Document:

<PAGE>
                                                                  Exhibit 10.1.6

                      PREDIX PHARMACEUTICALS HOLDINGS, INC.

                 AMENDED AND RESTATED 2003 STOCK INCENTIVE PLAN

                             STOCK OPTION AGREEMENT

                                      WITH

                    [NAME OF EMPLOYEE], ID NUMBER __________

                                 (EMPLOYEE COPY)

                         (sign and keep this document for your future reference)
<PAGE>
                      PREDIX PHARMACEUTICALS HOLDINGS, INC.

                 AMENDED AND RESTATED 2003 STOCK INCENTIVE PLAN

                             STOCK OPTION AGREEMENT

                                      WITH

                  [NAME OF EMPLOYEE], ID NUMBER _______________

                                 (COMPANY COPY)

                                      (sign and return this copy to the Company)
<PAGE>
                      PREDIX PHARMACEUTICALS HOLDINGS, INC.

                             STOCK OPTION AGREEMENT
 GRANTED UNDER APPENDIX A OF THE AMENDED AND RESTATED 2003 STOCK INCENTIVE PLAN

      (INTENDED FOR ISRAELI RESIDENTS QUALIFYING UNDER SECTION 102(B)(2) -
                             "CAPITAL GAINS TRACK")

     This option agreement is made this [DAY] day of [MONTH, YEAR], between
Predix Pharmaceuticals Holdings, Inc., a Delaware corporation (the "Company"),
and [EMPLOYEE NAME], ID Number [EMPLOYEE ID NO.], (the "Participant").

     Unless otherwise defined herein, capitalized terms used in this option
agreement shall have the same meanings as ascribed to them in Predix
Pharmaceuticals Holdings, Inc. Amended and Restated 2003 Stock Incentive Plan,
including Appendix A thereof (the "Plan").

     For valuable consideration, receipt of which is acknowledged, the parties
hereto agree as follows:

     1.   GRANT OF OPTION.

     (a) This option agreement evidences the grant by Predix Pharmaceuticals
Holdings, Inc., a Delaware corporation (the "Company"), on [DATE] (the "Grant
Date") to [EMPLOYEE NAME], ID Number [EMPLOYEE ID NO.], an Employee of the
Company's subsidiary (the "Eligible 102 Participant"), of an option (the
"Option") to purchase, in whole or in part, on the terms provided herein and in
the Company's Amended and Restated 2003 Stock Incentive Plan (the "Plan"), a
total of [NUMBER OF SHARES] shares (the "Shares") of common stock, $0.01 par
value per share, of the Company (the "Common Stock") at a price of $___ per
Share (the "Exercise Price"). Unless earlier terminated, this Option shall
expire at 5:00 p.m., Eastern time, on [10 YEARS FROM GRANT DATE] (the "Final
Exercise Date"). The Option grant is subject to the terms and conditions of
Section 102(b)(2) of the Income Tax Ordinance (New Version) - 1961, the Plan,
which is incorporated herein by reference, and the Trust Agreement, entered into
between the Company and Yoram Wilamowski of Ernst & Young (the "Trustee"). The
options evidenced by this Option grant are intended to qualify as 102 Capital
Gains Track Options. In the event of a conflict between the terms and conditions
of the Plan and this option agreement, the terms and conditions of the Plan
shall prevail. However, Sections 1 and 2 of this option agreement set out
specific terms for the Eligible 102 Participant hereunder, and will prevail over
more general terms in the Plan, if any, or in the event of a conflict between
this option agreement and the Plan.

     (b) Issuance of Options in Compliance with Section 102 of the Israeli Tax
Ordinance. The Options will be registered in the Company's records in the name
of the Trustee as required by law to qualify under Section 102. The Eligible 102
Participant shall comply with the Ordinance, the Rules, and the terms and
conditions of the Trust Agreement entered into between the Company and the
Trustee. The Trustee will hold the Options or the Shares to be issued upon
exercise of the Options for the Required Holding Period, as set forth in the
Plan. The Required Holding Period for 102 Capital Gains Track Options pursuant
to the provisions of the ITO for Options granted after January 1, 2005 is 24
months from the Grant Date. The Eligible 102
<PAGE>
Participant hereby undertakes to release the Trustee from any liability in
respect of any action or decision duly taken and bona fide executed in relation
to the Plan, or any Option or Share granted to him thereunder. The Eligible 102
Participant hereby confirms that he or she shall execute any and all documents
which the Company or the Trustee may reasonably determine to be necessary in
order to comply with the ITO and particularly the Rules.

     Except as otherwise indicated by the context, the term "Eligible 102
Participant", as used in this option agreement, shall be deemed to include any
person who acquires the right to exercise this Option validly under its terms.

     2.   VESTING SCHEDULE.

     Subject to the terms and conditions of this option agreement, this Option
to purchase the Shares shall become exercisable ("vest") in 48 monthly
installments. Each installment shall consist of 2.0833% of the total number of
the Shares. Such installments shall become exercisable on the first day of each
month beginning on [INSERT DATE]. The number of shares included in each of the
first 47 installments shall be rounded down to the nearest whole number, whilst
the number of shares included in the 48th and final installment shall be the
remaining unvested balance of the Shares. [FOR NEW EMPLOYEES ONLY:
NOTWITHSTANDING THE FOREGOING, THIS OPTION SHALL NOT BE EXERCISABLE FOR ANY
SHARES UNTIL THE DATE THAT THE PARTICIPANT HAS BEEN EMPLOYED BY THE COMPANY OR
ANY AFFILIATE THEREOF FOR A PERIOD OF ONE YEAR.]

     The right of exercise shall be cumulative so that to the extent the Option
is not exercised in any period to the maximum extent permissible it shall
continue to be exercisable, in whole or in part, with respect to all Shares for
which it is vested until the earlier of the Final Exercise Date or the
termination of this Option under Section 3 hereof or the Plan.

     3.   EXERCISE OF OPTION.

          (a) Form of Exercise. Each election to exercise this Option shall be
(i) by written notice in the form attached hereto as Exhibit A, or in such other
form as the Company and/or the Trustee may from time to time prescribe, duly
signed by the Eligible 102 Participant and received by the Company or its
designee (and the Trustee, where applicable) and (ii) payment in full of the
Exercise Price for each Share purchased upon exercise of this Option. Payment of
the Exercise Price for each Share shall be made in accordance with Section 5(f)
of the Plan. The Eligible 102 Participant may purchase less than the number of
shares covered hereby, provided that no partial exercise of this Option may be
for any fractional share. The Company shall deliver such Shares as soon as
practicable after the notice shall be received, provided, however, that the
Company may delay issuance of such Shares until all conditions set forth in the
Plan and this option agreement have been satisfied.

          (b) Compliance with Section 102 Upon Exercise of Options. The Company
or its designee will notify the Trustee of any exercise of Options as set forth
in the written notice form. If such notification is delivered during the
Required Holding Period, the Shares issued upon the exercise of the Options
shall be issued in the name of the Trustee, and held in trust on the Eligible
102 Participant's behalf by the Trustee. In the event that such notification is

                                        2
<PAGE>
delivered after the end of the Required Holding Period, the Shares issued upon
the exercise of the Options shall, at the election of the Eligible 102
Participant, either (i) be issued in the name of the Trustee, or (ii) be
transferred to the Eligible 102 Participant directly, provided that the Eligible
102 Participant first complies with the provisions of Section 5 below. In the
event that the Eligible 102 Participant elects to have the Shares transferred to
the Eligible 102 Participant without selling such Shares, the Eligible 102
Participant shall become liable to pay taxes immediately at the rate prescribed
by law.

          (c) Continuous Relationship with the Company Required. Except as
otherwise provided in this Section 3, this Option may not be exercised unless
the Eligible 102 Participant, at the time of vesting of Options hereunder, is,
and has been at all times since the Grant Date, an employee, office holder or
director of the Company or an Affiliate whose employees, office holders or
directors are considered Eligible 102 Participants.

          (d) Termination of Relationship with the Company. If the Eligible 102
Participant ceases to be an Eligible 102 Participant for any reason, then,
except as provided in paragraphs (e) and (f) below, the right to exercise this
Option shall terminate three months after such cessation (but in no event after
the Final Exercise Date), provided that this Option shall be exercisable only to
the extent that the Eligible 102 Participant was entitled to exercise this
Option on the date of such cessation. Notwithstanding the foregoing, if the
Eligible 102 Participant, prior to the Final Exercise Date, violates the
non-competition or confidentiality provisions of any employment contract,
confidentiality and nondisclosure agreement or other agreement between the
Eligible 102 Participant and the Company, the right to exercise this Option
shall terminate immediately upon written notice to the Eligible 102 Participant
from the Company describing such violation.

          (e) Exercise Period Upon Death or Disability. If the Eligible 102
Participant dies or becomes disabled (within the meaning of Section 22(e)(3) of
the Code) prior to the Final Exercise Date while he or she is an Eligible 102
Participant and the Company, or its Affiliate, as applicable, has not terminated
such relationship for "Cause" as specified in paragraph (f) below, this Option
shall be exercisable, within the period of one year following the date of death
or disability of the Eligible 102 Participant, by the Eligible 102 Participant
(or in the case of death by an authorized transferee), provided that this Option
shall be exercisable only to the extent that this Option was exercisable by the
Eligible 102 Participant on the date of his or her death or disability, and
further provided that this Option shall not be exercisable after the Final
Exercise Date.

          (f) Discharge for Cause. If the Eligible 102 Participant, prior to the
Final Exercise Date, is discharged by the Company, or its Affiliate, as
applicable, for "Cause" (as defined below), the right to exercise this Option
shall terminate immediately upon notice of such discharge. "Cause" shall mean
willful misconduct by the Eligible 102 Participant or willful failure by the
Eligible 102 Participant to perform his or her responsibilities to the Company
or its Affiliate, as applicable (including, without limitation, breach by the
Eligible 102 Participant of any provision of any employment, consulting,
advisory, nondisclosure, non-competition or other similar agreement between the
Eligible 102 Participant and the Company), as determined by the Company, which
determination shall be conclusive. The Eligible 102 Participant shall be

                                        3
<PAGE>
considered to have been discharged for "Cause" if the Company determines, within
30 days after the Eligible 102 Participant's resignation, that discharge for
Cause was warranted.

