Document:

ex108.htm

Exhibit 10.08

 

 

FINANCIAL PUBLIC RELATIONS

LETTER OF AGREEMENT

FOR

TONIX Pharmaceuticals, Inc.

We are pleased that you have retained Porter, LeVay and Rose, Inc. (“PLR”) as public relations advisors for TONIX PHARMACEUTICALS, INC., a Delaware corporation (the “Company”).  This letter describes the terms of our engagement, effective as of August 1, 2011 (the “Agreement”).

 

1.           SERVICES. In consideration of the fees set forth below, PLR will, on behalf of the Company, (i) create, prepare and disseminate information and written material, (ii) contact editors, consumers, businesses, and financial and trade media and (iii) perform such other duties as are usually performed by public relations advisors. PLR will also create, prepare, and disseminate information and written material, write or edit press releases, review draft copies of the Company’s annual report, review existing slide presentations, prepare speeches, arrange for financial community meetings and maintain contact with members of the financial community.  Additional services shall be available on a per-project basis relating to industry trade shows, special events, satellite tours or press conferences as are mutually decided by the parties to this Agreement.

2.           FEES.  During the Term of this Agreement, PLR will be entitled to a fee of Twelve Thousand Dollars ($12,000) per month payable on the first day of each month.  An additional fee of Six Hundred Seventy-Five Dollars ($675) per day will be charged for all business conferences and meetings where the Company has the exclusive attention and use of PLR personnel.  The first payment pursuant to this Agreement shall be due and payable on or before August 1, 2011.  All fees paid pursuant to this Agreement are non-refundable.

The Company shall be responsible for all reasonable, prior approved, out-of-pocket expenses incurred by PLR on its behalf.  The following expenses will be calculated at PLR’s net cost plus a standard agency service fee of 18%:  art work, production printing, production photography, advertising, mailings and sales presentations.  For all other expenses incurred on the Company’s behalf, PLR will bill the Company at its net cost with no additional markup.

All payments are due upon receipt of invoice.  PLR may, in its sole discretion, charge interest of 1.5% per month (18% per year) on any amount due that is not paid within thirty (30) days of the date of invoice.  PLR, in its sole discretion, may suspend all services provided under this agreement if any invoice remains unpaid within sixty (60) days of the date of the invoice and upon 10 days prior written notice to the Company of PLR’s intent to suspend services.  PLR will resume services upon satisfaction of all amounts outstanding.

3.           TERM.  It is understood that this Agreement shall be in effect as of August 1, 2011 and continue on a month-to-month basis until terminated by either party with fifteen (15) days prior written notice (the “Term”).

  

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4.           RELIANCE ON INFORMATION.  It is understood that as the public relations advisors for the Company, PLR must at all times rely upon the Company, its officers, directors and employees, as to the accuracy and completeness of information and material furnished to PLR by any of them.  In connection with PLR’s activities on behalf of the Company, the Company agrees to cooperate with PLR and to furnish it with information and data that it deems appropriate and will provide PLR with reasonable access to its officers, directors, employees as appropriate.  The Company represents and warrants that all information provided to PLR during the Term shall be, to the best of the Company’s knowledge, complete and correct in all material respects and will not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements contained therein not misleading in light of the circumstances under which such statements are made.

5.           CONFIDENTIALITY.  All of the Company’s information provided to PLR pursuant to this Agreement (the “Confidential Information”) is confidential and PLR shall not disclose any Confidential Information to any person, except members of PLR’s professional staff who are involved in this engagement and PLR’s outside counsel.  Notwithstanding the foregoing, the confidentiality obligations of this Section 5 do not apply to any Confidential Information that: (i) is known by PLR prior to its engagement hereunder without an obligation of confidentiality, (ii) is otherwise publicly available or known to the public through no fault of PLR, (iii) is or becomes lawfully available to PLR from a source other than the Company who has a lawful right to make such disclosure without breach of this Agreement or otherwise in violation of the Company’s rights or (iv) is required to be disclosed by PLR by court order or similar process, upon prior written notice to the Company.  If this Agreement is terminated for any reason and under any circumstances, PLR shall continue to hold all of the Confidential Information as confidential and will not use, disclose or communicate any of it to any persons for any reason whatsoever without the prior written consent of the Company.

