Document:

EX-10.15

 Exhibit 10.15 

Portions of this exhibit, indicated by the mark “[***],”
have been redacted pursuant to a confidential treatment request.

DATED SEPTEMBER, 15 2010 

LIPOXEN TECHNOLOGIES, LTD. 

- and - 
 BAXTER
HEALTHCARE CORPORATION AND BAXTER HEALTHCARE SA 
  
  

AMENDMENT NUMBER FIVE TO THE EXCLUSIVE RESEARCH, 

DEVELOPMENT AND LICENSE AGREEMENT 

 

  
 1 

 PARTIES 
  

	(1)	LIPOXEN TECHNOLOGIES, LTD. whose registered office is at London Bioscience Innovation Centre, 2 Royal College St., London NWI ONH, England (“LIPOXEN”). 

 

	(2)	BAXTER HEALTHCARE CORPORATION having its principal place of business at One BAXTER Parkway, Deerfield, Illinois 60015 (“BHC”) 

 

	(3)	BAXTER HEALTHCARE SA, a corporation organized and exiting under the laws of Switzerland having its principal place of business at Hertistr.28304, Wallisellen, Switzerland (“BHSA”)(BHC and BHSA
collectively referred to as “BAXTER”). 

 INTRODUCTION 

 

	(A)	WHEREAS, LIPOXEN entered into an Exclusive Research, Development and License Agreement (hereinafter the “AGREEMENT”) with BAXTER on August 15, 2005; 

 

	(B)	WHEREAS, the PARTIES have amended the AGREEMENT pursuant to four previous Amendment Agreements; 

  

	(C)	WHEREAS, the PARTIES desire to further amend the AGREEMENT in accordance with and subject to the provisions of this AMENDMENT NUMBER FIVE (“AMENDMENT”); 

 

	(D)	WHEREAS, pursuant to Section 8.1 of the AGREEMENT and Schedule III, as
amended in AMENDMENT NUMBER TWO, BAXTER is obligated to make a MILESTONE PAYMENT in the amount of [***] upon completion
of the MILESTONE EVENT of “IND acceptance (or Europea n[***]  (defined in this AMENDMENT as the “IND ACCEPTANCE
MILESTONE PAYMENT”); 

  

	(E)	WHEREAS, the PARTIES have agreed that BAXTER shall pay  to LIPOXEN a sum of [***] such sum
 constituting early and full payment of the IND ACCEPTANCE MILESTONE PAYMENT; 

 

	(F)	 WHEREAS, WHEREAS. LIPOXEN in
recognition of BAXTER's early payment of the IND ACCEPTANCE MILESTONE PAYMENT agrees to: (l) delete
Schedule III as amended in AMENDMENT NUMBER TWO and replace said schedule with a new Schedule III as attached hereto this AMENDMENT,
such that in recognition of the early payment of the IND ACCEPTANCE MILESTONE PAYMENT the MILESTONE EVENT of "IND acceptance
(or European equivalent" is no longer a financial obligation owed by BAXTER to LIPOXEN; and, (2) amend the Due Diligence
Milestone Dates by which BAXTER is to complete certain Due Diligence

 

  
 2 

	 	 Milestone Events, said Dates being set forth in Schedule IV, as amended by the Parties in a
Letter Agreement on August 7, 2007 that was formalized in AMENDMENT NUMBER FOUR, so such Due Diligence Milestone Dates more
accurately comport with the research and development timeline for the development  of  [***] and provide a sufficient time
period if an extension  is required beyond the amended Due Diligence Milestone Dates as set forth in
this AMENDMENT; 

 

	(G)	WHEREAS, LIPOXEN in recognition of BAXTER's early payment of the IND
ACCEPTANCE MILESTONE PAYMENT has provided BAXTER a Warrant, which shall be executed by Lipoxen coincident with this AMENDMENT,
for a Specified Number of Ordinary Shares at an agreed upon Subscription Price and the right, but not the obligation, of BAXTER
to appoint, maintain, remove and replace a director of the Company. The terms of the Warrants are conditional upon approval by
the shareholders of Lipoxen of a resolution to provide the directors of Lipoxen with authority to allot securities without being
subject to pre-emption rights in relation to such securities, at the next general meeting of Lipoxen. Lipoxen and in particular
the directors of Lipoxen, undertake to use their best efforts to procure the approval of such resolution by June 30, 2011. (Warrant
attached hereto as Exhibit C)

 NOW, THEREFORE, in consideration of
the foregoing and the covenants and promises contained in this AMENDMENT and in accordance with and subject to the terms and conditions specified below the PARTIES agree as follows: 

AMENDMENT OF THE AGREEMENT 
 The Parties
hereby agree to amend the AGREEMENT as provided below. Capitalized terms used in this AMENDMENT that are not otherwise defined herein shall have the meanings provided in the AGREEMENT. 

 

	 	1.	“FIFTH AMENDMENT COMMENCEMENT DATE” means September 15, 2010. 

  

	 	2.	Incorporation of the AGREEMENT. All capitalized terms which are not defined herein shall have the meaning as set forth in the AGREEMENT and the AGREEMENT, to the extent not inconsistent with this AMENDMENT, is
incorporated here by this reference as though the same was set forth in its entirety. To the extent any terms and provisions of the AGREEMENT are inconsistent with the amendments set forth herein below, such terms and provisions shall be deemed
superseded hereby. Except as specifically set forth herein, the AGREEMENT shall remain in force and effect and its provisions shall be binding on the parties thereto. 

 

	 	3.	Upon entry of the PARTIES into this AMENDMENT, BAXTER agrees to pay  LIPOXEN  [***] (the
“AMENDMENT PAYMENT”) no later than twenty (20) days following the FIFTH AMENDMENT COMMENCEMENT DATE. The PARTIES
acknowledge that:- (a) payment of the AMENDMENT PAYMENT cannot be extended or deferred by the sixty (60) days
 referred to in Section 9.3 of the AGREEMENT; and (b) the obligations in this SECTION 3 of the AMENDMENT shall
survive termination or expiry of the AGREEMENT. 

  
 3 

	 	4.	The parties acknowledge that the value of the AMENDMENT PAYMENT is equivalent to the value of
the IND ACCEPTANCE MILSTONE PAYMENT. LIPOXEN hereby acknowledges that in return for receipt of the AMENDMENT PAYMENT,
LIPOXEN agrees to:- (a) delete Schedule III, as amended in AMENDMENT NUMBER TWO, and replace it with the Schedule III
attached hereto as Exhibit A as set forth supra in Section 5a of this AMENDMENT; and (b) amend Schedule IV
attached hereto as Exhibit B as set forth supra in Section 5b of this AMENDMENT. 

  

	 	5.	Amendment of the Agreement. The AGREEMENT is hereby amended as follows: 

  

	 	a.	Amendment of SCHEDULE III. SCHEDULE III to the AGREEMENT, as amended in AMENDMENT NUMBER TWO, is with effect from the FIFTH AMENDMENT COMMENCEMENT DATE deleted in its entirety and shall be replaced with
the schedule attached to this AMENDMENT as Exhibit A. 

  

	 	b.	Amendment of SCHEDULE IV. SCHEDULE IV to the AGREEMENT, as amended in a Letter Agreement between the Parties on August 7, 2007, that was formalized in AMENDMENT NUMBER FOUR, is with effect from the AMENDMENT
FIVE COMMENCEMENT DATE deleted in its entirety and shall be replaced with the schedule attached to this AMENDMENT as Exhibit B. 

  

	 	c.	The following definitions shall be inserted into the AGREEMENT with effect from the AMENDMENT FIVE COMMENCEMENT DATE:- 

“DUE DILIGENCE MILESTONE EVENT”, “DUE DILIGENCE MILESTONE DATES” and “DUE DILIGENCE EXTENSION PAYMENTS” means
the due diligence milestone events, the due diligence milestone dates and the payments to extend the DUE DILIGENCE MILESTONE DATES set out in SCHEDULE IV. 
  

	 	d.	With effect from the FIFTH AMENDMENT COMMENCEMENT DATE, the final sentence of SECTION 8.2 of the AGREEMENT (which commences with the words “BAXTER shall” and which ends with the words “milestone
date”) shall be deleted and shall be replaced by the following:- 

 BAXTER shall:- 

(a) not be
entitled to deduct the DUE DILIGENCE EXTENSION PAYMENT relating  to DUE DILIGENCE MILESTONE 1 (if paid) from any MILESTONE
PAYMENTS that have been paid to or subsequently become payable  to LIPOXEN under the AGREEMENT; 
 (b)  be entitled
                                                                                                     to deduct DUE                                                                                                      DILIGENCE
                                                                                                     MILESTONE                                                                                                      EXTENSION
                                                                                                     PAYMENT (if paid) relating to DUE DILIGENCE MILESTONE 2 from any MILESTONE PAYMENT
                                                                                                     [***] anywhere in the world; and 

  
 4 

 (c) be entitled
 to  deduct the  DUE DILIGENCE MILESTONE EXTENSION PAYMENT (if paid) relating to  to DUE DILIGENCE MILESTONE 3 from any
 MILESTONE  PAYMENT which [***] 
  

	 	e.	SECTION 15.6 of the AGREEMENT shall with effect from the FIFTH AMENDMENT COMMENCEMENT DATE be amended by deletion of the final paragraph (which begins with the words “For purposes of clarification” and which
ends in the words “(or European equivalent).” 

