Document:

CONFIDENTIAL
      TREATMENT REQUESTED

    Exhibit
      10.6

     

    TECHNOLOGY
      LICENSE AGREEMENT*

    

     

    This
      license agreement (“Agreement”) is by and between:

     

    MAYO
      FOUNDATION FOR MEDICAL EDUCATION AND RESEARCH, a Minnesota charitable
      corporation, located at 200 First Street SW, Rochester, Minnesota 55905-0001
      (“MAYO”); and

     

    NILE
      PHARMACEUTICALS, INC., a Delaware corporation, incorporated by Two River Group
      Holding, LLC, located at 689 Fifth Avenue, 14th Floor, New York New York 10022
      (“NILE”), each a “Party,” and collectively, “Parties.”

     

    WHEREAS,
      MAYO desires to make its patent rights and know-how available for the
      development and commercialization of products for public use and benefit;
      and

     

    WHEREAS,
      MAYO is willing to grant and NILE is willing to accept an exclusive license
      under certain patent rights for the purpose of developing and commercializing
      such products, as set forth below; and

     

    WHEREAS,
      NILE will be responsible for designing, developing, marketing, sublicensing
      and
      selling any products in accordance with the grant of rights
      hereunder.

     

    NOW
      THEREFORE, in consideration of the foregoing and their mutual covenants set
      forth below, the Parties agree as follows:

     

    Article
      1 - Definitions

     

    For
      purposes of this Agreement, each term defined in this Article will have the
      meaning specified for it below and will be applicable both to the singular
      and
      plural forms:

     

    1.01 “Affiliate”
      means:

     

    
      	
              (a)

            	
              with
                respect to MAYO means any corporation or other entity within the
                same
                “controlled group of corporations” as MAYO or its parent Mayo Foundation.
                For purposes of this definition, the term “controlled group of
                corporations” shall have the same definition as Section 1563 of the
                Internal Revenue Code as of November 10, 1998, but shall include
                corporations or other entities that, if not a stock corporation,
                more than
                50% of the board of directors or other governing body of such corporation
                or other entity is controlled by a corporation within the controlled
                group
                of corporations of MAYO or Mayo Foundation. MAYO's Affiliates include,
                but
                are not limited to: Mayo Foundation; Mayo Collaborative Services;
                Inc.,
                Rochester Methodist Hospital; Saint Mary's Hospital; Mayo Clinic
                Rochester; Mayo Clinic Jacksonville, Florida; St. Luke's Hospital,
                Jacksonville, Florida; Mayo Clinic Arizona; Mayo Clinic Hospital,
                Arizona;
                Mayo Regional Practices, P.C., Decorah, Iowa; and Mayo Health System
                West
                Central Wisconsin and controlled or wholly-owned subsidiary corporations
                of all of the above.

            

    

     

      
        

      

    

    *  Confidential
      treatment has been requested for certain portions of this Exhibit. The
      confidential portions of this Exhibit have been omitted and filed separately
      with the Securities and Exchange Commission. Such portions have been marked
      with
“***” at the exact place where material has been omitted.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              (b)

            	
              with
                respect to NILE means any corporation or other person controlling,
                controlled by or under common control with
                NILE.

            

    

     

    
      	
              (c)

            	
              The
                term “control” means the possession, directly or indirectly, of the power
                to direct the management and policies of a corporation or person,
                whether
                through the ownership of voting securities, by contract or otherwise.
                Control shall be deemed to exist in the case of the ownership, directly
                or
                indirectly, of 50% or more of the equity interests in any such
                corporation.

            

    

     

    
      	
              1.02

            	
              “Change
                of Control”
                shall mean a merger, consolidation, acquisition or the transfer of
                all, or
                substantially all, of the business interests of NILE to which this
                Agreement relates to which NILE is a party where the shareholders
                of NILE
                immediately prior to effective date of such merger or consolidation
                beneficially own, immediately following the effective date of such
                merger,
                consolidation, acquisition or other transaction, securities representing
                less than 50% of the combined voting power of the surviving corporation's
                then outstanding voting securities.

            

    

     

    
      	
              1.03

            	
              “Commercialization”
                means all steps that must be taken to put a Product on the market
                in the
                Territory after all necessary regulatory approvals have been obtained,
                including, without limitation, the manufacturing, marketing, distribution
                and/or sublicensing of such
                Product.

            

    

     

    
      	
              1.04

            	
              “Development”
                means the process of creating and assembling the data and files necessary
                to obtain regulatory approval for a Product including, without limitation,
                all preclinical and clinical research and trials on such
                Product.

            

    

     

    
      	
              1.05

            	
              “Effective
                Date”
                means 20 January 2006.

            

    

     

    
      	
              1.06

            	
              “FDA”
                means
                the Food and Drug Administration within the Department of Health
                and Human
                Services of the United States.

            

    

     

    
      	
              1.07

            	
              “Field”
                means all therapeutic indications.

            

    

     

    
      	
              1.08

            	
              “Government
                Rights”
                means rights, if any, of the United States Government to the Patents
                under
                Public Law 96-517 and Public Law 98-620, as amended or augmented
                by other
                similar laws.

            

    

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    
      	
              1.09

            	
              “Improvements”
                means any and all new developments relating solely to Products made
                by or
                arising out of the laboratories of Drs. John Burnett and Ondrej Lisy
                during the three (3) year period following the Effective Date of
                this
                Agreement, including improved methods of manufacture and production
                techniques, and shall include, but not be limited to, new or additional
                analogs of the Product, therapeutic indications and developments
                intended
                to enhance the safety and efficacy of the
                Product.

            

    

     

    1.10 “Know-How”
      means
      all technical information and data, whether or not patented, presently known
      or
      learned, invented, or developed by the Drs. John Burnett and Ondrej Lisy that
      is
      useful in the Development and Commercialization of a Product and is disclosed
      to
      NILE, to the extent that such technical information and data are helpful for
      the
      use or practice of the Patents or Know-How as permitted herein.

     

    
      	
              1.11

            	
              “License
                Quarter” begins
                on the Effective Date, and thereafter begins on the first day of
                each
                January, April, July, and October during the
                Term.

            

    

     

    
      	
              1.12

            	
              “License
                Year”
                begins on the Effective Date, and thereafter begins on the first
                day of
                each January during the Term.

            

    

     

    
      	
              1.13

            	
              “Net
                Sales”
                means the amount invoiced by NILE, its Affiliates or Sublicensee
                for sale
                of a Product in the Territory to a third party, less the
                following:

            

    

     

    
      	
              (a)

            	
              sales,
                tariff duties, excise or use taxes directly imposed and with reference
                to
                particular sales;

            

    

     

    
      	
              (b)

            	
              credits
                for defective or returned Products;

            

    

     

    
      	
              (c)

            	
              regular
                trade and discount allowances; and

            

    

     

    
      	
              (d)

            	
              bad
                debt deductions actually written off during the accounting
                period;

            

    

     

    Leasing,
      lending, consigning or any other activity by means of which a third party
      acquires the right to possession or use of a Product will be considered a sale
      for the purpose of determining Net Sales.

     

    
      	
              1.14

            	
              “NDA”
                shall mean a New Drug Application filed in the United States with
                the
                FDA.

            

    

     

    
      	
              1.15

            	
              “Patent
                or Patents”
                means the issued United States and foreign patents and the pending
                applications set forth in Exhibit A, together with any and all
                substitutions, extensions, divisionals, continuations,
                continuations-in-part (to the extent that the subject matter is disclosed
                and enabled in the parents), or foreign counterparts of such patent
                applications and patents which issue thereon any where in the world,
                including reexamined and reissued
                patents.

            

    

     

    
      	
              1.16

            	
              “Phase
                II”
                means a human clinical trial, the principal purpose of which is to
                evaluate the effectiveness of the Product for a particular indication
                in
                patients with the disease and to determine the common short-term
                side
                effects and risks associated with the Product as required in 21 C.F.R.
                §312. A Phase II study shall be deemed to have been initiated when
                the
                first patient has been dosed with the drug
                substance.

            

    

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    
      	
              1.17

            	
              “Phase
                III”
                means expanded controlled and uncontrolled human clinical trials
                performed
                after Phase II evidence suggesting effectiveness of the Product has
                been
                obtained, and is intended to gather the additional information about
                effectiveness and safety that is needed to evaluate the overall
                benefit-risk relationship of the Product and to provide an adequate
                basis
                for physician labeling, as required in 21 C.F.R. §312. A Phase III study
                shall also include any other human clinical trial intended to provide
                the
                substantial evidence of efficacy necessary to support the filing
                of an
                approvable NDA (such as a combined Phase  II/Phase III study, or any
                Phase III study in lieu of a Phase II study) (a “Pivotal Study”), whether
                or not such study is a traditional Phase III study. A Phase III study
                shall be deemed to have been initiated when the first patient has
                been
                dosed with the drug substance.

            

    

     

    
      	
              1.18

            	
              “Product”
                means any method, service or product within the Field, the manufacture,
                use, offer for sale or sale of which would infringe the Patent
                rights.

            

    

     

    
      	
              1.19

            	
              “Reasonable
                Commercial Efforts”
                means efforts consistent with those used by comparable biotechnology
                companies in the United States in research and development projects
                for
                therapeutic methods or compositions deemed to have commercial value
                comparable to the Product.

            

    

     

    
      	
              1.20

            	
              “Reports”
                means written summaries for each Product generally describing NILE's
                efforts with respect to Development and Commercialization of the
                Product,
                including:

            

    

     

    
      	
              (a)

            	
              tests
                and research completed;

            

    

     

    
      	
              (b)

            	
              any
                filings made with any regulatory
                authorities;

            

    

     

    
      	
              (c)

            	
              any
                regulatory approvals received;

            

    

     

    
      	
              (d)

            	
              a
                response to any comments that MAYO have made to any earlier Report,
                including NILE's rationale for rejecting any suggestion contained
                in such
                comments;

            

    

     

    
      	
              (e)

            	
              reports
                or minutes of any formal meetings with regulatory authorities, whether
                convened in person or otherwise;
                and

            

    

     

    
      	
              (f)

            	
              any
                other major regulatory event, including but not limited to, placement
                of a
                “clinical hold” on a trial.

            

    

     

    1.21 “Sublicensee”
      means an
      entity to 'whom NILE sublicenses the right to offer for sale or sell the
      Products in the Territory for the Field.

     

    1.22 “Successful
      Completion”
      of a
      Phase III clinical trial shall mean a clinical trial that yields data that
      is
      sufficiently statistically significant to permit NILE to file a
      NDA.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    1.23 “Valid
      Claim”
      means an
      issued claim of any unexpired patent or claim of any pending patent application
      included among the Patents, which has not been held unenforceable, unpatentable
      or invalid by a decision of a court or governmental body of competent
      jurisdiction, unappealable or unappealed within the time allowed for appeal,
      which has not been rendered unenforceable through disclaimer or otherwise,
      and
      which has not been lost through an interference proceeding or
      abandoned.

     

    1.24 “Territory”
      means world-wide.

    
      
         

        
          
             

          

          
            5

            
              

            

          

          
             

          

        

      

    

     

    Article
      2 - Development and Commercialization

     

    2.01 Agreements
      of Nile.
      NILE
      agrees to use its commercially reasonable efforts to implement a program of
      Development and Commercialization of the Product as soon as practically
      possible. To achieve this goal, NILE agrees to:

     

    
      	
              (a)

            	
              conduct
                a reasonable research and commercial development program to develop
                a
                Product;

            

    

     

    
      	
              (b)

            	
              expend
                reasonable amounts towards the research and development of such
                Products;

            

    

     

    
      	
              (c)

            	
              diligently
                pursue worldwide regulatory approval of a
                Product;

            

    

     

    
      	
              (d)

            	
              commence
                marketing of a Product within [***] following regulatory approval
                in the
                United States.

            

    

     

    
      	
              (e)

            	
              comply
                with all applicable laws in performing its obligations under this
                Agreement, including in connection with obtaining the regulatory
                approvals; and

            

    

     

    
      	
              (f)

            	
              perform
                in good faith all of its obligations under this
                Agreement.

            

    

     

    2.02 Management.
      NILE
      and its Affiliates shall assemble a management team, which shall
      include:

     

    
      	
              (a)

            	
              a
                management team with relevant drug development experience;
                and

            

    

     

    
      	
              (b)

            	
              a
                Board of Directors initially consisting initially of up to five
                members.

            

    

     

    2.03 Scientific
      Advisory Board.
      NILE
      will assemble a Scientific Advisory Board (“SAB”) consisting of experienced
      thought leaders in the area of Congestive Heart Failure. Dr. John Burnett shall
      serve as the Chairman of the SAB, subject to restrictions, if any, of MAYO's
      Conflict of Interest Committee, and subject to his reasonable availability.
      NILE
      shall compensate MAYO for Dr. Burnett's Know-How in this role at a rate of
      Fifty
      Thousand Dollars ($50,000.00) per annum, in addition to reimbursement of
      reasonable travel expenses. This amount shall be paid quarterly {i.e. by March
      31st, June 30th, September 30th and December 31st of each year) in equal
      installments of Twelve Thousand Five Hundred Dollars ($12,500). It is understood
      and agreed that Dr. Burnett will not be required to expend more than a maximum
      of twenty-four (24) days per year in his capacity as Chairman of the
      SAB,

     

    2.04 Development
      Plans and Reports.
      NILE
      agrees to provide MAYO with the Reports semi-annually, within 30 days of June
      30th and December 31st, starting in the second License Year. Such Reports shall
      be in sufficient detail for MAYO to among other things:

     

    
      	
              (a)

            	
              determine
                whether NILE is using Reasonable Commercial Efforts to pursue the
                regulatory approvals;

            

    

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    
      	
              (b)

            	
              determine
                whether NILE is using Reasonable Commercial Efforts to develop a
                Development plan; and

            

    

     

    
      	
              (c)

            	
              determine
                whether a Development plan, once developed and implemented, establishes
                that NILE is using its Reasonable Commercial Efforts for Commercialization
                of a Product.

            

    

     

    2.05 Notification.
      NILE
      agrees to notify MAYO within thirty (30) days if NILE determines that all
      Development efforts have been terminated for all Products in which case MAYO
      may
      terminate this Agreement and the licenses granted hereunder without cause upon
      thirty (30) days prior written notice.

     

    2.06 Consultation
      Regarding Reports.
      MAYO
      shall review the Reports and promptly inform NILE if MAYO reasonably believes
      that the Development or Commercialization plans presented in the Reports are
      not
      adequate for a Product. NILE and MAYO will mutually confer, provided, however,
      notwithstanding anything to the contrary herein, NILE has the final
      decision-making authority.

     

    2.07 Receipt
      of Regulatory Approval.
      NILE
      shall notify MAYO within five (5) business days of receiving official notice
      of
      any regulatory approval for any Product.

     

    Article
      3 - Grant of Rights

     

    3.01 Grant
      of Rights.
      MAYO
      grants to NILE an exclusive, world-wide, royalty-bearing license, with the
      right
      to sublicense pursuant to Section 3.06, under the Patents and Improvements,
      and
      a nonexclusive right under the Know-How to develop, make, have made, use, sell,
      import, offer to sell and commercialize Products within the Territory and within
      the Field.