6.           INDEMNIFICATION.  It is PLR’s custom to receive indemnification from customers in connection with its services as a public relations advisor.  Accordingly, the Company agrees to provide the indemnification set forth in Exhibit A hereto.

7.           ASSIGNMENT.  The benefits of this Agreement shall inure to the parties hereto, their respective successors and assigns and to the Indemnified Parties (as defined in Exhibit A) hereunder and their respective successors and assigns and representatives, and the obligations and liabilities assumed in this Agreement by the parties hereto shall be binding upon their respective successors and assigns.  This Agreement may not be assigned by any party hereto without the prior written approval of the other party hereto.  Any purported assignment in violation of the provisions of this Section 7 shall be null and void ab initio.

8.           MISCELLANEOUS.

(a)  PLR acknowledges and agrees that any and all work product (which includes intellectual property), including, without limitation, all artwork, photography, advertising, designs, presentations and other materials developed and/or created by PLR in the course of performing its services pursuant to the terms of this Agreement shall be deemed “works for hire” and shall be the sole and exclusive property of the Company and PLR hereby assigns to the Company all of its rights, title and interest in and to any such work product.  PLR further agrees that the Company shall have the sole and exclusive right to use, reproduce, patent and/or copyright any such work product and PLR agrees to execute any and all documents reasonably requested by the Company to evidence the Company’s sole and exclusive ownership of such work product.

(b)  If it is found in a final judgment by a court of competent jurisdiction (not subject to further appeal) that any term or provision hereof is invalid or unenforceable, (i) the remaining terms and provisions hereof shall be unimpaired and shall remain in full force and effect and (ii) the invalid or unenforceable provision or term shall be replaced by a term or provision that is valid and enforceable and that comes closest to expressing the intention of such invalid or unenforceable term or provision.

(c)  This Agreement embodies the entire agreement and understanding of the parties hereto and supersedes any and all prior agreements, arrangements and understandings relating to the matters provided for herein.  No alteration, waiver, amendment, change or supplement hereto shall be binding or effective unless the same is set forth in writing and signed by a duly authorized representative of each party.

(d)  Each party has all requisite corporate power and authority to enter into this Agreement and the transactions contemplated hereby.  This Agreement has been duly and validly authorized by all necessary corporate action on the part of each party and has been duly executed and delivered by each party and constitutes a legal, valid and binding agreement of each party, enforceable in accordance with its terms.

(e)           PLR shall provide its services pursuant to the terms of this Agreement in a competent, efficient and diligent manner consistent with industry standards for public relations advisors.

(f)           In addition to any other remedy available at law, in equity or under this Agreement, in the event of a breach or threatened breach of Section 5, the Company will be entitled to injunctive relief without the necessity of posting bond or other security.

 

 

 

  

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(g)           Any notice required to be sent under this Agreement shall not be deemed given unless set forth in writing and (a) hand-delivered, (b) sent by overnight courier service or (c) mailed by certified mail, return receipt requested, to the address of the receiving party set forth herein, or such other address as may hereafter be specified in writing.  Notices shall be effective (i) upon delivery if hand delivered, (ii) on the next business day if sent by overnight courier or (iii) three (3) days after mailing if sent by certified mail.

(h)  This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York without regard to choice of law principles thereof.  The parties consent to the jurisdiction of the courts of the State of New York.

(i)  This Agreement may be executed and delivered (including by facsimile or other electronic transmission) in multiple counterparts, each of which shall be an original, so that all of which taken together shall constitute one and the same instrument.

Please indicate your approval of this Agreement by signing the original copy of this letter and returning it for our files.  We look forward to working with you.

 

PORTER, LE VAY & ROSE, INC.