  

	 	6.	Miscellaneous 

  

	 	a.	Full Force and Effect. Except as expressly amended by this AMENDMENT, the AGREEMENT, and previous Amendments thereto, shall remain unchanged and continue in full force and effect as provided therein.

  

	 	b.	Entire Agreement of the Parties. This AMENDMENT and the AGREEMENT constitute the complete final and exclusive understanding and agreement of the BAXTER and LIPOXEN with respect to the subject matter of the
AGREEMENT, and supersede any and all prior or contemporaneous negotiations, correspondence, understandings and agreements, whether oral or written, between BAXTER and LIPOXEN respecting the subject matter of the AGREEMENT. 

 

	 	c.	Counterparts. This AMENDMENT may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. One or more
counterparts of this AMENDMENT may be executed my facsimile or other electronic means. 

  
 5 

 IN WITNESS WHEREOF, the parties hereto have executed this AMENDMENT in duplicate originals by their authorized
officers as of the Effective Date of the AMENDMENT. 
  

							
	SIGNED by	 	 /s/ M. Scott Maguire
	 	for	  	M. Scott Maguire
	 and on behalf of LIPOXEN

TECHNOLOGIES, LTD. in the presence of:
	  	CEO
		
	Signature:	 	 

	Name:	 	[illegible]
	Occupation:	 	[illegible]
	Address:	 	[illegible]
				
	SIGNED by	 	 

	 	for	  	
		 	  
	 		  	
	 and on behalf of BAXTER

HEALTHCARE CORPORATION
 in the presence of

		
	Signature:	 	/s/ Alicia Webb
	Name:	 	Alicia Webb
	Occupation:	 	Corp. Executive Assistant
	Address:	 	1 Baxter Parkway
		 	Deerfield IL 60015
				
	SIGNED by	 	  
	 	for	  	
	 and on behalf of BAXTER

HEALTHCARE SA
 in the presence of

				
	Signature:	 		 		  	
	Name:	 		 		  	
	Occupation:	 		 		  	
	Address:	 		 		  	

  
 6 

 IN WITNESS WHEREOF, the parties hereto have executed this AMENDMENT in duplicate originals by their authorized
officers as of the Effective Date of the AMENDMENT. 
  

					
	SIGNED by	 	  
	 	for
	 and on behalf of LIPOXEN

TECHNOLOGIES, LTD. in the presence of:

			
	Signature:	 		 	
	Name:	 		 	
	Occupation:	 		 	
	Address:	 		 	
			
	SIGNED by	 	  
	 	for
	 and on behalf of BAXTER

HEALTHCARE CORPORATION
 in the presence of

			
	Signature:	 		 	
	Name:	 		 	
	Occupation:	 		 	
	Address:	 		 	
			
	SIGNED by	 	  
	 	for
	 and on behalf of BAXTER

HEALTHCARE SA
 in the precense
of

					
			
	Signature:	 	 /s/ Ignacio Martinez de Lecea
	 	 /s/ Pauline Noisel

	Name:	 	 Ignacio Martinez de Lecea
	 	 Pauline Noisel

	Occupation:	 	Corporate Counsel	 	Corporate Counsel
	Address:	 		 	

  
 6 

 EXHIBIT A 

SCHEDULE III 
 MILESTONE
EVENTS AND PAYMENTS 
 Assuming BAXTER has exercised the option as set forth in Section 2.3, then pursuant to Section 8.1, the following
MILESTONE PAYMENTS shall be payable by BAXTER to LIPOXEN upon occurrence of the following MILESTONE EVENTS with respect to all POTENTIAL PRODUCTS and COMMERCIAL PRODUCTS (as the case may be)(unless paid or part paid as set out in SECTION 8.2 of this
AGREEMENT): 
  

			
	 MILESTONE EVENTS
	  	 MILESTONE PAYMENTS

	[***]	  	[***]

  
 7 

 EXHIBIT B 

SCHEDULE IV 
 DUE
DILIGENCE MILESTONE EVENTS 
 BAXTER agrees to meet the due diligence milestone events set forth below by the corresponding date, or if extended, by the
corresponding date plus the number of months shown. 
  

							
	 Due

Diligence

Milestone
	  	 Due Diligence

Milestone Event
	  	 Date by which

Due Diligence
 Milestone

Event must be

met
	  	 PAYMENT to extend Due Diligence
Milestone Event Date by
the
following number of months

	1	  	[***]	  	[***]	  	[***]
	2	  	[***]	  	[***]	  	[***]
	3	  	[***]	  	[***]	  	[***]

  
 8 

 EXHIBIT C 

[***] 
 LIPOXEN PLC 

(incorporated in England under the Companies Act 1985 

under number 03213174) 
  

			
	Name(s) and address of holder	  	[***]
		
	Baxter Healthcare S.A.	  	[***]
		
	Hetristrasse 2	  	
		
	8304 Wallisellen	  	
		
	Switzerland	  	
		
		  	[***]
		
		  	[***]

 LIPOXEN PLC (“THE COMPANY”) HEREBY CERTIFIES that the above mentioned person is the [***] and is entitled, on the
terms and subject to the conditions [***], to [***] in the Company. 
  

							
	EXECUTED AS A [***] BY THE	  	
		
	COMPANY	  	
				
	ACTING BY	 	/s/ M. Scott Maguire	 	M. Scott Maguire	  	
		 		 	CEO	  	
	IN THE PRESENCE OF:	  	

  

	
	 /s/ Colin Hill

	Director Colin Hill

  
 9 

  

WARRANT CONDITIONS

 

	1		INTERPRETATION

 

In and for the purposes of these Conditions and each Subscription
Form headings to Conditions are for convenience only and do not affect their meaning and, unless the context otherwise requires:-

 

	1.1		The following words and expressions have the following meanings:

 

"Adjustment Event"

 

means the event described in Condition 4.2;

 

"Auditors"

 

means the auditors for the time being of the Company, or if they
are unwilling to act, an independent firm of accountants agreed between the Company and the Warrantholder or, in the event that
they are unable to agree within 7 days of either party making a proposal as to such firm, as determined by the president for the
time being of the Institute of Chartered Accountants on application of either party;

 

"Combined Subscription Form"

 

means a notice in such form as the Company shall from time to time
reasonably specify for the purpose of enabling Warrantholder to aggregate the Warrants represented by two or more Warrant Certificates
when exercising those Warrants;

 

"Equity Share Capital"

 

has the meaning ascribed to it in Section 548 of the Companies Act
2006;

 

"Exercise Date"

 

means the date on which the relative Warrant Certificate shall have
been delivered to the Company in accordance with Condition 3.1;

 

"Ordinary Shares"

 

means ordinary shares of one pence (£0.01) each in the Company

;

"Register"

 

means the register maintained pursuant to Condition 6;

 

"Registered Office"

 

means london Bioscience Innovation centre, 2 Royal College Street,
London, NW1 ONH or such other registered office of the Company as may from time to time be notified to the Warrantholder;

 

"Specified Number"

 

means the number of Ordinary Shares arising pursuant to the exercise
of the Warrants (as adjusted pursuant to Conditions 4.2-4.5 if applicable);

 

"Spot Rate"

 

means the spot rate of exchange for the purchase of pounds sterling with US dollars as published by Bloomberg;

  
 10 

 

 

"Subscription Form"

 

means the form set out at the end of these Conditions or a Combined
Subscription Form;

 

"Subscription Moneys"

 

means in relation to any exercise of Warrant(s) such sterling figure
as is calculated by multiplying the number of Ordinary Shares to be issued as a result of that exercise by the Subscription Price;

 

"Subscription Period"

 

means the period from, and including, the day following the Company's
next general meeting

at which the Condition Precedent is satisfied, until, and including,
the 30 June, 2015;

"Subscription Price"

 

means pounds £ per Ordinary Share, calculated using the five
(5} day volume weighted average price of the Ordinary Shares of the Company on the AIM market, such five (5) day period ending
on the trading day immediately prior to the date of this warrant instrument, or, following one or more Adjustment Event, such price
per share as is so certified by the Auditors;

 

"Warrants"

 

means the rights to apply US$2,000,000 (two million US dollars)
(to be converted into pounds sterling in accordance with the provisions of Condition 3.5} to subscribe for Ordinary Shares pursuant
to Condition 2 at the Subscription Price;

 

"Warrant Certificate"

 

means a certificate in respect of Warrants;

 

"Warrant Shares"

 

means Ordinary Shares to be issued on exercise of a Warrant;

 

"Warrantholder"

 

means a person who is for the time being registered in the Register
as the holder of Warrants; 1.2 The Interpretation Act 1978 shall apply hereto in the same way as it applies to an enactment.

