications and maintain patents with respect to any such jointly owned
Improvement, provided, however, that either party may at any time choose not to
participate in the filing and prosecution of patent applications and the
maintenance of patents with respect to any such jointly owned Improvement, in
which event the other party shall have the right, but not the obligation, at its
sole cost and expense, to file and prosecute such patent applications and
maintain such patents and shall thereafter solely own any such Improvement, any
patent applications filed thereon and any patents issuing therefrom.

11.2 Improvements Excluded. Any improvement to the Licensed Patent Rights or to
the Licensed Product that Licensor owns totally or partially, in combination
with any third party, but not with Licensee, or in which Licensor obtains a
total or partial interest, in combination with any third party, but not with
Licensee, whether or not patentable, shall not be an Improvement or included
within the Licensed Patents Rights for purposes of this Agreement.

11.3 Notice. Either party may generate Improvements without approval from or
prior notice to the other party, but shall promptly thereafter notify the other
party of such Improvements.

                                      -15-

                             12. GENERAL PROVISIONS

12.1 Severability. If any provision of this Agreement shall be found by a court
of competent jurisdiction to be void, invalid or unenforceable, the same shall
either be conformed to the extent necessary to comply with applicable law or
stricken if not so conformable, so as not to affect the validity of this
Agreement.

12.2 Notices. All notices, requests, demands, waivers, consents, approvals or
other communications hereunder shall be in writing and shall be deemed to have
been duly given if delivered personally, faxed with receipt acknowledged (and
with a confirmation copy also sent by first class mail, return receipt
requested), delivered by a recognized commercial courier service with receipt
acknowledged, or mailed by registered or certified mail return receipt
requested, postage prepaid, as follows:

If to Licensor:   BioMimetic Pharmaceuticals, Inc.
                  330 Mallory Station, Suite A-1
                  Franklin, TN 37067
                  Attention: President and CEO

With a copy to:   BioMimetic Pharmaceuticals, Inc.
                  330 Mallory Station, Suite A-1
                  Franklin, TN 37067
                  Attention: Legal Department

If to ZGI:        ZymoGenetics, Inc.
                  1201 Eastlake Avenue East
                  Seattle, WA 98102
                  Attention: Vice President, Intellectual Property and
                  Legal Affairs

or to such other addresses 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 effective (i) as of the
date so delivered (either personally or by courier service) or faxed; or (ii) on
the third (3rd) business day after the same has been mailed.

12.3 Force Majeure. Neither party to this Agreement shall be liable for delay or
failure in the performance of any of its obligations hereunder if such delay or
failure is due to causes beyond its reasonable control, including, without
limitation, acts of God, fires, earthquakes, strikes and labor disputes, acts of
war, acts of terrorism, civil unrest, or intervention of any governmental
authority, but any such delay or failure shall be remedied by such party as soon
as is reasonably possible. If the Force Majeure event persists for longer than
twelve (12) months, the other party shall have the right to terminate this
Agreement.

12.4 Assignments. This Agreement may not be assigned by Licensee without the
written prior consent of licensor, provided that Licensee may assign this
agreement to an acquirer of all or substantially all of its assets. This
Agreement shall inure to the benefit of and be binding on the parties' permitted
assigns, and successors in interest. The parties hereto agree that each is
acting

                                      -16-

as an independent contractor and not as an agent or partner of the other by
virtue of this Agreement.

12.5 Waivers and Modifications. The failure of any party to insist on the
performance of any obligation hereunder shall not act as a waiver of such
obligation. No waiver, modification, release, or amendment or any obligation
under this Agreement shall be valid or effective unless in writing and signed by
both parties hereto.

12.6 Choice of Law and Jurisdiction. This Agreement is subject to and shall be
construed and enforced in accordance with the laws of the State of Washington
without reference to its choice of law provisions.

12.7 Entire Agreement. This Agreement constitutes the entire agreement between
the parties as to the subject matter hereof, and all prior negotiations,
representations, agreements and understandings are merged into, extinguished by
and completely expressed by this Agreement. Notwithstanding the foregoing, for
the avoidance of doubt, the Exclusive Patent License Agreement dated March 28,
2001 between Biomimetic Pharmaceuticals, Inc. and Zymogenetics, Inc. shall
remain in full force and effect in accordance with its terms.

12.8 Recording and Further Assurances. Licensee may record this Agreement in
each place necessary or convenient to perfect, protect or otherwise evidence
Licensee's rights hereunder. Each party agrees, promptly upon request, to
execute such further documents as the other party may reasonably request for the
purpose of making effective the rights of such party under this Agreement, at
the sole expense of the party so requesting.

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

                                                                          [SEAL]

BIOMIMETIC PHARMACEUTICALS, INC.        ZYMOGENETICS, INC.

By: /s/ Harvey L. Kellman               By: /s/ Robert S. Whitehead
    ---------------------------------       ------------------------------------
Name: Harvey L. Kellman                 Name: Robert S. Whitehead
Its: Executive Vice President           Its: Senior Vice President and
                                             Chief Business Officer

                                      -17-

                                    EXHIBIT A

                              PDGF LICENSED PATENTS

GRANTED PATENTS
COUNTRY   PATENT NO.   ISSUE DATE   COMMENTS
US         4,769,328    09/06/88
US         4,801,542    01/31/89
US         5,045,633    09/03/91
US         4,766,073    08/23/88
US         4,889,919    12/26/89
US         5,428,010    06/27/95
US         5,533,836    07/09/95
US         6,004,929    12/21/99
US         4,845,075    07/04/89
US         5,516,896    05/14/96
US         4,849,407    07/18/89
US         5,498,600    03/12/96
US         5,187,263    02/16/93
US         5,128,321    07/07/92
US         5,474,982    12/12/95
US         5,895,755    04/20/99
US         5,905,142    05/18/99
US         5,770,228    06/23/98
US         5,889,149    03/30/99
AU         638010       06/17/93
AU         641816       02/08/94
CA         1,340,846    12/07/99    Reissued Patent
CA         1,341,398    11/19/02
CA         2,087,969    10/16/01
EP         177957       01/07/93    Registered in AT, BE, CH, LI, DE, FR, GB,
                                    IT, NL, LU, SE

EP         487166       12/29/99    Registered in AT, BE, CH, LI, DE, FR, GB,
                                    IT, LI, LU, NL, SE

EP         259632       12/13/95    Registered in AT, BE, CH, LI, DE, FR, GB,
                                    IT, LU, NL, SE

EP         547064       06/22/94    Registered in AT, BE, CH, DE, DK, ES, FR,
                                    GB, GR, IT, LI, LU, NL, SE

JP         2837407      10/09/98
JP         3145968      01/05/01
JP         2127599      02/24/97
JP         2823690      09/04/98

PENDING APPLICATIONS
COUNTRY   APPLICATION NO.   FILING DATE   COMMENTS
DK        87/4217           08/11/87

                                      -18-Exhibit 10.7

                         EXCLUSIVE SUBLICENSE AGREEMENT

     This Exclusive Sublicense Agreement ("Agreement") is entered into on
December 9, 2003 ("Effective Date") between BioMimetic Pharmaceuticals, Inc.
("BMPI"), a Delaware corporation and Luitpold Pharmaceuticals, Inc.
("Luitpold"), a New York corporation (each, individually, a "Party" and,
collectively, the "Parties").

