Document:

Exhibit 10.6.1

 

AMENDED AND RESTATED

LICENSE AGREEMENT

 

THIS AGREEMENT is made
effective as of the last date of execution set forth below and is between BioStratum Incorporated, hereinafter referred to as COMPANY,
a corporation of the State of Delaware and having offices at 2605 Meridian Parkway, Suite 120, Durham, North Carolina, 27713, and
the University of Kansas Medical Center Research Institute, Inc., hereinafter referred to as RESEARCH INSTITUTE, located at 39th
and Rainbow Blvd., Kansas City, Kansas, 66160.

 

RECITALS

 

WHEREAS, University of
Kansas Medical Center (“KUMC”) possesses certain information and knowledge relating to the identification of new and
improved advanced glycation end-product inhibitors, hereinafter referred to as “post-Amadori inhibitors/AGE technology”,
which are potential drug candidates against the vascular complications of diabetes including nephropathy, neuropathy and retinopathy
(the “KNOWLEDGE”);

 

WHEREAS, COMPANY desires
that the KNOWLEDGE be developed into diagnostic and therapeutic products that inhibit the onset of diabetic complications and possibly
other disease conditions associated with degenerative diseases, and desires to obtain a license to such KNOWLEDGE to develop therapeutic
treatments for complications of diabetes and possible other diseases and conditions in which advanced glycation end products are
a causative factor;

 

WHEREAS, KUMC and RESEARCH
INSTITUTE have an agreement whereby the RESEARCH INSTITUTE has the authority and obligation to manage KUMC’s rights in patents
obtained based on inventions or discoveries of KUMC and the RESEARCH INSTITUTE manages the technology transfer, equity, equity
holdings, partnerships, and other such functions of KUMC on behalf of KUMC; and

 

WHEREAS, RESEARCH INSTITUTE
and COMPANY have entered into a license agreement dated October 7, 1996, covering KNOWLEDGE (the “Original Agreement”),
and intend to amend and restate the Original Agreement with this Agreement.

 

NOW, THEREFORE, in consideration
of the representations above and the mutual covenants and promises hereinafter set forth, the parties agree as follows:

 

ARTICLE I - Definitions

 

		A.	“Technology” shall mean the KNOWLEDGE and any knowledge, information, know-how and devices,
inventions, discoveries, whether patentable or not, owned or in the possession of RESEARCH INSTITUTE and relating to: US Patent
Application

 

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submitted on September 12, 1995 and
assigned US Serial No. 06/003,628; US Patent Application submitted on September 10, 1996 and assigned US Serial No. 08/711,555;
US Patent Application submitted on November 17, 1997 and assigned US Serial No. 08/971,285; and any patents, continuations, continuations
in part, or divisional applications of these patent applications, reissues, extensions, and corresponding foreign patent applications.

 

		B.	“Improvements” shall mean any development or improvement of the Technology, whether patentable
or not, made by KUMC or COMPANY or jointly and which, if unlicensed, would infringe one or more claims of the U.S. Patent Applications
listed in Article I.A. “Improvements” shall not include any development or improvement (i) resulting from competing
research if KUMC had offered such opportunity to the Company in accordance with Article 3, Section J, and the Company had rejected
such officer, or (ii) made by KUMC which is the result of funded research not in the Field of Use under an agreement with a third
party which grants rights in such improvements and development to such third party.

 

		C.	“Subject Patent Application(s)” shall mean any patent application in the United States
or in a foreign country that covers (i) the Technology and/or (ii) Improvements made solely by KUMC or jointly by KUMC and COMPANY.

 

		D.	“Subject Patent(s)” shall mean any patent that issues on a Subject Patent Application.

 

		E.	“Licensed Product(s)” shall mean any product which incorporates the Technology or Improvements
or which is made by a process or machine which incorporates the Technology or Improvements.

 

		F.	“Affiliate(s)” shall mean any present or future domestic or foreign corporation which
shall be, at the pertinent time, controlled, directly or indirectly by COMPANY. “Affiliate of RESEARCH INSTITUTE” shall
mean KUMC or any corporation or other entity which is formed by RESEARCH INSTITUTE, or enters into a joint venture or similar arrangement
with RESEARCH INSTITUTE to perform any activities related to Technology, Improvements, or Licensed Product.

 

		G.	“G.P.R.” shall mean U.S. Government patent laws and regulations including 35 U.S.C.,
Section 201-211 and regulations contained in 37 C.F.R., Part 401, Section 401.1 - 401.16 as modified by Executive Order No. 12618
of December 22, 1987 (published in the Federal Register of December 24, 1987) and modifications thereto hereafter adopted or approved
by any agency of the U.S. Government.

 

		H.	“Field of Use” shall mean diagnostic testing and therapeutic treatments which incorporate
the use of the KNOWLEDGE as described in Article I.A.