 

	2		GRANT OF RIGHTS

 

	2.1		Except for Condition 9, the terms of this warrant instrument and in particular the
granting of the warrants pursuant to clause 2.2 below are conditional upon approval by the shareholders of the Company of a resolution
to provide the directors of the Company with authority to allot securities without being subject to pre--emption rights in relation
to such securities, at the next general meeting of the Company (the "Condition Precedent").

 

	2.2		Subject to the satisfaction of the Condition Precedent in connection with which the
Company. and in particular the Directors of the Company, undertake to use their best efforts to satisfy by 30 June 2011,
the Company hereby grants to the Warrantholder the right to subscribe for the Specified Number of Ordinary Shares at the Subscription
Price for each Warrant exercised on the terms and subject to the conditions set out in these Conditions.

 11 

 

	2.3		The Company hereby grants to the Warrantholder the right to appoint, maintain, remove
and replace in office such natural person as the Warrantholder may from time to time nominate as a director of the Company.
Appointment and removal of such director shall be by written notice to the Company which shall take effect on delivery at its
Registered Office or at any meeting of the Board or committee thereof and such appointment shall be subject to satisfaction of
the due diligence checks required to be undertaken by the Company's Nominated Adviser and to ratification by ordinary resolution
at the next general meeting of the Company and thereafter subject to re-appointment in accordance with the terms of the Articles
of Association of the Company. In the event that the Warrantholder does not exercise its right to appoint a director within three
(3) months of the date hereof such right shall expire.

 

	3		SUBSCRIPTION

 

	3.1		Subject to satisfaction of the Condition Precedent the Warrantholder may exercise
all or some of its Warrants at any time during the Subscription Period by delivering a Warrant Certificate representing Warrants
held by it to the Company at the Registered Office together with a duly completed Subscription Form, a remittance for the Subscription
Moneys and evidence satisfactory to the Company of the authority of the person signing the Subscription Form on behalf of that
Warrantholder. The Warrantholder shall be entitled to cancel a Subscription Form with the consent of the Company (in which case
the Warranthofder shall be deemed not to have exercised the respective Warrants) but not otherwise.

	3.2		Subject to satisfaction of the Condition Precedent the Warrantholder may exercise
all of its Warrants on a change of control of the Company by delivering within sixty 60} days of such change of control a Warrant
Certificate representing Warrants held by it to the Company at the Registered Office together with a duly completed Subscription
Form, a remittance for the Subscription Moneys and evidence satisfactory to the Company of the authority of the person signing
the Subscription Form on behalf of that Warranthofder. For the purposes of this section, change of control shall have the meaning
as set out in s840 Income and Corporation Taxes Act 1988.

	3.3		The Company shall within twenty one (21) days of the Exercise Date against receipt
of the Subscription Monies allot to the Warrantholder such number of Warrant Shares as is calculated by dividing the pounds sterling
figure produced by the number of Warrants so exercised by the Subscription Price, (rounded down to the nearest integral
number of Ordinary Shares) on terms such that the Warrant Shares are credited as fully paid free from all liens, charges, encumbrances
and equities whatsoever and with all benefits and rights attaching to them and rank for all purposes pari passu with the Ordinary
Shares already in issue, save that they will not rank for any dividend or other distribution declared in respect of a record date
falling before the Exercise Date.

	3.4		As soon as reasonably practicable following any allotment of Warrant Shares and, in
any event, within twenty eight (28) days of the relative Exercise Date, the Company shall send to the Warrantholder:

 

	3.4.		1 If the Warrantholder has notified the Company that it intends to hold Warrant Shares
in certificated form, a definitive share certificate for the Warrant Shares to which the Warrantholder is entitled. The
Warrantholder may nominate a CREST account into which the Warrant Shares can be delivered should that be the Warrantholder's preference
in respect of such Warrant Shares; and

	3.4.2		a Warrant Certificate in respect of the Warrants previously represented by the Warrant
Certificates delivered pursuant to sub-condition 3.1 which then remain unexercised.

 

	3.5		On the business day immediately preceding the Exercise Date, the amount in US Dollars
(US$) to be applied to subscribe for Ordinary Shares, at the Subscription Price, shall be converted to pounds sterling(£)
using the Spot Rate for that day.

 12 

  

	4		COVENANTS BY THE COMPANY

 

	4.1		Subject to satisfaction of the Condition Precedent at Condition 2.1 the Company shall,
so long as any of the Warrants may be exercised:

 

	4.1.1		during the Subscription Period, ensure that the Directors of the Company have the
power to allot the number of Ordinary Shares as would enable the rights of the Warrantholder hereunder and all other rights of
subscription for and conversion into Ordinary Shares to be satisfied in full;

	4.1.2		during the Subscription Period, at all times keep available for issue free
from preemption rights out of its authorised but unissued capital such number of Ordinary Shares as would enable the rights of
the Warrantholder hereunder and an other rights of subscription for and conversion into Ordinary Shares to be satisfied in full;

	4.1.3		if any offer is made to all holders of Ordinary Shares
(or all such holders other than the offeror and/or any company controlled by the offeror and/or persons acting in concert with
the offeror) to acquire all or a proportion of the Ordinary Shares, forthwith give notice of such offer to the Warrantholder at
the same time as any notice thereof is sent to other shareholders (or as soon as practicable thereafter) that details concerning
such offer may be obtained from the Registered Office and use its reasonable endeavours to procure
that a like offer is extended in respect of any Warrant Shares issued during the period of the offer;

	4.1.4		as long as the Company's ordinary share capital is listed on the AIM Market of the
London Stock Exchange pic, or any other recognised exchange, as soon as reasonably practicable after the issue and allotment,
apply to the AIM Market of the London Stock Exchange pic, or other recognised exchange, for the Warrant Shares to be admitted
to trading on such market;

 

	4.2		Upon the occurrence of a reorganisation or reclassification of the Ordinary Shares
of the Company by way of a subdivision or consolidation of the issued share capital of the Company or by way of a bonus issue
of shares out of the Company's capital reserves (each an "Adjustment Event"} after the date on which the Warrant
is granted, the Subscription Price payable and/or the Specified Number of Warrant Shares to be issued on the exercise of the Warrant
shall be adjusted either in such manner as the Company and the Warrantholder agree In writing is appropriate or, failing agreement,
in such manner as the Auditors shall certify is appropriate. For the purposes of this Condition 4.2, an adjustment to the Subscription
Price or the Specified Number shall be "appropriate" if, as a consequence of the adjustment, the Wamantholder enjoys
the same economic effect on the exercise of the Warrant as if the relevant Adjustment Event had not occurred or
arisen. The Company and the Warrantholder shall endeavour to agree any adjustment pursuant to this Condition 4.2 within 14
days of the Adjustment Event, falling which the adjustment shall be determined in writing at the Company's cost by the Auditors,
in consultation with the Company and the Warrrantholder, within 28 days of the relevant Adjustment Event

	4.3		The Auditor's written determination pursuant to Condition 4.2 shall be binding on
the Company and the Warrantho!ders except in the case of manifest error. 4A Adjustments to the Subscription Price
and/or the Specified Number shall be effective from midnight on the date the relevant Adjustment Event was made.

	4.5		Within twenty eight (28) days of any adjustment to the Subscription Price and/or the
Specified Number becoming effective the Company shall give notice to the Warrantholder stating:-

 

	4.5.1		the Subscription Price and the Specified Number in effect immediately preceding the
relative adjustment;

	4.5.2		brief particulars of the event giving rise to the adjustment;

13 

  

	4.5.3		the amount of that adjustment;

	4.5.4		the time from which that adjustment became effective; and the Subscription Price and
the Specified Number immediately following that adjustment

 

	4.6		If an effective resolution is passed on or before the last day of the Subscription
Period for the voluntary winding-up of the Company then the terms of such scheme of arrangement shall be binding on all the Warrantholders
and the terms of this Warrant instrument shall terminate and cease to be in force and of any effect

 

	5		MODIFICATION OF RIGHTS

 

	5.1		None of the rights for the time being attached to the Warrants may from time to time
be altered or abrogated without the consent of the Warrantholder. Any such alteration or abrogation approved by the Warrantholder
shaH be effected by deed poll executed by the Company and expressed to be supplemental to this warrant instrument

	6		REGISTRATION

	6.1		The Company shall maintain a register of the Warrants granted, the issue dates and
certified numbers of all Warrant Certificates and the number of Warrants held by the Warrantholder. The Register shall be kept
at the Registered Office.