                                    RECITALS

     BMPI has licensed the Licensed Patent Rights, as hereinafter defined, from
each of Harvard University and Zymogenetics, Inc. (each a "Licensor" and
collectively, the "Licensors");

     Luitpold desires to obtain an exclusive worldwide sublicense for the
Licensed Patent Rights in accordance with the terms of this Agreement;

     BMPI is willing to grant an exclusive worldwide sublicense for the Licensed
Patent Rights in the Field of Use and the Field of Extended Use, as hereinafter
defined, to Luitpold on the terms and conditions set forth herein;

     NOW THEREFORE, in consideration of the mutual covenants contained herein,
it is agreed by the Parties as follows:

                                 1. DEFINITIONS

     1.1 "Affiliate" means any company, corporation, business or entity
controlled by, controlling, or under common control with either Luitpold or
BMPI. "Control" means direct or indirect beneficial ownership of at least fifty
percent (50%) interest in the voting stock (or the equivalent) of such
corporation or other business or having the right to direct, appoint or remove a
majority or more of the members of its board of directors (or their equivalent),
or having the power to control the general management of such company,
corporation, business or entity, by contract, law or otherwise.

     1.2 "Approval Date" means the date BMPI obtains approval from the FDA or is
granted a "CE" mark or another form of marketing authorization in the European
Union, whichever occurs first, to market and sell Licensed Products anywhere in
the Territory in the Field of Use for humans only.

     1.3 "Distributor" means any non-Affiliate to whom Luitpold both sells
Licensed Products and grants a right to distribute (but not to make or have
made) such Licensed Products in a defined territory.

     1.4 "FDA" means the United States Food and Drug Administration or its
successor.

     1.5 "Field of Use" means all uses related to the treatment, cure, or relief
of mammals for periodontal diseases and/or the repair, restoration or
reconstruction of oral and cranio-maxillofacial osseous defects.

     1.6 "Field of Extended Use" shall mean all uses outside the Field of Use
that are related to the treatment and healing of bone, cartilage, tendon and
ligaments of the skeletal tissue system in animals (excluding humans), excluding
the treatment and healing of soft tissue wounds.

     1.7 "Improvement" means any modification, alteration, enhancement or
improvement to the Licensed Technology or any Licensed Product.

     1.8 "Know-how" means BMPI's technical and other information related to the
Licensed Patent Rights including, without limitation, ideas, concepts,
inventions, discoveries, data, formulae, specifications, processes, procedures
for experiments and tests and other protocols, results of experimentation and
testing, media formulations, fermentation, recovery and purification techniques
and assay protocols whether or not covered by any patent, copyright design,
trademark or other industrial or intellectual property rights.

     1.9 "Licensed Patents" means the Valid Claims of (a) the patents and the
patent applications listed on Exhibit A (attached hereto and made part of this
Agreement); and (b) any patents and patent applications owned or licensed by
BMPI arising from the patents listed on Exhibit A to the extent any Valid Claim
of such patents or patent applications would, in the absence of the licenses
contemplated hereunder, bar the use or sale within the Field of Use or the Field
of Extended Use of a product by Luitpold (treating for this purpose any Valid
Claim in pending patent applications as if they had been issued); and (c) all
patents hereafter issuing from the patents and patent applications described in
the immediately preceding clauses (a) and (b) throughout the world, whether
national or regional, and including any divisions, renewals, reexaminations,
continuations, continuations-in-part, extensions or reissues thereof, and any
supplementary protection certificates. Exhibit A will be updated by BMPI on at
least an annual basis.

     1.10 "Licensed Patent Rights" means all rights under the Licensed Patents
that are granted to Luitpold by BMPI in Section 2.

     1.11 "Licensed Product(s)" means any product consisting essentially of
rhPDGF-BB in the absence of other growth-promoting proteins and in combination
with a synthetic or natural matrix, or any part thereof, which (a) is covered by
the Licensed Technology; (b) is developed through the use of a process which is
covered by the Licensed Technology; or (c) could not be manufactured, used or
sold without the incorporation or use in whole or in part of some or all of the
Licensed Technology.

     1.12 "Licensed Technology" means Know-how and the Licensed Patent Rights.

     1.13 "Net Sales" means the amounts invoiced by Luitpold or any of its
Affiliates or Distributors during the term of this Agreement for the worldwide
sale of Licensed Products to bona fide independent third parties, including any
amounts that may be invoiced for samples, less: (a) normal and customary
rebates, trade, or quantity and cash discounts, including credit card fees,
actually taken or incurred; (b) sales, use and/or excise taxes, custom duties or
other governmental charges (other than taxes imposed on Luitpold's, an
Affiliate's or a Distributor's net income) actually paid in connection with
sales of Licensed Products; (c) amounts actually allowed or credited due to
refunds, returns and replacements; (d) up to 2% of gross sales,

                                        2

representing an estimate of the cost actually paid by Luitpold, an Affiliate or
a Distributor, as applicable, for any bulk packages and packing, freight charges
and insurance which amount will, at the request of BMPI, be reconciled to actual
costs annually; and (e) amounts written off for bad debt. In the case of (a) and
(c), such amounts shall be deductible only to the extent the same are identified
on the invoice to the customer or other documentation maintained in the ordinary
course of business. Net Sales also includes the fair market value of any
non-cash consideration received by Luitpold, its Affiliates or Distributors for
the sale, lease or transfer of Licensed Products.

     1.14 "Territory" means worldwide.

     1.15 "Valid Claim" means with respect to the Licensed Patents (a) a claim
of a pending patent application; or (b) a claim of an issued patent which has
not lapsed or become abandoned or been declared invalid or unenforceable by a
court of competent jurisdiction or an administrative agency from which no appeal
has been taken after ninety (90) days.

                                    2. GRANT

     2.1 Exclusive License. BMPI hereby grants to Luitpold, and Luitpold hereby
accepts from BMPI, subject to the terms and conditions herein specified, an
exclusive worldwide license under the Licensed Technology to use, offer to sell,
sell, and otherwise commercialize, solely in the Field of Use and the Field of
Extended Use, Licensed Product(s) purchased from BMPI. Notwithstanding the
foregoing exclusive sublicense, BMPI reserves the right to use the Licensed
Products for purposes of conducting trials and other tests with respect to the
treatment and healing of bone, cartilage, tendon and ligaments of the skeletal
tissue system on animals in studies related to development of safety and
efficacy information needed for the technology for human use and applications
provided BMPI will share all such information with Luitpold. Any rights not
expressly granted pursuant to this Agreement shall be reserved to BMPI. Except
pursuant to the terms of this Agreement, BMPI will not exercise any rights under
the Licensed Patent Rights.

     2.2 Sublicenses. BMPI hereby grants to Luitpold, and Luitpold hereby
accepts from BMPI, upon the terms and conditions herein specified, the right to
grant sublicenses under the Licensed Technology to Distributors to use, offer to
sell and sell, in the Field of Use and the Field of Extended Use, Licensed
Products purchased from BMPI; provided, however, that before any such sublicense
is executed, Luitpold shall provide BMPI with at least the following information
with respect to the proposed Distributor: (a) the identity of the proposed
Distributor; (b) a description of the Licensed Product and the scope of the
sublicense being granted; and (c) the territory in which the proposed
Distributor will have rights under the sublicense. In the event that the
proposed Distributor is not an Affiliate of Luitpold, Luitpold shall obtain the
prior written consent of BMPI to such sublicense, which shall not be
unreasonably withheld, conditioned or delayed after approval to market by the
appropriate agency. Luitpold will be responsible for the payment of any
royalties or other payments provided for hereunder, regardless of whether the
terms of any sublicense provide for such amount to be paid by a Distributor
directly to BMPI. Each sublicense granted by Luitpold shall be consistent with
and subordinate to the terms and conditions of this Agreement. This Agreement,
in the event BMPI's License Agreement with Harvard University through which BMPI
is licensing any

                                        3

Patent Rights thereunder is terminated, will be terminated or assigned to
Harvard University, only with respect to the patents licensed from Harvard
University, exclusively at Harvard University's option. BMPI agrees not to take
any action or omit to take any action that would cause the License Agreement
with Harvard University to be terminated.