 

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ARTICLE II - Inventions and Patent Applications

 

		A.	Title in and ownership of the Technology and Improvements made solely by RESEARCH INSTITUTE shall
rest solely and exclusively with RESEARCH INSTITUTE, subject to the license grant of Article III, unless otherwise stated in research
agreements between COMPANY and RESEARCH INSTITUTE. Title in and ownership of Improvements made jointly by RESEARCH INSTITUTE and
COMPANY shall be held jointly by RESEARCH INSTITUTE and COMPANY, unless otherwise stated in research agreements between COMPANY
and RESEARCH INSTITUTE. Title in and ownership of Improvements made solely by COMPANY shall rest solely and exclusively with COMPANY,
unless otherwise stated in research agreements between COMPANY and RESEARCH INSTITUTE.

 

		B.	Each party hereto shall promptly disclose to the other party any Improvements conceived or reduced
to practice by the first party.

 

		C.	RESEARCH INSTITUTE shall file and prosecute Subject Patent Applications(s) and maintain Subject
Patent(s). COMPANY shall reimburse RESEARCH INSTITUTE for all expenses incurred by RESEARCH INSTITUTE subsequent to the date of
this agreement, in the filing, prosecution and maintenance thereof. RESEARCH INSTITUTE and COMPANY shall agree to the designation
of patent counsel. Subject Patent Applications(s) shall be filed in such jurisdiction as the COMPANY shall designate.

 

		D.	In the event COMPANY does not desire to have Subject Patent Applications(s) filed or prosecuted,
or does not desire to have Subject Patent(s) maintained, COMPANY shall promptly notify RESEARCH INSTITUTE. Subsequent to this notice,
such application(s), patent(s) issuing on such application(s) and such patent(s) as COMPANY does not desire to be maintained shall
no longer be considered Subject Patent Application(s) or Subject Patent(s). RESEARCH INSTITUTE, upon such notice, may file or prosecute
such patent application(s) or maintain such patent(s) at his sole option and expense. All rights in the patent or patent application
will then belong to RESEARCH INSTITUTE.

 

		E.	COMPANY agrees to cooperate with RESEARCH INSTITUTE in connection with the filing and prosecution
of Subject Patent Application(s) and those application(s) made pursuant to paragraph D of this Article. RESEARCH INSTITUTE shall
keep COMPANY promptly apprised of developments in the filing and prosecution of Subject Patent Application(s).

 

ARTICLE III - License Grant, Commercial Effort, and Milestone
Payments

 

		A.	Subject to the terms, conditions and diligence requirements contained herein, RESEARCH INSTITUTE
hereby grants to COMPANY and COMPANY hereby

 

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		 	accepts an exclusive worldwide license, with a right to grant sublicenses, to make,
have made, use, distribute, sell, have sold or distributed Licensed Product(s) in the Field of Use.

 

		B.	The exclusive license granted herein shall terminate upon the termination of this Agreement in
accordance with Article VI.

 

		C.	The license granted to COMPANY pursuant to this Article is subject to certain rights and license
granted to the United States and foreign governments pursuant to provisions of the G.P.R.

 

		D.	COMPANY shall have the right to grant sublicenses, assign or otherwise transfer the Technology
to others with respect to any rights conferred upon COMPANY under this Agreement, provided, however, that any such sublicense,
assignment or transfer shall be subject in all applicable respects to the provisions contained in this Agreement, and further provided
that COMPANY shall give RESEARCH INSTITUTE an opportunity to review and comment on any sublicense, assignment or transfer prior
to its execution.

 

		E.	COMPANY shall use its reasonable efforts to effect the introduction of Licensed Product(s) into
the commercial market as soon as practicable and to maximize these sales, consistent with sound and reasonable business practices
and judgment. COMPANY shall provide RESEARCH INSTITUTE with written plans for effecting commercialization and report on COMPANY’s
efforts to effect commercialization. COMPANY shall provide these reports semi-annually.

 

As evidence of its reasonable efforts
to effect the introduction of Licensed Product(s), COMPANY agrees to maintain an active commercialization effort defined as meeting
any one of the following criteria:

 

		(1)	Funding research or product development programs that directly contribute to the commercialization
of the Licensed Product at the COMPANY or through sponsored research/development agreements with research institutions or contract
research organizations (CRO’s) to effect a commercial product(s) that incorporates the technology;

 

		(2)	Assigning or sublicensing the product rights and licensing agreement to another company to effect
a commercial product.

 

		F.	COMPANY shall sell Licensed Product(s) at a fair and reasonable price and refrain from making any
false or misleading claims in its advertising or otherwise.

 

		G.	COMPANY shall not use in its advertising materials the names of the RESEARCH INSTITUTE, the University
of Kansas Medical Center, the University of Kansas, nor any of their employees in any manner without prior written approval from

 

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RESEARCH INSTITUTE.

 

		H.	COMPANY, its Affiliates, its sublicensees, its assignees, and its transferees shall alone have the obligation to ensure that
any Licensed Product they sell is not defective.

 

		I.	Upon completion of the following milestones, COMPANY shall pay RESEARCH INSTITUTE the indicated milestone payments:

 

		(1)	$50,000 upon the completion and FDA acceptance of Phase I clinical trials;

 

		(2)	$100,000 upon the completion and FDA acceptance of Phase II clinical trials;

 

		(3)	$200,000 upon the FDA approval of a submitted NDA.