	6.2		This Deed is not transferrable without the Company's prior written consent

	6.3		Any change of name or address on the part of any Warrantholder shall promptly
be notified to the Company and thereupon the Register shall be altered accordingly. The Warrantho/der shall be entitled at all
reasonable times during normal business hours to inspect the Register and to take copies thereof.

	6.4		If a Warrant Certificate is defaced, worn out, lost, stolen or destroyed, it may be
renewed on such terms (if any) as to evidence as the Company may require and, in the case of defacement or wearing out, surrender
of the old certificate.

	7		CERTIFICATION

	7.1		Whenever, for whatever reason, these Conditions require that the Auditors certify
any matter, the Company shall procure that the Auditors issue the required certificate.

	7.2		The Auditors when acting pursuant to these Conditions shall be deemed to be acting
as experts and not as arbitrators. Any certificate of the Auditors given pursuant to these Conditions shall, in the absence of
manifest error, be conclusive as to the facts stated therein.

	8		NOTICES, ETC.

	8.1		All certificates, cheques and other documents required
or permitted by these Conditions to be sent to the Warrantholder or to which the Warrantholder is entitled or which the Company
shall have agreed to issue to the Warrantholder may be delivered by hand or sent by post addressed to the Warrantholder at its
registered address or, in the case of joint Warrantholder, addressed to the joint holder
first named in the Register at its registered address, and airmail post shall be used if that address is not ln the same territory
as the place of posting, All documents delivered or sent In accordance with this sub-condition shall be delivered or sent at the
risk of the relative Warrantholder.

	8.2		Except to the extent that they are inconsistent with these Conditions, all the provisions
of the Articles of Association of the Company so far as they relate to notices given or to be given to the holders of shares shall
apply mutatis mutandis to notices to the Warrantholder.

 

14 

 

	9		GOVERNING LAW AND JURISDICTION

 

These Warrants and any non-contractual obligations arising from
or in connection with them shall in all respects be governed by and interpreted in accordance with English law. The parties
irrevocably agree that the Courts of England and Wales are to have non-exclusive jurisdiction over any dispute {a) arising from
or in connection with these Warrants or (b) relating to any non-contractual obligations arising from or in connection with these
Warrants.

 15 

 [***] 
  

	To:	LIPOXEN PLC 

 I/We wish to exercise  of
                                                             the Warrants  represented by this Certificate  and [include a cheque made payable to the Company in] [shall pay by
                                                             telegraphic                                                              transfer
                                                             direct to the account of Lipoxen plc as noted below. 
  

			
	Bank:	  	[***]
		
	Account Name:	  	[***]
		
	Account No:	  	[***]
		
	IBAN	  	[***]
		
	SWIFT:	  	[***]

 the amount of [***] pounds (£[***]) 

Dated: [***] 20[***] 
  

 

											
	Signed:            	 	1.	 	  
	 	2.	 	  
	 	
						
		 	3.	 	  
	 	4.	 	  
	 	

 Note: 
  

	1		This figure should be derived by multiplying the Subscription Price by the number
of Warrant Shares to be issued following the exercise: The number of Warrant Shares to be issued can be calculated by dividing
the pounds sterling figure produced by the number of Warrants being exercised by the Subscription Price. No fractions of shares
will be issued.

	2		The Warrants represented by this CertifiCate may, for purposes of their exercise,
be consolidated with the Warrants represented by other Certificates by use of a Combined Subscription Form which may be obtained
from the Company.

	3		Your attention is drawn to Condition 8 (which relates, inter alia, to the despatch
of share certificates, cheques and other documents following the exercise of any Warrants).

	4		The Company will notify the Warrantholder of the current Specified Number upon request

 

 

 16EX-10.16

 Exhibit 10.16

 

Portions of this exhibit, indicated by the mark “[***],”
have been redacted pursuant to a confidential treatment request.

 

Execution Draft

 SIXTH AMENDMENT

 TO THE 

EXCLUSIVE RESEARCH, DEVELOPMENT AND LICENSE AGREEMENT 

This Sixth Amendment to Exclusive Research, Development and License Agreement (this “Sixth Amendment”) is made and entered
into as of this 29th day of January, 2014 by and among Baxter Healthcare SA, a Swiss corporation having a principal place of business at Postfach, 8010, Zurich, Switzerland (hereinafter
“BHSA”) Baxter Healthcare Corporation, a Delaware corporation having a principal place of business at 1 Baxter Parkway, Deerfield, Illinois (“BHC” and together with BHSA, “Baxter”) and Lipoxen
Technologies Limited, having a place of business at London Bioscience Innovation Centre, 2 Royal College Street, London NW1 ONH, England (hereinafter “Lipoxen”) to amend the terms of that certain Exclusive Research, Development and
License Agreement, dated August 15, 2005 among, Lipoxen and Baxter (the “Agreement”) (as amended). Baxter and Lipoxen are each referred to herein as a “Party” and collectively as the “Parties”. 

BACKGROUND 
 WHEREAS, the
Parties previously entered into the Agreement which set forth certain milestones, royalty rates and development timelines; 
 WHEREAS, the
Parties have previously amended the Agreement pursuant to the Previous Amendment Agreements (defined below); 
 WHEREAS, the
                                                                                                                  Parties desire to further amend the Agreement to modify certain financial and other terms; 
 WHEREAS,
concurrent with the execution of this Sixth Amendment, the Parties and/or their respective Affiliates are entering into certain
additional agreements pursuant to which Baxter is making an additional equity investment in Xenetic Biosciences PLC; and

WHEREAS, the Parties agree that
this Sixth Amendment will be conditional upon and will only come into force on the satisfaction of the Sixth Amendment Condition
(as defined below).

NOW, THEREFORE, in consideration
of the foregoing and such other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
the Parties agree as follows:
 AGREEMENT 

 

	 	1.	General. 

  

	 	a.	 Incorporation of the Agreement. All capitalized terms which are not defined herein shall have the same meanings as set forth in the Agreement,
and the Agreement, to the extent not inconsistent with this Amendment, is incorporated 

 Execution Draft 
  

	 	
herein by this reference as though the same was set forth in its entirety. To the extent any terms and provisions of the Agreement are inconsistent with the amendments set forth in
Section 3 below, such terms and provisions shall be deemed superseded hereby. Except as specifically set forth herein, the Agreement, as amended by the Previous Amendment Agreements (defined below) shall remain in full force and effect
and its provisions shall be binding on the Parties hereto. 

  

	 	b.	“Amendment One”, “Amendment Two”, “Amendment Three”, “Amendment Four” and “Amendment Five” shall have the meanings given to them in
Attachment A to this Sixth Amendment. 

  

	 	c.	“Company” means Xenetic Biosciences PLC and/or any corporate entity resulting from the merger of Xenetic Biosciences PLC and a US publicly listed entity. 

 

	 	d.	“Previous Amendment Agreements” shall mean, collectively, Amendment One, “Amendment Two, Amendment Three, Amendment Four and Amendment Five. 

 

	 	e.	“Sixth Amendment” shall have the meaning set forth in the preamble. 

  

	 	f.	“Sixth Amendment Commencement Date” shall mean the date upon which the Sixth Amendment Condition is satisfied in accordance with Section 2(b) of this Sixth Amendment. 

 

	 	g.	“Sixth Amendment Condition” shall mean the condition described in Section 2(b) of this Sixth Amendment. 

 

	 	h.	“Stock Purchase Agreement” shall mean Stock Purchase Agreement  dated on or
around the Sixth Amendment Commencement Date between Xenetic Biosciences, Inc. and Baxter International Inc. 

 

	 	2.	Condition to Amendment of the Agreement. 

  

	 	a.	Once the Sixth Amendment Condition has been satisfied, the Agreement shall be amended with effect from the Sixth Amendment Commencement Date (or where specified the Effective Date) as set out in this Sixth Amendment.

  

	 	b.	This Sixth Amendment is conditional upon the investment by Baxter
of ten million dollars ($10,000,000) in cash in the Company by way of a purchase of voting common stock of the Company in accordance
with the terms of the Stock Purchase Agreement.

