Document:

License Agreement

  
 Exhibit 10.4

  

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FILED WITH THE SECURITIES AND EXCHANGE COMMISSION. 

  
 LICENSE AGREEMENT 
  
 THIS LICENSE AGREEMENT
(“Agreement”) dated as of March 14, 2002 (“Effective Date”), is entered into between MediciNova, Inc., a Delaware corporation (“MN”) having a place of business located at 4540 Towne Centre Court, San Diego, California
92121, U.S.A., and Kyorin Pharmaceutical Co., Ltd., a Japanese corporation (“KR”), having a place of business located at 5, Kanda Surugadai 2-chome, Chiyoda-ku, Tokyo 101-8311, Japan. 
  
 W I T N E S S E T H : 
  
 WHEREAS, KR is the owner of the KR Intellectual Property Rights, as defined
herein; 
  
 WHEREAS, MN desires to obtain exclusive license
rights, with a right to grant sublicenses, under the KR Intellectual Property Rights, and KR desires to grant such license to MN, upon the terms and conditions set forth herein; 
  
 NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants herein contained, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows: 
  
 ARTICLE 1 
 DEFINITIONS 
  
 For purposes of this Agreement, the terms defined in this Article 1 shall
have the respective meanings set forth below, it being understood that (a) words in the singular include the plural and vice versa and (b) any reference to any Party includes its Affiliates, successors in title and permitted assigns: 
  
 1.1 “Affiliate” shall mean, (i) any corporation or business
entity of which fifty percent (50%) or more of the securities or other ownership interests representing the equity, the voting stock or general partnership interest are owned, controlled or held, directly or indirectly, by a Party or by any entity
mentioned in (ii) hereinafter; (ii) any corporation or business entity which, directly or indirectly, owns, controls or holds fifty percent (50%) or more (or the maximum ownership interest permitted by law) of the securities or other ownership
interests representing the equity, voting stock or general partnership interest of a Party; or (iii) any corporation or business entity of which a Party has the legal right to acquire, directly or indirectly, at least fifty percent (50%) of the
securities or other ownership interests representing the equity, voting stock or general partnership interest thereof. 
  

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WITH THE SECURITIES AND EXCHANGE COMMISSION. 

 1.2 “Business Day(s)” means any day that is not a Saturday or a Sunday or a day on which
the New York Stock Exchange or the Tokyo Stock Exchange is closed. 
  
 1.3 “Calendar Quarter” shall mean the respective periods of three (3) consecutive calendar months ending on March 31, June 30, September 30 and December 31. 
  
 1.4 “Calendar Year” shall mean each successive period of twelve (12) months commencing on January 1 and
ending on December 31. 
  
 1.5 “cGMP” shall mean
current applicable good manufacturing practices as defined in regulations promulgated by the FDA under the Act and, if applicable, corresponding applicable laws and regulations of other countries in the MN Territory relating to the formulation,
manufacture, testing prior to delivery, storage and delivery of the Compound and Product. 
  
 1.6 “Centralized Procedure” shall mean the European Community Centralized Procedure for marketing authorization in accordance with Council Regulation EEC (2309-93) or any successor regulations.

  
 1.7 “Compound” shall mean that certain
compound [**] and its primary active metabolite [**] (ketone of [**] converted to alcohol), each as more specifically described in the patents listed on Exhibit 1.21 attached hereto and incorporated herein by reference.

  
 1.8 “End of Phase 2 Meeting” shall mean the
first end of Phase 2 meeting with the FDA, as defined in 21 CFR Section 312.47, intended to determine the safety of proceeding to Phase 3, evaluate the Phase 3 plan and protocols and identify any additional information necessary to support an NDA
for Product. 
  
 1.9 “Europe” shall mean the
United Kingdom, France, Germany, and Italy. 
  
 1.10
“FDA” shall mean the United States Food and Drug Administration or any successor thereto having regulatory jurisdiction over the manufacture, distribution and sale of drugs. 
  
 1.11 “Field” shall mean all uses. 
  
 1.12 “First Commercial Sale” shall mean, the first
commercial sale of Product to Third Party for use or consumption by the general public of such Product in any country in the MN Territory by MN or its Affiliates and/or its sublicensee after Regulatory Approval has been granted by the governing
health authority of such country. 
  
 1.13 “GAAP”
means generally accepted accounting principles in the United States. 
  
 1.14 “Generic Competition” shall exist or be deemed to exist, in any particular country, commencing on the earlier of (i) where IMS or IMS- equivalent data is available, the first date on which Generic Drugs achieve a
market share in one Calendar Quarter of [**] or greater of the 

  

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total prescriptions for Product in such country (as so shown by the average of the monthly IMS (or IMS-equivalent) data for such prescriptions) or (ii) the
first date on which there are three Generic Drugs available in one Calendar Quarter in such country 
  
 1.15 “Generic Drug(s)” shall mean any product containing Compound that is either defined in a particular country in the MN Territory as a
generic drug by applicable legal texts or regulatory authorities in such country or is, in view of its product characteristics and intended use, considered by users to be interchangeable or substitutable for Product, other than Product introduced in
such country by MN or its Affiliates. 
  
 1.16
“Improvement” shall mean any improvement, including without limitation any change or modification to any method, process, composition any enhancement in the manufacture, formulation, ingredients, preparation, presentation, means of
delivery, dosage or packaging relating to Compound or Product, and shall include any homolog, analog, derivative, or conjugate of Compound or Product or any new use of the foregoing. 
  
 1.17 “IND” shall mean an investigational new drug application and any amendments thereto relating to the
use of Compound or Product in the United States or the equivalent application in any other regulatory jurisdiction, the filing of which is necessary to commence clinical testing of Products in humans. 
  
 1.18 “KR Intellectual Property Rights” shall mean all
intellectual property and proprietary rights in, arising out of, or associated therewith: (i) all KR Patent Assets and (ii) all KR Know-How owned or controlled by KR. 
  
 1.19 “KR Know-How” shall mean any and all information and materials, including but not limited to,
discoveries, information, Improvements (excluding any homolog, analog, derivative or conjugate of the Compound), processes, formulae, data, inventions (whether patentable or not), invention disclosures, know-how and trade secrets, patentable or
otherwise, which relate to Compound or Product, including without limitation, all chemical, pharmaceutical, toxicological, biochemical, and biological, technical and nontechnical data, and information relating to the results of tests, assays,
methods, and processes, and specifications and/or other documents containing information and related data, and any preclinical, clinical, assay control, manufacturing, regulatory, and any other information used or useful for the development,
manufacturing and/or regulatory approval of Compound or Product that are owned or controlled by KR and as to which KR has the right to license or sublicense to Third Parties. 
  
 1.20 “KR Licensee” shall mean a Third Party to which KR licenses any or all KR Intellectual Property
Rights. 
  
 1.21 “KR Patent Assets” shall mean
all United States, international and foreign utility and design patents and applications therefor (which shall be deemed to include certificates of invention and applications for certificates of invention and supplementary protection certificates)
and all reissues, divisions, registrations, extensions, provisionals, continuations and 

  

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continuations-in-part thereof which as of the Effective Date or at any time during the term of this Agreement: 
  

	 	(a)	are owned or controlled by KR or which KR through license or otherwise has or acquires rights, and 

  

	 	(b)	relate to Compound or Product, 

  
 including, but not limited to, methods of their manufacture, methods of their use, or otherwise relate to KR Know-How, including but not limited to the patents and patent
applications listed on Exhibit 1.21 hereto, and any counterparts thereof which have been or may be filed in other countries. 
  