 

		J.	In the event that another corporate entity proposes to sponsor research in the laboratory of KUMC
in the Field of Use (“competing research”), RESEARCH INSTITUTE agrees to promptly notify the COMPANY of that fact and
shall give the COMPANY sixty (60) days to determine its interest in matching that offer. If the COMPANY matches the offer of another
corporate entity’s research proposal, RESEARCH INSTITUTE and KUMC agree to perform the competing research solely for the
COMPANY.

 

ARTICLE IV - Stock Options, Royalty
and Up Front Payment

 

		A.	For the license granted hereunder, COMPANY shall issue to RESEARCH INSTITUTE 175,000 shares of
common stock plus option to purchase 75,000 shares of common stock of COMPANY, which options shall have an exercise price of $.40/share.

 

		B.	The license granted hereunder shall be royalty free on Licensed Products.

 

		C.	At the signing of this Agreement, COMPANY shall pay RESEARCH INSTITUTE an up front payment of $75,000.

 

ARTICLE V - Infringement

 

		A.	In the event that RESEARCH INSTITUTE or COMPANY determines that a third party is making, using
or selling a product that may infringe a Subject Patent, it will promptly notify the other party in writing. COMPANY may, at its
sole option, bring suit against such alleged infringer. In the event COMPANY decides to bring suit, it shall give prompt written
notice to RESEARCH INSTITUTE of that fact. If COMPANY pays for the expenses of such a suit, the COMPANY will be entitled to

 

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any recoveries from such suit. If COMPANY
elects not to bring a suit against the alleged infringer, it shall promptly notify RESEARCH INSTITUTE of the fact and RESEARCH
INSTITUTE shall have the right to commence such action at its own cost and expense, in which case any recoveries shall inure to
the benefit of RESEARCH INSTITUTE.

 

		B.	In the event that COMPANY, an Affiliate, a sublicensee, an assignee, or a transferee is sued
                                                              by a third party charging patent infringement for the manufacture, use or sale of a Licensed Product, COMPANY shall promptly
                                                              notify RESEARCH INSTITUTE.

 

ARTICLE VI - Term and Termination

 

		A.	This Agreement’s term shall end with the expiration of the Subject Patent last to expire
or twenty (20) years, whichever occurs last, or earlier as set forth in VI B.

 

		B.	RESEARCH INSTITUTE shall not have the right to terminate this Agreement except under the following
circumstance:

 

If after one year from the date of
this agreement, RESEARCH INSTITUTE determines in good faith that COMPANY is not actively commercializing any part of the Technology,
as defined in Article III - Section E, and RESEARCH INSTITUTE delivers to COMPANY a written notice documenting such lack of active
commercialization, and if COMPANY does not commence active commercialization efforts, as defined in Article III B Section E, within
one year from the date of such notice, the RESEARCH INSTITUTE may terminate this Agreement as it relates to such parts of the TECHNOLOGY
not being actively commercialized only, on written notice to Company. In the event of a second occasion or any occasion thereafter
whereby RESEARCH INSTITUTE determines in good faith that COMPANY is not actively commercializing any part of the Technology, as
defined in Article III - Section E, RESEARCH INSTITUTE may terminate this Agreement as it relates to such parts of the TECHNOLOGY
not being actively commercialized on 30 days written notice documenting such lack of active commercialization.

 

		C.	In the event of such termination as defined in Article VI, Section B, RESEARCH INSTITUTE shall
return a portion of the stock and stock options issued to RESEARCH INSTITUTE under this agreement, the specific number to be negotiated
in good faith between COMPANY and RESEARCH INSTITUTE, however, the number of shares of stock and stock options to be returned shall
not exceed 20% of the amount stated in this Agreement.

 

		D.	COMPANY may terminate the license granted hereunder at any time upon ninety (90) days notice by
certified mail to RESEARCH INSTITUTE.

 

		E.	Upon termination of this Agreement for any reason, including the end of term as

 

 

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		 	specified above,
nothing herein shall be construed to release either party from any obligation which matured prior to the effective date of termination.

 

ARTICLE VII - Confidential Information

 

Each party shall hold in
confidence for the period of this Agreement and five (5) years thereafter, any and all information which has been identified as
confidential or proprietary information of either party or which is obtained during the course of this Agreement from the other
party, except however, no obligation shall exist with respect to information which

 

		1.	is or becomes publicly available through no fault of either party;

 

		2.	is disclosed by a third party entitled to disclose such information and not subject to any obligation of confidentiality hereunder;

 

		3.	is already known to either party prior to the disclosure hereunder, as shown by prior written record,
and which does not violate any previous agreement between the parties;

 

		4.	is required by applicable law to be disclosed to federal, state, and/or local authorities, provide that notice is given promptly
to the other party;

 

		5.	can be documented to have been independently developed by either party, by a third party not involved
in this Agreement, or by a third party not privy to the confidential information hereunder; or

 

		6.	is published in accordance with Article VIII of this Agreement.

 

Tangible information which is not marked as
confidential or proprietary shall nevertheless be deemed confidential and proprietary information if the receiving party had reason
to know or knew that such information is confidential or proprietary.