     

    3.02 Reservation
      of Rights.
      The
      grant of rights in Section 3.01 is subject to the Government Rights of the
      United States government, if any, in the Patents and Know-How, and subject
      to
      MAYO' reservation of rights to make, have made and use the Patents and Products
      on a royalty-free basis for MAYO' and its Affiliates internal non-commercial
      clinical, research and education programs.

     

    3.03 All
      Other Rights Reserved.
      Except
      as granted in Section 3.01, or as otherwise expressly granted herein, no other
      license is granted by MAYO under any intellectual property rights owned or
      controlled by MAYO, including any patents, know-how, copyrights, proprietary
      information, and trademarks. All such rights are expressly reserved by MAYO.
      Except as provided herein, NILE acknowledges that in no event will this
      Agreement be construed as an assignment by MAYO to NILE of any intellectual
      property rights.

     

    3.04 Confidentiality.
      During
      the Term, and for a period of three years thereafter, each Party hereto agrees
      to keep confidential by not disclosing to any third party any information (i)
      relating to this Agreement, including the terms and conditions thereof, or
      (ii)
      disclosed by one Party (the “Disclosing Party”) to the other (the “Receiving
      Party”). The Parties may use this information solely as necessary for complying
      with the terms and conditions of this Agreement. The obligations of
      non¬disclosure and non-use will not apply when and to the extent such
      information:

     

    
      	
              (a)

            	
              becomes
                part of the public domain through no action or fault of the Receiving
                Party; or 

            

    

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    
      	
              (b)

            	
              was
                in the Receiving Party's possession before disclosure by the Disclosing
                Party, as demonstrated by written records, and was not acquired,
                directly
                or indirectly, from the Disclosing Party;
                or

            

    

     

    
      	
              (c)

            	
              was
                received by the Receiving Party from a third party having a legal
                right to
                transmit such information.

            

    

     

    At
      MAYO's
      request, NILE will cooperate fully with MAYO, except financially, in any legal
      actions taken by MAYO to protect its rights in the Patents and Know-how
      disclosed hereunder.

     

    For
      avoidance of doubt, any violation of the obligations stated in this Section
      3.04
      constitutes a material breach of this Agreement.

     

    3.05 Availability
      of Product to MAYO.
      Once a
      Product becomes commercially available, to the extent permitted by law, NILE
      will provide Products to MAYO and their Affiliates solely for it and their
      use
      for internal clinical, research and education programs in the Field at most
      favored nation pricing, i.e. no more than the lowest price available to NILE's
      commercial customers for the Products for use in the Field.

     

    3.06 Sublicensee
      Actions.
      Nile
      may enter into sublicensing agreements under the Patents. Nile shall not
      receive, or agree to receive, anything of value in lieu of cash or equity as
      consideration from a third party under a sublicense agreement (excluding (a)
      any
      amounts paid to NILE specifically designated for clinical research and
      development of the Product, or (b) purchases of debt or equity securities of
      NILE), without the prior written approval of MAYO. Nile agrees that any
      sublicense agreement shall (i) contain provisions at least as favorable to
      MAYO
      for the protection of MAYO's rights and the limitation of MAYO's liability
      exposure as the terms of this Agreement, including without limitation with
      respect to name use, limitation of liability and indemnification, and
      development and commercialization obligations commensurate in scope as those
      set
      forth for Nile in this Agreement, (ii) to the fullest extent applicable, contain
      all rights and obligations due to MAYO contained in this Agreement, (iii) name
      MAYO as a third party beneficiary and (iv) not permit the sublicensee to grant
      further sublicenses. Nile shall (i) be and remain responsible for the
      performance by such sublicensee with the terms of this Agreement, and any action
      by a sublicensee that would, if conducted by Nile, be a breach of this
      Agreement, shall be deemed a breach of this Agreement by Nile, and (ii)
      ascertain, calculate, audit and collect all royalties that become payable by
      such sublicensee hereunder and take appropriate enforcement action against
      such
      Sublicensee for any failure to pay or to properly calculate payments. Any
      purported sublicense in violation of this Section 3.06 shall be
      void.

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

    Nile
      shall furnish to MAYO a true and complete copy of each sublicense agreement
      and
      each amendment thereto, within thirty (30) days after the sublicense or
      amendment has been executed, which copy shall be the Confidential Information
      of
      Nile.

     

    Article
      4 - Consideration and Royalties

     

    4.01 Initial
      Consideration.

     

    
      	
              (a)

            	
              Upon
                execution of this Agreement, NILE will pay MAYO an up-front payment
                of
                FIVE HUNDRED THOUSAND DOLLARS (US $500,000) as consideration for
                entering
                into the Agreement. This initial payment is nonrefundable and is
                not an
                advance or creditable against any royalties otherwise due under this
                Agreement.

            

    

     

    
      	
              (b)

            	
              MAYO
                shall be granted FIVE HUNDRED THOUSAND (500,000) shares of common
                stock,
                par value $0,001 per share (the “Common Stock”) representing ten percent
                (10%) of the fully diluted stock of NILE as of the date of execution
                of
                this Agreement.

            

    

     

    4.02 Milestone
      Payments.
      NILE or
      its Sublicensee shall make one-time milestone payments to MAYO as
      follows:

    

    
      	
              MILESTONE

            	 	
              MILESTONE
                PAYMENT

            
	
              Initiation
                of the first company sponsored Phase  II clinical trial of a
                Product

            	 	
              [***]

            
	
              Initiation
                of the first U.S. company sponsored Phase III clinical trial of a
                Product

            	 	
              [***]

            
	
              Successful
                completion of a U.S. company sponsored Phase III clinical trial of
                a
                Product

            	 	
              [***]

            
	
              Acceptance
                by the FDA of the first New Drug Application (“NDA”) for a
                Product

            	 	
              [***]

            
	
              Approval
                by the FDA of the first NDA for a Product

            	 	
              [***]

            
	
              Approval
                by the FDA of an NDA for the first Product in each additional therapeutic
                indication

            	 	
              [***]

            
	
              Approval
                by the FDA of an NDA for each additional Product

            	 	
              [***]

            

    

     

    For
      the
      avoidance of doubt, “successful completion” of a Phase III clinical trial shall
      mean one that yields data that is sufficiently statistically significant to
      permit NILE to file an NDA.

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

     

    4.03 Milestones
      Related to Funding from Mayo's Discovery-Translation
      Program.
      Within
      sixty (60) days of the Effective Date, MAYO and NILE shall negotiate milestones
      for the use of money awarded to Dr. Burnett's program by MAYO's
      Discovery-Translation Program. If the parties agree to such milestones, the
      parties will set forth a budget and the proposed milestones in Exhibit B. NILE
      acknowledges that there is no requirement for MAYO to achieve the milestones.
      MAYO will not be required to fund any activities except for the amounts agreed
      upon in Exhibit B. In any event, such amount shall not exceed the award to
      Dr.
      Burnett's program of $[***]. For any money over $[***], up to, but not exceeding
      $[***] (the “Additional Award”), which is spent from the Discovery-Translation
      award for the Development of a Product, MAYO shall be granted the equivalent
      dollar value in common stock of NILE, immediately upon the completion of the
      first equity financing following the use of such Additional Award. The number
      of
      shares to be issued to MAYO pursuant to this Section 4.03 shall be determined
      by
      dividing the Additional Award by the per share price of the securities sold
      in
      such equity financing.

     

    4.04 Earned
      Royalties.
      NILE or
      its Sublicensee will pay MAYO [***] of the Net Sales of Products in the
      Territory for use in the Field covered by at least one Valid Claim. The Earned
      Royalties are payable as described in Section 5.01.

     

    4.05 License
      Maintenance Royalties.
      In
      order for NILE to maintain its exclusive license, NILE will pay MAYO a License
      Maintenance Royalty of [***] in License Year 1 and 2 and a License Maintenance
      Royalty of [***] in each License Year thereafter. Such License Maintenance
      Royalties are fully creditable against the Milestone Payments described in
      Section 4.02 hereto. For the avoidance of doubt the License Milestone Royalty
      for License Year 1 shall be due on or before 20 January 2007. Failure to make
      License Maintenance Payments shall be considered a material breach of this
      Agreement.

     

    4.06 Interest.
      Any
      payment that is not made on or before the date when due under this Agreement
      shall accrue interest thereon from and including such date and until but
      excluding the date of payment at the rate of one-half percent (0.5%) per month,
      or, if such rate is in excess of the rate then permitted by applicable laws,
      at
      the highest rate so permitted.

     

    4.07 Taxes.
      NILE is
      responsible for all applicable taxes (other than net income taxes), duties,
      import deposits, assessments, and other governmental charges, however
      designated, that are now or hereafter will be imposed by any authority in or
      for
      the Territory, based on or relating to:

     

    
      	
              (a)

            	
              the
                Product or use of the Patents by NILE and/or NILE's Sublicensees;
                or
                

            

    

     

    
      	
              (b)

            	
              the
                import of the Product into the Territory by NILE and/or NILE's
                Sublicensees.

            

    

     

    Notwithstanding
      the foregoing, NILE shall not be responsible for any taxes arising from
      transactions to which MAYO or any of their Affiliates may be parties exclusive
      of transactions with NILE.

     

    4.08 No
      Deductions for Taxes.
      Except
      as otherwise stated herein, or unless otherwise agreed to in writing by MAYO
      and
      NILE, all payments to be made by NILE to MAYO under this Agreement represent
      net
      amounts MAYO is entitled to receive, and shall not be subject to any deductions
      or offsets by NILE for any reason whatsoever. NILE, however, is not responsible
      for any payments, including income tax, required to be paid by MAYO on funds
      received from or on behalf of NILE. 

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

     

    4.09 U.S.
      Currency. All payments to MAYO under this Agreement will be made by draft drawn
      on a United States bank, and payable in United States dollars.

     

    4.10 Material
      Breach. It shall be a material breach of this Agreement if NILE shall fail
      to
      make any payment pursuant to Article 4 of this Agreement when such payment
      is
      due or by the end of any applicable cure period.

     

    Article
      5 - Accounting and Reports

     

    5.01 Royalty
      Reports and Payments.
      NILE
      will, after Commercialization of at least one Product, deliver to MAYO on or
      before 1 June, 1 September, 1 December and 1 March a written report for the
      previous License Quarter stating, for each Product and for each country in
      the
      Territory in “which there are Net Sales:

     

    
      	
              (a)

            	
              the
                number of Products sold during the period covered by the written
                report;

            

    

     

    
      	
              (b)

            	
              a
                description of all deductions from gross receipts applied to determine
                Net
                Sales;

            

    

     

    
      	
              (c)

            	
              amount
                of royalty due thereupon for the period covered by the written report;
                and

            

    

     

    
      	
              (d)

            	
              exchange
                rates used to calculate the royalties
                due.

            

    

     

    Each
      such
      report shall be accompanied by the royalty payment due for such License Quarter,
      in accordance with this Article 5.

     

    5.02 Audit
      Rights.
      NILE
      agrees to maintain the Records and to require any permitted Sublicensees to
      maintain the Records. “Records” mean complete and accurate records showing
      clearly all transactions that are relevant to any sales, costs, expenses and
      payments under this Agreement, to be kept in a manner consistent with generally
      accepted accounting principles and standard operating procedures. MAYO shall
      have the right, at its expense, through a certified public accountant or like
      person reasonably acceptable to NILE, to examine the records of NILE and its
      Sublicensees during regular business hours before the Termination or expiration
      of this Agreement and for three (3) years thereafter, provided that such
      examination shall not take place more often than once a year and shall be
      limited to a report on the accuracy of royalty statements and payments. If
      the
      audit report for any License Year discloses an underpayment discrepancy in
      royalties owed by NILE and royalties paid by NILE to MAYO that exceeds [***]
      of
      total Net Sales or Sublicense Revenue made until the date of completion of
      the
      audit, NILE shall pay the reasonable expense of the audit and pay to MAYO the
      entire amount of the discrepancy plus interest within thirty (30) days from
      the
      date upon which MAYO notified NILE of the discrepancy. Interest shall be
      computed at the rate which is the prime rate of Citibank N.A. (N.Y.) in effect
      at 9:00 a.m. on the day that MAYO notifies NILE of the discrepancy.
      Discrepancies in royalty payments for a License Year identified by the audit
      report amounting to less than five percent (5%) shall be paid by the end of
      the
      License Quarter in which the audit was made.

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

     

    Article
      6 - Representations, Warranties and Indemnification

     

    6.01 Representations
      and Warranties.
      MAYO
      hereby represents and warrants to the best of its counsel's knowledge the
      following:

     

    
      	
              (a)

            	
              MAYO
                has the full right and power to perform the obligations and grant
                the
                License set forth in this
                Agreement;

            

    

     

    
      	
              (b)

            	
              There
                are no outstanding agreements, assignments or encumbrances in existence
                inconsistent with the provisions of this
                Agreement.

            

    

     

    
      	
              (c)

            	
              Subject
                to Section 3.02, MAYO owns or possesses all right, title and interest
                in
                and to the Patents free and clear of all liens, charges, encumbrances
                or
                other restrictions or limitations of any kind
                whatsoever.

            

    

     

    
      	
              (d)

            	
              Subject
                to Section 3.02, there are no licenses, options, restriction, liens,
                rights of third parties, disputes, royalty obligations, proceedings
                or
                claims relating to, affecting, or limiting its rights or the rights
                of
                NILE under this Agreement, which imposes obligations upon MAYO or
                gives
                any rights to MAYO which, in either case, would adversely affect
                the
                rights of NILE or the obligations of MAYO under this
                Agreement.

            

    

     

    
      	
              (e)

            	
              There
                is no claim, pending or threatened, of infringement, interference
                or
                invalidity regarding, any part or all of the Patents and their use
                as
                contemplated in the underlying patent applications as presently drafted
                or
                as contemplated under this
                Agreement.

            

    

     

    
      	
              (f)

            	
              MAYO
                has provided a copy of all pending patens and applications for which
                Dr.
                Burnett or Dr. Lisy is an inventor.

            

    

     

    6.02 No
      Warranties.
      Notwithstanding the foregoing, nothing in this Agreement will be construed
      as:

     

    
      	
              (a)

            	
              a
                warranty or representation by MAYO as to the validity or scope of
                any of
                the Patents; or 

            

    

     

    
      	
              (b)

            	
              an
                obligation to bring or to prosecute actions against third parties
                for
                infringement of the Patents; or

            

    

     

    
      	
              (c)

            	
              a
                warranty or representation that the manufacture, use, sale, offer
                for sale
                or importation of any Product or the use or practice of any of the
                Patents
                are free from infringement or misappropriation of a third party's
                intellectual property rights.

            

    

     

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

     

    6.03 Disclaimer.
      MAYO HAS
      NOT MADE AND PRESENTLY MAKES NO PROMISES, GUARANTEES, REPRESENTATIONS OR
      WARRANTIES OF ANY NATURE, DIRECTLY OR INDIRECTLY, EXPRESS OR IMPLIED, REGARDING
      THE MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR NON-INFRINGEMENT
      FOR
      THE PRODUCTS OR PATENTS. THE KNOW-HOW AND PATENTS PROVIDED OR LICENSED UNDER
      THIS AGREEMENT ARE PROVIDED “AS IS,” “WITH ALL FAULTS,” AND “WITH ALL
      DEFECTS”.

     

    NILE
      is
      solely responsible for determining whether the Patents and Know-How provided
      or
      licensed hereunder have applicability or utility in NILE's manufacturing and
      design activities. NILE assumes all risk and liability in connection with such
      determination.