 1.22 “KR Territory” shall mean Japan, China (PRC), Taiwan (ROC) and South Korea. 
  
 1.23 “Market Exclusivity Period” shall mean that period of
time with respect to a particular country in the MN Territory during which MN has the exclusive legal right to market Products pursuant to regulations of such country’s governing health authority. 
  
 1.24 “MN Intellectual Property Rights” shall mean all
Improvements under Section 8.1 of this Agreement. 
  
 1.25
“MN Territory” shall mean all countries worldwide, except for Japan, China (PRC), Taiwan (ROC) and South Korea. 
  
 1.26 “NDA” shall mean a new drug application filed with the FDA for marketing authorization of a Product in the United States, a
corresponding submission in Europe or under the Centralized Procedure if the context so indicates, or the equivalent application in any other regulatory jurisdiction, and any amendments and supplements thereto in the MN Territory. 
  
 1.27 “Net Sales” shall mean, with respect to any Product,
the sales revenues received by MN or any MN Affiliate for all Products from Third Party customers, commencing upon the date of First Commercial Sale, after deducting, in accordance with GAAP, any (a) credits, allowances, samples, discounts and
rebates to, and chargebacks from the account of, such Third Party customers; (b) freight and insurance costs; (c) trade discounts, cash discounts, quantity discounts, rebates; (d) sales, value-added and other direct taxes incurred; (e) customs
duties, custom broker charges and other surcharges and governmental charges incurred in connection with the exportation or importation of Product. 
  
 1.28 “Ophthalmic Solution” shall mean a liquid formulation of pharmaceutical compositions containing Compound as the therapeutically
active ingredient that is applied directly to the eyes. 
  
 1.29
“Party” shall mean KR or MN. 
  

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 1.30 “Person” shall mean an individual, corporation, partnership, trust, business trust,
association, joint stock company, joint venture, pool, syndicate, sole proprietorship, unincorporated organization, governmental authority or any other form of entity not specifically listed herein. 
  
 1.31 “Phase 3 Clinical Trial” means a trial conducted after
an End of Phase 2 Meeting on a sufficient number of patients that is designed to establish that Product is safe and efficacious for its intended use, and to define warnings, precautions and adverse reactions that are associated with Product in the
dosage range to be prescribed, and supporting marketing authorization of Product or label expansion of Product. 
  
 1.32 “Product” shall mean the final dosage form of a product for commercial sale by prescription, over-the-counter, or by any other
method (or, where the context so indicates, the product being tested in clinical trials), incorporating pharmaceutical compositions containing Compound as at least one of the therapeutically active ingredients in any final dosage form or package
configuration, other than an Ophthalmic Solution, for any indication. 
  
 1.33 “Program” shall mean those activities to be undertaken by MN or its designee including its sublicensees with respect to Compound or Product which are devoted to the evaluation of safety and efficacy in preclinical and
clinical trials, and/or the conduct of any other activities or studies directed toward obtaining Regulatory Approval of Compound or Product. 
  
 1.34 “Proprietary Information” shall mean any and all scientific, clinical, regulatory, marketing, financial and commercial information
or data, whether communicated in writing, orally or by any other means, which is owned and under the protection of one Party and is being provided by that Party to the other Party in connection with this Agreement. 
  
 1.35 “Regulatory Approval” means all approvals (including
pricing and reimbursement approvals required for marketing authorization), product and/or establishment licenses, registrations or authorizations of all regional, federal, state or local regulatory agency, department, bureau or other governmental
entity, necessary for the manufacture, use, storage, import, export, transport and sale of Compound or Product in a regulatory jurisdiction. 
  
 1.36 “Royalty Term” shall mean, with respect to each Product in each country in the MN Territory, the period of time beginning with the
date of the First Commercial Sale of such Product by MN or its Affiliates in such country and continuing until the later of (a) the last date on which the manufacture, use or sale of such Product in such country would infringe a Valid Patent Claim
held by KR but for the license granted by this Agreement or (b) the last date of the Market Exclusivity Period in such country. In the event that in any country (x) neither a Valid Patent Claim nor Market Exclusivity Period existed during any period
in which Product is sold in such country and (y) Product is not subject to Generic Competition in such country, then the Royalty Term in such country shall be for a period commencing on the date of the First Commercial Sale of Product by MN or its
Affiliates in such country and expiring on the earlier of (i) five (5) years from such date or (ii) the end of the second consecutive Calendar Quarter in which Generic Competition exists in such country. 
  

	**	CERTAIN INFORMATION (INDICATED BY ASTERISKS) HAS BEEN OMITTED FROM THIS DOCUMENT PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST. AN UNREDACTED VERSION OF THIS DOCUMENT HAS BEEN FILED
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 1.37 “Royalty Year” shall mean (i) for the first year in which the date of First
Commercial Sale occurs (the “First Royalty Year”), the period commencing with the first day (the “Commencement Date”) of the Calendar Quarter in which such First Commercial Sale occurs and expiring on the last day of the twelfth
(12th ) month following the Commencement Date and (ii) for each subsequent year, each successive twelve (12) month
period commencing on the date immediately following the last day of the First Royalty Year. 
  
 1.38 “Third Party” shall mean any Person other than KR, MN and their respective Affiliates. 
  
 1.39 “Trademark” shall mean the trademark, trade name and trade dress to be used for sale of each Product by MN or its sublicensees which
Trademark may include MN’s existing trademark, trade name and trade dress. 
  
 1.40 “Valid Patent Claim” shall mean a claim of an issued and unexpired patent included within the KR Intellectual Property Rights, which has not been held permanently revoked, unenforceable or
invalid by a decision of a court or other governmental agency of competent jurisdiction, unappealable or unappealed within the time allowed for appeal, and which has not been admitted to be invalid or unenforceable through reissue or disclaimer or
otherwise. 
  
 ARTICLE 2 
 PROGRAM 
  
 2.1 Conduct of Program and Regulatory Matters. 
  
 2.1.1 MN Territory. MN shall use commercially reasonable efforts to develop and commercialize Product, including the preparation
and filing of regulatory submissions. MN shall own, control and retain primary legal responsibility for, and shall be responsible for funding, the preparation, filing and prosecution of all filings and regulatory applications required to obtain
Regulatory Approval of Product in the MN Territory. MN may subcontract portions of the Program including the manufacture of Compound; provided, however, that such subcontracted Third Party shall be subject to an agreement with MN consistent with the
confidentiality obligations in accordance with Article 7 below. KR shall transfer free of charge to MN as soon as practicable after the Effective Date any IND or other regulatory filings relating to Compound or Product owned or controlled by KR, if
any, in the MN Territory and KR shall allow MN or its designees free of charge to cross reference any IND, NDA or Drug Master File if owned or controlled by KR and relating to Compound or Product in the KR Territory. Upon MN’s request, KR shall
consult and cooperate with MN in obtaining Regulatory Approval of Products in the MN Territory, provided that (i) MN provides KR with reasonable notice and reimburses KR for reasonable out-of-pocket expenses incurred by KR in performing such
services at MN’s request and (ii) unless KR is developing Product for the KR Territory or Ophthalmic Solution, any consultation and cooperation in obtaining such Regulatory Approval (other than providing KR Know-How) shall be subject to
KR’s acceptance of such request. 
  