  

	 	c.	If the Sixth Amendment Condition is not satisfied by February 28, 2014 the Parties agree that
this Sixth Amendment shall automatically expire and shall cease to have any effect. 

 Execution Draft 
  

	 	3.	Amendment of the Agreement. Subject to the provisions of Section 2 of this Sixth Amendment, the Agreement is amended as follows: 

 

	 	a.	DELIVERY AGENTS. The definition of DELIVERY AGENTS shall be amended with effect from the EFFECTIVE DATE to delete the words “[***]” and to replace them with the words ‘[***]’.

  

	 	b.	[***] With effect from the EFFECTIVE DATE, a new definition of [***] shall be added to the Agreement which shall read as follows: 

“[***] means any [***] of [***] which shall include but not be limited to, [***] which involve one or more [***]” 

 

	 	c.	“Section 1.61. Section 1.61 is hereby amended by deleting the previous text in its entirety and replacing it with the following: 

 

	 	1.61	“ROYALTY RATE” means, for each calendar year: 

 [***] on NET
                                                                                                         SALES which                                                                                                          range
                                                                                                         from [***]                                                                                                          to
                                                                                                         [***], 

[***] on NET
SALES which range from [***] to [***] 

[***] on NET
SALES which range from [***] to [***] and 

[***] on NET
SALES which range from [***] and [***] 
  

	 	d.	Section 1.76. Section 1.76 (as set out in the Fourth Amendment) shall be amended by inserting the words “and/or any of its AFFILIATES” at the end of subclause (i). 

 

	 	e.	 Section 1.77. Exhibit A delivered in accordance with the terms of Amendment Four will be updated as of the date of this Sixth Amendment
which shall read in 

 Execution Draft 
  

	 	
its entirety as set forth in Attachment C attached hereto. Further, the warranty set out in Section 13.4.2.11 of the Agreement shall be deemed to be repeated by Baxter as at
the Sixth Amendment Commencement Date with respect to the revised Exhibit A set forth in Attachment C (and, for the avoidance of doubt, the Sixth Amendment Commencement Date will replace the “AMENDMENT COMMENCEMENT DATE” in
part (b) of the warranty). 

  

	 	f.	Section 2.6. The Parties agree that notwithstanding the fact that the RESEARCH COMMITTEE has not met recently, that with effect from the Sixth Amendment Commencement Date the PARTIES will use commercially
reasonable efforts to comply with the provisions of Section 2.6 of the AGREEMENT and that: 

  

	 	i.	the number of representatives nominated by each PARTY shall be increased from two to three and Section 2.6 of the Agreement shall be deemed to amended accordingly with effect from the Sixth Amendment Commencement
Date; 

  

	 	ii.	the representatives of the PARTIES on the RESEARCH COMMITTEE will until further notice be as follows: 

  

			
	LIPOXEN	 	 [***]
 [***]

[***]

		
	BAXTER	 	 [***]
 [***]

[***]

  

	 	iii.	the PARTIES agree that it shall be the obligation of each PARTY to keep the RESEARCH COMMITTEE reasonably informed of all material research and development conducted by either Party pursuant to the AGREEMENT and the
second paragraph of Section 2.6 shall be amended accordingly; 

  

	 	iv.	the penultimate paragraph of Section 2.6 shall be amended by deleting the words from “LIPOXEN shall update BAXTER” to and including the words “mutually agreed by the parties.” which shall
be replaced as follows: 

 “the PARTIES agree that during the term of the AGREEMENT,
the RESEARCH COMMITTEE shall conduct: (a) telephone conferences not less than one time each calendar month and (b) in person meetings
one time per calendar QUARTER, such in-person meetings alternating between the offices of BAXTER in Vienna, Austria and an agreed-upon
location in Boston, Massachusetts”

 

 Execution Draft 
  

	 	a.	Sections 2.7 and 2.8. New Sections 2.7 and 2.8 shall be added to the Agreement which shall read in its entirety as follows: 

  

	 	“2.7	Reporting. BAXTER shall provide the following written reports to LIPOXEN at the following times: 

  

	 	2.7.1	within thirty (30) days of the Sixth Amendment Commencement Date,
BAXTER will provide a reasonably detailed written report to LIPOXEN setting out the results of all material work conducted by or
on behalf of BAXTER pursuant to the Agreement, including the data arising from any pre-clinical trials or experiments conducted
by BAXTER in relation to any POTENTIAL PRODUCTS; and

 

  

	 	2.7.2	thereafter, on an annual basis, within thirty (30) days of the end
of each calendar year during the TERM of the Agreement, BAXTER will provide an update of the report referred to in Section 2.7.1
setting out the results of all material work conducted by or on behalf of BAXTER pursuant to this Agreement since the previous
written report provided to LIPOXEN under this Section 2.7.

  

	 	2.8	Data. BAXTER shall, if requested to do so by LIPOXEN, promptly provide
to LIPOXEN in writing the underlying data relating to any results which are set out in any of the reports provided to LIPOXEN under
Section 2.7 of this AGREEMENT.”

 

	 	d.	Section 8.3. The amendment set forth in Section 3 of Amendment One (relating to Section 8.3 of the Agreement) shall be deleted in its entirety and shall no longer have any force or
effect. 

  

	 	e.	Section 12.2. Section 12.2 shall be amended with effect from the Sixth Amendment Commencement Date by: 

  

	 	i.	replacing the words “each PARTY” with the word BAXTER”; 

  

	 	ii.	replacing the words “[***] with the words ‘[***], and 

  

	 	iii.	replacing the words ‘[***] with the words ‘[***]’. 

  

	 	f.	Section 13.2. Section 13.2 of the Agreement shall be amended by deleting the final clause commencing with the words “provided, however,” and ending “scope of the BAXTER CORE
TECHNOLOGY” shall be deleted in its entirety and shall no longer have any force or effect. 

 Execution Draft 
  

	 	g.	Section 13.4.2.2. Section 13.4.2.2 is hereby amended by adding the following two sentences to the end of the existing text: 

“For
the avoidance of doubt, the license granted to  LIPOXEN is [***] encompassing rights only to BAXTER SOLE INVENTIONS [***]
incorporate DELIVERY AGENTS. The license does not grant to LIPOXEN rights related to [***] DELIVERY AGENTS, e.g. [***] PATENT
RIGHTS contain patent claims directed to both  DELIVERY AGENTS and [***] which are not DELIVERY AGENTS in the
same claim.” 
  

	 	h.	Section 13.6.1. Section 13.6.1 of the Agreement shall be amended by the deletion of the “.” and the addition of a ‘;’ and the word “and” at the end of part (b) and the
addition of a new part (c) which shall read in its entirety as follows: 

 “(c) no later
                                                                                                than February 15 of each calendar year during the TERM, provide a complete and updated schedule of the Existing Patent
                                                                                                Rights. The PARTIES agree that on delivery of the updated schedule to LIPOXEN, BAXTER shall be deemed to repeat the warranty
                                                                                                set out in Section 13.3.2.11 of the Agreement as at the date of delivery of the schedule and that the delivery date of the
                                                                                                schedule shall replace the “AMENDMENT COMMENCEMENT DATE” in part (b) of the warranty.”

 

	 	i.	Schedule III. Schedule III is hereby deleted in its entirety and replaced with the revised Schedule III set out in Attachment B of this Sixth Amendment. 

 

	 	j.	Due Diligence Milestones and Schedule IV. 

  

	 	i.	Schedule IV is hereby amended by deleting the previous schedule in its entirety and replacing it with the schedule attached hereto as Attachment D. 

 

	 	ii.	the Parties agree that from the Sixth Amendment Commencement Date Section 8.2 of the Agreement shall be deleted in its entirety and shall no longer have any force or effect. 

 Execution Draft 
  

	 	k.	Termination. The Parties agree with effect from the Sixth Amendment Commencement Date that: 

  

	 	i.	Section 15.6 of the Agreement shall be amended by deleting the words from “provided that” and ending “within a reasonable time frame)”. 

 

	 	ii.	Section 15.7.2 shall be amended by the addition after the words “by LIPOXEN pursuant to Section 15.3” of the following, “15.4 or 15.6”. 

 

	 	iii.	A new Section 15.8 shall be added, the terms of which are set out in Attachment D of this Sixth Amendment. 

  

	 	4.	Conformed Copy. The Parties agree that they shall use their best endeavors to prepare and agree a conformed copy of the Agreement which incorporates all of the amendments to the Agreement pursuant to the Previous
Amendments and this Sixth Amendment. Additionally, the conformed copy shall include a mutually agreed upon provision requiring the use of an alternative dispute resolution procedure or the use of experts to resolve disputes as to the achievement of
any Milestone Event. 