     2.3 Due Diligence Milestones. Luitpold shall proceed diligently to bring
Licensed Products into commercial use in the Field of Use for humans as quickly
as is reasonably possible after the Approval Date. Luitpold shall be deemed to
satisfy the foregoing obligation if Luitpold has made at least one sale of the
Licensed Products to a Distributor or another third party solely for use in the
Field of Use ("First Sale") within ** days after the Approval Date.

     2.4 Regulatory Approvals.

          (a) Subject to Section 6.4, BMPI shall obtain, at its sole expense,
     regulatory approvals required by the FDA, and in Canada and the CE mark in
     the European Union for Luitpold to exercise the rights granted in Sections
     2.1 and 2.2 above in the Field of Use for humans (but not animals) in the
     United States, the European Union and Canada. BMPI shall have the exclusive
     right to communicate with the FDA and counterpart agencies in the European
     Union and Canada regarding regulatory or other approval of the Licensed
     Products in the Field of Use for humans, and Luitpold shall not initiate
     any communication with any such agency except for purposes of Section 6.4.
     If Luitpold is contacted directly by the FDA or any counterpart agency or
     body in the European Union and Canada, Luitpold shall promptly notify BMPI
     and shall cooperate with BMPI in responding to any such communication.

          (b) Upon regulatory approval of applications for uses outside the
     Field of Use and the Field of Extended Use, BMPI will assign all regulatory
     approvals within the Field of Use and the Field of Extended Use to
     Luitpold. BMPI will retain the right to review and approve all related
     regulatory or other filings made by Luitpold.

                             3. TERM AND TERMINATION

     3.1 Term. The term of this Agreement shall be for a period beginning on the
Effective Date and extending, on a country by country basis, until the later of
(a) the last to expire Valid Claim that covers a Licensed Product in that
country, or (b) December 31, 2014. Luitpold's obligation to pay royalties shall
expire on a country-by-country basis. The Agreement may be extended by mutual
consent of the parties. If extended, Section 4.3, among other provisions,
survives for so long as Luitpold relies upon Know-how, trademarks, trade secrets
and/or other proprietary technology or information developed by BMPI.

     3.2 Termination.

          (a) In the event that one Party commits any material breach of this
     Agreement, unless this Agreement provides a different remedy, the
     non-breaching Party may terminate this Agreement at its option by giving
     the breaching Party not less than sixty (60) days written notice of its
     election to terminate as of a stated date. In addition to its option to
     terminate, BMPI shall have the right to convert this Agreement to a
     non-exclusive sublicense. Such notice shall state the nature of the
     defaults claimed by the

                                        4

**   REPRESENTS MATERIAL WHICH HAS BEEN REDACTED AND SEPARATELY FILED WITH THE
     SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL
     TREATMENT PURSUANT TO RULE 406 UNDER THE SECURITIES ACT OF 1933, AS
     AMENDED.

     non-breaching Party. The breaching Party during said sixty (60) day period
     may cure any default stated in said notice and if such default is cured or,
     if such default is not a failure to pay an amount due and will reasonably
     take longer than sixty (60) days to cure and the breaching Party is
     diligently pursuing such cure, this Agreement shall continue in full force
     and effect as if such notice had not been given. Additionally, in the event
     Luitpold commits a material breach of that certain Research, Development
     and Marketing Agreement by and between BMPI and Luitpold dated December 9,
     2003 or that certain Manufacturing and Supply Agreement by and between BMPI
     and Luitpold dated December 9, 2003, this entire Agreement shall terminate,
     or, at BMPI's option, Luitpold's rights under this Agreement may become
     non-exclusive.

          (b) In the event either Party shall become insolvent or shall cease
     business, or shall file a voluntary petition or an answer admitting the
     jurisdiction of the court and the material allegations of, or shall consent
     to, an involuntary petition pursuant to or purporting to be pursuant to any
     reorganization or insolvency law of any jurisdiction, or shall make an
     assignment for the benefit of creditors, or shall apply for or consent to
     the appointment of a receiver or trustee for a substantial part of its
     property then, at the option of the other Party, this Agreement shall
     terminate effective as of a date ten (10) days following written notice by
     the Party intending to terminate.

     3.3 Effect of Termination. Upon termination or expiration of this
Agreement, BMPI shall have the option to repurchase from Luitpold any Licensed
Products that are in Luitpold's inventory on the effective date of such
termination. The repurchase price for License Products in good condition in
unopened, undamaged packaging shall be the price paid by Luitpold; the price for
Licensed Products in damaged or opened packaging or otherwise not in good
condition shall be subject to mutual agreement by the Parties in good faith.
Luitpold may continue to sell any Licensed Products that are not repurchased by
BMPI for up to one hundred eighty (180) days after the effective date of
expiration or termination and shall pay to BMPI any royalties which may accrue
on such sales.

     3.4 Survival. Article 1, Sections 3.3 and 3.4, and Articles 4, 6, 7, 10,
and 11 shall survive termination or expiration of this Agreement.

                              4. FEES AND ROYALTIES

     4.1 Royalties. Luitpold, in exchange for the rights granted to Luitpold
under this Agreement, shall pay or cause to be paid to BMPI royalties equal to
** of Net Sales of any Licensed Product. In addition, in the event that
aggregate royalties BMPI must pay to its respective licensors exceed the ** that
Luitpold is paying BMPI, Luitpold will pay such excess up to an additional ** of
Net Sales; however, in such case, upon the last to expire of the Valid Claims
under the Licensed Patents identified with an asterisk (*) on Exhibit A.
Luitpold shall be entitled to a non-refundable royalty credit effective on such
date which may be applied solely against future royalty payments from Luitpold
to BMPI. The total amount of the credit shall be equal to all prior royalties
paid by Luitpold to BMPI under this Agreement but only to the extent such
royalties exceeded ** of total Net Sales and provided further that such credit
will not reduce any royalties then due and payable by Luitpold for a given
quarter by more than fifty percent (50%). Upon expiration of this

                                        5

**   REPRESENTS MATERIAL WHICH HAS BEEN REDACTED AND SEPARATELY FILED WITH THE
     SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL
     TREATMENT PURSUANT TO RULE 406 UNDER THE SECURITIES ACT OF 1933, AS
     AMENDED.

Agreement on or after 2014, one-half of any remaining credit shall be refunded
by BMPI to Luitpold.

4.2 Minimum Royalties. In the first twelve (12) months following the First Sale,
the royalties payable by Luitpold to BMPI pursuant to Section 4.1 shall not be
less than Six Hundred Thousand Dollars ($600,000). In the second twelve (12)
months following the First Sale, the royalties payable by Luitpold to BMPI
pursuant to Section 4.1 shall not be less than One Million Two Hundred Thousand
Dollars ($1,200,000). In the third through the sixth twelve (12) month period
following the First Sale, the royalties payable by Luitpold to BMPI pursuant to
Section 4.1 shall not be less than Two Million Four Hundred Thousand Dollars
($2,400,000). The payment of minimum royalties will be contingent upon adequate
supply of the Licensed Products by BMPI to Luitpold. So long as BMPI is required
to provide such supply, if BMPI does not or cannot supply an adequate supply of
Licensed Product to Luitpold, the minimum royalties for the calendar year(s)
shall be reduced on a prorated basis to reflect the amount that could not be
supplied; however, if Luitpold is able to obtain an alternative supply, this
exception shall not apply and Luitpold will be obligated to pay the minimum
royalties.