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 2.1.2 KR Territory. KR shall own, control and retain primary legal responsibility
for, and shall be responsible for funding, the preparation, filing and prosecution of all filings and regulatory applications required to obtain Regulatory Approval of Product in the KR Territory. MN shall allow KR or KR Licensees free of charge to
cross reference any IND, NDA or Drug Master File owned or controlled by MN and relating to Compound or Product in order for KR or KR Licensees to obtain Regulatory Approval of Compound or Product in the KR Territory and to obtain Regulatory Approval
of Ophthalmic Solutions in the KR Territory and the MN Territory. 
  
 2.2 Clinical Development Reports. 
  
 2.2.1 MN Reports. MN shall provide KR with a written report on a semi-annual basis summarizing the status of MN’s preclinical and clinical development and regulatory filing activities with respect to Compound and Product in the
MN Territory, with the delivery to KR of the summary of annual report to an IND submitted by MN or its sublicensees to the FDA or, if applicable, corresponding regulatory authorities in the MN Territory, in connection with a clinical trial of
Product to be in satisfaction of any report required by this sentence Alternatively, any such report may be in the form of a meeting at a mutually acceptable location, a video conference or a teleconference. Any disclosures of such progress and
results shall be deemed Proprietary Information of MN. MN shall promptly notify KR upon the receipt of Regulatory Approvals and of the date of First Commercial Sale in the MN Territory. KR shall designate an appropriate representative of KR to
receive such clinical development and regulatory communications and to coordinate further correspondence between the Parties. KR’s initial designee shall be Toru Shionoya. 
  
 2.2.2 KR Reports. KR shall provide MN with a written report on a semi-annual basis summarizing the
status of KR’s preclinical and clinical development and regulatory filing activities with respect to Compound in Ophthalmic Solutions in the KR Territory and the MN Territory and Compound and/or Product in the KR Territory, with the delivery to
MN of the summary of the annual report to an IND submitted by KR or KR Licensees to the regulatory authorities in the KR Territory (and in the MN Territory if applicable in the case of Ophthalmic Solutions) in connection with a clinical trial of
Product or Ophthalmic Solutions, as the case may be, to be in satisfaction of any report required by this sentence. Alternatively, such report may be in the form of a meeting at a mutually acceptable location, a video conference or a teleconference.
Any disclosures of such progress and results shall be deemed Proprietary Information of KR. KR shall promptly notify MN upon the receipt of Regulatory Approvals and of the date of first commercial sale of Product in the KR Territory or of Compound
for Ophthalmic Solutions in the KR Territory and the MN Territory. MN shall designate an appropriate representative of MN to receive such clinical development and regulatory communications and to coordinate further correspondence between the
Parties. MN’s initial designee shall be Takashi Kiyoizumi, M.D., Ph.D. 
  
 2.3 Excused Performance. The obligations of MN under Section 2.1 with respect to Product are expressly conditioned upon the absence of any serious adverse conditions relating to 

  

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the safety or efficacy of Compound or Product including the absence of any action by any regulatory authority limiting the development or commercialization
of Compound or Product. 
  
 2.4 Manufacture of Compound. MN
shall be responsible for the manufacture and supply of Compound and Product for preclinical, clinical and commercial purposes, in compliance with cGMP, in the MN Territory. In addition, no later than twelve (12) months prior to the earlier of (i)
the estimated first submission of an application by KR or KR Licensees for Regulatory Approval of Product in the KR Territory or (ii) the estimated first submission of an application by KR or KR Licensees for Regulatory Approval of an Ophthalmic
Solution in either the MN Territory or the KR Territory, KR shall provide a written notice to MN (the “Supply Notice”) stating whether KR desires MN to be the exclusive manufacturer and supplier of Compound and/or Product for use in the KR
Territory and/or the MN Territory in the case of Compound for an Ophthalmic Solution and, if so, including a summary of KR’s proposed terms for a supply agreement between the Parties. After receipt by MN of the Supply Notice, the Parties or
their respective designees shall negotiate in good faith to enter into a supply agreement containing commercially reasonable terms applicable to similar types of exclusive supply agreements. 
  
 ARTICLE 3 
 LICENSE 
  
 3.1 License Grant to MN. KR hereby grants to MN an irrevocable, exclusive (even as to KR) license in the MN Territory under the KR Intellectual Property Rights, including the right to grant sublicenses, to develop, evaluate, make,
have made, use, offer for sale, market, sell, import and otherwise distribute the Compound and Products for use in the Field. 
  
 3.2 Sublicense Rights. MN may grant sublicenses within the scope of the license granted to MN under this Agreement to any Affiliate or Third Party;
provided, however that any such sublicense shall be subject to the provisions of this Agreement. MN shall promptly inform KR of each such sublicensee and provide KR with a copy of the sublicense agreements. In the event of any sublicense to a Third
Party, the provisions of Section 4.7 shall be applicable. Upon termination of this Agreement pursuant to Section 9.3 by KR for an uncured material breach by MN, any existing sublicense agreement(s) shall survive and shall be assigned by MN to KR
without any cost to KR provided that (i) the sublicensee is not in breach of its sublicense agreement at the time of such termination of this Agreement, (ii) any sublicensee who desires its sublicense to survive shall promptly agree in writing to be
bound by the applicable terms of and assume all obligations of MN under this Agreement, and (iii) KR does not have commercially reasonable objection to such survival. 
  
 3.3 Exchange of Information. Upon execution of this Agreement, KR shall disclose to MN in writing all KR Intellectual
Property Rights not previously disclosed. During the term of this Agreement, and in addition to the other communications required under this Agreement, KR shall also promptly disclose to MN in writing on an ongoing basis all KR Intellectual 

  

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Property Rights and other information developed in connection with KR’s activities relating to the Compound, if any. 
  
 3.4 License Grant to KR. MN hereby grants to KR an exclusive
royalty-free license including the right to grant sublicenses to KR Licensees to use the preclinical and clinical and regulatory databases owned by MN and developed in connection with MN’s performance of the Program to, (i) obtain Regulatory
Approval of and commercialize Product in the KR Territory; and (ii) obtain Regulatory Approval of and commercialize Compound for Ophthalmic Solutions in the KR Territory and the MN Territory; provided, however, that upon termination of this
Agreement pursuant to Section 9.3 by MN, KR shall pay royalties to MN equal to [**] of all net sales of the Products in the KR Territory and of Ophthalmic Solutions in the KR Territory and the MN Territory by KR or KR Licensees for a period
of five (5) years from the date of such termination of this Agreement if KR or any KR Licensee uses the foregoing MN’s database. In the event KR claims that KR or KR Licensee did not use such MN’s database or for any reason fails to make
the royalty payments required by the preceding sentence, KR shall provide MN with copies of all regulatory submissions relating to Product in the KR Territory or Ophthalmic Solutions in order for MN to determine whether such submissions used
MN’s databases (to the extent not already provided pursuant to other provisions of this Agreement). 
  