  

	 	5.	Press Release. On or shortly after the Sixth Amendment Commencement Date, each Party shall be entitled to issue the press releases set out in Attachment F of this Sixth Amendment and thereafter to use and
refer to the contents of the press release. 

  

	 	6.	Counterparts. This Amendment may be executed in two or more counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument. One or more
counterparts of this Amendment may be delivered by facsimile, with the intention that delivery by such means shall have the same effect as delivery of an original counterpart thereof. 

[Signature Page Follows] 

 [Signature Page to Sixth Amendment] 

IN WITNESS WHEREOF, the Parties have caused this Sixth Amendment to be executed by their duly authorized representatives as of the date first set forth above.

  

											
	BAXTER HEALTHCARE SA	 		 	LIPOXEN TECHNOLOGIES LIMITED	 	
						
	By:	 	 /s/ Benedikt Kubik	 		 	By:	 	 M.
                  Scott Maguire
	 	
	Name:	 	 Benedikt Kubik
	 		 	Name:	 	 M.
                  Scott Maguire
	 	
	Title:	 	 Finance Director

	 		 	Title:	 	 Chief
                  Executive Officer
	 	
						
	By:	 	 /s/
                  Yuvo Aebli
	 		 		 		 	
	Name:	 	 Yuvp Aebli
	 		 		 		 	
	Title:	 	 Finance Director
	 		 		 		 	
					
	BAXTER HEALTHCARE CORPORATION	 		 		 		 	
						
	By:	 	
/s/ Ludwig
N. Hantson
	 		 		 		 	
	Name:	 	  Ludwig N. Hantson
	 		 		 		 	
	Title:	 	 CVP/President BioSicence
	 		 		 		 	

 Attachment A 

Previous Amendment Agreements 
  

	1.	Amendment dated August 15 2005 between LIPOXEN and BAXTER relating to THIRD PARTY PRODUCTS (“AMENDMENT 1”) 

  

	2.	Letter Amendment signed on December 11 and 13 2006 between LIPOXEN and BAXTER and SERUM INSTITUTE OF INDIA LIMITED relating to POLYSIALIC ACID (“AMENDMENT TWO”) 

 

	3.	Document headed “Second Amendment to Exclusive Research, Development and License Agreement” dated May 2009 relating to the First Milestone Event (“AMENDMENT THREE”) 

 

	4.	Amendment Number Four to the Exclusive Research, Development and License Agreement dated August 10 2010 between LIPOXEN and BAXTER (“AMENDMENT FOUR”) 

 

	5.	Amendment Number Five to the Exclusive Research and Development and License Agreement dated September 15 2010 between LIPOXEN and BAXTER (“AMENDMENT FIVE”) 

 Attachment B 

Schedule III 
 The following MILESTONE
PAYMENTS shall be payable by BAXTER to LIPOXEN upon the occurrence of the corresponding MILESTONE EVENTS with respect to all POTENTIAL PRODUCTS and COMMERCIAL PRODUCTS (as the case may be): 

 

					
	 MILESTONE EVENT
	  	MILESTONE
PAYMENTS	 
	 Development Milestones
	  			
	 [***]
	  	 	[***	] 

 For purposes of this Schedule III and the AGREEMENT the following definitions shall apply: 

“PHASE 1/2 CLINICAL TRIAL” means a controlled clinical trial which combines a PHASE 1 CLINICAL TRIAL and a PHASE 2 CLINICAL TRIAL into a
single protocol. Two sets of patients are dosed in a PHASE 1/2 CLINICAL TRIAL, the first set of patients generally being lower in number and representing “Part 1” of the trial, the second set of patients generally being higher in number
and representing “Part 2” of the trial. 

 “SUCCESSFUL COMPLETION” shall mean, subject to the criteria descriptions labelled (A) and
(B) below: 
  

	1.	With respect to Part 1 of a PHASE 1/2 CLINICAL TRIAL, whichever is earlier to occur of the following: (a) commencement of Part 2 of a PHASE 1/2 CLINICAL TRIAL; (b) commencement of a PHASE 3 CLINICAL TRIAL; or
(c) achievement of each of the following criteria: 

  

	 	i.	[***] 

  

	 	ii.	Safety and tolerability: comparable [***] 

  

	 	iii.	[***] single exposure) and no [***] 

  

	 	iv.	[***] 

  

	2.	With respect to a PHASE 1 CLINICAL TRIAL, whichever is earlier to occur of the following: (a) commencement of a PHASE 2 CLINICAL TRIAL; (b) commencement of a PHASE 3 CLINICAL TRIAL; or
(c) achievement of each of the following criteria: 

  

	 	i.	PK: 7/10 patients [***] 

  

	 	ii.	Safety and tolerability: [***] 

  

	 	iii	[***] single exposure) and no [***] 

  

	 	iv.	[***] 

  

	3.	With respect to Part 2 of the PHASE 1/2 CLINICAL TRIAL, whichever is earlier to occur of the following: (a) commencement of a PHASE 3 CINICAL TRIAL; (b) first filing of a BLA: or (c) achievement of each
of the following criteria: 

  

	 	i.	POTENTIAL PRODUCT pharmacokinetic parameters are compatible with [***] 

  

	 	ii.	Safety and tolerability: comparable [***] 

  

	 	iii.	[***] 

  

	 	iv.	[***] 

  

	 	v.	PHASE 1/2 CLINICAL TRIAL [***] for PHASE 3 CLINICAL TRIAL with a [***] 

  

	4.	With respect to a PHASE 2 CLINICAL TRIAL, whichever is earlier to occur of the following: (a) commencement of a PHASE 3 CINICAL TRIAL; (b) first filing of a BLA; or (c) achievement of each of the
following criteria: 

  

	 	i.	POTENTIAL PRODUCT pharmacokinetic parameters are compatible with [***] 

  

	 	ii.	Safety and tolerabity: [***] 

  

	 	iii.	[***] 

	 	iv.	[***] 

  

	 	v.	PHASE 2 CLINICAL TRIAL allows dose decision for PHASE 3 CINICAL TRIAL [***] 

  

	5.	With respect to the PHASE 3 CLINICAL STUDY, whichever is earlier to occur of the following: (a) first filing of a BLA; or (b) achievement of each of the following criteria: 

 

	 	i.	POTENTIAL PRODUCT pharmacokinetic parameters are compatible with [***] 

  

	 	ii.	Median [***] with lx/week dosing regimen; efficacy in [***] omparable or better than [***] 

  

	 	iii.	No [***] and [***] 

  

	 	iv.	£2 subjects with [***] 

 Criteria Descriptions 

 

	 	(A)	Criteria for determining whether “POTENTIAL PRODUCT pharmacokinetic parameters are compatible with [***]”: this criteria description will be met if the POTENTIAL PRODUCT level, after administration of a usual
clinical dose (clinically acceptable dose), does not [***] any time [***] period immediately following dosing with the POTENTIAL PRODUCT. 

  

	 	(B)	Criteria for “[***] preexisting [***] means that the POTENTIAL PRODUCT does not cause a substantial [***] in [***]. “Substantial” shall mean, in each case, [***] in [***] or the [***] with a [***] above.

 [***] shall have the same meaning given to it in Section 15.8.3. 

 Attachment C 

EXHIBIT A 
 EXISTING
[***] PATENT RIGHTS 
  

	
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 Attachment D 

SCHEDULE IV 
 DUE
DILIGENCE MILESTONE EVENTS 
 BAXTER agrees to meet the Due Diligence Milestone Events set forth below by the corresponding Milestone Date. 

 

					
	 Due

Diligence

Milestone
	  	 Due Diligence

Milestone Events
	  	
Milestone
Date (1)

	 1
	  	[***]	  	[***]
	 2
	  	[***]	  	[***]
	3	  	[***]	  	[***]

  

	(1)	BAXTER shall be entitled to extend each of the dates  set forth above for a period which
is equal on a day-for-day basis to a period  for which there has been an occurrence and/or continuance of an continuance of
an ACCEPTABLE DELAY. 