     

    6.04 Indemnification
      by NILE.
      NILE
      will defend, indemnify, and hold harmless MAYO and MAYO's Affiliates from any
      and all claims, actions, demands, judgments, losses, costs, expenses, damages
      and liabilities (including but not limited to reasonable attorneys fees and
      other out-of- pocket expenses incurred in litigation) (collectively, “Claims”),
      regardless of the legal theory asserted, arising out of or connected with:
      (a)
      use by NILE of Patents or Know-How furnished or licensed under this Agreement;
      (b) development, design, manufacture, distribution, use, sale, or other
      disposition of products, including Products, by NILE or its transferees or
      Mayo
      and/or it Affiliates; and (c) any clinical trial funded or conducted by NILE,
      unless such Claims are judicially determined to have arisen out of the gross
      negligence or willful misconduct of MAYO or its Affiliates. As used herein,
      MAYO
      and its Affiliates include the trustees, officers, agents, and employees of
      MAYO
      and its Affiliates. NILE will, during the Term, carry occurrence-based liability
      insurance, including products liability and contractual liability, in an amount
      and for a time period sufficient to cover the liability assumed by NILE
      hereunder, such amount being at least [***], provided that a lesser amount
      shall
      be acceptable to MAYO until such time as the Product enters into human clinical
      trials. In addition, such policy will name MAYO as an additional-named insured
      party.

     

    6.05 Additional
      Waivers.
      IN NO
      EVENT WILL MAYO'S LIABILITY OF ANY KIND INCLUDE ANY SPECIAL, INDIRECT,
      INCIDENTAL, OR FUTURE DAMAGES, EVEN IF MAYO HAS BEEN ADVISED OF THE POSSIBILITY
      OF SUCH DAMAGES. IN NO CASE WILL MAYO'S LIABILITY OF ANY KIND EXCEED THE TOTAL
      AMOUNTS WHICH HAVE ACTUALLY BEEN PAID TO MAYO BY NILE AS OF THE DATE OF FILING
      OF THE ACTION AGAINST MAYO WHICH RESULTS IN THE SETTLEMENT OR AWARD OF
      DAMAGES.

     

    Article
      7 - Term and Termination

     

    7.01 Term.
      Unless
      sooner terminated, this Agreement shall continue in full force and effect until
      the later of (a) the expiration of the last to expire valid claim contained
      in
      the Patents and (b) the 20th anniversary of this Agreement.

     

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

     

    7.02 Material
      Breach.
      MAYO
      shall be entitled to terminate this Agreement at any time based upon material
      breach if NILE has failed to cure such material breach within ninety (90) days
      of receipt of notice by NILE from MAYO that NILE is in breach.

     

    7.03 Termination
      for Other than Material Breach.
      NILE may
      terminate the Agreement without cause upon ninety (90) days prior written
      notice.

     

    7.04 Termination
      for Challenge.
      MAYO may
      terminate this Agreement by transmitting a notice of termination to NILE in
      the
      event NILE challenges the validity or enforceability of any of the Patent Rights
      in any manner.

     

    7.05 Insolvency
      of Company.
      MAYO may
      terminate this Agreement by transmitting a notice of termination to NILE in
      the
      event NILE ceases conducting business in the normal course, becomes insolvent
      or
      bankrupt, makes a general assignment for the benefit of creditors, admits in
      writing its inability to pay its debts as they are due, permits the appointment
      of a receiver for its business or assets, or avails itself of or becomes subject
      to any proceeding under any statute of any governing authority relating to
      insolvency or the protection of rights of creditors.

     

    7.06 Effect
      of Termination.
      Upon
      termination of this Agreement, all rights granted therein will immediately
      revert to MAYO with no further notice or action required on the MAYO's behalf.
      NILE shall negotiate in good faith for an agreement, which shall be on
      commercially reasonable terms, under which NILE would provide to MAYO and grant
      the rights to use full and complete copies of all toxicity, efficacy, and other
      data generated solely by NILE (including by contractors or agents on their
      behalf, specifically excluding MAYO) in the course of NILE's efforts to develop
      Products or obtain governmental approval for the sale of Products, for use
      in
      connection with the development and commercialization of Products.

     

    7.07 Survival.
      The
      following obligations survive the expiration or termination of this
      Agreement:

     

    
      	
              (a)

            	
              NILE's
                obligation to supply reports covering the time period up to the date
                of
                termination or expiration;

            

    

     

    
      	
              (b)

            	
              MAYO'
                right to receive payments, fees, and royalties accrued or accruable
                from
                payment at the time of any termination or expiration;
                

            

    

     

    
      	
              (c)

            	
              NILE's
                obligation to maintain records, and MAYO' right to have those records
                inspected; 

            

    

     

    
      	
              (d)

            	
              any
                cause of action or claim of MAYO, accrued or to accrue, because of
                any
                action or omission by NILE;

            

    

     

    
      	
              (e)

            	
              NILE's
                obligations stated in Section 2.06 for data developed prior to termination
                or expiration, Sections 3.04 and 3.06; the applicable sections of
                Article
                6; Sections 7.06, 7.08 and 7.09; and Article 10;
                and

            

    

     

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

     

    
      	
              (f)

            	
              MAYO'
                obligations stated in Section 3.04 and 10.01, and the applicable
                sections
                of Articles 6 and 10.

            

    

     

    7.08 Inventory.
      NILE
      shall notify MAYO within thirty (30) days of the effective date of termination
      of this Agreement the amounts, if any, of Product that NILE, its Sublicensees
      and distributors then have in inventory in each country or Territory. At MAYO'
      election, NILE, its Sublicensees and distributors may sell the Product in that
      country or Territory if NILE pays royalties thereon in accordance with Sections
      4.03 and 5.01. In the event that MAYO does not permit the sale of the inventory,
      MAYO will direct NILE to return the inventory to MAYO or to destroy the
      inventory, at the cost of MAYO. Return of Confidential Information. Within
      thirty (30) days of the effective date of termination of this Agreement, each
      of
      the Parties shall return all of the other Party's Confidential Information,
      including all copies thereof; provided, however, that each Party shall be
      entitled to retain one copy of all such Confidential Information in its legal
      department so that any continuing obligations of confidentiality may be
      determined. 

     

    Article
      8 - Patent Filing, Prosecution and Maintenance

     

    8.01 Patent
      Filing, Prosecution and Maintenance.
      Following execution of this Agreement, NILE shall be responsible for the
      prosecution and maintenance of all Patents and Patent applications, at NILE's
      expense, using counsel reasonably acceptable to MAYO, and shall keep MAYO
      informed of prosecution

     

    8.02 Patent
      Term Extension.
      MAYO
      will have the sole right to decide on which Patent(s) to obtain a patent term
      extension; provided that MAYO will consider NILE's input on the matter. NILE
      agrees to do all things which MAYO determines are necessary to ensure the timely
      and complete filing and prosecution of any application for a patent term
      extension with the United States Patent and Trademark Office for any Licensed
      Product. NILE's duties shall include, but not be limited to, providing MAYO
      with
      any information and notifications reasonably necessary for obtaining a patent
      term extension.

     

    Article
      9 - Patent Rights Enforcement

     

    9.01 Third
      Party Litigation.
      In the
      event a third party institutes a suit against NILE for patent infringement
      involving a Product, NILE will promptly inform MAYO and keep MAYO regularly
      informed of the proceedings. In the event the third party sues or joins MAYO,
      MAYO will have the right to control the defense of the suit. Each Party will
      bear its own costs of the suit and any recovery will be shared equally by the
      Parties.

     

    9.02 Infringement
      by Third Party.
      NILE and
      MAYO will promptly inform the other Party in writing of any alleged infringement
      of any Patent and provide the other Party with available evidence of such
      infringement, and MAYO and NILE will have the right to institute an action
      for
      infringement of the Patents consistent with the following: 

     

    
      	
              (a)

            	
              If
                MAYO and NILE agree to institute suit jointly, then the suit will
                be
                brought in the names of both parties. NILE will exercise control
                over such
                action, provided, however, that MAYO may, if it so desires, be represented
                by counsel of its own selection, and at its own
                expense.

            

    

     

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

     

    
      	
              (b)

            	
              In
                the absence of an agreement to institute a suit jointly, MAYO may
                institute suit and, at its option, join NILE as a plaintiff. MAYO
                will
                bear the entire cost of such litigation, including attorneys' fees.
                NILE
                will cooperate reasonably with MAYO, except financially, in such
                litigation. MAYO will not settle or enter into a voluntary disposition
                of
                the action without NILE's prior written
                consent.

            

    

     

    
      	
              (c)

            	
              In
                the absence of an agreement to institute a suit jointly, and if MAYO
                determines not to institute a suit, as provided in paragraph (b)
                of this
                Section 9.02, then NILE may institute suit and, at its option, join
                MAYO
                if MAYO is a necessary party to the litigation. NILE will bear the
                entire
                cost of such litigation, including attorneys' fees. MAYO will cooperate
                reasonably with NILE, except financially, in such litigation NILE
                will not
                settle or enter into a voluntary disposition of the action without
                MAYO's
                prior written consent.

            

    

     

    
      	
              (d)

            	
              Absent
                an agreement to the contrary, any costs under (a) above will be borne
                equally by the Parties and any recoveries will be shared in proportion
                to
                the economic damages suffered by each Party. Otherwise, each Party
                will
                bear its own expenses and any recovery will be applied as
                follows:

            

    

     

    
      	 	
              (i)

            	
              first,
                to reimburse the Party bringing the
                action;

            

    

     

    
      	 	
              (ii)

            	
              second,
                to reimburse the expenses of the other Party in connection with such
                action; and 

            

    

     

    
      	 	
              (iii)

            	
              third,
                [***] percent ([***]%) to MAYO and [***] percent ([***]%) to
                NILE.

            

    

     

    
      	
              (e)

            	
              If
                either Party institutes a suit under this Section 9.02 and then decides
                to
                abandon the suit, it will first provide timely written notice to
                the other
                Party of its intention to abandon the suit, and the other Party,
                if it
                wishes, may continue prosecution of such suit, provided, however,
                that the
                sharing of expenses and of any recovery in such suit will be agreed-upon
                separately by the Parties.

            

    

     

    9.03 Patent
      Marking.
      To the
      extent commercially feasible and customary in the trade, NILE will mark all
      Products that are manufactured or sold under this Agreement with the number
      of
      each issued patent within the Patents that cover such Product(s). Any such
      marking will be in conformance with the patent laws and other laws of the
      country of manufacture or sale.

     

    Article
      10 - General Provisions

     

    10.01 Name
      Use.
      This
      Agreement does not convey any right to use any of the other Party's names or
      logos other than where required by law, rule or regulation. Neither Party may
      use publicly for publicity, promotion, or otherwise, any logo, name, trade
      name,
      service mark or trademark of the other Party or its Affiliates, or any
      simulation, abbreviation or adaptation of the same, or the name of any of the
      other Party's employee or agent without such other Party's prior, written,
      express consent other than where required by law, rule or regulation. MAYO's
      marks include, but are not limited to, the terms “MAYO®” and “MAYO CLINIC®.” Any
      violation of this Section 10.01 constitutes a material breach of this
      Agreement.

     

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

     

    10.02 Assignment.
      Nile
      may assign its rights and obligations under this Agreement to a third party
      in
      conjunction with a Change of Control without Mayo's prior written consent;
      provided that Nile shall remain responsible for the performance of its assignee,
      the assignee agrees to assume and be bound by the provisions of this Agreement
      in writing and Nile promptly notifies Mayo of such assignment. Mayo's written
      consent, which shall not be unreasonably withheld, shall be required prior
      to
      any other assignment of Nile's rights or obligations hereunder. Any other
      purported assignment is void.

     

    10.03 Waiver.
      The
      failure of a Party to complain of any default by another Party or to enforce
      any
      of such Party's rights, no matter how long such failure may continue, will
      not
      constitute a waiver of the Party's rights under this Agreement. The waiver
      by a
      Party of any breach of any provision of this Agreement shall not be construed
      as
      a waiver of any subsequent breach of the same or any other provision. No part
      of
      this Agreement may be waived except by the further written agreement of the
      Parties.

     

    10.04 Governing
      Law and Jurisdiction.
      This
      Agreement is made and performed in Minnesota. It is governed by Minnesota law,
      but specifically not including Article 2 of the Uniform Commercial Code as
      enacted in Minnesota. This is not an Agreement for the sale of goods. In
      addition, no Minnesota conflicts-of-law or choice-of-laws provisions apply
      to
      this Agreement. To the extent the substantive and procedural law of the United
      States would apply to this Agreement, it supersedes the application of Minnesota
      law. The exclusive for a for actions between the Parties in connection with
      this
      Agreement are the State District Court sitting in Olmsted County, Minnesota,
      or
      the United States Court for the District of Minnesota. NILE agrees
      unconditionally that it is personally subject to the jurisdiction of such
      court.

     

    10.05 Headings.
      The
      headings of articles and sections used in this document are for convenience
      of
      reference only, and shall not affect the meaning or interpretation of this
      Agreement.

     

    10.06 Notices.
      All
      notices and other business communications between the Parties related to this
      Agreement shall be in writing, sent by certified mail, addressed as
      follows:

     

    If
      to
      MAYO:

     

    
      	
              Mayo
                Foundation for Medical Education and Research

            	 
	
              200
                First Street SW

            	 	 
	
              Rochester,
                Minnesota 55905-0001

            	 	 
	
              Attn:

            	
              Susan
                L. Stoddard, Ph.D.

            	
              COPY
                TO

            
	 	
              Office
                of Technology Commercialization

            	
              Mayo
                Legal

            
	 	
              Mayo
                Medical Ventures

            	
              Attn:
                General Counsel

            
	
              Telephone

            	
              :507-284-8878

            	
              Telephone:
                507-284-2650

            
	 	 	 
	 	 	 
	
              Facsimile:

            	
              507-284-5410

            	
              Facsimile:
                507-284-0929

            
	
              Email:

            	
              sstoddard@mayo.edu

            	 
	 	 	 

    

     

    
      	
              Nile
                Pharmaceuticals, Inc.

              689
                Fifth Avenue, 14th Floor

              New
                York New York

              Attn:
                David Tanen

              Telephone:
                212-871-7900

              Facsimile:
                212-871-7901

              Email:
                dmt@tworiver.com

            	 	 

    

     

    
      
         

      

      
        17

        
          

        

      

      
         

      

    

     

    Notices
      sent by certified mail shall be deemed delivered on the third day following
      the
      date of mailing. A Party may change its address or facsimile number by giving
      written notice in compliance with this section.

     

    10.07 Limitation
      of Rights Created.
      This
      Agreement is intended only to benefit the Parties hereto and is not intended
      to
      confer upon any other person any rights or remedies hereunder.

     

    10.08 Independent
      Contractors.
      It is
      mutually understood and agreed that the relationship between the Parties is
      that
      of independent contractors. No Party is the agent, employee, or servant of
      the
      other. Except as specifically set forth herein, no Party shall have or exercise
      any control or direction over the methods by which the other Party performs
      work
      or obligations under this Agreement. Further, nothing in this Agreement is
      intended to create any partnership, joint venture, or lease, expressly or by
      implication, between the Parties.