          (g) Release of Options from Trust. Upon the end of the Required
Holding Period or as otherwise provided in the Plan, the Eligible 102
Participant shall be entitled to (i) receive from the Trustee all Options which
have vested, (ii) exercise the Options and (iii) sell the Shares thereby
obtained subject to the other terms and conditions of this option agreement and
the Plan, including in particular provisions relating to the payment of tax, as
set out in Section 5 below.

     4.   AGREEMENT IN CONNECTION WITH PUBLIC OFFERINGS.

     If in connection with a registration statement filed by the Company
pursuant to the United States Securities Act of 1933, as amended, the Company or
its underwriter so requests, the Eligible 102 Participant will agree not to Sell
any Shares for a period not to exceed 180 days following the effectiveness of
such registration statement.

     5.   WITHHOLDING.

     Any tax consequences arising from the grant or exercise of this Option,
from the payment for Shares covered thereby, the issuance of Shares, or from any
other event or act of the Company, and/or its Affiliates, the Trustee or the
Eligible 102 Participant hereunder, shall be borne solely by the Eligible 102
Participant. The Company and/or its Affiliates, and/or the Trustee shall
withhold taxes as required under applicable laws, rules, and regulations,
including as required by the ITO and the Rules. No Shares will be issued
pursuant to the exercise of this Option unless and until the Eligible 102
Participant pays to the Company, or makes provision satisfactory to the Company
for payment of, any applicable withholding taxes required by law to be withheld
in respect of this Option. The Company or any of its Affiliates and the Trustee
may make such provisions and take such steps as it may deem necessary or
appropriate for the withholding of all taxes required by law to be withheld with
respect to Options granted under the Plan and the exercise thereof, including,
but not limited, to (i) deducting the amount so required to be withheld from any
other amount then or thereafter payable to a Eligible 102 Participant, and/or
(ii) requiring an Eligible 102 Participant to pay to the Company or any of its
Affiliates the amount so required to be withheld as a condition of the issuance,
delivery, distribution or release of any Shares. In addition, the Eligible 102
Participant will be required to pay any amount which exceeds the tax to be
withheld and transferred to the tax authorities, pursuant to applicable Israeli
tax regulations. Furthermore, the Eligible 102 Participant shall agree to
indemnify the Company and/or its Affiliates and/or the Trustee and hold them
harmless against and from any and all liability for any such tax or interest or
penalty thereon, including without limitation, liabilities relating to the
necessity to withhold, or to have withheld, any such tax from any payment made
to the Eligible 102 Participant.

     6.   NONTRANSFERABILITY OF OPTION.

     This Option may not be sold, assigned, transferred, pledged or otherwise
encumbered by the Eligible 102 Participant, either voluntarily or by operation
of law, except by will or the laws of descent and distribution, and, during the
lifetime of the Eligible 102 Participant, this Option

                                       4
<PAGE>
shall be exercisable only by the Eligible 102 Participant. The transfer of the
Options is further limited as set forth in the Plan.

     As long as the Options and/or Shares are held by the Trustee on behalf of
the Eligible 102 Participant, all rights of the Eligible 102 Participant over
the Shares are personal, can not be transferred, assigned, pledge or mortgaged,
other than by will or pursuant to the laws of descent and distribution.

     7.   MISCELLANEOUS.

     (a) Continued Engagement. The Eligible 102 Participant acknowledges and
agrees that this option agreement, the transactions contemplated hereunder and
the vesting schedule set forth herein do not constitute an express or implied
promise of continued engagement as an employee, office holder or director for
the vesting period, for any period, or at all, shall not interfere in any way
with the Eligible 102 Participant's right or the right of the Company or its
Affiliate to terminate the Eligible 102 Participant's relationship as an
employee, office holder or director at any time, with or without cause, and
shall not constitute an express or implied promise or obligation of the Company
to grant additional Options to Eligible 102 Participant in the future.

     (b) Governing Law. This option agreement shall be governed by and construed
and enforced in accordance with the laws of the State of Israel, without giving
effect to the rules respecting conflict of law. Notwithstanding the foregoing,
all matters directly related to the share capital of the Company or other
internal corporate issues relating to the Company shall be governed by and
construed and enforced in accordance with the laws of the State of Delaware,
without giving effect to the rules respecting conflict of law.

     (c) Entire Agreement. This option agreement, together with the Plan and the
Trust Agreement, constitutes the entire agreement between the parties hereto and
supersedes all prior agreements, understandings and arrangements, oral or
written, between the parties hereto with respect to the subject matter hereof.
No agreement or representations, oral or otherwise, express or implied, with
respect to the subject matter hereof have been made by either party which are
not expressly set forth in this option agreement, the Plan and the Trust
Agreement.

     (d) Modifications And Amendments. The terms and provisions of this
Agreement may be modified or amended as provided in the Plan.

     (e) Data Privacy. By entering into this Agreement, the Eligible 102
Participant: (i) authorizes the Company and each affiliate, and any agent of the
Company or any affiliate administering the Plan or providing Plan record keeping
services, to disclose to the Company or any of its affiliates such information
and data as the Company or any such affiliate shall request in order to
facilitate the grant of options and the administration of the Plan; (ii) waives
any data privacy rights he or she may have with respect to such information; and
(iii) authorizes the Company and each affiliate to store and transmit such
information in electronic form.

                                     *******

                                       5
<PAGE>
By the signature of the Eligible 102 Participant and the signature of the
Company's representative below, Eligible 102 Participant and the Company agree
that the Options are granted under and governed by (i) this option agreement,
(ii) Predix Pharmaceuticals Holdings, Inc. Amended and Restated 2003 Stock
Incentive Plan, including Appendix A thereof, a copy of which has been provided
to the Eligible 102 Participant or made available for his review, (iii) Section
102(b)(2) of the Income Tax Ordinance (New Version) - 1961 and the Rules
promulgated in connection therewith, and (iv) the Trust Agreement, a copy of
which has been provided to the Eligible 102 Participant or made available for
his review. Furthermore, by the Eligible 102 Participant's signature below, the
Eligible 102 Participant agrees that the Options will be issued to the Trustee
to hold on the Eligible 102 Participant's behalf, pursuant to the terms of the
ITO, the Rules and the Trust Agreement.

In addition, by his signature below, Eligible 102 Participant confirms that he
or she is familiar with the terms and provisions of Section 102 of the
Ordinance, particularly the Capital Gains Track described in subsection (b)(2)
thereof, and agrees that he will not require the Trustee to release the Options
or Shares to him, or to sell the Options or Shares to a third party, during the
Restricted Holding Period, unless permitted to do so by applicable law.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       6
<PAGE>
     IN WITNESS WHEREOF, the Company has caused this Option to be executed under
its corporate seal by its duly authorized officer. This Option shall take effect
as a sealed instrument.

                                        PREDIX PHARMACEUTICALS HOLDINGS, INC.

Dated: [DATE OF GRANT]                  By:
                                            ------------------------------------
                                        Name: CHEN SCHOR
                                        Title: CHIEF BUSINESS OFFICER

                                       7
<PAGE>
                            PARTICIPANT'S ACCEPTANCE

     The undersigned hereby accepts the foregoing Option and agrees to the terms
and conditions thereof.

                                        PARTICIPANT NAME: [EMPLOYEE NAME]

                                        ID NUMBER: [EMPLOYEE ID NO.]

                                        SIGNATURE:
                                                   -----------------------------

                                                   -----------------------------

                                        ADDRESS:
                                                 -------------------------------

                                                 -------------------------------

                                                 -------------------------------

                                       8
<PAGE>
                                    EXHIBIT A

                         NOTICE OF STOCK OPTION EXERCISE

                            (STOCK OPTION AGREEMENT)

                                                              Date: ____________

Eligible 102 Participant name, ID number and address:

Name: [EMPLOYEE NAME]

ID number: [EMPLOYEE ID NO.]

Address:

_____________________________________

_____________________________________

_____________________________________

Attention: Treasurer

Dear Sir or Madam:

     I am the holder of Options granted to me under Appendix A of the Predix
Pharmaceuticals Holdings, Inc. (the "Company") Amended and Restated 2003 Stock
Incentive Plan on [GRANT DATE] for the purchase of [NUMBER OF SHARES] shares of
Common Stock of the Company at a purchase price of $______ per share.

     I understand the nature of the investment I am making and the financial
risks thereof. I am aware that it is my responsibility to have consulted with
competent tax and legal advisors about the relevant national, state and local
income tax and securities laws affecting the exercise of the Option and the
purchase and subsequent sale of the Shares.

     I hereby exercise my Option to purchase _________ shares of Common Stock
(the "Shares"), at an exercise price of $________.

     I am paying the option exercise price for the Shares as follows:

     _____________________________________________________________________

     Please issue the Shares (check one):

     [ ]  to me; or

                                       A-1
<PAGE>
     [ ]  to me and ____________________________, as joint tenants with right of
          survivorship,

     Tax I.D. #: _________________________

     at the following address:

     _____________________________________

     _____________________________________

     _____________________________________

My mailing address for shareholder communications, if different from the address
listed above, is:

     _____________________________________

     _____________________________________

     _____________________________________

Very truly yours,

-------------------------------------
(Signature)

                                       A-2<PAGE>
                                                                   Exhibit 10.15
                                                                  EXECUTION COPY

              RESEARCH, DEVELOPMENT AND COMMERCIALIZATION AGREEMENT

                                     BETWEEN

                      PREDIX PHARMACEUTICALS HOLDINGS, INC.