 

	
BY: /s/ MICHAEL J.PORTER

	DATE: July 28, 2011
	Michael J. Porter	 
	President	 
	 	 
	Address:  Seven Penn Plaza, Suite 810 	New York, NY 1001
	 	 
	
Accepted and agreed to as of the date first written below:

	 
	 	 
	
TONIX Pharmaceuticals, Inc.

	 
	 	 
	 	 
	
By: /s/ SETH LEDERMAN

Seth Lederman, MD

President & Chairman

	DATE: July 28, 2011
	 	 
	
Address:  509 Madison Avenue, Suite 306

	 
	New York, NY 10022	 

 

  

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Exhibit A

Indemnification

(a)  The Company agrees to indemnify PLR and its affiliates and their respective members, directors, officers, employees, agents and controlling persons (PLR and each such person being an “Indemnified Party”), to the fullest extent permitted by law, from and against any and all losses, claims, damages, expenses and liabilities (including, without limitation, the costs, expenses and disbursements, as and when incurred, of investigating, preparing or defending any such action, suit, investigation or proceeding), to which such Indemnified Party may become subject under any applicable federal or state law or otherwise, and related to or arising out of the engagement of PLR pursuant to, and its performance of the services contemplated by, this Agreement.  Upon written request, the Company will reimburse any Indemnified Party for all reasonable expenses (including reasonable counsel fees and expenses) as they are incurred in connection with the investigation of, preparation for or defense of any pending or threatened claim, or any action or proceeding arising therefrom, whether or not such Indemnified Party is a party and whether or not such claim, action or proceeding is initiated or brought by the Company.  The Company will not be liable under the foregoing indemnification provisions to the extent that any loss, claim, damage or liability is finally determined by a court of competent jurisdiction to have resulted from an Indemnified Party's bad faith, willful misconduct or negligence.

 

(b)  If any action, claim or proceeding shall be brought or asserted against any Indemnified Party with respect to which indemnity may be sought hereunder, the Company shall assume the defense thereof with counsel reasonably satisfactory to the Indemnified Party; provided that the Indemnified Party shall have the right to employ separate counsel if (i) the Company shall have failed promptly to assume the defense of such action, claim or proceeding with counsel reasonably satisfactory to such Indemnified Party, (ii) the representation of such Indemnified Party by legal counsel selected by the Company would be inappropriate due to an actual or potential conflict of interest, or (iii) such Indemnified Party shall have been advised by counsel that there are legal defenses available to such Indemnified Party which are different from or in addition to those available to the Customer.  In the event that such Indemnified Party so elects to employ separate counsel, the Company shall not, in connection with any such action, claim or proceeding, be liable for the fees and expenses of more than one separate firm of attorneys at any time representing such Indemnified Party or Parties (together with any local counsel).  The Company shall not be liable for any settlement of any such action or proceeding effected without its written consent, which consent shall not be unreasonably withheld or delayed, but if any action or proceeding is settled with its written consent, or there shall be a judgment against an Indemnified Party in any such action or proceeding and the Indemnified Party is entitled to be indemnified pursuant to paragraph 6(a) hereof, the Company agrees to indemnify and hold harmless such Indemnified Party from and against any loss, claim, damage or liability by reason of such settlement or judgment.  The Company agrees that, without PLR’s prior written consent, which shall not be unreasonably withheld or delayed, it will not settle, compromise or consent to the entry of any judgment in any pending or threatened claim, action or proceeding in respect of which indemnification has been or could be sought under the indemnification provisions of this Agreement (whether or not PLR or any other Indemnified Party is an actual or potential party to such claim, action or proceeding), unless such settlement, compromise or consent includes an unconditional release of each Indemnified Party from all liability arising out of such claim, action or proceeding, or such settlement, compromise or consent, expressly states that neither the existence of such settlement, compromise or consent, nor the terms thereof may be used in any manner in any litigation involving an Indemnified Party.