 3.5 Adverse Events. In the event KR undertakes development of Compound in Ophthalmic Solutions in the KR Territory and/or the MN Territory or
development and commercialization of Product in the KR Territory, each Party shall promptly furnish to the other Party all information concerning safety of Compound or Product, such as adverse or unexpected side effects, injury or other events
associated with uses, studies, investigations or tests of Compound or Product, whether or not such Party is required to report such information to any regulatory authority and whether or not such event is determined to be attributable to Compound or
Product. 
  
 ARTICLE 4 
 ROYALTIES AND MILESTONES 
  
 4.1 Royalties Payable by MN. In consideration of the license granted to MN herein, during the Royalty Term, MN shall pay to KR royalties in the
applicable percentage specified in Exhibit 4.1 attached hereto for Net Sales in each Royalty Year of Products by MN and its Affiliates in the MN Territory. 
  
 4.2 Combination Product. Notwithstanding the foregoing, in the event a Product is sold as a combination product with other biologically active
components, Net Sales, for purposes of royalty payments on the combination product, shall be calculated by multiplying the Net Sales of that combination product by the fraction A/B, where A is the gross selling price of the Product sold separately
and B is the gross selling price of the combination product. If no such separate sales are made by MN or its Affiliates, Net Sales for royalty determination shall be calculated by multiplying Net Sales of the combination product by the fraction
C/(C+D), where C (excluding the fully allocated cost of the other biologically active component in question) is the fully 

  

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allocated cost of the Compound and D is the fully allocated cost of such other biologically active components. It is understood and agreed to between the
Parties, however, that if the fully allocated cost of such other biologically active components exceeds by a multiple of one hundred (100) the fully allocated cost of the Compound, then the Parties shall discuss in good faith to determine a more
appropriate method of calculating Net Sales for the combination product, consistent with the overall intents and purposes of this Agreement, provided, however, that in no event shall the calculation of Net Sales under this Section 4.2 be less than
fifty percent (50%) of the actual Net Sales of the combination product. 
  
 4.3 Third Party Royalties. If MN is compelled, including under Section 8.9, to obtain one or more patent licenses from and to pay royalties to any Third Party in any country in the MN Territory in order to exercise its rights
hereunder to practice any process or method, or to make, use or sell Compound or Product, which is the subject of the Valid Patent Claim in such country, then fifty percent (50%) of the royalties actually paid to such Third Party by MN for sale of
such Product for each Calendar Quarter in such country shall be creditable against the royalty payments due KR with respect to the sale of such Product by MN or its Affiliates in such country; provided, however, that MN shall first notify and
discuss the foregoing with KR and that in no event shall the royalty rate payable to KR under Section 4.1 be less than [**] of Net Sales. 
  
 4.4 Milestone Payments. In further consideration of the rights granted by KR hereunder, MN shall pay KR the following milestone payments,
contingent upon occurrence of the specified event, with each milestone payment to be made no more than once with respect to the achievement of such milestone (but payable on the first achievement of such milestone): 
  

	 	(a)	[**] within ten (10) days after the Effective Date; 

  

	 	(b)	[**] upon initiation of the first Phase 3 Clinical Trial (upon dosing of the first patient) in the MN Territory by MN, its Affiliates or its sublicensees; and

  

	 	(c)	[**] upon receipt in writing of the first Regulatory Approval in the U.S. or Europe by MN, its Affiliates or its sublicensees. 

  
 MN shall notify KR in writing within thirty (30) days after the first achievement of the
milestones specified in Section 4.4 (b) and (c) and such notices shall be accompanied by payment of the appropriate milestone payment. The payments described in this Section 4.4 shall be payable only upon the initial achievement of each milestone,
and no amounts shall be due hereunder for any subsequent or repeated achievement of such milestones, regardless of the number of Products for which such milestone may be achieved. 
  
 4.5 One Royalty. No more than one royalty payment shall be due with respect to a sale of a particular Product. No
multiple royalties shall be payable because any Product, or its manufacture, sale or use is covered by more than one Valid Patent Claim. No royalty shall be payable under this Article 4 with respect to sales of Products among MN and its Affiliates
for resale, nor shall a royalty be payable under this Article 4 with respect to Products distributed for 

  

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use in research and/or development, in clinical trials, as donations to non-profit institutions or government agencies or as promotional free samples.

  
 4.6 Compulsory Licenses. If a compulsory license is
granted to a Third Party with respect to Product in any country in the MN Territory with a royalty rate lower than the royalty rate provided in Exhibit 4.1, then the royalty rate to be paid by MN on Net Sales in that country under Exhibit 4.1 shall
be adjusted to the same rate paid by the compulsory Third Party licensee during the period of such compulsory license. 
  
 4.7 Sublicense Payments. In the event of any sublicense to a Third Party under Section 3.2 above in any country of the MN Territory in which MN is
entitled to a lump sum and/or milestone payments and a royalty based on net sales of Product by the sublicensee under the sublicense agreements, then in lieu of royalty payments on Net Sales as set forth in Exhibit 4.1 in such country, MN shall pay
KR (i) [**] of royalty payments received by MN based on net sales of Product by MN’s sublicensee and (ii) [**] of lump sum and/or milestone payments received by MN from MN’s sublicensee (other than payments made by MN’s
sublicensee (x) to reimburse MN for MN’s research and development expenditures, calculated in accordance with GAAP, or (y) as equity investments in MN. The provisions of Article 5 and Article 6 will apply where appropriate with respect to the
amounts payable under this Section 4.7. 
  
 ARTICLE 5 

ROYALTY REPORTS AND ACCOUNTING 
  
 5.1 Reports. During the Royalty Term, MN shall furnish to KR a written report for the Calendar Quarter showing on a country by country basis, (a)
the gross sales of all Products sold by MN and its Affiliates in the MN Territory during such Calendar Quarter and the calculation of Net Sales from such gross sales; (b) the royalties, payable in United States dollars, which shall have accrued
hereunder based upon Net Sales of Products; (c) the withholding taxes, if any, required by law to be deducted in respect of such royalties; (d) the date of the First Commercial Sales of each Product in each country in the MN Territory ; and (e) the
exchange rates used in determining the amount of United States dollars, as more specifically provided in Section 6.2 below. Reports shall be due ninety (90) days following the close of each Calendar Quarter. MN shall keep complete and accurate
records in sufficient detail to properly reflect all gross sales and Net Sales and to enable the royalties payable hereunder to be determined. 
  
 5.2 Audits. 
  
 5.2.1 Audit Rights. Upon the written request of KR and not more than once in each Calendar Year, MN shall permit an independent
certified public accounting firm of nationally recognized standing, selected by KR and reasonably acceptable to MN, at KR’s expense, to have access during normal business hours on at least ten (10) days’ prior written notice, to such of
the records of MN and its Affiliates as may be reasonably necessary to verify the accuracy of the royalty reports hereunder for any Royalty Year ending not more than thirty-six (36) months prior to the date of such request. The accounting firm shall
disclose to KR only 

  

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whether the records are correct or not and the specific details concerning any discrepancies. No other information shall be shared. 
  