                                       AND

              CYSTIC FIBROSIS FOUNDATION THERAPEUTICS INCORPORATED

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; [*] DENOTES
OMISSIONS.
<PAGE>
                                                                  EXECUTION COPY

              Research, Development and Commercialization Agreement

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                              Page
<S>                                                                           <C>
ARTICLE I - DEFINITIONS.....................................................   2

ARTICLE II - RESEARCH PROGRAM...............................................   8
  2.1   Commencement; Objective.............................................   8
  2.2   Term................................................................   9
  2.3   Research Diligence..................................................   9
  2.4   Research Plan.......................................................   9
  2.5   Joint Research Committee............................................  10
  2.6   Exchange of Information.............................................  11

ARTICLE III - PAYMENTS......................................................  12
  3.1   Staffing and Research Support Payments..............................  12
  3.2   Payments............................................................  14
  3.3   Records.............................................................  15

ARTICLE IV - COMMERCIALIZATION; ROYALTIES...................................  16
  4.1   Discovery and Commercialization of a CFTR Corrector-Based Product;
  Commercialization of P2(Y)2 Product.......................................  16
  4.2   Due Diligence.......................................................  16
  4.3   Royalties...........................................................  17
  4.4   Sales Reports.......................................................  17

ARTICLE V - CONFIDENTIALITY.................................................  19
  5.1   Undertaking.........................................................  19
  5.2   Exceptions..........................................................  20
  5.3   Publicity...........................................................  21

ARTICLE VI - PUBLICATION....................................................  22

ARTICLE VII - INDEMNIFICATION...............................................  24
  7.1   Indemnification by Predix...........................................  24
  7.2   Claims Procedures...................................................  25

ARTICLE VIII - PATENTABLE INVENTIONS........................................  26
  8.1   Ownership...........................................................  26
  8.2   Preparation.........................................................  27
  8.3   Costs...............................................................  27

ARTICLE IX - TERM AND TERMINATION...........................................  27
  9.1   Term................................................................  27
  9.2   Termination of the Research Programs Without Cause..................  28
  9.3   Termination of the Research Program by CFFT for Cause...............  28
  9.4   Termination of the Research Program by Predix for Cause.............  28
  9.5   General Effect of Termination.......................................  29
</TABLE>

                                       i

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; [*] DENOTES
OMISSIONS.
<PAGE>
                                                                  EXECUTION COPY

<TABLE>
<S>                                                                           <C>
  9.6   Consequences of an Interruption.....................................  29

ARTICLE X - REPRESENTATIONS AND WARRANTIES..................................  30
  10.1  Representations and Warranties of Predix............................  30
  10.2  Representations and Warranties of CFFT..............................  31

ARTICLE XI - MISCELLANEOUS PROVISIONS.......................................  31
  11.1  Governing Law, and Jurisdiction.....................................  31
  11.2  Waiver..............................................................  31
  11.3  Force Majeure.......................................................  32
  11.4  Severability........................................................  32
  11.5  Government Acts.....................................................  32
  11.6  Assignment..........................................................  33
  11.7  Counterparts........................................................  33
  11.8  No Agency...........................................................  34
  11.9  Notice..............................................................  34
  11.10 Headings............................................................  35
  11.11 Authority...........................................................  35
  11.12 Entire Agreement....................................................  36
  11.13 Notice of Pharmaceutical Side-Effects...............................  36
</TABLE>

                                       ii

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; [*] DENOTES
OMISSIONS.
<PAGE>
                                                                  EXECUTION COPY

             RESEARCH, DEVELOPMENT AND COMMECIALIZATION AGREEMENT

      This Agreement (this "Agreement") is made on this 7th day of March, 2005
(the "Effective Date"), between Predix Pharmaceuticals Holdings, Inc.
("Predix"), a Delaware corporation with principal offices at 10K Gill Street,
Woburn, MA 01801, and Cystic Fibrosis Foundation Therapeutics Incorporated, a
Delaware corporation with its principal offices at 6931 Arlington Road,
Bethesda, Maryland 20814 ("CFFT"). Collectively, Predix and CFFT shall be
referred to hereinafter as the "Parties".

      WHEREAS, Predix has expertise in 3D technology and the discovery and
development of small molecule compounds addressing a variety of diseases; and

      WHEREAS, CFFT is significantly focused on the discovery and development of
methods of treatment of cystic fibrosis, to which CFFT and its Affiliates bring
significant scientific and human resources and financial support; and

      WHEREAS, CFFT wishes to support the Research Programs specified
hereinafter to be undertaken by Predix;

      NOW, THEREFORE, in consideration of the mutual covenants set forth in this
Agreement, and other good and valuable consideration, the Parties 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; [*] DENOTES
OMISSIONS.
<PAGE>
                                                                  EXECUTION COPY

                              ARTICLE I - DEFINITIONS

      For purposes of this Agreement, the terms defined in this Article 1 shall
have the following meanings whether used in their singular or plural forms. Use
of the singular shall include the plural and vice versa, unless the context
requires otherwise:

      1.1 "Affiliate" shall mean, with respect to any Person, any other Person
who directly or indirectly, by itself or through one or more intermediaries,
controls, or is controlled by, or is under direct or indirect common control
with, such Person. The term "control" means the possession, direct or indirect,
of the power to direct or cause the direction of the management and policies of
a Person, whether through the ownership of voting securities, by contract or
otherwise. Control will be presumed if one Person owns, either of record or
beneficially, more than fifty percent (50%) of the voting stock of any other
Person. For the avoidance of any doubt, the Cystic Fibrosis Foundation and CFFT
are considered to be Affiliates.

      1.2 "Agreement" means this agreement, together with all appendices,
exhibits and schedules hereto, and as the same may be amended or supplemented
from time to time hereafter by a written agreement duly executed by authorized
representatives of each party hereto.

      1.3 "Budget" shall mean the total amount to be paid by CFFT to Predix for
each of Research Program I and Research Program II as specified in Article III.

      1.4   "CF" means the disease known as Cystic Fibrosis.

      1.5   "CF Field" means the treatment of humans diagnosed with CF.

      1.6 "CFTR" shall mean a CF transmembrane conductance regulator protein
which has the biological effect of transporting molecules across human cellular
membranes.

                                      -2-

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; [*] DENOTES
OMISSIONS.
<PAGE>
                                                                  EXECUTION COPY

      1.7 "Commercially Reasonable Efforts" shall have the definition set forth
in Section 4.2.

      1.8 "Controlled" (except in the context of Section 1.1) shall mean the
legal authority or right of a party hereto to grant a license or sublicense of
intellectual property rights to another party hereto, or to otherwise disclose
proprietary or trade secret information to such other party, without breaching
the terms of any agreement with a Third Party, infringing upon the intellectual
property rights of a Third Party, or misappropriating the proprietary or trade
secret information of a Third Party.

      1.9 "Corrector" shall mean a compound which, as its principal mode of
therapeutic action, modulates the biological effect of CFTR by increasing the
amount of functional AF508 CFTR present at the apical cell membrane.

      1.10 "Effective Date" shall mean the date specified in the first paragraph
of this Agreement.

      1.11 "Field" shall mean the treatment of conditions or diseases in the CF
Field and the Pulmonary Field.

      1.12 "First Commercial Sale" shall mean the first sale of a P2(Y)2 Product
by Predix or an Affiliate, licensee or sublicensee of Predix in a country in the
Territory following Regulatory Approval of the P2(Y)2 Product in that country
or, if no such Regulatory Approval or similar marketing approval is required,
the date upon which the P2(Y)2 Product is first commercially launched in that
country.

      1.13 "FTE" shall mean the equivalent of the work of one Predix scientist
or other project managerial professional, full time for one year, on or directly
related to the Research

                                      -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; [*] DENOTES
OMISSIONS.
<PAGE>
                                                                  EXECUTION COPY

Program. Activities included in calculating FTE's shall not include negotiation
of this Agreement or modifications or extensions thereof or administration
activities such as accounting, invoicing, personnel related activities or the
like.

      1.14 "Hit" shall have the meaning ascribed to it in Section 3.1.2 of this
Agreement.

      1.15 "Interruption" shall occur (i) if at any time before the First
Commercial Sale of a P2(Y)2 Product, Predix, its Affiliates and sublicensees,
all cease to conduct, or have conducted, research activities associated with the
development of such Product for a period of one hundred and eighty (180)
consecutive days; and (ii) as specified in Section 4.1.1.

      1.16 "Joint Research Committee" or "JRC" shall have the meaning ascribed
to it in Section 2.5 of Agreement.

      1.17 "Net Sales" with respect to any product shall mean the gross amount
invoiced by the selling party and its Affiliates, licensees or sublicensees for
products sold in bona fide, arms-length transactions to Third Parties for use in
the Field, less (i) quantity and/or cash discounts from the gross invoice price
which are actually allowed or taken; (ii) freight, postage and insurance
included in the invoice price; (iii) amounts repaid or credited by reasons of
rejections or return of goods or because of retroactive price reductions
specifically identifiable to such product; (iv) amounts payable resulting from
government (or agency thereof) mandated rebate programs; (v) third-party rebates
or charge-backs to the extent actually allowed; (vi) invoiced customs duties and
sales taxes (excluding income, value-added and similar taxes), if any, actually
paid and directly related to the sale that are not reimbursed by the buyer; and
(vii) any other specifically identifiable amounts included in the product's
gross invoice price that should be credited for reasons substantially equivalent
to those listed above; all as determined in

                                      -4-

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; [*] DENOTES
OMISSIONS.
<PAGE>
                                                                  EXECUTION COPY

accordance with the selling party's usual and customary accounting methods,
which are in accordance with generally accepted accounting principles.

            In the case of any sale or other disposal of a product between or
among the selling party and its Affiliates, licensees and sublicensees, for
resale, Net Sales shall be calculated as above only on the value charged or
invoiced on the first arm's-length sale thereafter to a Third Party;

            In the case of any sale which is not invoiced or is delivered before
invoice, Net Sales shall be calculated at the time of shipment or when the
product is paid for, if paid for before shipment or invoice;

            In the case of any sale or other disposal for value, such as barter
or counter-trade, of any product, or part thereof, other than in an arm's length
transaction exclusively for money, Net Sales shall be calculated as above on the
value of the consideration received;

            In the event the product is sold in a finished dosage form
containing the product in combination with one or more other active ingredients
(a "Combination Product"), the Net Sales of the product, for the purposes of
determining royalty payments, shall be determined by multiplying the Net Sales
(as defined above in this Section) of the Combination Product by the fraction,
A/(A+B) where A is the weighted (by sales volume) average sale price of the
product when sold separately in finished form and B is the weighted average sale
price of the other product(s) sold separately in finished form, provided that
the above formula in this Section 1.19 shall not apply if the product is only
sold in combination form and if each of the active ingredients in a Combination
Product results from the Research Program and in each such event the following
sentence shall apply. In the event that such average sale price cannot be
determined for both the product and the other product(s) in combination, Net
Sales for purposes

                                      -5-

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; [*] DENOTES
OMISSIONS.
<PAGE>
                                                                  EXECUTION COPY

of determining royalty payments shall be mutually agreed by the Parties based on
relative value contributed by each component, and such agreement shall not be
unreasonably withheld.

      1.18 "Patents" means all existing patents and patent applications and all
patent applications hereafter filed, including any continuation,
continuation-in-part, division, provisional or any substitute applications, any
patent issued with respect to any such patent applications, any reissue,
reexamination, renewal or extension (including any supplementary protection
certificate) of any such patent, and any confirmation patent or registration
patent or patent of addition based on any such patent, and all foreign
counterparts of any of the foregoing.