#####

4ex109.htm

Exhibit 10.09

 

 

* * *  Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

FEASIBILITY AND OPTION AGREEMENT

THIS FEASIBILITY AND OPTION AGREEMENT (the “Agreement”) is made and entered into as of June 20, 2007 by and between LIPOCINE, INC., a Delaware corporation having its principal place of business at 675 Arapeen Drive, Suite 202, Salt Lake City, UT 84108 (“Lipocine”), and KRELE PHARMACEUTICALS, INC., a Delaware corporation having its principal place of business at 1349 Lexington Avenue, Suite 2C, New York, NY 10128 (“Krele”). Lipocine and Krele may be referred to herein individually as a “Party”, or collectively as the “Parties”.

1. OVERVIEW

 

1.1 This Agreement provides for: (a) a feasibility and phase I study to be conducted by Lipocine with Krele funding, to study the feasibility of oral delivery of cyclobenzoprine (the “Product”) using Lipocine’s delivery technology (the “Feasibility Study”), and (b) the grant to Krele of an exclusive option to negotiate and enter into an exclusive license under the applicable Lipocine technology and intellectual property to develop and commercialize the Product upon payment of $[* * * ] towards the cost of the Feasibility Study.  The Lipocine technology that will be used in the Feasibility Study and available under such option includes Lipocine's Lip'ralTM technology for improving absorption of poorly water-soluble compounds.

2. FEASIBILITY PROGRAM

 

2.1 Feasibility Program. Lipocine shall conduct a Feasibility Study to assess the feasibility of improved oral delivery of the Product for Krele in accordance with the Feasibility Study protocol attached to this Agreement as Exhibit I and incorporated herein (the “Protocol”).  Lipocine shall conduct the Feasibility Study exclusively for Krele in a diligent, professional and workmanlike manner.  The cost and timelines for conducting the Feasibility Study are as specified in the Protocol. Upon the completion of the Feasibility Study, Lipocine shall deliver the final report as contemplated by the Protocol (the “Final Report”).  Krele will promptly review the results of the Feasibility Study as set forth in the Final Report.  If Krele determines that it desires to proceed with its option to license, Krele will so notify Lipocine in writing no later than thirty (30) days after receipt of the Final Report).

3. OPTION FOR EXCLUSIVE LICENSE

 

3.1 Option to License.

(a) Lipocine hereby grants to Krele the exclusive option (the “Option”) to obtain an exclusive, worldwide license under the Lipocine Intellectual Property (as defined below) for the further development and commercialization of the Product, on the terms and conditions set forth in this Section 3.  Krele may elect to exercise the Option by providing Lipocine written notice of such election no later than thirty (30) days after receipt of the Final Report.

(a) 

(b) If Krele exercises the Option, then the Parties will meet promptly thereafter and negotiate in good faith a license agreement that grants Krele or an affiliate the exclusive, worldwide license and rights under the Lipocine Intellectual Property to further develop, make, have made, offer for sale, sell, import and use the Product, which license agreement shall be on the terms set forth below and shall contain such other commercially reasonable terms as are customary in the industry for similar license agreements.

(c) During the term of the Feasibility Study and the Option Period (as defined in Section 3.1(d) below), Lipocine agrees to make available to Krele all data, know-how and information related to the Product and Lipocine Intellectual Property that is in Lipocine’s possession or control and that is reasonably necessary or useful to Krele in order for Krele to exercise its Option and determine an appropriate regulatory strategy for the Product.

(d) The Parties understand and agree that if, despite the Parties’ good faith negotiations, the Parties are not able to reach final agreement on a definitive license agreement on the terms provided herein within sixty (60) days after commencing such negotiations (or such longer period as agreed to by the Parties) (the “Option Period”), neither Party will be obligated to proceed further with such negotiations.

