Document:

<PAGE>

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.

                                                                  EXHIBIT 10.5

                          DEVELOPMENT SUPPLY AGREEMENT

                                    regarding

                                     IB-367

                                     between

                          Ferring Peptide Production AB
                       P.O. Box 30047, Soldattorpsvagen 5
                                  S-20061 Malmo
                                     Sweden

                                       and

                          Polypeptide Laboratories A/S
                                 Herredsvejen 2
                                  3400 Hillerod
                                     Denmark

                                       and

                       IntraBiotics Pharmaceuticals, Inc.
                                 816 Kifer Road
                                    Sunnyvale
                                California 94086
                                       USA

<PAGE>

         THIS AGREEMENT is entered into on the 3rd day of January, 1997, between
POLYPEPTIDE LABORATORIES A/S, a Danish company incorporated under the laws of
Denmark, with its registered offices at Herredsvejen 2, 3400 Hillerod, Denmark
and FERRING PEPTIDE PRODUCTION AB, a Swedish company incorporated under the laws
of Sweden, with its registered office at Soldattorpsvagen 5, S-20061 Malmo,
Sweden (hereinafter jointly referred to as POLYPEPTIDE), and INTRABIOTICS
PHARMACEUTICALS, INC., a company incorporated in the state of Delaware under the
laws of the United States, with its registered offices at 816 Kifer Road,
Sunnyvale, California 94086, USA (hereinafter referred to as INTRABIOTICS).

                                    RECITALS

         WHEREAS, POLYPEPTIDE has developed or acquired patented and
non-patented inventions, manufacturing and testing practices and procedures, and
know-how, relating to the manufacture and testing of peptides, and owns
production facilities for large scale manufacturing of pharmaceutical peptides;

         WHEREAS, INTRABIOTICS has the priority rights to IB-367 (hereinafter
referred to as "Product"), the specification of which is described in Annex 1
(the "Specification");

         WHEREAS, INTRABIOTICS desires to have POLYPEPTIDE develop a [ * ]
manufacturing process for the Product and to enter into a Supply Agreement with
POLYPEPTIDE for the manufacture and supply of IB-367 for commercial use,

         NOW THEREFORE, the parties hereto agree as follows:

         As used herein, "Affiliate" or a Party shall mean an entity: (i) in
which at least 50 percent of the voting share or other means of control of such
entity are owned or controlled by such Party, or (ii) which owns or controls at
least 50 percent of the voting shares of such Party, or (iii) in which at least
50 percent of such ownership or control is owned or controlled by an entity
owning or controlling at least 50 percent of the voting shares of such Party.

                                  AGREEMENT

1.       DEVELOPMENT PROJECT

         1.1 POLYPEPTIDE will develop a commercial scale solution phase
manufacturing process which will yield Product according to the Specification
contained in Annex 1 (the "Specification"). The Specification of the Product may
be changed from time to time as directed by INTRABIOTICS. Significant changes to
the Specification may result in cost and timing changes to the project. The
parties will negotiate in good faith and make only those necessary changes of
the Time Schedule and/or the Compensation payable to POLYPEPTIDE which are a
direct consequence of the change in the Specification.

         1.2 POLYPEPTIDE will conduct the development project in four phases and
in accordance with the Time Schedule set out in the project plan (Annex 2). Each
phase will have a number of milestones as described in Annex 3.

[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY
BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.

                                       1.
<PAGE>

         1.3 PHASE I; will consist of development of the strategy and the
method for [ * ] of the Product, with a [ * ] process ("Process"). In the
course of Phase I, POLYPEPTIDE will produce [ * ] of Product, whereof [ * ]
shall be delivered to INTRABIOTICS and the remaining [ * ] shall be used by
POLYPEPTIDE for [ * ]. Phase I will be completed [ * ] based on signing of
this agreement on or before 3 January 1997.

         1.4 PHASE II; will consist of development and validation of [ * ] of
the Product, preparing of the necessary documentation (including
specifications for raw materials or intermediates, batch records and
in-process controls) and scaling up of the Process. In the course of scaling
up the Process POLYPEPTIDE shall deliver to INTRABIOTICS [ * ] Product for
clinical trials. The [ * ] will be in accordance with [ * ]. The Product for
clinical trials shall be delivered in the amount of [ * ] in [ * ].
Furthermore [ * ] will prepare and maintain Drug Master Files ("DMF") for the
purpose of the IND filing of the Product. [ * ], (as supportive data), will
be conducted by POLYPEPTIDE with Product manufactured in this Phase II.

         1.5 PHASE III; will consist of production and delivery of at least
[ * ]manufactured in [ * ] consecutive conforming batches of at least [ * ]
each utilising the final production process for registration [ * ]. The exact
batch sizes to be mutually agreed upon between the parties but in the absence
of agreement, the batch size shall be [ * ]. [ * ]. POLYPEPTIDE will with
regard to technology and equipment be able to scale up the batch size to at
least [ * ] for later commercial use.

         1.6 PHASE IV; will consist of [ * ] in accordance with the
Specification and the then current ICH guidelines and the compilation of the
DMF for registration purpose.

         1.7 INTRABIOTICS will provide to POLYPEPTIDE existing analytical
methods for testing the Product and a reference sample. POLYPEPTIDE shall use
the analytical methods as outlined in the Specification subject to
modifications to be agreed during the project.

2.       COMPENSATION

         INTRABIOTICS will pay POLYPEPTIDE upon completion of each milestone as
agreed and set out in Annex 3. The total sum for each phase amounts to:

<TABLE>
<S>                        <C>                  <C>
         Phase I           USD                  [ * ]
         Phase II          USD                  [ * ]
         Phase III         USD                  [ * ]     (based on delivery of [ * ] of the Product)
         Phase IV          USD                  [ * ]
</TABLE>

         Payments under this Development Supply Agreement will be made by wire
transfer within [ * ] from the date of completion of the respective milestone
and upon receipt of a corresponding invoice to an account indicated by
POLYPEPTIDE.

[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY
BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.

                                       2.
<PAGE>

3.       REPORTS AND VISITS

         During each phase of the development project, POLYPEPTIDE, will make a
monthly status report to INTRABIOTICS by fax with originals by mail (Att.:
Senior Director of Pharmaceutical Development). On a quarterly basis a meeting
will be conducted between the parties to discuss the progress of the development
project. Upon reasonable notice, POLYPEPTIDE will receive visitors from
INTRABIOTICS or another company authorised by INTRABIOTICS to discuss with them
any issue which may arise in connection with the development project.

4.       DELAYS OF THE DEVELOPMENT PROJECT

         4.1 POLYPEPTIDE acknowledges that in light of the time schedule of the
clinical trial and Product registration, timely completion of the development
project is of essential importance to INTRABIOTICS and POLYPEPTIDE shall use its
best efforts to complete the project according to the Time Schedule in Annex 2.

         4.2 If any unforeseen problem arises which may delay the completion of
a phase, POLYPEPTIDE will promptly inform INTRABIOTICS of such problem and
provide its best estimate for the completion of the affected development phase.
If necessary, POLYPEPTIDE will employ [ * ] outside specialists (subject to
confidentiality undertakings pursuant to Section 10) and do its best to overcome
the problem and achieve the timely completion of the development project.

5.       OWNERSHIP OF INTELLECTUAL PROPERTY

         5.1 [ * ] shall own and will have [ * ] and will own [ * ] relating
to the [ * ] or its external advisors in the course of [ * ]. All [ * ] will
be paid by [ * ] will direct all [ * ]. In order to [ * ] will ensure that
the [ * ] is [ * ], and execute such documents, including but not limited to
[ * ], as are necessary for [ * ]. [ * ] will supply to [ * ] copies of [ * ]
on a quarterly basis. Such reports shall also [ * ] is entitled to [ * ].

         5.2 The DMF developed based on the facilities, technology and knowledge
of POLYPEPTIDE is the property of [ * ], which is only permitted to make use of
the DMF [ * ].

[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY
BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.

                                       3.
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6.       PRODUCTION, CGMP AND QUALITY CONTROL

         6.1      GMP PRODUCTION:

         POLYPEPTIDE will manufacture the Product in phases [ * ] of the
development project according to current Good Manufacturing Practice guidelines
("cGMP") as described in the Code of Federal Regulations, Title 21, Part 211 (21
CFR 211) as applicable to Bulk Pharmaceutical Chemicals. Furthermore, [ * ] will
authorise the United States Food and Drug Administration ("FDA") and any other
regulatory agency around the world to review the Drug Master File in support of
the Product registration applications. [ * ] reserves the right to review the
DMF prior to its submission to the FDA. If during the course of this contract
POLYPEPTIDE is inspected by FDA, it will promptly inform INTRABIOTICS that such
inspection has taken place and supply a copy of any FDA Form 483, in the form
that would be available under the Freedom of Information Act, and all other
documentation applicable to the manufacturing of the Product.

         6.2      ACTIVE DRUG SUBSTANCE

                  (a) POLYPEPTIDE will procure, test, and release the necessary
raw material ingredients for the manufacturing of each batch/lot of bulk drug
substance according to the Specification.

                  (b) Certificates of Analysis, copies of Batch Records for
manufacturing, and all Release Documents for items supplied to INTRABIOTICS must
be submitted prior to the receipt of the materials at INTRABIOTICS or its
designee, unless an alternative procedure has been agreed in writing between the
parties.

         6.3      TESTING

                  (a) POLYPEPTIDE is responsible for [ * ]. Testing shall
conform to the Specification and current specifications in the United States
Pharmacopoeia ("USP") or the National Formulary (NF), or the European
Pharmacopoeia if available and/or internal specifications. INTRABIOTICS reserves
the right to review and approve all such specifications prior to their use in
the production of intermediates or bulk drug substance. Such approval shall not
be unreasonably withheld.

                  (b) POLYPEPTIDE and INTRABIOTICS agree that in the event of
unresolved inter-laboratory differences, a mutually agreed upon independent
testing facility shall resolve said discrepancies.

                  (c) All testing laboratories shall have an acceptable retest
and re-sampling procedure on file which is consistent with the Specification and
meets current cGMP laboratory guidelines.

                  (d) The testing laboratory shall be equipped with sufficient
equipment which is maintained in a calibration program adequate to perform
required testing.

[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY
BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.

                                       4.
<PAGE>

                  (e) All methods used to evaluate and release drug substance
shall be validated for use or conform to [ * ]. All validation procedures
shall be in accordance with ICH guidelines.