 5.2.2 Audit Results. If such accounting firm
concludes that additional royalties were owed during such period, MN shall pay the additional royalties within sixty (60) days of the date KR delivers to MN such accounting firm’s written report so concluding; provided, however, that, in the
event that MN shall not be in agreement with the conclusion of such report (a) MN shall not be required to pay such additional royalties and (b) such matter shall be resolved pursuant to the provisions of Section 11.6 herein. In the event such
accounting firm concludes that amounts were overpaid by MN during such period, MN shall have a credit against future royalties payable to KR in the amount of such overpayment; provided, however, that in the event that KR shall not be in agreement
with the conclusion of such report (a) MN shall not have such a credit and (b) such matter shall be resolved pursuant to the provisions of Section 11.6 herein. The fees charged by such accounting firm shall be paid by KR; provided, however, if the
audit discloses that the royalties payable by MN for the audited period are more than one hundred ten percent (110%) of the royalties actually paid for such period, then MN shall pay the reasonable fees and expenses charged by such accounting firm.
Upon the expiration of thirty-six (36) months following the end of any Royalty Year, the calculation of royalties payable with respect to such Royalty Year shall be binding and conclusive upon KR and MN shall be released from any liability or
accountability with respect to royalties for such Royalty Year. 
  
 5.2.3 Confidential Financial Information. KR shall treat all financial information subject to review under this Article 5 or under any sublicense agreement as confidential, and shall cause its accounting firm
to retain all such financial information in confidence. 
  
 ARTICLE
6 
 PAYMENTS 
  
 6.1 Payment Terms. Royalties shown to have accrued by each royalty report provided for under Article 5 of this Agreement shall be due and payable
on the date such royalty report is due. Payment of royalties in whole or in part may be made in advance of such due date. 
  
 6.2 Payment Method. All payments by MN to KR under this Agreement shall be paid in United States dollars. If any currency conversion shall be
required in connection with the payment of any royalties hereunder, such conversion shall be made by using the exchange rate for the purchase of U.S. dollars reported by the Wall Street Journal on the last Business Day of the Calendar Quarter to
which such royalty payments relate. 
  
 6.3 Exchange
Control. If at any time legal restrictions prevent the prompt remittance of part or all royalties with respect to any country in the MN Territory where the Product is sold, MN shall have the right, at its option, to make such payments by
depositing the amount thereof in local currency to KR’s account in a bank or other depository designated by KR in such country. If the royalty rate specified in this Agreement should exceed the permissible rate 

  

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established in any country in the MN Territory, the royalty rate in such country shall be adjusted to the highest legally permissible or government-approved
rate. 
  
 6.4 Withholding Taxes. MN shall be entitled to
deduct from any payment due KR under this Agreement the amount of any withholding taxes, value-added taxes or other taxes, levies or charges with respect to such amounts, other than United States taxes, payable by MN or its Affiliates, or any taxes
required to be withheld by MN or its Affiliates, to the extent MN or its Affiliates pay to the appropriate governmental authority on behalf of KR such taxes, levies or charges. MN shall use reasonable efforts to minimize any such taxes, levies or
charges required to be withheld on behalf of KR by MN or its Affiliates. MN promptly shall deliver to KR proof of payment of all such taxes, levies and other charges, together with copies of all communications from or with such governmental
authority with respect thereto. KR shall provide MN with all forms or documentation required by any applicable taxation laws, treaties or agreements to such withholding or as necessary to claim a benefit thereunder (including, but not limited to,
Form W-8BEN and any successor form). 
  
 ARTICLE 7 
 CONFIDENTIALITY AND PUBLICITY 
  
 7.1 Nondisclosure Obligations. Except as otherwise provided in this Article 7, (a) during the term of this Agreement and for a period of five (5)
years thereafter, both Parties shall maintain in confidence and use only for purposes of this Agreement information and data resulting from or related to the development of the Compound or Products; (b) during the term of this Agreement, both
Parties shall maintain in confidence and use only for purposes of this Agreement information and data not described in clause (a) above resulting from or related to the Program; and (c) during the term of this Agreement and for a period of five (5)
years thereafter, both Parties shall also maintain in confidence and use only for purposes of this Agreement all information and data not described in clause (a) or (b) above but supplied by the other Party under this Agreement marked
“Confidential.” For purposes of this Article 7, information and data described in clause (a), (b) or (c) above shall be deemed “Proprietary Information.” 
  
 7.2 Permitted Disclosures. To the extent it is reasonably necessary or appropriate to fulfill its obligations or
exercise its rights under this Agreement, (a) a Party may disclose Proprietary Information which is otherwise obligated under this Article 7 not to disclose to its Affiliates, to KR Licensees, if the Party is KR, to its sublicensees, if the Party is
MN, and to its consultants, outside contractors and clinical investigators, on a need-to-know basis on condition that such Persons agree to keep the Proprietary Information confidential for the same time periods and to the same extent as such Party
is required to keep the Proprietary Information confidential; and (b) a Party (including MN’s sublicensees or KR Licensees) may disclose such Proprietary Information to government or other regulatory authorities to the extent that such
disclosure is required by applicable law (including without limitation all applicable securities laws), regulation, agency or court order, or is reasonably necessary to obtain patents or authorizations to conduct clinical trials with, and to
commercially market the Product (and Ophthalmic Solutions in the case of KR), provided that the disclosing Party shall provide written 

  

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notice to the other Party and sufficient opportunity to object to such disclosure or to request confidential treatment thereof. The obligation not to
disclose or use Proprietary Information received from the other Party shall not apply to any part of such Proprietary Information that (i) is or becomes patented, published or otherwise part of the public domain other than by acts of the Party
obligated not to disclose such Proprietary Information in contravention of this Agreement; (ii) is disclosed to the receiving Party by a Third Party, provided such Proprietary Information was not obtained by such Third Party directly or indirectly
from the other Party under this Agreement on a confidential basis; (iii) prior to disclosure under this Agreement, was already in the possession of the receiving Party, provided such Proprietary Information was not obtained directly or indirectly
from the other Party under this Agreement; or (iv) is disclosed in a press release agreed to by both Parties, which agreement shall not be unreasonably withheld. 
  
 7.3 Publication. In the event a Party or any Affiliate of or consultant to such Party or MN’s sublicensees or KR
Licensees wishes to make a scientific publication relating to Compound or Product, it shall deliver to the other Party a copy of the proposed publication or an outline of the oral disclosure at least thirty (30) Business Days prior to submission or
presentation, such that any issue of patent protection can be resolved in accordance with the terms of this Agreement. 
  
 ARTICLE 8 
 INTELLECTUAL PROPERTY RIGHTS AND
INFRINGEMENT 
  
 8.1 Ownership of Improvements. The entire
right and title in all Improvements or other technology directed to the manufacture or use of Product or Compound, and all processes relating thereto, whether or not patentable, and any patent applications or patents based thereon, made or conceived
during and as a result of the Program by employees or others acting solely on behalf of MN or its Affiliates shall be owned solely by MN. In the event such Improvements are embodied in an issued patent that is dominated in any country by a Valid
Patent Claim, KR shall be entitled to royalties on Net Sales in such country under Section 4.1 of this Agreement during the Royalty Term. 
  
 8.2 Ownership of Trademarks. The entire right and title in all Trademarks used by MN, its Affiliates and, if applicable its sublicensees in the MN
Territory shall be owned solely by MN. 
  
