Document:

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                                                                Exhibit 10.3.2.1

          Confidential Materials omitted and filed separately with the
        Securities and Exchange Commission. Asterisks denote omissions.

                                LICENSE AGREEMENT

     Effective May 31, 2001, (the "Effective Date"), Research Corporation
Technologies, Inc., a Delaware nonprofit corporation, with offices at 101 N.
Wilmot Road, Suite 600, Tucson, AZ USA 85711-3365 ("RCT"), and BioVex Ltd., a
corporation organized under the laws of the United Kingdom, with offices at The
Windeyer Institute, 46 Cleveland St., London W1T 4JF, England ("Licensee"),
agree as follows (fully-capitalized terms are defined in ARTICLE VIII):

                                    ARTICLE I
                                     LICENSE

     SECTION 1.1. Grant of License. RCT hereby grants to Licensee a nonexclusive
license under the LICENSED PATENTS in the LICENSED FIELD to make and have made
LICENSED PRODUCTS, to USE LICENSED PRODUCTS, to SELL LICENSED PRODUCTS, to offer
to SELL LICENSED PRODUCTS, and to import LICENSED PRODUCTS, free from suit by
RCT for infringement of the PATENT CLAIMS in the LICENSED FIELD in all countries
of the world in which RCT has LICENSED PATENTS. Licensee covenants and agrees
that its activities under this Agreement shall be limited to activities in the
LICENSED FIELD above. Any right granted above to SELL or offer to SELL is
restricted in that Licensee may only SELL or offer to SELL LICENSED PRODUCTS to
health care professionals, those distributing to health care professionals, and
health maintenance organizations that intend and agree to use such LICENSED
PRODUCT in the LICENSED FIELD. Licensee covenants that its activities under this
Agreement shall be so limited. No license or rights are granted or implied under
any patent application or patent not a LICENSED PATENT. Except as provided in
SECTION 1.2, Licensee shall have neither the right nor the power to grant any
sublicenses. Licensee shall have no right or license to make, USE, SELL, offer
to SELL, or import any CLAIMED DNA or CLAIMED CELL intended or suitable for the
ex vivo production of proteins or polypeptides (which, for the avoidance of
doubt, does not include ex vivo gene therapy), or for use in transgenic animals.

     SECTION 1.2. Extensions to AFFILIATES.

          Subsection 1.2.1. Grant of Right. RCT hereby grants to Licensee the
right to extend to Licensee's AFFILIATES the license granted under SECTION 1.1
of this Agreement. Licensee shall notify RCT in writing before any extension to
an AFFILIATE is made. If an AFFILIATE ceases to be an AFFILIATE, any license
extended to such AFFILIATE under this Subsection shall terminate concurrently
with such AFFILIATE's ceasing to be an AFFILIATE.

          Subsection 1.2.2. Licensee Responsible for Performance. Licensee shall
be responsible for the performance of its AFFILIATES to which it extends this
license. For assessing, reporting and paying earned royalties under this
Agreement, the manufacture, SALE, offer for SALE, USE (including R&D USES) or
importation of LICENSED PRODUCTS by Licensee's AFFILIATES shall be considered
the manufacture, SALE, offer for SALE, USE, or importation of such LICENSED
PRODUCT by Licensee.

                                                                    May 31, 2001

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          License Agreement between RCT' and BioVex Ltd.;
          RCT Project No. 213-1734; Rottman [Gene Therapy]

          Subsection 1.2.3. Reports and Payments. Each AFFILIATE may make the
pertinent reports and royalty payments specified in ARTICLE II ("Financial
Terms") directly to RCT on behalf of Licensee, if Licensee provides RCT prior
written notice. Otherwise, Licensee shall make such payments and reports
separately showing the AFFILIATE's USE, SALE, and importation of LICENSED
PRODUCTS.

     SECTION 1.3. RCT's Obligations to Offer Licenses. Licensee may desire to
have LICENSED PRODUCTS, that have been introduced into human beings in the
course of clinical trials conducted under the sponsorship or direction of
Licensee, marketed and SOLD by a commercial partner, co-promoter or developer (a
"Qualified License Prospect"). From time to time, Licensee may provide to RCT a
written request that RCT grant a license under the LICENSED PATENTS to such
Qualified License Prospect. Promptly after receiving each such written request,
RCT shall offer to the pertinent Qualified License Prospect a license under the
LICENSED PATENTS: (a) at the same earned royalty rate and the annual minimum
royalty payment amounts provided in this Agreement; and (b) as to other
financial terms, at the then-prevailing terms offered by RCT to others for such
a license. RCT shall negotiate each such license in good faith but shall not
have any obligation to enter into such license if RCT and the pertinent
Qualified License Prospect are unable to agree upon the terms of such license.

     SECTION 1.4. No Further Rights. Except as expressly provided in this
ARTICLE I, no further or different license or right is granted or implied.

                                   ARTICLE II
                                 FINANCIAL TERMS

     SECTION 2.1. License Fees.

          Subsection 2.1.1. License Issue Fee. On or before the date thirty days
after the execution and delivery of this Agreement, Licensee shall pay to RCT a
non-refundable, non-creditable license issue fee of US$[**].

          Subsection 2.1.2. License Maintenance Fee. Licensee shall pay to RCT a
non-refundable, non-creditable annual license maintenance fee. In recognition of
the date on which this Agreement is signed, the first annual maintenance fee
shall be US$[**] due on or before March 30, 2002. Subsequent annual maintenance
fees shall be US$[**] and shall be paid on or before every January 30 occurring
after the year 2002 during the term of this Agreement and before the January 30
on which the annual minimum royalty payments under SECTION 2.3 are first made.

     SECTION 2.2. Earned Royalties.

          Subsection 2.2.1. Accrual, Amount, and Payment. Licensee shall pay to
RCT earned royalties of [**]% of the NET SALES VALUE of each LICENSED PRODUCT
USED or SOLD by or for Licensee or its AFFILIATES during the term of this
Agreement. Licensee shall also pay to RCT earned royalties of [**]% of the NET
SALES VALUE of each LICENSED PRODUCT made or imported by or for Licensee or its
AFFILIATES during the term of this Agreement but USED or SOLD after the term of
this Agreement.

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          License Agreement between RCT' and BioVex Ltd.;
          RCT Project No. 213-1734; Rottman [Gene Therapy]

          Subsection 2.2.2. One Royalty. Only one earned royalty will accrue and
be paid on a given LICENSED PRODUCT, even if such LICENSED PRODUCT is SOLD or
transferred between RELATED PARTIES for subsequent USE or RESALE, or if the
manufacture of such LICENSED PRODUCT in one country is covered by the LICENSED
PATENTS and the USE, SALE, or importation in another country is covered by the
LICENSED PATENTS.

          Subsection 2.2.3. Transactions with Other Licensees. If Licensee SELLS
a LICENSED PRODUCT to a third party under circumstances where such third party
will RESELL such LICENSED PRODUCT and where such third party has a license under
the LICENSED PATENTS to make, USE, SELL, offer to SELL, or import LICENSED
PRODUCTS (a "third-party licensee"), the earned royalty on such SALE shall
accrue and be paid with respect to such third-party licensee's RESALE of such
LICENSED PRODUCT under such third-party licensee's license. If Licensee
purchases a LICENSED PRODUCT from a third-party licensee for RESALE by Licensee,
the earned royalty on such SALE shall accrue and be paid with respect to
Licensee's RESALE of such LICENSED PRODUCT under this Agreement.

          Subsection 2.2.4. Taxes. Licensee shall bear all taxes and charges
assessed or imposed by a governmental authority, including withholding taxes
imposed on payments under this Agreement (collectively, "Non-deductible Taxes").
However, Licensee shall have no accountability for any income tax imposed on RCT
by the United States (or other country) or a political or governmental
subdivision thereof, or for any maintenance fees or annuity payments for keeping
any LICENSED PATENT in force. In addition, Licensee may, in determining NET
SALES VALUE, deduct taxes or duties imposed on SALES of LICENSED PRODUCT and
expressly permitted as deductions under this Agreement. All payments hereunder
shall be made undiminished by any Non-deductible Tax. Licensee shall cooperate
with and assist RCT in obtaining any exemption from Non-deductible Taxes imposed
by any government (or instrumentality) on royalty payments made by Licensee to
RCT. If such an exemption is not available, the earned royalty rate provided
above shall be increased an amount such that the amount actually remitted to RCT
after Licensee withholds any Non-deductible Taxes is no less than the above
percentage of the NET SALES VALUE of such LICENSED PRODUCTS. If the earned
royalty rate is grossed up in the foregoing manner, Licensee may retain any
refund of Non-deductible Taxes and RCT shall reasonably cooperate with Licensee
in obtaining, through ordinary administrative procedures, such refund without
out-of-pocket expense to RCT.

     SECTION 2.3. Annual Minimum Royalties.

          Subsection 2.3.1. Amount and Payment Date. Licensee shall pay to RCT a
prepaid, non-refundable annual minimum royalty of $[**]. The first annual
minimum royalty payment is due on or before the January 30 immediately following
the date of first SALE of a LICENSED PRODUCT. Subsequent annual minimum royalty
payments shall be payable on each successive January 30 on which this Agreement
is in effect. Licensee's payment of the annual minimum royalty for each calendar
year shall accompany Licensee's report to RCT for the last quarter of the
immediately preceding calendar year.

          Subsection 2.3.2. Credits. Licensee may credit the annual minimum
royalty payment actually made in a given calendar year only against the amount
of the earned royalties

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          License Agreement between RCT' and BioVex Ltd.;
          RCT Project No. 213-1734; Rottman [Gene Therapy]

payable by Licensee to RCT for Licensee's activities in the same calendar year.
Licensee may not credit any earned royalties paid for any calendar year that
exceed the annual minimum royalties paid in that calendar year against any
annual minimum royalty payment due in any other calendar year.

     SECTION 2.4. Periodic Reports and Payments.

          Subsection 2.4.1. Frequency of Reports. On or before each January 30
occurring before the first SALE of a LICENSED PRODUCT under this Agreement,
Licensee shall deliver to RCT a true and accurate report showing the items
specified in Subsection 2.4.3 below as they pertain to the calendar year just
ended. On or before the first January 30, April 30, July 30 or October 30
immediately following the first SALE of a LICENSED PRODUCT under this Agreement
and on or before each January 30, April 30, July 30 and October 30 thereafter
during the term of this Agreement, Licensee shall deliver to RCT a true and
complete written report showing the items specified in Subsection 2.4.3 below as
they pertain to the calendar quarter just ended. Licensee's payment of the
earned royalties based on Licensee's or its AFFILIATES' activities in the
calendar quarter covered by the written report shall accompany the report. If no
earned royalties are due, Licensee shall so report. Licensee shall pay all
amounts due to RCT under this Agreement in United States currency collectible at
par (without deduction of exchange, collection or other charges) by wire
transfer to: RESEARCH CORPORATION TECHNOLOGIES, INC., Wells Fargo Bank, N.A.,
Tucson Main Office, 150 N. Stone Ave., P.O. Box 1871, Tucson, AZ 85702, ABA &
Transit No. 121000248, Acct. 4159-527159--RCT CHECKING; or to the account of RCT
at such other bank as RCT may from time to time designate in writing. Licensee
shall pay the cost of any wire transfer fees. If the amount is less than
$100,000, Licensee may elect to pay by company check, instead of wire transfer,
at the address shown in SECTION 7.2. On or before the date 90 days after the end
of the calendar quarter in which this Agreement is terminated, Licensee shall
provide to RCT a written report that complies in all respects with this SECTION
2.4. Licensee shall require each AFFILIATE to which this Agreement is extended
under SECTION 1.3 to make appropriate reports to Licensee to enable Licensee to
comply with this SECTION 2.4.

          Subsection 2.4.2. Certification. A responsible financial officer of
Licensee (or that officer's responsible designee), Licensee's independent
accounting firm, or the head of Licensee's internal audit committee shall
certify in writing that each such report is correct and complete.