     

    10.09 Entire
      Agreement.
      This
      Agreement constitutes the final, complete and exclusive agreement between the
      Parties with respect to its subject matter and supersedes all past and
      contemporaneous agreements, promises, and understandings, whether oral or
      written, between the Parties.

     

    10.10 Binding
      Effect.
      This
      Agreement shall be binding upon and inure to the benefit of the Parties, their
      heirs, legal representatives, successors and assigns.

     

    10.11 Severability.
      In the
      event any provision of this Agreement is held to be invalid or unenforceable,
      the remainder of this Agreement shall remain in full force and effect as if
      the
      invalid or unenforceable provision had never been a part of the
      Agreement.

     

    10.12 Amendments.
      This
      Agreement may not be amended or modified except by a writing signed by the
      Parties and identified as an amendment to this Agreement.

     

    10.13 Construction.
      The
      Parties agree to all of the terms of this Agreement. The Parties execute this
      Agreement only after reviewing it thoroughly. That one Party or another may
      have
      drafted all or a part of this Agreement will not cause this Agreement to be
      read
      more strictly against the drafting Party. This Agreement, and any changes to
      it,
      will be interpreted on the basis that the Parties contributed equally to the
      drafting of all of its parts.

     

    
      
         

      

      
        18

        
          

        

      

      
         

      

    

     

    10.14 Nondisclosure.
      Except
      as permitted herein, neither Party will disclose any of the terms of this
      Agreement without the express, prior, written consent of the other Party, or
      unless required by law or a regulatory authority.

     

    10.15 Counterparts.
      This
      Agreement shall become binding as of the Effective Date when any one or more
      counterparts hereof, individually or taken together, shall bear the signatures
      of each of the Parties hereto. This Agreement may be executed in any number
      of
      counterparts, each of which shall be an original as against any Party whose
      signature appears thereon but all of which together shall constitute but one
      and
      the same instrument.

     

    IN
      WITNESS WHEREOF,
      MAYO and
      NILE have caused this Agreement to be signed as of the Effective Date by their
      respective representatives.

     

    MAYO
      FOUNDATION FOR MEDICAL EDUCATION AND RESEARCH:

     

    
    

     

    
      	
              /s/
                Steven P. Vannurden

            	
              1/18/06

            
	
              

              NAME:
                STEVEN P. VANNURDEN 

              TITLE:
                ASSISTANT TREASURER

            	
              DATE

            

    

     

    
      	
              READ,
                UNDERSTOOD AND AGREED:

               

              /s/
                John C. Burnett

            	
               

               

              1/18/06

            
	
              

              JOHN
                C. BURNETT, M.D.

            	
              DATE
                

            
	 	 
	 	 
	/s/ Ondrej
              Lisy	1/18/06
	
              

              ONDREJ
                LISY, M.D., PH.D.

            	
              DATE

            
	 	 

    

     

    
      	
              NILE
                PHARMACEUTICALS, INC:

               

               

            	
            
	 /s/ Joshua
              A.
              Kazam	1/18/06
	
              
                

              

              NAME: Joshua A. Kazam

              TITLE:
                President 

            	
              DATE

            
	 	 

    

     

    
      
         

      

      
        19

        
          

        

      

      
         

      

    

    
 

    EXHIBIT
      A 

    
      PATENTS

       

    

    US
      Patent
      granted June 2002, #6,407,211; 

     

    US
      Patent
      granted November 2004, #6,818,619; 

     

    US
      Application Serial Number 10/947,730; 

     

    European
      Application Number 00988092.3; 

     

    Canadian
      Application Number 2,395,585; and 

     

    Japanese
      Application Number 2001-544773. 

    

    
      
         

      

      
        20CONFIDENTIAL
        TREATMENT REQUESTED

      Exhibit
        10.7

       

      EXCLUSIVE
        LICENSE AGREEMENT

       

      THIS
        AGREEMENT (“Agreement”) by and among DR.
        CESARE CASAGRANDE, having
        an
        address at Via Campogallo, 21/67, 20020 Arese, Milan, Italy and NILE
        THERAPEUTICS, INC., a corporation organized and existing under the laws of
        the
        State of Delaware, with principal offices located at 2850 Telegraph Avenue,
        Suite 310, Berkeley, CA 94705 (“LICENSEE”) is effective as of the date of final
        execution below (“EFFECTIVE DATE”).

       

      ARTICLE
        1 BACKGROUND

       

      1.1. In
        the
        course of research conducted by the LICENSOR (as defined below), the LICENSOR
        has produced certain inventions referred to a medicinal product designated
        as
        2-NTX-99 (the “INVENTION”), which is owned by the LICENSOR and described in the
        LICENSED PATENTS (as defined below).

       

      1.2. The
        LICENSOR and LICENSEE wish to have the INVENTION and any LICENSED
        PATENTS
        (as
        defined below) developed and commercialized. 

       

      1.3. LICENSEE
        has represented to LICENSOR in order to induce LICENSOR to enter into this
        Agreement that it is experienced in developing and commercializing products
        similar to the LICENSED PRODUCTS (as defined below) and that it shall act
        diligently to develop and commercialize the LICENSED PRODUCTS for public
        use
        throughout the LICENSED TERRITORY (as defined below).

       

      1.4. The
        LICENSOR is willing to grant a license to LICENSEE, subject to the terms
        and
        conditions of this Agreement.

       

      1.5. In
        consideration of these statements and the mutual promises
        herein
        made and exchanged, and for other good and valuable consideration, the receipt
        and sufficiency of which are hereby acknowledged,
        the
        LICENSOR and LICENSEE agree to the terms of this Agreement.

       

      ARTICLE
        2 DEFINITIONS

       

      The
        following terms used in this Agreement shall be defined as set forth
        below:

       

      2.1. “AFFILIATE”
        shall mean any entity or person that directly or indirectly controls, is
        controlled by or is under common control with LICENSEE or a SUBLICENSEE as
        applicable. For purposes of this definition, “control” means possession of the
        power to direct the management of such entity or person, whether through
        ownership of more than fifty percent (50%) of voting securities, by contract
        or
        otherwise. 

      ____________

        1 Confidential
          treatment has been requested for certain portions of this Exhibit. The
          confidential portions of this Exhibit have been omitted and filed separately
          with the Securities and Exchange Commission. Such portions have been marked
          with
“***” at the exact place where material has been
          omitted.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        2.2. “CHANGE
          OF CONTROL” shall mean a merger, consolidation, acquisition or the transfer of
          all, or substantially all, of the business interests of LICENSEE to which
          this
          Agreement relates to which LICENSEE is a party where the shareholders of
          LICENSEE immediately prior to effective date of such transaction beneficially
          own, immediately following the effective date of such transaction, securities
          representing less than fifty percent (50%) of the combined voting power
          of the
          surviving corporation’s then outstanding voting securities. 

         

      

      2.3. “COMMON
        STOCK” shall mean the shares of common stock of the LICNESEE, par value $0.001
        per share.

       

      2.4. “CONFIDENTIAL
        INFORMATION” shall mean all information disclosed by one party to the other
        during the negotiation of or under this Agreement in any manner, whether
        orally,
        visually or in tangible form, that relates to LICENSED PATENTS, LICENSED
        INFORMATION, IMPROVEMENT PROJECT or the Agreement itself, unless such
        information is subject to an exception described in Article 9.2.
        CONFIDENTIAL INFORMATION that is disclosed in tangible form shall be marked
        “Confidential” at the time of disclosure and CONFIDENTIAL INFORMATION that is
        disclosed orally or visually shall be identified as confidential at the time
        of
        disclosure and subsequently reduced to writing, marked confidential and
        delivered to the other party within thirty (30) days of such disclosure.
        

       

      2.5. “EARNED
        ROYALTY” is defined in Article 7.1.
        

       

      2.6. “EFFECTIVE
        DATE” is defined in the introductory paragraph of this Agreement.

       

      2.7. “EMEA”
        shall mean the European Medicines Agency or successor entity. 

       

      2.8. “EUROPEAN
        UNION” shall mean the European organisation of member states first established
        by the Treaty of the European Union in 1992 (otherwise known as the Maastricht
        Treaty) as it may be constituted from time to time, which, as of the date
        of
        this Agreement, consists of Austria, Belgium, Bulgaria, Cyprus, Czech Republic,
        Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy,
        Latvia, Lithuania, Luxembourg, Malta, The Netherlands, Poland, Portugal,
        Romania, Slovakia, Slovenia, Spain, Sweden and the United Kingdom.

       

      2.9. “FAIR
        MARKET VALUE” shall mean the last sale price of the COMMON STOCK on the trading
        day on which the value is being determined or, in case no such reported sales
        take place on such day, the average of the last reported bid and asked prices
        of
        the COMMON STOCK on such day, in either case on the principal national
        securities exchange on which the COMMON STOCK is admitted to trading or listed,
        or if not listed or admitted to trading on any such exchange, the representative
        closing sale price of the COMMON STOCK as reported by the National Association
        of Securities Dealers, Inc. Automated Quotations System ("NASDAQ"), or other
        similar organization if NASDAQ is no longer reporting such information, or,
        if
        the COMMON STOCK is not reported on NASDAQ, the per share sale price for
        the
        COMMON STOCK in the over-the-counter market as reported by the National
        Quotation Bureau or similar organization, or if not so available, the fair
        market value of the COMMON STOCK as determined by the price per share in
        the
        most recent private financing round wherein (a) the total shares in the
        financing represent no less than five percent (5%) of the COMMON STOCK following
        such financing, and (b) greater than fifty percent (50%) of the shares were
        purchased by parties unaffiliated with LICENSEE management or directors.
        

       

      
        
          
          

        

        
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      2.10. “FDA”
        shall mean the United States Food and Drug Administration or successor entity.
        

       

      2.11. “FIELD”
        shall mean all therapeutic uses in humans and animals. 

       

      2.12. “FIRST
        SALE” shall mean the first commercial sale to a third party of any LICENSED
        PRODUCT in the LICENSED TERRITORY (as defined below). 

       

      2.13. “IMPROVEMENT
        PROJECT” shall mean any and all projects conceived by the LICENSOR intended to
        find and/or develop any novel intellectual property relating to the LICENSED
        PRODUCTS, including, without limitation, improved methods of manufacture
        and
        production techniques, new or additional analogs, therapeutic indications
        and
        developments intended to enhance the safety and efficacy, or broaden the
        intended use of the LICENSED PRODUCTS.

       

      2.14. “IND”
        shall mean an investigational new drug application filed with the FDA prior
        to
        the commencement of human clinical trials in the United States. 

       

      2.15. “INVENTION”
        is defined in Article 1.1.

       

      2.16. “LICENSE”
        refers to the license granted under Article 3.1.
        

       

      2.17. “LICENSED
        INFORMATION” shall mean all technical information and data, whether or not
        patented, that is known , learned, invented, or developed by the LICENSOR
        as of
        the EFFECTIVE DATE, as demonstrated by the written records of the LICENSOR
        to
        the extent that:

       

      (a) such
        technical skills, information and data are useful for the use or practice
        of the
        LICENSED PATENTS as permitted herein; and 

       

      
        
          
          

        

        
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      (b) the
        LICENSOR possess the right to license the use of such information to LICENSEE
        for commercial purposes under the terms of this Agreement. 

       

      2.18. “LICENSED
        PATENTS” shall mean the United States or foreign patent application(s) and
        patents(s) listed in Appendix
        A
        owned or
        assigned to LICENSOR during the term of this Agreement, together with any
        continuations, divisionals, and continuations-in-part, to the extent the
        claims
        of any such patent or patent application are directed to subject matter
        specifically described in the patent applications listed on Appendix
        A;
        any
        reissues, re-examinations, or extensions thereof, or substitutes therefore;
        and
        the relevant international equivalents of any of the foregoing. Appendix
        A
        is
        incorporated into this Agreement. LICENSED PATENTS shall also include any
        results of the IMPROVEMENT PROJECTS added to the LICENSE pursuant to Article
        3.2.

       

      2.19. “LICENSED
        PRODUCTS” shall mean any product, apparatus, kit, or component part
        thereof;

       

      (a) the
        manufacture, use or sale of which without a license from LICENSOR, would
        infringe a VALID CLAIM of a LICENSED PATENT; 

       

      (b) incorporates,
        uses, or is derived from the LICENSED PATENTS; or 

       

      (c) is
        developed by using a process or composition which is covered in whole or
        in part
        by a VALID CLAIM of a LICENSED PATENT. 

       

      2.20. “LICENSED
        TERRITORY” shall mean the entire world. 

       

      2.21. “MAJOR
        MARKET COUNTRY” shall mean Canada, the United Kingdom, France, Germany, Spain,
        Italy, or Japan. 

       

      2.22. “LICENSOR”
        shall mean Dr. Cesare Casagrande or any immediate family member of Dr.
        Casagrande, or any trust, all of the beneficiaries of which are such Dr.
        Casagrande or his immediate family members, or the guardian, conservator,
        heir
        or estate of Dr. Casagrande, or any corporation, partnership, limited liability
        company or other entity all or substantially all of the outstanding securities
        and other beneficial interests of which are owned by Dr. Casagrande or his
        immediate family members.

       

      2.23. “NDA”
        shall mean a new drug application filed with the FDA to obtain marketing
        approval for a LICENSED PRODUCT in the United States. 

       

      2.24. “NET
        SALES” shall mean:

       

      (a) the
        total
        gross receipts from the
        sale,
        leasing,
        renting
        of,
        or
        otherwise making LICENSED
        PRODUCTS available
        by
        the
        LICENSEE, SUBLICENSEES or AFFILIATES to THIRD PARTIES (defined
        below)
        for
        profit without sale or other dispositions, whether invoiced or not, less
        the
        following deductions, provided they actually pertain to the disposition of
        LICENSED PRODUCTS and are separately invoiced: 

      

      (i) all
        reasonable and customary discounts, returns, credits and allowances on account
        of returns, bad debt deductions actually written off during the calendar
        quarter
        in which sales occurred, provided, however, that deductions taken for bad
        debt
        shall not exceed in aggregate one percent (1.0%) of gross sales of LICENSED
        PRODUCT during the calendar quarter;  

       

      (ii) reasonable
        and customary arms length negotiated commissions actually paid to independent
        and unaffiliated third-party distributors and third party sales agencies
        not to
        exceed in aggregate one and one quarter percent (1.25%) per calendar
        quarter;

       

      (iii) reasonable
        and customary outbound transportation and transportation insurance, packaging
        (for shipping purposes only) and freight charges; and 

       

      (iv) reasonable
        and customary duties, taxes (but not income taxes) and other governmental
        charges levied on the sale, transportation or delivery of LICENSED PRODUCTS,
        but
        not including income taxes of the LICENSEE.

       

      
        
          
          

        

        
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            4 of
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      (b) No
        deductions shall be made for any other costs or expenses, including but not
        limited to commissions to any person or entity on LICENSEE’S, SUBLICENSEE'S or
        an AFFILIATE’S payroll or for the cost of collection.

       

      (c) Notwithstanding
        any provision in this Agreement to the contrary, NET SALES shall not include
        the
        gross invoice price for LICENSED PRODUCTS sold to, or services performed
        using
        LICENSED PRODUCTS for, any AFFILIATE unless such AFFILIATE is an end-user
        of any
        LICENSED PRODUCT, in which case that transaction shall be included in NET
        SALES
        at the average selling price charged to a THIRD-PARTY (as defined below)
        during
        the same quarter. 