                  (f) POLYPEPTIDE will conduct and furnish the appropriate
inspection, testing and release documents for the following items as part of the
batch record, or minimally reference these documents in the batch record:

                           -        [ * ]
                           -        [ * ]
                           -        [ * ]
                           -        [ * ]
                           -        [ * ]
                           -        [ * ].

         6.4 LABELLING

                  (a) POLYPEPTIDE shall label each container of bulk drug
substance according to the Specification including manufacturer name, name of
product, product code, storage temperature, expiration date (if available),
and quantity and number of containers. Each container will carry a caution
statement as required by the applicable regulations in the country of
shipping, transit and destination. INTRABIOTICS reserves the right to review
and approve the master sample of the bulk drug container labels prior to
their use.

                  (b) Each container will contain a status label such as "IN
QUARANTINE" or "RELEASED" etc.

                  (c) Copies of labels used to label the bulk container will be
kept as part of the batch record.

         6.5 POLYPEPTIDE will maintain reserve samples for each lot of bulk
drug substance sufficient to complete all Certificate of Analysis testing [ * ]
times. Reserve samples shall be stored at the temperature recommended in the
Specification, or if no recommendation, at [ * ]. Samples to be stored by
POLYPEPTIDE for [ * ] unless otherwise agreed between the parties in writing.

         6.6 LOT INFORMATION:

                  (a) POLYPEPTIDE will provide a copy of all information and
records relating to the batch/lot (e.g., expected lot size, yield,
manufacturing deviations or rework).

                  (b) INTRABIOTICS will have the right to review and/or audit
all batch records and test and release data prior to acceptance of the material.

                  (c) Changes to manufacturing parameters or specifications that
may impact the quality or integrity of the Product shall be subject to review
and approval by the INTRABIOTICS QA/QC unit prior to shipment to INTRABIOTICS.

[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY
BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.

                                       5.
<PAGE>

         6.7 MASTER BATCH RECORDS:

                  (a) POLYPEPTIDE will prepare Master Batch Records to include
directions in sufficient detail to manufacture the bulk drug substance under
cGMP guidelines. INTRABIOTICS reserves the right to review and approve the
Master Batch Records prior to their use in the production of intermediates or
bulk drug substance.

                  (b) POLYPEPTIDE will notify INTRABIOTICS of proposed
changes to the Master Batch Record in advance of the proposed implementation.
A verbal telephone call outlining significant changes to responsible person
is acceptable, but shall be confirmed in writing; telefax transmission is
acceptable. INTRABIOTICS acceptance or rejection of the proposed changes will
be provided in writing before implementation; telefax transmission is
acceptable.

                  (c) INTRABIOTICS shall be notified about proposed
deviations in a timely manner. INTRABIOTICS will respond to proposed
deviations in writing; telefax transmission is acceptable.

                  (d) Master Batch Record changes shall be finalised in typed
written format and approved in writing by representatives of both POLYPEPTIDE
and INTRABIOTICS.

         6.8 MANUFACTURING:

                  (a) POLYPEPTIDE will provide qualified labour to manufacture
the Product according to approved Master Batch Records, and in full compliance
with the Specification and cGMP rules and regulations. Training records for all
labour utilised shall be made available for INTRABIOTICS' review upon written
requested.

                  (b) Upon request of INTRABIOTICS, POLYPEPTIDE will allow to
have a QA audit of the production operation while in process and a complete
review of all documentation pertaining to the manufacture and test of the
Product. Regular audits of POLYPEPTIDES cGMP compliance status will also be
allowed with adequate advance notice. INTRABIOTICS reserves the right to retain
third party auditors to perform these audits if necessary.

         6.9 STORAGE:

                  (a) POLYPEPTIDE will store the bulk drug Product according to
the Specification, [ * ] for up to [ * ] after release to INTRABIOTICS.

         6.10 SHIPMENT:

                  (a) POLYPEPTIDE will furnish the shipping containers according
to the Specification.

                  (b) POLYPEPTIDE will use its best efforts to deliver the
Product within [ * ] of release.

[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY
BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.

                                       6.
<PAGE>

                  (c) POLYPEPTIDE may at the request of INTRABIOTICS prepare one
set of pre-delivery samples to INTRABIOTICS or INTRABIOTICS' designated party.

                  (d) INTRABIOTICS will communicate to POLYPEPTIDE the shipping
address in writing at least 30 days prior to the delivery date.

                  (e) All shipments must be sent to the above address by
overnight courier (24 hours delivery) under [ * ] (Incoterms 1990) delivery
terms unless otherwise agreed.

         6.11 The responsibility of each of the parties concerning Quality
Assurance and Quality Control matters is specified in Annex 4.

         6.12     (a) INTRABIOTICS shall be deemed to have accepted delivery of
Product supplied hereunder unless INTRABIOTICS shall have notified POLYPEPTIDE
of any non-conformity in respect of a shipment within [ * ] following
INTRABIOTICS' receipt of same.

                  (b) Any claim of nonconformity hereunder shall be accompanied
by a report of analysis of the allegedly nonconforming material prepared by or
on behalf of INTRABIOTICS. If POLYPEPTIDE confirms INTRABIOTICS' claim, of
nonconformity, POLYPEPTIDE shall within [ * ] from POLYPEPTIDES confirmation of
nonconformity replace the nonconforming goods with conforming goods to
INTRABIOTICS. Pursuant to written directions from POLYPEPTIDE, INTRABIOTICS
shall either return the nonconforming goods to POLYPEPTIDE, or destroy same,
each [ * ].

                  (c) In case of disagreement between the parties regarding the
conformity or nonconformity of a delivery of the Product, the parties shall
refer the matter for review and/or analysis and final settlement to an
independent expert laboratory to be agreed by both of them. The costs of such
expertise and analysis shall be [ * ].

7.       COMMERCIAL PURCHASE AND SUPPLY

         If INTRABIOTICS decides to use the Process for producing the Product
for commercial sale, INTRABIOTICS agrees to use POLYPEPTIDE as the primary
supplier of the Product under the terms of the Purchase/Supply Agreement entered
into on the date hereof ("Purchase/Supply Agreement").

8.       EFFECTIVE DATE, EXPIRATION AND TERMINATION

         8.1 This Agreement becomes effective on the day of signature.

         8.2 This Agreement will expire [ * ] after [ * ] that the DMF is ready
for submission to FDA for registration purposes provided that POLYPEPTIDE will
complete any ongoing work required for registration. In case INTRABIOTICS after
expiration of this Agreement decides not to continue the registration process of
the Product INTRABIOTICS shall immediately notify POLYPEPTIDE and POLYPEPTIDE
shall have no obligation to continue any such ongoing work for registration.

[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY
BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.

                                       7.
<PAGE>

         8.3 In case INTRABIOTICS is in need of further Product after the
completion of this agreement but before the approval by the United States Food
and Drug Administration such Product shall be delivered by POLYPEPTIDE under the
terms of this agreement, [ * ].

         8.4 Each party may terminate this Agreement by written notice if the
other party is breaching materials terms of this Agreement and does not remedy
such breach within [ * ] after receiving written notice specifying the breach
from the non-breaching party.

         8.5 If POLYPEPTIDE has not met the [ * ] or if commercial, clinical, or
toxicological data presented by documentation show that further progress on the
development project cannot be commercially justified by INTRABIOTICS,
INTRABIOTICS may terminate this Agreement by written notice effective [ * ] from
the date of receipt by POLYPEPTIDE. In this event, INTRABIOTICS will pay to
POLYPEPTIDE [ * ] plus all costs [ * ].

         8.6 Clauses 5.1, 5.2, 6.1, 6.5, 7, 8.3, 10 and 11 will survive the
expiration or termination of this agreement.

9.       WARRANTIES

         POLYPEPTIDE warrants that it has the necessary permits, facilities,
knowledge, specialists, and personnel for the manufacture of the Product
(including the scale-up) pursuant to the terms of this Agreement, including that
POLYPEPTIDE is registered with the US FDA as a manufacturer of bulk substances.

         POLYPEPTIDE warrants that all Product supplied to INTRABIOTICS pursuant
to this Agreement shall be manufactured, stored and shipped in accordance with
the applicable Specifications and Master Batch Record and in compliance with all
applicable laws and regulations, including cGMP regulations.

10.      CONFIDENTIALITY

         This Clause shall replace any prior confidentiality agreement entered
into between the parties INTRABIOTICS and POLYPEPTIDE concerning IB-367.

         10.1 Both POLYPEPTIDE and INTRABIOTICS mutually acknowledge and
recognise the valuable and proprietary nature of POLYPEPTIDE Confidential
Information and INTRABIOTICS Confidential Information and agree that the
Confidential Information of the other party shall remain confidential
throughout the term of this Agreement, and until 5 years after its
termination. In this regard, the parties agree to receive and maintain the
Confidential Information of the other party in confidence and to refrain from
any use thereof, in whole or in part, except for the express purposes
authorised by this Agreement.

         10.2 In recognition of the proprietary nature and value of the
Confidential Information and the likelihood of loss of business by the other
party in the event of unauthorised disclosure of its Confidential Information,
the parties agree that the obligations of the Paragraph shall continue unabated
regardless of termination of this Agreement for any reason.

[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY
BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.

                                       8.
<PAGE>

         10.3 INTRABIOTICS and POLYPEPTIDE may disclose such Confidential
Information of the other party as is necessary or appropriate in order to have
qualified employees act hereunder. However, no disclosure shall be made without
taking suitable steps to assure that such employee is bound under the
confidentiality requirements at least equal in scope to those of this Agreement.
All reasonable steps shall be taken to assure that the disclosure of the
Confidential Information of the other party to any employee will be limited to
those having a need to know to fulfil the terms and conditions of this
Agreement. Further the receiving party will take all reasonable steps to assure
that its employees will maintain the confidential nature of the other's
Confidential Information. In case external resources are being used, the
provisions for employees also apply for such external resources.

         10.4 Neither party shall be obligated or required to maintain in
confidence any information, even though deemed by the disclosing party to be its
Confidential Information, for which it can be demonstrated by competent
documentary evidence that it was:

                  (a) In the public knowledge prior to the earliest disclosure
made between the parties at any time, whether before, during or after the
effective date of this Agreement; or

                  (b) In the possession of the receiving party without binder of
secrecy prior to the earliest disclosure made between the parties at any time,
whether during or before the effective date of this Agreement; or

                  (c) While originally Confidential Information, subsequently is
received without binder of secrecy from a third party who is free to disclose
the information, as of the date of such third party disclosure; or

                  (d) While originally Confidential Information, and
subsequently becomes part of the public knowledge through no fault of the
receiving party; or

                  (e) Independently developed by the receiving party's employees
or agents provided that those employees or agents had no access to any
corresponding Confidential Information of the disclosing party received
hereunder.

