Document:

LICENSE
      AGREEMENT

    

    

    by
      and
      between

    

    Garching
      Innovation GmbH

    a
      German
      corporation having a principal place of business at

    Marstallstraße
      8, 80539 Muenchen, Germany 

    -hereinafter
      called “GI"-

    

    and

    

    Rosetta
      Genomics Ltd.

    an
      Israeli corporation having a principal place of business at

    10
      Plaut
      Street, Science Park, Rehovot 76706, Israel

    -hereinafter
      called “COMPANY“- 

    

    -GI
      and
      COMPANY hereinafter also individually called a "Party", or collectively called
      the "Parties"-.

    

    PREAMBLE

    

    At
      the
      Max-Planck-Institute for Biophysical Chemistry in Goettingen, an institute
      of
      the Max-Planck-Gesellschaft zur Foerderung der Wissenschaften e.V. (hereinafter
      “MPG“), a German non-profit scientific research organisation, Dr. Thomas Tuschl
      and other scientists
      of MPG have discovered certain microRNA
      sequences (internal GI file No. GI 2916 ZJE). MPG has filed certain MPG Patent
      Rights (as later defined herein) relating thereto. 

    

    GI
      has
      already granted a co-exclusive license under the MPG Patent Rights to develop
      and commercialize products for Therapeutic Purposes (as later defined herein)
      to
      Alnylam Pharmaceuticals, Inc., and to Isis Pharmaceuticals, Inc. (hereinafter
      the “Therapeutic
      Licenses”, or the "Therapeutic Licensees", as applicable). In addition, GI has
      already granted, and will grant in the future, non-exclusive licenses
under
      the
      MPG Patent Rights to develop and commercialize products for Research Purposes
      (as later defined herein) to various companies.

    

    COMPANY
      is focused on the development, manufacture and sale of products, and the
      performance and sale of services, for Diagnostic Purposes (as later defined
      herein). COMPANY desires to obtain one of four co-exclusive licenses under
      the
      MPG Patent Rights to develop and commercialize products and services for
      Diagnostic Purposes.

    

    MPG
      has
      authorized GI, its technology transfer agency, to act as its sole agent for
      patenting and licensing the MPG Patent Rights, and to sign this Agreement in
      GI's own name.  Now,
      therefore, COMPANY and GI agree as follows:

     

    
      
        Portions
          of this Exhibit were omitted and have been filed separately with the Secretary
          of the Commission pursuant to the Company’s application requesting confidential
          treatment under Rule 406 of the Securities Act.

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    ARTICLE
      1 - DEFINITIONS

     

    1.1
      "Affiliates"

     

    shall
      mean any legal entity (including, without limitation, a corporation,
      partnership, or limited liability company) that controls, is controlled by,
      or
      is under common control with COMPANY.
      For the purpose of this definition, the term "control" or "controlled by" means
      (i) direct or indirect ownership of at least fifty percent (50%) of the voting
      securities of a legal entity, or (ii) a fifty percent (50%) or greater interest
      in the net assets or profits of a legal entity, or (iii) possession, directly
      or
      indirectly, of the power to elect or direct the management of a legal
      entity.

    

    1.2
      "Agreement"

     

    shall
      mean the present agreement between GI and COMPANY, including all of its
      Annexes.

    

    1.3
      "Analyte
      Specific Reagents"
      (or
      "ASRs")
      

     

    shall
      mean antibodies, both polyclonal and monoclonal, specific receptor proteins,
      ligands, nucleic acid sequences, and similar reagents which, through specific
      binding or chemical reaction with substances in a specimen, are intended for
      use
      in a diagnostic application for identification and quantification of an
      individual chemical substance or ligand in biological specimens. ASR's that
      otherwise fall within this definition shall not fall within this
      definition when they are sold to (i) in vitro diagnostic manufacturers for
      the purpose of manufacturing in vitro diagnostic products, or (ii) organizations
      that use the reagents to make tests for purposes other than providing diagnostic
      information to patients and practitioners, e.g., forensic, academic, research,
      and other non-clinical laboratories.

    

    1.4
      “Confidential
      Information”

     

    shall
      mean any information which is of a confidential and proprietary nature,
      including without limitation information in relation to the business of a Party
      to which this Agreement relates, and information in relation to patents, patent
      applications or other intellectual property rights Controlled by a
      Party.

     

    Confidential
      Information will not include any information that the receiving Party can prove
      by written records (i) was known by the receiving Party prior
      to
      the receipt of Confidential Information from the disclosing Party, (ii) was
      disclosed to the receiving Party by a Third Party having the right to do so,
      (iii) was, or subsequently became, part of the public domain through no fault
      of
      the receiving Party, or (iv) was subsequently and independently developed by
      personnel of the receiving Party without having had access to or making use
      of
      the disclosing Party’s Confidential Information.

    

    1.5
      “Control”
      or “Controlled”

     

    shall
      mean, with respect to any patents, patent applications, or other intellectual
      property rights, possession of the right (whether by ownership, license or
      otherwise), to assign, or grant a license to, such patents, patent applications,
      or other intellectual property rights without violating the terms of any
      agreement with any Third Party, or any applicable law or governmental
      regulation.

    

    1.6
      "Diagnostic
      Purposes"

     

    shall
      mean use
      

     

    
      	(a)  	
              in
                clinical
                research where the medical management of a human is involved, for
                (aa)
                the measurement, observation or determination of (i) the presence
                of a
                human disease, (ii) the stage, progression or severity of a human
                disease,
                (iii) the risk of contracting a disease,or (iv) the effect of a particular
                treatment on a human disease; and/or (bb) the selection of patients
                for a
                particular treatment with respect to a human disease;
                and/or

            

    

    
      	(b)  	
              in
                clinical
                laboratory for tracking, testing or quality controlling of human
                body
                fluids or tissue samples, and/or

            

    

    
      	(c)  	
              designated
                and regulated by the FDA as a diagnostic test or ASR, to the extent
                used
                according to (a) and/or (b) above. 

            

    

    

    
      
        Portions
          of this Exhibit were omitted and have been filed separately with the Secretary
          of the Commission pursuant to the Company’s application requesting confidential
          treatment under Rule 406 of the Securities Act.

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    1.7
      "Effective
      Date"

     

    shall
      mean the date when this Agreement comes into force and effect, which shall
      be
      June 30, 2006.

    

    1.8
      “FDA”

     

    shall
      mean (i) the United States Food and Drug Administration or any successor agency
      thereto, and (ii) any non-United States agency or commission performing
      comparable functions (e.g. the European Medicines Agency EMEA) or any successor
      agency thereto. 

    

    1.9
      “Field”

     

    shall
      mean sale and use of Licensed Products, or performance and sale of Licensed
      Services, for

     

    (a) COMPANY’S
      internal and collaborative research and development purposes, and

     

    (b) Diagnostic
      Purposes,

     

    specifically
      excluding any sale and use of Licensed Products, or performance and sale of
      Licensed Services, for Research Purposes or for Therapeutic
      Purposes.

     

    1.10
      "Licensed
      Products"
      

     

    shall
      mean any product (i)
      that,
      or the development, manufacture, use or sale of which, absent the license
      granted hereunder, would
      infringe one or more Pending Claims or Valid Claims of the MPG Patent Rights,
      or
      (ii) which is developed or manufactured by using a Licensed Process or that,
      when used, practices a Licensed Process. 

     

    For
      the
      purpose of this Agreement, diagnostic kits shall be considered as Licensed
      Products, and Net Sales of diagnostic kits shall be considered as Net Sales
      of
      Licensed Products, if and to the extent such diagnostic kits contain Licensed
      Products as the sole diagnostically active product component, together with
      other diagnostically non-active product components (including without limitation
      buffers, purification components, or hardware such as tubes, plates,
      glassware).

    

    1.11
      "Licensed
      Process"
      

     

    shall
      mean any process (i) that, absent the license granted hereunder, would infringe
      one or more Pending Claims or Valid Claims of the MPG Patent Rights, or (ii)
      which uses a Licensed Product.

    

    1.12
      "Licensed
      Service"

     

    shall
      mean any service (i) that, or the performance or sale of which, absent the
      license granted hereunder, would infringe one or more Pending Claims or Valid
      Claims of the MPG Patent Rights, or (ii) which, when performed, uses a Licensed
      Process or a Licensed Product.

    

    1.13
      "MPG
      Patent Rights"

     

    shall
      mean:

     

    
      	(a)  	
              the
                patent applications filed by MPG listed in Annex 1, and the resulting
                patents,

            

    

    
      	(b)  	
              any
                subsequent patent applications in any jurisdiction claiming the same
                priority date and directed to the same subject matter as the patent
                application listed in Annex 1, and any divisionals, continuations,
                continuation-in-part applications, and continued prosecution applications
                (and their relevant international equivalents) of the patent applications
                listed in Annex 1, and the resulting patents,
                and

            

    

    
      	(c)  	
              any
                patents resulting from reissues, reexaminations (and their relevant
                international equivalents) of the patents described in (a) and (b)
                above.

            

    

    

    
      
        Portions
          of this Exhibit were omitted and have been filed separately with the Secretary
          of the Commission pursuant to the Company’s application requesting confidential
          treatment under Rule 406 of the Securities Act.

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    1.14
      “Net
      Sales”

     

    
      	(a)  	
              shall
                mean the gross amount invoiced by each of COMPANY, Affiliates,
                Sublicensees and Sales Partners to
                independent Third Parties for the sale, use, lease, transfer or other
                disposition of Licensed Products (including the amounts invoiced
                for
                diagnostic kits) and Licensed Services in a first commercial sale
                at arm's
                length transaction, less the following: (i) to the extent separately
                stated on the document of sale, any taxes or duties imposed on the
                sale or
                import of Licensed Products and Licensed Services which are actually
                paid,
                (ii) to the extent separately stated on the document of sale, any
                outbound
                transportation costs and costs of insurance in transit, (iii) customary
                trade, cash or quantity discounts or rebates, to the extent actually
                allowed and taken, (iv)
                amounts repaid or credited by reason of rejection or
                return.

            

    

    
      	(b)  	
              COMPANY,
                Affiliates, Sublicensees and Sales Partners will be treated as having
                sold
                Licensed Products and Licensed Services for an amount equal to the
                fair
                market value of such Licensed Products if (i) Licensed Products and
                Licensed Services are internally used by each of COMPANY, Affiliates,
                Sublicensees or Sales Partners (excluding Licensed Products used
                by
                COMPANY for COMPANY’S internal and collaborative research and development
                purposes) without charge or provision of invoice, or (ii) Licensed
                Products and Licensed Services are provided to a Third Party by each
                of
                COMPANY, Affiliates, Sublicensees or Sales Partners without charge
                or
                provision of invoice and used by such Third Party, except in
                the case of reasonable amounts of Licensed Products and
                Licensed Services used
                as promotional
                free samples, free goods, or other marketing programs to
                induce sales.

            

    

    
      	(c)  	
              If
                COMPANY, Affiliates,
                Sublicensees
                or Sales Partners sell a Licensed Product to a Third Party in
                a first commercial sale at arm's length transaction for further resale,
                and if the relation between COMPANY and such Third Party is a pure
                seller-buyer relationship (i.e. if the agreement between COMPANY,
                Affiliates, Sublicensees
                or Sales Partners and
                such Third Party does not provide for any obligation to share costs
                or
                revenues, or a reporting obligation, or responsibility for sales
                and/or
                marketing efforts in a country),
                then the gross amount to be included in the calculation of Net Sales
                shall
                be the amount invoiced by COMPANY, Affiliates,
                Sublicensees
                or Sales Partners to such Third Party, not the amount invoiced by
                such
                Third Party upon resale.

            

    

    
      	(d)  	
              No
                deductions shall be made for commissions paid to individuals or entities,
                or for cost of collections. Net Sales shall occur on the date of
                invoice
                for a Licensed Product or a Licensed
                Service.

            

    

    
      	(e)  	
              Sales
                of Licensed Products between COMPANY and its Affiliates,
                Sublicensees
                or Sales Partners, or among such Affiliates,
                Sublicensees
                and Sales Partners, for a subsequent resale of such Licensed Product
                to a
                Third Party, shall not be included in the calculation of Net Sales,
                but in
                such cases the Net Sales shall be calculated on the amount invoiced
                by
                such Affiliates,
                Sublicensees or Sales Partners to a Third Party upon resale.
                

            

    

    
      	(f)  	
              In
                the event that a Licensed Product is sold in a combination product
                form
                with one or more other diagnostically active product components (i.e.
                other microRNAs) which are not Licensed Products and which are required
                to
                improve the accuracy of the Licensed Product (the "Combination Product"),
                then Net Sales, for purposes of determining royalty payments on the
                Combination Product, shall be calculated by multiplying the Net Sales
                of
                the Combination Product by [***]. In the event that a Licensed Product
                is
                sold in combination with other diagnostically active product component(s),
                and the Licensed Product or one or more diagnostically active product
                components are not sold separately, then Net Sales, for the purpose
                of
                determining royalty payments on the Combination Product, shall be
                calculated by multiplying the Net Sales of the Combination Product
                by
                [***]. In the event that a Licensed Service is sold in a combination
                service form, which service uses Licensed Products and one or more
                other
                diagnostically active product components that are not Licensed Products,
                this Subsection (f) shall apply
                accordingly.

            

    

    

    
      
        Portions
          of this Exhibit were omitted and have been filed separately with the Secretary
          of the Commission pursuant to the Company’s application requesting confidential
          treatment under Rule 406 of the Securities Act.

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    1.15
      "Pending
      Claim"
      

     

    shall
      mean any claim in a pending patent application in the country in question within
      the MPG Patent Rights that (i) has not been pending for more than 8 years after
      the Effective Date (provided, however, that if the Parties agree on a joint
      patent strategy which sets forth that certain patent applications (e.g.
      divisionals, continuations-in-part) within the MPG Patent Rights will be
      prosecuted with a certain delay, such 8-years-period will be prolonged
      accordingly), and (ii) has not been abandoned by MPG, or finally rejected by
      a
      competent administrative agency or court of competent jurisdiction from which
      no
      appeal can be or is taken.

    

    1.16
      "Research
      Purposes"

     

    shall
      mean use as a research reagent for basic or applied research purposes only,
      specifically excluding (i) any use for Diagnostic Purposes or Therapeutic
      Purposes, whether said uses are in vivo or in vitro, and (ii) any use in humans
      for whatever purpose.
      Specifically excluded from Research Purposes are
      ASR
      products, to the extent the ASR products are used for Diagnostic
      Purposes.

    

    1.17
      "Sales
      Partners" 

     

    shall
      mean any person or legal entity that is authorized by COMPANY or its
Affiliates
      and Sublicensees
      by any kind of agreement to market, promote, distribute or sell, or otherwise
      dispose of, Licensed Products and/or
      Licensed Services
      to a
      Third Party in a first commercial sale at arm's length transaction without
      violating this Agreement or the MPG Patent Rights.
      Sales
      Partner shall not include wholesale distributors who purchase Licensed Products
      from COMPANY or its Affiliates and Sublicensees in
      a
      first commercial sale at arm's length transaction for further resale, and who
      have no other obligation (including without limitation any obligation to share
      costs or revenues, or a reporting obligation, or responsibility for sales and/or
      marketing efforts in a country) to COMPANY
      or its Affiliates and Sublicensees. 

    

    1.18
      "Sublicense
      Consideration"

     

    shall
      mean [***] consideration, [***], received by COMPANY from Sublicensees as
      consideration for or otherwise in connection with the sublicense granted.
      Sublicense Consideration specifically excludes (i) [***],
      (ii)
      [***], (iii) [***], (iv) [***], and (v) [***]research and development activities
      under a research agreement with the Sublicensee specifically and directly in
      connection with the sublicense granted. 