          Subsection 2.4.3. Content of Quarterly Reports. Each report shall
provide the following information as its pertains to the preceding calendar
quarter just ended:

               (a) the quantities of LICENSED PRODUCTS billed by Licensee or its
          AFFILIATES during the previous calendar quarter in each country in
          which such billing occurred (separately stated for each entity and
          each country); and

               (b) the United States dollar value of the billings on such
          quantities in (a) above;

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          License Agreement between RCT' and BioVex Ltd.;
          RCT Project No. 213-1734; Rottman [Gene Therapy]

               (c) the computation of the NET SALES VALUE based on the dollar
          value determined in (b) above including a detailed accounting of any
          allowed deductions from the invoice amounts to arrive at the NET SALES
          VALUE;

               (d) the computation of earned royalties based on the NET SALES
          VALUE computed under Paragraph (c) above;

               (e) a detailed accounting of any credits against earned royalties
          permitted under SECTION 2.3.

     SECTION 2.5. Books and Records. Licensee shall keep complete and accurate
books and reasonable supporting documentation to determine the accuracy of the
items reported under SECTION 2.4 and Licensee's compliance in other respects
with this Agreement. Licensee shall keep such books and documentation at its
principal place of business for five years following the end of the calendar
year to which they pertain (and access shall not be denied thereafter if
reasonably available). RCT may retain an independent certified public
accountant, reasonably acceptable to Licensee, to inspect, during reasonable
business hours, and copy such books and documentation to verify Licensee's
earned royalty statements or Licensee's compliance in other respects with this
Agreement. RCT shall provide Licensee with 30 days' written notice before any
such inspection is conducted. RCT shall not undertake such inspection more than
once per calendar year. If any such inspection discloses an underpayment of
earned royalties of 5% or more of the amount of royalties actually due for any
quarterly period, then Licensee shall promptly pay the reasonable cost of such
inspection after Licensee's receipt of the bill/invoice for such inspection.
Licensee shall require its AFFILIATES to keep such books and documentation to
enable Licensee to comply with this SECTION 2.5.

     SECTION 2.6. Sales Outside The U.S. If Licensee or an AFFILIATE SELL any
LICENSED PRODUCTS for currency other than United States currency, Licensee shall
determine the earned royalty payable for such LICENSED PRODUCT in such currency
and then convert the earned royalty into its equivalent in United States
currency at the New York foreign exchange selling rate for such currency for the
last business day of the calendar quarter for which payment is made, as
published by the Wall Street Journal. If such rate is not so published, the
conversion shall be at the selling rate for such currency for the last business
day of the calendar quarter for which payment is made, as published by a leading
New York, New York bank chosen by Licensee and reasonably acceptable to RCT. If
Licensee is late in making any payment, the applicable exchange rate obtained
from the sources described above shall be the greater of the rate on the date
payment was actually made or the rate on the date on which payment was due.

     SECTION 2.7. Late Payment.

          Subsection 2.7.1. Late Fees. Licensee hereby acknowledges that late
payment by Licensee to RCT of sums due under this Agreement will cause RCT to
incur certain costs including additional costs for legal, accounting and other
professional services to manage and administer this Agreement, the exact amount
of which will be extremely difficult to ascertain. Accordingly, if Licensee
fails to make any payment required under this Agreement on or before the date
ten days after Licensee's receipt of RCT's written notice of such failure, in
addition to

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          License Agreement between RCT' and BioVex Ltd.;
          RCT Project No. 213-1734; Rottman [Gene Therapy]

any other remedy available under this Agreement and any remedy available at law
or equity, Licensee shall pay to RCT a late payment fee equal to the lesser of
$5,000 or 5% of such overdue amount (in addition to any interest charges
required or permitted below). The parties hereby agree that such late charge
represents a fair, reasonable and administratively simple estimate, at the time
of execution of this Agreement, of the costs RCT will incur by reason of
Licensee's late payment.

          Subsection 2.7.2. Interest Charges. If Licensee fails to make any
payment required under this Agreement on or before the date ten days after
Licensee's receipt of RCT's written notice of such failure, Licensee shall pay
interest on the unpaid portion of such amount at an annual rate equal to the
prime rate, as quoted by the Wells Fargo Bank, N.A., plus 5%, which shall accrue
from the date the payment not timely made became due until the date such payment
is paid in full. The interest shall be compounded on the last day of each
calendar quarter. If such rate exceeds the rate allowed by applicable law, then
the highest rate allowed by law shall apply.

          Subsection 2.7.3. Application of Payments. Any payments received shall
be applied first to any late charges, second to the satisfaction of any unpaid,
accrued interest and finally to the satisfaction of any unpaid principal.

                                   ARTICLE III
                                   [RESERVED]

                                   ARTICLE IV
                                LICENSED PATENTS

     At its sole cost and expense, RCT shall maintain the LICENSED PATENTS,
although RCT may, in its sole discretion, abandon any LICENSED PATENT. If RCT
abandons any LICENSED PATENT, RCT shall promptly provide to Licensee written
notification of such fact.

                                    ARTICLE V
                                  INFRINGEMENT

     RCT will protect the LICENSED PATENTS from infringement and prosecute
alleged infringers when, in its sole judgment, such action may be necessary,
proper, and justified. Licensee shall, as RCT may request, fully cooperate with
RCT, at no out-of-pocket expense to Licensee, in connection with any such
action.

                                   ARTICLE VI
                                   TERMINATION

     SECTION 6.1. Automatic Termination. The term of this Agreement shall expire
on the TERMINATION DATE unless sooner terminated.

     SECTION 6.2. At Licensee's Election. Licensee may terminate this Agreement
at any time by giving RCT three months' written notice of Licensee's election to
terminate.

     SECTION 6.3. Licensee's Breach of Agreement.

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          License Agreement between RCT' and BioVex Ltd.;
          RCT Project No. 213-1734; Rottman [Gene Therapy]

          Subsection 6.3.1. Breach. Upon any breach of this Agreement by
Licensee, RCT, in addition to any other remedy available at law or equity, may
elect to terminate this Agreement by giving Licensee written notice of RCT's
election to terminate this Agreement. This Agreement shall terminate upon the
expiration of the period stated in the letter, and provided in Subsection 6.3.2
below, unless Licensee has cured such breach on or before the expiration of such
period.

          Subsection 6.3.2. Notice and Cure Period. If the breach is a monetary
breach (i.e., failure to timely pay amounts to RCT required to be paid under
this Agreement), the notice and cure period shall be thirty days. If the breach
is a nonmonetary breach (i.e., not involving the payment to RCT of any amounts
required to be paid under this Agreement), the notice and cure period shall be
sixty days. If the nonmonetary breach is of a type that requires more than sixty
but less than ninety days to cure, the notice and cure period shall be extended
to ninety days so long as Licensee has, throughout the ninety day period,
diligently undertaken substantive and progressive efforts to cure such breach on
or before the date the ninety days expire.

          Subsection 6.3.3. Immediate Default. "Financial Default" means any
voluntary or involuntary dissolution, bankruptcy, insolvency of Licensee or
assignment of Licensee's assets for the benefit of creditors. "Procedural
Default" means a lawsuit, reexamination or protest proceeding (or the
equivalent) filed by Licensee against RCT seeking a declaratory judgment or
determination, as the case may be, that any of the PATENT CLAIMS are invalid or
unenforceable or otherwise not patentable or reduced in scope. A Financial
Default or a Procedural Default shall constitute an immediate default under, and
breach of, this Agreement and, upon the occurrence of a Financial Default or
Procedural Default, this Agreement shall immediately terminate. On or before the
date 30 days before the occurrence of a Financial Default or a Procedural
Default or the filing of a bankruptcy petition concerning Licensee, Licensee
shall notify RCT in writing of Licensee's intention to file the petition or of
another's intention to file an involuntary petition in bankruptcy or the
impending Financial Default. Failure to provide such written notice shall be
deemed to be an immediate, pre-petition, incurable breach of this Agreement. The
laws of the country of the patent in question shall govern the interpretation
and enforcement of this Subsection 6.3.3.

     SECTION 6.4. Surviving Obligations and Provisions. Licensee's obligations
to pay, and report to RCT on, the SALE of any LICENSED PRODUCT made or imported
before termination of this Agreement or expiration of the pertinent LICENSED
PATENTS (even if such LICENSED PRODUCT is USED or SOLD after the termination of
this Agreement or expiration of the pertinent LICENSED PATENT), shall survive
such termination or expiration. In addition to any provision of this Agreement
that expressly survives the termination of this Agreement or expiration of the
LICENSED PATENTS, the provisions of SECTIONS 2.4 ("Reports and Payments")and 2.5
("Books and Records") (to the extent provided therein) and SECTION 6.4 and
ARTICLE VII shall survive the termination of this Agreement.

                                   ARTICLE VII
                                     GENERAL

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          License Agreement between RCT' and BioVex Ltd.;
          RCT Project No. 213-1734; Rottman [Gene Therapy]

     SECTION 7.1. Integration. This Agreement, and EXHIBIT A attached to this
Agreement, constitutes the entire agreement between the parties as to the
subject matter of such documents. All prior and contemporaneous negotiations,
representations, warranties, agreements, statements, and promises are superseded
and merged into, extinguished by, and completely expressed by such documents. No
party shall be bound by or charged with any written or oral agreements,
representations, warranties, statements, promises, or understandings not
specifically set forth in such documents.

     SECTION 7.2. Addresses and Notices. All notices, requests, reports, and
other communications provided in this Agreement shall be in writing and shall be
deemed to have been made or given: (a) when delivered, if delivered by hand or
sent by facsimile; (b) on the day following deposit with an overnight courier;
or (c) on the date five days following deposit with the United States Mail,
certified or registered:

If to RCT:                               If to Licensee:
President                                President
Research Corporation Technologies, Inc.  BioVex Ltd.
101 N. Wilmot Rd., Suite 600             The Windeyer Institute
Tucson, Arizona USA 85711-3365           46 Cleveland Street
Fax: 520-748-0025                        London W1T 4JF
                                         England
                                         Fax: 44-1293-415 893

Such addresses may be altered by notice so given. Payments by Licensee to RCT
under this Agreement shall be delivered to RCT at the foregoing address.

     SECTION 7.3. Applicable Law. This Agreement and its effect are subject to
and shall be construed and enforced in accordance with the law of the State of
Delaware, U. S. A., without regard to the law of Delaware concerning the
conflicts of laws, except as to any issue which by the law of Delaware depends
upon the validity, scope or enforceability of any PATENT CLAIM, which issue
shall be determined in accordance with the applicable patent laws of the country
of such LICENSED PATENT.

     SECTION 7.4. Dispute Resolution. The parties shall make all reasonable
efforts to resolve any dispute concerning this Agreement, its construction, or
its actual or alleged breach, by face-to-face negotiations between senior
executives. Should such negotiation fail to resolve the matter, either party may
bring judicial proceedings to resolve the matter in any state or federal court
of competent jurisdiction sitting in the State of Arizona, Pima County. By
executing and delivering this Agreement, each party, for itself and in respect
of its property, irrevocably consents and submits to the exclusive jurisdiction
and venue of such courts in any such proceeding and otherwise waives any
objection or defense, including any objection or defense based on forum non
conveniens or improper venue, which it may now or hereafter have to the bringing
of any such proceedings in such courts. Each party further agrees that service
of process of notice in any such proceeding shall be effective if in writing and
sent in the manners provided in SECTION 7.2 of this Agreement, or in any other
manner permitted by Arizona law.

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          License Agreement between RCT' and BioVex Ltd.;
          RCT Project No. 213-1734; Rottman [Gene Therapy]

     SECTION 7.5. Compliance With Law; Severability. Nothing in this Agreement
shall be construed to require the commission of any act contrary to law. If this
Agreement conflicts with any statute, law, ordinance, or treaty concerning the
legal right of the parties to contract, the latter shall prevail. In such event,
the affected provisions of this Agreement shall be curtailed and limited only to
the extent necessary to bring it within the applicable legal requirements and
the validity, legality, and enforceability of the remaining provisions of this
Agreement shall not in any way be affected or impaired thereby.

     SECTION 7.6. Representations.

          Subsection 7.6.1. Authority and Binding Agreement; Interfering Patent
Rights. Each party represents and warrants to the other that this Agreement
constitutes a valid and binding agreement of the representing and warranting
party, that execution, delivery and performance of this Agreement by the
representing and warranting party are within such party's corporate power, and
have been duly authorized by all necessary corporate action. RCT represents and
warrants that it has the right to grant licenses under the LICENSED PATENTS.