         10.5 The parties may disclose Confidential Information pursuant to an
order of a competent court or administrative agency, provided that the party
subject to such order has informed the other party thereof, and has used
reasonable efforts to limit the scope of the disclosure and to obtain
confidential treatment by the court or administrative agency of Confidential
Information disclosed pursuant to such order.

         10.6 INTRABIOTICS may disclose Confidential Information to potential
and established licensees of the Product, potential and established investors in
INTRABIOTICS, and to other relevant business partners under a separate
confidentiality agreement. However, no disclosure shall be made without taking
suitable steps to assure that such receiving party is bound under the
confidentiality requirements at least equal in scope to those of this Agreement.

         10.7 The parties may disclose Confidential Information to the United
States Food and Drug Administration or such other relevant regulatory agency
world-wide in the course of seeking regulatory approval for the Product.

[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY
BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.

                                       9.
<PAGE>

11.      PRODUCT LIABILITY AND INDEMNIFICATIONS

         11.1 INTRABIOTICS shall indemnify, defend and hold POLYPEPTIDE and its
agents, employees and directors (the "POLYPEPTIDE Indemnitees") harmless from
and against any and all liability, damage, loss, cost or expense (including
reasonable attorneys' fees) arising out of third party claims or suits resulting
from the use, sale or promotion of Product or a product containing Product by
INTRABIOTICS, its sublicensees, distributors or agents, except to the extent
that such claims or suits result from negligence or intentional misconduct of
POLYPEPTIDE or a POLYPEPTIDE Indemnitee in the manufacture of the Product. Upon
assertion of such claim or suit, the POLYPEPTIDE Indemnitees shall promptly
notify INTRABIOTICS thereof and INTRABIOTICS shall appoint counsel reasonably
acceptable to the POLYPEPTIDE Indemnitees to represent the POLYPEPTIDE
Indemnitees with respect to any claim or suit for which indemnification is
sought. The POLYPEPTIDE Indemnitees shall not settle any such claim or suit
without the prior written consent of INTRABIOTICS, unless they shall have first
waived their rights to indemnification hereunder.

         11.2 POLYPEPTIDE shall indemnify, defend and hold INTRABIOTICS and its
agents, employees and directors (the "INTRABIOTICS Indemnitees") harmless from
and against any and all liability, damage, loss, cost or expense (including
reasonable attorneys' fees) arising out of third party claims or suits resulting
from negligence or intentional misconduct in the manufacture of Product by
POLYPEPTIDE, except to the extent such claims or suits result from the
negligence or willful misconduct of INTRABIOTICS or an INTRABIOTICS Indemnitee.
Upon assertion of such claim or suit, the INTRABIOTICS Indemnitees shall
promptly notify POLYPEPTIDE thereof and POLYPEPTIDE shall appoint counsel
reasonably acceptable to the INTRABIOTICS Indemnitees to represent the
INTRABIOTICS Indemnitees with respect to any claim or suit for which
indemnification is sought. The INTRABIOTICS Indemnitees shall not settle any
such claim or suit without the prior written consent of POLYPEPTIDE, unless they
shall have first waived their rights to indemnification hereunder.

         11.3 In no event shall either Party be liable to the other for
incidental or consequential damages or for punitive damages as a result of any
breach of this Agreement.

12.      FORCE MAJEURE

         12.1 Neither party is liable for failing to perform or having delayed
the performance of its obligation under this agreement, if the performance is
delayed or precluded by circumstances beyond its control, including but not
limited to fire, flood, war, strike, lock-out, failure or shortage of public
utilities due to governmental decrees, orders or legislation and court
injunctions.

         The party, whose performance is delayed or precluded, shall immediately
inform the other party of the circumstances preventing the performance.

         In the event that the circumstances preventing the performance continue
for more than [ * ], each party will have a right to cancel the Agreement and
neither of the parties will have a right to reimbursement or to any claim for
damages as a result of the cancellation of the Agreement.

13.      ASSIGNMENT

[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY
BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.

                                       10.
<PAGE>

         This Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and permitted assigns. Neither
party shall assign its rights and obligations under this Agreement without first
obtaining the written consent of the other parties, which consent shall not be
unreasonably withheld. Each of the parties may assign its rights and obligations
to an Affiliate provided that the assigning party shall guarantee its
Affiliate's performance and obligations under this Agreement, or to any
successor by virtue of a merger or acquisition of substantially the entire
business to which this Agreement relates or in the case of INTRABIOTICS to a
licensee of the Product, without the consent, but upon notice to the other
party.

14.      SEVERABILITY

         Should any provision or part of this agreement be held invalid,
illegal, or unenforceable in whole or in part by any court of competent
jurisdiction, this Agreement is deemed modified to the extent necessary to make
it valid and enforceable and the Agreement as thus modified shall be in force to
give effect to the intention of the parties to the extent possible.

15.      APPLICABLE LAW AND JURISDICTION

         All matters arising under or related to the Agreement shall be governed
by and construed under and pursuant to the laws of the State of California
without regard to conflict of laws principles.

16.      ARBITRATION

         All disputes between the parties relating to this Agreement, including
its interpretation that cannot be settled amicably by the parties, shall be
settled by binding arbitration in the state/country of the defending party in
accordance with the Commercial Arbitration Rules of the American Arbitration
Association. The arbitration carried out hereunder shall apply to the exclusion
of regular legal means, provided that the rights of the Parties in urgent
situations in which time is of the essence to obtain proper remedies in court of
law or equity shall remain unimpaired.

17.      PUBLISHING OF THIS AGREEMENT

         Except as otherwise required by law, neither Party shall make any
public disclosure as to the terms or existence of this Agreement without the
prior written consent of the other. Notwithstanding this clause, INTRABIOTICS
may publish that such an agreement has been entered into between the Parties
subject to pre-approval by POLYPEPTIDE of the wording.

18.      COMPLETE AGREEMENT

         The provisions contained in this agreement and its appendices and the
Purchase/Supply Agreement set out the entire agreement between the parties
with respect to the subject matter of this agreement and shall supersede all
previous communication, representations or agreements with respect to the same
subject and may not be amended except by an instrument in writing signed by or
on behalf of the parties.

[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY
BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.

                                       11.
<PAGE>

         IN WITNESS WHEREOF, the Parties have caused this Agreement to be
executed by their respective duly authorised officers as of the day and year
first above written, each copy of which shall for all purposes be deemed to be
original.

POLYPEPTIDE LABORATORIES A/S               INTRABIOTICS PHARMACEUTICALS INC.

/s/ Erik Lorentsen                         /s/ Thomas Shepherd
-------------------------------------      -------------------------------------
Erik Lorentsen                             Thomas Shepherd
General Manager                            Vice President Corporate; Development

FERRING PEPTIDE PRODUCTION AB

/s/ Anders J. Andersen
------------------------------------
Anders J. Andersen
General Manager

[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY
BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.

                                       12.
<PAGE>

                                     ANNEX 1

                                  SPECIFICATION

TABLE OF CONTENTS:

PAGES 1 AND 2              INTRABIOTICS QUALITY SPECIFICATION NO.: [ * ]

PAGE 3                     - STORAGE
                           - SHIPMENT

[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY
BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.

<PAGE>

                       INTRABIOTICS QUALITY SPECIFICATION

                                 QA ISSUED COPY
                            SPECIFICATION NO.: [ * ]

<TABLE>

----------------------------------------------------------------------------------------------------------------------
<S>                                      <C>
MATERIAL:                                  FOR INFORMATION ONLY
IB-367-03
----------------------------------------------------------------------------------------------------------------------
DATE EFFECTIVE:                          SUPERCEDES:                            PAGE:
         NOV 26 1996                     [ * ]                                  1 of 2
----------------------------------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------------------------------
AUTHOR:                                               DEPT.:                                  DATE:
/s/ Jodi L. Fausnaugh                                 Analytical Development                           11/26/96
----------------------------------------------------------------------------------------------------------------------
APPROVED:                                             DEPT.:                                  DATE:
/s/ William R. Trilsch                                Quality Assurance                                11/26/96
----------------------------------------------------------------------------------------------------------------------
APPROVED:                                             DEPT.:                                  DATE:
/s/ Leo Gu                                            Pharmaceutical Development                       11-26-96
----------------------------------------------------------------------------------------------------------------------

DESCRIPTION:
[ * ]

<CAPTION>
----------------------------------------------------------------------------------------------------------------------
                 TEST                                         SPECIFICATION                              METHOD
----------------------------------------------------------------------------------------------------------------------
<S>                                      <C>                                                       <C>
1.  [ * ]                                [ * ]                                                     [ * ]
----------------------------------------------------------------------------------------------------------------------
2.  [ * ]                                [ * ]                                                     [ * ]
----------------------------------------------------------------------------------------------------------------------
3.  [ * ]                                [ * ]                                                     [ * ]
----------------------------------------------------------------------------------------------------------------------
4.  [ * ]                                [ * ]                                                     [ * ]
----------------------------------------------------------------------------------------------------------------------
5.  [ * ]                                [ * ]                                                     [ * ]
---------------------------------------- --------------------------------------------------------- -------------------
</TABLE>

[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY
BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.

<PAGE>

                       INTRABIOTICS QUALITY SPECIFICATION

                                 QA ISSUED COPY
                            SPECIFICATION NO.: [ * ]

<TABLE>

----------------------------------------------------------------------------------------------------------------------
<S>                                      <C>
MATERIAL:                                   FOR INFORMATION ONLY
IB-367-03
----------------------------------------------------------------------------------------------------------------------
DATE EFFECTIVE:                          SUPERCEDES:                            PAGE:
         NOV 26 1996                     [ * ]                                  2 of 2
----------------------------------------------------------------------------------------------------------------------

<CAPTION>
----------------------------------------------------------------------------------------------------------------------
                 TEST                                         SPECIFICATION                              METHOD
----------------------------------------------------------------------------------------------------------------------
<S>                                      <C>                                                       <C>
6.  [ * ]                                [ * ]                                                     [ * ]
----------------------------------------------------------------------------------------------------------------------
7.  [ * ]                                [ * ]                                                     [ * ]
----------------------------------------------------------------------------------------------------------------------
8.  [ * ]                                [ * ]                                                     [ * ]
----------------------------------------------------------------------------------------------------------------------
9.  [ * ]                                [ * ]                                                     [ * ]
----------------------------------------------------------------------------------------------------------------------
10. [ * ]                                [ * ]                                                     [ * ]
----------------------------------------------------------------------------------------------------------------------
11. [ * ]                                [ * ]                                                     [ * ]
----------------------------------------------------------------------------------------------------------------------
12. [ * ]                                [ * ]                                                     [ * ]
----------------------------------------------------------------------------------------------------------------------
13. [ * ]                                [ * ]                                                     [ * ]
----------------------------------------------------------------------------------------------------------------------
14. [ * ]                                [ * ]                                                     [ * ]
----------------------------------------------------------------------------------------------------------------------
</TABLE>

[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY
BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.