“ACCEPTABLE DELAY”
means the failure to meet one or more MILESTONE EVENTS as set forth above by the corresponding date due to: (a) an unexpected
development issue involving safety, toxicity or manufacturing which issue was not known and could not have been known to BAXTER
and/or its AFFILIATES as at the Sixth Amendment Commencement Date, (b) any delays in obtaining any Marketing Authorization from
the applicable governmental/regulatory authority following submission therefor which are not caused by BAXTER and/or its AFFILIATES,
or (c) any other delay agreed by both Parties (in their entire discretion) in writing to be an unanticipated, acceptable delay
outside of the control of BAXTER. Notwithstanding the foregoing, BAXTER shall only be entitled to extend the MILESTONE DATE:

 (a) if it notifies
                                                                                                 LIPOXEN in writing prior to the relevant MILESTONE DATE that it is entitled to extend the Milestone Date  and
                                                                                                 reasonably                                                                                                  describes the
                                                                                                 relevant                                                                                                  ACCEPTABLE
                                                                                                 DELAY;                                                                                                       and 
 (b) for a period
                                                                                                                                                                                                                       which BAXTER is able to prove by written records is equal to the actual period of delay  caused by the ACCEPTABLE DELAY. 

 For the avoidance
of doubt, the failure of Baxter to set forth the length of the ACCEPTABLE DELAY in its notice to LIPOXEN shall not be deemed to
be a breach of its notification obligation nor shall it prohibit Baxter from extending the MILESTONE DATE to the extent the relevant
ACCEPTABLE DELAY is continuing/ongoing provided that BAXTER shall immediately notify LIPOXEN in writing when on expiry of the
relevant ACCEPTABLE DELAY.

 

	(2)	“FINAL CSR PHASE 1/2” means the issue of a final clinical studies report after completion of Part 2 of a PHASE 1/2 CLINICAL TRIAL and/or completion of a PHASE 2 CLINICAL TRIAL, whichever is utilized.

 Attachment E 

NEW CLAUSE 15.8 
  

	15.8	Lipoxen’s Rights on Termination and/or Expiry. 

 15.8.1 It is the intention of the
                                                                                                            PARTIES that following termination and/or expiry of this Agreement, LIPOXEN and its AFFILIATES shall be free to research,
                                                                                                            develop and exploit either themselves or via a THIRD PARTY products incorporating DELIVERY AGENTS within the FIELD and, in
                                                                                                            doing so, LIPOXEN, its AFFILIATES and their respective licensees shall be entitled to use and disclose all research and
                                                                                                            development carried out by and/or on behalf of the Parties pursuant to this Agreement with respect to products
                                                                                                            incorporating DELIVERY AGENTS and be free from any risk that BAXTER and/or any of its AFFILIATES will seek to use their
                                                                                                            respective rights to limit LIPOXEN’S activities relating to such products. The PARITES acknowledge, however, that: (i)
                                                                                                            [***] to BAXTER and that the PARTIES do not intend LIPOXEN to acquire any rights relating specifically to the [***] and (ii)
                                                                                                            BAXTER is engaged in other programs involving [***] and [***] which are not DELIVERY AGENTS and the PARTIES do not intend
                                                                                                            LIPOXEN to acquire any rights relating to confidential information, intellectual property and know-how developed under such
                                                                                                            programs. Accordingly the Parties agree that the provisions of this Section 15.8 shall apply on expiry of termination of this
                                                                                                            Agreement to give effect to the intention expressed in this Section 15.8.1.

  

	15.8.2	On expiry and/or termination of this Agreement, BAXTER shall: 

  

	 	(i)	disclose to LIPOXEN all KNOW HOW in the possession and control of BAXTER and/or its AFFILIATES as at the date of expiry and/or termination relating to DELIVERY AGENTS and/or CONJUGATES (including CONJUGATES [***] and
DELIVERY AGENTS), developed under the Agreement (the “TERMINATION KNOW HOW”), which TERMINATION KNOW HOW shall include, but not be limited to: 

  

	 	a.	results of all research, together with experimental protocols, conducted by or on behalf of BAXTER in relation to DELIVERY AGENTS and/or CONJUGATES pursuant to this Agreement; 

 

	 	b.	manufacturing methods used by or on behalf of Baxter in relation to the DELIVERY AGENTS and/or CONJUGATES; 

  

	 	c.	standard operating procedures relating to DELIVERY AGENTS and/or CONJUGATES; 

  

	 	d.	analytical methods relating to DELIVERY AGENTS and/or CONJUGATES; 

	 	e.	regulatory filings and dossiers relating to DELIVERY AGENTS and/or CONJUGATES; 

  

	 	f.	all reports, memoranda and other documents summarizing the status of the program relating to DELIVERY AGENTS and/or CONJUGATES; 

  

	 	g.	any results and any other relevant information that would affect the complete transfer of the TERMINATION KNOW HOW; 

  

	 	h.	responses from regulatory authorities relating to DELIVERY AGENTS and/or CONJUGATES; and 

  

	 	i.	feedback from consultants engaged in the research and development of DELIVERY AGENTS and/or CONJUGATES. 

  

	 	(ii)	provide LIPOXEN with reasonable access for a reasonable period of time, but in any event not
to exceed 9 months, to individuals at BAXTER with information relating to and knowledge of the TERMINATION KNOW HOW and
procure that such individuals reasonably assist LIPOXEN with the understanding and implementation of the TERMINATION KNOW
HOW; 

  

	 	(iii)	to the extent that LIPOXEN is not already licensed to use the respective
rights under the terms of the AGREEMENT, grant LIPOXEN and its AFFILIATES only for the LIPOXEN FIELD an exclusive (exclusive also
as to BAXTER), royalty-free, perpetual, worldwide right and license, with the right to sub-license, to use: (a) the TERMINATION
KNOW HOW; and (b) any and all PATENT APPLICATIONS and PATENTS encompassing the TERMINATION KNOW HOW to develop, make, have made,
import, export, use, sell and have sold products incorporating DELIVERY AGENTS in the LIPOXEN FIELD; and

 

	 	(iv)	undertake thereafter not to and to procure that its AFFILIATES shall not use any
rights (including rights to PATENTS and/or PATENT APPLICATIONS) owned by and/or CONTROLLED by BAXTER and/or any of its
AFFILIATES to restrict or prevent LIPOXEN, its AFFILIATES and/or their respective sub-licensees from developing, making,
having made, importing, exporting, using, selling and having sold products in the  in the LIPOXEN FIELD. 

  

	15.8.3	For the purposes of Section 15.8 and this AGREEMENT: 

  

	 	(i)	“TERMINATION KNOW HOW” shall include KNOW HOW relating to DELIVERY AGENTS and/or CONJUGATES, including CONJUGATES of ADVATE® and DELIVERY AGENTS, but
shall not include: 

  

	 	a.	KNOW HOW that relates specifically to the [***]. By way of illustration, a regulatory dossier relating to a CONJUGATE of [***] and a DELIVERY AGENT may contain information relating to the 

	 	
manufacture, safety and efficacy of the CONJUGATE itself, which will be TERMINATION KNOW HOW, but the dossier may also contain information relating to the manufacture, safety and efficacy of
[***] itself, which will not be TERMINATION KNOW HOW; or 

  

	 	b.	KNOW HOW relating to soluble polymers other than DELIVERY AGENTS, which are being used in other BAXTER programs; for example, in BAXTER’S program [***]. 

 

	 	(ii)	‘[***]’ shall mean BAXTER’S [***] which [***] as at the Sixth Amendment Commencement Date; and 

  

	 	(iii)	“LIPOXEN FIELD” shall mean pharmaceutical agents [***], the [***] a DELIVERY AGENT. 

  

	15.8.4	For the avoidance of doubt, the PARTIES agree that: 

  

	 	(i)	the provisions of Section 10 of this Agreement shall not prevent the use or disclosure of CONFIDENTIAL INFORMATION of BAXTER, to the extent that such CONFIDENTIAL INFORMATION is TERMINATION KNOW HOW and such use is
reasonably required to enable LIPOXEN, its AFFILIATES and their respective sub-licensees to exploit the license granted pursuant to Section 15.8.2(ii); 

  

	 	(ii)	the license granted pursuant to Section 15.8.2(iii) shall not include a license to use any KNOW HOW, PATENTS and/or PATENT APPLICATIONS that relate specifically to [***] itself as opposed to KNOW HOW, PATENTS
and/or PATENT APPLICATIONS which relate to CONJUGATES of [***] and DELIVERY AGENTS and/or to DELIVERY AGENTS developed under this Agreement, all of which shall be included under the license; 

 

	 	(iii)	the license  granted pursuant to Section 15.8.2(iii) [***] any KNOW HOW, PATENTS and/or
PATENT APPLICATIONS that are developed pursuant to development programs of BAXTER involving [***] which are not DELIVERY
AGENTS; and 

  

	 	(iv)	the provisions set out in Section 15.8.2(iv) shall not apply to rights that relate specifically [***] itself, as opposed to rights which relate to CONJUGATES [***] and DELIVERY AGENTS and/or DELIVERY AGENTS
themselves, in relation to which Section 15.8.2(iv) will apply. 