       

      2.25. “PHASE
        I
        CLINICAL TRIAL” shall mean a human clinical trial, the principal purpose of
        which is to determine toxicity, absorption, metabolism and/or safe dosage
        range
        in patients with the disease target being studied as required in 21 C.F.R.
        §312(a). 

       

      2.26. “PHASE
        II
        CLINICAL TRIAL” shall mean a human clinical trial, the principal purpose of
        which is to evaluate the effectiveness of a drug for a particular indication
        in
        patients with the disease and to determine the common short-term side effects
        and risks associated with the drug as required in 21 C.F.R. §312(b).

       

      2.27. “PHASE
        III CLINICAL TRIAL” shall mean expanded controlled and uncontrolled human
        clinical trials pursuant to a randomized study with endpoints agreed upon
        by
        regulatory bodies for regulatory approval performed after PHASE II CLINICAL
        TRIALS evidence suggesting effectiveness of a LICENSED PRODUCT has been
        obtained, and is intended to gather the additional information about
        effectiveness and safety that is needed to evaluate the overall benefit-risk
        relationship of a LICENSED PRODUCT and to provide an adequate basis for
        physician labeling, as required in 21 C.F.R. §312.

       

      2.28. “PMA”
        shall mean an application for marketing authorization of a LICENSED PRODUCT
        filed with the EMEA. 

       

      2.29. “REASONABLE
        COMMERCIAL EFFORTS” shall mean those efforts consistent with those used by
        comparable companies in the United States in research and development projects
        for therapeutic methods or compositions deemed to have commercial value
        comparable to the LICENSED PRODUCTS. 

       

      2.30. “SUBLICENSING
        ROYALTIES” shall mean royalty consideration received by LICENSEE as a result of
        NET SALES of LICENSED PRODUCTS by a SUBLICENSEE.

       

      2.31. “SUBLICENSEE”
        shall mean any third party sublicensed by LICENSEE to make, have made, use,
        sell, have sold, import or export any LICENSED PRODUCT.

       

      2.32. “TERM”
is
        defined in Article 3.2.

       

      2.33. “THIRD
        PARTY(IES)” shall mean any person or entity that is not party to this Agreement
        but does not include SUBLICENSEES or any AFFILIATE of LICENSEE or any
        SUBLICENSEE under the terms herein. 

       

      
        
          
          

        

        
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            27

          
            

          

        

        
          
          

        

      

       

      2.34. “VALID
        CLAIM” shall mean an issued claim of any unexpired patent included among the
        PATENT RIGHTS, which has not been held unenforceable, unpatentable or invalid
        by
        a decision of a court or governmental body of competent jurisdiction,
        unappealable or unappealed within the time allowed for appeal, which has
        not
        been rendered unenforceable through disclaimer or otherwise, and which has
        not
        been lost through an interference proceeding or abandoned.

       

      ARTICLE
        3 LICENSE
        GRANT AND TERM

       

      3.1. Subject
        to all the terms and conditions of this Agreement, the LICENSOR hereby grants
        to
        LICENSEE an exclusive license to practice under the LICENSED PATENTS and
        use the
        LICENSED INFORMATION, with the right to grant sublicenses, to make, have
        made,
        use, sell, have sold, offer to sell, import or export LICENSED PRODUCTS within
        the FIELD in the LICENSED TERRITORY (the “LICENSE”). 

       

      3.2. LICENSOR
        grants to LICENSEE a right of first refusal to financially support any
        IMPROVEMENT PROJECT and to include the results of any such IMPROVEMENT PROJECT
        under the terms of this Agreement as LICENSED PATENTS or LICENSED INFORMATION.
        LICENSOR shall disclose any proposed IMPROVEMENT PROJECT to LICENSEE in writing
        prior to disclosing to any THIRD PARTIES. Following such written disclosure
        to
        LICENSEE, LICENSEE shall have ninety (90) days to determine its interest
        in
        financially supporting such IMPROVEMENT PROJECT. In the event that LICENSEE
        desires to financially support the IMPROVEMENT PROJECT, LICENSEE shall inform
        LICENSOR in writing and the parties shall negotiate in good faith the terms
        and
        conditions of a sponsored research agreement upon commercially reasonable
        terms.
        In the event that LICENSEE determines not to financially support such
        IMPROVEMENT PROJECT, or if the parties are unable to agree upon commercial
        terms, then LICENSOR shall be free to negotiate with a THIRD PARTY relating
        to
        the funding of such IMPROVEMENT PROJECT, provided however, that the LICENSOR
        may
        not enter into an agreement with a THIRD PARTYon terms more favorable to
        such
        THIRD PARTY than those proposed by LICENSOR to LICENSEE.
        Nothing
        in this Agreement shall be construed as a license, sublicense or grant to
        such
        THIRD PARTY of rights to the LICENSED PATENTS or LICENSED INFORMATION,
        or as
        an exception to the rights granted pursuant to Section 3.1
        of this
        Agreement. 

       

      3.3. Unless
        terminated earlier as provided in ARTICLE
        15,
        the
        term of the LICENSE (the “TERM”) shall commence on the EFFECTIVE DATE and shall
        automatically expire on the later of: 

       

      (a) the
        date
        on which the last VALID CLAIM described in the LICENSED PATENTS expires,
        lapses
        or is declared to be invalid by a non-appealable decision of a court of
        competent jurisdiction; or 

       

      (b) twenty
        (20) years after the EFFECTIVE DATE. 

       

      3.4. Nothing
        in this Agreement shall be construed to grant by implication, estoppel or
        otherwise any licenses under patents of the LICENSOR other than the LICENSED
        PATENTS. Except as expressly provided in this Agreement, under no circumstances
        will the LICENSEE, as a result of this Agreement, obtain any interest in
        or any
        other right to any technology, know-how, patents, patent applications, materials
        or other intellectual or proprietary property of the LICENSOR. Subject to
        Article 14.1, nothing in this Agreement shall be construed as preventing
        LICENSOR from using the LICENSED PATENTS and the LICENSED INFORMATION for
        academic research and non-commercial purposes.

       

      
        
          
          

        

        
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      3.5. The
        LICENSE granted in Article 3.1
        shall
        automatically convert to a paid-up, non-exclusive license, on a
        country-by-country basis, upon the expiration of the TERM as described in
        Article 3.3.
        

       

      3.6. Articles
        2, 6.2(b), 9, 10.2, 13, 15, 16, 18, and 20 shall survive expiration of this
        Agreement pursuant to Article 3.2 or termination pursuant to ARTICLE
        15.

       

      ARTICLE
        4 SUBLICENSES

       

      4.1. The
        LICENSOR hereby grants to the LICENSEE the right to sublicense its right
        to
        make, have made, use, sell, have sold, import or export LICENSED PRODUCTS
        within
        the FIELD in the LICENSED TERRITORY following the dosing of the first subject
        in
        a PHASE I CLINICAL TRIAL of a LICENSED PRODUCT, provided this Agreement is
        in
        effect and the LICENSEE is not in breach of its obligations
        hereunder.

       

      4.2. Any
        sublicense granted by LICENSEE shall comply with all the terms of this LICENSE
        and shall include substantially the same definitions and provisions set forth
        in
        the following Articles of this Agreement ARTICLES 2, 3, 8, 10.2, 13, 16 and
        18.
        LICENSEE shall require any SUBLICENSEE to actively pursue the achievement
        of a
        proof of concept in humans in U.S. and/or in the EUROPEAN UNION. Any agreement
        between the LICENSEE and any SUBLICENSEE (a “SUBLICENSE
        AGREEMENT”)
        shall
        expressly provide that the provisions of this Agreement shall be directly
        enforceable against such SUBLICENSEE by the LICENSOR. LICENSEE will promptly
        provide the LICENSOR with a copy of each SUBLICENSE AGREEMENT no later than
        30
        days after execution.

       

      4.3. The
        LICENSEE agrees that it shall promptly: 

       

      (a) provide
        the LICENSOR with a copy of any amendments to any SUBLICENSE AGREEMENT entered
        into by the LICENSEE under this Agreement and to notify the LICENSOR of
        termination of any SUBLICENSE AGREEMENT; and

       

      (b)
         deliver
        copies of all reports provided to the LICENSEE by SUBLICENSEES of a similar
        nature to those described in ARTICLE
        10;

      

      (c) exert
        its
        best efforts in order to cause the SUBLICENSEES to perform the obligations
        provided for in the SUBLICENSE AGREEMENTS.

      

      ARTICLE
        5 LICENSE
        FEE AND MILESTONE PAYMENTS

       

      5.1. The
        LICENSEE shall pay to LICENSOR, on the EFFECTIVE DATE, a non refundable license
        fee equal to [***].

      
        
          
          

        

        
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      5.2. The
        LICENSEE shall also pay to LICENSOR on the EFFECTIVE DATE
        the
        amount of [***]
        for past
        patent expenses incurred by the LICENSOR
        prior to
        EFFECTIVE DATE as required under ARTICLE 11.
         

      

      5.3. The
        LICENSEE shall pay the following one-time non-refundable milestone payments
        (the
“MILESTONE PAYMETS”) to LICENSOR, whether accomplished by the LICENSEE, a
        SUBLICENSEE or any of their respective AFFILIATES:

       

      (a) [***]
        upon the dosing of the first subject in the first PHASE I CLINICAL TRIAL
        of a
        LICENSED PRODUCT in the United States conducted by the LICENSEE pursuant
        to a
        corporate sponsored IND;

       

      (b) [***]
        upon the dosing of the first subject in the first PHASE I CLINICAL TRIAL
        (or its
        foreign equivalent) of a LICENSED PRODUCT conducted by the LICENSEE in the
        EUROPEAN UNION;

       

      (c) [***]
        upon the dosing of the first patient in the first PHASE II CLINICAL TRIAL
        of a
        LICENSED PRODUCT conducted by the LICENSEE in the United States; 

       

      (d) [***]
        upon the dosing of the first subject in the first PHASE II CLINICAL TRIAL
        (or
        its foreign equivalent) of a LICENSED PRODUCT conducted by the LICENSEE in
        the
        EUROPEAN UNION; 

       

      (e) [***]
        upon the dosing of the first patient in the first PHASE III CLINICAL TRIAL
        of a
        LICENSED PRODUCT conducted by the LICENSEE in the United States; 

       

      (f) [***]
        upon the dosing of the first subject in the first PHASE III CLINICAL TRIAL
        (or
        its foreign equivalent) of a LICENSED PRODUCT conducted by the LICENSEE in
        the
        EUROPEAN UNION;

       

      (g) [***]
        upon the approval by the FDA of the first NDA for a LICENSED
        PRODUCT;

       

      (h) [***]
        upon approval by the FDA of an NDA for a second human therapeutic indication
        of
        the LICENSED PRODUCT described in 5.3(g); 

       

      (i) [***]
        upon the approval by the EMEA of the first PMA submitted by the LICENSEE
        resulting in the granting of a marketing authorization for a LICENSED
        PRODUCT;

       

      (j) [***]
        upon the approval by the EMEA of the first PMA submitted by the LICENSEE
        resulting in the granting of a marketing authorization for a LICENSED PRODUCT
        for a second human therapeutic indication than the one described in 5.3(i);
        

       

      (k) [***]
        upon receipt by the LICENSEE of marketing approval in Japan for the first
        LICENSED PRODUCT;

       

      
        
          
          

        

        
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      (l) [***]
        following the first calendar year in which annual NET SALES of LICENSED PRODUCTS
        equal Two Hundred Fifty Million Dollars ($250,000,000.00); 

       

      (m) [***]
        following the first calendar year in which annual NET SALES of LICENSED PRODUCTS
        equal Five Hundred Million Dollars ($500,000,000.00); and

       

      (n) [***]
        following the first calendar year in which annual NET SALES of LICENSED PRODUCTS
        equal One Billion Dollars ($1,000,000,000.00).

       

      5.4. No
        MILESTONE
        PAYMENT
        shall be
        paid more than once for any LICENSED PRODUCT. In the event that the LICENSEE
        is
        permitted to advance the clinical development by the FDA or EMEA without
        conducting one or more activities described in Article 5.3
        above,
        then the LICENSEE shall pay to the LICENSOR all milestone payments owed pursuant
        to Article 5.3
        that
        would otherwise have been paid to the LICENSOR had the LICENSEE been required
        to
        conduct such activity. By way of example, if the EMEA permits the LICENSEE
        to
        commence PHASE III CLINICAL TRIALS in the EUROPEAN UNION without first
        conducting a PHASE II CLINICAL TRIAL in the EUROPEAN UNION, then the LICENSEE
        will immediately pay to the LICENSOR the amount owed pursuant to Article
        5.3(d).

       

      5.5. The
        LICENSEE shall promptly notify the LICENSOR as soon as each of the milestones
        described in Article 5.3
        has been
        achieved, whether it is achieved by the LICENSEE, a SUBLICENSEE or any of
        their
        respective AFFILIATES. 

       

      5.6. Article
        7.4 shall apply to MILESTONES PAYMENTS.

      ARTICLE
        6 EQUITY

       

      6.1. Upon
        the
        EFFECTIVE DATE, LICENSEE shall issue to LICENSOR a number of shares of COMMON
        STOCK having a FAIR MARKET VALUE as of the EFFECTIVE DATE equal to One Million
        Dollars ($1,000,000.00). LICENSEE shall deliver, or caused to be delivered,
        to
        LICENSOR a stock certificate, duly signed by appropriate officers of LICENSEE
        and issued in LICENSOR’S name, representing all of the shares of COMMON STOCK
        required to be issued to LICENSOR under this Article 6.1.

       

      6.2. By
        accepting the shares of COMMON STOCK, the LICENSOR hereby:

       

      (a) consents
        to the placement of a legend on any certificate or other document evidencing
        the
        shares of COMMON STOCK that such shares of COMMON STOCK have not been registered
        under the Securities Act of 1933 or any state securities or “blue sky” laws and
        setting forth or referring to the restrictions on transferability and sale
        thereof contained in this Agreement. The LICENSOR is aware that the LICENSEE
        will make a notation in its appropriate records with respect to the restrictions
        on the transferability of such shares of COMMON STOCK. The legend to be placed
        on each certificate shall be in form substantially similar to the
        following:

       

      "THE
        SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES
        SECURITIES ACT OF 1933, AS AMENDED (THE "ACT") OR ANY STATE SECURITIES OR
        "BLUE
        SKY LAWS", AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, ASSIGNED, PLEDGED OR
        HYPOTHECATED ABSENT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR
        COMPLIANCE WITH RULE 144 PROMULGATED UNDER SUCH ACT, OR UNLESS THE COMPANY
        HAS
        RECEIVED AN OPINION OF COUNSEL, REASONABLY SATISFACTORY TO THE COMPANY AND
        ITS
        COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED."

       

      
        
          
          

        

        
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      (b) agrees
        it
        will not, without the prior written consent of the LICESEE, offer, pledge,
        sell,
        contract to sell, grant any option for the sale of, or otherwise dispose
        of,
        directly or indirectly, the shares of COMMON STOCK for a period of 180 days
        following the initial public offering of the COMMON STOCK of the LICENSEE.
        In
        order to enforce the foregoing covenant, the LICENSEE may impose stop-transfer
        instructions with re-spect to the shares of COMMON STOCK until the end of
        such
        period.