 

ARTICLE VIII - Publication

 

RESEARCH INSTITUTE and
KUMC shall retain the right to publish the Technology and Improvements made solely by KUMC or jointly by KUMC and COMPANY; however,
RESEARCH INSTITUTE shall provide COMPANY with a copy of any proposed publishable materials no less than sixty (60) days prior to
publication for the purpose of review and comment. COMPANY shall have the right to request that proprietary information be deleted
from such manuscript prior to its publication, and RESEARCH INSTITUTE shall not unreasonably deny such request.

 

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ARTICLE IX - Indemnification and Insurance

 

		A.	COMPANY agrees to indemnify the RESEARCH INSTITUTE, KUMC, and their agents, employees and volunteers,
and hold the RESEARCH INSTITUTE, KUMC, and their agents employees and volunteers harmless against all liabilities, demands, damages,
expenses, or losses, including attorney fees, arising (i) from the manufacture, use, or sale of a Licensed Product by COMPANY,
an Affiliate, a sublicensee, an assignee, or a transferee of COMPANY, (ii) from a third party’s use of a Licensed Product
purchased or leased from COMPANY, an Affiliate, a sublicensee, an assignee, or a transferee of COMPANY, of (iii) from a third party’s
manufacture of a Licensed Product at the request of COMPANY.

 

		B.	COMPANY agrees to maintain liability insurance to insure against any of the above liabilities.
COMPANY shall provide RESEARCH INSTITUTE with certification of such insurance.

 

		C.	COMPANY shall obtain before offering for sale any products and maintain thereafter, a product liability
insurance policy written by a reputable insurer or insurers, approved by the RESEARCH INSTITUTE and shall list the RESEARCH INSTITUTE
and KUMC as additional insured thereunder and shall require thirty (30) days written notice to be given to RESEARCH INSTITUTE prior
to any cancellation or material change thereof. If such insurance is a separate policy and not included in the policy referred
to in Article IX.B., the limits of such insurance shall not be less than fifty million dollars ($50,000,000) per occurrence for
personal injury and property damage. COMPANY shall provide RESEARCH INSTITUTE with certificates of insurance evidencing the above.

 

		D.	The provisions of this Article shall survive termination of this Agreement.

 

ARTICLE X - Miscellaneous Provisions

 

		A.	The rights and licenses granted by RESEARCH INSTITUTE in this agreement may be assigned or otherwise
transferred by the COMPANY. Such a transfer of the rights and licenses granted herein will require meeting the commercialization
effort defined in Article III, Section E. COMPANY will keep RESEARCH INSTITUTE aware of any plans that emerge for the transfer
of rights and licenses contained in this agreement. RESEARCH INSTITUTE may similarly assign this license to any affiliated entity.

 

		B.	COMPANY acknowledges that it has certain duties and obligations under Part 379 of the Export Administration
Regulations of the U.S. Department of Commerce (as

 

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		 	presently promulgated or hereafter modified or amended) concerning the export
and re-export of technical data. COMPANY will be solely responsible for any breach of such Regulations by COMPANY, its Affiliates
or sublicensees and will defend and hold RESEARCH INSTITUTE harmless in the event of a suit or action involving RESEARCH INSTITUTE
occasioned by any such breach.

 

		C.	Neither party shall unreasonably withhold its consent or agreement when such consent or agreement
is required hereunder or is requested in good faith by the other party hereunder.

 

		D.	This Agreement shall be governed by the Laws of the State of Kansas.

 

		E.	For purposes of mailing of notices, payments, or other communications, the addresses of the parties
are given below.

 

In the case of RESEARCH INSTITUTE:

 

A.L. Chapman, Ph.D.

President

KU Medical Center Research Institute,
Inc.

3901 Rainbow Blvd.

Kansas City, Kansas 66160-7702
                                
and

 

Ann Victoria Thomas, Esq.

Office of General Counsel, Strong Hall

University of Kansas

Lawrence, KS 66045

 

In the case of COMPANY:

 

President

BioStratum Incorporated

2605 Meridian Parkway, Suite 120

Durham, North Carolina 27713

 

		F.	No term or provision of this Agreement shall be waived and no breach excused, unless such waiver
or consent shall be in writing and signed by the party claimed to have waived or consented. No waiver of a breach shall be deemed
to be a waiver of a different or subsequent breach.

 

		G.	This Agreement may not be modified, changed or terminated orally. No change, modification, addition
or amendments shall be valid unless in writing and signed by the parties hereto.

 

		H.	This Agreement constitutes and contains the entire Agreement of the parties

 

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		 	respecting the subject
matter hereof and supersedes any and all prior negotiations, correspondence, understanding, and agreements, whether written or
oral, between the parties respecting the subject matter hereof, and amends and restates the Original Agreement.

 

		I.	The RESEARCH INSTITUTE represents and warrants that

 

		(1)	the execution, delivery and performance of this Agreement by RESEARCH INSTITUTE have been authorized
by all necessary action on the part of RESEARCH INSTITUTE and this Agreement is the valid and legally binding obligation of RESEARCH
INSTITUTE, enforceable in accordance with its terms;

 

		(2)	the execution, delivery and performance of this Agreement by the RESEARCH INSTITUTE do not and
will not conflict with or violate any provision of law to which RESEARCH INSTITUTE is subject, or of any agreement to which RESEARCH
INSTITUTE is party or by which RESEARCH INSTITUTE is bound.