     4.3 Royalty Reduction. Upon and after the expiration of the last to expire
of the Valid Claims under the Licensed Patents, the royalty rate set forth in
Section 4.1 shall be reduced for the remaining term of the Agreement to ** of
Net Sales in consideration for use by Luitpold and the Distributors of BMPI's
Know-how, trade secrets, trademarks and/or other proprietary technology
independent of any Licensed Patent Rights.

     4.4 Additional Royalties. In addition to the royalties set forth in Section
4.1, Luitpold agrees to pay to BMPI ** of any license fees and milestone
payments other than payments in respect of or measured by Net Sales, received by
Luitpold or any Affiliate from ** for rights to distribute the Licensed Products
to U.S. hospitals and surgical centers for the repair, restoration or
reconstruction of cranio-maxillofacial osseous defects.

     4.5 Milestone Payments. BMPI will provide Luitpold written notice of the
achievement of each of the milestone events (a) and (b) set forth below and
Luitpold shall pay the relevant milestone amounts within thirty (30) days of
such notice. Luitpold shall provide BMPI written notice within thirty (30) days
of the achievement of each of the milestone events (c)-(h) set forth below and
Luitpold shall pay the relevant amounts to BMPI as milestone payments with such
notice; provided, however, that Luitpold shall be required to pay such amounts
if, and only if, its achievement of the applicable milestone obligates BMPI to
make a milestone payment to any Licensor:

          (a) Fifteen Million Dollars ($15,000,000) within thirty (30) days
     after the date on which regulatory approval is first received in the United
     States to market the Licensed Products in the Field of Use, of which **
     shall be payable for the rights granted under the Licensed Patents
     identified with an asterisk (*) on Exhibit A and ** shall be payable for
     the rights granted under the Licensed Patents not identified with an
     asterisk (*) on Exhibit A;

                                        6

**   REPRESENTS MATERIAL WHICH HAS BEEN REDACTED AND SEPARATELY FILED WITH THE
     SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL
     TREATMENT PURSUANT TO RULE 406 UNDER THE SECURITIES ACT OF 1933, AS
     AMENDED.

          (b) Five Million Dollars ($5,000,000) on the second anniversary of the
     Approval Date of which ** shall be payable for the rights granted under the
     Licensed Patents identified with an asterisk (*) on Exhibit A and ** shall
     be payable for the rights granted under the Licensed Patents not identified
     with an asterisk (*) on Exhibit A;

          (c) ** upon filing an Investigational New Drug Application or an
     equivalent foreign filing for regulatory approval of a Licensed Product in
     the Field of Extended Use;

          (d) ** upon initiation of a Phase III or pivotal clinical trial, as
     "Phase III" is defined by Title 21: chapter 1 - Food and Drug
     Administration, Department of Health and Human Services for a Licensed
     Product in the Field of Extended Use;

          (e) ** upon filing a Biologies License Application or an equivalent
     foreign filing for a Licensed Product in the Field of Extended Use;

          (f) ** upon receipt of FDA approval to market a Licensed Product in
     the Field of Extended Use;

          (g) ** on the first anniversary of receipt of FDA approval to market a
     Licensed Product in the Field of Extended Use; and

          (h) ** on the second anniversary of receipt of FDA approval to market
     a Licensed Product in the Field of Extended Use.

     Luitpold shall provide BMPI with written notice of the achievement of any
milestone, accompanied by the applicable milestone payment, within thirty (30)
days after the achievement of such milestone. Milestones (c) through (h) shall
be deemed achieved by Luitpold if achieved by Luitpold, an Affiliate of
Luitpold, a Distributor, or an agent or contractor of Luitpold, an Affiliate or
a Distributor. In the event Luitpold pays for any milestone payment described in
(c) through (e) above, BMPI will be obligated to refund such individual
milestone payment(s) to Luitpold if BMPI subsequently achieves any or all of the
same milestones that, but for Luitpold's previous payment of the same milestone,
would have triggered a milestone payment obligation from BMPI to a Licensor.

     4.6 Sale Bonus Payment. No later than March 15th of the year following the
first (but only the first) calendar year in which worldwide Net Sales by
Luitpold and its Affiliates or Distributors of the Licensed Products for use in
the Field of Extended Use, combined with BMPI's sales in human orthopedic
related indications, exceeds ** Luitpold will pay a sales bonus, not to exceed
**, to BMPI equal to its pro rata share of ** based on Luitpold's sales in the
Field of Extended Use and BMPI's sales in human orthopedics. Luitpold shall pay
a Sales Bonus Payment if, and only if, its sales

                                        7

**   REPRESENTS MATERIAL WHICH HAS BEEN REDACTED AND SEPARATELY FILED WITH THE
     SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL
     TREATMENT PURSUANT TO RULE 406 UNDER THE SECURITIES ACT OF 1933, AS
     AMENDED.

alone in the Field of Extended Use, or in total with BMPI's sales in human
orthopedics, trigger a ** sales bonus payment to Zymogenetics, Inc.

     4.7 Non-Cash Payments. If any payment for which Luitpold owes BMPI a
payment pursuant to this Section 4 is made other than in cash, Luitpold shall
pay BMPI pursuant to this Section 4 in cash based on the fair market value of
the non-cash payment received by Luitpold, and BMPI shall have no obligation to
accept any non-cash payment from Luitpold.

     4.8 Schedule and Form of Payment/Taxes. Luitpold shall pay royalties on a
calendar quarter basis and payments shall be due and payable with the reports
required by this Section 4.8 thirty (30) days following the close of the
relevant accounting period. Each such payment shall be accompanied by a report
for the period covered showing the total number or volume of Licensed Products
sold and total Net Sales, each on a country-by-country basis, the exchange rate
used to convert any payments into United States dollars, and total royalties
due, if any. All royalties and other amounts payable to BMPI hereunder shall be
payable in United States dollars. Luitpold shall, when required to do so by
applicable law, be responsible for the payment of all withholding taxes imposed
by any country on any royalty or other amounts payable to BMPI hereunder and
shall withhold such taxes from the amounts payable to BMPI hereunder. Luitpold
will supply BMPI with evidence of such payment of withholding tax, in a form
acceptable to BMPI to meet the requirements for claiming foreign tax credits on
BMPI's federal income tax return. Notwithstanding the foregoing, if the law of
any foreign country prevents any payment payable to BMPI hereunder to be made in
the United States of America or prevents any such payment to be made in United
States dollars, BMPI agrees to accept such payment in form and place as
permitted, including deposits by Luitpold in the applicable foreign currency in
a local bank or banks in such country designated by Luitpold. If any currency
conversion is required in connection with any payment to BMPI hereunder such
conversion shall be made at the average of the buying rate and the selling rate
for the transfer of such other currency into United States Dollars as quoted by
Citicorp Bank (New York), or its successor, on the last business day of the
applicable accounting period, in the case of any payment payable with respect to
a specified accounting period, or, in the case of any other payment, the last
business day prior to the date of such payment. If no royalties are due for any
calendar quarter, Luitpold shall so report.

     4.9 Records. Luitpold shall maintain, and shall ensure that its
Distributors maintain, complete and accurate records sufficient to enable
accurate calculation of royalties and other fees due BMPI under this Agreement.
Once a calendar year, BMPI shall have the right to select a certified public
accountant reasonably acceptable to Luitpold to inspect, on not less than
fifteen (15) business days prior written notice and during Luitpold's regular
business hours, the records of Luitpold and/or any Distributor necessary to
verify Luitpold's statement and payments due pursuant to this Agreement. Such
accountant must execute a nondisclosure agreement reasonably satisfactory to
Luitpold prior to any access to records. Luitpold agrees to, and to ensure that
the Distributors, cooperate and provide reasonable access to their respective
books, records and premises; provided, however, that such access shall be
limited to those books and records necessary to verify the accuracy of the
payments made to BMPI pursuant to this Agreement. The entire cost for such
inspection shall be borne by BMPI unless there is a discrepancy of greater than,
or equal to, five percent (5%) in Luitpold's favor in which case Luitpold shall
bear the entire cost of the inspection. Records shall be preserved by Luitpold
and the Distributors for three (3) years for inspection by BMPI.