       

      ARTICLE
        7 EARNED
        ROYALTIES

       

      7.1. Subject
        to provisions of this ARTICLE
        7,
        during
        the TERM of this Agreement, as partial consideration for the LICENSE, LICENSEE
        shall pay to LICENSOR an earned royalty on worldwide cumulative NET SALES
        of
        LICENSED PRODUCTS by LICENSEE or its AFFILIATES (“EARNED ROYALTIES”) determined
        as a percentage of NET SALES by LICENSEE or its AFFILIATES as set forth
        below: 

      

        
          	
                  ANNUAL
                    NET SALES

                	 	
                  ROYALTY

                
	
                  $0
                    to $250,000,000

                	 	
                  [***]

                
	
                  $250,000,001
                    to $500,000,000

                	 	
                  [***]

                
	
                  $500,000,001
                    and above

                	 	
                  [***]

                

        

      

      

      7.2. In
        the
        event that the LICENSEE enters into a SUBLICENCE AGREEMENT during the TERM
        of
        this Agreement, LICENSEE shall pay to LICENSOR the greater of:

       

      (a) [***]
        of
        the SUBLICENSING ROYALTIES received by the LICENSEE from a SUBLICENSEE;
        and

       

      (b) [***]
        of
        the NET SALES by such SUBLICENSEE.

       

      7.3. LICENSEE
        shall pay all EARNED ROYALTIES accruing to the LICENSOR within thirty (30)
        days
        from the end of each calendar quarter (March 31, June 30, September 30 and
        December 31), beginning in the first calendar quarter in which NET SALES
        occur.

       

      7.4. All
        EARNED ROYALTIES and other payments due under this Agreement shall be paid
        directly to LICENSOR in United States Dollars. In the event that conversion
        from
        foreign currency is required in calculating a payment under this Agreement,
        the
        exchange rate used shall be the Interbank rate quoted by Citibank at the
        end of
        the last business day of the quarter in which the royalty was earned. If
        overdue, the royalties and any other payments due under this Agreement shall
        bear interest until payment at a per annum rate two percent (2%) above the
        prime
        rate in effect at Citibank on the due date and the LICENSOR shall be entitled
        to
        recover reasonable attorneys’ fees and costs related to the administration or
        enforcement of this Agreement, including collection of royalties or other
        payments, following such failure to pay. The payment of such interest shall
        not
        foreclose the LICENSOR from exercising any other right it may have as a
        consequence of the failure of LICENSEE to make any payment when
        due.

       

      
        
          
          

        

        
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      7.5. In
        the
        event that LICENSEE’S outside patent counsel together with LICENSOR’S outside
        patent counsel agree (which discussion and agreement shall be in good faith)
        that patent licenses from third parties are reasonably required by LICENSEE,
        its
        AFFILIATES or its SUBLICENSEE to make, use, offer for sale, sell or import
        any
        LICENSED PRODUCT in any given country, LICENSOR and LICENSEE shall negotiate
        in
        good faith with the intention of reaching a fair and equitable formula on
        how
        any amount paid by LICENSEE to such third parties shall be shared by LICENSEE
        and LICENSOR, except that EARNED ROYALTY payable to LICENSOR on NET SALES
        of
        such LICENSED PRODUCTS shall not be reduced by more than fifty percent
        (50%).

       

      7.6. No
        multiple royalties shall be payable because the use, lease or sale of any
        LICENSED PRODUCT is, or shall be, covered by more than one VALID CLAIM contained
        in the LICENSED PATENTS. 

       

      7.7. In
        the
        event that a LICENSED PRODUCT is sold in the form of a combination package
        together with companion products that are not themselves a LICESED PRODUCT,
        the
        NET SALES for such combination package upon which the Earned Royalty due
        to
        LICENSOR is based shall be calculated by multiplying the total sales price
        of
        such combination package by the fraction A/(A+B), where A is the invoice
        price
        of the LICENSED PRODUCT if sold separately, and B is the total invoice price
        of
        each of the other companion products included in the combination package
        if sold
        separately.

      

      ARTICLE
        8 DUE
        DILIGENCE

       

      8.1. LICENSEE,
        its SUBLICENSEES, or its AFFILIATES shall use all REASONABLE COMMERCIAL EFFORTS
        to conduct a research program designed to result in the regulatory approval
        and
        commercialization of the LICENSED PRODUCTS. LICENSEE shall demonstrate such
        efforts by performing any of the following activities:

       

      (a) File
        an
        IND within [***] of the EFFECTIVE DATE of this Agreement; 

       

      (b) Upon
        IND
        filing, LICENSEE, its’ SUBLICENSEES, or their AFFILIATES, shall demonstrate
        ongoing engagement of clinical development for LICENSED PRODUCTS, which shall
        be
        evidenced by conducting at least one of the following activities in any given
        year starting from the date of IND filing:

      

      
        	 	
                (i)

              	
                having
                  expended at least [***] for development of LICENSED
                  PRODUCT;

              

      

       

      
        
          
          

        

        
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                (ii)

              	
                having
                  manufactured LICENSED PRODUCT suitable for clinical trials under
                  an
                  approved IND;

              

      

      

      
        	 	
                (iii)

              	
                having
                  actively engaged in study preparation, implementation or reporting
                  of a
                  PHASE I, PHASE II (proof-of-concept), or PHASE III CLINICAL TRIAL
                  with
                  respect to a LICENSED PRODUCT or the construction of regulatory
                  documents
                  for filing; 

              

      

      

      
        	 	
                (iv)

              	
                having
                  responded to regulatory requests/issues relating to a PHASE I,
                  PHASE II,
                  or PHASE III CLINICAL TRIAL of a LICENSED
                  PRODUCT;

              

      

      

      
        	 	
                (v)

              	
                having
                  prepared documents for NDA filing with respect to a LICENSED
                  PRODUCT;

              

      

      

      
        	 	
                (vi)

              	
                having
                  filed an NDA for a LICENSED
                  PRODUCT;

              

      

      

      
        	 	
                (vii)

              	
                following
                  NDA filing, having actively pursued NDA approval for a LICENSED
                  PRODUCT;
                  or

              

      

      

      
        	 	
                (viii)

              	
                following
                  NDA approval of a LICENSED PRODUCT, having launched or sold a LICENSED
                  PRODUCT in the United States or another MAJOR MARKET
                  COUNTRY.

              

      

      

      8.2. Failure
        to comply with development activities described in Article 8.1
        above
        within the prescribed time frame shall be considered a material breach of
        the
        LICENSE under 15.1(a),
        unless
        such failure is through no fault of the LICENSEE, including without limitation,
        a change in regulatory guidelines, generally accepted opinions or standards;
        the
        introduction of a new standard of care during the development of LICENSED
        PRODUCTS which affects the development strategy for LICENSED PRODUCTS; or
        unexpected findings (safety or efficacy) in clinical studies, pre-clinical
        studies or chemistry, manufacturing and control that delays clinical development
        or that requires that phase to be repeated. In such an instance, the parties
        shall amend the timelines accordingly. 

       

      8.3. Within
        30
        days of the end of the calendar quarters ending 30 June and 31 December,
        LICENSEE shall provide the LICENSOR with a report on the status of the
        development and marketing of each LICENSED PRODUCT of LICENSEE, SUBLICENSEES
        and
        their respective AFFILIATES and shall promptly provide the LICENSOR with
        such
        additional details of such development and marketing as the LICENSOR may
        from
        time to time reasonably request. 

       

      8.4. The
        parties shall establish an advisory board or other similar body consisting
        of
        Dr. Casagrande and other persons designated by LICENSEE (“PROJECT TEAM”). The
        PROJECT TEAM shall meet in person or by telephone or other mutually agreed
        upon
        method to provide guidance to the LICENSEE in the pre-clinical and clinical
        development of the LICENSED PRODUCTS. The LICENSEE shall reimburse Dr.
        Casagrande for the normal travel and other expenses incurred for the
        participation in person to the PROJECT TEAM meetings. 

       

      
        
          
          

        

        
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      ARTICLE
        9 CONFIDENTIALITY
        AND PUBLICITY

       

      9.1. Subject
        to the parties’ rights and obligations pursuant to this Agreement, the LICENSOR
        and LICENSEE agree that during the term of this Agreement and for five (5)
        years
        thereafter, each of them:

       

      (a) will
        keep
        confidential and will cause their AFFILIATES and, in the case of LICENSEE,
        its
        SUBLICENSEES, to keep confidential, CONFIDENTIAL INFORMATION disclosed to
        it by
        the other party, by taking whatever action the party receiving the CONFIDENTIAL
        INFORMATION would take to preserve the confidentiality of its own CONFIDENTIAL
        INFORMATION, which in no event shall be less than reasonable care;
        and

       

      (b) will
        only
        disclose that part of the other’s CONFIDENTIAL INFORMATION to its officers,
        employees, agents, or independent contractors that is necessary for those
        officers, employees, agents, or independent contractors who need to know
        to
        carry out its responsibilities under this Agreement; and

       

      (c) will
        not
        use the other party’s CONFIDENTIAL INFORMATION other than as expressly set forth
        in this Agreement or disclose the other’s CONFIDENTIAL INFORMATION to any third
        parties under any circumstance without advance written permission from the
        other
        party; and

       

      (d) will,
        within sixty (60) days of termination or expiration of this Agreement, return
        all the CONFIDENTIAL INFORMATION disclosed to it by the other party pursuant
        to
        this Agreement except for one copy which may be retained by the recipient
        for
        monitoring compliance with this ARTICLE
        9.

       

      9.2. The
        obligations of confidentiality described above shall not pertain to that
        part of
        the CONFIDENTIAL INFORMATION that:

       

      (a) was
        known
        to the recipient prior to the disclosure by the disclosing party;
        or

       

      (b) is
        at the
        time of disclosure or has become thereafter publicly known through no fault
        or
        omission attributable to the recipient; or 

       

      (c) is
        rightfully given to the recipient from sources independent of the disclosing
        party; or

       

      (d) is
        independently developed by the receiving party without use of or reference
        to
        the CONFIDENTIAL INFORMATION of the other party; or

       

      (e) is
        required to be disclosed by law in the opinion of recipient’s attorney, but only
        after the disclosing party is given prompt written notice and an opportunity
        to
        seek a protective order. 

       

      
        
          
          

        

        
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      9.3. Except
        as
        required by law, neither party may disclose the financial terms of this
        Agreement without the prior written consent of the other party. 

       

      9.4. The
        terms
        of this Agreement shall be deemed confidential to the extent permitted by
        law,
        rule or regulation. 

       

      ARTICLE
        10 REPORTS,
        RECORDS AND INSPECTIONS

       

      10.1. Following
        FIRST SALE, LICENSEE shall, within sixty (60) days after the calendar year
        in
        which NET SALES first occurs, and within sixty (60) days after each calendar
        quarter (March 31, June 30, September 30 and December 31) thereafter, provide
        the LICENSOR with a written report detailing the NET SALES, if any, made
        by
        LICENSEE, its SUBLICENSEES and AFFILIATES of LICENSED PRODUCTS during the
        preceding calendar quarter and calculating the payments due pursuant to
ARTICLE
        7.
        NET
        SALES of LICENSED PRODUCTS shall be deemed to have occurred on the date of
        invoice for such LICENSED PRODUCTS. Each such report shall be signed by an
        officer of LICENSEE (or the officer's designee), and must include:

       

      (a) the
        number of LICENSED PRODUCTS manufactured, sold, leased or otherwise transferred
        or disposed of by LICENSEE, SUBLICENSEES and AFFILIATES;

       

      (b) a
        calculation of NET SALES for the applicable reporting period in each country,
        including the gross invoice prices charged for the LICENSED PRODUCTS and
        any
        permitted deductions made pursuant to Article 2.24;

       

      (c) a
        calculation of total royalties or other payment due, including any exchange
        rates used for conversion; 

       

      (d) names
        and
        addresses of all SUBLICENSEES and the type and amount of any SUBLICENSE INCOME
        received from each SUBLICENSEE.

       

      10.2. LICENSEE
        and its SUBLICENSEES shall keep, maintain complete and accurate records and
        books containing an accurate accounting of all data in sufficient detail
        to
        enable verification of EARNED ROYALTIES and other payments under this Agreement.
        LICENSEE shall preserve such books and records for three (3) years after
        the
        calendar year to which they pertain, or, in case of any dispute, until such
        dispute is finally decided or settled. Such books and records shall be open
        to
        inspection by the LICENSOR or an independent certified public accountant
        selected by the LICENSOR, at the LICENSOR’s expense, during normal business
        hours upon ten (10) days' prior written notice, for the purpose of verifying
        the
        accuracy of the reports and computations rendered by LICENSEE. In the event
        LICENSEE underpaid the amounts due to the LICENSOR with respect to the audited
        period by more than [***]), LICENSEE shall pay the reasonable cost of such
        examination, together with the deficiency not previously paid, and accrued
        interest on the underpayment at the lesser of the maximum rate allowed by
        law or
        [***] per month, all within thirty (30) days of receiving notice thereof
        from
        the LICENSOR. If the LICENSEE underpays by more than [***] in any calendar
        quarter, then the LICENSEE shall from that date forward deliver at LICENSEE’S
        cost and expense an annual audit within 90 days after the end of each annual
        period.

       

      
        
          
          

        

        
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      10.3. On
        or
        before the 90th
        day
        following the close of LICENSEE’S fiscal year, LICENSEE shall provide the
        LICENSOR with LICENSEE’S certified financial statements for the preceding fiscal
        year including, at a minimum, a balance sheet and an income statement, including
        notes relating to the License Agreement. LICENSEE shall also require that
        any
        SUBLICENSEE provide the LICENSEE and the LICENSOR with annual audited financial
        statements for within ninety (90) days following the date of the closing
        of the
        SUBLICENSEE’s preceding fiscal year.

       

      ARTICLE
        11 PATENT
        PROSECUTION

       

      11.1. LICENSEE
        shall be responsible for all past, present and future costs of filing,
        prosecution and maintenance of any and all United States and foreign patent
        applications contained in the LICENSED PATENTS. Any and all such United States
        and foreign patent applications, and resulting issued patents, shall remain
        the
        property of the LICENSOR. 

       

      11.2. The
        costs
        described in Article 11.1
        shall
        include, but are not limited to, any past, present and future taxes, government
        fees, patent attorney fees, annuities, working fees, maintenance fees, renewal
        and extension charges. Payment of such costs shall be made, at the LICENSOR'S
        option, either directly to patent counsel or by reimbursement to the
        LICENSOR.

       

      11.3. The
        activities provided for in Article 11.1 shall be performed and all new and
        existing patent applications under the LICENSED PATENTS shall be prepared,
        prosecuted, filed and maintained by patent counsel selected by LICENSEE and
        which is reasonably acceptable to the LICENSOR. LICENSEE shall be responsible
        for directing prosecution. With respect to any LICENSED PATENTS, LICENSEE
        and
        patent counsel shall:

       

      (a) consult
        with the LICENSOR and keep the LICENSOR fully and timely informed of the
        performance of the activities provided for in Article 11.1 and the progress
        of
        all patent applications and patents, including all issues relating to the
        preparation, filing, prosecution and maintenance of LICENSED
        PATENTS;

       

      (b) consult
        with the LICENSOR and keep the LICENSOR fully informed about LICENSEE’s patent
        strategy with respect to the LICENSED PATENTS;

       

      (c) provide
        to the LICENSOR advance copies of documents relevant to preparation, filing,
        prosecution and maintenance of the LICENSED PATENTS sufficiently in advance
        of
        filing to allow the LICENSOR a reasonable opportunity to review and comment
        on
        such documents; and 

       

      (d) provide
        the LICENSOR with final copies of such documents. LICENSEE agrees to use
        commercially reasonable efforts to obtain broad and strong patent protection
        in
        the best interest of the LICENSOR and LICENSEE. LICENSEE will not finally
        abandon any patent application, or make decisions that would have a material
        impact on the nature or scope of any claims without the LICENSOR’ consent.