    

    1.19
      “Sublicensee”

     

    shall
      mean any Third Party that is granted a sublicense to the MPG Patent Rights
      in
      accordance with Section 2.2. 

     

    1.20
      “Term”

     

    shall
      have the meaning set forth in Section 9.1 of this Agreement.

    

    1.21
      "Therapeutic
      Purposes"

     

    shall
      mean all prophylactic and therapeutic uses in human diseases, in particular
      to
      treat and/or prevent the cause and/or symptoms of human diseases. 

    

    1.22
      “Third
      Party”

     

    shall
      mean any person or entity other than GI
      and
      COMPANY and their respective Affiliates. 

    

    1.23
      "Valid
      Claim"
      

     

    shall
      mean any claim in an issued patent in the country in question within the MPG
      Patent Rights that (i) has not lapsed, or (ii) has not been held invalid by
      a
      final judgment of a competent administrative agency or a court of competent
      jurisdiction from which no appeal can be or is taken, or (iii) has not been
      abandoned by MPG.

    

    
      
        Portions
          of this Exhibit were omitted and have been filed separately with the Secretary
          of the Commission pursuant to the Company’s application requesting confidential
          treatment under Rule 406 of the Securities Act.

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      2 - GRANT
      OF RIGHTS

    

    2.1
      License
      Grant

     

    (a) GI
      grants
      to COMPANY during the Term a co-exclusive, worldwide, royalty-bearing license
      under the MPG Patent Rights to develop, have developed, make, have made, use,
      have used, import, have imported, sell and have sold Licensed Products, and
      to
      perform, have performed, sell and have sold Licensed Services, each in the
      Field.

    

    (b) In
      order
      to establish co-exclusivity, GI shall not grant, during the Term, more
      than
      three other co-exclusive licenses to the MPG
      Patent Rights in the Field with the scope as set forth in Subsection (a) above
      (hereinafter
      the “Other Diagnostic Licenses”, or the "Other Diagnostic Licensees", as
      applicable).

    

    2.2
      Sublicenses

     

    (a) COMPANY
      shall have the right to grant sublicenses to the rights granted to it under
      Section 2.1 to
      Third
      Parties, subject to the terms and conditions of the following
      Subsections.

    

    (b) COMPANY
      may grant sublicenses to Third Parties only if (i) the intended sublicense
      also
      includes a license to substantial intellectual property rights (e.g. pending
      or
      issued patents that are dominant or subordinate to the MPG Patent Rights) solely
      or co-owned by COMPANY in the field of "microRNAs", and (ii) the intended
      sublicense is reasonably necessary for COMPANY to further develop and/or
      commercialise specific Licensed Products in specific indications jointly with
      the intended Sublicensee, and (iii) GI has given its prior written approval
      to
      the intended sublicense, which shall not unreasonably be withheld; in
      particular, GI may withhold its approval if the intended sublicense would be
      materially detrimental to the co-exclusivity of the Other
      Diagnostic Licensees.

     

    COMPANY
      shall provide GI in writing at least [***] prior to the intended signature
      of
      any such sublicense agreement with the final draft to permit GI to decide
      whether or not to approve. Any requested approval is deemed to be granted if
      GI
      does not refuse the approval in writing within [***] after receiving the final
      draft. 

    

    (c) Each
      sublicense granted under this Agreement shall be subject and subordinate to,
      and
      be consistent with, the terms and conditions of this Agreement.
      

    

    (d) Within
      30
      days after the signature of each sublicense granted under this
      Agreement, COMPANY
      shall provide GI with a copy
      of
      the signed sublicense agreement. 

     

    (e) Notwithstanding
      Subsections (a) through (d) above, if an insolvency event according to Section
      9.8 occurs, and this Agreement is not automatically terminated according to
      Section 9.8, each sublicense that COMPANY, or, as the case may be, the
      insolvency administrator intends to grant, shall be subject to the prior written
      approval of GI, which shall not unreasonably be withheld.

    

    2.3
      Retained
      Rights

     

    MPG
      (including each and all of its Max-Planck-Institutes and other scientific
      research organisations affiliated with MPG) retains the right to practice under
      the MPG Patent Rights for non-commercial scientific
      research, teaching, education, non-commercial collaboration (including
      scientific collaborations with and/or sponsored by industry) and
      publication purposes. 

    

    2.4
      No
      Additional Rights

     

    Nothing
      in this Agreement shall be construed to confer any rights upon COMPANY, by
      implication, estoppel, or otherwise, as to any intellectual property rights,
      including without limitation patents and patent applications, trademarks,
      copyrights and know-how, of MPG other than the MPG Patent Rights.

     

    
      
        Portions
          of this Exhibit were omitted and have been filed separately with the Secretary
          of the Commission pursuant to the Company’s application requesting confidential
          treatment under Rule 406 of the Securities Act.

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    2.5
      Most
      Favored Licensee

     

    If,
      before or after the Effective Date, GI grants an Other Diagnostic License under
      substantially more favorable economic terms as a whole than those in this
      Agreement, then GI will notify COMPANY of such Other Diagnostic License granted.
      The notice will include all material terms and conditions of such Other
      Diagnostic License, including degree of co-exclusivity, duration, field,
      territory, audit rights, right to sublicense, right to administer, prosecute
      and
      enforce patents, and all license fees (e.g. initial payment, maintenance fees,
      royalty rates, sublicense fees). Whether the economic terms of the Other
      Diagnostic License are substantially more favorable or not shall be mutually
      determined by COMPANY and GI. In the event that COMPANY elects to take all
      fees
      and royalty rates, and all material terms and conditions of such Other
      Diagnostic License, all fees and royalty rates, and all material terms and
      conditions of such Other Diagnostic License shall apply as a whole to COMPANY
      upon the date COMPANY provides GI with its written notice of such
      election.

     

    COMPANY
      acknowledges and agrees that GI may provide a copy of this Agreement to any
      Other Diagnostic Licensee upon request of such Other Diagnostic
      Licensee.

     

    This
      Section 2.5 shall not apply to (i) the settlement of a lawsuit or other dispute
      between GI and a Third Party (including Other Diagnostic Licensees) with respect
      to past infringements of the MPG Patent Rights, and (ii) any license granted
      by
      GI to any scientific or other non-profit research organisations.

    

    

    ARTICLE
      3 - REPRESENTATIONS AND WARRANTIES

     

    3.1 GI
      and
      COMPANY each represent that, to the best of their knowledge as of the Effective
      Date, they have the legal right and authority to enter into this Agreement,
      and
      to perform all obligations hereunder. GI further represents that, to the best
      of
      its knowledge as of the Effective Date, the MPG Patent Rights listed in Annex
      1
      have been assigned to MPG by the inventors named therein, and GI is the
      exclusive licensor of the entire right, title and interest in and to the MPG
      Patent Rights, and GI has the full right to grant to COMPANY rights under the
      MPG Patent Rights as set forth in this Agreement. 

    

    3.2 COMPANY
      is informed of the MPG Patent Rights, and that it might need additional licenses
      from Third Parties to practice the rights granted herein. OTHER THAN AS
      EXPRESSLY PROVIDED HEREIN, GI AND MPG MAKE NO REPRESENTATIONS OR WARRANTIES
      OF
      ANY KIND CONCERNING THE MPG PATENT RIGHTS AND LICENSED PRODUCTS, EXPRESS OR
      IMPLIED, AND THE ABSENCE OF ANY LEGAL OR ACTUAL DEFECTS, WHETHER OR NOT
      DISCOVERABLE. Specifically, and not to limit the foregoing, GI and MPG make
      no
      warranty or representation (i) regarding the merchantability or fitness for
      a
      particular purpose of the MPG Patent Rights, (ii) regarding the patentability,
      validity or scope of the MPG Patent Rights, (iii) that the commercialisation
      of
      the MPG Patent Rights, or any Licensed Product or Licensed Service, will not
      infringe any patents or other intellectual property rights of MPG or of a Third
      Party, and (iv) that the commercialisation of the MPG Patent Rights, or any
      Licensed Product or Licensed Service, will not cause any damages of any kind
      to
      COMPANY or to a Third Party.

     

    3.3 TO
      THE
      EXTENT LEGALLY PERMISSIBLE, IN NO EVENT SHALL GI, MPG,
      THEIR
      TRUSTEES, DIRECTORS, OFFICERS AND EMPLOYEES BE LIABLE FOR INCIDENTAL OR
      CONSEQUENTIAL DAMAGES OF ANY KIND, INCLUDING ECONOMIC DAMAGES OR INJURY TO
      PROPERTY AND LOST PROFITS, REGARDLESS OF WHETHER GI OR MPG SHALL BE ADVISED,
      SHALL HAVE OTHER REASON TO KNOW, OR IN FACT SHALL KNOW OF THE POSSIBILITY OF
      THE
      FOREGOING.

    

    
      
        Portions
          of this Exhibit were omitted and have been filed separately with the Secretary
          of the Commission pursuant to the Company’s application requesting confidential
          treatment under Rule 406 of the Securities Act.

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      4 - COMPANY DILIGENCE OBLIGATIONS AND REPORTS

    

    4.1
      Development
      and Commercialization Responsibilities and Due Diligence

     

    (a) COMPANY
      shall have full responsibility
      to use
      commercially reasonable efforts
      to
      develop and commercialize, solely or jointly with its Sublicensees, Licensed
      Products and Licensed Services in the Field.

     

    (b) In
      particular, COMPANY
      shall use
      commercially reasonable efforts, and shall oblige its Sublicensees to use
      commercially reasonable efforts, to obtain
      all regulatory registrations or approvals necessary to manufacture, market
      and
      sell Licensed Products worldwide, and to manufacture,
      or have manufactured, Licensed Products, and to sell, or have sold, Licensed
      Products in the Field worldwide, following receipt, on a country-by-country
      basis, of all required regulatory registrations or approvals.

    

    4.2
      Development
      and Commercialisation Reports

     

    COMPANY
      shall furnish to GI, and shall oblige its Affiliates and Sublicensees to furnish
      to COMPANY for inclusion in its reports to GI, in writing semi-annually, within
      30 (thirty) days after the end of each calendar half year, with
      a
      development and commercialisation report, stating in reasonable detail the
      activities and the progress of its efforts (including the efforts of its
      Affiliates and Sublicensees) during the immediately preceding calendar
half
      year
      to
      develop and commercialize Licensed Products and Licensed Services, on a
      product-by-product and country-by-country basis. The report shall also contain
      a
      discussion of intended development and commercialisation efforts for the
      calendar half
      year
      in which
      the report is submitted. The first report shall be provided to GI for the second
      calendar half of 2006. 

     

    Any
      reports furnished to GI under this Section 4.2 shall constitute Confidential
      Information, and shall be treated by GI according to Article 8.

    

    4.3
      Compliance
      with Laws

     

    COMPANY
      shall use best efforts to comply with, and shall use best efforts to oblige
      its
      Affiliates and Sublicensees to comply with, all local, state, federal, and
      international laws and regulations relating to the development, manufacture,
      use
      and sale of Licensed Products, and the performance and sale of Licensed
      Services. 

    

    4.4
      Non-Use
      of Names

     

    Neither
      COMPANY nor its Affiliates and Sublicensees may use the name of “Max Planck
      Institute”, “Max Planck Society”, “Garching Innovation” or any variation,
      adaptation, or abbreviation thereof, or of any of its trustees, officers,
      faculty, students, employees, or agents, or any trademark owned by any of the
      aforementioned, in any promotional material or other public announcement or
      disclosure without the prior written consent of GI or, in the case of an
      individual, the consent of that individual. Provided, however, that this section
      4.4 shall not apply in the event that the use of the name of “Max Planck
      Institute”, “Max Planck Society”, or “Garching Innovation” is required by law or
      regulation (including without limitation by rules or regulations of any
      securities exchange), provided that prior to such disclosure, COMPANY promptly
      notifies GI of such requirement.

    

    
      
        Portions
          of this Exhibit were omitted and have been filed separately with the Secretary
          of the Commission pursuant to the Company’s application requesting confidential
          treatment under Rule 406 of the Securities Act.

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    4.5
      Liability
      for Affiliates and Sublicensees

     

    If
      Affiliates or Sublicensees of COMPANY develop, manufacture, use and/or sell
      Licensed Products or Licensed Services, COMPANY warrants and is liable towards
      GI that its Affiliates and Sublicensees perform their rights and obligations
      in
      accordance with the terms and conditions of this Agreement, and COMPANY shall
      be
      responsible and liable for any acts and omissions, e.g. payments and reports,
      of
      its Affiliates and Sublicensees.

     

    The
      grant
      of any such sublicense hereunder will not relieve COMPANY of its obligations
      under this Agreement. In the event that COMPANY becomes aware of a material
      default by any Sublicensee, COMPANY shall inform GI and take commercially
      reasonable efforts to cause the Sublicensee to cure the default; in the event
      of
      non-cure, COMPANY will terminate the agreement with its Sublicense.

    

    4.6
      Effect
      of Failure

     

    In
      the
      event that COMPANY or any of its Affiliates and Sublicensees have failed to
      fulfil any of their obligations under this Article 4, then GI may treat such
      failure as a material breach of COMPANY in accordance with Section
      9.6.

    

    

    ARTICLE
      5 - FINANCIAL PROVISIONS

     

    5.1
      Initial
      Payment

     

    COMPANY
      shall pay to GI, within 30 days after the Effective Date, an initial payment
      of

    EUR 175,000
      (Euro one hundred and seventy five thousand).

    

    5.2
      Maintenance
      Fees

     

    COMPANY
      shall pay to GI license maintenance fees as set forth in the table below. The
      respective maintenance fees are due on each January 1st
      of the
      respective calendar year. 

    

    
      	
              Calendar
                Year

            	
              Maintenance
                Fee 

            
	 	 
	
              2007

            	
              EUR
                [***] 

            
	
              2008

            	
              EUR
                [***]

            
	
              2009

            	
              EUR
                [***]

            
	
              2010

            	
              EUR
                [***]

            
	
              2011
                and each calendar year thereafter

            	
              EUR
                [***]

            

    

     

    COMPANY’s
      actual earned royalties payable to GI under Section 5.3 for a certain calendar
      year may be credited against the respective maintenance fee for the same
      calendar year. 

    

    5.3
      Running
      Royalties 

     

    (a) COMPANY
      shall pay to GI for each Licensed Product and Licensed Service running royalties
      on Net Sales of

     

    
      	(i)  	
              [***]%
                (six percent) in the event of a sale by COMPANY (or its Affiliates,
                Sublicensees and Sales Partners) to end users,
                and

            

    

    
      	 	 

    

    
      	(ii)  	
              [***]%
                (twelve percent) in the event of a sale by COMPANY (or its Affiliates,
                Sublicensees and Sales Partners) to distributors (that are not Sales
                Partners)

            

    

     

    (b) In
      the
      event of any sale of Licensed Products for non-cash consideration (including,
      without limitation, devices, services, licenses or any other use rights, shares,
      options, warrants or any other kind of securities), Net
      Sales
      and the resulting running royalties shall be calculated on the fair market
      value
      of the consideration received. 

    

    5.4
      Reduction
      of Running Royalties 

     

    a)
      Third
      Party Licenses

     

    If
      COMPANY is a party to a license agreement with any Third Party, which license
      is
      employed in connection with the MPG Patent Rights for the manufacture, use
      and/or sale of a Licensed Products, or the performance and/or sale of a Licensed
      Services, the running royalties set forth in Section 5.3 (a) will be reduced,
      on
      a country-by-country and product-by-product basis, from the date running
      royalties have to be actually paid to such Third Party, by up to [***]% of
      any
      running royalty owed to such Third Party for the manufacture, use or sale of
      a
      Licensed Product; provided, however, that the running royalties due to GI will
      not be reduced to less than [***]% of the royalty rate set forth in Section
      5.3
      (a), and provided further that the (initial) royalty owed to the Third Party
      will also be reduced on a pro-rata basis. 