                                        8

**   REPRESENTS MATERIAL WHICH HAS BEEN REDACTED AND SEPARATELY FILED WITH THE
     SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL
     TREATMENT PURSUANT TO RULE 406 UNDER THE SECURITIES ACT OF 1933, AS
     AMENDED.

                 5. PROSECUTION AND MAINTENANCE OF PATENT RIGHTS

     5.1 Right to Prosecute and Maintain Licensed Patents. During the term
hereof, BMPI or its Licensors shall have the right to file, prosecute and
maintain all patents and patent applications as set forth in Exhibit A. Luitpold
shall render BMPI such assistance as BMPI may reasonably require to comply with
BMPI's obligations under this Section 5.1. BMPI shall retain the right to
abandon patent applications in BMPI's reasonable discretion. BMPI shall maintain
Licensed Patents, at its sole expense, until the last to expire Valid Claim. If
BMPI should wish to abandon any one or more of the Licensed Patents or cease the
maintenance thereof during the term of this Agreement, BMPI shall notify
Luitpold in writing not less than forty-five (45) days prior to any action
required to preserve such Licensed Patents and shall consider any objection by
Luitpold to any proposed abandonment that BMPI receives within forty-five (45)
days of receipt of such notification. If BMPI does not prosecute and maintain
any patent or patent application and provided BMPI does not incur obligations
arising under the Zymogenetics, Inc. licenses or the Harvard license, BMPI will
assign its rights, without warranties of any kind, to Luitpold.

     5.2 Assistance and Communication. BMPI (or its Licensors) shall have
exclusive control over the prosecution of the Licensed Patents before all
national and international patent offices; provided that Luitpold shall have
reasonable opportunities to advise BMPI. Luitpold shall cooperate and, at BMPI's
expense, shall render all reasonable assistance to BMPI in preparing, filing and
prosecuting Licensed Patents relating to the Field of Use and the Field of
Extended Use.

                            6. COVENANTS OF LUITPOLD

     6.1 Sale and Marking. Luitpold will not sell or market any Licensed
Products in any part of the Territory where proper regulatory approval has not
been obtained, unless approval is not required. Luitpold shall comply with all
applicable United States and foreign statutes related to the marking of Licensed
Products and their packaging with patent pending, patent number(s), or other
intellectual property notices and legends required to maintain the patent rights
licensed in this Agreement.

     6.2 Export. Luitpold shall be solely responsible for obtaining all
licenses, permits or authorizations required from the United States and any
other government for export or reexport of Licensed Products. BMPI agrees to
provide Luitpold with such assistance as it may reasonably request in obtaining
such licenses, permits or authorization at Luitpold's expense.

     6.3 Sales Force and Customer Service. Beginning upon FDA approval of
Licensed Product, Luitpold will maintain a direct sales force of ** sales
representatives in the United States trained on the Licensed Products as well as
enough customer service representatives reasonably necessary to support the
Licensed Product sales in the Territory, provided Luitpold shall have a
reasonable time of up to four months to replace any departing sales
representative. Luitpold will market the Licensed Products in a professional and
ethical manner.

**   REPRESENTS MATERIAL WHICH HAS BEEN REDACTED AND SEPARATELY FILED WITH THE
     SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL
     TREATMENT PURSUANT TO RULE 406 UNDER THE SECURITIES ACT OF 1933, AS
     AMENDED.

                                        9

     6.4 Regulatory Approvals and Post-marketing Studies. Luitpold shall have
the first option to (a) obtain, at its sole expense, all permits, licenses, and
other regulatory approvals that may be required for sale of the Licensed
Products (i) in the Field of Use for use with animals (excluding humans) in the
United States, European Union and Canada (ii) in the Field of Use outside the
United States, European Union and Canada for use with animals (including humans)
and (iii) in the Field of Extended Use anywhere in the world, and (b) to file
all reports, applications, notifications, manifests, and the like required by
regulatory authorities for Luitpold to (a) exercise the rights granted in
Sections 2.1 and 2.2 for the Field of Use outside the United States and the
European Union, (b) exercise the rights granted in Sections 2.1 and 2.2 for the
Field of Extended Use anywhere in the world and (c) conduct post-marketing
clinical studies on the Licensed Products. In addition, Luitpold shall be
obligated to fund all post-marketing clinical studies for the Licensed Products
in the Field of Use and the Field of Extended Use, except those required as a
condition of the first approval of any regulatory authority.

          (a)  Prior to initiating a pre-marketing or post-marketing study for
               the Licensed Products, Luitpold shall furnish to BMPI, and shall
               secure BMPI's written approval of, the protocol that Luitpold
               proposes to use for the study.

          (b)  Prior to submission to FDA or other regulatory agencies, or
               bodies, Luitpold shall submit to BMPI, and carefully consider
               BMPI's recommendations, any written communication with a
               regulatory agency in connection with seeking any of the foregoing
               regulatory approvals and shall promptly notify BMPI of, and
               afford BMPI the opportunity to attend and participate in, any
               meeting with a regulatory agency in connection therewith.

          (c)  Luitpold shall provide to BMPI, at BMPI's expense, copies of all
               records and reports that result from pre-marketing and
               post-marketing studies performed by or for Luitpold, and BMPI
               shall have the right to use any such documents in connection with
               regulatory filings.

          (d)  Before publishing, presenting or permitting the publication or
               presentation of data related to a pre-marketing or post-marketing
               clinical studies, Luitpold shall use its best efforts, subject to
               principles of academic freedom, to submit copies of any and all
               proposed manuscripts, abstracts and or presentation materials or
               aids to BMPI thirty (30) days in advance of submitting or
               presenting such proposed manuscripts, abstracts and or
               presentation materials or aids to a publisher or other third
               party. BMPI shall have the right to evaluate such materials to
               ascertain whether (a) Confidential Information or other
               proprietary information of BMPI is being used or disclosed in an
               unauthorized manner, or (b) the publication of such materials
               would impair BMPI's attempt to secure a patent on any idea,
               invention, process, composition of matter or business method. If
               BMPI makes a good faith determination, within such thirty (30)
               day period, that the publication of a proposed manuscript,
               abstract or presentation materials or aids would result in an
               unauthorized use or disclosure of its Confidential Information,
               Luitpold shall remove such Confidential Information from the
               manuscript, abstract or presentation materials or aids before
               publishing the same. If BMPI makes a

                                       10

               good faith determination, within such thirty (30) day period,
               that the publication of a proposed manuscript, abstract or
               presentation materials or aids would impair BMPI's attempt to
               secure a patent on any idea, invention, process, composition of
               matter or business method, Luitpold shall refrain from submitting
               or presenting such proposed manuscript, abstract or presentation
               materials or aids to a publisher or other third party for another
               ninety (90) days to allow BMPI to file patent applications or
               take other steps to secure, perfect or otherwise protect its
               intellectual property interests.

          (e)  If at any time a third party offers to obtain regulatory approval
               which Luitpold has the first option to seek in accordance with
               this Section 6.4 but has not then begun the process of seeking,
               BMPI shall so notify Luitpold.

     6.5 Periodic Meetings with BMPI. Not less often than semi-annually after
BMPI receives regulatory approval to market the Licensed Products in the United
States or in any country in the European Union, Luitpold will meet with BMPI to
review all regulatory approvals in the Territory.