 

IN WITNESS WHEREOF, RESEARCH INSTITUTE and COMPANY
have caused this Agreement to be executed by their duly authorized officers on the dates indicated.

 

	By	/s/ A.L. Chapman	 	By	/s/ Archie W. Prestayko
	 	A.L. Chapman, Ph.D.	 	 	Archie W. Prestayko, Ph.D.
	 	President	 	 	President and CEO
	 	University of Kansas Medical Center	 	 	BioStratum Incorporated
	 	Research Institute, Inc.	 	 	 
	 	 	 	 	 
	Date 	11-19-98	 	Date 	November 19, 1998

 

    	10Exhibit 10.6.2

 

FIRST AMENDMENT

TO

AMENDED AND RESTATED LICENSE AGREEMENT

between University of Kansas Medical Center
Research Institute, Inc.

and NephroGenex, Inc. (assignee of BioStratum
Incorporated)

 

This First Amendment to the Amended
and Restated License Agreement (“First Amendment”) is made effective as of the 4th day of May, 2007 (“First
Amendment Effective Date”) by and between University of Kansas Medical Center Research Institute, Inc. (“RESEARCH
INSTITUTE”) and NephroGenex, Inc., a Delaware corporation (“NephroGenex”) and assignee of BioStratum Incorporated
(“BioStratum”).

 

RESEARCH INSTITUTE and COMPANY entered
into a License Agreement, dated October 7, 1996, and amended and restated such License Agreement on November 19, 1998 (the “Agreement”).
The parties now wish to further amend the Agreement in accordance with Article X – Section G of such Agreement, and agree
that the Agreement is hereby amended as set forth below. Capitalized terms used in this First Amendment that are not otherwise
defined herein, shall have the respective meanings set forth in the Agreement.

 

1.         Assignment.  BioStratum
has agreed to assign this Agreement to NephroGenex. Pursuant to Article X – Section A of the Agreement, RESEARCH INSTITUTE
approves, acknowledges and agrees that its signature on this First Amendment constitutes RESEARCH INSTITUTE’s approval of
the assignment of the Agreement from BioStratum to NephroGenex from and after the First Amendment Effective Date. For all purposes
of this Agreement, NephroGenex shall be deemed to be COMPANY hereunder and shall receive all rights and obligations of the COMPANY
hereunder. From and after the First Amendment Effective Date, BioStratum shall no longer have any rights under this Agreement.
RESEARCH INSTITUTE acknowledges and agrees that immediately prior to the First Amendment Effect Date, BioStratum was in compliance
with this Agreement and that no outstanding amounts are due to RESEARCH INSTITUTE as of such date.

 

2.         Header.  The
header to this Agreement is hereby deleted and replaced in its entirety with the following:

 

THIS AGREEMENT is made effective
as of the last date of execution set forth below and is between NephroGenex, Inc., hereinafter referred to as COMPANY, a corporation
of the State of Delaware and having offices at 204 Cherwell Drive, Cary, North Carolina 27513, U.S.A., and the University of Kansas
Medical Center Research Institute, Inc., hereinafter referred to as RESEARCH INSTITUTE, located at 39th and Rainbow
Blvd., Kansas City, Kansas 66160, U.S.A.

 

3.         Definitions.

 

a.         Article
I – Section A is hereby deleted and replaced in entirety with the following:

 

“Technology”
shall mean the KNOWLEDGE and any knowledge, information, know-how and devices, inventions, discoveries, whether

 

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patentable or not,
owned or in the possession of RESEARCH INSTITUTE relating to the patents and pending patent applications in Appendix A; and any
patents, continuations, continuations-in-part; or divisional applications of these patents and patent applications, reissues,
reexams, extensions, and corresponding PCT applications; and corresponding foreign patent applications and patents.

 

b.          Article
I – Section B is hereby deleted and replaced in its entirety with the following:

 

“Improvements”
shall mean any development or improvement of the Technology, whether patentable or not, made solely by the RESEARCH INSTITUTE
and KUMC or jointly by RESEARCH INSTITUTE, KUMC and/or COMPANY. However, ‘Improvements’ shall exclude any development
or improvement that results in novel intellectual property not previously covered by one or more patents or patent applications
in Appendix A or any continuations, continuations-in-part, divisional applications, reissues, reexams, extensions and corresponding
PCT applications, foreign patent applications and patents.

 

c.          Article
I – Section C is hereby deleted and replaced in entirety with the following:

 

“Subject
Patent Application(s)” shall mean any patent application in the United States or in a foreign country which discloses and/or
claims (i) the Technology and/or (ii) Improvements made solely by the RESEARCH INSTITUTE, KUMC or jointly by RESEARCH INSTITUTE,
KUMC and/or COMPANY.