      1.19 "Person" means any individual, corporation, partnership, association,
joint-stock company, trust, unincorporated organization or government or
political subdivision thereof.

      1.20 "Predix CF Technology" shall mean all data, technical information,
know-how, inventions (whether or not patented) trade secrets, processes and
methods discovered or developed, and Controlled by Predix or its Affiliates, in
the performance of the Research Program under this Agreement, including without
limitation, the 3D coordinates of the CFTR to be developed by Predix hereunder;
provided, however, that notwithstanding the foregoing, the term "Predix CF
Technology" shall not include any data, technical information, know-how,
inventions (whether or not patented) trade secrets, processes or methods owned
or Controlled by Predix prior to, or outside of, Predix's performance of the
Research Program under this Agreement, including without limitation, Predix's
general receptor and ion channel modeling technology, or computational drug
discovery, drug optimization and drug design technology, or any enhancements or
improvements to any of the foregoing.

      1.21 "Predix Patents" shall mean any Patents Controlled by Predix or its
Affiliates claiming Predix CF Technology.

                                      -6-

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; [*] DENOTES
OMISSIONS.
<PAGE>
                                                                  EXECUTION COPY

      1.22 "Prime Rate" shall mean the average prime rate published in the Wall
Street Journal during the relevant period.

      1.23 "Pulmonary Field" shall mean the treatment of diseases of the human
pulmonary tract or lungs, other than CF.

      1.24  "P2Y(2) Product" shall have the meaning set forth in Section 2.1.

      1.25 "Regulatory Approval" shall mean, with respect to any country, all
authorizations by the appropriate governmental entity or entities necessary for
commercial sale of a pharmaceutical product in that country including, without
limitation and where applicable, approval of labeling, price, reimbursement and
manufacturing. "Regulatory Approval" in the United States shall mean final
approval of a new drug application pursuant to 21 CFR Section 314, permitting
marketing of the P2(Y)2 Product in interstate commerce In the United States.
"Regulatory Approval" in the European Union shall mean final approval of a
Marketing Authorization Application, or equivalent.

      1.26 "Research Plan" shall have the meaning set forth in Section 2.4
hereof.

      1.27 "Research Program I" shall have the meaning set forth in Section 2.1.

      1.28 "Research Program II" shall have the meaning set forth in Section
2.1.

      1.29 "Research Programs" shall mean collectively all research activities
undertaken under this Agreement relating to Research Program I and Research
Program II.

      1.30 "Research Termination Date" shall mean the date which is thirty six
(36) months following the Effective Date for Research Program I and the date
which is twenty four (24)

                                      -7-
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; [*] DENOTES
OMISSIONS.
<PAGE>
                                                                  EXECUTION COPY

months following the Effective Date for Research Program II, in both cases
subject to extension as provided in Section 2.2.

      1.31  "Territory" shall mean worldwide.

      1.32 "Third Party" shall mean any person or entity which is not a party or
an Affiliate of any party to this Agreement.

                           ARTICLE II - RESEARCH PROGRAM

      2.1   COMMENCEMENT; OBJECTIVE.

      Predix will be responsible for the conduct of the Research Programs as set
forth herein. CFFT will provide the financial support hereinafter specified, and
consultation and advice as provided herein through its participation on the JRC
as provided below. The Research Program will consist of two sets of separate
activities, as set forth in the Research Plan, and generally described as
follows: (i) Predix will use its 3D technology and modeling expertise to model
the 3D structure of the CFTR (such activities are the "Research Program I") and
(ii) Predix will use its 3D GPCR technology to discover a small-molecule P2Y(2)
agonist that once optimized will be a novel compound for the treatment of CF
(such activities are "Research Program II" and any product containing a
small-molecule P2Y(2) agonist discovered during the performance of Research
Program II, whether or not the molecule has been further optimized, is a "P2Y(2)
Product").

      Following the successful completion of Research Program I (or prior to its
completion if the Parties so desire), the Parties agree to negotiate in good
faith towards an agreement pursuant to which a molecule that will act as a CFTR
Corrector will be discovered, optimized, developed

                                      -8-

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; [*] DENOTES
OMISSIONS.
<PAGE>
                                                                  EXECUTION COPY

and commercialized, all as more fully set forth in Section 4.1. Subject to
CFFT's rights in the event of an Interruption pursuant to Section 9.6 of this
Agreement, Predix shall have exclusive rights to further develop and
commercialize all P2Y(2) Products.

      2.2   TERM.

      The Research Programs shall commence on the Effective Date and will
conclude on the Research Termination Date, unless extended by agreement of the
Parties, or unless earlier terminated in accordance with the provisions of
Article IX hereof. The Parties may discuss at any time whether, and upon what
basis, the Research Program might be extended beyond the initial Research
Termination Date.

      2.3   RESEARCH DILIGENCE.

      Predix will work diligently and use reasonable efforts, consistent with
prudent business judgment, to accomplish the goals of the Research Programs.
Predix will dedicate to the Research Programs at least that level of staffing
referenced in Section 3.1 hereof, and expects to employ an appropriate
combination of experience and training in the CF Field.

      2.4   RESEARCH PLAN.

            Predix and CFFT have agreed upon an overall research plan for the
Research Programs, a copy of which is attached to this Agreement as Exhibit 2.4.
The JRC will review and evaluate the Research Plan, taking into consideration
ongoing research outcomes and other scientific and commercial developments, at
each meeting of the JRC after the Effective Date, and any resulting
modifications will be incorporated into the Research Plan (the original plan,
and any such modifications are referred to herein as the "Research Plan").
Modifications to the Research Plan may be proposed by either Predix or CFFT and
must be approved by the JRC

                                      -9-

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; [*] DENOTES
OMISSIONS.
<PAGE>
                                                                  EXECUTION COPY

before being adopted. Any modification to the Research Plan proposed by Predix
that would (a) reduce the levels of FTE resources to be devoted by Predix to the
Research Programs below; or (b) increase the Budget for either Research Program
I or Research Program II, shall not be adopted without the approval of CFFT,
which will act expeditiously on any such proposal.

      2.5   JOINT RESEARCH COMMITTEE.

            2.5.1 Composition and Purposes. Predix and CFFT shall establish a
Joint Research Committee ("JRC") consisting of at least six (6) representatives
(as may be increased or decreased by the JRC), half of whom shall be designated
from time to time by each party. Each party shall choose a Program Coordinator
who may be changed from time to time by designation of each party. The Program
Coordinator for Predix shall be Oren Becker, PhD. The Program Coordinator for
CFFT shall be Diana Wetmore. If the JRC chooses to designate a Committee Chair,
the Chair will be Predix's Program Coordinator. The JRC shall meet formally no
less frequently than once in each three (3) month period during the Research
Program, and at such time and location, as may be established by the Committee.
However, the JRC will make its schedule flexible in order to foster the
successful completion of the Research Programs. The JRC shall meet for the
following purposes:

                  (I) to review and discuss the Research Plan and evaluate any
            proposed revisions to any of those plans;

                  (II) to determine whether milestones have been achieved; and

                  (III) to provide guidance to the research team if such
            guidance is needed on next steps to implement the Research Programs.

                                      -10-

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; [*] DENOTES
OMISSIONS.
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                                                                  EXECUTION COPY

            At least five (5) working days prior to each JRC meeting, Predix
will send a written report to CFFT detailing the progress made in the respective
Research Programs during the preceding quarter. Within thirty (30) days after
the date of each meeting, Predix shall prepare and deliver minutes of the
meeting to the members of the JRC, setting forth, inter alia, all decisions of
the JRC, and including as an attachment the report on the progress of work
performed required by this Section 2.5.1.

            2.5.2 MILESTONE DECISION-MAKING. The JRC shall determine whether or
not milestone events have been achieved. Each of Predix and CFFT shall have one
vote on such matter, to be exercised by their respective Program Coordinators.
In the event a deadlock occurs or whether or not a milestone event has been
successfully completed, the Parties shall mutually select a Third Party who
shall make such determination. The determination of such party shall be binding
on the Parties.

            Each party shall retain the rights, powers, and discretion granted
to it under this Agreement, and the JRC shall not be delegated or vested with
any such rights, powers or discretion except as expressly provided in this
Agreement. The JRC shall not have the power to amend or modify this Agreement,
which may only be amended or modified as provided in Section 11.12.

      2.6   EXCHANGE OF INFORMATION.

            Predix will share information with the JRC when available and
necessary to facilitate mutual understanding of the status of the Research
Program and decision-making in connection therewith.

                                      -11-

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; [*] DENOTES
OMISSIONS.
<PAGE>
                                                                  EXECUTION COPY

                               ARTICLE III - PAYMENTS

      3.1   STAFFING AND RESEARCH SUPPORT PAYMENTS.

            CFFT will make the payments to Predix specified below during the
Term in support of the Research Programs under this Agreement.

            3.1.1.RESEARCH PROGRAM I

<TABLE>
<CAPTION>
               Item in     Estimated    FTE          Out-sourced  Total
               Exhibit 2.4 Time         Research     activities   Budgeted
                           (Months)*    Funding (#                Amount
                                        FTEs
                                        charged at
<S>            <C>         <C>          <C>          <C>          <C>
                                        $[*******
                                        **********]
</TABLE>

a)  [******************]:   to be paid on the date of execution   $2,000,000

b)  Base Research Funding:

<TABLE>
<S>            <C>         <C>            <C>          <C>          <C>
Modeling the   [**] and    [**] or less   $[*****](6)  $[*****];    $[********]
3D structure   [**]                                    $[*****]
of
[***********
*********
*******] and
**********
[*******
*********]
Structure      [**] and    [**] or less   $[*****](6)  $[*****      $[********]
based          [**]                                    *****]
analysis and
experimental
validation of
[*********
******] and
[********
********]
Modeling 3D    [**]        [**] or less   $[*****](6)  $[********   $[*********]
structure of                                           *********
the [********                                          ********]
*********
**********]
Structure      [**]        [**] or less   $*****](6)   $[********   $[********]
based                                                  ********]
analysis and
Experimental
validation of
[**********]
</TABLE>

                                      -12-

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; [*] DENOTES
OMISSIONS.
<PAGE>
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c)  Milestones:

<TABLE>
<S>                                                                                                      <C>
(1) 3D Model of [**************] (as defined in section 13.1 of Exhibit 2.4)                             $[********]
(2) 3D Model of [**************] (as defined in section 13.2 of Exhibit 2.4)                             $[********]
(3) Identification of a route for [**************] (as defined in section 13.3 of Exhibit 2.4)           $[********]**

Aggregate Budgeted Amount for Research Program I                                                         $10,500,000
</TABLE>

Each milestone shall be due and payable thirty (30) days after it is achieved.
All milestones under Research Program I that are not achieved prior to the
Research Termination Date will nevertheless be paid by CFFT to Predix if
achieved within 180 days after the Research Termination Date.