          Subsection 7.6.2. Limitations. Nothing contained in this Agreement
shall be construed as a representation or warranty by RCT that the LICENSED
PATENTS or any PATENT CLAIM can be or will be used to prevent the importation,
sale or use by a third party of a product in any country of the LICENSED PATENTS
where such product is placed in commerce under circumstances which applicable
laws or treaties preclude the use of the LICENSED PATENTS or any PATENT CLAIM to
prevent such importation, sale, or use. Nothing contained in this Agreement
shall be construed as a representation or warranty by RCT: (a) as to the scope
or validity of any LICENSED PATENT or any PATENT CLAIM; or (b) that any
performance or practice under any LICENSED PATENT or any PATENT CLAIM is not an
infringement of any patent of others.

     SECTION 7.7. Independent Contractor. In its performance under this
Agreement, each party shall be an independent contractor and neither party (nor
any employee or agent thereof) shall be an agent or partner of the other party.

     SECTION 7.8. Headings. The headings of the various ARTICLES, SECTIONS and
Subsections of this Agreement are used solely for the convenience of the
parties, do not form a part of this Agreement, do not affect the interpretation
or meaning of this Agreement, and do not define, limit, extend, or describe its
scope or intent.

     SECTION 7.9. No Third-Party Beneficiaries. Except for SECTIONS 7.14, 7.15,
and 7.19, which shall also be for the benefit of, and enforceable by, the
INSTITUTION and the inventors of the LICENSED PATENTS, none of the provisions of
this Agreement shall be for the benefit of, or enforceable by, any third-party.

     SECTION 7.10. Waiver. A party's express or implied consent or waiver of the
other party's breach of its obligations hereunder shall not be deemed to be, or
construed as, a consent to, or waiver of, any other breach of the other party. A
party's failure, no matter how long, to: (a) complain of any act, or failure to
act, by the other party; (b) declare the other party in default; (c)

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          License Agreement between RCT' and BioVex Ltd.;
          RCT Project No. 213-1734; Rottman [Gene Therapy]

insist upon the strict performance of any obligation or condition of this
Agreement; or (d) exercise any right or remedy consequent upon a breach thereof;
shall not constitute a waiver by such party of its rights, such breach, or any
other obligation or condition. A party's consent in any one instance shall not
limit or waive the necessity to obtain such party's consent in any future
instance. No single or partial exercise of any right, power, or privilege by a
party hereunder shall preclude any other or further exercise thereof or the
exercise of any other right, power, or privilege by such party. In any event, no
consent or waiver shall be effective for any purpose hereunder unless such
consent or waiver is in writing and signed by the party granting such consent or
waiver.

     SECTION 7.11. Computation of Time. In computing any period of time pursuant
to this Agreement, the day or date of the act, notice, event, or default from
which the designated period of time begins to run will not be included. The last
day of the period so computed will be included, unless it is a Saturday, Sunday,
or federal holiday in which event the period runs until the end of the next day
which is not a Saturday, Sunday, or federal holiday.

     SECTION 7.12. Registration of Agreement. Licensee agrees to take all
reasonable and necessary steps to register this Agreement in any country of the
LICENSED PATENTS where such is required to permit the transfer of funds and/or
payment of royalties to RCT hereunder or is otherwise required by the government
or law of such country to effectuate or carry out this Agreement. Licensee shall
not be relieved of any obligations under this Agreement because it failed to
register this Agreement in any country of the LICENSED PATENTS.

     SECTION 7.13. Disclaimer. It shall be the full and sole responsibility of
Licensee and its AFFILIATES to use appropriate care in the practice, manufacture
or use of any product under any license granted under this Agreement. RCT shall
have no right to control the manner in which any product licensed under this
Agreement is made or practiced. RCT shall not be required to provide any
know-how or operating instructions or other information with respect to any such
product. RCT makes no representation or warranty whatsoever with respect to any
such product.

     SECTION 7.14. Indemnity. Licensee AGREES TO INDEMNIFY, DEFEND AND HOLD
HARMLESS RCT, THE INVENTORS, THE INSTITUTION, AND ALL OFFICERS, DIRECTORS,
EMPLOYEES, AND AGENTS OF RCT AND INSTITUTION (COLLECTIVELY, THE "INDEMNITIES")
FROM AND AGAINST ANY AND ALL CLAIMS, DAMAGES AND LIABILITIES, INCLUDING LEGAL
COSTS AND FEES, OF OR ASSERTED BY Licensee, ITS AFFILIATES, ANY RELATED PARTIES,
AND/OR ANY THIRD PARTIES (WHETHER GOVERNMENTAL OR PRIVATE) ARISING FROM THE
MANUFACTURE, USE, SALE, OR IMPORTATION OF ANY LICENSED PRODUCT BY OR FOR
Licensee, ITS AFFILIATES, OR ARISING FROM THE USE OF ANY SUCH LICENSED PRODUCT
BY ANY THIRD PARTY INCLUDING ANY CONSUMER OR ANY CUSTOMER OF Licensee OR ITS
AFFILIATES. IN NO EVENT SHALL AN INDEMNITEE BE LIABLE UNDER THIS AGREEMENT FOR
ANY DIRECT (OTHER THAN FOR AMOUNTS PAID UNDER THIS AGREEMENT), INDIRECT,
SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES (INCLUDING BUT NOT LIMITED TO LOST
REVENUE, LOST PROFITS, OR LOST SAVINGS), EVEN IF AN INDEMNITEE HAS NOTICE OF THE

                                       10

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          License Agreement between RCT' and BioVex Ltd.;
          RCT Project No. 213-1734; Rottman [Gene Therapy]

POSSIBILITY OF SUCH DAMAGES. THE FOREGOING INDEMNITY SHALL NOT BE AVAILABLE TO
ANY INDEMNITEE TO THE EXTENT ANY CLAIM, DAMAGE, OR LIABILITY ARISES SOLELY FROM
GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF SUCH INDEMNITEE IN THE MANUFACTURE,
USE, SALE, OR IMPORTATION OF SUCH LICENSED PRODUCT, ALTHOUGH ANY INDEMNITEE NOT
GUILTY OF SUCH ACTS SHALL NOT BE SUBJECT TO THIS LIMITATION AND SHALL CONTINUE
TO BENEFIT FROM SUCH INDEMNITY.

     SECTION 7.15. Insurance. On or before the earlier of the date Licensee
begins clinical trials involving the use of any LICENSED PRODUCTS, or marketing
of any LICENSED PRODUCT, Licensee shall obtain and, thereafter throughout the
term of this Agreement, and for a period of 15 years after termination of this
Agreement, maintain in force products liability insurance and other insurance
coverages typically carried by entities engaged in Licensee's business in
amounts not less than L1,000,000 per accident or occurrence. Such insurance
policies shall name the Indemnitees as additional insureds as respects this
Agreement. Such policies shall provide or be endorsed to provide that such
insurance is primary and any other insurance carried by any of the Indemnitees
shall be excess and not contributing with the insurance required hereunder. The
policies shall contain Cross Liability and/or Severability of Interests
provisions so as to not impair the right of one insured against another insured.
The insurance policies shall provide or be endorsed to provide that written
notice by registered mail shall be given to the Indemnitees at least thirty days
before termination, cancellation, or reduction of coverage. The insurance
policies required to be carried by Licensee under this Agreement shall be with
companies that are reasonably acceptable to, and approved by, RCT. Licensee
shall furnish RCT and the INSTITUTION with a certificate of insurance evidencing
coverage and, when requested, a copy of such policy. The requirements of this
SECTION shall survive termination of this Agreement.

     SECTION 7.16. Construction. The parties agree that each party has reviewed
this Agreement and that any rule of construction to the effect that ambiguities
are necessarily to be resolved against the drafting party shall not apply to the
interpretation of this Agreement.

     SECTION 7.17. Patent Marking. When practicable, Licensee shall mark all
LICENSED PRODUCTS with a legible notice indicating that the LICENSED PRODUCTS
are covered by claims in a pending patent application or an issued LICENSED
PATENT, as the case may be.

     SECTION 7.18. Assignment. This Agreement, and the license, rights, and
duties contained in this Agreement, shall not be assigned by Licensee without
the prior written consent of RCT, which consent shall not be unreasonably
withheld or delayed. If Licensee is not then in default under this Agreement,
RCT's consent shall not be required if this Agreement is assigned to an
AFFILIATE of Licensee or as part of a sale or transfer pursuant to other bona
fide business arrangements of all or substantially all of Licensee's business.
Licensee shall give RCT prior written notice of such assignment and obtain
Licensee's assignee's agreement to abide by the terms of this Agreement and
assume all of Licensee's obligations under this Agreement. Upon assignment, the
term "Licensee" as used in this Agreement shall thereafter mean the assignee of
Licensee. If Licensee should sell or otherwise transfer the portion of its
business pertaining to the production of a particular LICENSED PRODUCT(S) or to
all LICENSED PRODUCTS and

                                       11

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          License Agreement between RCT' and BioVex Ltd.;
          RCT Project No. 213-1734; Rottman [Gene Therapy]

does not, as part of such sale or transfer, also assign this Agreement to the
purchaser or transferee, RCT shall, promptly after receipt from Licensee of its
written request therefor, offer to such purchaser or transferee a non-exclusive
license to practice under the LICENSED PATENTS in the LICENSED FIELD at the same
earned royalty rate and the annual minimum royalty payment amounts provided in
this Agreement but, as to other financial terms, at the terms then offered by
RCT to commercial entities.

     SECTION 7.19. Non-Use of Names. Licensee shall not use the name of any
inventor of the LICENSED PATENTS, the INSTITUTION, RCT, or any adaptation of any
of them, in any advertising, promotional or sales literature, without prior
written consent obtained from such inventor, the INSTITUTION, or RCT, as
applicable. Licensee shall require its AFFILIATES to comply with the foregoing.

                                  ARTICLE VIII
                                   DEFINITIONS

     When fully capitalized in this Agreement, the following terms shall have
the meanings set forth below:

     SECTION 8.1. "AFFILIATE" means any entity which directly or indirectly
controls, is controlled by, or is under common control with, a party to this
Agreement. "Control" shall constitute the right to cast, or the right to direct
the casting of, more than 50% of the votes at a meeting of such owners, or at a
meeting of the entity's directors or governing body, or the right to designate a
majority of the entity's directors or members of the entity's governing body, or
the power to direct or cause the direction of the management or policies of an
entity.

     SECTION 8.2. "BULK PRODUCT FORM" means a LICENSED PRODUCT in a form other
than FINAL PRODUCT FORM.

     SECTION 8.3. "CLAIMED CELL" means a eukaryotic cell or cell line comprising
a CLAIMED DNA.

     SECTION 8.4. "CLAIMED DNA" means a DNA molecule the manufacture, USE, SALE,
offer for SALE, or importation of which directly infringes, contributorily
infringes or induces the infringement of a PATENT CLAIM.

     SECTION 8.5. "FINAL PRODUCT FORM" means a LICENSED PRODUCT in a form
intended or suitable for final use in the final consumer by the administering
physician or health professional.

     SECTION 8.6. "INSTITUTION" means Case Western Reserve University.

     SECTION 8.7. "INVENTION" means the certain invention pertaining to the
bgh-polyadenylation signal and its use in the expression of polypeptides, which
is the subject of the LICENSED PATENTS.

                                       12

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          License Agreement between RCT' and BioVex Ltd.;
          RCT Project No. 213-1734; Rottman [Gene Therapy]

     SECTION 8.8. "LICENSED FIELD" means the manufacture, USE and SALE of DNA
molecules or eukaryotic cells in a form intended and suitable for use only in
gene therapy (in vivo) or (ex vivo) and vaccines (and other such
immunotherapies) for humans. LICENSED FIELD does not include: (a) the ex vivo
production or expression, through the use of CLAIMED DNA or CLAIMED CELLS, of
proteins or polypeptides for SALE; or (b) the use of CLAIMED DNA or CLAIMED
CELLS for any purpose in non-human transgenic animals. The preceding sentence is
not intended, and shall not be construed to exclude ex vivo gene therapy from
the LICENSED FIELD.

     SECTION 8.9. "LICENSED PATENTS" means the patents listed in EXHIBIT A, and
any and all issued and unexpired reissues, reexaminations, renewals or
extensions that may be based on any of such patents.