 

d.          Article
I – Section E is hereby deleted and replaced in its entirety with the following:

 

“Licensed
Product(s)” shall mean any product or other material (or any product or material made using a method or process), which
incorporates the Technology or Improvements, or which the manufacture, offer, sale, import or use of which would, absent the license
granted pursuant to this Agreement, constitute an infringement, misappropriation or other violation of a Valid Claim in a Subject
Patent(s).

 

e.          At
the end of Article I – Section F, insert the following:

 

For purposes of
this Article I – Section F, the term “control” means the decision-making authority as to such entity, through
ownership of equity, membership interests or contract. Such control will be presumed to exist where COMPANY owns more than fifty
percent (50%) of the equity (or such lesser percentage which is the maximum allowed to be owned by a foreign corporation in a
particular jurisdiction) entitled to vote regarding composition of the board of directors or other body entitled to direct the
affairs of the entity.

 

f.           Article
I – Section H is hereby deleted and replaced in its entirety with the following:

 

“Field of
Use” shall mean diagnostic testing and palliative, prophylactic

 

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 and therapeutic
treatments which incorporate the use of the Technology or Improvements.

 

		g.	At the end of Article I, insert
                                                                  the following:

 

		i.	“Commercially Reasonable
                                                                  Efforts” shall mean efforts and resources commonly used
                                                                  by a party for a product owned by it or to which it has rights
                                                                  at a similar stage in its development or product life and of
                                                                  similar market potential taking into account efficacy, safety,
                                                                  the anticipated regulatory approved labeling, the competitiveness
                                                                  of alternative products in the marketplace or under development,
                                                                  the patent and other proprietary position of the product, the
                                                                  likelihood of regulatory approval, the profitability of the
                                                                  product and other relevant factors.

 

		ii.	“Primary Indications”
                                                                   shall mean the diagnosis, treatment, palliation or prophylaxis
                                                                   of diabetic nephropathy, diabetic retinopathy and diabetic
                                                                   neuropathy.

 

		iii.	“Valid Claim”
                                                                    shall mean any claim in an unexpired patent which has not
                                                                    been held unenforceable, unpatentable or invalid by a decision
                                                                    of a court or other governmental authority of competent jurisdiction,
                                                                    unappealable or unappealed within the time allowed for appeal,
                                                                    and which has not been held to be invalid through reissue
                                                                    or reexam proceedings.

 

		4.	Inventions and Patent Applications

 

		a.	Article II – Sections
                                                                  C and E are hereby deleted and replaced in entirety with the
                                                                  following:

 

RESEARCH INSTITUTE
shall have the right to control the Prosecution and Maintenance of the Subject Patents and Subject Patent Applications using counsel
mutually agreed upon by the parties. COMPANY shall reimburse RESEARCH INSTITUTE for all expenses related to Prosecution and Maintenance
incurred by RESEARCH INSTITUTE subsequent to the date of this Agreement. RESEARCH INSTITUTE will give COMPANY reasonable opportunity
to review all submissions and, except as provided below, RESEARCH INSTITUTE must receive written approval from COMPANY prior to
making any submission to the United States Patent Office or its foreign equivalents, which approval will not be unreasonably withheld
or delayed by COMPANY. RESEARCH INSTITUTE will be deemed to have given COMPANY a reasonable opportunity to review a submission
if RESEARCH INSTITUTE delivers to COMPANY a copy of the submission at least (15) business days prior to the applicable filing
deadline. In the event that RESEARCH INSTITUTE has given COMPANY reasonable opportunity to review a submission and has not received
a reply from COMPANY by five (5) business days prior to the applicable filing deadline, RESEARCH INSTITUTE may file the patent
application without COMPANY’s written approval.

 

		b.	Article II – Sections D is
                                                                  hereby deleted and replaced in entirety with the following:

 

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If RESEARCH INSTITUTE
determines to abandon any claims of a Subject Patent or Subject Patent Application, then RESEARCH INSTITUTE shall provide COMPANY
with notice at least sixty (60) days or if less, as long as reasonably practicable, prior to the date such abandonment would become
effective. In such event, COMPANY shall have the right, at its option, to control the Prosecution and Maintenance of such Subject
Patents and/or Subject Patent Applications in KUMC’s name using patent counsel of COMPANY’s choice. For purposes of
this Article II.C and II.D, “Prosecution and Maintenance” shall mean, with respect to a Subject Patent or Subject
Patent Application, the preparing, filing, prosecuting and maintenance of Subject Patent or Subject Patent Application, as well
as re-examinations, reissues, requests for patent term extensions and the like, together with the conduct of interferences, the
defense of oppositions and other similar proceedings.

 

5.          License
Grant, Commercial Effort, and Milestone Payments.

 

a.          Article
III – Section A is hereby deleted and replaced in its entirety with the following:

 

Subject to the
terms, conditions and diligence requirements contained herein, RESEARCH INSTITUTE hereby grants to COMPANY and COMPANY hereby
accepts an exclusive, worldwide license, with a right to grant sublicenses, to make, have made, use, distribute, sell, have sold,
have distributed, offer to sell, market, import, have imported or otherwise dispose of Licensed Product(s) in the Field of Use.