<PAGE>

                                     ANNEX 1

                                  SPECIFICATION

STORAGE:  Store at recommended storage conditions.  [ * ].

SHIPMENT:  [ * ].

NB. The storage container and shipping conditions may be modified in the future
once the proper stability data are available.

[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY
BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.

<PAGE>

                                     ANNEX 2
                                      [ * ]

                                      [ * ]

[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY
BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.

<PAGE>

                                     ANNEX 3

                        MILESTONES AND MILESTONE PAYMENTS

1st  Milestone [ * ]
         Payment of [ * ] will be effected by completion of [ * ] in the Time
         Schedule meaning the completion of the development of [ * ].
         POLYPEPTIDE will at the first milestone supply a small sample of the
         Product (non GMP) together with a written method for the manufacture of
         [ * ] of the Product. [ * ]

2nd Milestone [ * ]
         Is reached after the completion of [ * ], meaning completion of [ * ]
         including the delivery of [ * ] of the Product to INTRABIOTICS. [ * ]

3rd Milestone [ * ]
         After the completion of the [ * ] and the [ * ] for the Product [ * ]

4th Milestone [ * ]
         After the completion of [ * ], meaning completion [ * ] including the
         development of the [ * ] the Product. [ * ]

5th Milestone [ * ]
         After the completion of [ * ] including the supply of [ * ]

6th, 7th, 8th, 9th Milestone [ * ]
         After each [ * ] according to [ * ] and upon receiving [ * ]

10th Milestone [ * ]
         After [ * ] with the written notification from [ * ]

[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY
BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.

                                       2.
<PAGE>

                                                             ANNEX3, PAGE 2 OF 2

                                     ANNEX 3

    MILESTONE AND MILESTONE PAYMENTS

    [ * ]

[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY
BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.

<PAGE>

                                     ANNEX 4

               MATRIX OF RESPONSIBILITY OF THE PARTIES CONCERNING
                      QUALITY ASSURANCE AND QUALITY CONTROL

Product:IB-367

<TABLE>
<CAPTION>
RESPONSIBLE FOR                                            POLYPEPTIDE                INTRABIOTICS
<S>                                                        <C>                        <C>
[ * ]                                                                [ * ]                      [ * ]
[ * ]                                                                [ * ]                      [ * ]
[ * ]                                                                [ * ]                      [ * ]
[ * ]                                                                [ * ]                      [ * ]
[ * ]                                                                [ * ]                      [ * ]
[ * ]                                                                [ * ]                      [ * ]
[ * ]                                                                [ * ]                      [ * ]
[ * ]                                                                [ * ]                      [ * ]
[ * ]                                                                [ * ]                      [ * ]
[ * ]                                                                [ * ]                      [ * ]
[ * ]                                                                [ * ]                      [ * ]
[ * ]                                                                [ * ]                      [ * ]
[ * ]                                                                [ * ]                      [ * ]
[ * ]                                                                [ * ]                      [ * ]
[ * ]

                                                                     [ * ]                      [ * ]
[ * ]

                                                                     [ * ]                      [ * ]
</TABLE>

[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY
BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.

<PAGE>

<TABLE>
<CAPTION>

ANNEX 4 CONTINUED                                          POLYPEPTIDE                INTRABIOTICS
RESPONSIBLE FOR
<S>                                                                <C>                        <C>
[ * ]                                                                [ * ]                      [ * ]
[ * ]                                                                [ * ]                      [ * ]
[ * ]                                                                [ * ]                      [ * ]
[ * ]                                                                [ * ]                      [ * ]
     [ * ]                                                           [ * ]                      [ * ]
[ * ]                                                                [ * ]                      [ * ]
     [ * ]                                                           [ * ]                      [ * ]

[ * ].

</TABLE>

Contact person regarding Quality Assurance and Control

POLYPEPTIDE:

[ * ], Director  QA & QC

[ * ].

[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY
BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.

                                       2.<PAGE>

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.
                                                                  EXHIBIT 10.6

                               SECOND AMENDMENT TO
                                LICENSE AGREEMENT
                                     M940121
                                   (UNMARKED)

         THIS AMENDMENT is made and is effective this 12th day of June 1996,
(the "Effective Date") by and between THE REGENTS OF THE UNIVERSITY OF
CALIFORNIA, a California corporation having its corporate offices located at 300
Lakeside Drive, 22nd Floor, Oakland, California 94612-3550, acting through its
offices located at Box 951525, 1106 Ueberroth Bldg, Los Angeles, California
90095-1525, hereinafter referred to as "The Regents," and INTRABIOTICS
PHARMACEUTICALS, INC., a Delaware corporation having a principal place of
business at 816 Kifer Road, Sunnyvale, CA 94086, hereinafter referred to as
"IntraBiotics," and amends License Agreement No. M940121, dated April 22, 1994,
and the First Amendment to License Agreement M940121, dated July 31, 1995.

                                    RECITALS

         WHEREAS, This second amendment to License Agreement No. M940121 has
become necessary as a result of new inventions having been made at IntraBiotics
over the past year or so ("IBP Inventions"), which inventions are complementary
both to inventions made at UCLA during the same time period [ * ] and to other
inventions licensed under this Agreement, (collectively, "UCLA Inventions");

         WHEREAS, IntraBiotics and The Regents wish to combine the subject
matter of IBP Inventions with relevant subject matter of UCLA Inventions in
joint patent applications, in order to strengthen the patent rights that the
parties expect will cover Licensed Products; and

         WHEREAS, IntraBiotics anticipates making additional inventions that
will support claims in the joint patent applications, and, because of certain
patent provisions governing the filing of continuation-in-part applications, it
is to the advantage of both parties that IntraBiotics is a sole owner of the
joint patent applications; and

         WHEREAS, The Regents agrees to assign its undivided ownership interest
in such joint patent applications to IntraBiotics, so that patent rights
covering Licensed Products are strengthened; and

         WHEREAS, The Regents and IntraBiotics agree that the patent rights
covering Licensed Products are further strengthened if the patent application
under Regents' Patent Rights that describes the inventions in [ * ] is
abandoned, and that such inventions are covered in the joint patent applications
described above; and

         WHEREAS, as a result of IntraBiotics' contribution to strengthen and
broaden patent rights covering Licensed Products, The Regents agrees that for
Licensed Products covered only

                                       1.

<PAGE>

by the joint patent applications and continuation-in-part applications thereof,
IntraBiotics may pay royalties to The Regents that are [ * ] the royalties due
for Licensed Products covered by Regents' Patent Rights; and

         WHEREAS, the UCLA Inventions were developed with United States
Government funds, and The Regents will grant to the U.S. Government royalty-free
nonexclusive licenses to patent rights covering the UCLA Inventions, as required
under 35 U.S.C. Section 201-212; and

         WHEREAS, In this Amendment, additions to the original Agreement dated
April 22, 1994 will be underlined, as shown, and deletions will be, as shown, in
a marked version of the Amendment, and an unmarked version of the Amendment will
also be executed by the parties, and the amendments to Appendix A that were made
in The First Amendment to License Agreement M940121 on July 3l, 1995 is further
amended in this Second Amendment to License Agreement No. M940121.

         NOW, THEREFORE, the parties agree to amend License Agreement No.
M940121 as follows.:

1.       DEFINITIONS

         1.1 "REGENTS' PATENT RIGHTS" means patent rights to any subject matter
claimed in or covered by the patents and applications listed in Appendix A; any
continuing applications thereof including divisions and continuation-in-part
applications, but only to the extent that such continuation-in-part applications
have claims directed to subject matter enabled and described in the patent
applications named above; any patents issuing on said applications or continuing
applications including reissues and reexaminations; and any corresponding
foreign patents or patent applications; all of which will be automatically
incorporated in and added to Appendix A attached to this Agreement and made a
part hereof.

         1.2 "JOINT PATENT RIGHTS" means patent rights to any subject matter
claimed in or covered by the patents and applications listed in Appendix B; any
continuing applications thereof including divisions and continuation-in-part
applications; any patents issuing on said applications or continuing
applications including reissues and reexaminations; and any corresponding
foreign patents or patent applications; all of which will be automatically
incorporated in and added to Appendix B attached to this Agreement and made a
part hereof.

         1.3 "LICENSED PRODUCT" means any article, composition, apparatus,
substance, chemical, or any other material covered by Regents' Patent Rights or
Joint Patent Rights, or whose manufacture, use or sale would constitute an
infringement of any claim within Regents' Patent Rights or Joint Patent Rights,
or any service, article, composition, apparatus, chemical, substance, or any
other material made, used, or sold for use with or by a Licensed Method.

         1.4 "LICENSED METHOD" means any process or method which is covered by
Regents' Patent Rights or Joint Patent Rights or whose use or practice would
constitute an infringement of any claim within Regents' Patent Rights or Joint
Patent Rights.

[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY
BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.

                                       2
<PAGE>

         1.5 "FIELD" means medical applications, including all human
pharmaceutical (including, therapeutic, prophylactic, disinfectant and
preservative), diagnostic and veterinary uses, but specifically excludes [ * ]
uses that are not medically related.

         1.6 "AFFILIATE" means any company or other legal entity other than
IntraBiotics in whatever country organized, controlling, controlled by or under
common control with IntraBiotics. The term "control" means possession, direct or
indirect, of the powers to direct or cause the direction of the management and
policies of IntraBiotics, whether through the ownership of voting securities, by
contract or otherwise.

         1.7 "FIRST COMMERCIAL SALE" means the first sale of any Licensed
Product by IntraBiotics or its Affiliates, following approval of its marketing
by the appropriate governmental agency for the country in which the sale is to
be made, and when governmental approval is not required, the first sale in that
country.

         1.8 "NET SALES" means the total amount received by IntraBiotics or its
Affiliates from the sale or distribution of Licensed Products less the sum of
the following deductions where applicable: cash, trade, or quantity discounts
(including Medicaid and other government mandated rebates); sales, use, tariff,
import/export duties or other excise taxes imposed upon particular sales;
transportation charges and allowances or credits to customers because of
rejections or returns. Sales between or among IntraBiotics and its Affiliates or
sublicensees shall be excluded from the computation of Net Sales, except where
such Affiliates or sublicensees are end users, but Net Sales shall include the
subsequent final sales to third parties by such Affiliates or sublicensees.