     6.6 Funding of Research and Development Efforts. Luitpold will fund BMPI's
research and development efforts, in accordance with that certain Research,
Development and Marketing Agreement by and between BMPI and Luitpold dated
December 9, 2003 to which this Agreement is attached, for purposes of obtaining
regulatory or other approvals in the United States, Canada and the European
Union in the Field of Use for humans.

                               7. CONFIDENTIALITY

     7.1 Confidential Information. It may be necessary for one Party to disclose
to the other Party certain confidential or proprietary information.
"Confidential Information" means information related to the business of Luitpold
or the business of BMPI and includes, without limitation, all tangible and
intangible information relating to scientific data, analyses and projections;
intellectual property, trade secrets, know-how, products, and product
candidates; strategies, operations, systems, software, ideas, financial
information, contracts, business documents, and business records; and any
analyses, compilations, studies and other documents, in whatever form furnished,
prepared or stored, whether prepared by a Party, its representatives or others,
which are based upon, incorporate or otherwise reflect such information. During
the term of this Agreement and for ten (10) years thereafter, the Party
receiving Confidential Information of the other Party agrees not to disclose
such Confidential Information and not to use it for any purpose except those
specifically allowed in this Agreement. Confidential Information shall not
include information which:

          (a) is now in the public domain or which becomes generally available
     to the public through no fault of the receiving Party;

          (b) is already known to, or in the possession of, the receiving Party
     prior to disclosure by the disclosing Party as can be demonstrated by
     written evidence;

          (c) is disclosed on a non-confidential basis to the receiving Party by
     a third Party having the right to make such a disclosure;

                                       11

          (d) is independently developed by the receiving Party (by activity not
     associated with the Licensed Technology) as can be demonstrated by written
     evidence; or

          (e) is required to be disclosed by order of any court or governmental
     or regulatory authority, or where otherwise required by law but only after
     notification to the providing Party by the receiving Party of such
     requirement in order to allow the providing Party to seek protection for
     the providing Party's Confidential Information from such court or
     governmental or regulatory authority.

     7.2 Publicity. Except as otherwise set forth in this Section 7 or 12.2,
neither Party shall originate any publicity, news release or public
announcements, relating to this Agreement (including, without limitation, its
existence, its subject matter, the Parties' performance, any amendment hereto or
performance hereunder), whether to the public or press, stockholders or
otherwise, without the prior written consent of the other Party, save only such
announcements that are required by law to be made or that are otherwise agreed
to by the Parties. Such announcements shall be brief and factual. If a Party
decides to make an announcement, whether required by law or otherwise, it shall
give the other Party at least ten (10) business days advance notice, where
possible, of the text of the announcement so that the other Party shall have an
opportunity to comment upon the announcement. To the extent that the receiving
Party reasonably requests the deletion of any information in the announcement,
the disclosing Party shall delete such information unless, in the opinion of the
disclosing Party's legal counsel, such Confidential Information is legally
required to be fully disclosed.

                   8. INTERFERENCE, OPPOSITION AND ENFORCEMENT

     8.1 Interference. In the event an interference is declared by the U.S.
Patent and Trademark Office involving one or more of the Licensed Patents, then
BMPI shall promptly notify Luitpold in writing. BMPI or its Licensors shall have
exclusive control over the conduct of the interference; provided Luitpold shall
have reasonable opportunities to advise BMPI. At BMPI's sole discretion and
expense, Luitpold shall assist BMPI and cooperate in any such interference upon
BMPI's request. In the event that there is an interference declared involving
one or more of the Licensed Patents, then the obligation of Luitpold to pay
royalties under the Licensed Patent Rights shall continue unabated so long as
Luitpold continues to exercise its rights under this Agreement.

     8.2 Opposition. In the event that one or more of the Licensed Patents are
subject to an opposition proceeding, then BMPI shall promptly notify Luitpold in
writing. BMPI (or its Licensors) shall have exclusive control over the conduct
of the opposition; provided Luitpold shall have reasonable opportunities to
advise BMPI. At BMPI's sole discretion and expense, Luitpold shall assist BMPI
and cooperate in any such opposition upon BMPI's request. In the event that
there is an opposition involving one or more of the Licensed Patents, then the
obligation of Luitpold to pay royalties under the Licensed Patent Rights shall
continue unabated so long as Luitpold continues to exercise its rights under
this Agreement.

     8.3 Declaratory Judgment Action. In the event a third Party brings an
action to obtain a declaration of patent invalidity against Luitpold, BMPI
and/or one or more Licensed Patents, BMPI (or its Licensors) shall have the
right to defend such action at its own cost and expense,

                                       12

and to control any ensuing litigation. In the event a competitor is successful
in lawfully marketing a Licensed Product during the term of this Agreement,
Luitpold's obligation to pay royalties shall persist in accordance solely with
the royalty reduction as set forth in Section 4.3.

     8.4 Enforcement by BMPI. In the event either Party becomes aware of a
suspected infringement of a Licensed Patent within the Field of Use or the Field
of Extended Use, such Party shall notify the other Party promptly in writing
and, following such notification, the Parties shall promptly confer. BMPI or
Licensors shall have the right, but shall not be obligated, to prosecute an
infringement action at its own expense and under its own direction and control;
provided Luitpold shall have reasonable opportunities to advise BMPI. BMPI shall
notify Luitpold in writing within ninety (90) days of becoming aware of a
suspected infringement whether or not it will prosecute an infringement action.
If BMPI or a Licensor elects to prosecute such action, it shall be entitled to
all recoveries in any such action. Luitpold shall reasonably assist BMPI at
BMPI's expense in such actions if so requested. Luitpold shall have the right to
participate and be represented in any such suit by its own counsel at its own
expense.

     8.5 Backup Enforcement by Luitpold. If BMPI or its Licensors are unable or
elect not to bring an action for infringement of a Licensed Patent within the
Field of Use or the Field of Extended Use, Luitpold may bring such action at its
own expense and under its own direction and control; provided, BMPI shall have
reasonable opportunities to advise Luitpold. In such event, Luitpold shall be
entitled to recover its expenses from all recoveries in any such action, and the
remaining balance of any such recoveries shall be treated as Net Sales for which
Luitpold shall pay royalties to BMPI. BMPI shall reasonably assist Luitpold at
Luitpold's expense in such actions if so requested or required by law. BMPI
shall also lend its name to such actions if requested by Luitpold or required by
law, at Luitpold's expense. BMPI shall have the right to participate and be
represented in any such suit by its own counsel at its own expense.

                        9. REPRESENTATIONS AND WARRANTIES

     9.1 Representations, Warranties and Covenants of Luitpold. Luitpold
represents and warrants to and covenants with BMPI that:

          (a) Luitpold is a corporation duly organized, validly existing and in
     corporate good standing under the laws of New York; and

          (b) Luitpold has the corporate and legal right, authority and power to
     enter into this Agreement; and

          (c) Luitpold has taken all necessary action to authorize the
     execution, delivery and performance of this Agreement; and

          (d) upon the execution and delivery of this Agreement, this Agreement
     shall constitute a valid and binding obligation of Luitpold, enforceable in
     accordance with its terms, except as enforceability may be limited by
     applicable bankruptcy, insolvency, reorganization, moratorium or similar
     laws affecting creditors' and contracting Parties' rights generally and
     except as enforceability may be subject to general principles of equity
     (regardless of whether such enforcement is considered in a proceeding in
     equity or at law); and

                                       13

          (e) the performance of its obligations under this Agreement will not
     conflict with or result in a breach of any agreements, contracts or other
     arrangements to which it is a party; and

          (f) Luitpold will comply with all applicable laws and regulations in
     connection with the performance of Luitpold's obligations pursuant to this
     Agreement, including but not limited to all applicable laws and regulations
     concerning product labeling, package marking, advertising and export.