 

b.          Article
III –  Section D is hereby deleted
and replaced in its entirety with the following:

 

COMPANY shall have
the right to grant sublicenses, assign or otherwise transfer to others any rights conferred upon COMPANY under this Agreement,
provided, however, that any such sublicense, assignment or transfer shall be subject in all applicable respects to the provisions
contained in this Agreement. A complete copy of each sublicense will be provided to RESEARCH INSTITUTE within thirty (30) days
of the effective date of each such sublicense. COMPANY shall be permitted to redact from all such copies any financial information
which it considers to be confidential and that do not impact payments due RESEARCH INSTITUTE.

 

c.          Article
III – Section E is hereby deleted and replaced in its entirety with the following:

 

COMPANY shall use
its Commercially Reasonable Efforts to seek regulatory approval for the marketing of a Licensed Product for at least one Primary
Indication, effect the introduction of a Licensed Product for at least one Primary Indication into the commercial market and to
maximize these sales. COMPANY shall provide RESEARCH INSTITUTE with written plans for effecting commercialization and report on
COMPANY’s efforts to effect commercialization. COMPANY shall provide these reports semi-annually.

 

    	4

    	 

    

 

d.          Article
III –  Section F is hereby deleted and replaced
in its entirety with the following:

 

COMPANY shall refrain
from making any false or misleading claims in its advertising or otherwise.

 

e.          At
the end of Article III – Section G, insert the following:

 

Notwithstanding
the foregoing, COMPANY may state that it has licensed from RESEARCH INSTITUTE, the University of Kansas Medical Center and/or
the University of Kansas the Technology, Improvements, Subject Patent Applications and Subject Patents.

 

f.          Article
III – Section I is hereby deleted and replaced in its entirety with the following:

 

Upon receipt of
FDA approval of a SPA subpart H protocol for the first Licensed Product in respect of the first Primary Indication to achieve
such milestone, COMPANY shall pay RESEARCH INSTITUTE $50,000.

 

Upon FDA approval
of a submitted NDA by the first Licensed Product in respect of the first Primary Indication to achieve such milestone, COMPANY
shall pay RESEARCH INSTITUTE $200,000.

 

The milestone payment
will be made only one time for the first Licensed Product to meet such milestone in respect of the first Primary Indication to
achieve such milestone regardless of how many times such milestone is achieved for such Licensed Product and will be payable only
for the first Licensed Product to reach the milestone.

 

6.          Stock
Options, Royalty and Up Front Payment.

 

a.          Article
IV – Section A is hereby deleted.

 

b.          Article
IV – Section C is hereby deleted.

 

7.          Infringement.  Article V – Section B is hereby deleted and replaced in its entirety with the following:

 

In the event that
COMPANY, an Affiliate or a sublicensee is sued by a third party charging patent infringement for the manufacture, use or sale
of a Licensed Product, COMPANY shall promptly notify RESEARCH INSTITUTE.

 

8.          Term
and Termination.

 

a.          Article
VI – Section B is hereby deleted and replaced in its entirety with the following:

 

RESEARCH INSTITUTE
shall not have the right to terminate this Agreement except under the following circumstance:

 

If after one year
from the date of this Agreement, RESEARCH INSTITUTE determines in good faith that COMPANY is not using Commercially Reasonable
Efforts to commercialize the Technology, as defined in Article III – Section E, and RESEARCH INSTITUTE delivers to COMPANY
a written notice documenting such lack of Commercially

 

    	5

    	 

    

 

Reasonable Efforts,
and if COMPANY does not commence using Commercially Reasonable Efforts to commercialize the Technology, as defined in Article
III – Section E, within one year from the date of such notice, the RESEARCH INSTITUTE may terminate this Agreement on written
notice to COMPANY. In the event of a second occasion or any occasion thereafter whereby RESEARCH INSTITUTE determines in good
faith that COMPANY is not using Commercially Reasonable Efforts to commercialize the Technology, as defined in Article III –
Section E, RESEARCH INSTITUTE may terminate this Agreement on 30 days written notice documenting such lack of Commercially Reasonable
Efforts.

 

Subject to this
Article VI – Section B, should either party, at any time during the term of this Agreement, commit a material breach of
any provision hereunder, and fail to rectify such breach within thirty (30) days from receipt of written notice from the other
party, such other party may terminate this Agreement by notice in writing to the breaching party provided that such notifying
party is not in material breach of this Agreement. Failure to make any payment under this Agreement when due shall constitute
a material breach of the Agreement.

 

If a dispute,
arises out of or relates to this contract, or the breach thereof, the parties agree initially to endeavor to settle the dispute
amicably by direct discussions or negotiations before resorting to mediation. If said dispute cannot be settled through direct
discussions within thirty (30) days, the parties agree first to try to settle the dispute by mediation under the Commercial Mediation
Procedures of the American Arbitration Association, before resorting to arbitration, litigation or some other dispute resolution
procedure. At least five (5) days prior to the first scheduled mediation session, each party shallprovide the mediator with
a brief written memorandum on the issues to be resolved, the facts surrounding the dispute and its positions with regard to the
issues. Such memoranda shall be filed on a confidential basis, and are not to be exchanged between the parties. Each party is
to bear its own costs and expenses of the mediation, including attorney’s fees. The fees and costs of the mediator shall
be borne equally by the parties. If, and to the extent that, any such dispute has not been settled pursuant to mediation within
thirty (30) days of the commencement of the mediation, it shall, upon the filing of a request for arbitration by either party,
be referred to and finally settled by arbitration in accordance with the Commercial Arbitration Rules of the American Arbitration
Association, and judgment upon the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof.
Notwithstanding the foregoing, either party may seek injunctive, equitable or similar relief from a court without the requirement
for mediation or arbitration.