         1.9  "SUBLICENSE" is defined in Paragraph 4.1.

         1.10 "SUBLICENSEE" means any third party sublicensed by IntraBiotics to
make, have made, use or sell one or more Licensed Products or to practice one or
more Licensed Methods.

         1.11 "SUBLICENSING INCOME" means consideration received by IntraBiotics
under or on account of Sublicenses, such consideration to include payments such
as license issue fees, license maintenance fees, and milestone payments, but
specifically to exclude equity purchase or royalties on sale or distribution of
Licensed Products or the practice of Licensed Methods. Income received by
IntraBiotics as payment or reimbursement for research costs or expenses
conducted by or for IntraBiotics, including costs or expenses associated with
materials, equipment, clinical testing or otherwise, shall not be included in
the definition of Sublicensing Income hereunder.

2.       GRANT

         2.1 The Regents hereby grants to IntraBiotics an exclusive license (the
"License") under Regents' Patent Rights, in jurisdictions where Regents' Patent
Rights exist, to make, have made, use and sell Licensed Products in the Field
and to practice Licensed Methods.

         2.2 The Regents hereby assigns to IntraBiotics its undivided interest
in Joint Patent Rights (the "Assignment").

[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY
BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.

                                       3
<PAGE>

         2.3 The License and the Assignment shall be subject to any overriding
obligations to the United States federal government under 35 U.S.C.
Section 201-212.

         2.4 The Regents expressly reserves the right to use Regents' Patent
Rights and Joint Patent Rights and associated technology for educational,
research and clinical purposes and for any other non-commercial purpose that is
not inconsistent with the rights granted to IntraBiotics hereunder.

3.       INTRABIOTICS CONFIDENTIAL INFORMATION

         3.1 During the term of this Agreement, it is contemplated that
IntraBiotics will disclose to The Regents proprietary and confidential
technology, inventions, technical and business information and the like which
are owned or controlled by IntraBiotics or which IntraBiotics is obligated to
maintain in confidence and which is designated in writing by IntraBiotics prior
to disclosure to The Regents as confidential ("IntraBiotics' Confidential
Information"). The Regents agrees to retain such IntraBiotics' Confidential
Information in confidence and not to disclose any such IntraBiotics'
Confidential Information to a third party without the prior written consent of
IntraBiotics and to use such IntraBiotics' Confidential Information only for the
purposes of this Agreement. But The Regents need only use the same degree of
care which it uses with its own information of like character.

         3.2 The obligation of confidentiality under paragraph 3.1 will not
apply to IntraBiotics' Confidential Information which:

                  (a) was known to The Regents or generally known to the public
prior to its disclosure hereunder; or,

                  (b) subsequently becomes known to the public by some means
other than a breach of this Agreement, including publication and/or laying open
to inspection of any patent applications or patents; or,

                  (c) is subsequently disclosed to The Regents by a third party
having a lawful right to make such disclosure.

         3.3 The Regents shall be permitted to disclose IntraBiotics'
Confidential Information if required under the California Public Records Act or
if otherwise required by law; provided, however that The Regents shall give
IntraBiotics thirty (30) days advance notice, where possible, of any such
required disclosure of IntraBiotics' Confidential Information.

         3.4 The obligations of The Regents under this Article 3 shall remain in
effect during the term of this Agreement or for five (5) years from the date of
IntraBiotics' disclosure to The Regents of IntraBiotics' Confidential
Information, whichever is longer.

4.       SUBLICENSEES

         4.1 The Regents also grants to IntraBiotics the right to issue
exclusive or nonexclusive sublicenses ("Sublicenses") to third parties to make,
have made, use and sell

[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY
BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.

                                       4
<PAGE>

Licensed Products and to practice Licensed Methods in the Field in any
jurisdiction under which IntraBiotics has exclusive rights under this Agreement.
All such Sublicenses shall be subject to the rights of The Regents under this
Agreement, with the exception that Sublicensees need not pay the license issue
fee provided for in Article 5, or patent costs provided for in Article 8. To the
extent that IntraBiotics licenses third parties to make, have made, use and sell
Licensed Products and to practice Licensed Methods that are covered solely by
Joint Patent Rights, for the purposes of this Agreement, such licenses shall be
considered Sublicenses. To the extent applicable, Sublicenses shall also be
subject to the rights of the United States federal government under 35 U.S.C.
Section 201-212.

         4.2 IntraBiotics shall pay to The Regents, upon the Net Sales of
Licensed Products sold or disposed of by Sublicensees, an earned royalty equal
to [ * ] of the royalties received by IntraBiotics from its Sublicensees for
products covered by Regents' Patent Rights, and an earned royalty equal to [ * ]
for products covered solely by Joint Patent Rights.

         4.3 IntraBiotics shall pay to The Regents [ * ] of all Sublicensing
Income. Such payments shall be made quarterly in accordance with the payment
schedule described in paragraph 10.3.

         4.4 IntraBiotics shall provide to The Regents a copy of each Sublicense
granted by IntraBiotics and a copy of all information submitted to IntraBiotics
by Sublicensees relevant to the computation of the payments due from
IntraBiotics to The Regents under this Article 4.

         4.5 IntraBiotics shall use its best efforts to write its sublicense
agreements so that upon termination of this Agreement for any reason, all
outstanding Sublicenses will be assigned to The Regents and will remain in full
force and effect under the same terms and conditions with The Regents as the
licensor thereunder in the stead of IntraBiotics, but the duties of The Regents
under such assigned Sublicenses shall not be greater than the duties of The
Regents under this Agreement.

5.       CONSIDERATION

         5.1 In consideration for the License, IntraBiotics agrees to pay to The
Regents a license issue fee of [ * ] according to the following schedule: [ * ]
within thirty (30) days of [ * ] This fee is [ * ] an advance against royalties.

         5.2 For the first Licensed Product to reach the milestones indicated
below, IntraBiotics will pay to The Regents the following payments, or, at the
option of The Regents and provided that such stock is not publicly traded,
IntraBiotics will grant to The Regents [ * ] stock in IntraBiotics [ * ] as
determined by IntraBiotics' most recent sale, in an arms length transaction, of
the [ * ] stock to [ * ], within [ * ] of reaching the milestones:

                  (a) [ * ] upon the filing of an [ * ]; and

                  (b) [ * ] either upon the [ * ], or upon filing an [ * ],
whichever comes first; and

[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY
BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.

                                       5
<PAGE>

                  (c) [ * ] upon [ * ].

6.       ROYALTIES

         6.1 For Licensed Products covered by Regents' Patent Rights,
IntraBiotics shall pay to The Regents for sale of such Licensed Products in the
Field sold by IntraBiotics or its Affiliates, an earned royalty of [ * ].

         6.2 The royalties payable pursuant to Paragraph 6.1 (and not those
payable under Paragraph 4.2) shall be reduced (but in no event to less than
[ * ]) by amounts equal to [ * ] the sum of royalties, if any, payable to third
parties with respect to Net Sales of Licensed Products, unless such third party
royalties result from a combination package as described below, in which case no
third party deductions shall be allowed hereunder.

         6.3 For Licensed Products covered by Joint Patent Rights but not
covered by Regents' Patent Rights, IntraBiotics shall pay to The Regents for
sale of such Licensed Products in the Field sold by IntraBiotics or its
Affiliates, an earned royalty of [ * ].

         6.4 In the event a Licensed Product is sold in a combination package
with one or more other products not covered by Regents' Patent Rights or Joint
Patent Rights, or is sold as part of a single product containing such other
products, for purposes of calculating earned royalties on such package, Net
Sales will be calculated by multiplying the Net Sales of such package by the
fraction A/(A+B), where A is the gross selling price of the Licensed Products
when sold separately and B is the gross selling price of the other products(s)
when sold separately. In no event will the Net Sales of the Licensed Product in
such a combination package be less than the Net Sales of the Licensed Product
when sold separately. In the event that the Licensed Products are sold in a
combination package and there have been no separate sales of a Licensed Product
but there have been separate sales of the other product(s) in the combination
package, Net Sales shall be the difference between the gross selling price of
the combination package and that of the other product(s), irrespective of how
IntraBiotics may invoice the selling price of such combination package. In the
event that neither the Licensed Product nor the other product or products
contained in a combination package have had separate sales, Net Sales will be
calculated by multiplying the Net Sales of the combination product by the
fraction A/(A+B), where A is the fully burdened manufacturing cost of the
Licensed Product and B is the fully burdened manufacturing cost of other
products contained in a combination package.

         6.5 Paragraphs 1.1, 1.2, 1.3, 1.4 and 1.5 define Regents' Patent
Rights, Joint Patent Rights, Licensed Products, Licensed Methods and the Field
so that royalties shall be payable on a country by country basis on products
covered by pending patent applications and issued patents. If patents have not
issued before the First Commercial Sale, earned royalties on the sale of
Licensed Products shall accrue for [ * ] or, when patent(s) are extended under
the Drug Price Competition and Patent Term Restoration Act of 1984 or by other
acts of law, for [ * ] plus the term of the extension. If patents have issued
before the First Commercial Sale, earned royalties on the sale of Licensed
Products shall accrue for [ * ], respectively. The term of earned royalties due
The Regents on the sale of Licensed Products covered under Regents' Patent
Rights shall be

[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY
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COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.

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independent of the term of earned royalties due The Regents on the sale of
Licensed Products covered under Joint Patent Rights.

         6.6 Royalties accruing to The Regents shall be paid to The Regents on a
quarterly basis. Each such payment will be for royalties which accrued within
the most recently completed calendar quarter and payment shall be made by
IntraBiotics within [ * ] of the end of such calendar quarter.

         6.7 All monies due The Regents shall be payable in United States funds
collectible in Los Angeles, California. When Licensed Products are sold for
monies other than United States dollars, the earned royalties will first be
determined in the foreign currency of the country in which such Licensed
Products were sold and then converted into equivalent United States funds. The
exchange rate will be that established by the Bank of America in San Francisco,
California on the last day of the reporting period.

         6.8 Any tax for the account of The Regents required to be withheld by
IntraBiotics under the laws of any foreign country shall be promptly paid by
IntraBiotics for and on behalf of The Regents to the appropriate governmental
authority, and IntraBiotics shall use its best efforts to furnish The Regents
with proof of payment of such tax. All payments made by IntraBiotics in
fulfillment of The Regents' tax liability in any particular country shall be
credited against earned royalties or fees due The Regents for that country.