*    Periods are estimates. The parties anticipate that particular aspects of
     the Research Programs may take longer than the periods indicated but that
     the Research Programs will likely be completed on or prior to the Research
     Termination Date.

**   This payment shall be reduced to $[********] if this milestone is
     accomplished before the milestone in subparagraph (c)(2) above ("Milestone
     (c)(2)"); and, the remaining $[********] shall be added to the amount
     specified for Milestone (c)(2) and paid to Predix upon the accomplishment
     of Milestone (c)(2).

            3.1.2.RESEARCH PROGRAM II

      The total Budget for Research Program II shall be $2 million consisting of
up to [******] FTEs per year and/or the expense of out-sourced activities, for
the [******] period beginning on the Effective Date. FTEs budgeted amounts shall
be billed by Predix to CFFT [******]; provided that, total FTE billing in
[*************************] during which Research Program II will be conducted
will not exceed [*****] FTEs billable at $[****] per FTE in each such
[*************] period. If Predix does not identify a hit for the P2Y(2)
receptor that has an [***************] in a [**************] (or an equivalent
assay) (a "Hit"), within the [***************] period following the Effective
Date of this Agreement, CFFT will terminate payments for FTE payments for
Research Program II, after payment for the FTE's allocable to the initial
[********] period until a Hit is identified; provided that, FTE payments for the

                                      -13-

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SECRETARY OF THE COMMISSION PURSUANT TO THE COMPANY'S APPLICATION REQUESTING
CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [*] DENOTES
OMISSIONS.
<PAGE>
                                                                  EXECUTION COPY

additional [***********] period budgeted for Research Program II will resume
when a Hit is identified if such identification occurs within
[******************] of such termination.

      3.2   PAYMENTS.

            Budgeted payments due on account of internal FTEs shall be made by
CFFT [******] within thirty (30) days of the receipt of invoices for such
amounts. Budgeted payments on account of external costs shall be made by CFFT
[******] in arrears within thirty (30) days following receipt of an invoice for
such external costs accompanied by usual and customary documentation of such
costs. Amounts budgeted for outsourced activities may be reallocated among
different outsourced activities so long as the total costs to be reimbursed by
CFFT do not exceed the total amount budgeted for outsourced activities. In
addition to the amounts indicated above for outsourced activities, CFFT shall
arrange for and direct pay a service provider for the site directed mutagenesis
services described in Section 10.2.1 of Exhibit 2.4. All payments shall be made
without deduction for withholding or other similar taxes, in United States
dollars to the credit of such bank account as may be designated by Predix in
writing to CFFT. Any payments which fall due on a date which is a legal holiday
in the State of Maryland may be made on the next following day which is not a
legal holiday in the State of Maryland. On or before each of March 1, 2006 and
March 1, 2007 Predix will provide CFFT with an accounting of all internal FTE
costs (consisting of the names and dates worked for those persons who are
included within the reimbursed FTE costs) and outsourcing costs incurred under
the Research Programs during the most recently concluded calendar year. Internal
FTE costs will be calculated at an annual rate of $[******] per FTE. Costs
incurred will be compared with funds provided by CFFT on account of that year,
and any excess of funds paid to Predix over costs incurred will be refunded to
CFFT within thirty (30) days or, as to amounts due on account of 2005
activities, applied as a credit against amounts due for 2006 activities.

                                      -14-

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; [*] DENOTES
OMISSIONS.
<PAGE>
                                                                  EXECUTION COPY

      3.3   RECORDS.

            Predix shall keep accurate records and books of accounts containing
all data reasonably required for the calculation and verification of the number
of FTE's employed in the performance of the Research Programs, and outsourcing
costs incurred by Predix in the Research Program during the term of this
Agreement and for a period of thirty six (36) months thereafter. CFFT, through
an independent accounting firm unaffiliated with either CFFT or Predix, shall
have the right at its expense to audit Predix's relevant records to verify
compliance with FTE and other research funding allocation requirements
hereunder. At CFFT's request, Predix shall make those records available, no more
than [********], during reasonable working hours, for review by a recognized
independent accounting firm acceptable to both Parties, at CFFT's expense, for
the sole purpose of verifying the accuracy of those records in the calculation
of Research Program FTEs and outsourcing costs. Predix shall not, however, be
required to retain or make available to CFFT or its accountants, any such
records or books of account for either [*****] or [*****] beyond
[***************] from the Research Termination Date. CFFT shall cause the
accounting firm to retain all such information in confidence. Such accounting
firm shall report to CFFT only the existence and amount of any variance between
the amount paid and the amount that was actually due hereunder. In the event
that the aggregate costs actually chargeable to the Research Programs during any
calendar year are less than the amount previously advanced to Predix by CFFT and
properly attributable to that calendar year (a "Negative Difference"), in
addition to reimbursing CFFT for the Negative Difference
[*************************** **************************], if the Negative
Difference is more than [*****] percent ([*****]%) of the amounts properly
attributable to that calendar year, then Predix shall [*****************
****************************************************] in the review.

                                      -15-

PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE
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CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [*] DENOTES
OMISSIONS.
<PAGE>
                                                                  EXECUTION COPY

                     ARTICLE IV - COMMERCIALIZATION; ROYALTIES

      4.1 DISCOVERY AND COMMERCIALIZATION OF A CFTR CORRECTOR-BASED PRODUCT;
COMMERCIALIZATION OF P2(Y)2 PRODUCT.

            4.1.1 DISCOVERY AND COMMERCIALIZATION OF A CFTR CORRECTOR-BASED
PRODUCT. Following the completion of the work set forth in the Research Plan
relating to Research Program I (or prior to its completion if the Parties so
desire), the Parties agree to negotiate in good faith, for a period of up to
sixty (60) days, towards an agreement pursuant to which Predix will, building
upon the Predix CF Technology, explore a structure-based route for the discovery
and commercialization of a molecule that will act as a CFTR Corrector with the
financial support of CFFT and subject to a royalty or similar obligation to
CFFT. Other than participating in such good faith negotiations, however, neither
party shall be obligated to enter into such an agreement. If the Parties do not
enter into such an agreement during such sixty (60) day period, an Interruption
shall be deemed to have occurred with respect to Research Program I with the
attendant consequences provided for in Section 9.6.

            4.1.2 COMMERCIALIZATION OF P2Y(2) PRODUCT. Except in the event of an
Interruption, Predix and/or its licensees and sublicensees shall have exclusive
rights to market, sell and distribute any or all P2Y(2) Products throughout the
Territory.

      4.2   DUE DILIGENCE.

            Predix shall use diligent and commercially reasonable efforts
consistent with the requirements of the Development Program and sound and
reasonable business practices and judgment to effect introduction of P2(Y)2
Products into major markets in North America and Europe as soon as reasonably
practicable, devoting the same degree of attention and diligence to

                                      -16-

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SECRETARY OF THE COMMISSION PURSUANT TO THE COMPANY'S APPLICATION REQUESTING
CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [*] DENOTES
OMISSIONS.
<PAGE>
                                                                  EXECUTION COPY

those efforts that it devotes to similar activities for its other products of
comparable market potential (such efforts are "Commercially Reasonable
Efforts").

      4.3   ROYALTIES.

            Within thirty (30) days following the [***************] of the first
P2(Y)2 Product, Predix shall pay a [*****] royalty to CFFT of $[*****]. If
aggregate Net Sales of such P2(Y)2 Product in the [***************] following
the month the [*************] is granted ("Relevant [**]") exceed $250 million,
Predix shall pay to CFFT an additional [*****] royalty of $[*****]; or, if such
Net Sales exceed $[************], Predix shall pay to CFFT an additional [*****]
royalty of $[*****] (in lieu of the $[**********] payment). The additional
royalty shall be paid within 60 days following the close of the relevant
[*************] period.

      4.4   SALES REPORTS.

            (A) Within sixty (60) days after the conclusion of the Relevant
[**], Predix shall furnish or cause to be furnished to CFFT a written report or
reports covering the Relevant [**] showing, for Net Sales, (i) the Net Sales for
the first P2(Y)2 Product in each country in the world during the reporting
period by Predix and each Affiliate, licensee and sublicensee; (ii) any royalty,
payable in U.S. dollars ("Dollars"), which shall have accrued under Section 4.3
hereof in respect of such sales and the basis of calculating the royalty; and
(iii) the exchange rates used in converting into Dollars, from the currencies in
which sales were made, any amounts which are included within Net Sales; and (iv)
dispositions of P2(Y)2 Products other than pursuant to sale for cash. With
respect to sales of P2(Y)2 Products invoiced in Dollars, the Net Sales amounts
and the amounts due to CFFT hereunder shall be expressed in Dollars. With
respect to sales of P2(Y)2 Products invoiced in a currency other than Dollars,
the Net Sales and amounts due to

                                      -17-

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SECRETARY OF THE COMMISSION PURSUANT TO THE COMPANY'S APPLICATION REQUESTING
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OMISSIONS.
<PAGE>
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CFFT hereunder shall be expressed in the domestic currency of the party making
the sale, together with the Dollar equivalent of the amount payable to CFFT,
calculated by translating foreign currency sales into U.S. dollars at the
exchange rates for the [********************* ******************] as reported in
The Wall Street Journal, Eastern US Edition. If any licensee or sublicensee
makes any sales invoiced in a currency other than its domestic currency, the Net
Sales shall be converted to its domestic currency in accordance with the
licensee's or sublicensee's normal accounting principles. Predix shall keep
accurate records in sufficient detail to enable the amounts due hereunder to be
determined and to be verified by CFFT.

            (B) Amounts shown to have accrued by each sales report provided for
under Section 4.4(a), above, shall be due and payable on the date that sales
report is due.

            (C) All payments shall be made in Dollars.