    In
      no
      event shall the royalty rate due to GI according to Section 5.3 (a) be reduced
      by the application of this Section 5.4 (a) to less than [***]% (three percent)
      in the event Section 5.3 (a) (i) applies, or [***]% (six percent) in the event
      Section 5.3 (a) (ii) applies.

    

    
      
        Portions
          of this Exhibit were omitted and have been filed separately with the Secretary
          of the Commission pursuant to the Company’s application requesting confidential
          treatment under Rule 406 of the Securities Act.

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (b)
      Combination
      Product Minimum Royalty Floor

     

    In
      the
      event that Licensed Products are sold as Combination Products, the royalty
      rate
      stated in Section 5.3 (a) on Net Sales of such Combination Product (without
      taking into account the determination and allocation of Net Sales of Licensed
      Products contained in Combination Products) shall in no event be reduced (i)
      by
      the application of the formula contained in Section 1.14 (f), or (ii) by the
      application of the formula contained in Section 1.14 (f) together with the
      reduction mechanism set forth in Section 5.4 (a) above, to less than a minimum
      royalty rate of of Net Sales of any such Combination Product (without taking
      into account the determination and allocation of Net Sales of Licensed Products
      contained in Combination Products) of [***]% (two percent) in the event Section
      5.3 (a) (i) applies, or [***]% (four percent) in the event Section 5.3 (a)
      (ii)
      applies.

    

    5.5
      Sublicense
      Revenues

     

    (a)
      Sublicense
      Consideration

     

    In
      the
      event that COMPANY grants a sublicense to a Third Party pursuant to Section
      2.2,
      COMPANY shall pay to GI [***]% (twenty percent) of all Sublicense Consideration
      received, due within [***] after the respective receipt.

     

    (b) Non-cash
      Consideration

     

    If
      COMPANY receives any non-cash Sublicense Consideration, COMPANY shall pay GI,
      at
      GI’s election, either (i) a [***] the Sublicense Consideration, or (ii) the
      [***] the Sublicense Consideration.

    

    (c)
      Relative
      Value of Pooled Technologies

     

    As
      COMPANY may only grant sublicenses to a Third Party that includes a license
      to
      substantial intellectual property rights Controlled by COMPANY in the field
      of
      "microRNAs", the percentage of the Sublicense Consideration due to GI according
      to Subsection (a) above shall be based on [***]. 

     

    At
      least
      30 days prior to the intended signature of any sublicense agreement, COMPANY
      shall suggest to GI, together with the request for approving the intended
      sublicense, the MPG Patent Rights Value based on a good faith fair market value
      determination, with any information reasonably necessary or useful for GI to
      evaluate such suggestion. If, within 30 days after receipt of the information,
      GI objects for cause to the suggested MPG Patent Rights Value, Sec. 10.3
      applies. 

    

    5.6
      Fair
      Market Value Determination

    In
      the
      event that, according to this Agreement, a "fair market value" has to be
      determined, the Party obliged to suggest such fair market value shall provide
      the other Party in due time with a good faith determination of the fair market
      value, together with any information necessary or useful to support such
      determination. The other Party shall have the right to provide the suggesting
      Party in due time with a counter-determination of the fair market value, which
      shall include any information necessary or useful to support such
      counter-determination. If the Parties are unable to agree on a fair market
      value
      determination within 30 days after receipt of such counter-determination,
      Section 10.3 applies.

    

    
      
        Portions
          of this Exhibit were omitted and have been filed separately with the Secretary
          of the Commission pursuant to the Company’s application requesting confidential
          treatment under Rule 406 of the Securities Act.

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    5.7
      Reports

     

    Commencing
      with the first commercial sale of a Licensed Product or a Licensed Service,
      within
      30
      (thirty) days of the end of each calendar half year, COMPANY shall deliver
      a
      detailed report to GI for the immediately preceding calendar half year showing
      at least, on a product-by-product and country-by-country basis, (i) the kind
      and
      number of Licensed Products and Licensed Services sold by COMPANY, Affiliates,
      Sublicensees and Sales Partner, (ii) the gross price charged, (iii) the
      calculation of Net Sales, and (iv) the resulting running royalties due to GI
      according to those figures. If no running royalties are due to GI, the report
      shall so state.

    

    5.8
      Payments

    

    (a)
      Accounting
      and Payments

     

    Running
      royalties shall be payable for each calendar half year, and shall be due to
      GI
      within 30 (thirty) days of the end of each calendar half year.

    

    (b)
      Method
      of Payment

     

    All
      payments under this Agreement shall be made to “Garching Innovation GmbH” to the
      following account:  

    [***] [***] [***] [***] [***] [***]

    

    Each
      payment shall reference this Agreement and the obligation under this Agreement
      that the payment satisfies.

    

    (c)
      Payments
      in Euro

     

    Unless
      otherwise expressly stated in this Agreement, all payments due under this
      Agreement shall be payable in Euro
      and,
      if
      legally required, shall be paid with the additional value added tax. Conversion
      of foreign currency to Euro shall be made at the official conversion rate
      existing in Germany (as reported in the Wall
      Street Journal)
      on the
      last working day of the relevant calendar half year. Such payments shall be
      without deduction of exchange, collection, or other charges, except for
      deduction of withholding or similar taxes. The Parties shall use all reasonable
      and legal efforts to reduce tax withholding on payments made to GI hereunder.
      Notwithstanding such efforts, if COMPANY concludes that tax withholdings under
      the laws of any country are required with respect to payments to GI, COMPANY
      shall withhold the required amount and pay it to the appropriate governmental
      authority. In such a case, COMPANY will promptly provide GI with original
      receipts or other evidence reasonably desirable and sufficient to allow GI
      to
      document such tax withholdings adequately for purposes of claiming foreign
      tax
      credits and similar benefits.

    

    (d)
      Late
      Payments

     

    Any
      payments that are not paid on or before the date such payments are due under
      this Agreement shall bear interest on arrears at
      [***]%
      ([***] percent) per year. 

    

    
      
        Portions
          of this Exhibit were omitted and have been filed separately with the Secretary
          of the Commission pursuant to the Company’s application requesting confidential
          treatment under Rule 406 of the Securities Act.

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    5.9
      Bookkeeping
      and Auditing

     

    COMPANY
      is obliged to keep, and shall oblige its Affiliates and Sublicensees and Sales
      Partners to keep, complete and accurate books on any reports and payments due
      to
      GI under this Agreement, which books shall contain sufficient information to
      permit GI to confirm the accuracy of any reports and payments made to GI. GI
      is
      authorized to check the books of COMPANY by an independent certified public
      accountant, and, upon GI’s request, COMPANY, or agents appointed by GI for
      COMPANY, shall check the books of its Affiliates and Sublicensees and Sales
      Partners for GI, once a year. The charges for such a check shall be borne by
      GI.
In
      the
      event that such check reveals an underpayment in excess of [***]% ([***]
      percent), COMPANY shall bear the full cost of such check and shall remit any
      amounts due to GI within thirty days of receiving notice thereof from GI,
      together with interest calculated in the manner provided in Section 5.8 (d).
      Any
      information acquired by the auditor may only be used to confirm whether or
      not
      COMPANY (or its Affiliates, Sublicensees and Sales Partners) is in compliance
      with the obligations set forth in this Agreement.

    The
      right
      of auditing by GI under this Section shall expire [***]
      after each report or payment has been made. Sublicenses granted by COMPANY
      shall
      provide that COMPANY shall have the right to check the books of its Sublicensees
      according to this Section 5.9. The same shall apply in respect of Sales
      Partners.

    

    5.10
      No
      Refund

     

    All
      payments made by COMPANY (or, as the case may be, by Affiliates and Sublicensees
      and Sales Partners) under this Agreement are non-refundable and, except as
      set
      forth in Section 5.2, non-creditable against each other. This Section 5.10
      shall
      apply, without limitation, in the event this Agreement is terminated prematurely
      in accordance with Article 9.

    

    ARTICLE
      6 - PATENT PROSECUTION
      AND INFRINGEMENT

    

    6.1
      Responsibility
      for MPG Patent Rights

     

    (a) GI
      shall
      be responsible, in its sole discretion, to apply for, seek issuance of, and
      maintain the MPG Patent Rights during the Term. GI shall (i) keep COMPANY
      reasonably and timely informed as to the filing, prosecution, and maintenance
      of
      the MPG Patent Rights, (ii) furnish COMPANY copies of documents relevant to
      any
      such filing, prosecution, and maintenance, (iii) allow COMPANY reasonable
      opportunity to timely comment and advise on patent attorneys to be used and
      on
      documents to be filed with any patent office which would affect the MPG Patent
      Rights in the Field, and (iv) give good faith consideration to the comments
      and
      advice of COMPANY.

     

     

    (b) GI
      is
      obliged, on a country-by-country basis, to file, prosecute and maintain the
      MPG
      Patent Rights during the Term if and to the extent each and all of COMPANY,
      the
      Other Diagnostic Licensees and the Therapeutic Licensees pay all their
      respective patent cost shares. In the event that one or more, but not all of
      COMPANY, the Other Diagnostic Licensees and the Therapeutic Licensees are
      willing to pay all their respective patent cost shares, the party or parties
      that intend to file, prosecute and maintain the respective patent application
      or
      patent within MPG Patent Rights are obliged to assume, on a pro-rata basis,
      the
      patent cost shares of the party or parties that are not willing to to file,
      prosecute and maintain the respective patent application or patent within MPG
      Patent Rights.

    

    (c) GI,
      COMPANY, and the Other Diagnostic Licensees shall cooperate in good faith with
      each other, and shall use reasonable efforts to agree upon a joint strategy
      relating to the further filing, prosecution and maintenance of the MPG Patent
      Rights. GI shall use reasonable efforts to induce the Therapeutic
      Licensees to participate in such joint strategy.

     

    6.2
      Patent
      Costs

     

    COMPANY
      shall pay [***]% ([***] percent) of all fees and costs, including attorneys
      fees, relating to the filing, prosecution, and maintenance of the MPG Patent
      Rights, which incur during the Term in accordance with Section 6.1.

    GI
      will
      decide, in its sole discretion, if the fees and costs due pursuant to this
      Section 6.2 shall be paid directly by COMPANY to the creditor, or if COMPANY
      shall reimburse GI for all amounts due pursuant to this Section 6.2 within
      30
      (thirty) days after receiving GI's respective invoice.

     

    
      
        Portions
          of this Exhibit were omitted and have been filed separately with the Secretary
          of the Commission pursuant to the Company’s application requesting confidential
          treatment under Rule 406 of the Securities Act.

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    6.3
      Abandonment of MPG Patent Rights 

     

    In
      the
      event that COMPANY wishes not to file or wishes to abandon (e.g. by non-payment
      of fees) any of the MPG Patent Rights, COMPANY shall notify GI thereof in
      writing in due time, at least 3 months prior to any deadline. GI shall have
      the
      right, but not the obligation, to file or to continue payment for such MPG
      Patent Rights in its own discretion and at its own expense. In any event, such
      MPG Patent Rights shall no longer be covered by this Agreement after three
      months from
      the
      date COMPANY informs GI of its non-filing or its abandonment, and COMPANY shall
      be obliged to pay [***]% of all fees and costs that incur during such
      3-months-period.

    

    6.4
      Infringement
      of MPG Patent Rights by Third Party and Third Party Objections

     

    COMPANY
      shall promptly inform GI in writing if it becomes aware of any suspected or
      actual infringement of the MPG Patent Rights by any Third Party, and of any
      available evidence thereof. The same shall apply in the case of an opposition,
      revocation action or any other Third Party objection against the MPG Patent
      Rights.

     

    GI
      shall
      have the right, but not the obligation, to prosecute (whether judicially or
      extra-judicially) in its own discretion and at its own expense, any and all
      infringements of the MPG Patent Rights, and to defend the MPG Patent Rights
      against any Third Party objection. 

     

    GI,
      COMPANY, and the Other Diagnostic Licensees shall cooperate in good faith,
      if
      necessary and appropriate, with each other, and shall use reasonable efforts
      to
      agree upon a joint strategy relating to the prosecution of any infringement
      of
      the MPG Patent Rights by any Third Party, and the defense of the MPG Patent
      Rights against any Third Party objection. GI shall use reasonable efforts to
      induce the Therapeutic
      Licensees to participate in such joint strategy.

    

    ARTICLE
      7 - INDEMNIFICATION AND INSURANCE

    

    7.1
      Indemnification

     

    COMPANY
      shall indemnify, defend, and hold harmless GI, MPG and their trustees, officers,
      faculty, students, employees, and agents and their respective successors, heirs
      and assigns (collectively, the “Indemnitees”), against any and all claims,
      suits, actions (including without limitation actions in the form of tort,
      warranty, or strict liability and regardless of whether such action has any
      factual basis), demands, judgments, liabilities, losses, damages, costs, fees
      or
      expenses (collectively, the "Claims") incurred by or imposed upon any of the
      Indemnitees by
      a
      Third Party, to
      the
      extent resulting
      from or arising out of (i) any use of the MPG Patent Rights by COMPANY, its
      Affiliates, Sublicensees and Sales Partners, or (ii) any product, process,
      or
      service that is developed, made, used, sold, or performed by COMPANY, its
      Affiliates, Sublicensees or Sales Partners pursuant to any right or license
      granted under this Agreement, or (iii) any Third Party use of any products,
      processes or services sold by COMPANY, its Affiliates, Sublicensees or Sales
      Partners to such Third Party.

    

    7.2
      Procedures

     

    The
      Indemnitees agree to provide COMPANY with written notice of any Claims for
      which
      indemnification is sought under this Agreement within 30 days after the
      Indemnitees have knowledge of such Claims. 

     

    COMPANY
      agrees, at its own expense, to provide attorneys reasonably acceptable to GI
      to
      defend the Indemnitees against any such Claims; provided, however, that any
      Indemnitee shall have the right to retain its own counsel, at its
      own
      expense,
      if
      representation of such Indemnitee by the counsel retained by COMPANY would
      be
      inappropriate because of actual or potential differences in the interests of
      such Indemnitee and any other party represented by such counsel.

     

    The
      Indemnitees shall (i) permit COMPANY to assume full responsibility to
      investigate, prepare for and defend against any such Claims (including all
      decisions relative to litigation, appeal, and settlement), and (ii) assist
      COMPANY at the expense of COMPANY in the investigation, preparation and defense
      of any such Claims, and (iii) not compromise or settle such Claims without
      the
      prior consent of COMPANY.

     

    COMPANY
      shall keep GI informed of the progress in the defense and disposition of such
      Claims, and COMPANY shall consult with GI with regard to any proposed
      settlement. COMPANY shall not compromise or settle such Claims without the
      prior
      written consent of GI.

    

    7.3
      Insurance

     

    COMPANY
      shall obtain and carry in full force and effect commercial general liability
      insurance, including product liability and errors and omissions insurance,
      which
      shall protect COMPANY and the Indemnitees with respect to events covered by
      Section 7.1 above. The
      limit of
      insurance shall not be less than [***] USD ([***] US Dollar) per incident.
      COMPANY shall provide GI with certificates of insurance evidencing compliance
      with this Section 7.3.

    

    

    
      
        Portions
          of this Exhibit were omitted and have been filed separately with the Secretary
          of the Commission pursuant to the Company’s application requesting confidential
          treatment under Rule 406 of the Securities Act.

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      8 -
      CONFIDENTIALITY

    

    8.1
      Confidentiality
      Obligation 

     

    This
      Agreement and any Confidential Information disclosed to a Party under this
      Agreement by the other Party shall be treated confidential by the receiving
      Party during the Term and for 5 (five) years thereafter. The receiving Party
      shall not use the Confidential Information for any purposes other than those
      necessary to directly further the purpose of this Agreement. 