     SECTION 8.10. "LICENSED PRODUCT' means a CLAIMED DNA or a CLAIMED CELL.

     SECTION 8.11. "NET SALES VALUE" of any product means the gross billings for
the SALE of a product less the deductions identified below.

          Subsection 8.11.1. Determining Gross Billings. The gross billings used
for calculating NET SALES VALUE of any LICENSED PRODUCT shall be determined as
follows:

               (a) If Licensee or its AFFILIATE SELLS the LICENSED PRODUCT in
          FINAL PRODUCT FORM:

                    1. To a third party that is not a RELATED PARTY, billings
               shall be Licensee's or its AFFILIATE's actual gross billings, as
               the case may be;

                    2. To a RELATED PARTY for subsequent SALE by such RELATED
               PARTY, gross billings shall be such RELATED PARTY's actual gross
               billings for such subsequent SALE;

                    3. To a RELATED PARTY for USE by such RELATED PARTY, except
               as provided in paragraph (b) below, gross billings shall be the
               gross billings that would result from a hypothetical arm's length
               SALE to a third party (that is not a RELATED PARTY) by Licensee
               or its AFFILIATE, as the case may be;

               (b) If Licensee or its AFFILIATE USES the LICENSED PRODUCT,
          except in the manner contemplated in the following sentence, gross
          billings shall be the gross billings that would result from a
          hypothetical arm's length SALE to a third party (that is not a RELATED
          PARTY) by Licensee or its AFFILIATE, as the case may be. The NET SALES
          VALUE of any LICENSED PRODUCT that is USED only for, and produced only
          in, internal research or internal scale-up studies or manufacturing
          testing or validation conducted by or on behalf of Licensee,
          or in quality assurance efforts conducted by or on behalf of Licensee,

                                       13

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          License Agreement between RCT' and BioVex Ltd.;
          RCT Project No. 213-1734; Rottman [Gene Therapy]

          none of which are part of the production of goods for SALE or goods
          for USE in producing other goods for SALE, shall be zero dollars.

               (c) If Licensee or its AFFILIATE SELLS or USES the LICENSED
          PRODUCT in BULK PRODUCT FORM, the gross billings determined in (a) or
          (b) above shall be adjusted in the following manner:

                    1. convert the quantity of such LICENSED PRODUCT SOLD or
               USED in BULK PRODUCT FORM (the "Bulk Quantity") into the quantity
               of LICENSED PRODUCT in FINAL PRODUCT FORM (the "Final Quantity")
               that the Bulk Quantity would typically be made or converted into;

                    2. multiply the gross billings determined in (a) or (b)
               above by a fraction, the numerator of which is the Final Quantity
               and the denominator of which is the Bulk Quantity.

          Subsection 8.11.2. Allowable Deductions. When factually applicable,
the following deductions may be deducted from gross billings as determined
above:

               (a) rebates, volume, quantity, trade or cash discounts, allowed
          and taken, in amounts customary in the trade;

               (b) sales taxes and/or use taxes and/or duties imposed upon, and
          with specific reference to, particular SALES to the extent included in
          the amount of gross billings;

               (c) amounts allowed or credited on returns, rejections or
          recalls, voluntary or otherwise (not exceeding the original gross
          billings); and

               (d) charges for freight, freight allowances, and outbound
          transportation costs prepaid to the extent included in gross billings.

No other allowance or deduction shall be made including without limitation
allowances or deductions for any commissions or sales fees by whatever name
known.

     SECTION 8.12. "PATENT CLAIM" means a valid claim in an unexpired LICENSED
PATENT. A PATENT CLAIM shall be presumed to be valid unless and until it has
been held to be invalid by a final judgment of a court of competent jurisdiction
from which no appeal can be or is taken. For the purposes of this Agreement, and
especially for purposes of royalty determination and payment under ARTICLE II
("Financial Terms"), any claim being presented in a pending patent application
shall be deemed to be the equivalent of a valid claim of an issued, unexpired
patent and in consideration of RCT's agreement to grant a license under any
patent issuing thereon earned royalties shall be payable in respect thereto as
though it were a valid patent claim.

     SECTION 8.13. "PATENT COUNTRY" means a country in which a LICENSED PATENT
is pending or issued.

                                       14

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          License Agreement between RCT' and BioVex Ltd.;
          RCT Project No. 213-1734; Rottman [Gene Therapy]

     SECTION 8.14. "PERSON" means an individual or a corporation, partnership,
trust, unincorporated organization, association, or any other entity, or a
government, or any department or agency of a government.

     SECTION 8.15. "RELATED PARTY" means any one of Licensee or its AFFILIATES,
or any PERSON enjoying a special course of dealing with Licensee or its
AFFILIATES. By way of example but not limitation, a "special course of dealing"
includes co-marketing arrangements between Licensee and a third party wherein
the third party may SELL LICENSED PRODUCTS, distribution arrangements with third
parties in which Licensee or its AFFILIATE shares, directly or indirectly, in
the proceeds from such distributor's SALES of LICENSED PRODUCT, supply contracts
in which Licensee agrees with a third party to supply or manufacture LICENSED
PRODUCTS for SALE by the third party under such third party's name or mark,
arrangements under which a third party will SELL LICENSED PRODUCTS under a
private labelling arrangement with Licensee, or barter arrangements in which
Licensee exchanges LICENSED PRODUCTS for other products in kind. A distributor
of LICENSED PRODUCTS under Licensee's name or mark shall not be considered a
RELATED PARTY if neither Licensee nor its AFFILIATE shares, directly or
indirectly, in the proceeds from such distributor's SALES of such LICENSED
PRODUCT.

     SECTION 8.16. "SELL" (and any noun form and conjugated verb form thereof)
means to sell, or otherwise part with or dispose of, for value.

     SECTION 8.17. "TERMINATION DATE" shall be the date on which the LICENSED
PATENT that has the latest expiration date expires, after accounting for any
extensions of any LICENSED PATENTS. A patent shall be understood to expire at
midnight of the date of its expiration.

     SECTION 8.18. "USE" (and any noun form and conjugated verb form thereof)
means to use for commercial purposes.

     IN WITNESS WHEREOF, the parties hereto have each caused a duly authorized
officer to sign this Agreement to be effective the Effective Date.

Bio Vex Ltd.                             Research Corporation Technologies, Inc.

By: /s/ Robert Coffin                    By: /s/ Gary M. Munsinger,
    ----------------------------------       -----------------------------------
Name and Title: Robert Coffin                Gary M. Munsinger, President
                Director

Date: illegible                          Date: May 31, 2001

                                       15
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               RCT Project No. 213-1734; Rottman [Gene Therapy]

                                    EXHIBIT A

RCT PROJECT NO. 213-1734
INVENTOR: Dr. Fritz M. Rottman
INVENTION TITLE: "bgh-Polyadenylation Signal"

                                  PATENT RIGHTS

ISSUED PATENTS

<TABLE>
<CAPTION>
Country         Patent No.   Issue Date
-------         ----------   ----------
<S>             <C>          <C>
United States   5,122,458     06/16/92
Japan           1955752       07/28/95
Belgium         EPO173552     10/09/91
France          EPO173552     10/09/91
Great Britain   EPO173552     10/09/91
Germany         P3584341.1    10/09/91
Italy           EPO173552     10/09/91
Netherlands     EPO173552     10/09/91
Sweden          EPO173552     10/09/91
Switzerland     EPO173552     10/09/91
</TABLE>

                                                                    May 31, 2001

                                       16<PAGE>
     Confidential Materials omitted and filed separately with the Securities and
Exchange Commission. Asterisks denote omissions.

                                                                Exhibit 10.3.2.2

                                LICENSE AGREEMENT

     Effective May 31, 2001 (the "Effective Date"), Research Corporation
Technologies, Inc., a Delaware nonprofit corporation, with offices at 101 N.
Wilmot Road, Suite 600, Tucson, AZ USA 85711-3365, ("RCT"), and BioVex Ltd., a
corporation organized under the laws of the United Kingdom, with offices at The
Windeyer Institute, 46 Cleveland Street, London WIT 4JF, England ("Licensee"),
agree as follows (fully-capitalized terms are defined in ARTICLE VIII):

                                    ARTICLE I
                                     LICENSE

     SECTION 1.1 Grant of License. RCT hereby grants to Licensee, and Licensee
hereby accepts from RCT, a non-exclusive license under the LICENSED PATENTS to
make and have made, to USE, to SELL, to offer to SELL, and to import LICENSED
PRODUCTS in the LICENSED TERRITORY for any use free from suit by RCT for
infringement of the PATENT CLAIMS in the LICENSED TERRITORY. No license or
rights are granted or implied under any patent application or patent not a
LICENSED PATENT. The foregoing license does not in any way include the license
or right to SELL or offer to SELL (or export out of the LICENSED TERRITORY): (a)
any PROTEIN PRODUCT; or (b) any GENE, GENE construct, or any cell transfected
with a GENE that is intended for use in the in vivo production of protein in any
non-human animal, or the production of a PROTEIN PRODUCT. Licensee covenants
that its activities under this Agreement shall be so limited. Licensee shall
have neither the right nor the power to grant sublicenses except as provided in
SECTION 1.2 below.

     SECTION 1.2 Extensions to AFFILIATES.

          Subsection 1.2.1. Grant of Right. RCT hereby grants to Licensee the
right to extend to Licensee's AFFILIATES the license granted under SECTION 1.1
of this Agreement but with no right to further extend the license granted
thereunder. Licensee shall notify RCT in writing before any extension to an
AFFILIATE is made. If an AFFILIATE ceases to be an AFFILIATE, any license
extended to such AFFILIATE under this SECTION 1.2 shall terminate concurrently
with such AFFILIATE's ceasing to be an AFFILIATE.

          Subsection 1.2.2. Licensee Responsible for Performance. Licensee shall
be responsible for the performance of its AFFILIATES to which it extends this
license. For assessing, reporting and paying earned royalties under this
Agreement, the manufacture, SALE, USE or importation of LICENSED PRODUCTS by
Licensee's AFFILIATES shall be considered the manufacture, SALE, USE, or
importation of such LICENSED PRODUCTS by Licensee. Each AFFILIATE may make the
pertinent reports and royalty payments specified in ARTICLE II ("Financial
Terms") directly to RCT on behalf of Licensee if Licensee provides RCT prior
written notice. Otherwise, Licensee shall make such payments and reports
separately showing the AFFILIATE's USE, SALE, and importation of LICENSED
PRODUCTS.

     SECTION 1.3 RCT's Obligations to Offer Licenses. Licensee may desire to
have LICENSED PRODUCTS, that have been introduced into human beings in the
course of clinical trials conducted under the sponsorship or direction of
Licensee, marketed and SOLD by a commercial partner, co-promoter or developer (a
"Qualified License Prospect"). From time to

                                                                        05/31/01

                                        1

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338F-1409; Gough, et al.

time, Licensee may provide to RCT a written request that RCT grant a license
under the LICENSED PATENTS to such Qualified License Prospect. Promptly after
receiving each such written request, RCT shall offer to the pertinent Qualified
License Prospect a license under the LICENSED PATENTS at the then-prevailing
terms offered by RCT to others for such a license. RCT shall negotiate each such
license in good faith but shall not have any obligation to enter into such
license if RCT and the pertinent Qualified License Prospect are unable to agree
upon the terms of such license.

     SECTION 1.4 No Further Rights. Except as expressly provided in this ARTICLE
I, no further or different license, option, or right is granted or implied.

                                   ARTICLE II
                                 FINANCIAL TERMS

     SECTION 2.1 License Fees. Licensee shall pay to RCT a non-refundable,
non-creditable license issue fee of US$[**] upon execution and delivery of this
Agreement. In addition to the foregoing, Licensee shall pay to RCT a
non-refundable, non-creditable milestone fee of $[**] on or before the date
thirty days after the first SALE of a each type of LICENSED PRODUCT. For
purposes of the foregoing, a LICENSED PRODUCT shall be deemed to be a different
"type" of LICENSED PRODUCT if a separate Investigational New Drug Application
("IND") is required to be filed with the U.S. Food and Drug Administration in
accordance with 21 CFR Part 312 to conduct clinical trials for such LICENSED
PRODUCT in the United States.

     SECTION 2.2 Earned Royalties.