 8.3 Patent
Applications. 
  
 8.3.1 Foreign Filing
Decisions. KR shall determine whether patents or patent applications included in the KR Intellectual Property Rights should be abandoned without replacement, abandoned and refiled, proceeded within the country of filing only, or used as the
basis for a claim of priority under the Paris Convention for corresponding applications in other countries in the MN Territory after consultation with MN, and subject to the provisions of Section 8.3.2. The Parties shall consult together to ensure
that so far as practicable the texts filed in the United States and in other countries in the MN Territory contain the same information and claim the same scope of protection. 
  

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 8.3.2 Prosecution and Maintenance. KR shall have the right to control the
prosecution, grant and maintenance of the KR Intellectual Property Rights in the MN Territory and the KR Territory, and to select all patent counsel or other professionals to advise, represent or act for it in all matters relating to the KR
Intellectual Property Rights. KR shall be responsible for the payment of all such patent prosecution and maintenance costs. MN shall have the right to control the prosecution, grant and maintenance of the MN Intellectual Property Rights in the KR
Territory and the MN Territory, and to select all patent counsel or other professionals to advise, represent or act for it in all matters relating to the MN Intellectual Property Rights. MN shall be responsible for the payment of all such patent
prosecution and maintenance costs. If KR elects under Section 8.3.1 or this Section 8.3.2 not to file, prosecute or maintain a patent application included in the KR Intellectual Property Rights in any country in which the patents included on Exhibit
1.21 have been filed and are being prosecuted or maintained, it shall provide MN with written advance notice sufficient to avoid any loss or forfeiture, and MN shall have the right but not the obligation, at its sole expense, to file, prosecute or
maintain such patent application in MN’s name and KR shall assign to MN all of KR’s right, title and interest in and to such KR Patent Assets and, in the event MN exercises such right, such patent or patent application shall no longer be
deemed a KR Patent Asset. 
  
 8.4 Cooperation. Each Party
shall make available as far as possible to the other Party or to the other Party’s authorized attorneys, agents, representatives, employees or consultants any documents necessary or appropriate to enable the other Party to file, prosecute and
maintain patent applications and resulting patents, as set forth in Section 8.3.1 and 8.3.2 above, for a period of time sufficient for the other Party to obtain the assistance it needs from the first Party. Where appropriate, each Party shall sign
or cause to have signed all documents relating to said patent applications or patents at no charge to the other Party. 
  
 8.5 Enforcement of Intellectual Property Rights. MN shall have the first right to enforce the KR Intellectual Property Rights against infringers in
the MN Territory, and shall consult with KR both prior to and during said enforcement. KR shall have the first right to enforce the KR Intellectual Property Rights against infringers in the KR Territory, and may consult with MN both prior to and
during said enforcement. In the event either Party learns of significant and continuing infringement of the KR Intellectual Property Rights, it shall promptly provide written notice to the other Party of the fact and supply such other Party with all
evidence it possesses pertaining to and establishing said infringement(s). 
  
 8.6 Procedure for Enforcement of Intellectual Property Rights. The Party responsible for enforcing KR Intellectual Property Rights pursuant to this Article 8 (the “Enforcing Party”) shall have six (6)
months from the date of receipt of notice of request by the other Party to abate the infringement, or to file suit against at least one of the infringers, at the sole expense of the Enforcing Party, following consultation with the other Party. If
the Enforcing Party does not, within six (6) months of receipt of such notice, abate the infringement or file suit to enforce KR Intellectual Property Rights against at least one infringer in a country in the MN Territory or the KR Territory, as
applicable, the other Party shall have the right to take whatever action it deems appropriate in its own name to enforce the KR Intellectual Property Rights in its Territory, as 

  

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applicable; provided, however, that, within thirty (30) days after receipt of notice of the other Party’s intent to file such suit, the Enforcing Party
shall have the right to jointly prosecute such suit. 
  
 8.7
Settlements. The Party controlling the action may not settle the action or otherwise consent to an adverse judgment in such action that diminishes the rights or interests of the non-controlling Party without the express written consent of the
non-controlling Party. Notwithstanding the foregoing, KR and MN shall cooperate with each other in the planning and execution of any action to enforce the KR Intellectual Property Rights. Any recovery obtained by MN or KR shall be shared as follows:

  
 (i) the Party that initiated and prosecuted,
or maintained the defense of, the action shall recoup all of its costs and expenses (including reasonable attorneys’ fees) incurred in connection with the action, whether the recovery is by settlement or otherwise; 
  
 (ii) the other Party then shall, to the extent possible,
recover its costs and expenses (including reasonable attorneys’ fees) incurred in connection with the action; 
  
 (iii) if KR initiated and prosecuted, or maintained the defense of, the action, the amount of any recovery remaining then shall be
retained by KR; and 
  
 (iv) if MN initiated and
prosecuted, or maintained the defense of, the action, the amount of any recovery remaining shall be retained by MN, except that KR shall receive a portion equivalent to the royalties it would have received in accordance with the terms of this
Agreement if the infringing sales had been Net Sales. 
  
 8.8
Notification of Patent Term Restoration. The Parties shall cooperate with each other in obtaining patent term restoration or supplemental protection certificates or their equivalents in any country where applicable to the KR Intellectual
Property Rights in the MN Territory. MN shall notify KR of (a) the issuance of each U.S. patent included within the KR Intellectual Property Rights, giving the date of issue and patent number for each such patent, and (b) each notice pertaining to
any patent included within the KR Intellectual Property Rights pursuant to the Drug Price Competition and Patent Term Restoration Act of 1984 (hereinafter called the “Act”), including notices pursuant to §§ 101 and 103 of the Act
from persons who have filed an abbreviated NDA (“ANDA”). Such notices shall be given promptly, but in any event within five (5) calendar days of each such patent’s date of issue or receipt of each such notice pursuant to the Act,
whichever is applicable. MN shall notify KR of each filing for patent term restoration under the Act, any allegations of failure to show due diligence and all awards of patent term restoration (extensions) with respect to the KR Intellectual
Property Rights. Likewise, KR or MN, as the case may be, shall inform the other Party of patent extensions and periods of data exclusivity in the rest of the world regarding any Product. 
  
 8.9 Infringement Actions by Third Parties. If MN or any of its Affiliates or sublicensees or customers shall be sued
by a Third Party for infringement of a patent because of 

  

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the manufacture, importation, use, offer for sale or sale of the Compound or Products, MN shall promptly notify KR in writing of the institution of such
suit. MN shall have the first right, in its sole discretion, to control the defense of such suit at its own expense, in which event KR shall have the right to be represented by advisory counsel of its own selection, at its own expense, and shall
cooperate fully in the defense of such suit and furnish to MN all evidence and assistance in KR’s control. If MN does not elect within thirty (30) days after such notice from MN to KR to so control the defense of such suit, KR may undertake
such control at its own expense, and MN shall then have the right to be represented by advisory counsel of its own selection and at its own expense, and MN shall cooperate fully in the defense of such suit and furnish to KR all evidence and
assistance in MN’s control. The Party controlling the suit may not settle the suit or otherwise consent to an adverse judgment in such suit that diminishes the rights or interests of the non-controlling Party without the express written consent
of the non-controlling Party. Any Third Party royalty payments required to be paid as the result of a judgment or settlement under this Section 8.9 shall be subject to the provisions of Section 4.3 above. 
  