       

      11.4. LICENSEE
        shall apply, and shall require SUBLICENSEES to apply, the patent marking
        notices
        required by the law of any country where such LICENSED PRODUCTS are made,
        sold,
        used or shipped, including, but not limited to, the applicable patent laws
        of
        that country.

       

      
        
          
          

        

        
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      ARTICLE
        12 INFRINGEMENT
        AND LITIGATION

       

      12.1. Each
        party shall promptly notify the other in writing in the event that it obtains
        knowledge of infringing activity by third parties, or is sued or threatened
        with
        an infringement suit, in any country in the LICENSED TERRITORY as a result
        of
        activities that concern the LICENSED PATENTS and shall supply the other party
        with documentation of the infringing activities that it possesses.

       

      12.2. During
        the TERM of this Agreement:

       

      (a) LICENSEE
        shall have the first right and obligation to defend the LICENSED PATENTS
        against
        infringement or interference in the FIELD and in the LICENSED TERRITORY by
        third
        parties. This right and obligation includes bringing any legal action for
        infringement and defending any counter claim of invalidity or action of a
        third
        party for declaratory judgment for non-infringement or non-interference.
        If, in
        the reasonable opinion of LICENSEE’S and the LICENSOR’ respective counsel, the
        LICENSOR are required to be a named party to any such suit for standing
        purposes, LICENSEE may join the LICENSOR as a party; provided,
        however,
        that
        (i) the LICENSOR shall not be the first named party in any such action,
        (ii) the pleadings and any public statements about the action shall state
        that
        the action is being pursued by LICENSEE and that LICENSEE has joined the
        LICENSOR as a party; and (iii) LICENSEE shall keep the LICENSOR reasonably
        apprised of all developments in any such action. LICENSEE may settle such
        suits
        solely in its own name and solely at its own expense and through counsel
        of its
        own selection; provided,
        however,
        that no
        settlement shall be entered without the LICENSOR’ prior written consent.
        LICENSEE shall bear the expense of such legal actions. Except for providing
        reasonable assistance, at the request and expense of LICENSEE, the LICENSOR
        shall have no obligation regarding the legal actions described in Article
        12.2
        unless
        required to participate by law. However, the LICENSOR shall have the right
        to
        participate in any such action through its own counsel and at its own expense.
        Any recovery shall first be applied to LICENSEE’S out of pocket expenses and
        second shall be applied to the LICENSOR’S out of pocket expenses, including
        legal fees. Any excess recovery over LICENSEE’S out of pocket expenses and
        LICENSOR’ out of pocket expenses, if any, shall be deemed NET SALES and shared
        in accordance with Article 7.1. 

       

      (b) In
        the
        event LICENSEE fails to initiate and pursue or participate in the actions
        described in Article 12.2(a)
        within
        sixty (60) days of (a) notification of infringement from the LICENSOR or
        (b) the
        date LICENSEE otherwise first becomes aware of an infringement, whichever
        is
        earlier, the LICENSOR shall have the right to initiate such legal action
        at its
        own expense and the LICENSOR may use the name of LICENSEE as party plaintiff
        to
        uphold the LICENSED PATENTS. In such case, LICENSEE shall provide reasonable
        assistance to the LICENSOR if requested to do so. The LICENSOR may settle
        such
        actions solely through its own counsel. Any recovery shall be the sole property
        of LICENSOR. 

       

      12.3. In
        the
        event LICENSEE is permanently enjoined from exercising its LICENSE under
        this
        Agreement pursuant to an infringement action brought by a third party, or
        if
        both LICENSEE and the LICENSOR elect not to undertake the defense or settlement
        of a suit alleging infringement for a period of six (6) months from notice
        of
        such suit, then either party shall have the right to terminate this Agreement
        in
        the country where the suit was filed with respect to the licensed patent
        following thirty (30) days’ written notice to the other party in accordance with
        the terms of ARTICLE
        17.

       

      
        
          
          

        

        
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      ARTICLE
        13 USE
        OF LICENSOR’S NAME

       

      Each
        party shall obtain the prior written approval of the other prior to making
        use
        of the name of the other party nor any variation or adaptation thereof for
        any
        commercial purpose, except as required to comply with law, regulation or
        court
        order.

       

      ARTICLE
        14 PUBLICATION

       

      14.1. In
        the
        event that LICENSOR desires to publish or disclose, by written, oral or other
        presentation, any material information related to the INVENTION, the LICENSED
        PATENTS, a NEW INVENTION or any LICENSED PRODUCT, or results relating to
        the
        clinical or non-clinical testing of any of the foregoing, LICENSOR shall
        notify
        LICENSEE and LICENSOR in writing pursuant to ARTICLE
        17
        of their
        intention no less than
        60 days
        prior to any speech, lecture or other oral presentation,
        or any
        written or other publication or disclosure. 

       

      14.2. The
        LICENSOR shall include with any such notice pursuant to Article 14.1
        a
        description of any proposed oral presentation or, in any proposed written
        or
        other disclosure, a current draft of such proposed disclosure or abstract.
        

       

      14.3. LICENSEE
        may request that the LICENSOR, no later than 30 days following the receipt
        of
        such notice, delay such publication or disclosure in order to enable LICENSEE
        to
        file, or have filed on its behalf, a patent application, copyright or other
        appropriate form of intellectual property protection related to the information
        to be disclosed. Upon receipt of such notice, LICENSOR shall arrange for
        a delay
        in publication or disclosure until such time as LICENSEE has filed on LICENSOR’s
        name and behalf such patent application, copyright or other appropriate form
        of
        intellectual property protection that LICENSEE agrees to file as soon as
        is
        reasonably practicable provided, however that said deferral shall not exceed
        90
        days from the receipt of such notice. 

       

      14.4. If
        the
        LICENSOR does not receive any request to delay publication or disclosure
        pursuant to Article 14.3,
        LICENSOR may submit such material for publication or presentation or make
        such
        other publication or disclosure. 

       

      ARTICLE
        15 TERMINATION

       

      15.1. LICENSOR
        shall have the right to terminate this Agreement pursuant to the provisions
        below, provided that LICENSOR has given LICENSEE the notice required in
        accordance Article 15.2
        and
        LICENSEE has failed to cure the breach described in such notice: 

       

      (a) breach
        by
        LICENSEE of a material term of the Agreement;

       

      
        
          
          

        

        
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      (b) the
        institution of any proceeding by LICENSEE under any bankruptcy, insolvency,
        or
        moratorium law; 

       

      (c) any
        assignment by LICENSEE of substantially all of its assets for the benefit
        of
        creditors; 

       

      (d) placement
        of LICENSEE’S assets in the hands of a trustee or a receiver unless the
        receivership or trust is dissolved within 30 days thereafter and provided
        that
        in the case of an involuntary bankruptcy proceeding, which is contested by
        LICENSEE, such termination shall not become effective until the bankruptcy
        court
        of jurisdiction has entered an order upholding the petition; or

       

      (e) a
        decision by LICENSEE or LICENSEE’S licensee or assignee of rights under this
        Agreement to quit the business of developing or selling Licensed
        Products.

       

      15.2. LICENSOR
        may exercise its rights pursuant to Article 15.1
        above by
        giving LICENSEE ninety (90) days' prior written notice (the “Written Notice”) of
        LICENSOR'S intention to terminate. Such notice shall include the basis for
        such
        termination. Upon the expiration of such period, LICENSOR shall provide written
        notice of termination to LICENSEE (the “Termination Notice”), effective upon
        receipt, unless LICENSEE has cured the material breach or the other basis
        for
        such proposed termination during such ninety (90) day period. Such notice
        and
        termination shall not prejudice LICENSOR'S right to receive Earned Royalties
        accrued prior to termination, or other sums due hereunder and shall not
        prejudice any cause of action or claim of LICENSOR accrued or to accrue on
        account of any breach or default by LICENSEE. 

       

      15.3. LICENSEE
        shall have the right to terminate this Agreement pursuant to the provisions
        below, provided that LICENSEE has given LICENSOR the notice required in
        accordance with Article 15.4:

       

      (a) LICENSEE
        may terminate this Agreement upon breach by LICENSOR of a material term of
        the
        Agreement; or

       

      (b) LICENSEE
        may terminate this Agreement in its reasonable commercial business judgment
        by
        providing written notice of such termination given to LICENSOR at least ninety
        (90) days prior to the date of such termination. Such
        notice of termination shall include an explanation for termination, which
        may
        include, but is not limited to, pre-clinical or clinical safety or efficacy
        results, formulation or manufacturing issues, a change in legal or regulatory
        rules or scientific opinion, changes in the competitive environment, pipeline
        prioritization or other reorganization or redirection of LICENSEE’s
        business.

       

      15.4. LICENSEE
        may exercise its right of termination pursuant to Article 15.3(a),
        by
        giving LICENSOR ninety (90) days' prior written notice of LICENSEE’S intention
        to terminate and by providing in its termination notice the basis for such
        termination. Upon the expiration of the ninety (90) day period, LICENSEE
        shall
        provide written notice of termination to LICENSOR, effective upon receipt,
        unless LICENSOR has cured the breach or the other basis for such proposed
        termination during such ninety (90) day period. Such notice of termination
        shall
        not prejudice any cause of action or claim of LICENSEE accrued or to accrue
        on
        account of any breach or default by LICENSOR. 

       

      
        
          
          

        

        
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      15.5. If
        this
        Agreement is terminated pursuant to the provisions of Article 15.1,
        then
        all of LICENSEE’s rights under LICENSED PATENTS shall terminate and LICENSEE
        shall return to LICENSOR, or at LICENSOR'S direction, destroy all data, writings
        and other documents and tangible materials supplied to LICENSEE by LICENSOR
        hereunder. Any SUBLICENSES will remain in full force and effect and will
        be
        assigned to the LICENSOR.

       

      15.6. If
        this
        Agreement is terminated pursuant to Section 15.2
        or
15.3(b):

       

      (a) LICENSEE
        shall further, upon LICENSOR's request and with no need for additional
        consideration, grant to LICENSOR an exclusive, worldwide, fully paid, perpetual
        license, with full rights to sublicense, under all of LICENSEE’s rights in any
        LICENSED PATENTS and LICENSED INFORMATION. Further, at LICENSOR’s request,
        LICENSEE agrees to negotiate in good faith for an agreement (the “Data
        License”), which shall be on commercially reasonable terms, under which LICENSEE
        would provide to LICENSOR the rights to use full and complete copies of all
        toxicity, efficacy, and other data generated or owned by LICENSEE or LICENSEE’s
        Affiliates, (including by contractors or agents on their behalf) in the course
        of LICENSEE’s efforts to develop LICENSED PRODUCTS or obtain governmental
        approval for the SALE of LICENSED PRODUCTS, for use in connection with the
        development and commercialization of LICENSED PRODUCTS with
        right to provide such data pertaining to the LICENSED PATENTS and LICENSED
        INFORMATION to any THIRD PARTY with a bona fide interest in licensing such
        technology.
        Under
        the terms of such a Data Agreement, in the event a THIRD PARTY concludes
        a
        license with LICENSOR, such THIRD PARTY would be free to use such data for
        all
        purposes, including to obtain government approvals to sell
        products.

       

      (b) In
        furtherance of Section 15.6(a),
        the
        LICENSEE agrees that, within 60 days of written request by the LICENSOR,
        LICENSEE shall make available for review by LICENSOR, or any THIRD PARTY
        identified by the LICENSOR with a bona fide interest in licensing the LICENSED
        PATENTS, copies of such data and information pertaining to LICENSED PATENTS
        and
        LICENSED INFORMATION in a mutually convenient location. Any such data would
        be
        provided on a confidential basis pursuant to a mutually agreeable
        confidentiality agreement.

       

      (c) LICENSOR
        or such THIRD PARTY shall bear the costs incurred by LICENSEE in connection
        with
        providing information pursuant to this Section.

       

      (d) Any
        Sublicense entered into by the LICENSEE shall contain provisions substantially
        similar to the ones contained herein with respect to data and information
        generated by the SUBLICENSEE.  

       

      15.7. The
        failure of either Party, at any time, or for any period of time, to enforce
        any
        of the provisions of this Agreement, shall not be construed as a waiver of
        such
        provisions or as a waiver of the right of either Party’s thereafter to enforce
        each and every such provision of this Agreement. 

       

      
        
          
          

        

        
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      15.8. The
        rights provided in this ARTICLE
        15
        shall be
        in addition and without prejudice to any other rights which the parties may
        have
        with respect to any default or breach of the provisions of this
        Agreement.

       

      ARTICLE
        16 INDEMNIFICATION;
        INSURANCE; NO WARRANTIES

       

      16.1. LICENSEE
        shall defend, indemnify and hold harmless the LICENSOR, its trustees, directors,
        officers, employees, and agents and their respective successors, heirs and
        assigns against any and all liabilities, claims, demands, damages, judgments,
        losses and expenses of any nature, including without limitation legal expenses
        and attorneys' fees (a “CLAIM”), arising out of any theory of liability
        (including without limitation tort, warranty, or strict liability) or the
        death,
        personal injury, or illness of any person or out of damage to any property
        related in any way to the rights granted under this Agreement; or resulting
        from
        the production, manufacture, sale, use, lease, or other disposition or
        consumption or advertisement of the LICENSED PRODUCTS by LICENSEE, its
        AFFILIATES, SUBLICENSEES or any other transferees; or in connection with
        any
        statement, representation or warranty of LICENSEE, its AFFILIATES, SUBLICENSEES
        or any other transferees with respect to the LICENSED PRODUCTS; provided,
        however, that the LICENSEE shall not be responsible to indemnify the LICENSOR
        pursuant to this Article 16.1
        to the
        extent any CLAIM arises out of the LICENSOR’S gross negligence or willful
        misconduct and LICENSEE shall not be responsible to indemnify LICENSOR pursuant
        to this Article 16.1
        to the
        extent any CLAIM arises out of LICENSOR’S gross negligence or willful
        misconduct. 

       

      16.2. LICENSEE
        shall purchase and maintain in effect and shall require its SUBLICENSEES
        to
        purchase and maintain in effect a policy of commercial, general liability
        insurance to protect the LICENSOR with respect to events described in Article
        16.1.
        Such
        insurance shall:

       

      (a) list
        LICENSOR as an additional insured under the policy;

       

      (b) provide
        that such policy is primary and not excess or contributory with regard to
        other
        insurance the LICENSOR may have;

       

      (c) be
        endorsed to include product liability coverage in amounts no less than [***]
        per
        incident and [***] annual aggregate; and

       

      (d) be
        endorsed to include contractual liability coverage for LICENSEE’S
        indemnification under Article 16.1;
        and

       

      (e) by
        virtue
        of the minimum amount of insurance coverage required under Article 16.2(c)
        , not be
        construed to create a limit of LICENSEE’S liability with respect to its
        indemnification under Article 16.1.