          Subsection 2.2.1. Earned Royalty Amount. Licensee shall pay to RCT an
earned royalty equal to [**]% of the NET SALES VALUE of each LICENSED PRODUCT in
FINAL PRODUCT FORM SOLD, or imported into the LICENSED TERRITORY, by or for
Licensee or its AFFILIATES during the term of this Agreement, including without
limitation each LICENSED PRODUCT in FINAL PRODUCT FORM made or imported during
the term of this Agreement but SOLD after the termination of this Agreement. If
A LICENSED PRODUCT is SOLD in BULK PRODUCT FORM, Licensee shall pay to RCT an
earned royalty equal to [**]% of the NET SALES VALUE of each LICENSED PRODUCT in
BULK PRODUCT FORM SOLD, or imported into the LICENSED TERRITORY, by or for
Licensee or its AFFILIATES during the term of this Agreement, including without
limitation each LICENSED PRODUCT in BULK PRODUCT FORM made or imported during
the term of this Agreement but SOLD after the termination of this Agreement.

          Subsection 2.2.2. Taxes. Licensee shall bear all taxes and charges
assessed or imposed by a governmental authority, including withholding taxes
imposed on payments under this Agreement (collectively, "Non-deductible Taxes").
However, Licensee shall have no accountability for any income tax imposed on RCT
by the United States (or other country) or a political or governmental
subdivision thereof, or for any maintenance fees or annuity payments for keeping
any LICENSED PATENT in force. In addition, Licensee may, in determining NET
SALES VALUE, deduct taxes or duties imposed on SALES of LICENSED PRODUCT and
expressly permitted as deductions under this Agreement. All payments hereunder
shall be made undiminished by any Non-deductible Tax. Licensee shall cooperate
with and assist RCT in

                                                                        01/22/03

                                        2

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338F-1409; Gough, et al.

obtaining any exemption from Non-deductible Taxes imposed by any government (or
instrumentality) on royalty payments made by Licensee to RCT. If such an
exemption is not available, the earned royalty rate provided above shall be
increased an amount such that the amount actually remitted to RCT after Licensee
withholds any Non-deductible Taxes is no less than the above percentage of the
NET SALES VALUE of such LICENSED PRODUCTS. If the earned royalty rate is grossed
up in the foregoing manner, Licensee may retain any refund of Non-deductible
Taxes and RCT shall reasonably cooperate with Licensee in obtaining, through
ordinary administrative procedures, such refund without out-of-pocket expense to
RCT.

          Subsection 2.2.3. One Royalty. Only one earned royalty will accrue and
be paid on a given unit of LICENSED PRODUCT, even if such LICENSED PRODUCT is
SOLD or transferred between RELATED PARTIES for subsequent USE or RESALE, or if
the manufacture of such LICENSED PRODUCT in one country is covered by the
LICENSED PATENTS and the SALE or importation in another country is covered by
the LICENSED PATENTS.

          Subsection 2.2.4. Transactions with Other Licensees. If Licensee or
its AFFILIATE SELLS a LICENSED PRODUCT to a third party which RCT has licensed
under the LICENSED PATENTS, the earned royalty shall be payable under the
third-party license upon the USE, SALE, or importation of such LICENSED PRODUCT
by such third party and not by Licensee under this Agreement. If a third party
which RCT has licensed under the LICENSED PATENTS SELLS LICENSED PRODUCT to
Licensee or its AFFILIATE, the earned royalty shall be payable under this
Agreement upon the USE, SALE, or importation of such LICENSED PRODUCT by
Licensee, and not by such third party.

          Subsection 2.2.5. Credit for Third-Party Royalties.

               (a) OPTION TO ELECT CREDIT. Anytime after June 30, 2003, License
          shall have the option of taking the credit provided in this Subsection
          2.2.5 for calendar quarters ending after the date on which Licensee
          elects such option. Licensee shall make such election by providing RCT
          written notice of its election and concurrently paying to RCT a
          non-refundable, non-creditable election fee of $[**]. Along with such
          written notice, Licensee shall present evidence reasonably acceptable
          to RCT showing that:

               (i) the commercialization of LICENSED PRODUCTS by Licensee or its
          AFFILIATE is technically or economically viable (as reasonably
          determined by Licensee) only if or its AFFILIATE practices an
          invention claimed by a valid claim of a BLOCKING PATENT in a country
          in the LICENSED TERRITORY. The written notice shall include a copy of
          the BLOCKING PATENT; and

               (ii) neither Licensee nor its AFFILIATE has any reasonable
          alternative to obtaining a license under such BLOCKING PATENT under
          which Licensee or its AFFILIATE must pay royalties for the SALE of
          LICENSED PRODUCTS in the LICENSED TERRITORY ("Third-Party Royalties");

                                        3

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BNC: TJR License Agreement between RCT and BioVex Ltd.; RCT Project No.
338F-1409; Gough, et al.

Licensee or its AFFILIATE shall be entitled to credit against any earned royalty
payable to RCT for a particular calendar quarter for the SALE of any such
LICENSED PRODUCT [**]% of the Third-Party Royalties actually paid in the same
calendar quarter for the same LICENSED PRODUCT. The Third-Party Royalties paid
for the SALE of LICENSED PRODUCTS in a particular country may only be credited
against royalties payable to RCT for the SALE of LICENSED PRODUCTS in the same
country. In any event, the credit provided by this Subsection 2.2.5 shall not
reduce the earned royalty payable to RCT below [**]% of the NET SALES VALUE of
such LICENSED PRODUCT.

               (b) PROCEDURE. On or before the date sixty days after ACT's
          receipt of a copy of the patent that Licensee asserts is a BLOCKING
          PATENT, RCT shall determine whether such patent is indeed a BLOCKING
          PATENT and communicate its conclusion to Licensee. If RCT fails to
          timely communicate its conclusion, RCT shall be deemed to have agreed
          that such patent constitutes a BLOCKING PATENT. If RCT determines that
          such patent is not a BLOCKING PATENT, RCT shall communicate its
          analysis supporting its assertion that such patent is not a BLOCKING
          PATENT. If RCT and Licensee are unable to agree upon the appropriate
          treatment of such patent on or before the date ninety days after RCT
          communicates its analysis to Licensee, RCT and Licensee shall submit
          the matter to the dispute resolution procedures in accordance with
          Subsection 7.4.2 below.

     SECTION 2.3 Periodic Reports and Payments.

          Subsection 2.3.1. Frequency of Reports. On or before each January 30
occurring before the first SALE of a LICENSED PRODUCT under this Agreement,
Licensee shall deliver to RCT a true and accurate report showing the items
specified in Subsection 2.3.2 below as they pertain to the calendar year just
ended. On or before the first January 30, April 30, July 30 or October 30
immediately following the first SALE of a LICENSED PRODUCT under this Agreement
and on or before each January 30, April 30, July 30 and October 30 thereafter
during the term of this Agreement,, Licensee shall deliver to RCT a true and
complete written report, showing the items specified in Subsection 2.3.2 below
as they pertain to the calendar quarter just ended. A responsible financial
officer of Licensee (or that officer's responsible designee), Licensee's
independent accounting firm, or the head of Licensee's internal audit committee
shall certify in writing that each such report is correct and complete.
Licensee's payment of the earned royalties due in respect of the SALE or
importation of LICENSED PRODUCTS by Licensee and its AFFILIATES in the calendar
quarter covered by the written report shall accompany the report. If no earned
royalties are due, Licensee shall so report. Licensee shall pay all amounts due
to RCT under this Agreement in United States currency collectible at par
(without deduction of exchange, collection or other charges) by wire transfer
to: RESEARCH CORPORATION TECHNOLOGIES, INC., Wells Fargo Bank, NA., Tucson Main
Office, 150 N. Stone Ave., P.O. Box 1871, Tucson, AZ 85702, ABA & Transit No.
121000248, Acct. 4159-527159--RCT CHECKING; or to the account of RCT at such
other bank as RCT may from time to time designate in writing. Licensee shall pay
the cost of any wire transfer fees. If the amount is less than $100,000,
Licensee may elect to pay by company check, instead of wire transfer, at the
address shown in SECTION 7.2. On or before the date ninety days after the end of
the calendar

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quarter in which this Agreement is terminated, Licensee shall provide to RCT a
written report that complies in all respects with this SECTION. Licensee shall
require each AFFILIATE to make appropriate reports to Licensee or RCT to enable
Licensee to comply with this SECTION. Failure to satisfy the foregoing shall be
a material default under this Agreement.

          Subsection 2.3.2. Content of Quarterly Reports. Each report delivered
under Subsection 2.3.1 above shall provide the following information as it
pertains to the preceding calendar quarter just ended:

               (a) the quantities of LICENSED PRODUCTS billed for any SALE
          thereof by Licensee and its AFFILIATES during the previous calendar
          quarter in each country in which such billing occurred (separately
          stated for each entity and each country);

               (b) the United States dollar value of the billings on such
          quantities in (a) above;

               (c) the computation of the NET SALES VALUE based on the dollar
          value determined in (b) above including a detailed accounting of any
          allowed deductions from the invoice amounts to arrive at the NET SALES
          VALUE;

               (d) the computation of earned royalties based on the NET SALES
          VALUE computed under Paragraph (c) above;

               (e) the quantities of such LICENSED PRODUCTS transferred between
          RELATED PARTIES or USED by RELATED PARTIES; and

               (f) the computation of earned royalties thereon.

     SECTION 2.4 Books and Records. Licensee shall keep complete and accurate
books and reasonable supporting documentation to determine the accuracy of the
items reported under SECTION 2.3 and Licensee's compliance in other respects
with this Agreement. Licensee shall keep such books and documentation at its
principal place of business for three years following the end of the calendar
year to which they pertain (and access shall not be denied thereafter if
reasonably available). RCT may retain an independent certified public accountant
(the "CPA"), reasonably acceptable to Licensee, to inspect, during reasonable
business hours and not more than once per calendar year, and copy such books and
documentation to verify Licensee's earned royalty statements or Licensee's
compliance in other respects with this Agreement. The CPA will enter into a
confidentiality agreement with Licensee regarding the information obtained in
connection with such inspection, it being understood however that disclosure of
such information to RCT shall be expressly permitted thereunder. RCT shall
provide Licensee with thirty days' written notice before any such inspection is
conducted. If any such inspection discloses an underpayment of earned royalties
of 5% or more of the amount of royalties actually due for any quarterly period,
then Licensee shall promptly pay the reasonable cost of such inspection after
Licensee's receipt of the bill/invoice for such inspection. Licensee shall
require its AFFILIATES to keep such books and documentation to enable Licensee
to comply with this SECTION. Failure to satisfy the foregoing shall be a
material default under this Agreement.

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     SECTION 2.5 Sales Outside The U.S. If Licensee or an AFFILIATE SELL any
LICENSED PRODUCTS for currency other than United States currency, Licensee shall
determine the earned royalty payable for such LICENSED PRODUCT in such currency
and then convert the earned royalty into its equivalent in United States
currency at the New York foreign exchange selling rate for such currency for the
last business day of the calendar quarter for which payment is made, as
published by The Wall Street Journal (Western edition). If such rate is not so
published, the conversion shall be at the selling rate for such currency for the
last business day of the calendar quarter for which payment is made, as
published by a leading New York, New York bank chosen by Licensee and reasonably
acceptable to RCT. If Licensee is late in making any payment, the applicable
exchange rate obtained from the sources described above shall be the greater of
the rate on the date payment was actually made or the rate on the date on which
payment was due.

     SECTION 2.6 Late Payment. If Licensee fails to make any payment required
under this Agreement on or before the date ten days after Licensee's receipt of
RCT's written notice of such failure, Licensee shall pay interest on the unpaid
portion of such amount at an annual rate equal to the prime rate, as quoted by
the Wells Fargo Bank, N.A., plus 5%, which shall accrue from the date the
payment not timely made became due until the date such payment is paid in full.
The interest shall be compounded on the last day of each calendar quarter. If
such rate exceeds the rate allowed by applicable law, then the highest rate
allowed by law shall apply. Any payments received shall be applied first to the
satisfaction of any unpaid, accrued interest and then to the satisfaction of any
unpaid principal.