 ARTICLE 9 
 TERM AND TERMINATION 
  
 9.1 Expiration. Unless terminated earlier pursuant to Sections 9.2 or 9.3 below, this Agreement shall expire on the later of the expiration of the Royalty Term on a country-by-country basis or the expiration of
the obligation to make payments by MN to KR under Section 4.7. 
  
 9.2 Termination by MN. MN shall have the right, in its sole discretion, to terminate this Agreement (a) with respect to the entire Agreement, or any country in the MN Territory in the event that a Third Party claims the Compound
infringes such Third Party’s intellectual property rights in such country in the MN Territory, by providing not less than thirty (30) days prior written notice of such termination to KR or (b) with respect to the entire Agreement, or any
country in the MN Territory with ninety (90) days written notice to KR, provided that prior to such termination, MN shall discuss with KR the reasons for such termination. Subject to the provisions of Section 9.4 below, the rights and obligations of
KR and of MN with respect to this Agreement in its entirety or with respect to the terminated country in the MN Territory, as applicable, shall terminate in the event of a termination pursuant to this Section 9.2, provided, however, that in the
event of a partial termination by MN under this Section 9.2, this Agreement shall continue in full force and effect with respect to the countries in the MN Territory unaffected by such partial termination. 
  
 9.3 Termination for Cause. Either Party may terminate this Agreement
upon or after the breach of any material provision of this Agreement by the other Party, if the breaching Party has not cured such breach within ninety (90) days after notice thereof from the non-breaching Party. This Agreement shall terminate, at
the option of the non-breaching Party, at the expiration of such ninety (90) day cure period; provided, however, that if the breach is not capable of being cured within ninety (90) days of such written notice, this Agreement may not be terminated so
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such breach as promptly as practicable provided that in such event, if the breach is not cured within one hundred eighty (180) days of such written notice,
the non-breaching Party shall have the right to terminate this Agreement. 
  
 9.4 Effect of Expiration and Termination. Expiration or termination of this Agreement shall not relieve the Parties of any obligation accruing prior to such expiration or termination. MN and its Affiliates and
sublicensees shall have the right to sell or otherwise dispose of the stock of any Product subject to this Agreement then on hand or in process of manufacture, subject to Articles 4, 5 and 6. In addition to any other provisions of this Agreement
which by their terms continue after the expiration of this Agreement, the provisions of Article 7 shall survive the expiration or termination of this Agreement and shall continue in effect during the term set forth in Section 7.1. In addition, any
other provision required to interpret and enforce the Parties’ rights and obligations under this Agreement shall also survive, but only to the extent required for the full observation and performance of this Agreement. In the event of
termination of this Agreement in its entirety or for any country in the MN Territory by MN pursuant to Section 9.2 (b), MN shall, if requested to do so in writing by KR, license to KR or its designee the MN Intellectual Property Rights, all INDs,
NDAs and other existing Regulatory Approval obtained by MN, its Affiliates or its sublicensees in the MN Territory or in the terminated countries of the MN Territory, as applicable, to make, have made use and sell Compound and Product, on
commercially reasonable terms to be negotiated in good faith between the Parties. In the event of termination of this Agreement in its entirety by MN pursuant to Section 9.2 (b) or by KR pursuant to Section 9.3 prior to the completion of a Phase 2
clinical trial on Product, the foregoing license from MN to KR shall be royalty-free. Except as expressly set forth herein, the rights to terminate as set forth herein shall be in addition to all other rights and remedies available under this
Agreement, at law, or in equity, or otherwise. 
  
 ARTICLE 10

 REPRESENTATIONS AND WARRANTIES 
  
 The Parties hereby represent and warrant as follows: 
  
 10.1 Corporate Existence and Power. Such Party (a) is a corporation duly organized, validly existing and in good standing under the laws of the
jurisdiction in which it is incorporated; and (b) has the corporate power and authority and the legal right to own and operate its property and assets, to lease the property and assets it operates under lease, and to carry on its business as it is
now being conducted; 
  
 10.2 Authorization and Enforcement of
Obligations. Such Party (a) has the corporate power and authority and the legal right to enter into this Agreement and to perform its obligations hereunder and (b) has taken all necessary corporate action on its part to authorize the execution
and delivery of this Agreement and the performance of its obligations hereunder. This Agreement has been duly executed and delivered on behalf of such Party, and constitutes a legal, valid, binding obligation, enforceable against such Party in
accordance with its terms; 
  

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 10.3 Consents. All necessary consents, approvals and authorizations of all governmental
authorities and other Persons required to be obtained by such Party in connection with this Agreement have been obtained; 
  
 10.4 No Conflict. The execution and delivery of this Agreement and the performance of such Party’s obligations hereunder (a) do not conflict
with or violate any requirement of applicable laws or regulations and (b) do not conflict with, or constitute a default under, any contractual obligation of such Party; and 
  
 10.5 Non-Infringement. As of the Effective Date, KR represents and warrants that: (a) the KR Intellectual Property
Rights are owned solely and exclusively by KR free and clear of any liens, charges and encumbrances, and no other person, corporate or other private entity, or governmental or university entity or subdivision thereof, has any valid claim of
ownership with respect to the KR Intellectual Property Rights, whatsoever; (b) they have not previously granted, and will not grant during the term of this Agreement, any right, license or interest in and to the KR Intellectual Property Rights, or
any portion thereof, inconsistent with the license granted to MN herein; (c) KR is not aware of the existence of any references or conduct that would bring into question the validity or enforceability of the KR Intellectual Property Rights; (d)
there are no threatened or pending actions, suits, investigations, claims or proceedings in any way relating to the KR Intellectual Property Rights; (e) to KR’s best knowledge, the KR Intellectual Property Rights and the contemplated
development, importation or exportation, manufacture, use, offer for sale and sale of any Compound or Product does not infringe any patent rights owned or possessed by any Third Party; and (f) KR has disclosed to MN all information known by it that
is reasonably believed by KR to be related to the KR Intellectual Property Rights and the activities contemplated under this Agreement. 
  
 10.6 Effect of Representations and Warranties. It is understood that if the representations and warranties made by a Party under this Article 10
are not true and accurate, and the other Party incurs damages, liabilities, costs or other expenses as a result, the Party making such representations and warranties shall indemnify and hold the other Party harmless from and against any such
damages, liabilities, costs or other expenses incurred as a result. 
  
 ARTICLE 11 
 MISCELLANEOUS 
  
 11.1 Force Majeure. Neither Party shall be held liable or responsible to the other Party nor be deemed to have defaulted under or breached this
Agreement for failure or delay in fulfilling or performing any term of this Agreement to the extent, and for so long as, such failure or delay is caused by or results from causes beyond the reasonable control of the affected Party including but not
limited to fire, floods, embargoes, power shortage or failure, war, acts of war (whether war be declared or not), insurrections, riots, civil commotions, strikes, lockouts or other labor disturbances, acts of God or acts, omissions or delays in
acting by any governmental authority or the other Party. 
  

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 11.2 Assignment. This Agreement may not be assigned or otherwise transferred, nor, except as
expressly provided hereunder, may any right or obligations hereunder be assigned or transferred by either Party without the consent of the other Party; provided, however, that either KR or MN may, without such consent, assign this Agreement and its
rights and obligations hereunder in connection with the transfer or sale of all or substantially all of its business, or in the event of its merger or consolidation or change in control or similar transaction. Any permitted assignee shall assume all
obligations of its assignor under this Agreement. 
  