    

    8.2
      Permitted
      Disclosures

     

    A
      Party
      may disclose Confidential Information received from a disclosing Party under
      this Agreement:

     

    
      	(a)  	
              to
                Regulatory Authorities in connection with regulatory filings, provided
                that such disclosures may be made only to the extent reasonably necessary
                to make such filings;

            

    

    
      	(b)  	
              to
                Sublicensees, agents, consultants, attorneys and/or other Third Parties
                for the development, manufacturing and/or marketing of Licensed Products
                (or for such parties to determine their interest in performing such
                activities) in accordance with this Agreement on the condition that
                such
                Sublicensees and Third Parties agree to be bound by the confidentiality
                obligations contained in this
                Agreement;

            

    

    
      	(c)  	
              if
                such disclosure is required by law or regulation (including without
                limitation by rules or regulations of any securities exchange), provided
                that prior to such disclosure, the obligated Party promptly notifies
                the
                disclosing Party of such requirement, and provided further that the
                obligated Party will furnish only that portion of the disclosing
                Party’s
                Confidential Information that it is legally required to
                furnish.

            

    

     

    Regarding
      the disclosure of this Agreement, (i) COMPANY may disclose a mutually agreed
      upon redacted copy of this Agreement on a confidential basis to prospective
      investors and collaborators,
      and
      (ii)
      GI may disclose a copy of this Agreement on a confidential basis to MPG and
      to
      the Other Co-Exclusive Licensees as set forth in Sec. 2.5.

    

    ARTICLE
      9 - TERM AND TERMINATION

    

    9.1
      Term

     

    This
      Agreement shall come into effect on the Effective Date. It shall remain in
      effect until the expiration or abandonment of all issued patents and filed
      patent applications within the MPG Patent Rights, unless it is earlier
      terminated in accordance with the provisions of this Agreement.

    

    
      
        Portions
          of this Exhibit were omitted and have been filed separately with the Secretary
          of the Commission pursuant to the Company’s application requesting confidential
          treatment under Rule 406 of the Securities Act.

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    9.2
      Voluntary
      Termination by COMPANY

     

    COMPANY
      shall have the right to terminate this Agreement, for any reason, (i) upon
      at
      least 3 (three) months prior written notice to GI, such notice to state the
      date
      at least 3 (three) months in the future upon which termination is to be
      effective, and (ii) upon payment of all amounts due to GI accrued until such
      termination effective
      date.

    

    9.3
      Cessation
      of Business

     

    If
      COMPANY ceases to carry on its business related to this Agreement, COMPANY
      has
      to inform GI thereof immediately. COMPANY and GI shall each have the right
      to
      terminate this Agreement upon three months prior written notice to each
      other.

    

    9.4
      Change
      of Ownership

     

    In
      the
      event that at least [***]% ([***] percent) of issued and outstanding securities
      of COMPANY are assigned or transferred to a Third Party, COMPANY shall provide
      GI, upon GI’s request, with written reports in reasonable detail on the actual
      and intended future activities of COMPANY to develop and commercialize
      Licensed
      Products. If COMPANY does not maintain a program to develop and commercialize
      Licensed Products that is substantially similar or greater in scope to the
      program of COMPANY prior to the change of ownership, then GI has the right
      to
      limit the scope and exclusivity of the license granted under this Agreement
      to
      such Licensed Products actually covered by the program of COMPANY. COMPANY
      shall
      inform GI promptly
      of the
      implementation of any such change of ownership.

    

    9.5
      Attack
      on MPG Patent Rights

     

    GI
      shall
      have the right to terminate this Agreement upon 30 days prior written notice
      to
      COMPANY, if COMPANY attacks (e.g. by opposition, revocation or nullity actions),
      or have attacked or supports an attack through a Third Party, the validity
      of
      any of the MPG Patent Rights. For the avoidance of doubt, participation of
      COMPANY in an interference proceeding between the MPG Patent Rights and patents
      owned by COMPANY shall not be deemed as an attack of MPG Patent Rights under
      this Section 9.5; provided that such interference proceeding is initiated by
      the
      patent office, and not by, or induced or triggered by, COMPANY. 

    

    9.6
      Termination
      for Default

     

    In
      the
      event COMPANY fails to pay any amounts due and payable to GI hereunder, and
      fails to make such payments within 30 (thirty) days after receiving written
      notice of such failure, GI may terminate this Agreement immediately upon written
      notice to COMPANY. Notwithstanding the foregoing, in the event COMPANY commits
      a
      material breach of its obligations under this Agreement, and fails to cure
      that
      breach within 60 (sixty) days after receiving written notice thereof, GI may
      terminate this Agreement immediately upon written notice to
      COMPANY.

     

    9.7
      Effect
      of Termination

     

    The
      following provisions shall survive the expiration or termination of this
      Agreement: Articles 1, 3, 5.7, 5.8, 5.9, 5.10, 7, 8, 10 and Section 9.7. In
      no
      event shall termination of this Agreement release COMPANY (including its
      Affiliates and Sublicensees) from the obligation to pay any amounts that became
      due on or before the effective date of termination.

     

    In
      the
      event that any license granted by GI to COMPANY under this Agreement is
      terminated, any sublicense granted by COMPANY to a Sublicensee prior to
      termination of this Agreement shall remain in full force and effect, provided
      that (i)
      the
      Sublicensee is not then in breach of its sublicense agreement, and
      (ii)
      the
      Sublicensee agrees in writing, within thirty (30) days after the effective
      date
      of termination, to be bound to GI as licensor under the terms and conditions
      of
      the sublicense agreement, provided that GI shall have no other obligation than
      to leave the sublicense granted by COMPANY in place.

    

    9.8
      Insolvency 

     

    This
      Agreement shall terminate automatically upon (i) the filing or institution
      of
      bankruptcy, reorganization, liquidation, insolvency or receivership proceedings
      by or against COMPANY, or (ii) the assignment of all or a substantial portion
      of
      the assets of COMPANY for the benefit of creditors. 

    

    
      
        Portions
          of this Exhibit were omitted and have been filed separately with the Secretary
          of the Commission pursuant to the Company’s application requesting confidential
          treatment under Rule 406 of the Securities Act.

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    ARTICLE
      10 - MISCELLANEOUS

    

    10.1
      Notice

     

    Any
      notices required or permitted under this Agreement shall be in English and
      in
      writing, shall specifically refer to this Agreement, and shall be sent to the
      following addresses or facsimile numbers of the Parties:

    

    
      	
              If
                to GI:

            	
              Garching
                Innovation GmbH

            
	 	
              Marstallstrasse
                8

            
	 	
              D-80539
                Muenchen/Germany

            
	 	
              Fax:
                +49/89/290919-99

            
	 	 
	
              If
                to COMPANY:

            	
              Rosetta
                Genomics Ltd.

            
	 	
              10
                Plaut Street

            
	 	
              Rehovot
                76706, Israel

            
	 	
              Fax
                +97289484766

            

    

    

    A
      Party
      may change its contact information immediately upon written notice to the other
      Party in the manner provided in this Section.

    

    10.2
      Governing
      Law

     

    This
      Agreement and all disputes arising out of or related to this Agreement, or
      the
      performance, enforcement, breach or termination hereof, and any remedies
      relating thereto, shall be construed, governed, interpreted and applied in
      accordance with the laws of the Federal Republic of Germany, except that
      questions affecting the construction and effect of any patent shall be
      determined by the law of the country in which the patent shall have been
      granted.

    

    10.3
      Dispute
      Resolution

     

    (a) The
      Parties recognize that disputes may from time to time arise between the Parties
      during the Term. In the event of such a dispute, a Party, by written notice
      to
      the other Party, may have such dispute referred to the Parties’ respective
      officers or directors designated below or their successors, for attempted
      resolution by good faith negotiations within 30 days after such notice is
      received. Said designated officers or directors are as follows:

     

    
      	
              For
                COMPANY:

            	
              Chief
                Executive Officer

            	 
	
              For
                GI:

            	
              Managing
                Director

            	 

    

    

    (b) In
      the
      event the designated officers or directors are not able to resolve such dispute
      during such 30-day period, then the affected Party may initiate arbitration
      under the procedural arbitration rules of the American Arbitration
      Association
      in
      accordance with its International Arbitration Rules.
      The
      venue for the arbitration procedure shall be London, United Kingdom, the
      language shall be English, German substantive law shall be applied, and the
      panel shall consist of three arbitrators appointed in accordance with such
      arbitration rules. The award of the arbitrators shall be the sole and exclusive
      remedy between the affected Parties regarding any such dispute. An award
      rendered in connection with an arbitration pursuant to this Section 10.3 shall
      be final and binding upon the affected Parties.

    

    
      
        Portions
          of this Exhibit were omitted and have been filed separately with the Secretary
          of the Commission pursuant to the Company’s application requesting confidential
          treatment under Rule 406 of the Securities Act.

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (c) In
      the
      event of a dispute relating to  

     

    
      	(i)   
               	
              whether
                a Licensed Product would, absent the license granted hereunder, infringe
                the MPG Patent Rights, or

            

    

    
      	(ii)  
               	
              whether
                a Licensed Product is sold in a Combination Product form,
                or

            

    

    
      	(iii) 
               	
              the
                determination of a MPG Patent Rights Value in the event of sublicenses
                for
                pooled technologies, or

            

    

    
      	(iv) 
               	
              the
                determination of a fair market
                value,

            

    

     

    the
      disputing Party shall, in connection with its attempt according to Subsection
      (a) above to resolve such disputes, include or involve experienced Third Parties
      appointed by them (e.g. certified public accountants, patent attorneys, lawyers)
      in their good faith negotiations,
      and in
      rendering judgment, the arbitrators will be instructed by the Parties that
      they
      can only select from between the proposals for resolution of the relevant issue
      presented by each Party, and not any other proposal.

    

    (d) Nothing
      in this Section 10.3 shall be construed as limiting in any way the right of
      a
      Party to seek an injunction or interlocutory relief with respect to any actual
      or threatened breach of this Agreement.

    

    10.4
      Assignment
      and Transfer 

     

    This
      Agreement is personal to COMPANY, and neither this Agreement nor any rights
      or
      obligations may be assigned or otherwise transferred by COMPANY to a Third
      Party
      without the prior written consent of GI. Notwithstanding the foregoing, COMPANY
      may assign this Agreement to a Third Party in
      connection with the merger, consolidation, or sale of all or substantially
      all
      of its assets or that
      portion of their business to which this Agreement relates; provided, however,
      that this Agreement shall immediately terminate if the proposed Third Party
      assignee fails
      to
      agree in writing to be bound by the terms and conditions of this Agreement
      on or
      before the effective date of assignment. After the effective date of assignment,
      the Third
      Party assignee shall provide GI, upon GI’s request, with written reports in
      reasonable detail on the actual and intended future activities of the
Third
      Party assignee to develop and
      commercialize Licensed Products. If the Third Party assignee does not maintain
      a
      program to develop and commercialize Licensed Products that is substantially
      similar or greater in scope to the program of COMPANY after the effective date
      of assignment, then GI has the right to limit the scope of the exclusive license
      granted under this Agreement to such Licensed Products actually covered by
      the
      program of the Third Party assignee.

    

    10.5
      Amendment
      and Waiver

     

    This
      Agreement may be amended, supplemented, or otherwise modified only by means
      of a
      written instrument signed by all Parties. Any waiver of any rights or failure
      to
      act in a specific instance shall relate only to such instance and shall not
      be
      construed as an agreement to waive any rights or fail to act in any other
      instance, whether or not similar.

     

    10.6
      Severability

     

    Should
      one ore more of the provisions of this Agreement be held void, invalid or
      unenforceable under applicable law, the remaining provisions of this Agreement
      will not cease to be effective. The Parties shall negotiate in good faith to
      replace such void, invalid or unenforceable provision by a new provision which
      reflects, to the extent possible, the original intent of the
      Parties.

    

    10.7
      Headings

     

    All
      headings are for convenience only and shall not affect the meaning of any
      provision of this Agreement.

    

    10.8
      Entire
      Agreement

     

    This
      Agreement contains the entire understanding of the Parties with respect to
      the
      subject matter hereof, and any previous agreements and understandings, whether
      oral or written, made by the Parties on the same subject matter are expressly
      superseded by this Agreement. 

    

    
      
        Portions
          of this Exhibit were omitted and have been filed separately with the Secretary
          of the Commission pursuant to the Company’s application requesting confidential
          treatment under Rule 406 of the Securities Act.

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    10.9
      Force
      Majeure

     

    Neither
      Party will be deemed to be in default of this Agreement for failure or delay
      of
      the performance of its obligations or attempts to cure any breach of this
      Agreement, when such failure or delay is caused by or results from causes beyond
      the reasonable control of or not reasonably avoidable by the affected Party,
      including, without limitation, embargoes, acts of war, strikes, lockouts or
      other labour disturbances. The affected Party will notify the other Party of
      such force majeure circumstances as soon as reasonably practical and will make
      every reasonable effort to mitigate the effects of such force majeure
      circumstances. In case of such a force majeure event, the time for performance
      or cure will be extended for the period equal to the duration of such force
      majeure event. Should the duration of the force majeure event exceed more than
      three (3) months, each party shall be entitled to terminate this Agreement
      upon
      three (3) months prior written notice.

    

    10.10
      Relationship
      of the Parties

     

    It
      is
      expressly agreed that GI and COMPANY will be independent contractors and that
      the relationship among the Parties will not constitute a partnership, joint
      venture or agency. 

    

    10.11
      Press
      release

     

    Each
      Party may make public announcements with respect to the execution, nature and
      general subject matter of this Agreement. The Party which intends to make such
      public announcement shall provide to the other Party a copy thereof as soon
      as
      reasonably practicable under the circumstances, but not less than one week,
      prior to its scheduled release, requesting the approval of the other Party,
      which shall not be unreasonably withheld.

    

    In
      witness whereof, the Parties have caused this Agreement to be executed by their
      duly authorized representatives.

    

    

    
      	
              Garching
                Innovation GmbH

            	
              Rosetta
                Genomics Ltd.

            
	 	 	 	 
	 	 	 	 
	
              By:

            	 	
              By:

            	 
	
              Name:

            	
              Dr.
                Jörn Erselius

            	
              Name:

            	
              Amir
                Avniel

            
	
              Title:

            	
              Managing
                Director

            	
              Title:

            	
              Chief
                Executive Officer

            
	 	 	 	 
	
              Date:

            	 	
              Date:

            	 

    

    

     

    
 

    
      
        Portions
          of this Exhibit were omitted and have been filed separately with the Secretary
          of the Commission pursuant to the Company’s application requesting confidential
          treatment under Rule 406 of the Securities Act.

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Annex
      1

    MPG
      Patent Rights

    

    

    Patent
      applications filed by MPG entitled "Small expressed RNA molecules (MicroRNA
      molecules)":

    

    
      	·  	
              [***],

            

    

    
      	·  	
              [***],
                

            

    

    
      	·  	
              [***]
                and

            

    

    
      	·  	
              [***].

            

    

    

    

     

    
      
        Portions
          of this Exhibit were omitted and have been filed separately with the Secretary
          of the Commission pursuant to the Company’s application requesting confidential
          treatment under Rule 406 of the Securities Act.EXCLUSIVE
      LICENSE AGREEMENT

    

    

    

    BETWEEN

    

    THE
      JOHNS HOPKINS UNIVERSITY

    

    &

    

    ROSETTA
      GENOMICS LTD

    

    

    JHU
      Ref: # - 4950

     

     

     

    
      
        Portions
          of this Exhibit were omitted and have been filed separately with the Secretary
          of the Commission pursuant to the Company’s application requesting confidential
          treatment under Rule 406 of the Securities Act.