                                   ARTICLE III
                                   [RESERVED]

                                   ARTICLE IV
                                LICENSED PATENTS

     At its sole cost and expense, RCT will endeavor to maintain and prosecute
the LICENSED PATENTS. RCT does not make any representation or warranty
whatsoever with respect to the LICENSED PATENTS. RCT may, in its sole
discretion, abandon any LICENSED PATENT. RCT shall not have any liability nor be
subject to any claim for damages if it abandons any LICENSED PATENT. From time
to time, upon written request from Licensee not more frequently than once per
calendar month, RCT shall apprise Licensee of the status of the prosecution and
maintenance of the LICENSED PATENTS, including any reexamination, reissue, or
extension filings, any interference or opposition proceedings, pertaining
thereto, and any election by RCT to abandon any LICENSED PATENT.

                                    ARTICLE V
                                  INFRINGEMENT

     RCT will protect the LICENSED PATENTS from infringement and prosecute
alleged infringers when, in its sole judgment, such action may be necessary,
proper, and justified. Licensee shall fully cooperate with RCT, as RCT may
request, in connection with any such action but at no out-of-pocket expense to
Licensee.

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                                   ARTICLE VI
                                   TERMINATION

     SECTION 6.1 Automatic Expiration; Elective Termination. The term of this
Agreement shall expire on the EXPIRATION DATE unless sooner terminated. Licensee
may terminate this Agreement at any time by giving RCT three months' written
notice of Licensee's election to terminate.

     SECTION 6.2 Licensee's Breach of Agreement.

          Subsection 6.2.1. Breach. Upon any material breach of this Agreement
by Licensee, RCT, in addition to any other remedy available at law or equity,
may elect to terminate this Agreement by giving Licensee written notice of RCT's
election to terminate this Agreement. This Agreement shall terminate upon the
expiration of the period stated in the written notice, as provided in Subsection
6.2.2 below, unless Licensee has cured such breach on or before the expiration
of such period. A material breach of this Agreement includes, without
limitation, any failure to timely pay any amount, in full, when due under this
Agreement.

          Subsection 6.2.2. Notice and Cure Period. If the breach is a monetary
breach (i.e., failure to timely pay amounts to RCT required to be paid under
this Agreement), the notice and cure period shall be thirty days. If the breach
is a nonmonetary breach (i.e., not involving the payment to RCT of any amounts
required to be paid under this Agreement), the notice and cure period shall be
sixty days. If the nonmonetary breach is of a type that requires more than sixty
but less than 120 days to cure, the cure period shall be extended to 120 days so
long as Licensee has, throughout the 120 day period, diligently undertaken
substantive and progressive efforts to cure such breach on or before the date
the 120 days expire.

          Subsection 6.2.3. Immediate Default. "Financial Default" means any
voluntary or involuntary dissolution, bankruptcy, insolvency of Licensee or
assignment of Licensee's assets for the benefit of creditors. The filing of an
involuntary petition in bankruptcy or an involuntary petition for dissolution
shall only be deemed a Financial Default if the petition is not dismissed with
prejudice on or before the date sixty days after the date it was filed.
"Procedural Default" means a lawsuit filed by Licensee or its AFFILIATE against
RCT seeking a declaratory judgment or determination, as the case may be, that
any of the PATENT CLAIMS is invalid or unenforceable or otherwise not patentable
or reduced in scope. Financial Defaults and Procedural Defaults shall constitute
immediate and material breaches of this Agreement and, upon the occurrence of
either a Financial Default or Procedural Default, this Agreement shall
immediately terminate. Anytime before the occurrence of a Financial Default or
the filing of a bankruptcy petition concerning Licensee, Licensee shall notify
RCT in writing of Licensee's intention to file the petition or of another's
intention to file an involuntary petition in bankruptcy or the impending
Financial Default. Failure to provide such written notice shall be deemed to be
an immediate, pre-petition, incurable, and material breach of this Agreement.
The laws of the country of the patent in question shall govern the
interpretation and enforcement of this Subsection 6.2.3.

     SECTION 6.3 Surviving Obligations and Provisions. Licensee's obligations to
pay, and report to RCT on, the SALE of any LICENSED PRODUCT made, or imported
before

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termination of this Agreement or expiration of the pertinent LICENSED PATENTS
(even if such LICENSED PRODUCT is SOLD after the termination of this Agreement
or expiration of the pertinent LICENSED PATENT), shall survive such termination
or expiration. In addition to any provision of this Agreement that expressly
survives the termination of this Agreement or expiration of the LICENSED
PATENTS, the provisions of SECTIONS 2.3 ("Periodic Reports and Payments") and
2.4 ("Books and Records") (to the extent provided therein) and SECTION 6.3 and
ARTICLE VII shall survive the termination of this Agreement.

                                   ARTICLE VII
                                     GENERAL

     SECTION 7.1 Integration. This Agreement constitutes the entire agreement
between the parties as to its subject matter. All prior and contemporaneous
negotiations, representations, warranties, agreements, statements, promises, and
understandings are superseded and merged into, extinguished by, and completely
expressed by such documents. No party shall be bound by or charged with any
written or oral agreements, representations, warranties, statements, promises,
or understandings not specifically set forth in such documents.

     SECTION 7.2 Addresses and Notices. All notices, demands, requests, reports,
and other communications provided in this Agreement or under applicable law
shall be in writing and shall be deemed to have been made or given: (a) when
delivered, if delivered by hand or sent by facsimile; (b) on the day following
deposit with an overnight courier; or (c) on the date five days following
deposit with the United States Mail, certified or registered:

If to RCT:                                If to Licensee:
President                                 President
Research Corporation Technologies, Inc.   BioVex Ltd.
101 N. Wilmot Rd., Suite 600              The Windeyer Institute
Tucson, Arizona USA 85711-3365            46 Cleveland Street
Fax: 520-748-0025                         London 41T 4JF
                                          ENGLAND
                                          Fax: 44-1293-415 893

Such addresses may be altered by notice so given. Payments by Licensee to RCT
under this Agreement shall be delivered to RCT at the foregoing address.

     SECTION 7.3 Applicable Law. This Agreement and its effect are subject to
and shall be construed and enforced in accordance with the law of the State of
Delaware, U. S. A., without regard to the law of Arizona concerning the
conflicts of laws, except as to any issue which by the law of Arizona depends
upon the validity, scope or enforceability of any PATENT CLAIM, and except as to
the provisions of Subsection 6.3.3 as they apply to any given LICENSED PATENT,
which issue and provisions shall be determined in accordance with the applicable
patent laws of the country of such LICENSED PATENT.

     SECTION 7.4 Dispute Resolution.

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          Subsection 7.4.1. Venue for Unresolved Differences. The parties shall
make all reasonable efforts to resolve any dispute concerning this Agreement,
its construction, or its actual or alleged breach, by face-to-face negotiations
between senior executives. Except as provided in Subsection 7.4.2 below, should
such negotiation fail to resolve the matter, either party may bring judicial
proceedings to resolve the matter in any state or federal court of competent
jurisdiction sitting in the State of Arizona, Pima County. By executing and
delivering this Agreement, each party, for itself and in respect of its
property, irrevocably consents and submits to the exclusive jurisdiction and
venue of such courts in any such proceeding and otherwise waives any objection
or defense, including any objection or defense based on forum non conveniens or
improper venue, which it may now or hereafter have to the bringing of any such
proceedings in such courts. Each party further agrees that service of process of
notice in any such proceeding shall be effective if in writing and sent in the
manners provided in SECTION 7.2 of this Agreement, or in any other manner
permitted by Arizona law.

          Subsection 7.4.2. Arbitration. Any dispute between the parties
concerning the extent to which Licensee is entitled to a credit against earned
royalties due hereunder as provided in Subsection 2.2.5 above shall be resolved
pursuant to this Subsection 7.4.2. If the parties have a dispute over such
matter, the parties shall make all reasonable efforts to resolve such dispute by
face-to-face negotiations between senior executives. Should such negotiation
fail to resolve the matter, the parties shall pursue mediation in accordance
with the Center for Public Resources' Model Procedure for Mediation of Business
Disputes. Should such mediation fail to resolve the matter, the matter shall be
finally decided by binding arbitration (the "Arbitration") by and in accordance
with the Rules then in effect of the American Arbitration Association ("AAA"),
and judgment upon the award rendered may be entered in the highest court of the
forum, state or federal, having jurisdiction. The Arbitration will be conducted
in the New York, New York metropolitan area. In the Arbitration, the arbitrator
shall be a mutually acceptable independent expert in the area of the dispute. If
the parties are unable to agree on an arbitrator, the arbitrator shall be an
independent expert as described in the previous sentence selected by the chief
executive of the New York, New York office of the AAA. The parties and
arbitrator shall use their reasonable best effort to complete the Arbitration on
or before the date thirty days following the appointment of the arbitrator. The
parties shall bear equally the costs of the Arbitration and each party shall
bear its own expenses in connection with the Arbitration. Nothing in this
Subsection 7.4.2 shall be construed to waive any of either party's rights or
timely performance of any of either party's obligations existing under this
Agreement.

     SECTION 7.5 Compliance With Law; Severability. Nothing in this Agreement
shall be construed to require the commission of any act contrary to law. If this
Agreement conflicts with any statute, law, ordinance, or treaty concerning the
legal right of the parties to contract, the latter shall prevail. In such event,
the affected provisions of this Agreement shall be curtailed and limited only to
the extent necessary to bring it within the applicable legal requirements and
the validity, legality, and enforceability of the remaining provisions of this
Agreement shall not in any way be affected or impaired thereby.

     SECTION 7.6 Representations. Each party represents and warrants to the
other that this Agreement constitutes a valid and binding agreement of the
representing and warranting party, that execution, delivery and performance of
this Agreement by the representing and warranting

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party are within such party's corporate power, have been duly authorized by all
necessary corporate action, and that it shall exercise its good faith in
performing under this Agreement. RCT represents and warrants that it has the
right to grant licenses under the LICENSED PATENTS. Nothing contained in this
Agreement shall be construed as a representation or warranty by RCT: (a) that
the LICENSED PATENTS or any PATENT CLAIM can be or will be used to prevent the
importation, sale or use by a third party of a product in any country of the
LICENSED PATENTS where such product is placed in commerce under circumstances
which applicable laws or treaties preclude the use of the LICENSED PATENTS or
any PATENT CLAIM to prevent such importation, sale, or use; (b) as to the scope
or validity of any LICENSED PATENT or any PATENT CLAIM; or (c) that any
performance or practice under any LICENSED PATENT or any PATENT CLAIM is not an
infringement of any patent of others.

     SECTION 7.7 Independent Contractor. In its performance under this
Agreement, each party shall be an independent contractor and neither party (nor
its employee or agent) shall be an agent or partner of the other party.

     SECTION 7.8 Headings. The headings of the various ARTICLES, SECTIONS and
Subsections of this Agreement are used solely for the convenience of the
parties, do not form a part of this Agreement, do not affect the interpretation
or meaning of this Agreement, and do not define, limit, extend, or describe its
scope or intent.

     SECTION 7.9 No Third-Party Beneficiaries. Except for SECTIONS 7.14, 7.15,
and 7.19, which shall also be for the benefit of, and enforceable by, the
INSTITUTION and the INVENTORS, none of the provisions of this Agreement shall be
for the benefit of, or enforceable by, any third party. The agreements herein
contained are made for the sole benefit of the parties hereto and no other
person or entity is intended to or shall have any rights or benefits hereunder,
whether as a third party beneficiary or otherwise.

     SECTION 7.10 Waiver. A party's express or implied consent or waiver of the
other party's breach of its obligations hereunder shall not be deemed to be, or
construed as, a consent to, or waiver of, any other breach of the other party. A
party's failure, no matter how long, to: (a) complain of any act, or failure to
act, by the other party; (b) declare the other party in default; (c) insist upon
the strict performance of any obligation or condition of this Agreement; or (d)
exercise any right or remedy consequent upon a breach thereof; shall not
constitute a waiver by such party of its rights, such breach, or any other
obligation or condition. A party's consent in any one instance shall not limit
or waive the necessity to obtain such party's consent in any future instance. No
single or partial exercise of any right, power or privilege by a party hereunder
shall preclude any other or further exercise thereof or the exercise of any
other right, power or privilege by such party. In any event, no consent or
waiver shall be effective for any purpose hereunder unless such consent or
waiver is in writing and signed by the party granting such consent or waiver.