            (D) Upon the written request of CFFT, at CFFT's expense and not more
than [***] time in the [*************] period following the receipt by CFFT of
the report required under Section 4.4(a), Predix shall permit an independent
accountant of national prominence selected by CFFT, to have access during normal
business hours to those records of Predix as may be reasonably necessary to
verify the accuracy of the report furnished by Predix pursuant to this Section
4.4. The report prepared by such independent accountant, a copy of which shall
be sent or otherwise provided to Predix by such independent accountant at the
same time it is sent or otherwise provided to CFFT, shall contain the
conclusions of such independent accountant regarding the existence and amount of
any variance between the amount paid and the amount that was actually due
hereunder. If such independent accountant's report shows any underpayment,
Predix shall remit to CFFT within thirty (30) days after Predix's receipt of
such report (i) the amount of such underpayment[********************************
*************************************************] and (ii) if such underpayment

                                      -18-

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OMISSIONS.
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exceeds [*****] percent ([*****]%) of the total amount owed, the [*****] and
[*****] and [**********]. Any overpayment shall be refunded by CFFT to Predix
within thirty (30) days following CFFT's receipt of the auditor's report. CFFT
agrees that all information subject to review under this Section 4.4 is
confidential and that CFFT shall retain and cause its accountant to retain all
such information in confidence.

            (E) In case of any delay in payment by Predix to CFFT not occasioned
by Force Majeure, [**********************************************************
**********************************************].

                            ARTICLE V - CONFIDENTIALITY

      5.1   UNDERTAKING.

            During the term of this Agreement, each party shall keep
confidential, and other than as provided herein, shall not use or disclose,
directly or indirectly, any trade secrets, confidential or proprietary
information, or any other knowledge, information, documents or materials, owned,
developed or possessed by the other party, whether in tangible or intangible
form, the confidentiality of which such other party takes reasonable measures to
protect ("Confidential Information"). Neither CFFT nor Predix will use the other
party's Confidential Information except as expressly permitted in this
Agreement:

                      (A) Each party shall take any and all lawful measures to
            prevent the unauthorized use and disclosure of the other party's
            Confidential Information, and to prevent unauthorized persons or
            entities from obtaining or using that Information.

                                      -19-

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                      (B) Each party will refrain from directly or indirectly
            taking any action which would constitute or facilitate the
            unauthorized use or disclosure of the other party's Confidential
            Information. Each party may disclose that Information to its
            officers, employees and agents, to authorized licensees and
            sublicensees, and to subcontractors in connection with the
            development or manufacture of P2(Y)2 Products, to the extent
            necessary to enable such parties to perform their obligations
            hereunder or under the applicable license, sublicense or
            subcontract, as the case may be; provided, that such officers,
            employees, agents, licensees, sublicensees and subcontractors have
            entered into appropriate confidentiality agreements for secrecy and
            non-use of such Confidential Information which by their terms shall
            be enforceable by injunctive relief at the instance of the
            disclosing party.

                      (C) Each party shall be liable for any unauthorized use
            and disclosure of the other party's Confidential Information by its
            officers, employees and agents and any such sublicensees and
            subcontractors.

      5.2   EXCEPTIONS.

            Notwithstanding the foregoing, the provisions of Section 5.1 hereof
shall not apply to Confidential Information which the receiving party can
conclusively establish:

                      (A) has entered the public domain without such party's
            breach of any obligation owed to the disclosing party;

                      (B) is permitted to be disclosed by the prior written
            consent of the disclosing party;

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                      (C) has become known to the receiving party from a source
            other than the disclosing party, other than by breach of an
            obligation of confidentiality owed to the disclosing party;

                      (D) is independently developed by the receiving party
            without breach of this Agreement; or

                      (E) is required to be disclosed by the receiving party to
            comply with applicable laws or regulations, to defend or prosecute
            litigation or to comply with governmental regulations, provided that
            the receiving party provides prior written notice of such disclosure
            to the disclosing party and takes reasonable and lawful actions to
            avoid or minimize the degree of such disclosure.

            Either Predix or CFFT may at any time, by notice in writing to the
other party, waive any or all of the confidentiality obligations to which the
other party is subject hereunder, for any length or time or with respect to any
specific information.

      5.3   PUBLICITY.

            The Parties will agree upon the timing and content of any initial
press release or other public communications relating to this Agreement and the
transactions contemplated herein.

                      (A) Except to the extent already disclosed in that initial
            press release or other public communication, no public announcement
            concerning the terms of this Agreement or concerning the
            transactions described herein shall be made, either directly or
            indirectly, by Predix or CFFT, except (i) as may be legally required
            by applicable laws, regulations, or judicial order, (ii) as may be
            required

                                      -21-

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OMISSIONS.
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            by the rules of any stock exchange on which such party's securities
            are listed, or (iii) if limited to the fact that the Research
            Programs exist, that research is in progress, and its anticipated
            completion without first obtaining the approval of the other party
            and agreement upon the nature, text, and timing of such
            announcement, which approval and agreement shall not be unreasonably
            withheld.

                      (B) The party desiring to make any such public
            announcement shall provide the other party with a written copy of
            the proposed announcement in sufficient time prior to public release
            to allow such other party to comment upon such announcement, prior
            to public release.

                              ARTICLE VI- PUBLICATION

      Each of Predix and CFFT reserves the right to publish or publicly present
the data generated during the performance of the Research Programs (the
"Results"), subject to the following terms and conditions. The party proposing
to publish or publicly present the Results (the "publishing party") will submit
a draft of any proposed manuscript or speech to the other party (the
"non-publishing party") for comments at least sixty (60) days prior to
submission for publication or oral presentation. The non-publishing party shall
notify the publishing party in writing within thirty (30) days of receipt of
such draft whether such draft contains (i) information of the non-publishing
party which it considers to be confidential under the provisions of Article V
hereof, (ii) information that if published would have an adverse effect on a
patent application which the non-publishing party intends to file, or (iii)
information which the non-publishing party reasonably believes would be likely
to have a material adverse impact on the development

                                      -22-

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or commercialization of a P2(Y)2 Product or a CFTR Corrector-based product. In
any such notification, the non-publishing party shall indicate with specificity
its suggestions regarding the manner and degree to which the publishing party
may disclose such information. In the case of item (ii) above, the
non-publishing party may request a delay and the publishing party shall delay
such publication, for a period not exceeding an additional ninety (90) days, to
permit the timely preparation and filing of a patent application or an
application for a certificate of invention on the information involved. In the
case of item (i) above, no party may publish Confidential Information of the
other party without its consent in violation of Article V of this Agreement. In
the case of item (iii) above, if the publishing party shall disagree with the
non-publishing party's assessment of the impact of the publication, then the
issue shall be referred to the Chief Executive Officer of CFFT and the Chief
Executive Officer of Predix who shall attempt in good faith to reach a fair and
equitable resolution of this disagreement. If the disagreement is not resolved
in this manner within two (2) weeks of referral to the respective Chief
Executive Officers, then the decision of the publishing party as to publication
of any information generated by it, subject always to the confidentiality
provisions of Article V hereof, shall be final, provided that such decision
shall be exercised with reasonable regard for the interests of the
non-publishing party. The Parties agree that authorship of any publication will
be determined based on the customary standards then being applied in the
relevant scientific journal. The Parties will use their reasonable best efforts
to gain the right to review proposed publications relating to the subject matter
of the Research Programs by consultants or contractors.

      Notwithstanding the foregoing and subject to the last sentence of this
paragraph, Predix intends to advance the body of general scientific knowledge of
CF and its potential therapies, and to contribute to the identification of
chemical tools as optimal scientific benchmarks, all in a manner consistent with
its general scientific and commercial objectives in entering into the

                                      -23-

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OMISSIONS.
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collaboration with CFFT to which this Agreement relates. In furtherance of that
objective, Predix will publish the 3D structure of the CFTR to be developed by
Predix by the first (1st) anniversary after the achievement of the second
milestone set forth in Section 3.1.1, or the termination of this Agreement,
whichever occurs first. CFFT's funding of the research will be acknowledged by
the publication; and by the third (3rd) anniversary after the achievement of
such second milestone, Predix shall cause the 3D structure of the CFTR developed
by Predix to become part of the public domain. In addition, Predix shall grant
to up to [******] requesting qualified, not-for-profit research institutions,
reasonably acceptable to Predix, a nonexclusive license to use the 3D structure
of the CFTR solely for research purposes. Such non-exclusive licenses shall
include restrictions on the disclosure of Predix' confidential information,
including without limitation, the structure of the CFTR (if not previously
published by Predix); provided that the licensee shall be permitted to publish
the data, including mutagenesis data, it may generate in the exercise of the
license. Notwithstanding the foregoing publication and licensing obligations in
this paragraph, if at any time such obligations are scheduled to occur, CFFT has
a license pursuant to Section 9.6, CFFT (and not Predix) shall determine the
timing and scope of such publication and the recipients of such sublicenses with
respect to the rights covered by the license granted to CFFT.

                           ARTICLE VII - INDEMNIFICATION

      7.1   INDEMNIFICATION BY PREDIX.

            Predix will indemnify and hold CFFT and its Affiliates, and their
employees, officers and directors harmless against any loss, damage, action,
suit, claim, demand, liability, expense, bodily injury, death or property damage
(a "Loss"), that may be brought, instituted or arise against or be incurred by
such persons to the extent such Loss is based on or arises out of:

                                      -24-

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OMISSIONS.
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                      (A) the conduct of the Research Programs by Predix or its
            Affiliates or their representatives, agents, authorized licensees,
            sublicensees or subcontractors under this Agreement, or any actual
            or alleged violation of law resulting therefrom; or

                      (B)     the breach by Predix of any of its covenants,
            representations or warranties set forth in this Agreement; and

                      (C) provided however, that the foregoing indemnification
            shall not apply to any Loss to the extent such Loss is caused by the
            negligent or willful misconduct of CFFT or its Affiliates or a
            breach of this Agreement by CFFT or its Affiliates.

      7.2   CLAIMS PROCEDURES.

            In order to be indemnified by Predix, pursuant to Section 7.1, CFFT
shall give notice to Predix promptly after CFFT has actual knowledge of any
threatened or asserted claim as to which indemnity may be sought, and shall
permit Predix to assume the defense of any such claim or any litigation
resulting therefrom; provided:

                      (A) that counsel for Predix, who shall conduct the defense
            of such claim or any litigation resulting therefrom, shall be
            approved by CFFT (the approval of which shall not unreasonably be
            withheld) and CFFT may participate in such defense at its expense,
            unless (i) the employment of counsel by CFFT has been authorized by
            Predix; or (ii) there is a conflict of interest that would prevent
            Predix and CFFT from being represented by a single law firm in the
            defense of such action, in each of which instance Predix shall pay
            the reasonable fees and

                                      -25-

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OMISSIONS.
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            expenses of one law firm serving as counsel for CFFT, which law firm
            shall be subject to approval, not to be unreasonably withheld, by
            Predix; and

                      (B) the failure of CFFT or its Affiliates to give notice
            as provided herein shall relieve Predix of its obligations under
            this Agreement to the extent that the failure to give notice
            prejudices a defense that otherwise may have been available or
            increases the amount of the Loss or otherwise results in harm to
            Predix.