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    LICENSE
      AGREEMENT

    

    THIS
      LICENSE AGREEMENT (the “Agreement”) is entered into by and between THE JOHNS
      HOPKINS UNIVERSITY, a Maryland corporation having an address at 3400 N. Charles
      Street, Baltimore, Maryland, 21218-2695 (“JHU”) and Rosetta Genomics Ltd., an
      Israeli corporation having an address at 10 Plaut St. Rehovot (“Company”), with
      respect to the following:

    

    RECITALS

    

    WHEREAS,
      as a center for research and education, JHU is interested in licensing PATENT
      RIGHTS (hereinafter defined) in a manner that will benefit the public by
      facilitating the distribution of useful products and the utilization of new
      processes, but is without capacity to commercially develop, manufacture, and
      distribute any such products or processes; and

    

    WHEREAS,
      a valuable invention(s) entitled "Discovery of Human miRNAs and Their Evaluation
      with a Dicer KO" (JHU Ref. 4950) was developed during the course of research
      conducted at JHU by Drs. Jordan Cummins, Victor Velculescu, Kenneth Kinzler
      and
      Bert Vogelstein (all hereinafter, "Inventors"). Dr. Vogelstein is an employee
      of
      Howard Hughes Medical Institute (hereinafter “HHMI”); and

    

    WHEREAS,
      JHU has acquired through assignment all rights, title and interest, with the
      exception of certain retained rights by the United States Government and HHMI,
      in its interest in said valuable inventions; and

    

    WHEREAS,
      Company desires to obtain certain exclusive rights in such inventions as herein
      provided to research, commercially develop, manufacture, produce, commercialize,
      use, import, sell and distribute products and processes based upon or embodying
      said valuable inventions throughout the world;

    

    NOW
      THEREFORE, in consideration of the premises and the mutual promises and
      covenants contained in this Agreement, and for other good and valuable
      consideration, the receipt and sufficiency of which is hereby acknowledged,
      the
      parties hereto agree as follows:

    

    ARTICLE
      1

    DEFINITIONS

    

    All
      references to particular Exhibits, Articles or Paragraphs shall mean the
      Exhibits to, and Paragraphs and Articles of, this Agreement, unless otherwise
      specified. For the purposes of this Agreement and the Exhibits hereto, the
      following words and phrases shall have the following meanings:

    

    1.1 "AFFILIATED
      COMPANY" as
      used
      herein in either singular or plural shall
      mean any corporation, company, partnership, joint venture or other entity,
      which
      controls, is controlled by or is under common control with Company. For purposes
      of this Paragraph 1.1, control shall mean the ability to direct the activities
      of the relevant entity, and shall include without limitation direct or indirect
      (i) ownership of at least fifty percent (50%) of the outstanding voting stock
      or
      other ownership interest of the other organization or entity, or (ii) possession
      of the power to elect or appoint at least fifty percent (50%) of the members
      of
      the governing body of the organization or other entity. 

    

    
      
        Portions
          of this Exhibit were omitted and have been filed separately with the Secretary
          of the Commission pursuant to the Company’s application requesting confidential
          treatment under Rule 406 of the Securities Act.

        
        

      

      
        Page
          1

        
          

        

      

      
        
        

      

    

    1.2 “EFFECTIVE
      DATE"
      of this
      License Agreement shall mean the date the last party hereto has executed this
      Agreement. 

    

    1.3 "EXCLUSIVE
      LICENSE"
      shall
      mean the exclusive grant by JHU to Company of its entire right and interest
      in
      the PATENT RIGHTS subject to rights retained by the United States Government,
      if
      any, in accordance with the Bayh-Dole Act of 1980 (established by P.L. 96-517
      and amended by P.L. 98-620, codified at 35 USC § 200 et. seq. and implemented
      according to 37 CFR Part 401), and subject to the retained right of JHU and
      HHMI
      to make, have made, provide and use for their and The Johns Hopkins Health
      Systems' purposes LICENSED PRODUCT(S), including the ability to distribute
      any
      biological material disclosed and/or claimed in PATENT RIGHTS for non-commercial
      and nonprofit academic research use to non-commercial entities as is customary
      in the scientific community.  

    

    1.4 "LICENSED
      PRODUCT(S)"
      as used
      herein in either singular or plural shall mean any process or method, material,
      compositions, drug, or other product or service, the manufacture, use, provision
      or sale of which would constitute, but for the license granted to Company
      pursuant to this Agreement, an infringement of a VALID CLAIM of PATENT RIGHTS
      relating to a nucleic acid sequence (infringement shall include, but is not
      limited to, direct, contributory, or inducement to infringe). 

    

    1.5 "NET
      SALES"
      shall
      mean gross sales revenues and fees billed by Company and AFFILIATED COMPANY
      from
      the sale of LICENSED PRODUCT(S) less (i) customary trade, quantity, or cash
      discounts to the extent actually allowed and taken; (ii) amounts repaid or
      credited by reason of price adjustment, recall rejection or return; and (iii)
      to
      the extent separately stated on purchase orders, invoices, or other documents
      of
      sale, any taxes or other governmental charges levied on the production, sale,
      transportation, delivery, or use of a LICENSED PRODUCTS, (iv) rebates and
      chargebacks, including without limitation rebates to governmental or managed
      care organizations; and (v) amounts received in respect of packing, freight,
      shipping and insurance charges applicable to the LICENSED PRODUCTS sold.

    

    If
      a
      LICENSED PRODUCT is sold or provided as part of a combination,
      then:

    

    (i) In
      the
      event that Company or an AFFILIATED COMPANY sells or provides for any
      non-therapeutic purpose a LICENSED PRODUCT, which LICENSED PRODUCT (i) is a
      nucleic acid sequence that is a LICENSED PRODUCT or (ii) is designed to detect
      or modulate a nucleic acid sequence that is a LICENSED PRODUCT, in combination
      with another nucleic acid sequence which is not a LICENSED PRODUCT or is
      designed to detect or modulate another nucleic acid sequence which is not a
      LICENSED PRODUCT (“Other Sequence”), the NET SALES for purposes of royalty
      payments shall be calculated by [***]. However, in no event shall any such
      credit be applied to reduce the amount payable hereunder in respect of any
      such
      LICENSED PRODUCT to less than [***] percent ([***]%) of that amount which would
      otherwise have been paid or payable to JHU in respect thereof in accordance
      with
      the terms of the Agreement and prior to any credit for Other Sequences available
      under this paragraph;

    

    
      
        Portions
          of this Exhibit were omitted and have been filed separately with the Secretary
          of the Commission pursuant to the Company’s application requesting confidential
          treatment under Rule 406 of the Securities Act.

        
        

      

      
        Page
          2

        
          

        

      

      
        
        

      

    

    (ii) In
      the
      event that Company or an AFFILIATED COMPANY sells, in a particular country
      during a particular year, a LICENSED PRODUCT for therapeutic purposes in
      combination with a therapeutic product which is not a LICENSED PRODUCT and
      when
      combined with a LICENSED PRODUCT specifically enhances the activity and/or
      efficacy of the LICENSED PRODUCT and/or acts synergistically with the LICENSED
      PRODUCT (“Other Items”), the NET SALES for purposes of royalty payments shall be
      calculated as follows:

    

    (a)
       If
      all
      LICENSED PRODUCTS and Other Items contained in the combination are available
      separately in the particular country during such year, the NET SALES for
      purposes of royalty payments will be calculated by [***] is the [***] in the
      [***] in the [***] is the s[***] in the [***] in the [***]. 

    

    (b) If
      the
      combination includes Other Items which are not sold separately in the particular
      country during such year (but all LICENSED PRODUCTS contained in the combination
      are available separately in the particular country during such year), the NET
      SALES for purposes of royalty payments will be calculated by [***].

    

    (c) If
      the
      LICENSED PRODUCTS contained in the combination are not sold separately, the
      parties agree to negotiate a reduction in the royalty rate to reflect the fair
      value that the LICENSED PRODUCT attributed to the overall product sold, but
      in
      no event shall the royalty rates be reduced by greater than [***] percent
      ([***]%). 

    

    The
      term
      "Other Items" does not include solvents, diluents, carriers, excipients, buffers
      or the like used in formulating a product; however, 

    

    (iii) In
      no
      event shall Company apply the credit in both paragraphs (i) and (ii) above
      to
      the same sale of a LICENSED PRODUCT.

    

    1.6 "PATENT
      RIGHTS"
      shall
      mean the (i) U.S. patent application Serial No. 60/ , filed on ______________,
      and assigned to JHU entitled “Discovery of Human miRNAs and Their Evaluation
      with a Dicer KO” and the invention disclosed and claimed therein, (ii) all
      continuations, divisions, and reissues based thereon, (iii) claims of
      continuation-in-part applications directed to subject matter specifically
      described in (i), (iv) any corresponding foreign patent applications, and (v)
      any U.S. patents, or foreign patents issuing, granted or registered on any
      of
      (i) through (iv).

     

    1.7 “ROYALTY
      TERM”
shall
      mean, with respect to each LICENSED PRODUCT in each country, the period during
      which there is a VALID CLAIM. 

    

    
      
        Portions
          of this Exhibit were omitted and have been filed separately with the Secretary
          of the Commission pursuant to the Company’s application requesting confidential
          treatment under Rule 406 of the Securities Act.

        
        

      

      
        Page
          3

        
          

        

      

      
        
        

      

    

    1.8 “SUBLICENSEE(S)”
      as
      used
      herein in either singular or plural shall mean any person or entity other than
      an AFFILIATED COMPANY to which Company has granted a sublicense to some or
      all
      of the rights granted to COMPANY under this Agreement.

    

    1.9 “VALID
      CLAIM” shall
      mean either: (a) a claim of an issued and unexpired patent included within
      the
      PATENT RIGHTS which has not been revoked or held unenforceable, unpatentable
      or
      invalid by a decision of a court or other governmental agency of competent
      jurisdiction, unappealable or unappealed within the time allowed for appeal,
      and
      which has not been disclaimed, denied or admitted to be invalid or unenforceable
      through reexamination, reissue, disclaimer or otherwise; or (b) a claim of
      a
      pending patent application included within the PATENT RIGHTS, which claim has
      not been abandoned or finally disallowed without the possibility of appeal
      or
      refiling of such application, and has been pending for less than six (6) years
      from the date such claim was filed in a first national filing non-provisional
      patent application in the country of interest and has not been (i) canceled,
      (ii) withdrawn from consideration, (iii) finally determined to be unallowable
      by
      the applicable governmental authority (and from which no appeal is or can be
      taken), or (iv) abandoned. 

    

    ARTICLE
      2

    LICENSE
      GRANT

    

    2.1 Grant.
      Subject
      to the terms and conditions of this Agreement, JHU hereby grants to Company
      an
      EXCLUSIVE LICENSE to make, have made, manufacture, provide, use, import,
      commercialize, distribute, offer for sale and sell the LICENSED PRODUCT(S)
      in
      the United States and worldwide under the PATENT RIGHTS. This
      Grant shall apply to the Company and any AFFILIATED COMPANY, except that any
      AFFILIATED COMPANY shall not have the right to grant a sublicense to others
      as
      set forth in Paragraph 2.2 below. If any AFFILIATED COMPANY exercises rights
      under this Agreement, such AFFILIATED COMPANY shall be bound by all terms and
      conditions of this Agreement, including but not limited to indemnity and
      insurance provisions and royalty payments, which shall apply to the exercise
      of
      the rights, to the same extent as would apply had this Agreement been directly
      between JHU and the AFFILIATED COMPANY. In addition, Company shall remain fully
      liable to JHU for all acts and obligations of AFFILIATED COMPANY such that
      acts
      of the AFFILIATED COMPANY shall be considered acts of the Company. 

    

    2.2 Sublicense.
      Company
      may sublicense to others under this Agreement subject to the terms and
      conditions of this Paragraph 2.2. As a condition to its validity and
      enforceability, each sublicense agreement shall: (a) incorporate by reference
      the terms and conditions of this Agreement, (b) be consistent with the terms,
      conditions and limitations of this Agreement, (c) name JHU and HHMI as an
      intended third party beneficiaries of the obligations of SUBLICENSEE without
      imposition of obligation or liability on the part of JHU, HHMI or their
      Inventors to the SUBLICENSEE, and (d) specifically incorporate Paragraphs 6.2
      “Representations by JHU”, 7.1 “Indemnification”, 10.1 “Use of Name”, 10.4
“Product Liability” into the body of the sublicense agreement, and cause the
      terms used in therein to have the same meaning as in this Agreement. Company
      shall promptly provide to JHU each sublicense agreement, executed by both
      Company and SUBLICENSEE. To the extent that any terms, conditions or limitations
      of any sublicense agreement are inconsistent with this Agreement, those terms,
      conditions and limitations are null and void against JHU and HHMI.

    

    
      
        Portions
          of this Exhibit were omitted and have been filed separately with the Secretary
          of the Commission pursuant to the Company’s application requesting confidential
          treatment under Rule 406 of the Securities Act.

        
        

      

      
        Page
          4

        
          

        

      

      
        
        

      

    

    2.3
       Government
      Rights. The
      United States Government may have acquired a nonexclusive, nontransferable,
      irrevocable, paid-up license to practice or have practiced for or on behalf
      of
      the United States the inventions described in PATENT RIGHTS throughout the
      world. The rights granted herein are additionally subject to: (i) the
      requirement that any LICENSED PRODUCT(S) produced for use or sale within the
      United States shall be substantially manufactured in the United States (unless
      a
      waiver under 35 USC § 204 or equivalent is granted by the appropriate United
      States government agency), (ii) the right of the United States government to
      require JHU, or its licensees, including Company, to grant sublicenses to
      responsible applicants on reasonable terms when necessary to fulfill health
      or
      safety needs, and, (iii) other rights acquired by the United States government
      under the laws and regulations applicable to the grant/contract award under
      which the inventions were made. 

    

    ARTICLE
      3

    FEES,
      ROYALTIES, & PAYMENTS

    

    3.1 License
      Fee. Company
      shall pay to JHU within thirty (30) days of the EFFECTIVE DATE of this
      Agreement a license fee as set forth in Exhibit
      A.
      JHU
      will not submit an invoice for the license fee, which is nonrefundable and
      shall
      not be credited against royalties or other fees. 

    

    3.2
       Minimum
      Annual Royalties. Company
      shall pay to JHU minimum annual royalties as set forth in Exhibit
      A.
      Such
      minimum annual royalties shall be due, without invoice from JHU, within [***]
      of
      each anniversary of the EFFECTIVE DATE beginning with the first anniversary
      until the expiration of the ROYALTY TERM. Running royalties accrued under
      Paragraph 3.3 and paid to JHU during the one year period preceding an
      anniversary of the EFFECTIVE DATE shall be credited against the minimum annual
      royalties due on that anniversary date.

    

    3.3 Running
      Royalties. Company
      shall pay to JHU a running royalty as set forth in Exhibit
      A,
      for
      each LICENSED PRODUCT(S) sold or provided by Company and AFFILIATED COMPANIES,
      based on NET SALES during the ROYALTY TERM. Such payments shall be made
      quarterly. 

    

    The
      royalties, and other amounts payable by Company to JHU pursuant to this
      Agreement (“Payments”) shall be reduced [***] applicable to such Payments, and
      are to be remitted [***], such that the actual maximum payment by the Company
      hereunder shall not exceed the amounts or the rates provided herein. JHU shall
      be responsible for paying [***]. If applicable laws require that [***], the
      Company shall (a) [***] amount, (b) [***], and (c) [***] therefor, and such
      other information as may be necessary [***]. 

    

    In
      the
      event any LICENSED PRODUCT shall be sold by Company to an AFFILIATED COMPANY,
      by
      an AFFILIATED COMPANY to Company, or among AFFILIATED COMPANIES for subsequent
      resale to an unaffiliated third party, then the royalty due hereunder shall
      be
      based upon [***] unaffiliated third party purchaser of such LICENSED
      PRODUCT.