         6.9 If at any time legal restrictions prevent the prompt remittance of
part or all royalties by IntraBiotics with respect to any country where a
Licensed Product is sold, IntraBiotics shall have the right and option to make
such payments by depositing the amount thereof in local currency to The Regents'
account in a bank or other depository in such country. If after [ * ] of
good-faith efforts by The Regents to recover the monies, the royalties still
cannot be returned to the United States, and if IntraBiotics has been able to
recover its revenues from Net Sales of Licensed Products, IntraBiotics will be
responsible for payment in the United States.

         6.10 In the event that any patent or any claim thereof included within
the Regents' Patent Rights or Joint Patent Rights shall be held invalid or
unenforceable in a final decision by a court of competent jurisdiction from
which no appeal has or can be taken, all obligation to pay royalties based on
such patent or claim or any claim patentably indistinct therefrom shall cease as
of the date of such final decision. IntraBiotics shall not, however, be relieved
from paying any royalties that accrued before such decision or that are based on
another patent or claim not involved in such decision.

         6.11 In the event that no patents covering Licensed Products or
Licensed Methods have issued in a country after [ * ] from the Effective Date,
the royalty obligations under paragraph 6.1 and paragraph 6.3 shall cease in
such country until such time as patents covering Licensed Products and Licensed
Methods do issue, after which time The Regents shall notify IntraBiotics, and
IntraBiotics' payment obligations shall be resumed as of the issue date of the
patents.

7.       DUE DILIGENCE

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COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.

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         7.1 Upon the execution of this Agreement, IntraBiotics, shall
diligently proceed with the development, manufacture and sale (collectively
referred to as "commercialization") of Licensed Products and shall earnestly and
diligently endeavor to market the same within a reasonable time after execution
of this Agreement and in quantities sufficient to meet the market demands
therefor.

         7.2 IntraBiotics shall present to The Regents within [ * ] from the
Effective Date, a Product Development Plan describing its proposed plans and its
estimated timetable for the commercialization of Licensed Products. The Product
Development Plan will be maintained confidential pursuant to Article 3, and may
be revised from time to time in good faith by IntraBiotics. The Regents must
approve any such revision but shall approve such revision if IntraBiotics has
demonstrated best efforts to execute the previous Product Development Plan.

         7.3 If IntraBiotics is unable to complete or perform any of the
following with respect to the commercialization of Licensed Products:

                  (a) within [ * ] from the date of the original Agreement,
April 22, 1994, raise at least [ * ] in capital for the ongoing operations of
IntraBiotics;

                  (b) in the first [ * ] from the date of the original
Agreement, April 22, 1994, apply a cumulative amount of resources of at least
[ * ] toward the development and commercialization of Licensed Products;

                  (c) in each year following the [ * ] from the date of the
original Agreement, April 22, 1994, apply an amount of resources of at least
[ * ], or [ * ] of IntraBiotics' cumulative expenditures for research or
development, including manufacturing scale-up, clinical or related expenses
during the same period, whichever is less, toward the development and
commercialization of Licensed Products;

                  (d) meet the commercialization milestones as stated in the
Product Development Plan; then The Regents shall have the right and option to
terminate this Agreement. This right, if exercised by The Regents, supersedes
the rights granted in Article 2 (Grant).

         7.4 To exercise its right to terminate this Agreement under Paragraph
7.3, The Regents shall give IntraBiotics written notice of the deficiency.
IntraBiotics thereafter shall have [ * ] to cure the deficiency, or to present
to The Regents a plan to cure the deficiency, or to request arbitration. If The
Regents has not received a written request for arbitration, or satisfactory
tangible evidence that the deficiency has been cured by the end of the [ * ]
period, or a plan for curing the deficiency that, in the sole judgement of The
Regents is acceptable to The Regents, then The Regents may, at its option,
terminate this Agreement, amend the grant in Paragraph 2.1 to nonexclusive, or
limit the Field to exclude areas for which IntraBiotics has failed to meet any
of the above terms by giving written notice to IntraBiotics. These notices shall
be subject to Article 20 (Notices).

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COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.

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         7.5 IntraBiotics shall endeavor to obtain all necessary governmental
approvals for the commercialization of Licensed Products.

         7.6 IntraBiotics shall have the sole discretion for making all
decisions as to how to commercialize Licensed Products.

8.       PATENT FILING, PROSECUTION AND MAINTENANCE

         8.1 The Regents shall file, prosecute and maintain the patents and
applications comprising Regents' Patent Rights. Such patents shall be held in
the name of The Regents and shall be obtained with counsel of The Regents'
choice. The Regents shall provide IntraBiotics with copies of each patent
application, office action, response to office action, request for terminal
disclaimer, and request for reissue or reexamination of any patent or patent
application under Regents' Patent Rights. The Regents will give due
consideration to any comments or suggestions by IntraBiotics related to patent
prosecution, and The Regents will not unreasonably deny a request by
IntraBiotics to change patent counsel. The Regents shall be able to take action
to preserve rights and minimize costs whether or not IntraBiotics has commented.

         8.2 All reasonable costs incurred beginning on [ * ] and during the
term of this Agreement in the preparation, filing, prosecution and maintenance
of patent applications and patents in Regents' Patent Rights shall be borne by
IntraBiotics.

         8.3 IntraBiotics shall have the right to request patent protection on
the Inventions in foreign countries if available and if it so desires.
IntraBiotics must notify The Regents within [ * ] of the filing of the
corresponding United States application of its decision to obtain foreign
patents. This notice concerning foreign filing shall be in writing, must
identify the countries desired, and reaffirm IntraBiotics' obligation to
underwrite the costs thereof. The absence of such a notice from IntraBiotics to
The Regents shall be considered an election not to secure foreign rights.

         8.4 If IntraBiotics elects not to secure foreign patent rights, The
Regents shall have the right to file patent applications at its own expense in
any country in which IntraBiotics has not elected to secure patent rights, and
such applications and resultant patents shall not be subject to this Agreement.

         8.5 IntraBiotics' obligation to underwrite and to pay all United States
and foreign patent costs shall continue for so long as this Agreement remains in
effect; provided, however, that IntraBiotics may terminate its obligations with
respect to any given patent application or patent upon [ * ] written notice to
The Regents. The Regents will use its best efforts to curtail patent costs
chargeable to IntraBiotics under this Agreement after such a notice is received
from IntraBiotics. The Regents may continue prosecution and/or maintenance of
such application(s) or patent(s) at its sole discretion and expense, and
IntraBiotics shall have no further rights or licenses thereunder.

         8.6 The Regents shall use its best efforts to not allow any Regents'
Patent Rights for which IntraBiotics is licensed and is underwriting the costs
of to lapse or become abandoned

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COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.

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without IntraBiotics authorization or reasonable notice, except for the filing
of continuations, divisionals, etc. The Regents shall notify IntraBiotics [ * ]
prior to the proposed abandonment. Within [ * ] after receipt of such notice,
IntraBiotics must, in writing, either (a) concur in the abandonment or (b) elect
to assume responsibility for the prosecution and maintenance of all Patent
Rights that The Regents proposes to abandon. Lack of written response to The
Regents within [ * ] shall be deemed to constitute concurrence.

         8.7 IntraBiotics shall file, prosecute and maintain the patents and
applications comprising Joint Patent Rights. Such patents shall be held in the
name of IntraBiotics and shall be obtained with counsel of IntraBiotics choice.
IntraBiotics shall provide The Regents with copies of each patent application,
office action, response to office action, request for terminal disclaimer, and
request for reissue or reexamination of any patent or patent application under
Joint Patent Rights, in sufficient time for The Regents to consider such
documents and provide comments to IntraBiotics. IntraBiotics will give due
consideration to any comments or suggestions by The Regents related to patent
prosecution, and will accommodate The Regents' request to add claims in
prosecution, if such claims would strengthen or broaden patent coverage under
Joint Patent Rights.

         8.8 IntraBiotics shall use [ * ] efforts to not allow any Joint Patent
Rights to lapse or become abandoned without The Regent's authorization or
reasonable notice, except for the filing of continuations, divisionals, etc.
IntraBiotics shall notify The Regents [ * ] prior to the proposed abandonment.
Within [ * ] after receipt of such notice, The Regents' must, in writing, either
(a) concur in the abandonment or (b) elect to assume responsibility for the
prosecution and maintenance of all Joint Patent Rights that IntraBiotics
proposes to abandon. Lack of written response to IntraBiotics within [ * ] shall
be deemed to constitute concurrence.

         8.9 If IntraBiotics elects not to secure foreign patent rights under
Joint Patent Rights, The Regents shall have the right to direct IntraBiotics to
file patent applications at the Regents' expense in any country in which
IntraBiotics has not elected to secure patent rights, but such applications and
resultant patents are still owned by IntraBiotics and shall be subject to this
Agreement.

         8.10 The Regents shall cooperate with IntraBiotics in applying for an
extension of the term of any patent included within Regents' Patent Rights or
Joint Patent Rights, if appropriate under the Drug Price Competition and Patent
Term Restoration Act of 1984. IntraBiotics shall prepare all such documents, and
The Regents agree to execute such documents and to take such additional action
as IntraBiotics may reasonably request in connection therewith.

         8.11 IntraBiotics shall have the continuing responsibility to notify
The Regents if IntraBiotics or any of its Sublicensees or Affiliates is not a
small entity (as defined by the United States Patent and Trademark Office) under
the provisions of 35 USC 41 (h).

9.       PATENT INFRINGEMENT

         9.1 In the event that either party learns of the substantial
infringement in the Field of any patent in Regents' Patent Rights or Joint
Patent Rights, that party shall so inform other party

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COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.

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in writing and shall provide reasonable evidence of such infringement. Both
parties to this Agreement agree that during the period and in a jurisdiction
where IntraBiotics has exclusive rights under this Agreement, neither party will
notify a third party of the infringement of any of Regents' Patent Rights
without first obtaining consent of the other party, which consent shall not be
unreasonably denied. Both parties shall use their best efforts in cooperation
with each other to terminate such infringement without litigation.