                      (C) Predix shall not, in the defense of any such claim or
            litigation, except with the approval of CFFT which approval shall
            not be unreasonably withheld, consent to entry of any judgment or
            enter into any settlement which (i) would result in injunctive or
            other relief being imposed against CFFT and its Affiliates; or (ii)
            does not include, as an unconditional term thereof, the giving by
            the claimant or plaintiff to CFFT and its Affiliates of a release
            from all liability in respect to such claim or litigation.

                      (D) CFFT and its Affiliates shall cooperate in the defense
            of such claim as reasonably requested by Predix, including without
            limitation, by furnishing such information regarding itself or the
            claim in question as Predix may reasonably request in writing.

                        ARTICLE VIII - PATENTABLE INVENTIONS

      8.1   OWNERSHIP.

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            All inventions made and all data and know-how generated exclusively
by either party or its Affiliates (directly or through others acting on its
behalf) prior to and during the term of this Agreement relating to the Research
Program shall be owned by the party making the invention or generating the data
or know-how claimed, or if such invention is made jointly (a "Joint Invention"),
shall be owned jointly, all as determined in accordance with United States laws
of inventorship; provided that, CFFT hereby grants to Predix an exclusive (even
as to CFFT) worldwide license to its rights in any Joint Invention and any
invention made by a CFFT employee resulting from the Research Program for the
purposes specified in this Agreement.

      8.2   PREPARATION.

            Predix shall take responsibility for the preparation, filing,
prosecution and maintenance of all Predix Patents, and any patents and patent
applications claiming Joint Inventions, and CFFT shall take responsibility for
the preparation, filing, prosecution and maintenance of all CFFT Patents. Predix
shall provide the JRC with periodic reports listing, by name, Patents filed by
Predix in the United States and other jurisdictions, along with a general
summary of the claims made and the jurisdictions of filing.

      8.3   COSTS.

            Predix shall be responsible for all costs incurred in the
preparation, prosecution and maintenance of Predix Patents and Joint Patents.

                         ARTICLE IX - TERM AND TERMINATION

      9.1   TERM.

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            This Agreement will expire upon the Research Termination Date as
defined herein, unless earlier terminated by either party hereto in accordance
with this Agreement, or unless extended by mutual agreement of the Parties.

      9.2   TERMINATION OF THE RESEARCH PROGRAMS WITHOUT CAUSE.

            CFFT may terminate either or both of the Research Programs without
cause upon one hundred and twenty (120) day's notice.

      9.3   TERMINATION OF THE RESEARCH PROGRAM BY CFFT FOR CAUSE.

            Without limitation of its ability to seek damages for breach of this
Agreement, CFFT may at its sole discretion unilaterally terminate the Research
Program and this Agreement upon the occurrence of any of the following events:

                      (A) Predix shall materially breach any of its material
            obligations under this Agreement, and such material breach shall not
            have been remedied or material steps initiated to remedy the same to
            CFFT's reasonable satisfaction, within thirty (30) days after CFFT
            sends written notice of breach to Predix; or

                      (B)     Predix shall cease to function as a going
            concern by suspending or discontinuing its business for any
            reason except for interruptions caused by events of Force Majeure.

            In the event of any valid termination under this Section 9.3,
CFFT shall not be required to make any payments which have not accrued prior to
receipt by Predix of the notice of breach referenced under Section 9.3(a) or
receipt by Predix of the notice of termination pursuant to this Section 9.3(b),
as the case may be.

      9.4   TERMINATION OF THE RESEARCH PROGRAM BY PREDIX FOR CAUSE.

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            Without limitation of its ability to seek damages for breach of this
Agreement, Predix may at its sole discretion terminate this Agreement upon
written notice to CFFT upon the occurrence of the following event:

            CFFT shall materially breach any of its material obligations under
this Agreement and such material breach shall not have been remedied or material
steps initiated to remedy the same to Predix's reasonable satisfaction, within
thirty (30) days after Predix sends written notice of breach to CFFT.

      9.5   GENERAL EFFECT OF TERMINATION.

                      (A) The termination of this Agreement for any reason, or
            expiration of this Agreement, will not affect obligations which have
            accrued as of the date of termination or expiration, and obligations
            and rights under the following Sections, each of which shall survive
            any expiration or termination: Sections 2.5.2, 3.1.1 (solely for
            payment for milestones completed within [*****************] of such
            expiration), 3.3, 9.5 and 9.6 and Articles IV, V, VI, VII, VIII, X
            and XI.

                      (B) Subject to Section 4.1 hereof, and subject to the
            license that may be granted under Section 9.6(a), upon termination
            or expiration of this Agreement, Predix will retain ownership or
            exclusive rights to the Predix CF Technology and the inventions
            licensed to it by CFFT pursuant to Section 8.1 of this Agreement
            (including intellectual property rights).

      9.6   CONSEQUENCES OF AN INTERRUPTION.

            Upon the effective date of any Interruption with respect to Research
Program I and/or Research Program II, the following license in favor of CFFT
shall become effective:

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                      (A) CFFT shall have an irrevocable, with respect to the
            Research Program to which an Interruption has occurred, exclusive
            (even as to Predix) worldwide license, with the right to sublicense,
            under the Predix CF Technology and Joint Inventions to develop,
            manufacture, have manufactured, use, sell, offer to sell and import
            CFTR Corrector-based products or P2Y(2) Products, as applicable, in
            the Field.

                      (B) In lieu of any research funding obligation owed by
            CFFT to Predix pursuant to this Agreement, except obligations that
            accrued prior to the date of termination and obligations that
            survive termination of this Agreement, CFFT shall pay Predix a
            [*****] percent ([*****]%) royalty on the annual Net Sales of any
            CFTR Corrector-based products discovered or developed using the
            Predix CF Technology or P2Y(2) Products, as applicable, thereafter
            sold by CFFT or any Affiliate, licensee or sublicensee of CFFT, to
            which the foregoing licenses relate.

                      (C) In connection with either or both of the foregoing
            licenses, Predix shall deliver to CFFT, expeditiously upon the
            occurrence of an Interruption, all materials and data generated in
            the performance of Research Program I or Research Program II as
            applicable and the Predix CF Technology, including without
            limitation, the 3D coordinates of the CFTR, that are relevant to
            Research Program I or Research Program II, as applicable.

                     ARTICLE X - REPRESENTATIONS AND WARRANTIES

      10.1  REPRESENTATIONS AND WARRANTIES OF PREDIX.

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            Predix represents and warrants to CFFT that this Agreement has been
duly executed and delivered by Predix and constitutes the valid and binding
obligation of Predix, enforceable against Predix in accordance with its terms
except as enforceability may be limited by bankruptcy, fraudulent conveyance,
insolvency, bankruptcy, reorganization, moratorium and other laws relating to or
affecting creditors' rights generally and by general equitable principles. The
execution, delivery and performance of this Agreement have been duly authorized
by all necessary action on the part of Predix, its officers and directors.

      10.2  REPRESENTATIONS AND WARRANTIES OF CFFT.

            CFFT represents and warrants to Predix that this Agreement has been
duly executed and delivered by CFFT and constitutes the valid and binding
obligation of CFFT, enforceable against CFFT in accordance with its terms except
as enforceability may be limited by bankruptcy, fraudulent conveyance,
insolvency, bankruptcy, reorganization, moratorium and other laws relating to or
affecting creditors' rights generally and by general equitable principles. The
execution, delivery and performance of this Agreement have been duly authorized
by all necessary action on the part of CFFT, its officers and directors.

                       ARTICLE XI - MISCELLANEOUS PROVISIONS

      11.1  GOVERNING LAW, AND JURISDICTION.

            This Agreement shall be governed and construed in accordance with
the internal laws of the State of Maryland.

      11.2  WAIVER.

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            No provision of this Agreement may be waived except in writing by
both Parties hereto. No failure or delay by either party hereto in exercising
any right or remedy hereunder or under applicable law will operate as a waiver
thereof, or a waiver of any right or remedy on any subsequent occasion.

      11.3  FORCE MAJEURE.

            Neither party will be in breach hereof by reason of its delay in the
performance of or failure to perform any of its obligations hereunder, if that
delay or failure is caused by strikes, acts of God or the public enemy, riots,
incendiaries, interference by civil or military authorities, compliance with
governmental priorities for materials, or any fault beyond its reasonable
control or without its fault or negligence.

      11.4  SEVERABILITY.

            Should one or more provisions of this Agreement be or become
invalid, then the Parties hereto shall attempt to agree upon valid provisions in
substitution for the invalid provisions, which in their economic effect come so
close to the invalid provisions that it can be reasonably assumed that the
Parties would have accepted this Agreement with those new provisions. If the
Parties are unable to agree on such valid provisions, the invalidity of such one
or more provisions of this Agreement shall nevertheless not affect the validity
of the Agreement as a whole, unless the invalid provisions are of such essential
importance for this Agreement that it may be reasonably presumed that the
Parties would not have entered into this Agreement without the invalid
provisions.

      11.5  GOVERNMENT ACTS.

            In the event that any act, regulation, directive, or law of a
country or its government, including its departments, agencies or courts, should
make impossible or prohibit,

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restrain, modify or limit any material act or obligation of CFFT or Predix under
this Agreement, the party, if any, not so affected, shall have the right, at its
option, to suspend or terminate this Agreement as to such country, if good faith
negotiations between the Parties to make such modifications therein as may be
necessary to fairly address the impact thereof, are not successful after a
reasonable period of time in producing mutually acceptable modifications to this
Agreement.

      11.6  ASSIGNMENT.

            This Agreement may not be assigned or otherwise transferred by
either party without the prior written consent of the other party; provided,
however, that either party may assign this Agreement, without the consent of the
other party, (i) to any of its Affiliates, if the assigning party guarantees the
full performance of its Affiliates' obligations hereunder, or (ii) in connection
with the transfer or sale of all or substantially all of its assets or business
to which this Agreement relates or in the event of its merger or consolidation
with another company. Any purported assignment in contravention of this Section
11.6 shall, at the option of the non-assigning party, be null and void and of no
effect. No assignment shall release either party from responsibility for the
performance of any accrued obligation of such party hereunder. This Agreement
shall be binding upon and enforceable against the successor to or any permitted
assignees from either of the Parties hereto.