    

    
      
        Portions
          of this Exhibit were omitted and have been filed separately with the Secretary
          of the Commission pursuant to the Company’s application requesting confidential
          treatment under Rule 406 of the Securities Act.

        
        

      

      
        Page
          5

        
          

        

      

      
        
        

      

    

    In
      the
      event that non-monetary consideration is received by Company or AFFILIATED
      COMPANIES from the sale of LICENSED PRODUCT in an arms-length transaction,
      [***]
      for such sale.

    

    In
      the
      event that (i) Company
      or
      an AFFILIATED COMPANY is required to make payment of royalties to non-AFFILIATES
      in order to obtain a license or similar rights from such non-AFFILIATES, in
      the
      absence of which license or rights Company could not make, use or sell a
      LICENSED PRODUCT and which rights are (in
      the
      reasonable opinion of Company’s counsel)
      necessary in order for Company to make, use or sell
      LICENSED
      PRODUCTS, and (ii) the total royalty burden on Company required to make, use
      or
      sell a LICENSED PRODUCT exceeds [***] percent ([***]%), then the royalty rate
      to
      be applied hereunder shall be calculated by the following:

    

    Adjusted
      JHU Royalty = [***]% x [***]

    

    [***].
      However, in no event shall any such adjustment reduce the royalty rate hereunder
      in respect of any such Licensed Product to less than [***] percent
      ([***]%).

    

    3.4 Royalty
      Floor. In
      no
      event shall any credits or royalty adjustments be applied to reduce the amount
      payable to JHU in respect of any LICENSED PRODUCT to less than [***] percent
      ([***]%) of NET SALES, where the definition of NET SALES for the purposes of
      this Paragraph 3.4 is limited to the first paragraph of Paragraph
      1.5.

    

    3.5 Sublicense
      Consideration.
      Company
      shall pay to JHU a percentage of consideration received for sublicenses under
      this Agreement as set forth in Exhibit
      A.
      This
      sublicense consideration shall be due, without the need for invoice from JHU,
      within [***] of the effective date of each sublicense agreement (running
      royalties shall be paid quarterly). Such consideration shall mean consideration
      of any kind received by the Company or AFFILIATED COMPANIES from a
      SUBLICENSEE(S) for the grant of a sublicense under this Agreement, such as
      upfront fees, milestone fees, running royalties on LICENSED PRODUCTS and
      including any premium paid by the SUBLICENSEE(S) over Fair Market Value for
      stock of the Company or an AFFILIATED COMPANY in consideration for such
      sublicense. However, not included in such sublicense consideration are amounts
      paid to the Company or an AFFILIATED COMPANY by the SUBLICENSEE(S) for [***],
      each pursuant to a [***], or amounts paid by a SUBLICENSEE to [***]. The term
      "Fair Market Value" shall mean the average price that the stock in question
      is
      publicly trading at for twenty (20) trading days prior to the announcement
      of
      its purchase by the SUBLICENSEE(S) or if the stock is not publicly traded,
      the
      value of such stock as determined by the higher of (i) the most recent private
      financing through a financial investor (an entity whose sole interest in the
      Company or AFFILIATED COMPANY is financial) of the Company or AFFILIATED COMPANY
      that issued the shares, and at Company’s option and expense (ii) the independent
      valuation by an accounting or other financial services firm mutually acceptable
      to JHU and Company. 

    

    
      
        Portions
          of this Exhibit were omitted and have been filed separately with the Secretary
          of the Commission pursuant to the Company’s application requesting confidential
          treatment under Rule 406 of the Securities Act.

        
        

      

      
        Page
          6

        
          

        

      

      
        
        

      

    

    3.6 Patent
      Reimbursement. In
      accordance with Paragraph 4.1 below, Company will reimburse JHU, within thirty
      (30) days of the receipt of an invoice from JHU, for all costs associated with
      the preparation, filing, maintenance, and prosecution of PATENT RIGHTS incurred
      by JHU subsequent to the EFFECTIVE DATE of this Agreement. 

    

    3.7 Form
      of Payment. All
      payments under this Agreement shall be made in U.S. Dollars. Checks are to
      be
      made payable to “The Johns Hopkins University". Wire transfers may be made
      through:

    

    Bank
      of
      America

    NY,
      NY

    

    Johns
      Hopkins University Central Lockbox

    Transit/Routing/ABA
      number: 026009593

    SWIFT
      code: BOFAUS3N

    CHIPS
      ABA
      number: None

    Account
      Number: 003936830516

    Type
      of
      account: Depository

    Reference:
      JHU Tech Transfer

    (JHU
      REF.
      4950)

    Attn:
      Financial Manager

    

    Company
      shall be responsible for any and all costs associated with wire transfers.
      

    

    3.8 Late
      Payments.
      In the
      event that any payment due hereunder is not made when due, the payment shall
      accrue interest beginning on the [***] following the due date thereof,
      calculated at the annual rate of the sum of (a) [***] percent ([***]%) plus
      (b)
      the prime interest rate quoted by The Wall Street Journal on the date said
      payment is due, the interest being compounded on the last day of each calendar
      quarter, provided however, that in no event shall said annual interest rate
      exceed the maximum legal interest rate for corporations. Each such payment
      when
      made shall be accompanied by all interest so accrued. Said interest and the
      payment and acceptance thereof shall not negate or waive the right of JHU to
      seek any other remedy, legal or equitable, to which it may be entitled because
      of the delinquency of any payment including, but not limited to termination
      of
      this Agreement as set forth in Paragraph 9.2.

    

    3.9 Invoicing
      and Receipts.
      Company
      may at their option and expense provide along with any payment to JHU a receipt
      for such payment along with a self-addressed, postage paid envelope. If such
      payment is correct and processed by JHU, JHU shall promptly sign and return
      such
      receipt to Company. 

     

    
      
        Portions
          of this Exhibit were omitted and have been filed separately with the Secretary
          of the Commission pursuant to the Company’s application requesting confidential
          treatment under Rule 406 of the Securities Act.

        
        

      

      
        Page
          7

        
          

        

      

      
        
        

      

    

    ARTICLE
      4

    PATENT
      PROSECUTION, MAINTENANCE, & INFRINGEMENT

    

    4.1 Prosecution
      & Maintenance.
      JHU, at
      Company's expense (except as provided below), and following reasonable
      consultation with Company (as provided below), shall file, prosecute and
      maintain all patents and patent applications specified under PATENT RIGHTS
      and,
      subject to the terms and conditions of this Agreement, Company shall be licensed
      thereunder. Title to all such patents and patent applications shall reside
      in
      JHU. JHU shall have full and complete control over all patent matters in
      connection therewith under the PATENT RIGHTS, provided however, that JHU shall
      (a) cause its patent counsel to timely copy Company on all official actions
      and
      written correspondence with any patent office, and (b) allow Company an
      opportunity to comment and advise JHU. JHU shall consider and reasonably
      incorporate all comments and advice provided by Company. By concurrent written
      notification to JHU and its patent counsel at least thirty (30) days in advance
      (or later at JHU’s discretion) of any filing or response deadline, or fee due
      date, Company may elect not to have a patent application filed in any particular
      country or not to pay expenses associated with prosecuting or maintaining any
      patent application or patent, provided that Company pays for all costs incurred
      up to the date of JHU’s receipt of such notification. Failure to provide such
      notification can be considered by JHU to be Company’s authorization to proceed
      with the relevant filing at Company’s expense. Upon such notification, JHU may
      file, prosecute, and/or maintain such patent applications or patent at its
      own
      expense and for its own benefit, and any rights or license granted hereunder
      held by Company, AFFILIATED COMPANIES or SUBLICENSEE(S) relating to the PATENT
      RIGHTS which comprise the subject of such patent applications or patent and/or
      apply to the particular country, shall terminate.

    

    4.2 Notification.  Each
      party will notify the other promptly in writing when any infringement by a
      third
      party is uncovered or suspected. 

    

    4.3 Infringement.
      Company
      shall have the first right, but not the obligation, to enforce any patent within
      PATENT RIGHTS against any infringement or alleged infringement thereof, and
      shall at all times keep JHU informed as to the status thereof. Before Company
      commences an action with respect to any infringement of such patents, Company
      shall give careful consideration to the views of JHU and to potential effects
      on
      the public interest in making its decision whether or not to sue. Thereafter,
      Company may, at its own expense, institute suit against any such infringer
      or
      alleged infringer and control and defend such suit in a manner consistent with
      the terms and provisions hereof and recover any damages, awards or settlements
      resulting therefrom, subject to Paragraph 4.5. However, no settlement, consent
      judgment or other voluntary final disposition of the suit may be entered into
      without the prior written consent of JHU, which consent shall not be
      unreasonably withheld. This right to sue for infringement shall not be used
      in
      an arbitrary or capricious manner. JHU shall reasonably cooperate in any such
      litigation at Company's expense, including the joining of JHU and its AFFILIATED
      COMPANIES as a party to such action, as may be required by the law of the
      particular forum where enforcement is being sought. 

    

    If
      Company elects not to enforce any patent within the PATENT RIGHTS, then it
      shall
      so notify JHU in writing within ninety (90) days of receiving notice that an
      infringement exists, and JHU may, in its sole judgment and at its own expense,
      take steps to enforce any patent and control, settle, and defend such suit
      in a
      manner consistent with the terms and provisions hereof, and recover, for its
      own
      account, any damages, awards or settlements resulting therefrom.

    

    
      
        Portions
          of this Exhibit were omitted and have been filed separately with the Secretary
          of the Commission pursuant to the Company’s application requesting confidential
          treatment under Rule 406 of the Securities Act.

        
        

      

      
        Page
          8

        
          

        

      

      
        
        

      

    

    4.4 Patent
      Invalidity Suit.
      If a
      declaratory judgment action is brought naming Company as a defendant and
      alleging invalidity of any of the PATENT RIGHTS, JHU may elect to take over
      the
      sole defense of the action at its own expense. Company shall cooperate fully
      with JHU in connection with any such action. 

    

    4.5 Recovery.
      Any
      recovery by Company under Paragraph 4.3 shall be deemed to reflect loss of
      commercial sales, and Company shall pay to JHU [***] percent ([***]%) of the
      recovery net of all reasonable costs and expenses associated with each suit
      or
      settlement. If the cost and expenses exceed the recovery, then [***] of the
      excess shall be credited against royalties payable by Company to JHU hereunder
      in connection with sales of LICENSED PRODUCT covered in the PATENT RIGHTS which
      are the subject of the infringement suit, in the country of such legal
      proceedings, provided, however, that any such credit under this Paragraph shall
      not exceed [***] percent ([***]%) of the royalties otherwise payable to JHU
      with
      regard to sales in the country of such action in any one calendar year, with
      any
      excess credit being carried forward to future calendar years.

    

    ARTICLE
      5

    OBLIGATIONS
      OF THE PARTIES

    

    5.1 Reports.
      Company
      shall provide to JHU the following written reports according to the following
      schedules, all of which shall be treated as Confidential Information of the
      Company.

    

    (a)
      Company shall provide quarterly Royalty Reports, substantially in the format
      of
Exhibit
      B
      and due
      within [***] of the end of each calendar quarter following the first commercial
      sale of a LICENSED PRODUCT. Royalty Reports shall disclose the amount of
      LICENSED PRODUCT(S) sold, the total NET SALES of such LICENSED PRODUCT(S),
      and
      the running royalties due to JHU as a result of NET SALES by Company, AFFILIATED
      COMPANIES and SUBLICENSEE(S) thereof. Payment of any such royalties due shall
      accompany such Royalty Reports. 

    

    (b)
      Until
      Company, an AFFILIATED COMPANY or a SUBLICENSEE(S) has achieved a first
      commercial sale of a LICENSED PRODUCT or LICENSED SERVICE, or
      received FDA market approval, Company shall provide semiannual Diligence
      Reports, due within [***] of the end of every June and December following the
      EFFECTIVE DATE of this Agreement. These Diligence Reports shall describe
      Company's, AFFILIATED COMPANIES or any SUBLICENSEE(S)'s technical efforts
      towards meeting its obligations under the terms of this Agreement. 

    

    (c)
      Company shall provide Annual Reports within [***] of the end of every December
      following the EFFECTIVE DATE of this Agreement. Annual Reports shall
      include:

     

    (i)
      evidence of insurance as required under Paragraph 10.4, or, a statement of
      why
      such insurance is not currently required, and

    (ii)
      identification of all AFFILIATED COMPANIES which have exercised rights pursuant
      to Paragraph 2.1, or, a statement that no AFFILIATED COMPANY has exercised
      such
      rights, and 

     

    
      
        Portions
          of this Exhibit were omitted and have been filed separately with the Secretary
          of the Commission pursuant to the Company’s application requesting confidential
          treatment under Rule 406 of the Securities Act.

        
        

      

      
        Page
          9

        
          

        

      

      
        
        

      

    

    (iii)
      notice of all FDA approvals of any LICENSED PRODUCT(S) obtained by COMPANY,
      AFFILIATED COMPANY or SUBLICENSEE, the patent(s) or patent application(s)
      licensed under this Agreement upon which such product or service is based,
      and
      the commercial name of such product or service, or, in the alternative, a
      statement that no FDA approvals have been obtained. 

    

    5.2 Records.
      Company
      shall make and retain, for a period of three (3) years following the period
      of
      each report required by Paragraph 5.1, true and accurate records, files and
      books of account containing all the data reasonably required for the full
      computation and verification of sales and other information required in
      Paragraph 5.1. Such books and records shall be in accordance with generally
      accepted accounting principles consistently applied. Company shall permit the
      inspection and copying of such records, files and books of account by JHU or
      its
      agents during regular business hours upon ten (10) business days' written notice
      to Company. Such inspection shall not be made more than once each calendar
      year.
      All costs of such inspection and copying shall be borne by JHU, provided that
      if
      any such inspection shall reveal that an underpayment has been made to JHU
      in
      the amount equal to [***] percent ([***]%) or more of such payment in any
      calendar year, such costs shall be borne by Company. As a condition to entering
      into any such agreement, Company shall include in any agreement with its
      AFFILIATED COMPANIES or its SUBLICENSEE(S) which permits such party to make,
      use, sell, provide or import the LICENSED PRODUCT(S), a provision requiring
      such
      party to retain records of sales of LICENSED PRODUCT(S) and other information
      as
      required in Paragraph 5.1 and permit JHU to inspect such records as required
      by
      this Paragraph. 

    

    5.3 Diligent
      Efforts. Company
      shall exercise commercially reasonable diligent efforts to develop and to
      introduce the LICENSED PRODUCT(S) into the commercial market as soon as
      practicable, consistent with sound and reasonable business practice and
      judgment; thereafter, until the expiration or termination of this Agreement,
      Company shall endeavor to keep LICENSED PRODUCT(S) reasonably available to
      the
      public. Company shall also exercise reasonable efforts to develop LICENSED
      PRODUCT(S) suitable for different indications within the LICENSED FIELD, so
      that
      the PATENT RIGHTS can be commercialized as broadly and as speedily as sound
      and
      reasonable business practice and judgment would deem practicable.

    

    5.3(a) No
      Warranty.
      Subject
      to Company’s obligations set forth in Section 5.3, for the removal of doubt,
      nothing contained in this Agreement shall be construed as a warranty by the
      Company that any development to be carried out as aforesaid will actually
      achieve its aims or any other results, and the Company makes no warranties
      whatsoever as to any results to be achieved in consequence of the carrying
      out
      of any such development. FURTHERMORE,
      THE COMPANY DOES NOT ASSUME ANY DUTY OR OBLIGATION TO SUCCEED IN ANY TRIAL,
      REGISTRATION OR COMMERCIALIZATION OF THE LICENSED PRODUCT(S), NOR DOES THE
      COMPANY MAKE ANY REPRESENTATION TO THE EFFECT THAT THE COMMERCIALIZATION OF
      THE
      LICENSED PRODUCT(S) WILL SUCCEED, OR THAT IT WILL BE ABLE TO SELL THE LICENSED
      PRODUCT(S) IN ANY QUANTITY. 