 

b.           Article
VI – Section C is hereby deleted.

 

9.           Publication.  Article VIII is hereby deleted and replaced in its entirety with the following:

 

    	6

    	 

    

 

RESEARCH INSTITUTE
and KUMC shall retain the right to publish the Technology and Improvements made solely by KUMC or jointly by KUMC and COMPANY;
however, RESEARCH INSTITUTE shall provide COMPANY with a copy of any proposed publishable materials no less than sixty (60) days
prior to submission of such materials for publication for the purpose of review and comment. In the event that COMPANY identifies
potentially patentable subject matter or confidential or proprietary information in such materials during such sixty (60)-day
period, COMPANY shall have the right to request that submission of such materials for publication be delayed for up to the earlier
of (i) ninety (90) days from COMPANY’s request to RESEARCH INSTITUTE or KUMC, as applicable, or (ii) until a patent application
has been filed for such subject matter and/or all confidential or proprietary information has been deleted from such materials
(as applicable).

 

10.        Indemnification
and Insurance.

 

a.          Article
IX – Section A is hereby deleted and replaced in its entirety with the following:

 

COMPANY agrees
to indemnify the RESEARCH INSTITUTE, KUMC, and their agents, employees and volunteers, and hold the RESEARCH INSTITUTE, KUMC,
and their agents, employees and volunteers harmless against all third party liabilities, demands, damages, expenses, or losses,
including reasonable attorneys’ fees, arising (i) from the manufacture, use, or sale of a Licensed Product by COMPANY, an Affiliate
or a sublicensee of COMPANY, (ii) from a third party’s use of a Licensed Product purchased or leased from COMPANY, an Affiliate
or a sublicensee of COMPANY, or (iii) from a third party’s manufacture of a Licensed Product at the request of COMPANY.

 

b.          Article
IX – Section B and Article IX – Section C are hereby deleted and replaced in its entirety with the following:

 

Beginning at such
time that any LICENSED PRODUCT(S) is being commercially distributed or sold by COMPANY, an Affiliate or a sublicensee, COMPANY
shall obtain and maintain thereafter, commercial general liability insurance in amounts not less than $5,000,000 per incident
and $5,000,000 annual aggregate and naming the RESEARCH INSTITUTE and KUMC as additional insured. Such commercial general liability
insurance shall provide (i) product liability coverage and (ii) broad form contractual liability coverage for COMPANY’s
indemnification obligation under Article IX – Section A of this Agreement. COMPANY shall provide RESEARCH INSTITUTE with
certificates of insurance evidencing the above, as reasonably requested, and shall provide RESEARCH INSTITUTE with thirty (30)
days prior written notice of any cancellation or material change to such insurance policy.

 

11.        Appendix
– The attached Appendix A is added to the Agreement.

 

    	7

    	 

    

 

12.        Miscellaneous.  The COMPANY’s contact and contact information in Article X – Section E is hereby deleted and replaced in its entirety
with the following:

 

J. Wesley Fox, Ph.D.

NephroGenex, Inc.

204 Cherwell Drive

Cary, NC 27513

USA

 

13.        Scope
of Amendment. This First Amendment supersedes all proposals, oral or written, all negotiations, conversations, or discussions
between or among parties relating to the subject matter of this First Amendment and all past dealing or industry custom. This
First Amendment shall be integrated in and form part of the Agreement upon execution. All terms and conditions of the Agreement
shall remain unchanged except as modified in this First Amendment; and the terms of the Agreement, as modified by this First Amendment,
are hereby ratified and confirmed. Where the terms of the Agreement conflict with those of this First Amendment, however, the
terms of this First Amendment shall control. This First Amendment may be executed in one or more counterparts, each of which shall
be deemed an original, but all of which together shall constitute one and the same agreement.

 

IN WITNESS WHEREOF this First Amendment
has been executed as of the First Amendment Effective Date by the parties hereto by their respective duly authorized representatives.

 

	UNIVERSITY OF KANSAS
        MEDICAL

        CENTER RESEARCH
        INSTITUTE, INC.
	 	NEPHROGENEX,
    INC.
	 	 	 	 	 
	By: 	/s/
    Ted R. Knous	 	By:	/s/
    J. Wesley Fox
	 	 	 	 	 
	Name:
    	Ted
    R. Knous, Ph.D.	 	Name:	J.
    Wesley Fox
	Title:	Associate
    Vice Chancellor for

Research
    Administration	 	Title:
    	President
    and CEO
	 	 	 	 	 
	Date:	May
    02, 2007	 	Date:
    	May
    2, 2007

 

    	8

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