     9.2 Representations, Warranties and Covenants of BMPI. BMP1 represents and
warrants to and covenants with Luitpold that:

          (a) BMPI is a corporation duly organized, validly existing and in
     corporate good standing under the laws of Tennessee; and

          (b) BMPI has the corporate and legal right, authority and power to
     enter into this Agreement; and

          (c) BMPI has taken all necessary action to authorize the execution,
     delivery and performance of this Agreement; and

          (d) upon the execution and delivery of this Agreement, this Agreement
     shall constitute a valid and binding obligation of BMPI, enforceable in
     accordance with its terms, except as enforceability may be limited by
     applicable bankruptcy, insolvency, reorganization, moratorium or similar
     laws affecting creditors' and contracting Parties' rights generally and
     except as enforceability may be subject to general principles of equity
     (regardless of whether such enforcement is considered in a proceeding in
     equity or at law); and

          (e) the performance of its obligations under this Agreement will not
     conflict with or result in a breach of any agreements, contracts or other
     arrangements to which it is a party; and

          (f) BMPI will comply with all applicable laws and regulations in
     connection with the performance of BMPI's obligations pursuant to this
     Agreement, including but not limited to all applicable laws and regulations
     concerning product safety, testing, labeling, package marking, advertising
     and export.

     9.3 Warranty Disclaimer. EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THIS
ARTICLE 9 OR IN ARTICLE 10.1 OF THE MANUFACTURING AND SUPPLY AGREEMENT, NEITHER
PARTY MAKES ANY WARRANTY WITH RESPECT TO THE LICENSED PATENT RIGHTS, GOODS,
SERVICES OR OTHER SUBJECT MATTER OF THIS AGREEMENT AND EACH PARTY HEREBY
DISCLAIMS ANY IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR
PURPOSE AND NON-INFRINGEMENT.

                                       14

                                10. IMPROVEMENTS

     10.1 Ownership of Improvements. Each Improvement made or otherwise
developed by Luitpold shall be solely owned by BMPI. Luitpold expressly
acknowledges that any Improvement it may make would not have been possible
without the license granted in Section 2 hereof, and accordingly, Luitpold
hereby assigns to BMPI all rights, title and interests that Luitpold may have or
obtain in and to any Improvement that Luitpold may make, discover or develop,
including any and all intellectual property rights therein. BMPI shall have the
exclusive right to reproduce, publish, patent, copyright, sell, license and
otherwise make use of the Improvement. Luitpold will, upon request, execute
specific assignments and take any action necessary to enable BMPI to secure
patents, copyrights or otherwise secure its proprietary rights in Improvements.
Not withstanding the preceding, BMPI shall grant to Luitpold the exclusive
sublicense consistent with the provisions in Sections 2.1 and 2.2 for the term
of this Agreement to all Improvements which Luitpold funds related solely to
carriers for growth factors. Luitpold will incur no additional sublicensing fees
for these additional products, provided that all funding has been incurred by
Luitpold. Luitpold will be responsible for all regulatory approvals required for
marketing Improvements which it sublicenses. BMPI shall retain all rights
related to Improvements in growth factors.

     10.2 Option to License Improvements. If, during the term of this Agreement,
BMPI elects to grant a license to any third party to use, offer to sell, sell,
and/or otherwise commercialize any Improvement related to carriers for growth
factors not resulting from a study performed and paid for by Luitpold in the
Field of Use and/or in the Field of Extended Use, and Luitpold is in full
performance of its obligations under this Agreement BMPI shall offer such
license to Luitpold before offering it to a third party. Within thirty (30) days
after the date of any such offer, Luitpold shall notify BMPI in writing whether
or not Luitpold is interested in receiving such a license. If Luitpold notifies
BMPI that it is interested in receiving such license, the parties shall
negotiate in good faith for one hundred twenty (120) days after the date of such
notification to reach agreement on the amount of any royalties, milestone
payments or other remuneration that will be payable by Luitpold as consideration
for such license and the other terms and conditions of such license. If BMPI
does not receive written notice that Luitpold is interested in receiving a
license to any Improvement within thirty (30) days after the offer is made, or
if the parties, negotiating in good faith, are unable to reach agreement upon
applicable remuneration or other terms and conditions within one hundred twenty
(120) days after Luitpold's written notification of interest in receiving an
offered license, BMPI shall be free to offer such license to any third party on
terms no less favorable to BMPI than the terms offered by Luitpold.

     10.3 Option to License Additional Growth Factor Products. If, during the
term of this Agreement, BMPI elects to grant a license to any third party to
use, offer to sell, sell, and/or otherwise commercialize any growth factor
related technology in the Field of Use and/or in the Field of Extended Use, and
Luitpold is in full performance of its obligations under this Agreement, BMPI
shall offer such license to Luitpold before offering it to a third party. Within
thirty (30) days after the date of any such offer, Luitpold shall notify BMPI in
writing whether or not Luitpold is interested in receiving such a license. If
Luitpold notifies BMPI that it is interested in receiving such license, the
parties shall negotiate in good faith for one hundred twenty (120) days after
the date of such notification to reach agreement on the amount of any

                                       15

royalties, milestone payments or other remuneration that will be payable by
Luitpold as consideration for such license and the other terms and conditions of
such license. If BMPI does not receive written notice that Luitpold is
interested in receiving a license to any Improvement within thirty (30) days
after the offer is made, or if the parties, negotiating in good faith, arc
unable to reach agreement upon applicable remuneration or other terms and
conditions within one hundred twenty (120) days after Luitpold's written
notification of interest in receiving an offered license, BMPI shall be free to
offer such license to any third party on terms no less favorable to BMPI than
the terms offered by Luitpold.

     10.4 Notice. Either Party may generate Improvements without approval from
or prior notice to the other Party, but shall promptly thereafter disclose to
the other Party all Improvements made by such Party or its Affiliates or
Distributors.

                              11. GENERAL PROVISION

     11.1 Limited Liability. EXCEPT IN THE CASE OF GROSS NEGLIGENCE OR WILLFUL
MISCONDUCT, NEITHER LUITPOLD NOR BMPI WILL BE LIABLE WITH RESPECT TO ANY MATTER
ARISING UNDER THIS AGREEMENT UNDER ANY CONTRACT, NEGLIGENCE, STRICT LIABILITY OR
OTHER LEGAL OR EQUITABLE THEORY FOR (A) ANY PUNITIVE, EXEMPLARY, INCIDENTAL OR
CONSEQUENTIAL DAMAGES OR LOST PROFITS OR (B) COST OF PROCUREMENT OF SUBSTITUTE
GOODS, TECHNOLOGY OR SERVICES.

     11.2 Use of Name. Luitpold does not have, and shall not acquire, any
interest in any of BMPI's trademarks or trade names unless otherwise expressly
agreed by BMPI in writing. BMPI's name may appear on the packaging and labeling
for the Licensed Product and in material included therewith to the extent
required by law; provided, however, that each such use must be approved in
writing by BMPI, which approval shall not be unreasonably withheld. Luitpold
shall not otherwise use the name of BMPI, or disclose the existence of this
Agreement for any marketing, advertising or promotional purpose, without BMPI's
prior written consent.

     11.3 No Agency. Nothing herein contained shall be deemed to create an
agency, joint venture, amalgamation, partnership or similar relationship between
BMPI and Luitpold. Notwithstanding any of the provisions of this Agreement,
neither Party shall at any time enter into, incur or hold itself out to third
Parties as having authority to enter into or incur, on behalf of the other
Party, any commitment, expense or liability whatsoever, and all contracts,
expenses and liabilities undertaken or incurred by one Party in connection with
or relating to the development, manufacture or sale of Products shall be
undertaken, incurred or paid exclusively by that Party, and not as an agent or
representative of the other Party. The Parties hereto agree that each is acting
as an independent contractor and not as an agent or partner of the other by
virtue of this Agreement.