       

      16.3. By
        signing this Agreement, LICENSEE certifies that the requirements of
        Article 16.2
        will be
        met on or before the earlier of (a) the date of FIRST SALE of any LICENSED
        PRODUCT or (b) the date any LICENSED PRODUCT is tested or used on humans,
        and
        will continue to be met thereafter. Upon
        the
        LICENSOR’ request, LICENSEE shall furnish a Certificate of Insurance and a copy
        of the current Insurance Policy to the LICENSOR. LICENSEE shall give thirty
        (30)
        days’ written notice to the LICENSOR prior to any cancellation of or material
        change to the policy.

       

      
        
          
          

        

        
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      16.4. THE
        LICENSOR MAKES NO REPRESENTATIONS OR WARRANTIES THAT ANY CLAIMS OF THE LICENSED
        PATENTS, ISSUED OR PENDING, ARE VALID, OR THAT THE MANUFACTURE, USE, SALE
        OR
        OTHER DISPOSAL OF THE LICENSED PRODUCTS OR USE OF THE LICENSED INFORMATION
        DOES
        NOT OR WILL NOT INFRINGE ANY PATENT OR OTHER RIGHTS NOT VESTED IN THE
        LICENSOR.

       

      16.5. THE
        LICENSOR DISCLAIMS ALL WARRANTIES WHATSOEVER WITH RESPECT TO THE LICENSED
        PATENTS, LICENSED INFORMATION, LICENSED PRODUCTS, EITHER EXPRESS OR IMPLIED,
        INCLUDING, BUT NOT LIMITED TO, WARRANTIES OF MERCHANTABILITY OR FITNESS FOR
        A
        PARTICULAR PURPOSE. LICENSEE SHALL MAKE NO STATEMENTS, REPRESENTATION OR
        WARRANTIES WHATSOEVER TO ANY THIRD PARTIES WHICH ARE INCONSISTENT WITH SUCH
        DISCLAIMER BY THE LICENSOR. IN NO EVENT SHALL THE LICENSOR, OR ITS TRUSTEES,
        DIRECTORS, OFFICERS, EMPLOYEES AND AFFILIATES, BE LIABLE FOR SPECIAL,
        INCIDENTAL, CONSEQUENTIAL OR INDIRECT DAMAGES OF ANY KIND, INCLUDING ECONOMIC
        DAMAGE OR INJURY TO PROPERTY AND LOST PROFITS, REGARDLESS OF WHETHER THE
        LICENSOR SHALL BE ADVISED, SHALL HAVE OTHER REASON TO KNOW, OR IN FACT SHALL
        KNOW OF THE POSSIBILITY OF THE FOREGOING. 

       

      16.6. IN
        NO
        EVENT SHALL THE LICENSOR, OR ITS TRUSTEES, DIRECTORS, OFFICERS, EMPLOYEES
        AND
        AFFILIATES, BE LIABLE FOR DAMAGES IN EXCESS OF AMOUNTS THE LICENSOR HAVE
        RECEIVED FROM LICENSEE UNDER THIS LICENSE.

       

      ARTICLE
        17 NOTICES,
        PAYMENTS

       

      17.1. Any
        payment, notice or other communication required by this Agreement (a) shall
        be
        in writing, (b) may be delivered personally or sent by reputable overnight
        courier with written verification of receipt or by registered or certified
        first
        class United States Mail, postage prepaid, return receipt requested, (c)
        shall
        be sent to the following addresses or to such other address as such party
        shall
        designate by written notice to the other party, and (d) shall be effective
        upon
        receipt:

       

      
        	
                FOR
                  LICENSOR:

                 

                Dr.
                  Cesare Casagrande

                Via
                  Campogallo, 21/67

                20020
                  Arese, Milan

                Italy

                Tel:

                Fax:

                E-mail:

              	
                FOR
                  LICENSEE:

                 

                Chief
                  Executive Officer

                Nile
                  Therapeutics, Inc.

                2850
                  Telegraph Avenue, Suite 310

                Berkeley,
                  CA 94705

                Tel:
                  (510) 281-7701

                Fax:
                  (510) 288-1310

                E-mail:
                  info@nilethera.com

              

      

       

      
        
          
          

        

        
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      ARTICLE
        18 LAWS,
        FORUM AND REGULATIONS

       

      18.1. Any
        dispute arising out of or in connection with this Agreement, including any
        question regarding their existence, validity or termination, shall be finally
        solved under the Rules of Arbitration of the International Chamber of Commerce,
        which Rules are deemed to be incorporated by reference into this clause.
        The
        number of arbitrators shall be three. The seat, or legal place, of arbitration
        shall be London, England. The language to be used in the arbitration shall
        be
        English. The arbitrators shall decide ex bono et aequo.

       

      18.2. LICENSEE
        shall comply, and shall cause its AFFILIATES and SUBLICENSEES to comply,
        with
        all foreign and United States federal, state, and local laws, regulations,
        rules
        and orders applicable to the testing, production, transportation, packaging,
        labeling, export, sale and use of the LICENSED PRODUCTS. In particular, LICENSEE
        shall be responsible for assuring compliance with all United States export
        laws
        and regulations applicable to this LICENSE and LICENSEE’S activities under this
        Agreement.

       

      ARTICLE
        19 REPRESENTATIONS
        AND WARRANTIES

       

      19.1. LICENSEE
        represents and warrants to LICENSOR that:

       

      (a) LICENSEE
        is a duly organized and validly existing corporation under the laws of the
        State
        of Delaware with adequate power and authority to conduct the business in
        which
        it is now engaged or currently proposed to be engaged, and LICENSEE is duly
        qualified to do business as a foreign corporation and is in good standing
        in
        such other states or jurisdictions as is necessary to enable it to carry
        on its
        business or own its properties.

       

      (b) To
        the
        best of LICENSEE’S knowledge, there are no actions, suits, or proceedings
        pending or threatened against or affecting LICENSEE, its officers or directors
        in their capacity as such, its properties, or its patents in any court or
        before
        any governmental or administrative agency, which can have any material adverse
        effect on the business as now conducted or as currently proposed to be
        conducted, on the properties, the financial condition, or income of LICENSEE,
        or
        the transactions contemplated by this Agreement and LICENSEE is not in default
        under any order or judgment of any court or governmental or administrative
        agency.

       

      (c) LICENSEE
        has full power and lawful authority to issue and sell the shares of COMMON
        STOCK
        on the terms and conditions contained herein.

       

      (d) Consummation
        of the transactions contemplated by this Agreement in compliance with provisions
        of this Agreement will not result in any breach of any of the terms, conditions,
        or provisions of, or constitute a default under, or result in the creation
        of
        any lien, charge, or encumbrance on, any property or assets of LICENSEE pursuant
        to any indenture, mortgage, deed of trust, agreement, corporate charter,
        bylaws,
        contract, or other instrument to which LICENSEE is a party or by which Licensee
        may be bound or any law, rule, regulation, qualification, license, order
        or
        judgment applicable to Licensee or any of its property. 

       

      
        
          
          

        

        
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      (e) LICENSEE
        is run by a management team that is experienced in operating companies in
        the
        business of commercial drug development.

       

      19.2. LICENSOR
        represents and warrants to LICENSEE that as of the EFFECTIVE DATE:

       

      (a) LICENSOR
        has the full right and power to perform the obligations and grant the LICENSE
        set forth in this Agreement;

       

      (b) There
        are
        no outstanding agreements, assignments or encumbrances in existence inconsistent
        with the provisions of this Agreement;

       

      (c) LICENSOR
        has not authorized in any manner any Third Party to practice the LICENSED
        PATENTS;

       

      (d) 
        LICENSOR
        owns or possesses all right, title, and interest in and to the LICENSED PATENTS,
        including exclusive, absolute, irrevocable right, title and interest thereto,
        free and clear of all liens, charges, encumbrances or other restrictions
        or
        limitations of any kind whatsoever; 

       

      (e) There
        are
        no licenses, options, restrictions, liens, rights of third parties, disputes,
        proceedings or claims relating to, affecting, or limiting its rights or the
        rights of LICENSEE under this Agreement with respect to, or which (i) may
        lead
        to a claim of infringement or invalidity regarding, any part or all of the
        LICENSED PATENTS and their use as contemplated in the underlying patent
        applications as presently drafted or (ii) imposes obligations upon LICENSOR
        or
        gives any rights to LICENSOR which, in either case, would adversely affect
        the
        rights of LICENSEE or the obligations of LICENSOR under this Agreement;

       

      (f) To
        the
        best of LICENSOR’S knowledge and belief there is no claim, pending or
        threatened, of infringement, interference or invalidity regarding, any part
        or
        all of the LICENSED PATENTS and their use as contemplated in the underlying
        patent applications as presently drafted or as contemplated under this
        Agreement; 

       

      (g) Appendix
        A
        lists
        all patents issued and patent applications filed on or before the Effective
        Date
        of this Agreement within the scope of the LICENSED PATENTS and therefore
        subject
        to this Agreement and all of the inventors named in the patents and patent
        applications listed in Appendix
        A
        have
        assigned, or are under an obligation to assign, to LICENSOR all of their
        right,
        title an interest in the inventions claimed; and

       

      (h) LICENSOR
        understand
        that the shares of COMMON STOCK have not been registered under the Securities
        Act by reason of a claimed exemption under the provisions of the Securities
        Act
        that depends, in part, upon the LICENSOR’
        investment
        intention. In this connection, LICENSOR
        hereby
        represent that LICENSOR
        are
        acquiring the shares of COMMON STOCK for the LICENSOR
        own
        account for investment and not with a view toward the resale or distribution
        to
        others.

       

      
        
          
          

        

        
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      ARTICLE
        20 MISCELLANEOUS

       

      20.1. This
        Agreement shall be binding upon and inure to the benefit of the parties and
        their respective legal representatives, successors and permitted
        assigns.

       

      20.2. This
        Agreement constitutes the entire agreement of the parties relating to the
        LICENSED PATENTS and LICENSED INFORMATION, and all prior representations,
        agreements and understandings, written or oral, are merged into it and are
        superseded by this Agreement. 

       

      20.3. The
        provisions of this Agreement shall be deemed separable. If any part of this
        Agreement is rendered void, invalid, or unenforceable, such determination
        shall
        not affect the validity or enforceability of the remainder of this Agreement
        unless the part or parts which are void, invalid or unenforceable shall
        substantially impair the value of the entire Agreement as to either
        party.

       

      20.4. Paragraph
        headings are inserted for convenience of reference only and do not form a
        part
        of this Agreement.

       

      20.5. No
        person
        not a party to this Agreement, including any employee of any party to this
        Agreement, shall have or acquire any rights by reason of this Agreement.
        Nothing
        contained in this Agreement shall be deemed to constitute the parties partners
        with each other or any third party.

       

      20.6. This
        Agreement may not be amended or modified except by written agreement executed
        by
        each of the parties. Other than in the event of a CHANGE OF CONTROL (as defined
        herein) LICENSOR'S prior written consent, which shall not be unreasonably
        withheld, shall be required prior to any other assignment of LICENSEE’S rights
        or obligations under this Agreement. Following any such assignment or CHANGE
        OF
        CONTROL, the surviving corporation shall assume all of the rights and
        obligations included in this Agreement. Any attempted assignment in
        contravention of this Article 20.6
        shall be
        null and void and shall constitute a material breach of this Agreement.
        LICENSOR'S prior written consent, which shall not be unreasonably withheld,
        shall be required prior to any other assignment of LICENSEE’S rights or
        obligations under this Agreement. 

       

      20.7. LICENSEE,
        or any SUBLICENSEE or assignee, will not create, assume or permit to exist
        any
        lien, pledge, security interest or other encumbrance on this Agreement or
        any
        SUBLICENSE AGREEMENT.

       

      20.8. The
        failure of any party hereto to enforce at any time, or for any period of
        time,
        any provision of this Agreement shall not be construed as a waiver of either
        such provision or of the right of such party thereafter to enforce each and
        every provision of this Agreement.

       

      
        
          
          

        

        
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      20.9. LICENSEE
        acknowledges that it is subject to and agrees to abide by the United States
        laws
        and regulations (including the Export Administration Act of 1979 and Arms
        Export
        Contract Act) controlling the export of technical data, computer software,
        laboratory prototypes, biological material, and other commodities. The transfer
        of such items may require a license from the cognizant agency of the U.S.
        Government or written assurances by LICENSEE that it shall not export such
        items
        to certain foreign countries without prior approval of such agency. LICENSOR
        neither represents that a license is or is not required or that, if required,
        it
        shall be issued.

       

      20.10. LICENSEE
        is responsible for any and all wire/bank fees associated with all payments
        due
        to the LICENSOR pursuant to this Agreement.

       

       

      [Signatures
        On Following Page]

       

      
        
          
          

        

        
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      IN
        WITNESS to their Agreement, the parties have caused this Agreement to be
        executed in duplicate originals by their duly authorized
        representatives.

       

      

      
        	
                DR.
                  CESARE CASAGRANDE

              	
                NILE
                  THERAPEUTICS, INC.

              
	
                 

                 

                By:
                  /s/ Cesare
                  Casagrande       

                Name:
                  Dr. Cesare Casagrande

                Date:
                  August 6, 2007

              	
                 

                 

                By:
                  /s/ Peter M. Strumph       
                   

                Name:
                  Peter M. Strumph

                Title:
                  Chief Executive Officer

                Date:
                  August 6, 2007

              

      

      

      
        
          
          

        

        
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      APPENDIX
        A

       

      1. U.S.
        Patent 6,525,078 B1 dated February 24, 2003 entitled “Compound
        for the Treatment of Athreosclerotic-Thrombotic Pathological
        Conditions.”2. Canadian
        Patent Application No. 2,390,966 filed on June 19, 2002

       

      
        	
                3.

              	
                European
                  Patent No. 1 270 558 granted April 25, 2007, including the validation
                  thereof in the following countries:

              

      

       

      

        
          	
                   

                  Country

                	 	
                   

                  Validation
                    Date

                	 	
                   

                  Validation
                    Number

                
	
                   

                  Austria

                	 	
                   

                  July
                    25, 2007

                	 	
                   

                  E
                    360614

                
	
                  Belgium

                	 	
                  n/a

                	 	
                  n/a

                
	
                  France

                	 	
                  July
                    20, 2007

                	 	
                  n/a

                
	
                  Germany

                	 	
                  July
                    20, 2007

                	 	
                  601
                    28 077.6-08

                
	
                  Great
                    Britain

                	 	
                  July
                    9, 2007

                	 	
                  n/a

                
	
                  Greece

                	 	
                  July
                    24, 2007

                	 	
                  n/a

                
	
                  Ireland

                	 	
                  July
                    13, 2007

                	 	
                  n/a

                
	
                  Italy

                	 	
                  July
                    18, 2007

                	 	
                  28416BE/2007

                
	
                  Spain

                	 	
                  July
                    19, 2007

                	 	
                  n/a

                
	
                  Switzerland
                    & Lichtenstein

                	 	
                  July
                    19, 2007

                	 	
                  n/a

                
	
                  The
                    Netherlands

                	 	
                  July
                    24, 2007

                	 	
                  n/a

                
	
                  Turkey

                	 	
                  July
                    24, 2007

                	 	
                  n/a

                

        

      

       

      Japanese
        Patent Application No. 181343/2002 filed on June 21, 2002.

       

      
        
          
          

        

        
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