 

 

 

  

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* * *  Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

3.2 Scope of Exclusive License.

 

(a)           The license rights covered by the Option will be an exclusive, worldwide license, including rights to sublicense, under the Lipocine Intellectual Property solely to develop, make, have made, offer for sale, sell, import and use the Product. Under the terms of such license, Krele, its affiliates, and/or its sublicensees will own exclusively all data, regulatory filings and regulatory approvals covering the Product. For purposes of this Agreement, “Lipocine Intellectual Property” means the patents and know-how rights owned or otherwise controlled by Lipocine that claim or cover, or directly relate to, the Lipocine oral delivery technology that is, or may be, used in the Product.

 

(b)           During the term of the license agreement, in no event shall Lipocine license, transfer or sell the Lipocine Intellectual Property to a third party for the development, manufacture, use, sale or commercialization of cyclobenzaprine products.

 

(c)           If development of the formulation selected by Krele reveals that the formulation is not optimal, in Krele’s judgment, Krele has the option to have Lipocine redevelop one of the formulations from the Feasibility Study that Krele did not initially select with reimbursement of reasonably incurred costs to Lipocine.

3.3 Payments for Exclusive License. The Parties understand and agree that the payment provisions provided in this Section 3.3 relate to all Products based on cyclobenzaprine. For the avoidance of doubt, the milestone payments will be paid only once for the first Product that is bioequivalent to cyclobenzaprine 5 mg.  Krele contemplates developing at least four Products that are bioequivalent to cyclobenzaprine 5 mg: for muscle spasm, sleep, generalized anxiety and fibromyalgia, and no additional milestones will be paid for such Products.  If Krele develops Products that are bioequivalent to other products (for, example, a product that is bioequivalent to cyclobenzaprine 10 mg), such Products will be considered additional Products and Krele will pay [* * * ]%) of the milestones set forth in Section 3.3(d) below for the second and third additional Products only.

 

(a) License Fee. In the event the Parties enter into a license agreement for the Lipocine Intellectual Property as provided herein, Krele will pay Lipocine a license fee of $[* * * ] within ten (10) days of the effective date of the license agreement.

 

(b) Product Development Reimbursement. If Krele decides to engage Lipocine to assist Krele in the further development of the Product, then and only then, as provided in the license agreement, Krele will reimburse Lipocine for all of Lipocine's research and development expenses relating to Lipocine's activities in support of development of the Product as directed by Krele. Such research and development expenses will be more fully defined in a product development plan approved by Krele prior to Lipocine incurring any such costs.

 

(c) Sublicense Payments. Krele will pay to Lipocine payments equal to [* * * ]%) of any pre-commercialization or commercialization consideration (e.g., upfront license fees, milestone payments, license maintenance fees, royalties, etc.) received by Krele from a sublicensee, including any such pre-commercialization consideration received as a result of NDA (or equivalent) approval or Product launch.

 

(d) Milestones.  Krele will pay Lipocine milestone payments for the following events:

 

1) [* * * ]

 

2) [* * * ]

 

In addition, as provided in Section 3.3 above, if Krele develops Products that are bioequivalent to products other than cyclobenzaprine 5 mg, such Products will be considered additional Products and Krele will pay [* * * ]%) of the milestones set forth above for the second and third additional Products only.

 

 

  

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* * *  Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

(e) Royalties. Krele will pay to Lipocine royalties based on sales of Product by Krele and its affiliates, which royalties equate to [* * * ]% of net sales.

 

3.4 Understandings. The Parties understand and agree that consummation of the above proposed licensing transaction is contingent upon execution and delivery of the contemplated license agreement in a form satisfactory to both of the Parties, which will include the terms and conditions of Section 3.3 above as well as additional terms and conditions customary for a transaction of this nature, including without limitation, technology transfer provisions, customary representations and warranties, indemnification provisions and intellectual property prosecution and enforcement provisions, and neither Party shall be bound (except to negotiate in good faith and as otherwise provided herein) unless and until such license agreement is finally agreed upon and executed by both Parties.