 Attachment F 

PRESS RELEASE 
  

 
 Xenetic Biosciences Announces Restructured Licensing 

Agreement with Baxter Now Totaling Up to $100 Million, In 

Addition to 
 $10 Million
Equity Investment 
 LEXINGTON, MA: January 29, 2014: Xenetic Biosciences, Inc. (OTCBB: GAIFD), a biopharmaceutical company developing
next-generation biologic drugs and novel oncology therapeutics, today announced that it has received a direct investment of $10 million from Baxter International, Inc. and has agreed to a restructuring of certain financial and timing aspects of its
existing licensing deal with Baxter. The amended license agreement includes increased contingent milestone payments, now totaling up to $100 million, as well as increased royalties on sales. 

“We are extremely pleased by Baxter’s commitment to Xenetic and to our longstanding collaboration to develop polysialylated blood coagulation
factors using Xenetic’s unique technology,” said Scott Maguire, Chief Executive Officer of Xenetic. “The new terms in our agreement represent enhanced economics for Xenetic. Additionally, we expect to utilize the capital resulting
from Baxter’s equity investment to further advance our development pipeline programs, particularly in the orphan drug arena, which feature a number of potential near-term, value-creating clinical milestones. This important new investment from
our leading license partner is a genuinely dynamic development for the Company as we start our new life in the United States and it augurs well for our future in the world’s leading economy and pharmaceutical market.” 

Brian Goff, head of Baxter’s
hemophilia organization, commented, “Through our Xenetic partnership, we are seeking to identify and develop a treatment
that the majority of hemophilia patients could administer less frequently, potentially at once weekly intervals, without compromising
efficacy. Our investment in Xenetic reflects our continued commitment to the hemophilia community and to our pursuit of a bleed-free
world."

 In August 2005, Xenetic and Baxter established an exclusive worldwide agreement to develop novel forms of
polysialylated blood coagulation factors, including Factor VIII, using Xenetic technology to conjugate polysialic acid (PSA) to therapeutic blood-clotting factors. The goal of the program is to improve the pharmacokinetic profile and extend the
active life of these factors, thereby improving upon existing therapies and increasing quality of life of patients. 
 About Xenetic Biosciences 

Xenetic Biosciences is a biopharmaceutical company developing next-generation biologic drugs and novel oncology therapeutics. Xenetic’s proprietary drug
technology platforms include PolyXen® for creating next generation biologic drugs by extending the efficacy, safety and half-life of biologic drugs and OncoHist® for the development of novel oncology drugs focused on orphan indications. Xenetic’s lead product candidates include ErepoXen®, an
improved, polysialylated form of erythropoietin (EPO) for the treatment of anemia in pre-dialysis patients with chronic kidney disease and OncoHist®, a recombinant human histone H1.3 molecule
which Xenetic is developing for the treatment of refractory Acute Myeloid Leukemia (AML). Xenetic is developing a novel series of polysialylated blood coagulation factors through its license agreement with Baxter International Inc. Xenetic is also
developing a broad pipeline of clinical candidates for next generation biologies and novel oncology therapeutics in a number of orphan disease indications. For more information, please visit the company’s website at www.xeneticbio.com. 

Forward-Looking Statements 
 Certain statements in this
press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as “anticipate,” “believe,”
“forecast,” “estimate” and “intend,” among others. These forward-looking statements are based on Xenetic’s current expectations and actual results could differ materially. There are a number of factors that could
cause actual events to differ materially from those indicated by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, 

 
uncertainties associated with completing preclinical and clinical trials for our technologies; the early stage of product development; the significant costs to develop our products as all of our
products are currently in development, preclinical studies or clinical trials; obtaining additional financing to support our operations and the development of our products; obtaining regulatory approval for our technologies; anticipated timing of
regulatory filings and the potential success in gaining regulatory approval and complying with governmental regulations applicable to our business. Xenetic does not undertake an obligation to update or revise any forward-looking statement. The
information set forth herein speaks only as of the date hereof. 
  

			
	Contact:	  	
		
	Xenetic Biosciences Inc	  	www.xeneticbio.com
	M. Scott Maguire, Chief Executive Officer	  	
	 +44 (0)20 3021 1500

g.fry@xeneticbio.com
	  	
		
	US contact	  	
	Stern Investor Relations	  	
	Paul Cox	  	
	 212.362.1200
 paul@sternir.com
	  	
		
	UK/European contact	  	
	Walbrook PR	  	
	Mike Wort	  	
	+44 (0)20 7933 8780	  	

 

 
 FOR IMMEDIATE RELEASE 

Media Contact 
 Brian Kyhos 

(224) 948-5353, media@baxter.com 
 Investor Contact

 Mary Kay Ladone, (224) 948-3371 

BAXTER ANNOUNCES RESTRUCTURED AGREEMENT WITH XENETIC BIOSCIENCES, FURTHER BOLSTERING ITS BROAD BLEEDING DISORDER PIPELINE 

DEERFIELD, Ill.,
JANUARY 30, 2014 – Baxter International Inc. (NYSE:BAX) has restructured its ongoing agreement with Xenetic Biosciences,
Inc. (OTCBB: GAIFD) for the development of BAX 826, a recombinant Factor VIII treatment for hemophilia A under investigation to
assess its potential to extend the half-life and duration of effectiveness. This program complements the company’s current
development programs, which are focused on improving the pharmacokinetic profile and extending the half-life of blood coagulation
factors, including Factor VIII.

“Through our Xenetic partnership,
we are seeking to identify and develop a treatment that the majority of hemophilia patients could administer less frequently,
potentially at once weekly intervals, without compromising efficacy,” said Brian Goff, head of Baxter’s global hemophilia
organization. “We are focusing our efforts on using a range of technologies to introduce new therapies and enhancements
to existing therapies, each designed to improve the patient experience as we pursue our vision of a bleed-free world.”

  

Xenetic and Baxter previously established
an exclusive worldwide agreement to develop novel forms of polysialylated blood coagulation factors, including Factor VIII, using
Xenetic’s proprietary polysialic acid (PSA) technology. Under the terms of the restructured arrangement, Baxter will make
an equity investment in the common stock of Xenetic and has agreed to make contingent milestone payments as well as pay royalties
on future sales.

 This agreement further
demonstrates Baxter’s long-standing commitment to innovation in hemophilia, and bolsters the company’s broad R&D pipeline focused on a variety of challenging bleeding disorders. For example, Baxter recently announced the completion of
enrollment in a Phase III clinical trial of BAX 855, its investigational, extended half-life, recombinant Factor VIII (rFVIII) treatment for hemophilia A. The company continues to expect to file for regulatory approval for BAX 855 in the United
States by the end of 2014. 
 The company is also advancing a number of other treatments and early-stage R&D programs, including the
study of BAX 335, an investigational Factor IX gene therapy treatment for hemophilia B. The vector-based technology, which provides a mechanism for the patient’s own liver to begin 

 
producing Factor IX following a single dose of the genetically engineered treatment, has the potential to re-define the concept of longer-acting therapy. A Phase I/II open-label clinical trial to
assess the safety and optimal dosing schedule of BAX 335 is underway and the first patients have been dosed. 
 About Baxter in Hemophilia 

Baxter has more than 60 years experience in hemophilia and has introduced a number of therapeutic firsts for hemophilia patients. Baxter has
the broadest portfolio of hemophilia treatments in the industry and is able to meet individual therapy choices, providing a range of options at each treatment stage. The company’s work focuses on optimizing hemophilia care and improving the
lives of people worldwide living with bleeding disorders. 
 About Baxter International Inc. 

Baxter International Inc., through its subsidiaries, develops, manufactures and markets products that save and sustain the lives of people with
hemophilia, immune disorders, cancer, infectious diseases, kidney disease, trauma and other chronic and acute medical conditions. As a global, diversified healthcare company, Baxter applies a unique combination of expertise in medical devices,
pharmaceuticals and biotechnology to create products that advance patient care worldwide. 

 This release includes forward-looking statements concerning developments to Baxter’s R&D pipeline,
including the development agreement between Baxter International Inc. and Xenetic Biosciences, Inc. Such statements include expectations with regard to clinical trials, regulatory filings, the impact of new treatments to patients, and potential
payments under the development agreement. The statements are based on assumptions about many important factors, including the following, which could cause actual results to differ materially from those in the forward-looking statements: satisfaction
of regulatory and other requirements; actions of regulatory bodies and other governmental authorities; clinical trial results; changes in laws and regulations; product quality or patient safety issues; and other risks identified in Baxter’s
most recent filings on Form 10-K and other SEC filings, all of which are available on Baxter’s website. Baxter does not undertake to update its forward-looking statements. 

###

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