      11.7  COUNTERPARTS.

            This Agreement may be executed in duplicate, each of which shall be
deemed to be original and both of which shall constitute one and the same
Agreement.

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OMISSIONS.
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      11.8  NO AGENCY.

            Nothing herein contained shall be deemed to create an agency, joint
venture, amalgamation, partnership or similar relationship between CFFT and
Predix. Notwithstanding any of the provisions of this Agreement, neither party
to this Agreement shall at any time enter into, incur, or hold itself out to
third parties as having authority to enter into or incur, on behalf of the other
party, any commitment, expense, or liability whatsoever, and all contracts,
expenses and liabilities in connection with or relating to the obligations of
each party under this Agreement shall be made, paid, and undertaken exclusively
by such party on its own behalf and not as an agent or representative of the
other.

      11.9  NOTICE.

            All communications between the Parties with respect to any of the
provisions of this Agreement will be sent to the addresses set out below, or to
such other addresses as may be designated by one party to the other by notice
pursuant hereto, by prepaid, certified air mail (which shall be deemed received
by the other party on the seventh business day following deposit in the mails),
or by facsimile transmission, or other electronic means of communication (which
shall be deemed received when transmitted), with confirmation by first class
letter, postage pre-paid, given by the close of business on or before the next
following business day:

            if to CFFT, at:
               Cystic Fibrosis Foundation Therapeutics Incorporated
               6931 Arlington Road
               Bethesda, Maryland  20814
               Attention:  Dr. Robert J. Beall, President

                                      -34-

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            with a copy to: Kenneth I. Schaner, Esq.
               Swidler Berlin LLP
               3000 K Street, N.W., Suite 300
               Washington, D.C. 20007

            if to Predix, at:

               Predix Pharmaceuticals Holdings , Inc.
               10K Gill Street
               Woburn, MA  01810
               Attention:  President

                 with a copy to: Christopher J. Denn, Esq.
                 Mintz, Levin, Cohn, Ferris, Glovsky and Popeo PC
                 One Financial Center
                 Boston, MA 02111

      11.10 HEADINGS.

            The paragraph headings are for convenience only and will not be
deemed to affect in any way the language of the provisions to which they refer.

      11.11 AUTHORITY.

            The undersigned represent that they are authorized to sign this
Agreement on behalf of the Parties hereto. The Parties each represent that no
provision of this Agreement will

                                      -35-

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violate any other agreement that such party may have with any other person or
company. Each party has relied on that representation in entering into this
Agreement.

      11.12 ENTIRE AGREEMENT.

            This Agreement contains the entire understanding of the Parties
relating to the matters referred to herein, and may only be amended by a written
document, duly executed on behalf of the respective Parties.

      11.13 NOTICE OF PHARMACEUTICAL SIDE-EFFECTS.

            During the term of this Agreement, the Parties shall keep each other
promptly and fully informed and will promptly notify appropriate authorities in
accordance with applicable law, after receipt of information with respect to any
serious adverse event (as defined by the ICH Harmonized Tripartite Guideline on
Clinical Safety Data Management), directly or indirectly attributable to the use
or application of any P2(Y)2 Product, and any other product for which royalties
are payable under this Agreement.

                                      -36-

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Agreed and acknowledged as of the Effective Date.

                          PREDIX PHARMACEUTICALS HOLDINGS, INC.

                          By: /s/ MICHAEL G. KAUFFMAN, MD
                              -------------------------------
                            Title: President and CEO
                                   --------------------------

                          CYSTIC FIBROSIS FOUNDATION THERAPEUTICS INCORPORATED

                          By: /s/ ROBERT J. BEALL
                              -------------------------------
                            Title: President and CEO
                                   --------------------------

                                      -37-

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                                  CONFIDENTIAL

                                   EXHIBIT 2.4

                             CFTR PROGRAM WORK PLAN

  MODELING THE 3D STRUCTURE OF CFTR AND EXPLORING A ROUTE FOR THE DISCOVERY OF
                       A CYSTIC FIBROSIS "CORRECTOR" DRUG

  1. The objective of this study is to identify potential sites for therapeutic
     intervention on the 3D model of the Cystic Fibrosis Transmembrane
     Conductance Regulator protein (CFTR).

  2. To achieve this objective Predix will use its 3D Drug Discovery technology
     to model the 3D structure of CFTR and to suggest a structure-based route
     for future discovery of a CFTR "corrector" drug.

  3. The overall work plan consists of the following steps:

   1.1[*****]

      a. Modeling the 3D structure of the [*****].

      b. Structure-based analysis and experimental validation of the
         [*****].

      c. Attempt to identify a site for therapeutic intervention in
         the [*****].

   2.1[*****]

      a. Modeling the 3D structure of the [*****].

      b. Structure-based analysis and experimental validation of the
         [*****].

      c. Attempt to identify a site for therapeutic intervention in
         the [*****].

   3.1 The [*****]

      a. Modeling the 3D structure of the [*****].

      b. Structure-based analysis and experimental validation of the
         [*****].

      c. Attempt to identify a site for therapeutic intervention in
         the [*****].

  4. Modeling the 3D structure of [*****]

                                      -i-

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            1.1   Predix will use its PREDICT(TM) technology and its
      modeling expertise to generate a 3D model of the [*****].

            2.1   It is understood that the [*****]:

      4.2.1 Modeling the [*****].

            4.2.2 Modeling the  [*****].

            4.2.3 Modeling the [*****].

            4.2.4 Packing the  [*****].

            4.2.5 The resulting 3D model of the [*****].

   3.1Modeling will be guided by [*****], including (but not limited to):

            4.3.1 The [*****].

            4.3.2 [*****]

            4.3.3 [*****].

  5. The [*****] will be subject to structure-based analysis and
     experimental validation.

   1.1 The 3D model of the [*****].

   2.1 This process will involve the following steps:

            5.2.1 Structural analysis of the [*****].

            5.2.2 [*****].

            5.2.3 [*****].

            5.2.4 Analysis of the [*****].

            5.2.5 Repeating steps [*****].

      3.1 The validated structure will be re-examined in an attempt to identify
      a site or a route for therapeutic intervention in the form of a CFTR
      "corrector" drug.

  6. Modeling the 3D structure of [*****]

   1.1 Predix will use its modeling expertise to generate a 3D model of
      the [*****].

   2.1 Modeling the [*****]:

      6.2.1 [*****].

      6.2.2 Modeling the [*****].

      6.2.3 [*****]

  7. The [*****].

                                      -ii-

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  8. Modeling the 3D structure of the [*****]

   1.1 Following the generation of a 3D model for the [*****]:

            8.1.1 Combining the [*****].

            8.1.2 Modeling [*****]

            8.1.3 Packing of [*****].

            8.1.4 [*****].

   2.1 The resulting 3D model will be [*****].

   3.1 Modeling will be guided by the [*****].

   4.1 Additional experiments that can assist in the modeling process,
       such as [*****].

  9. Structure-based analysis and experimental validation of the [*****]

      The 3D model of the [*****].

  10. Experiments for structural data and model validation

   1.1 At various points throughout the modeling process [*****].

   2.1 Such studies may include the following:

      10.2.1      [*****].

      10.2.2      [*****].

      10.2.3      [*****].

   3.1CFFT will [*****].

  11. Screening and optimization of CFTR "corrector" compounds

   1.1 As soon as a [*****].

   2.1 Hence, screening for a [*****].

   3.1 This screening effort is [*****].

  12. The timeline for this project is as follows:

  -   Modeling the [*****]

  -   Initiation of [*****].

  -   Analysis and validation of the [*****]

  -   Modeling the [*****]

                                     -iii-

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  -   Analysis and validation of the [*****]

  -   Some activities [*****]. Total Expected timeline is 36 months.

  13. Milestones

   1.1 -  1st milestone - 3D model of the [*****].

   2.1 -  2nd milestone - 3D model of the [*****].

   3.1 -  3rd milestone - [*****].

  14.Predix and the CFFT will maintain interaction throughout the duration of
     the project. A Joint Research Committee (JRC) will meet at least on a
     quarterly basis to follow the progress of the project. The JRC will also
     establish a Joint Subcommittee for Validation Assays. This subcommittee
     will meet on an ad hoc basis and its task will be to identify the most
     suitable assays to support the various modeling tasks, as well as the
     research labs that can perform them.

  15. The Cystic Fibrosis Foundation will [*****]:

   1.1  [*****].

   2.1  [*****].

   3.1  [*****].

   4.1  [*****].

In addition, CFFT will introduce Predix to expert labs and key scientists, and
in general will use its internal expertise and network of alliances to assist
the program.

                                      -iv-

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                            P2Y(2) PROGRAM WORK PLAN

                 DISCOVERY OF A SMALL-MOLECULE P2Y(2) AGONIST
                      FOR THE TREATMENT OF CYSTIC FIBROSIS

1. The objective of this study is to use Predix's 3D GPCR technology to discover
   a small-molecule agonist to P2Y(2) ("Target") for the treatment of cystic
   fibrosis.

2. The work plan consists of the following steps:

      2.1   Modeling and in silico screening

            Predix will use its PREDICT(TM) technology and expertise to
            generate 3D models of the [*****].

            Predix will in silico screen [*****].

      2.2   [*****]

            Predix will obtain the [*****].

      2.3   [*****]

            Predix will use [*****].

      2.4   [*****]

            Predix will use [*****].

      2.5   [*****]

            Predix will perform the [*****].

3. Definition of key stages in the discovery program:

      3.1   [*****]

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

      3.2   [*****]

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

      3.3   [*****]

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

                                      vii

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

4. During the discovery process Predix will perform [*****]:

      4.1   Standard [*****]

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

      4.2   Standard [*****]

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

      4.3   Specific [*****]

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

      4.4   Specific [*****]

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

5. The estimated timeline for this project is as follows:

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

6. Milestones

           -   1st milestone -- [*****]
           -   2nd milestone -- [*****]

                                      viii

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           -   3rd milestone -- [*****]

7. Predix and the Cystic Fibrosis Foundation (CFF) will maintain interaction
   throughout the duration of the project. A Joint Research Committee (JRC) will
   meet on a quarterly basis to follow the progress on the project.

8. The Cystic Fibrosis Foundation will consult and assist Predix in identifying
   appropriate in vitro and in vivo assays, will introduce Predix to expert labs
   and key scientists, and in general will use its internal expertise and
   network of alliances to assist the program.

                                       ix

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