4. INTELLECTUAL PROPERTY MATTERS

4.1  Prior Intellectual Property. All patents, trade secrets, information, know-how, inventions, technology, data and other intellectual property rights owned by either Party prior to the Effective Date shall remain the sole property of the respective Party.  For the avoidance of doubt, Krele shall retain all or its and its affiliates’ rights in patents, trade secrets, information, know-how, inventions, technology, data and other intellectual property rights that relate to very low dose cyclobenzoprine (VLD-cyclo) (the “Krele Intellectual Property”).

4.2 Developed Intellectual Property. All patents, trade secrets, inventions, technology, and other intellectual property rights (collectively, “Intellectual Property”) arising from the performance of the Feasibility Study shall be jointly owned by Krele and Lipocine.  Each of the Parties shall have the sole right to file patent applications related to their respective Intellectual Property and the Parties shall mutually determine which Party shall file patent applications for jointly-owned Intellectual Property.  Each Party shall execute such assignments and other documents as the other Party may reasonably request to enable the Parties to perfect assignments to the other Party of the Intellectual Property as provided herein and to protect the Intellectual Property.

4.3 No Implied or Express License. Unless and until Krele exercises the Option and the Parties enter into the license agreement contemplated by such Option, Krele shall obtain no license or other rights under, and Lipocine grants no implied or express license to Krele under, the Lipocine Intellectual Property for any use or purpose.  In addition, Lipocine shall have no license or other rights under, and Krele grants no implied or express license to Lipocine under, the Krele Intellectual Property for any use or purpose other than performance of the Feasibility Study on behalf of Krele as contemplated by the Protocol and this Agreement.

4.4 Use of Study Data and Name. Lipocine shall have the rights to use the data and results of the Feasibility Study (the “Study Data”) for internal and marketing purposes (and not drug development), such as use of the Study Data in proposals, presentations and similar materials supplied by Lipocine to its prospective partners or business partners for promotional or marketing purposes only; provided, however, that Lipocine shall redact all references to Krele and Krele Intellectual Property and any confidential or proprietary information from any Study Data supplied to the prospective customers or business partners of Lipocine and such prospective customers and business partners will not be granted any rights  or licenses (implied or express) in the Krele Intellectual Property or Study Data.  Upon execution of the license agreement, Krele shall have the right, but not any obligation, to use the name “Lipocine” and “Lip’ral” on internal and marketing materials related to the Feasibility Study and the results thereof, including any Products.

4.5 Ownership of Study Data. Notwithstanding anything to the contract in Section 4.2, Krele shall own all work product, information and data arising from the Feasibility Study regardless of whether the Option is exercised. 

5. TERM AND TERMINATION

5.1 Agreement Term. Unless terminated earlier by either Party pursuant to this Section 3, this Agreement shall become effective upon the Effective Date and shall terminate on the earlier of expiration of the Option. This Agreement may be extended by written agreement signed by the Parties.

5.2 Termination for Uncured Breach. If a Party breaches a material obligation, the other Party may give written notice to such breaching Party specifying the breach and its intention to terminate this Agreement if such breach is not cured. If the breaching Party does not cure the breach within sixty (60) days of receipt of such notice, the other Party may terminate the Agreement upon written notice to the breaching Party.

5.3 Consequences of Termination. Termination or expiration of this Agreement will not relieve either Party of any obligations under this Agreement accrued prior to any such termination or expiration. The obligations of the Parties pursuant to Sections 4.1, 4.2, 4.3 and 6 shall survive expiration or termination of this Agreement for the period set forth therein, and if no period is set forth, perpetually.

5.4 Early Termination. Upon early termination of the Feasibility Study, for reasons other than safety concerns of study subjects or other reasonable scientific or regulatory concerns, or for uncured breach of the payment terms thereunder, the Option to license shall not survive.