     11.4 Severability. If any provision of this Agreement shall be found to be
void, invalid or unenforceable, the same shall either be conformed to the extent
necessary to comply with applicable law or stricken if not so conformable, so as
not to affect the validity of this Agreement.

                                       16

     11.5 Notices. All notices, requests, demands, waivers, consents, approvals
or other communications hereunder shall be in writing and shall be deemed to
have been duly given if delivered personally, or by recognized commercial
courier service, and delivered by a facsimile transmission, as follows:

If to BMPI:       BioMimetic Pharmaceuticals, Inc.
                  330 Mallory Station, Suite A-l
                  Franklin, TN 37067
                  Attention: Samuel E. Lynch, D.M.D., D.M.Sc.
                  FAX: 615-844-1281

With a copy to:   Harwell Howard Hyne Gabbert & Manner, P.C.
                  315 Deaderick Street, Suite 1800
                  Nashville, TN 37238
                  Attention: Mark Manner
                  FAX: 615-251-1059

If to Luitpold:   Luitpold Pharmaceuticals, Inc.
                  One Luitpold Drive
                  Shirley, NY 11967
                  Attention: President and CEO
                  FAX: 631-924-8650

With a copy to:   Sonnenschein Nath & Rosenthal LLP
                  1301 K Street, N.W.
                  Suite 600 East Tower
                  Washington, DC 20005
                  Attention: Peter S. Reichertz
                  FAX: 202-408-6399

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 effective (a) as of the
date so delivered either personally or by facsimile transmission or courier
service; or (b) on the third (3rd) business day after the same has been mailed.

     11.6 Force Majeure. Neither Party to this Agreement shall be liable for
delay or failure in the performance of any of its obligations hereunder if such
delay or failure is due to causes beyond its reasonable control, including,
without limitation, acts of God, fires, earthquakes, strikes and labor disputes,
acts of war or threatened act of war, acts of terror or threatened acts of
terror, civil unrest, or intervention of any governmental authority, but any
such delay or failure shall be remedied by such Party as soon as is reasonably
possible. If the force majeure event persists for longer than twelve (12)
months, the other Party shall have the right to terminate this Agreement.

                                       17

     11.7 Assignments. This Agreement may not be assigned by Luitpold without
the written prior consent of BMPI; provided Luitpold may assign this Agreement
to an acquirer of all or substantially all of its assets. This Agreement shall
inure to the benefit of and be binding on the Parties' permitted assigns, and
successors in interest.

     11.8 Waivers and Modifications. The failure of any Party to insist on the
performance of any obligation hereunder shall not act as a waiver of such
obligation. No waiver, modification, release, or amendment or any obligation
under this Agreement shall be valid or effective unless in writing and signed by
both Parties hereto.

     11.9 Choice of Law. This Agreement is subject to and shall be construed and
enforced in accordance with the laws of the State of Tennessee without reference
to its choice of law provisions.

     11.10 Dispute Resolution. The Parties agree that prior to any arbitration
concerning this Agreement, an executive officer of BMPI and Luitpold with
authority to resolve the dispute will meet within ten (10) days of a written
request by either Party to the other and will attempt in good faith to negotiate
a resolution to the dispute. If the Parties are unable to negotiate a resolution
to the dispute within twenty (20) days of commencing negotiations, either Party
may initiate arbitration proceedings by written request to the other. Except as
otherwise specifically provided herein, all controversies and claims under this
Agreement shall be settled by binding arbitration by a panel of three (3)
arbitrators pursuant to the Commercial Arbitration Rules of the American
Arbitration Association. The arbitration shall be conducted in New York, New
York. Each Party shall select one arbitrator and the two arbitrators so selected
shall jointly select a third arbitrator. The decision reached by the arbitrators
shall be conclusive and binding upon the Parties hereto and may be filed with
the clerk of any court of competent jurisdiction. Each of the Parties shall pay
its own expenses of arbitration and the expenses of the arbitrators shall be
equally shared. Notwithstanding anything to the contrary in this Section 11.10,
either Party may seek immediate injunctive relief from any court of competent
jurisdiction for the protection of its intellectual property or Confidential
Information.

     11.11 Headings. Section headings are for convenience only and will not be
deemed to affect in any way the language of the provisions to which they refer.

     11.12 Execution. This Agreement shall be executed in duplicate, both of
which shall be deemed to be originals, and both of which shall constitute one
and the same agreement.

     11.13 Entire Agreement. This Agreement constitutes the entire agreement
between the Parties as to the subject matter hereof, and all prior negotiations,
representations, agreements and understandings are merged into, extinguished by
and completely expressed by this Agreement.

     11.14 Recording and Further Assurances. Luitpold may record this Agreement
in each place necessary or convenient to perfect, protect or otherwise evidence
Luitpold's rights hereunder. Each Party agrees, promptly upon request, to
execute such further documents as the other Party may reasonably request to for
the purpose of making effective the rights of such Party under this Agreement,
at the sole expense of the Party so requesting.

                                       18

     IN WITNESS WHEREOF, the Parties have duly executed this Agreement as of the
Effective Date.

                                           BIOMIMETIC PHARMACEUTICALS, INC.

                                           By: /s/ Samuel E. Lynch
                                               --------------------------------
                                           Its: President

                                           LUITPOLD PHARMACEUTICALS, INC.

                                           By: /s/ Mary Jane Helenek
                                               --------------------------------
                                           Its: President, CEO

                                           By: /s/ Jean M. Bellin
                                               --------------------------------
                                           Its: VICE PRESIDENT, OHD

                                       19

                                    EXHIBIT A
                              PDGF LICENSED PATENTS

GRANTED PATENTS

COUNTRY   PATENT NO   ISSUE DATE          COMMENTS
-------   ---------   ----------   ---------------------
   US     4,769,328*   09/06/88
   US     4,801,542*   01/31/89
   US     5,045,633*   09/03/91
   US     4,766,073*   08/23/88
   US     4,889,919*   12/26/89
   US     5,428,010*   06/27/95
   US     5,533,836*   07/09/96
   US     6,004,929*   12/21/99
   US     4,845,075*   07/04/89
   US     5,516,896*   05/14/96
   US     4,849,407*   07/18/89
   US     5,498,600*   03/12/96
   US     5,187,263*   02/16/93
   US     5,128,321*   07/07/92
   US     5,474,982*   12/12/95
   US     5,895,755*   04/20/99
   US     5,905,142*   05/18/99
   US     5,770,228*   06/23/98
   US     5,889,149*   03/30/99
   AU        638010*   06/17/93
   AU        641816*   02/08/94
   CA     1,340,846*   12/07/99    Reissued Patent
   EP        177957*   01/07/93    Registered in AT, BE,
                                   CH, LI, DE, FR, GB,
                                   IT, NL, LU, SE
   EP        487166*   12/29/99    Registered in AT, BE,
                                   CH, LI, DE, FR, GB,
                                   IT, LI LU, NL, SE
   EP        259632*   12/13/95    Registered in AT, BE,
                                   CH, LI, DE, FR, GB,
                                   IT, LU, NL, SE
   EP        547064*   06/22/94    Registered in AT, BE,
                                   CH, DE, DK, ES, FR,
                                   GB, GR, IT, LI, LU,
                                   NL, SE
   JP       2837407*   10/09/98
   JP       2127599*   02/24/97
   JP       2823690*   09/04/98
   JP       3145968*   01/05/01
   US     5,019,559

                                       20

   US     4,861,757
   US     5,124,316
   US     4,874,746
   US     4,983,581
   US     5,256,644
   US     5,034,375
   US     5,035,887
   US     5,516,699

                                       21

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