         9.2 After notification of The Regents as described in Paragraph 9.1,
IntraBiotics may take legal action against the infringement of Joint Patent
Rights. In the case of Regents' Patent Rights, IntraBiotics may request that The
Regents take legal action against the infringement of Regents' Patent Rights in
the Field. Such request shall be made in writing and shall include reasonable
evidence of such infringement and damages to IntraBiotics. If the infringing
activity has not been abated within [ * ] following the effective date of such
request, The Regents shall have the right to (a) commence suit on its own
account or (b) refuse to participate in such suit. The Regents shall give notice
of its election in writing to IntraBiotics by the end of the [ * ] after
receiving notice of such request from IntraBiotics. IntraBiotics may thereafter
bring suit for patent infringement in its own name, if and only if The Regents
elects not to commence suit and if the infringement occurred during the period
and in a jurisdiction where IntraBiotics possesses exclusive rights under this
Agreement. However, in the event IntraBiotics elects to bring suit in accordance
with this paragraph, The Regents may thereafter join such suit at its own
expense. In the case where only Joint Patent Rights are infringed, The Regents
must have the consent of IntraBiotics in order to join such suit. IntraBiotics
shall have the right to join any such litigation brought by The Regents at
IntraBiotics' cost and expense and with counsel of IntraBiotics' choice.

         9.3 Such legal action as is decided upon shall be at the expense of
[ * ] and, with the exception of Paragraph 9.5 herein, all recoveries recovered
thereby shall [ * ]; provided, however, that legal action brought jointly by The
Regents and IntraBiotics and fully participated in by both shall be [ * ] and
all recoveries shall be [ * ].

         9.4 Each party agrees to cooperate with the other in litigation
proceedings instituted hereunder but at the expense of the party on account of
whom suit is brought. Such litigation shall be controlled by the party bringing
the suit, except that The Regents may be represented by counsel of its choice
pursuant to The Regents' determination in any suit brought by IntraBiotics.

         9.5 In the event that IntraBiotics alone shall undertake the
enforcement and/or defense of any Regents' Patent Rights or Joint Patent Rights
by litigation, any recovery of damages by IntraBiotics for any such suit shall
be applied [ * ] the suit. The balance remaining from any such recovery shall be
[ * ] shall pay [ * ].

10.      PROGRESS AND ROYALTY REPORTS

         10.1 Commencing on July 1, 1994, IntraBiotics shall submit to The
Regents semi-annual progress response covering IntraBiotics' activities related
to the development and testing of all Licensed Products and the obtaining of the
governmental approvals necessary for marketing. These progress reports shall be
made for each Licensed Product until the First

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COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.

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Commercial Sale and shall be marked confidential and maintained confidentially
in accordance with Article 3.

         10.2 IntraBiotics also agrees to report to The Regents in its
immediately subsequent progress and royalty report the date of First Commercial
Sale.

         10.3 After the First Commercial Sale of a Licensed Product,
IntraBiotics will make quarterly royalty reports to The Regents on or before
each [ * ] of each year (i.e., within [ * ] from the end of each calendar
quarter). Each such royalty report will cover IntraBiotics' most recently
completed calendar quarter and will show: (a) the [ * ] of Licensed Products
sold by IntraBiotics during the most recently completed calendar quarter, (b)
the number of each type of Licensed Product sold; and (c) the royalties payable
hereunder with respect to such.

11.      BOOKS AND RECORDS

         11.1 IntraBiotics shall keep books and records accurately showing all
Licensed Products manufactured, used, and/or sold under the terms of this
Agreement. Such books and records shall be preserved for at least [ * ] from the
date of the royalty payment to which they pertain and shall be open to
inspection by representatives or agents of The Regents at reasonable times.

         11.2 The fees and expenses of The Regents' representatives performing
such an examination shall be borne by The Regents. However, if an error in
royalties favoring IntraBiotics of more than [ * ] of the total royalties due
for any year is discovered, then the fees and expenses of the representatives
shall be borne by IntraBiotics.

12.      LIFE OF THE AGREEMENT

         12.1 Unless otherwise terminated by operation of law or by acts of the
parties in accordance with the terms of this Agreement, this Agreement shall be
in force from the Effective Date recited on page one and shall remain in effect
for the life of the last-to-expire patent in Regents' Patent Rights; or until
the last patent application licensed under this Agreement is abandoned and no
patent in Regents' Patent Rights ever issues, or for [ * ] from the First
Commercial Sale, whichever occurs first, after which time IntraBiotics shall
have a fully paid up, royalty-free license to Regents' Patent Rights to make,
have made, use and sell Licensed Products and to practice Licensed Methods in
the Field.

         Unless otherwise terminated by operation of law or by acts of the
parties in accordance with the terms of this Agreement, this Agreement shall be
in force from the Effective Date recited on page one and shall remain in effect
for the life of the last-to-expire patent in Joint Patent Rights; or until the
last patent application licensed under this Agreement is abandoned and no patent
in Joint Patent Rights ever issues, or for [ * ] from the First Commercial Sale,
whichever occurs first, after which time IntraBiotics shall have unrestricted,
irrevocable ownership of Joint Patent Rights.

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         12.2 Upon termination of this Agreement, IntraBiotics shall have no
further right to make, use or sell Licensed Products except as provided for in
Article 15 (Disposition of Licensed Products on Hand Upon Termination).

         12.3 Any termination of this Agreement shall not affect the rights and
obligations set forth in the following Articles:

            Article 11 Books and Records
            Article 15 Disposition of Licensed Products on Hand upon Termination
            Article 17 Use of Names and Trademarks
            Article 19 Indemnification
            Article 24 Failure to Perform.

13.      TERMINATION BY THE REGENTS

         13.1 If IntraBiotics violates or fails to perform any material term or
covenant of this Agreement, then The Regents may give written notice of such
default ("Notice of Default") to IntraBiotics. If IntraBiotics fails to repair
such default within [ * ] after the effective date of the Notice of Default, The
Regents shall have the right to terminate this Agreement and the license of
Regents' Patent Rights by a second written notice ("Notice of Termination") to
IntraBiotics. In the case where IntraBiotics' default relates to its obligations
with respect to Joint Patent Rights, IntraBiotics shall have [ * ] following the
Notice of Default to cure the deficiency, or to present to The Regents a plan to
cure the deficiency, or to request arbitration. If a Notice of Termination is
sent to IntraBiotics, this Agreement shall automatically terminate on the
effective date of such notice. Such termination shall not relieve IntraBiotics
of its obligation to pay any royalty or license fees owing at the time of such
termination and shall not impair any accrued right of The Regents. These notices
shall be subject to Article 20 (Notices).

         13.2 In the event of termination by The Regents for failure to meet the
requirements of Article 7 (Due Diligence) or in the event of bankruptcy,
IntraBiotics shall [ * ] The Regents its [ * ]. Where termination as a result of
a breach or default under Paragraph 13.1 is solely due to IntraBiotics' failure
to pay fees or royalties (or in the event of an unresolved dispute over such
payments), the remedy for such breach or default shall not include IntraBiotics'
[ * ] the Regents.

14.      TERMINATION BY INTRABIOTICS

         14.1 IntraBiotics shall have the right at any time to terminate this
Agreement in whole or as to any portion of Regents' Patent Rights or Joint
Patent Rights by giving notice in writing to The Regents. In the event of
termination by IntraBiotics under this Paragraph 14.1, IntraBiotics shall [ * ]
The Regents [ * ]. Such notice of termination shall be subject to Article 20
(Notices) and shall be effective [ * ] after the effective date of such notice.

         14.2 Any termination pursuant to Paragraph 14.1 shall not relieve
IntraBiotics of any obligation or liability accrued hereunder prior to such
termination or rescind anything done by IntraBiotics or any payments made to The
Regents hereunder prior to the time such termination

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becomes effective, and such termination shall not affect in any manner any
rights of The Regents arising under this Agreement prior to such termination.

15.      DISPOSITION OF LICENSED PRODUCTS ON HAND UPON TERMINATION

         Upon termination of this Agreement, IntraBiotics shall have the right
to dispose of all previously made or partially made Licensed Products, but no
more, within a period of [ * ]; provided, however, that the sale of such
Licensed Products shall be subject to the terms of this Agreement including, but
not limited to, the payment of royalties at the rate and at the time provided
herein and the rendering of reports.

16.      PATENT MARKING

         16.1 IntraBiotics agrees to mark all Licensed Products made, used or
sold under the terms of this Agreement, or their containers, in accordance with
the applicable patent marking laws.

17.      USE OF NAMES AND TRADEMARKS

         17.1 Nothing contained in this Agreement shall be construed as
conferring any right to use in advertising, publicity, or other promotional
activities any name, trade name, trademark, or other designation of either party
hereto or either party's employees (including contraction, abbreviation or
simulation of any of the foregoing). Unless required by law, the use of the
name, "The Regents of the University of California" or the name of any campus of
the University of California is expressly prohibited.

18.      LIMITED WARRANTY

         18.1 The Regents warrants to IntraBiotics that it has the lawful right
to grant this license.

         18.2 This License and the associated Inventions are provided WITHOUT
WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR ANY OTHER
WARRANTY, EXPRESS OR IMPLIED. THE REGENTS MAKES NO REPRESENTATION OR WARRANTY
THAT THE LICENSED PRODUCTS WILL NOT INFRINGE ANY PATENT OR OTHER PROPRIETARY
RIGHT.

         18.3 IN NO EVENT WILL THE REGENTS BE LIABLE FOR ANY INCIDENTAL, SPECIAL
OR CONSEQUENTIAL DAMAGES RESULTING FROM EXERCISE OF THIS LICENSE OR THE USE OF
THE INVENTION, OR, OR LICENSED PRODUCTS OR THE USE OR THE PRACTICE OF LICENSED
METHODS.

         18.4     Nothing in this Agreement shall be construed as:

                  (a) a warranty or representation by The Regents as to the
validity or scope of any Regents' Patent Rights or Joint Patent Rights; or,

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COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.

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                  (b) a warranty or representation that anything made, used,
sold or otherwise disposed of under any license granted in this Agreement is or
will be free from infringement of patents of third parties; or,

                  (c) an obligation to bring or prosecute actions or suits
against third parties for patent infringement except as provided in Article 7
(Patent Infringement); or,

                  (d) conferring by implication, estoppel or otherwise any
license or rights under any patents of The Regents other than Regents' Patent
Rights or Joint Patent Rights as defined herein, regardless of whether such
patents are dominant or subordinate to Regents' Patent Rights or Joint Patent
Rights; or,

                  (e) an obligation to furnish any know-how not provided in
Regents' Patent Rights or Joint Patent Rights.

19.      INDEMNIFICATION

         19.1 IntraBiotics agrees to indemnify, hold harmless and defend The
Regents, its officers, employees, and agents; and the inventors of the patents
and patent applications in Regents' Patent Rights and The Regents' inventors
named in Joint Patent Rights from and against any and all liability from third
parties, including all claims, suits, losses, damages, costs, fees, and expenses
resulting from or arising out of exercise of this license of Regents' Patent
Rights and this assignment of Joint Patent Rights.