 

 

 

  

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6. CONFIDENTIALITY

 

6.1 Confidential Treatment. All Information of a Party that is disclosed by such Party to the other Party pursuant to this Agreement and labeled “confidential” or the equivalent (the “Confidential Information”) shall be maintained in confidence by the recipient Party and its respective officers, employees, agents, assignees, and subcontractors for a period of ten (10) years from the date of termination of the Agreement. During such period, recipient Party shall not publish or otherwise disclose the Confidential Information of the disclosing Party to any other Party or entity and shall not use the Confidential Information of the disclosing Party for purposes other than as expressly permitted in this Agreement, without the written consent of the other Party.

6.2 Limited Third Party Disclosure. Each Party may disclose the Confidential Information of the other Party to a third party only after obtaining the prior written approval of the Party owning such Confidential Information for such disclosure and provided that each such Third Party shall have agreed in writing to be bound by obligations of non-use and non­disclosure equivalent in all respects to those assumed by the Parties hereunder.

6.3 Information Excluded from Confidentiality Provision. The foregoing obligations of confidentiality and non-use shall not apply to materials and information that the receiving Party can demonstrate:

(a) are or become publicly known or available through no fault or omission of the recipient;

(b) are learned or obtained by the recipient from a third party entitled to disclose or transfer such materials or information;

(c) are already known or possessed by the recipient before receipt or transfer from the disclosing Party, as shown by the recipient 's prior written records; or

(d) are developed independently by an employee or consultant of the recipient with no knowledge of the Confidential Information disclosed hereunder.

6.4 Other Permitted Disclosure. Notwithstanding any other provision of this Agreement, a Party may disclose the Confidential Information of the other Party to the limited extent that such disclosure:

 

	 or	(a) 	is in response to a valid order of a court or other governmental body;	 
	 	 	 
	(b)	is required by law or regulation;	 

 

provided, however, that such Party shall first have given reasonable prior notice to the other Party and shall have made a reasonable effort, or shall cooperate with the other Party's efforts, as applicable, to obtain a protective order limiting the extent of such disclosure and requiring that the Confidential Information so disclosed be used only for the purposes for which such order was issued or as required by such law or regulation.

7. MISCELLANEOUS PROVISIONS

 

7.1 Execution in Counterparts. This Agreement may be executed in counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original, and all of which counterparts, taken together, shall constitute one and the same instrument.

7.2 Entire Agreement. This Agreement constitutes, on and as of the Effective Date, the entire agreement between the Parties with respect to the subject matter hereof, and all prior understanding and agreements, whether written or oral, between the Parties with respect to such subject matter are hereby superseded in their entireties.

7.3 Governing Law. This Agreement shall in all respects be governed by, and construed and enforced in accordance with, the laws of the State of New York without regard to its conflict of laws principles.

7.4 Relationship of the Parties.  The Parties to this Agreement are independent contractors and not joint venturers or partners.  Neither Party shall be deemed to be an agent of the other Party as a result of any transaction under or related to this Agreement nor shall in any way pledge the other Party’s credit or incur any obligation on behalf of the other Party.

7.5 Waiver. The failure of either Party to insist upon strict compliance with any of the terms, covenants, or conditions herein shall not be deemed a waiver by such Party of such terms, covenants or conditions, nor shall any waiver or relinquishment of any right at any one or more times be deemed a waiver or relinquishment of such right at any other times, nor shall any single or partial exercise of any right or remedy hereunder preclude any other or a future exercise thereof or the exercise of any other right or remedy granted hereby or by any related document or by law.

7.6 Severability.  The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision.  Any provision declared invalid or unenforceable by a court of competent jurisdiction shall be deleted and the remaining terms and conditions of this Agreement shall remain in full force and effect.

 

 

 

  

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IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed by their authorized representatives.

 

 

	LIPOCINE, INC.  	 	 	KRELE PHARMACEUTICALS, INC.	 
	 	 	 	 	 
	 	 	 	 	 
	
/s/GERALD T. SIMMONS  

	 	 	
/s/ SETH LEDERMAN

	 
	
Name: Gerald T. Simmons

	 	 	
Name: Seth Lederman

	 
	
Title: Corporate Business Development Officer 

	 	 	
Title: Chairman

	 

 

                   

 

 

 

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