     SECTION 7.11 Computation of Time. In computing any period of time pursuant
to this Agreement, the day or date of the act, notice, event, or default from
which the designated period of time begins to run will not be included. The last
day of the period so computed will be

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included, unless it is a Saturday, Sunday, or federal holiday in which event the
period runs until the end of the next day which is not a Saturday, Sunday, or
federal holiday.

     SECTION 7.12 Registration of Agreement. Licensee agrees to take all
reasonable and necessary steps to register this Agreement in any country of the
LICENSED PATENTS where such is required to permit the transfer of funds and/or
payment of royalties to RCT hereunder or is otherwise required by the government
or law of such country to effectuate or carry out this Agreement. Licensee shall
not be relieved of any obligations under this Agreement because it failed to
register this Agreement in any country of the LICENSED PATENTS.

     SECTION 7.13 Disclaimer. It shall be the full and sole responsibility of
Licensee and its AFFILIATES to use appropriate care in the practice, manufacture
or use of any product under any license granted under this Agreement. None of
RCT, the INSTITUTION, or any INVENTOR: (a) shall have the right to control the
manner in which any product licensed under this Agreement is made or practiced;
(b) shall be required to provide any know-how or operating instructions or other
information with respect to any such product; and (c) makes any representation
or warranty whatsoever with respect to any such product.

     SECTION 7.14 Indemnity. LICENSEE AGREES TO INDEMNIFY, DEFEND AND HOLD
HARMLESS RCT, THE INVENTORS, THE INSTITUTION, AND ALL OFFICERS, DIRECTORS,
EMPLOYEES, AND AGENTS OF RCT AND INSTITUTION (COLLECTIVELY, THE "INDEMNITEES")
FROM AND AGAINST ANY AND ALL CLAIMS, DAMAGES AND LIABILITIES, INCLUDING LEGAL
COSTS AND FEES, OF OR ASSERTED BY LICENSEE, ITS AFFILIATES, ANY RELATED PARTIES,
AND/OR ANY THIRD PARTIES (WHETHER GOVERNMENTAL OR PRIVATE) ARISING FROM THE
MANUFACTURE, USE, SALE, OR IMPORTATION OF ANY LICENSED PRODUCT BY OR FOR
LICENSEE OR ITS AFFILIATES, OR ARISING FROM THE USE OF ANY SUCH LICENSED PRODUCT
BY ANY THIRD PARTY INCLUDING ANY CONSUMER OR ANY CUSTOMER OF LICENSEE OR ITS
AFFILIATES. IN NO EVENT SHALL AN INDEMNITEE BE LIABLE UNDER THIS AGREEMENT FOR
ANY DIRECT (OTHER THAN FOR AMOUNTS PAID UNDER THIS AGREEMENT), INDIRECT,
SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES (INCLUDING BUT NOT LIMITED TO LOST
REVENUE, LOST PROFITS, OR LOST SAVINGS), EVEN IF AN INDEMNITEE HAS NOTICE OF THE
POSSIBILITY OF SUCH DAMAGES. THE FOREGOING INDEMNITY SHALL NOT BE AVAILABLE TO
ANY INDEMNITEE TO THE EXTENT ANY CLAIM, DAMAGE, OR LIABILITY ARISES SOLELY FROM
GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF SUCH INDEMNITEE IN THE MANUFACTURE,
USE, SALE, OR IMPORTATION OF SUCH LICENSED PRODUCT, ALTHOUGH ANY INDEMNITEE NOT
GUILTY OF SUCH ACTS SHALL NOT BE SUBJECT TO THIS LIMITATION AND SHALL CONTINUE
TO BENEFIT FROM SUCH INDEMNITY. IF AN INDEMNITEE INTENDS TO CLAIM
INDEMNIFICATION UNDER THIS SECTION, SUCH INDEMNITEE SHALL: (A) PROMPTLY PROVIDE
LICENSEE WRITTEN NOTIFICATION OF ANY CLAIM, ACTION, SUIT OR PROCEEDING FOR WHICH
THE INDEMNITEE INTENDS TO CLAIM SUCH INDEMNIFICATION; (B) GIVE LICENSEE SOLE
CONTROL OF THE DEFENSE AND/OR SETTLEMENT THEREOF; AND (C) PROVIDE LICENSEE, AT
LICENSEE'S EXPENSE, WITH REASONABLE ASSISTANCE AND ALL PERTINENT INFORMATION IN
SUCH

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INDEMNITEE'S POSSESSION CONCERNING SUCH MATTER. NOTWITHSTANDING THE FOREGOING,
LICENSEE SHALL HAVE NO OBLIGATIONS FOR ANY CLAIM, ACTION, SUIT, OR PROCEEDING IF
THE INDEMNITEE SEEKING INDEMNIFICATION MAKES ANY MATERIAL ADMISSION IN WRITING
OR ANY SETTLEMENT REGARDING SAME WITHOUT THE LICENSEE'S PRIOR WRITTEN CONSENT
WHICH SHALL NOT BE UNREASONABLY WITHHELD OR DELAYED.

     SECTION 7.15 Insurance. On or before the date on which Licensee first
commences an experiments or trials involving human subjects and concerning a
LICENSED PRODUCT, Licensee shall obtain and, thereafter throughout the term of
this Agreement, and for a period of 10 years after termination of this
Agreement, maintain in force products liability insurance and other insurance
coverages typically carried by entities engaged in Licensee's business in
amounts not less than L1,000,000 per accident or occurrence to the extent such
insurance and other coverages are commercially available on reasonable terms.
Such insurance policies shall name the Indemnitees as additional insureds as
respects this Agreement. Such policies shall provide or be endorsed to provide
that such insurance is primary and any other insurance carried by any of the
Indemnitees shall be excess and not contributing with the insurance required
hereunder. The policies shall contain Cross Liability and/or Severability of
Interests provisions so as to not impair the right of one insured against
another insured. The insurance policies shall provide or be endorsed to provide
that written notice by registered mail shall be given to the Indemnitees at
least thirty days before termination, cancellation, or reduction of coverage.
The insurance policies required to be carried by Licensee under this Agreement
shall be with companies that are reasonably acceptable to, and approved by, RCT.
Licensee shall furnish RCT and the INSTITUTION with a certificates of insurance
evidencing coverage and, when requested, a copy of such policy. The requirements
of this SECTION 7.15 shall survive termination of this Agreement.

     SECTION 7.16 Construction. The parties agree that each party has reviewed
this Agreement and that any rule of construction to the effect that ambiguities
are to be resolved against the drafting party shall not apply to the
interpretation of this Agreement.

     SECTION 7.17 Patent Marking. When practicable, Licensee shall mark all
LICENSED PRODUCTS with a legible notice indicating that the LICENSED PRODUCTS
are covered by claims in a pending patent application or an issued LICENSED
PATENT, as the case may be. Licensee further covenants and agrees that it shall
place on the packaging of each LICENSED PRODUCT (or the package insert
accompanying such LICENSED PRODUCT) a legible notice indicating that the
LICENSED PRODUCTS are licensed, suitable, and intended only for use in humans
for in vivo therapeutic purposes.

     SECTION 7.18 Assignment. This Agreement, and the license, rights, and
duties contained in this Agreement, shall not be assigned by Licensee without
the prior written consent of RCT, which consent shall not be unreasonably
withheld or delayed. RCT's consent shall not be required if this Agreement is
assigned to an AFFILIATE or as part of a sale or transfer pursuant to other bona
fide business arrangements (e.g., merger or otherwise) of all or substantially
all of Licensee's business. Licensee shall give RCT prior written notice of such
assignment and obtain Licensee's assignee's agreement to abide by the terms of
this Agreement

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and assume all of Licensee's obligations under this Agreement. Upon assignment,
the term "Licensee" as used in this Agreement shall thereafter mean the assignee
of Licensee. If Licensee should sell or otherwise transfer the portion of its
business pertaining to the production of a particular LICENSED PRODUCT(S) or to
all LICENSED PRODUCTS and does not, as part of such sale or transfer, also
assign this Agreement to the purchaser or transferee, RCT shall, promptly after
receipt from Licensee of its written request therefor, offer to such purchaser
or transferee a non-exclusive license to practice under the LICENSED PATENTS in
the LICENSED TERRITORY at the terms then offered by RCT to commercial entities.

     SECTION 7.19 Non-Use of Names. Licensee shall not use the name of any
INVENTOR, the INSTITUTION, RCT, or any adaptation of any of them, in any
advertising, promotional or sales literature, without prior written consent
obtained from the INVENTOR, the INSTITUTION, or RCT, as applicable. Licensee
shall require its AFFILIATES to comply with the foregoing.

                                  ARTICLE VIII
                                   DEFINITIONS

     When fully capitalized in this Agreement, the following terms shall have
the meanings set forth below:

     SECTION 8.1 "AFFILIATE" means any entity which directly or indirectly
controls, is controlled by, or is under common control with, a party to this
Agreement. "Control" shall constitute the right to cast, or the right to direct
the casting of, at least fifty percent (50%) of the votes at a meeting of such
owners, or at a meeting of the entity's directors or governing body, or the
right to designate a majority of the entity's directors or members of the
entity's governing body, or the power to direct or cause the direction of the
management or policies of an entity, whether through the ownership of voting
securities, by contract, or otherwise. In addition to, and without limiting the
generality of, the foregoing, the parties agree that a Collaboration Partner of
Licensee shall be deemed to be an AFFILIATE of Licensee for purposes of this
Agreement. As used herein, "Collaboration Partner" means any third party that is
a party with Licensee to a collaboration and/or other development and/or license
agreement pursuant to which such third party has any right or obligation to
conduct research and/or development related to a LICENSED PRODUCT and/or to
market and/or distribute a LICENSED PRODUCT. If such agreement is terminated,
such third party shall no longer be a Collaboration Partner unless and until
such third party and Licensee enter into a new collaboration and/or other
development and/or license agreement pursuant to which such third party has such
right(s).

     SECTION 8.2 "BLOCKING PATENT" means a patent that: (a) is not owned by RCT,
Licensee, or an AFFILIATE of Licensee; and (b) is not licensed to Licensee under
this Agreement but covers an essential component or element of such LICENSED
PRODUCT such that such LICENSED PRODUCT would not be technically or commercially
viable (as the parties may reasonably determine) without such component or
element.

     SECTION 8.3 "BULK PRODUCT FORM" means a LICENSED PRODUCT in a form other
than FINAL PRODUCT FORM.

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     SECTION 8.4 "COMBINATION PRODUCT" means a LICENSED PRODUCT comprising: (a)
one or more products or vaccines ("Approved Licensed Products") each of which
have been subject to a separate Biologics License Application (or foreign
equivalent) before the FDA or a corresponding foreign regulatory authority that
if made, USED, SOLD, offered for SALE or imported alone would infringe, but for
this Agreement, a PATENT CLAIM; and (b) one or more products or vaccines
("Unapproved Licensed Products") each of which have been subject to a separate
Biologics License Application (or foreign equivalent) before the FDA or a
corresponding foreign regulatory authority that if made, USED, SOLD, offered for
SALE or imported alone would not infringe a PATENT CLAIM. An example of a
Approved Licensed Product is a vaccine containing a GENE or a vaccine containing
a vector containing a GENE.

     SECTION 8.5 "EXPIRATION DATE" means the date on which the LICENSED PATENT
that has the latest expiration date expires, after accounting for any extensions
of any LICENSED PATENTS. A patent shall be understood to expire at midnight of
the date of its expiration. References herein to the "term of this Agreement
shall refer to the period commencing as of the Effective Date and ending as of
the EXPIRATION DATE.

     SECTION 8.6 "FINAL PRODUCT FORM" means a LICENSED PRODUCT in a form
intended or suitable for final use in the final consumer by the administering
physician or health professional.

     SECTION 8.7 "GENE" means a DNA encoding a mammalian granulocyte macrophage
colony stimulating factor which DNA would, if made, USED, SOLD, offered for
SALE, or imported into the LICENSED TERRITORY, in the absence of this Agreement,
directly infringe, contributorily infringe, or induce the infringement of a
PATENT CLAIM.

     SECTION 8.8 "INSTITUTION" means the Ludwig Institute for Cancer Research.