     

    
      
        Portions
          of this Exhibit were omitted and have been filed separately with the Secretary
          of the Commission pursuant to the Company’s application requesting confidential
          treatment under Rule 406 of the Securities Act.

        
        

      

      
        Page
          10

        
          

        

      

      
        
        

      

    

    5.4 Other
      Products. After
      (i)
      clinical evidence of efficacy or evidence of efficacy in an accepted preclinical
      animal model, and (ii) a commercially reasonable offer from a potential
      SUBLICENSEE, is provided in writing by JHU or by another party, to Company
      on or
      after three (3) years from the EFFECTIVE DATE, demonstrating the practicality
      of
      a particular market or use within the LICENSED FIELD which is not being
      developed or commercialized by Company, Company shall either provide JHU with
      a
      reasonable development plan and start development or attempt to reasonably
      sublicense the particular market or use to a third party. If within six (6)
      months of such notification by JHU, Company has not initiated such development
      efforts or have sublicensed, or then be working diligently to sublicense, that
      particular market or use, JHU may terminate Company’s license for such
      particular market or use. This Paragraph 5.4 shall not be applicable if Company
      reasonably demonstrates to JHU that commercializing such LICENSED PRODUCT(S)
      or
      LICENSED SERVICE(S) or granting such a sublicense in said market or use would
      have a potentially adverse commercial effect upon marketing or sales of the
      LICENSED PRODUCT(S) developed and being sold by Company. 

    

    5.5 Patent
      Acknowledgement. Company
      agrees that all packaging containing individual LICENSED PRODUCT(S) sold
      by
      Company, AFFILIATED COMPANIES and SUBLICENSEE(S) of Company will be marked
      with
      the number of the applicable patent(s) licensed hereunder in accordance with
      each country's patent laws. 

    

    ARTICLE
      6

    REPRESENTATIONS

    

    6.1 Duties
      of the Parties. JHU
      is
      not a commercial organization. It is an institute of research and education.
      Therefore, JHU has no ability to evaluate the commercial potential of any PATENT
      RIGHTS or LICENSED PRODUCT or other license or rights granted in this Agreement.
      It is therefore incumbent upon Company to evaluate the rights and products
      in
      question, to examine the materials and information provided by JHU, and to
      determine for itself the validity of any PATENT RIGHTS, its freedom to operate,
      and the value of any LICENSED PRODUCTS or other rights granted. 

    

    6.2 Representations
      by JHU.
      JHU
      warrants that it has good and marketable title to its interest in the inventions
      claimed under PATENT RIGHTS with the exception of certain retained rights of
      the
      United States Government, which may apply if any part of the JHU research was
      funded in whole or in part by the United States Government, and HHMI. JHU
      warrants and represents that it has no knowledge of any legal suit, proceeding
      or claim of ownership by a third party contesting JHU’s ownership or the
      validity of the PATENT RIGHTS. JHU does not warrant the validity of any patents
      or that practice under such patents shall be free of infringement. EXCEPT AS
      EXPRESSLY SET FORTH IN THIS PARAGRAPH 6.2, COMPANY, AFFILIATED COMPANIES AND
      SUBLICENSEE(S) AGREE THAT THE PATENT RIGHTS ARE PROVIDED "AS IS", AND THAT
      JHU
      MAKES NO REPRESENTATION OR WARRANTY WITH RESPECT TO THE PERFORMANCE OF LICENSED
      PRODUCT(S) INCLUDING THEIR SAFETY, EFFECTIVENESS, OR COMMERCIAL VIABILITY.
      JHU
      DISCLAIMS ALL WARRANTIES WITH REGARD TO PRODUCT(S) AND SERVICE(S) LICENSED
      UNDER
      THIS AGREEMENT, INCLUDING, BUT NOT LIMITED TO, ALL WARRANTIES, EXPRESSED OR
      IMPLIED, OF MERCHANTABILITY AND FITNESS FOR ANY PARTICULAR PURPOSE.
      NOTWITHSTANDING ANY OTHER PROVISION OF THIS AGREEMENT, JHU ADDITIONALLY
      DISCLAIMS ALL OBLIGATIONS AND LIABILITIES ON THE PART OF JHU AND INVENTORS,
      FOR
      DAMAGES, INCLUDING, BUT NOT LIMITED TO, DIRECT, INDIRECT, SPECIAL, AND
      CONSEQUENTIAL DAMAGES, ATTORNEYS' AND EXPERTS' FEES, AND COURT COSTS (EVEN
      IF
      JHU HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, FEES OR COSTS), ARISING
      OUT OF OR IN CONNECTION WITH THE MANUFACTURE, USE, OR SALE OF THE PRODUCT(S)
      AND
      SERVICE(S) LICENSED UNDER THIS AGREEMENT. COMPANY, AFFILIATED COMPANIES AND
      SUBLICENSEE(S) ASSUME ALL RESPONSIBILITY AND LIABILITY FOR LOSS OR DAMAGE CAUSED
      BY A PRODUCT AND/OR SERVICE MANUFACTURED, USED, OR SOLD BY COMPANY, ITS
      SUBLICENSEE(S) AND AFFILIATED COMPANIES WHICH IS A LICENSED PRODUCT(S) OR AS
      DEFINED IN THIS AGREEMENT. 

    

    
      
        Portions
          of this Exhibit were omitted and have been filed separately with the Secretary
          of the Commission pursuant to the Company’s application requesting confidential
          treatment under Rule 406 of the Securities Act.

        
        

      

      
        Page
          11

        
          

        

      

      
        
        

      

    

    6.3 Corporate
      Authority.
      Notwithstanding the foregoing, JHU hereby represents that it has the full power
      and authority to enter into this Agreement and to convey the rights herein
      conveyed.

    

    ARTICLE
      7

    INDEMNIFICATION

    

    7.1 Indemnification.
      JHU,
      HHMI and the Inventors will have no legal liability exposure to third parties
      if
      JHU does not license the LICENSED PRODUCT(S), and any royalties JHU, HHMI and
      the Inventors may receive is not adequate compensation for such legal liability
      exposure. Therefore, JHU requires Company to protect JHU, HHMI and Inventors
      from such exposure to the same manner and extent to which insurance, if
      available, would protect JHU, HHMI and Inventors. Furthermore, JHU, HHMI and
      the
      Inventors will not, under the provisions of this Agreement or otherwise, have
      control over the manner in which Company or its AFFILIATED COMPANIES or its
      SUBLICENSEE(S) or those operating for its account or third parties who purchase
      LICENSED PRODUCT(S) from any of the foregoing entities, develop, manufacture,
      market or practice the inventions of LICENSED PRODUCT(S). 

    

    (a)
       Company,
      AFFILIATED COMPANY and SUBLICENSEE shall indemnify, defend with counsel
      reasonably acceptable to JHU, and hold JHU, The Johns Hopkins Health Systems,
      their present and former trustees, officers, Inventors of PATENT RIGHTS, agents,
      faculty, employees and students harmless as against any judgments, fees,
      expenses, or other costs arising from or incidental to any product liability
      or
      other lawsuit, claim, demand or other action brought as a consequence of the
      practice of said inventions by any of the foregoing entities, whether or not
      JHU
      or said Inventors, either jointly or severally, is named as a party defendant
      in
      any such lawsuit and whether or not JHU or the Inventors are alleged to be
      negligent or otherwise responsible for any injuries to persons or property.
      Practice of the inventions covered by LICENSED PRODUCT(S) by an AFFILIATED
      COMPANY or an agent or a SUBLICENSEE(S) or a third party on behalf of or for
      the
      account of Company or by a third party who purchases LICENSED PRODUCT(S) from
      Company, shall be considered Company's practice of said inventions for purposes
      of this Paragraph. The obligation of Company to defend and indemnify as set
      out
      in this Paragraph 7.1(a) shall survive the termination of this Agreement, shall
      continue even after assignment of rights and responsibilities to an AFFILIATED
      COMPANY or SUBLICENSEE, and shall not be limited by any other limitation of
      liability elsewhere in this Agreement. 

    

    
      
        Portions
          of this Exhibit were omitted and have been filed separately with the Secretary
          of the Commission pursuant to the Company’s application requesting confidential
          treatment under Rule 406 of the Securities Act.

        
        

      

      
        Page
          12

        
          

        

      

      
        
        

      

    

    (b)
       HHMI
      and
      its trustees, officers, employees, and agents (collectively, “HHMI
      Indemnitees”), will be indemnified, defended by counsel acceptable to HHMI, and
      held harmless by Company, AFFILIATED COMPANY and SUBLICENSEE from and against
      any claim, liability, cost, expense, damage, deficiency, loss, or obligation,
      of
      any kind or nature (including, without limitation, reasonable attorneys’ fees
      and other costs and expenses of defense) (collectively, “Claims”), based upon,
      arising out of, or otherwise relating to this Agreement, including without
      limitation any cause of action relating to product liability. The previous
      sentence will not apply to any Claim that is determined with finality by a
      court
      of competent jurisdiction to result solely from the gross negligence or willful
      misconduct of an HHMI Indemnitee.
      The obligation of Company to defend and indemnify as set out in this Paragraph
      7.1 (b) shall survive the termination of this Agreement, shall continue even
      after assignment of rights and responsibilities to an AFFILIATED COMPANY and
      SUBLICENSEE, and shall not be limited by any other limitation of liability
      elsewhere in this Agreement.

    

    ARTICLE
      8

    CONFIDENTIALITY

    

    8.1 Confidentiality.
      If
      necessary, the parties will exchange information, which they consider to be
      confidential. The recipient of such information agrees to accept the disclosure
      of said information which is marked as confidential at the time it is sent
      to
      the recipient, and to employ all reasonable efforts to maintain the information
      secret and confidential, such efforts to be no less than the degree of care
      employed by the recipient to preserve and safeguard its own confidential
      information, and in any event no less than a reasonable degree of care. The
      information shall not be disclosed or revealed to anyone except employees of
      the
      recipient who have a need to know the information and who have entered into
      a
      secrecy agreement with the recipient under which such employees are required
      to
      maintain confidential the proprietary information of the recipient and such
      employees shall be advised by the recipient of the confidential nature of the
      information and that the information shall be treated accordingly. 

    

    The
      obligations of this Paragraph shall also apply to AFFILIATED COMPANIES and/or
      SUBLICENSEE(S) provided such information by Company. JHU's, Company's,
      AFFILIATED COMPANIES, and SUBLICENSEES' obligations under this Paragraph shall
      extend until five (5) years after the termination of this Agreement.

    

    8.2 Exceptions.
      The
      recipient's obligations under Paragraph 8.1 shall not extend to any part of
      the
      information:

    

    
      	 	
              a.

            	
              that
                can be demonstrated to have been in the public domain or publicly
                known
                and readily available to the trade or the public prior to the date
                of the
                disclosure; or 

            

    

    

    
      	 	
              b.

            	
              that
                can be demonstrated, from written records to have been in the recipient's
                possession prior to the date of disclosure;
                or

            

    

    

    
      
        Portions
          of this Exhibit were omitted and have been filed separately with the Secretary
          of the Commission pursuant to the Company’s application requesting confidential
          treatment under Rule 406 of the Securities Act.

        
        

      

      
        Page
          13

        
          

        

      

      
        
        

      

    

    
      	 	
              c.

            	
              that
                becomes part of the public domain or publicly known by publication
                or
                otherwise, not due to any unauthorized act by the recipient;
                or

            

    

    

    
      	 	
              d.

            	
              that
                is demonstrated from written records to have been developed by or
                for the
                receiving party without reference to confidential information disclosed
                by
                the disclosing party. 

            

    

    

    
      	 	
              e.

            	
              that
                is required to be disclosed by law, government regulation or court
                order.

            

    

    

    Without
      limiting any of the foregoing, it is understood that either Party or its
      AFFILIATED COMPANIES may make disclosure of this Agreement and the terms hereof
      in any filings required by the SEC (or any other securities exchange authority),
      may file this Agreement as an exhibit to any filing with the SEC (or any other
      securities exchange authority) and may distribute any such filing in the
      ordinary course of its business. However, to the maximum extent allowable by
      SEC
      (or any other securities authority) rules and regulations, the Parties shall
      be
      obligated to maintain the confidentiality obligations set forth herein and
      shall
      redact any confidential information set forth in such filings as may be
      reasonably requested by the disclosing Party.

    

    8.3 Right
      to Publish. JHU
      may
      publish manuscripts, abstracts or the like describing the PATENT RIGHTS and
      inventions contained therein provided confidential information of Company as
      defined in Paragraph 8.1, is not included or without first obtaining approval
      from Company to include such confidential information. Otherwise, JHU and the
      Inventors shall be free to publish manuscripts and abstracts or the like
      directed to the work done at JHU related to the licensed technology without
      prior approval. 

    

    ARTICLE
      9

    TERM
      & TERMINATION

    

    9.1 Term. The
      term
      of this Agreement shall commence on the EFFECTIVE DATE and shall continue,
      in
      each country, until the date of expiration of the last to expire patent included
      within PATENT RIGHTS in that country or if no patents issue then for the ROYALTY
      TERM. 

    

    9.2 Termination By
      Either Party. This
      Agreement may be terminated by either party, in the event that the other party
      (a) files or has filed against it a petition under the Bankruptcy Act, makes
      an
      assignment for the benefit of creditors, has a receiver appointed for it or
      a
      substantial part of its assets, or otherwise takes advantage of any statute
      or
      law designed for relief of debtors or (b) fails to perform or otherwise breaches
      any of its material obligations hereunder, if, following the giving of notice
      by
      the terminating party of its intent to terminate and stating the grounds
      therefor, the party receiving such notice shall not have cured the failure
      or
      breach within thirty (30) days. In no event, however, shall such notice or
      intention to terminate be deemed to waive any rights to damages or any other
      remedy which the party giving notice of breach may have as a consequence of
      such
      failure or breach. 

    

    
      
        Portions
          of this Exhibit were omitted and have been filed separately with the Secretary
          of the Commission pursuant to the Company’s application requesting confidential
          treatment under Rule 406 of the Securities Act.

        
        

      

      
        Page
          14

        
          

        

      

      
        
        

      

    

    9.3 Termination
      by Company.
      Company
      may terminate this Agreement and the license granted herein, for any reason,
      upon giving JHU ninety (90) days written notice. 

    

    9.4 Obligations
      and Duties upon Termination.
      If this
      Agreement is terminated, both parties shall be released from all obligations
      and
      duties imposed or assumed hereunder to the extent so terminated, except as
      expressly provided to the contrary in this Agreement. Upon termination, both
      parties shall cease any further use of the confidential information disclosed
      to
      the receiving party by the other party. Termination of this Agreement, for
      whatever reason, shall not affect any obligation of either party, including
      payment obligations, which shall have accrued prior to such termination.
      Termination shall not affect JHU's right to recover unpaid royalties, fees,
      reimbursement for patent expenses, or other forms of financial compensation
      incurred prior to termination. Upon termination Company shall submit a final
      royalty report to JHU and any royalty payments, fees, unreimbursed patent
      expenses and other financial compensation due JHU shall become immediately
      payable. Furthermore, upon termination of this Agreement, all rights in and
      to
      the licensed technology shall revert immediately to JHU at no cost to JHU.
      Upon
      termination of this Agreement, any SUBLICENSEE(S) may become a direct licensee
      of JHU, provided that JHU’s obligations to SUBLICENSEE(S) are no greater than
      JHU’s obligations to Company under this Agreement. Company shall provide written
      notice of such to each SUBLICENSEE(S) with a copy of such notice provided to
      JHU. 