         19.2 IntraBiotics, at its sole cost and expense, shall insure its
activities in connection with the work under this Agreement and obtain, keep in
force and maintain Comprehensive or Commercial Form General Liability Insurance
(contractual liability included) with limits as follows:

                  (a)      [ * ]

                  (b)      [ * ]

                  (c)      [ * ]

                  (d)      [ * ]

         19.3 It should be expressly understood, however, that the coverages and
limits referred to under Paragraph 19.2 shall not in any way limit the liability
of IntraBiotics. Upon written request, IntraBiotics shall furnish The Regents
with certificates of insurance evidencing compliance with all requirements.
IntraBiotics shall not be required to insure its activities relative to the
products' liability risks until commencing use of Licensed Products in human
subjects. Such insurance shall:

                  (a) provide for thirty (30) day advance written notice to The
Regents of any modification;

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                  (b) indicate that The Regents of the University of California
has been endorsed as an Insured under the coverages referred to under Paragraph
19.2; and

                  (c) include a provision that the coverages will be primary and
will not participate with nor will be excess over any valid and collective
insurance or program of self-insurance carried or maintained by The Regents.

20.      NOTICES

         20.1 Any notice or payment required to be given to either party shall
be deemed to have been properly given and to be effective (a) on the date of
delivery if delivered in person or (b) five (5) days after mailing if mailed by
first-class certified mail, postage paid, to the respective addresses given
below, or to such other address designated by written notice.

                  For IntraBiotics:  INTRABIOTICS PHARMACEUTICALS CORPORATION
                                     816 Kifer Road
                                     Sunnyvale, CA 94086

                                     Attention:      Mr. Kenneth J. Kelley
                                                     Chairman and President

                  For The Regents:   THE REGENTS OF THE UNIVERSITY OF CALIFORNIA
                                     Business Research Partnerships
                                     1106 Ueberroth Building
                                     University of California, Los Angeles
                                     Box 951525
                                     Los Angeles, California 90095-1525

                                     Attention:      Mr. Christopher T. Moulding
                                                     Licensing Associate

21.      ASSIGNABILITY

         21.1 This Agreement is binding upon and shall inure to the benefit of
The Regents, its successors and assigns, but shall be personal to IntraBiotics
and assignable by IntraBiotics only with [ * ] prior notification to The Regents
and provided that the rights and obligations due The Regents under this
Agreement are not reduced by any such assignment.

22.      LATE PAYMENTS

         22.1 In the event royalty payments or fees are not received by The
Regents when due, IntraBiotics shall pay to The Regents interest charges at a
rate per annum of [ * ] simple interest calculated from the date payment was due
until actually received by The Regents.

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COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.

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23.      WAIVER

         23.1 It is agreed that no waiver by either party hereto of any breach
or default of any of the covenants or agreements herein set forth shall be
deemed a waiver as to any subsequent and/or similar breach or default.

24.      FAILURE TO PERFORM

         24.1 In the event of a failure of performance due under the terms of
this Agreement and if it becomes necessary for either party to undertake legal
action against the other on account thereof, then the prevailing party shall be
entitled to reasonable attorney's fees in addition to costs and necessary
disbursements.

25.      GOVERNING LAWS

         THIS AGREEMENT SHALL BE INTERPRETED AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF CALIFORNIA, but the scope and validity of any patent or
patent application shall be governed by the applicable laws of the country of
such patent or patent application.

26.      FOREIGN GOVERNMENT APPROVAL OR REGISTRATION

         26.1 If this Agreement or any associated transaction is required by the
law of any nation to be either approved or registered with any governmental
agency, IntraBiotics shall assume all legal obligations to do so.

27.      EXPORT CONTROL LAWS

         27.1 IntraBiotics shall observe all applicable United States and
foreign laws with respect to the transfer of Licensed Products and related
technical data to foreign countries, including, without limitation, the
International Traffic in Arms Regulations (ITAR) and the Expert Administration
Regulations.

28.      PREFERENCE FOR UNITED STATES INDUSTRY

         28.1 Because this Agreement grants an exclusive right to a particular
use of the Inventions, IntraBiotics agrees that any products embodying these
Inventions or produced through the use thereof will be manufactured in the
United States to the extent required by 35 U.S.C. ss.201-212.

29.      FORCE MAJEURE

         29.1 The parties to this Agreement shall be excused from any
performance required hereunder if such performance is rendered impossible or
unfeasible due to any catastrophe or other major event beyond their reasonable
control, including, without limitation, war, riot, and insurrection; laws,
proclamations, edicts, ordinances or regulations; strikes, lockouts or other

[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY
BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.

                                       17
<PAGE>

serious labor disputes; and floods, fires, earthquakes, explosions, or other
natural disasters. When such events have abated, the parties' respective
obligations hereunder shall resume.

30.      ARBITRATION

         30.1 At the request of either party, any controversy or claim arising
out of or relating to the diligence provisions or the provisions of paragraph
13.1 of this Agreement related to arbitration shall be settled by arbitration
conducted in Los Angeles, California in accordance with the then current
Licensing Agreement Arbitration Rules of the American Arbitration Association.
Judgment upon the award rendered by the Arbitrator(s) shall be binding on the
parties and may be entered by either party in the court or forum, state or
federal, having jurisdiction.

31.      MISCELLANEOUS

         31.1 The headings of the several sections are inserted for convenience
of reference only and are not intended to be a part of or to affect the meaning
or interpretation of this Agreement.

         31.2 This Agreement will not be binding upon the parties until it has
been signed below on behalf of each party, in which event, it shall be effective
as of the dated recited on page one.

         31.3 No amendment or modification hereof shall be valid or binding upon
the parties unless made in writing and signed on behalf of each party.

         31.4 This Agreement embodies the entire understanding of the parties
and shall supersede all previous communications, representations or
understandings, either oral or written, between the parties relating to the
subject matter hereof, except for the Secrecy Agreement dated October 18, 1993,
which shall continue to the extent it is not inconsistent with this Agreement.

         31.5 If any provisions contained in this Agreement are or become
invalid, are ruled illegal by any court of competent jurisdiction or are deemed
unenforceable under then current applicable law from time to time in effect
during the term hereof, it is the intention of the parties that the remainder of
this Agreement shall not be affected thereby, provided that a party's rights
under this Agreement are not materially affected. It is further the intention of
the parties that in lieu of each such provision which is invalid, illegal, or
unenforceable, there be substituted or added as part of this Agreement a
provision which shall be as similar as possible in economic and business
objectives as intended by the parties to such invalid, illegal or unenforceable,
provision, but shall be valid, legal and enforceable.

[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY
BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.

                                       18
<PAGE>

         IN WITNESS WHEREOF, both The Regents and IntraBiotics have executed
this Agreement, in duplicate originals, by their respective officers hereunto
duly authorized, on the day and year hereinafter written.

<TABLE>
<CAPTION>
INTRABIOTICS PHARMACEUTICALS, INC.                            THE REGENTS OF THE UNIVERSITY
                                                              OF CALIFORNIA

<S>                                                           <C>
By:  /s/ Kenneth J. Kelley                                    By:  /s/ Christopher T. Moulding
     ------------------------------------------------              ------------------------------------------------

Name:  Kenneth J. Kelley                                      Name:  Christopher T. Moulding
       ----------------------------------------------                ----------------------------------------------

Title:  President and CEO                                     Title:  Licensing Associate
       ----------------------------------------------                ----------------------------------------------

Date:  June 12, 1996                                          Date:  June 5, 1996
       ----------------------------------------------                ----------------------------------------------
</TABLE>

[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY
BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.

                                       19
<PAGE>

                                   APPENDIX A

                             REGENTS' PATENT RIGHTS
                              UPDATED MAY 28, 1996

[ * ].

[ * ].

[ * ].

[ * ] .

[ * ].

[ * ].

[ * ].

[ * ].

[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY
BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.

                                       20
<PAGE>

                             REGENTS' PATENT RIGHTS

                                  DOCKET FORMAT

<TABLE>
<CAPTION>
----------------------- -------------- ----------- -------------- -------------- ------------- ------------------------------
CASE NO.                DOCKET NO.     FILE DATE   SERIAL NO.     PATENT NO.     ISSUE DATE    COMMENTS
----------------------- -------------- ----------- -------------- -------------- ------------- ------------------------------
US RIGHTS
----------------------- -------------- ----------- -------------- -------------- ------------- ------------------------------
<S>                     <C>            <C>         <C>            <C>            <C>           <C>
[ * ]                   [ * ]          [ * ]       [ * ]                                       [ * ]
----------------------- -------------- ----------- -------------- -------------- ------------- ------------------------------
[ * ]                   [ * ]          [ * ]       [ * ]                                       [ * ]
----------------------- -------------- ----------- -------------- -------------- ------------- ------------------------------
[ * ]                   [ * ]          [ * ]       [ * ]                                       [ * ]
----------------------- -------------- ----------- -------------- -------------- ------------- ------------------------------
[ * ]                   [ * ]          [ * ]       [ * ]                                       [ * ]
----------------------- -------------- ----------- -------------- -------------- ------------- ------------------------------
[ * ]                   [ * ]          [ * ]       [ * ]                                       [ * ]
----------------------- -------------- ----------- -------------- -------------- ------------- ------------------------------
[ * ]                   [ * ]          [ * ]                                                   [ * ]
----------------------- -------------- ----------- -------------- -------------- ------------- ------------------------------
[ * ]                   [ * ]          [ * ]                                                   [ * ]
----------------------- -------------- ----------- -------------- -------------- ------------- ------------------------------
[ * ]                   [ * ]          [ * ]       [ * ]                                       [ * ]
----------------------- -------------- ----------- -------------- -------------- ------------- ------------------------------
FOREIGN RIGHTS
----------------------- -------------- ----------- -------------- -------------- ------------- ------------------------------
[ * ]                   [ * ]          [ * ]       [ * ]                                       [ * ]
----------------------- -------------- ----------- -------------- -------------- ------------- ------------------------------
</TABLE>

[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY
BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.

                                       21
<PAGE>

                                   APPENDIX B

                               JOINT PATENT RIGHTS
                              UPDATED MAY 23, 1996

[ * ].

Appendix A and Appendix B will be changed and replaced within a few weeks after
execution of this 2nd Amendment, to reflect the actual patent documents
contained in Regents' Patent Rights and Joint Patent Rights.

[ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY
BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.

                                       22

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