     SECTION 8.9 "INVENTOR" means a person identified as such on a LICENSED
PATENT.

     SECTION 8.10 "LICENSED PATENTS" means:

               (a) United States Patent No. 5,602,007 issued February 11, 1997,
          Canadian Application No. 495,255 filed November 13, 1985; Japanese
          Application 501426/85 filed March 19, 1985, Japanese Application
          8-095743 filed April 17, 1996, Australian Patent 594014 issued June
          18, 1990, and Australian Patent 629938 issued February 5, 1993;

               (b) any divisional or continuation, in whole or in part,
          application based on any of the foregoing;

               (c) any and all issued and unexpired patents resulting from any
          of the applications described in Paragraph (a) or (b) above; and

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               (d) any and all issued and unexpired reissues, reexaminations,
          renewals or extensions that may be based on any of the patents
          described in Paragraphs (a) or (c) above.

The parties acknowledge and agree that the LICENSED PATENTS do not include any
patents or patent applications assigned to RCT issued or pending in countries in
the European continent (the "European Patent Rights"). The right to practice
under the European Patent Rights is exclusive to a third party to which RCT has
granted a license to practice thereunder.

     SECTION 8.11 "LICENSED PRODUCT" means a GENE, GENE construct, or cell
containing a GENE or GENE construct: (a) suitable and intended for use in humans
for in vivo therapeutic purposes; (b) labeled and SOLD for use in humans for in
vivo therapeutic purposes; and (c) not intended for use in the in vivo
production of protein in any non-human animal, or the production of a PROTEIN
PRODUCT. If a LICENSED PRODUCT is SOLD in a form other than a dosage form
suitable for final use by the administering physician or the consumer, the gross
billings shall be determined by multiplying the number of doses in final dosage
form that such LICENSED PRODUCT would provide or be converted into by the
average price in the same calendar quarter for a single dose in final dosage
form of a LICENSED PRODUCT

     SECTION 8.12 "LICENSED TERRITORY" means Australia, Canada, Japan, and the
United States of America and their respective territories and possessions.

     SECTION 8.13 "NET SALES VALUE" of any product means the gross billings for
the SALE of a LICENSED PRODUCT less the deductions identified below.

          Subsection 8.13.1. Determining Gross Billings. Except in the case of
COMBINATION PRODUCTS, the gross billings used for calculating NET SALES VALUE of
any LICENSED PRODUCT shall be determined as follows:

               (a) If Licensee or its AFFILIATE SELLS the LICENSED PRODUCT:

                    1. To a third party that is not a RELATED PARTY, gross
               billings shall be Licensee's or its AFFILIATE's actual gross
               billings, as the case may be;

                    2. To a RELATED PARTY for subsequent SALE by such RELATED
               PARTY, gross billings shall be such RELATED PARTY's actual gross
               billings for such subsequent SALE.;

                    3. To a RELATED PARTY for USE by such RELATED PARTY, gross
               billings shall be the gross billings that would result from a
               hypothetical arm's length SALE to a third party (that is not a
               RELATED PARTY) by Licensee or its AFFILIATE, as the case may be;

               (b) If Licensee or its AFFILIATE USES the LICENSED PRODUCT, gross
          billings shall be the gross billings that would result from a
          hypothetical arm's length SALE to a third party (that is not a RELATED
          PARTY) by Licensee

                                       15

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          or its AFFILIATE, as the case may be. However, the billings for any
          LICENSED PRODUCT:

                    1. (i) used only for, and produced only in, internal
               scale-up studies or manufacturing testing or validation conducted
               by or on behalf of Licensee or a RELATED PARTY, or in quality
               assurance efforts or internal research conducted by or on behalf
               of Licensee or a RELATED PARTY; or (ii) distributed, free of
               charge, or at fully-allocated manufacturing costs only, but with
               no profit to Licensee or any RELATED PARTY, in the course of
               pre-clinical or clinical trials conducted in furtherance of
               registration requirements imposed by a regulatory or governmental
               authority, such as the U.S. Food and Drug Administration or
               similar competent regulatory authority in any country, to obtain
               approval to market such LICENSED PRODUCT; or

                    2. distributed, free of charge, to the drug trade as a
               therapeutic product as part of Licensee's promotional effort
               (such as samples), compassionate use or any indigent patient
               program;

     shall be zero dollars. The foregoing sentence shall be narrowly construed
and interpreted.

          Subsection 8.13.2. Determining Actual Billings -- COMBINATION
PRODUCTS. The billings used for calculating NET SALES VALUE of any LICENSED
PRODUCT that is a COMBINATION PRODUCT shall be determined as follows:

               (a) calculate a fraction, the numerator of which is the number of
          Approved Licensed Products in such COMBINATION PRODUCT and the
          denominator of which is the sum of the number of Approved Licensed
          Products and the number of Unapproved Licensed Products in such
          COMBINATION PRODUCT. Such fraction, however, shall in no event be less
          than one-third; then

               (b) multiply the actual billings by Licensee or its AFFILIATE for
          such COMBINATION PRODUCT (determined in accordance with Subsection
          8.13.1 above) by the foregoing-fraction.

     In determining the NET SALES VALUE of any COMBINATION PRODUCTS, before
applying any deduction permitted under Subsection 8.13.3 to the amount received
as determined hereunder, such deduction shall likewise be multiplied by the
fraction determined in (a) above.

          Subsection 8.13.3. Allowable Deductions. When factually applicable,
the following deductions may be deducted from actual billings as determined
above:

               (a) rebates, volume, quantity, trade or cash discounts, allowed
          and taken, in amounts customary in the trade;

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               (b) sales taxes, use taxes, value added tax, and/or duties
          imposed upon, and with specific reference to, particular SALES to the
          extent included in the amount of actual billings;

               (c) amounts allowed or credited on returns, rejections or
          recalls, voluntary or otherwise (not exceeding the original billing);
          and

               (d) charges for freight, packaging, handling, and freight
          allowances, and outbound transportation costs prepaid to the extent
          included in such actual billings.

No other allowance or deduction shall be made including without limitation
allowances or deductions for any commissions or sales fees by whatever name
known.

     SECTION 8.14 "PATENT CLAIM" means a valid claim in an unexpired LICENSED
PATENT. A PATENT CLAIM shall be presumed to be valid unless and until it has
been held to be invalid by a final judgment of a court of competent jurisdiction
from which no appeal can be or is taken. For the purposes of this Agreement, and
especially for purposes of royalty determination and payment under ARTICLE II
("Financial Terms"), any claim being presented in a pending patent application
shall be deemed to be the equivalent of a valid claim of an issued, unexpired
patent and in consideration of RCT's agreement to grant a license under any
patent issuing thereon earned royalties shall be payable in respect thereto as
though it were a valid patent claim.

     SECTION 8.15 "PROTEIN PRODUCT" means any isolated, recombinant protein,
suitable or intended for subsequent use or sale, comprising a mammalian
granulocyte macrophage colony stimulating factor or analog or homolog thereof
that would directly infringe, contributorily infringe, or induce the
infringement of a PATENT CLAIM. For purposes of clarity, it is understood that a
cancer vaccine in which a cell is transfected or infected with a GENE or GENE
construct for use in the in vivo production of a protein in any human is not a
PROTEIN PRODUCT.

     SECTION 8.16 "RELATED PARTY" means any one of Licensee, AFFILIATES of
Licensee, or any third party that is not an AFFILIATE of Licensee to which: (a)
Licensee or its AFFILIATE has granted the right to distribute a LICENSED PRODUCT
and such third party either is responsible for the marketing and promotion of
such LICENSED PRODUCT or shares with Licensee or its AFFILIATE the proceeds from
such third party's SALES of LICENSED PRODUCT; (b) Licensee has granted
co-marketing rights wherein the third party may SELL LICENSED PRODUCTS,; or (c)
Licensee is under an obligation to a third party to supply or manufacture
LICENSED PRODUCTS for SALE by the third party under such third party's name or
mark. A distributor of LICENSED PRODUCTS under Licensee's name or mark shall not
be considered a RELATED PARTY if neither Licensee nor its AFFILIATE shares,
directly or indirectly, in the proceeds from such distributor's SALES of such
LICENSED PRODUCT.

     SECTION 8.17 "SELL" (and any cognate noun form and conjugated verb form
thereof) means to sell, or otherwise part with or dispose of, for value.

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     SECTION 8.18 "USE" (and any cognate noun form and conjugated verb form
thereof) shall mean to use for commercial purposes.

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     IN WITNESS WHEREOF, the parties hereto have each caused a duly authorized
officer to sign this Agreement to be effective the Effective Date.

BioVex Ltd.                             Research Corporation Technologies, Inc.

By: /s/ Robert Coffin                   By: /s/ Gary M. Munsinger
    ---------------------------------       ------------------------------------
Director                                President

Date: 10/7/01                           Date: May 31, 2001

                                       19
<PAGE>

                      FIRST AMENDMENT TO LICENSE AGREEMENT

     Effective January 1, 2003 (the "Amendment Effective Date"), Research
Corporation Technologies, Inc., a Delaware nonprofit corporation with offices at
101 N. Wilmot Rd., Suite 600, Tucson, Arizona 85711-3365 ("RCT"), and BioVex
Ltd., an entity organized under the laws of the United Kingdom, with offices at
the Windeyer Institute, 46 Cleveland Street, London WIT 4JF, England
("Licensee") agree as follows:

                                    ARTICLE I
                                   BACKGROUND

     RCT and Licensee are parties to a certain license agreement made effective
May 31, 2001 (the "License Agreement") under which RCT granted to Licensee a
non-exclusive license under certain LICENSED PATENTS, as defined in the License
Agreement. RCT and Licensee desire to amend the License Agreement as set forth
below.

                                   ARTICLE II
                                    AMENDMENT

     SECTION 2.1 Amendment to SECTION 2.1 of the License Agreement. SECTION 2.1
of the License Agreement is hereby changed by deleting it in its entirety and
replacing it with the following:

          SECTION 2.1. License Fees.

          Subsection 2.1.1. License Issue Fee. On or before the date thirty days
after the execution and delivery of this Agreement, Licensee must pay to RCT a
non-refundable, non-creditable license issue fee of US$[**]. RCT acknowledges
receipt of US$[**] in satisfaction of the foregoing obligation of Licensee.

          Subsection 2.1.2. License Maintenance Fee. Licensee must pay to RCT a
non-refundable, non-creditable, pre-paid annual license maintenance fee of
$[**]. Licensee must pay the first maintenance fee on or before January 30,
2003, and must pay subsequent maintenance fees on or before January 30 of each
year thereafter during the term of this Agreement through and including the
January 30 immediately preceding the first SALE of a LICENSED PRODUCT under this
Agreement.

          Subsection 2.1.3. Milestone Fees. In addition to the foregoing,
Licensee shall pay to RCT a non-refundable, non-creditable milestone fee of
$[**] on or before the date thirty days after the first SALE of a each type of
LICENSED PRODUCT. For purposes of the foregoing, a LICENSED PRODUCT shall be
deemed to be a different "type" of LICENSED PRODUCT if a separate
Investigational New Drug Application ("IND") is required to be filed with the
U.S. Food and Drug Administration in accordance with 21 CFR Part 312 to conduct
clinical trials for such LICENSED PRODUCT in the United States.

     SECTION 2.2 Amendment to SECTION 2.2 of the License Agreement. SECTION 2.2
of the License Agreement is hereby amended by: (a) changing the reference to
"[**]%"

                                                                        05/22/03

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appearing in the second line of Subsection 2.2.1 to read "[**]%"; (b) by
changing the reference to "[**]%" appearing in the sixth line of Subsection
2.2.1 to read "[**]%"; and (c) by deleting Subsection 2.2.5 in its entirety.

     SECTION 2.3 Continued Effect. The License Agreement shall continue in force
and effect unchanged, except as specifically set forth in this document.

     IN WITNESS WHEREOF, the parties have each caused a duly authorized officer
to sign this Agreement on the date(s) indicated below, to be effective the
Amendment Effective Date.

BioVex, Ltd.                            Research Corporation Technologies, Inc.

By: /s/ Philip Astley-Sparke            By: /s/ Gary M. Munsinger
    ---------------------------------       ------------------------------------
Title: CFO                              Title: President
Date: 24/1/2003                         Date: January 23, 2003

                                        2

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