    

    ARTICLE
      10

    MISCELLANEOUS

    

    10.1 Use
      of Name. Company,
      AFFILIATED COMPANIES and SUBLICENSEE(S) shall not use the name of the Howard
      Hughes Medical institute, The Johns Hopkins University or The Johns Hopkins
      Health System or any of their constituent parts, such as the Johns Hopkins
      Hospital or any contraction thereof or the name of Inventors in any advertising,
      promotional, sales literature or fundraising documents without prior written
      consent from an authorized representative of JHU. Company, AFFILIATED COMPANIES
      and SUBLICENSEE(S) shall allow at least seven (7) business days notice of any
      proposed public disclosure for JHU's and/or HHMI’s review and comment or to
      provide written consent. For the purposes of this Paragraph, notice to HHMI
      should be directed to:

    

    Howard
      Hughes Medical Institute

    4000
      Jones Bridge Road

    Chevy
      Chase, Maryland 20815

    Attn:
      Office of the General Counsel

    

    Without
      limiting any of the foregoing, it is understood that the Company may use the
      name of the Howard Hughes Medical Institute, The Johns Hopkins University or
      The
      Johns Hopkins Health System in any filings as required by the SEC (or any other
      securities exchange authority), and may distribute any such filing in the
      ordinary course of its business.

    

    10.2 No
      Partnership. Nothing
      in this Agreement shall be construed to create any agency, employment,
      partnership, joint venture or similar relationship between the parties other
      than that of a licensor/licensee. Neither party shall have any right or
      authority whatsoever to incur any liability or obligation (express or implied)
      or otherwise act in any manner in the name or on the behalf of the other, or
      to
      make any promise, warranty or representation binding on the other. 

    

    
      
        Portions
          of this Exhibit were omitted and have been filed separately with the Secretary
          of the Commission pursuant to the Company’s application requesting confidential
          treatment under Rule 406 of the Securities Act.

        
        

      

      
        Page
          15

        
          

        

      

      
        
        

      

    

    10.3 Notice
      of Claim.
      Each
      party shall give the other or its representative immediate notice of any suit
      or
      action filed, or prompt notice of any claim made, against them arising out
      of
      the performance of this Agreement or arising out of the practice of the
      inventions licensed hereunder.

    

    10.4 Product
      Liability. 
      Prior to
      initial human testing or first commercial sale of any LICENSED PRODUCT(S) in
      any
      particular country, Company shall establish and maintain, in each country in
      which Company, an AFFILIATED COMPANY or SUBLICENSEE(S) shall test or sell
      LICENSED PRODUCT(S), product liability or other appropriate insurance coverage
      in the minimum amount of [***] dollars ($[***]) per claim and will annually
      present evidence to JHU that such coverage is being maintained. Upon JHU's
      request, Company will furnish JHU with a Certificate of Insurance of each
      product liability insurance policy obtained. JHU and HHMI shall be listed as
      an
      additional insureds in Company's said insurance policies. If such Product
      Liability insurance is underwritten on a ‘claims made’ basis,
      Company agrees that any change in underwriters during the term of this Agreement
      will require the purchase of ‘prior acts’ coverage to ensure that coverage will
      be continuous throughout the term of this Agreement.

    

    10.5 Governing
      Law.
      This
      Agreement shall be construed, and legal relations between the parties hereto
      shall be determined, in accordance with the laws of the State of Maryland
      applicable to contracts solely executed and wholly to be performed within the
      State of Maryland without giving effect to the principles of conflicts of laws.
      Any disputes between the parties to the Agreement shall be brought in the state
      or federal courts of Maryland. Both parties agree to waive their right to a
      jury
      trial.

    

    10.6 Notice.
      All
      notices or communication required or permitted to be given by either party
      hereunder shall be deemed sufficiently given if transmitted by facsimile with
      confirmed transmission, mailed by registered mail or certified mail, return
      receipt requested, or sent by overnight courier, such as Federal Express, to
      the
      other party at its respective address set forth below or to such other address
      as one party shall give notice of to the other from time to time hereunder.
      Faxed notices shall be deemed to be received on the first business day following
      the date of confirmed transmission. Mailed notices shall be deemed to be
      received on the third business day following the date of mailing. Notices sent
      by overnight courier shall be deemed received the following business day.

    

    
      	
            	If
              to Company:	
              Rosetta
                Genomics Ltd.

            

    

    10
      Plaut
      St.

    Rehovot,
      76706 Israel

    Attn:
      President

    Fax:
      +972
      8 948 4766 

    

    
      
        Portions
          of this Exhibit were omitted and have been filed separately with the Secretary
          of the Commission pursuant to the Company’s application requesting confidential
          treatment under Rule 406 of the Securities Act.

        
        

      

      
        Page
          16

        
          

        

      

      
        
        

      

    

    

    
      	
            	If
              to JHU:	
              Technology
                Transfer

            

    

    Johns
      Hopkins University 

    100
      N.
      Charles Street

    5th
      Floor

    Baltimore,
      MD 21201

    Attn:
      Director

    Fax:
      (410) 516-4411

    

    10.7 Compliance
      with All Laws.
      In all
      activities undertaken pursuant to this Agreement, both JHU and Company covenant
      and agree that each will in all material respects comply with such Federal,
      state and local laws and statutes, as may be in effect at the time of
      performance and all valid rules, regulations and orders thereof regulating
      such
      activities. 

    

    10.8 Successors
      and Assigns.
      Neither
      this Agreement nor any of the rights or obligations created herein, except
      for
      the right to receive any remuneration hereunder, may be assigned by either
      party, in whole or in part, without the prior written consent of the other
      party, except that either party shall be free to assign this Agreement to an
      AFFILIATED COMPANY or in connection with any sale of substantially all of its
      assets without the consent of the other. This Agreement shall bind and inure
      to
      the benefit of the successors and permitted assigns of the parties hereto.
      

    

    10.9 No
      Waivers; Severability.
      No
      waiver of any breach of this Agreement shall constitute a waiver of any other
      breach of the same or other provision of this Agreement, and no waiver shall
      be
      effective unless made in writing. Any provision hereof prohibited by or
      unenforceable under any applicable law of any jurisdiction shall as to such
      jurisdiction be deemed ineffective and deleted herefrom without affecting any
      other provision of this Agreement. It is the desire of the parties hereto that
      this Agreement be enforced to the maximum extent permitted by law, and should
      any provision contained herein be held by any governmental agency or court
      of
      competent jurisdiction to be void, illegal and unenforceable, the parties shall
      negotiate in good faith for a substitute term or provision which carries out
      the
      original intent of the parties.

    

    10.10 Entire
      Agreement; Amendment.
      Company
      and JHU acknowledge that they have read this entire Agreement and that this
      Agreement, including the attached Exhibits constitutes the entire understanding
      and contract between the parties hereto and supersedes any and all prior or
      contemporaneous oral or written communications with respect to the subject
      matter hereof, all of which communications are merged herein. It is expressly
      understood and agreed that (i) there being no expectations to the contrary
      between the parties hereto, no usage of trade, verbal agreement or another
      regular practice or method dealing within any industry or between the parties
      hereto shall be used to modify, interpret, supplement or alter in any manner
      the
      express terms of this Agreement; and (ii) this Agreement shall not be modified,
      amended or in any way altered except by an instrument in writing signed by
      both
      of the parties hereto. 

    

    10.11 Delays
      or Omissions.
      Except
      as expressly provided herein, no delay or omission to exercise any right, power
      or remedy accruing to any party hereto, shall impair any such right, power
      or
      remedy to such party nor shall it be construed to be a waiver of any such breach
      or default, or an acquiescence therein, or in any similar breach or default
      be
      deemed a waiver of any other breach or default theretofore or thereafter
      occurring. Any waiver, permit, consent or approval of any kind or character
      on
      the part of any party of any breach or default under this Agreement, or any
      waiver on the part of any party of any provisions or conditions of this
      Agreement, must be in writing and shall be effective only to the extent
      specifically set forth in such writing. All remedies either under this Agreement
      or by law or otherwise afforded to any party, shall be cumulative and not
      alternative. 

    

    
      
        Portions
          of this Exhibit were omitted and have been filed separately with the Secretary
          of the Commission pursuant to the Company’s application requesting confidential
          treatment under Rule 406 of the Securities Act.

        
        

      

      
        Page
          17

        
          

        

      

      
        
        

      

    

    10.12 Force
      Majeure.
      If
      either party fails to fulfill its obligations hereunder (other than an
      obligation for the payment of money), when such failure is due to an act of
      God,
      or other circumstances beyond its reasonable control, including but not limited
      to fire, flood, civil commotion, riot, war (declared and undeclared),
      revolution, or embargoes, then said failure shall be excused for the duration
      of
      such event and for such a time thereafter as is reasonable to enable the parties
      to resume performance under this Agreement, provided however, that in no event
      shall such time extend for a period of more than one hundred eighty (180)
      days.

    

    10.13 Further
      Assurances.
      Each
      party shall, at any time, and from time to time, prior to or after the EFFECTIVE
      DATE of this Agreement, at reasonable request of the other party, execute and
      deliver to the other such instruments and documents and shall take such actions
      as may be required to effectively carry out the terms of this Agreement.

    

    10.14 Survival.
      All
      representations, warranties, covenants and agreements made herein and which
      by
      their express terms or by implication are to be performed after the execution
      and/or termination hereof, or are prospective in nature, shall survive such
      execution and/or termination, as the case may be. This shall include Paragraphs
      3.7 (Late Payments), 5.2 (Records), and Articles 6, 7, 8, 9, and
      10.

    

    10.15 Third
      Party Beneficiary.
      HHMI is
      not a party to this Agreement and has no liability to any licensee,
      SUBLICENSEE(S) or user of anything covered by this Agreement, but HHMI is an
      intended third-party beneficiary of the Agreement and certain of its provisions
      are for the benefit of HHMI and are enforceable by HHMI in its own
      name.

    

    10.16 Headings.
      Article
      headings are for convenient reference and not a part of this Agreement. All
      Exhibits are incorporated herein by this reference. 

    

    10.17 Counterparts.
      This
      Agreement may be executed in counterparts, each of which shall be deemed an
      original and all of which when taken together shall be deemed but one
      instrument. 

    

    10.18 NEITHER
      PARTY SHALL BE LIABLE TO THE OTHER PARTY FOR ANY PUNITIVE OR EXEMPLARY DAMAGES,
      RELATED TO AND/OR CONNECTED WITH THE PERFORMANCE OF THIS AGREEMENT, EVEN IF
      THE
      FIRST PARTY IS ADVISED OR SHOULD HAVE KNOWN OF THE POSSIBILITY OF SUCH DAMAGES.
      THIS LIMITATION SHALL NOT APPLY TO A PARTY'S DUTY OF INDEMNIFICATION AGAINST
      CLAIMS BROUGHT BY THIRD PARTIES.

    

    
      
        Portions
          of this Exhibit were omitted and have been filed separately with the Secretary
          of the Commission pursuant to the Company’s application requesting confidential
          treatment under Rule 406 of the Securities Act.

        
        

      

      
        Page
          18

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF, this Agreement shall take effect as of the EFFECTIVE DATE
      when
      it has been executed below by the duly authorized representatives of the
      parties. 

    

    

    
      	
              THE
                JOHNS HOPKINS UNIVERSITY

            	
              ROSETTA
                GENOMICS LTD

            
	 	 
	 	 
	 	 
	
              /s/
                Jill A. Tarzian
                Sorensen                        
                

            	
              /s/
                Amir
                Avniel                                         
                

            
	
              Jill
                A. Tarzian Sorensen

            	
              Name:
                Amir Avniel

            
	
              Executive
                Director

            	
              Title:  
                CEO

            
	
              Johns
                Hopkins Technology Transfer

            	
              Rosetta
                Genomics

            
	 	 
	
              August
                2, 2006

            	
              August
                2, 2006

            
	
              (Date)

            	
              (Date)

            

    

    

    EXHIBIT
      A. LICENSE FEE & ROYALTIES.

    EXHIBIT
      B. SALES & ROYALTY REPORT FORM.

    

    
      
        Portions
          of this Exhibit were omitted and have been filed separately with the Secretary
          of the Commission pursuant to the Company’s application requesting confidential
          treatment under Rule 406 of the Securities Act.

        
        

      

      
        Page
          19

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      A

    

    LICENSE
      FEE & ROYALTIES

    

    
      
        1.
          License
          Fee: The
          license fee due under Paragraph 3.1 is one hundred twenty-five
          thousand dollars ($125,000).

      

    

    

    

    2.
      Minimum Annual Royalties: The
      minimum annual royalties due on anniversaries of the Effective Date pursuant
      to
      Paragraph 3.2: 

    

    
      	
            	1st
              anniversary:	
              [***]
                dollars ($[***]).

            

      	 	 	 

      	 	2nd
              anniversary:	 [***]
              dollars ($[***]).

      	 	 	 

      	 	3rd
              anniversary:	 [***]
              dollars ($[***]).

      	 	 	 

      	 	4th
              anniversary:	 [***]
              dollars ($[***]).

      	 	 	 

      	 	5th
              anniversary:	 [***]
              dollars ($[***]).

      	 	 	 

      	 	6
              th
              anniversary and thereafter:	 [***]
              dollars ($[***]).

    

    

    
      
        3.
          Royalties:
          The
          running royalty rate payable under Paragraph 3.3 is:

      

    

    

    Licensed
      Product - [***]%

    

    4. Sublicense
      consideration: The
      percent sublicense consideration payable under Paragraph 3.5 is: 

    

    [***]
      percent ([***]%) for any sublicense agreement to make, use or sell LICENSED
      PRODUCTS, and entered into with a sublicensee within [***] after the EFFECTIVE
      DATE of this Agreement,
      

    

    [***]
      percent ([***]%) for any sublicense agreement to make, use or sell LICENSED
      PRODUCTS, and entered into with a sublicensee more than [***] after the
      EFFECTIVE DATE but before the second anniversary of the EFFECTIVE DATE,
      and

    

    
      
        Portions
          of this Exhibit were omitted and have been filed separately with the Secretary
          of the Commission pursuant to the Company’s application requesting confidential
          treatment under Rule 406 of the Securities Act.

        
        

      

      
        Page
          20

        
          

        

      

      
        
        

      

       

       

    

    [***]
      percent ([***]%) for any sublicense agreement to make, use or sell LICENSED
      PRODUCTS, and entered into with a sublicensee more than [***] after the
      EFFECTIVE DATE.

    

    

    

    
      
        Portions
          of this Exhibit were omitted and have been filed separately with the Secretary
          of the Commission pursuant to the Company’s application requesting confidential
          treatment under Rule 406 of the Securities Act.

        
        

      

      
        Page
          21

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      B

    

    QUARTERLY
      SALES & ROYALTY REPORT

    

    FOR
      LICENSE AGREEMENT BETWEEN ROSETTA GENOMICS LTD AND 

    THE
      JOHNS HOPKINS UNIVERSITY DATED 

    ___________________________

    

    FOR
      PERIOD OF ______________ TO ______________

    

    TOTAL
      ROYALTIES DUE FOR THIS PERIOD $___________

    

    
      	
              PRODUCT

              ID

            	
              PRODUCT
                NAME

            	
               

              *JHU
                REFERENCE

            	
              1st
                COMMERCIAL SALE DATE

            	
              TOTAL
                NET

              SALES/SERVICES

            	
               

              ROYALTY
                RATE

            	
              AMOUNT

              DUE

            
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

    

    

    *
      Please
      provide the JHU Reference Number or Patent Reference

    

    This
      report format is to be used to report quarterly royalty statements to JHU.
      It
      should be placed on Company letterhead and accompany any royalty payments due
      for the reporting period. This report shall be submitted even if no sales are
      reported. 

    

    
      
        Portions
          of this Exhibit were omitted and have been filed separately with the Secretary
          of the Commission pursuant to the Company’s application requesting confidential
          treatment under Rule 406 of the Securities Act.

        
        

      

      
        Page
          22

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