 11.3
Severability. Each Party hereby acknowledges that it does not intend to violate any public policy, statutory or common laws, rules, regulations, treaty or decision of any government agency or executive body thereof of any country or community
or association of countries. Should one or more provisions of this Agreement be or become invalid, the Parties shall substitute, by mutual consent, valid provisions for such invalid provisions which valid provisions in their economic effect are
sufficiently similar to the invalid provisions that it can be reasonably assumed that the Parties would have entered into this Agreement with such provisions. In case such provisions cannot be agreed upon, the invalidity of one or several provisions
of the Agreement shall not affect the validity of this Agreement as a whole, unless the invalid provisions are of such essential importance to this Agreement that it is to be reasonably assumed that the Parties would not have entered into this
Agreement without such invalid provisions. 
  
 11.4
Notices. Any consent, notice or report required or permitted to be given or made under this Agreement by one of the Parties to the other shall be in writing, delivered personally or by facsimile or email (and promptly confirmed by personal
delivery, U.S. first class mail or courier), U.S. first class mail or courier, postage prepaid (where applicable), addressed to such other Party at its address indicated in the first paragraph of this Agreement, or to such other address as the
addressee shall have last furnished in writing to the addressor and (except as otherwise provided in this Agreement) shall be effective upon receipt by the addressee. 
  
 11.5 Applicable Law. This Agreement shall be governed by and construed in accordance with the laws of the State of
Delaware without regard to the conflicts of law principles thereof. 
  
 11.6 Dispute Resolution. (a) The Parties agree to attempt initially to solve all claims, disputes, or controversies arising under, out of, or in connection with this Agreement (a “Dispute”) by conducting good faith
negotiations. Any Disputes which cannot be resolved by good faith negotiation within twenty (20) Business Days, shall be referred, by written notice from either Party to the other, to the Chief Executive Officer of each Party. Such Chief Executive
Officers shall negotiate in good faith to achieve a resolution of the Dispute referred to them within twenty (20) Business Days after such notice is received by the Party to whom the notice was sent. If the Chief Executive Officers are unable to
settle the Dispute between themselves within twenty (20) Business Days, they shall so report to the Parties in writing. The Dispute shall then be referred to mediation as set forth in the following subsection (b). 
  

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 (b) Upon the Parties receiving the Chief Executive Officers’ report that the Dispute referred to
them pursuant to subsection (a) has not been resolved, the Dispute shall be referred to mediation by written notice from either Party to the other. The mediation shall be conducted pursuant to the LCIA Mediation Procedure. The place of the mediation
shall be London, England and the language of the mediation shall be English. If the Parties have not reached a settlement within twenty (20) Business Days of the date of the notice of mediation, the Dispute shall be referred to arbitration pursuant
to subsection (c) below. 
  
 (c) If after the procedures set forth
in subsections (a) and (b) above, the Dispute has not been resolved, a Party shall decide to institute arbitration proceedings, it shall give written notice to that effect to the other Party. The Parties shall refrain from instituting the
arbitration proceedings for a period of sixty (60) days following such notice. During such period, the Parties shall continue to make good faith efforts to amicably resolve the dispute without arbitration. If the Parties have not reached a
settlement during that period the arbitration proceedings shall go forward and be governed by the LCIA Arbitration Rules then in force. Each such arbitration shall be conducted by a panel of three arbitrators: one arbitrator shall be appointed by
each of MN and KR and the third arbitrator, who shall be the Chairman of the tribunal, shall be appointed by the two-Party appointed arbitrators. Any such arbitration shall be held in New York, New York, USA and the language of the arbitration shall
be English. 
  
 The tribunal shall issue its award within
forty-five (45) days after the date on which the arbitration proceedings have closed. The arbitrators shall have the authority to grant specific performance. Judgment upon the award so rendered may be entered in any court having jurisdiction or
application may be made to such court for judicial acceptance of any award and an order of enforcement, as the case may be. In no event shall a demand for arbitration be made after the date when institution of a legal or equitable proceeding based
on such claim, dispute or other matter in question would be barred by the applicable statute of limitations. Each Party shall bear its own costs and expenses incurred in connection with any arbitration proceeding and the Parties shall equally share
the cost of the mediation and arbitration levied by the LCIA. 
  
 Any mediation or arbitration proceeding entered into pursuant to this Section 11.6 shall be conducted in the English language. 
  
 11.7 Right to Develop Independently. Nothing in this Agreement shall be deemed to prevent MN from developing and commercializing products which are
similar to or competitive with a Compound or Product so long as MN is using commercially reasonable efforts to develop and commercialize Product as specified in sub-section 2.1.1. 
  
 11.8 Compliance with Laws. Either Party shall furnish to the other Party any information requested or required by
that Party during the term of this Agreement or any extensions hereof to enable that Party to comply with the requirements of any U.S., Japan or foreign federal, state and/or governmental agency. 
  
 11.9 LIMITATION OF LIABILITY. NEITHER PARTY SHALL BE LIABLE TO THE
OTHER FOR ANY SPECIAL, CONSEQUENTIAL, INCIDENTAL OR INDIRECT 

  

	**	CERTAIN INFORMATION (INDICATED BY ASTERISKS) HAS BEEN OMITTED FROM THIS DOCUMENT PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST. AN UNREDACTED VERSION OF THIS DOCUMENT HAS BEEN FILED
WITH THE SECURITIES AND EXCHANGE COMMISSION. 

 21 

 
DAMAGES ARISING OUT OF THIS AGREEMENT, HOWEVER CAUSED, UNDER ANY THEORY OF LIABILITY. 
  
 11.10 Further Assurances. At any time or from time to time on and after the date of this Agreement, each Party shall
at the request of the other (i) deliver to the other such records, data or other documents consistent with the provisions of this Agreement, (ii) execute, and deliver or cause to be delivered, all such consents, documents or further instruments of
transfer or license, and (iii) take or cause to be taken all such actions, as the other Party may reasonably deem necessary or desirable in order for the other Party to obtain the full benefits of this Agreement and the transactions contemplated
herein. 
  
 11.11 Entire Agreement. This Agreement contains
the entire understanding of the Parties with respect to the subject matter hereof. All express or implied agreements and understandings, either oral or written, heretofore made are expressly superseded by this Agreement. This Agreement may be
amended, or any term hereof modified, only by a written instrument duly executed by both Parties. 
  
 11.12 Headings. The captions to the several Articles and Sections hereof are not a part of this Agreement, but are merely guides or labels to
assist in locating and reading the several Articles and Sections hereof. 
  
 11.13 Independent Contractors. It is expressly agreed that KR and MN shall be independent contractors and that the relationship between the two Parties shall not constitute a partnership, joint venture or
agency. Neither KR nor MN shall have the authority to make any statements, representations or commitments of any kind, or to take any action, which shall be binding on the other Party, without the prior written consent of the other Party to do so.

  
 11.14 Waiver. The waiver by either Party of any right
hereunder or the failure to perform or of a breach by the other Party shall not be deemed a waiver of any other right hereunder or of any other breach or failure by said other Party whether of a similar nature or otherwise. 
  
 11.15 Counterparts. This Agreement 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. 
  
 ARTICLE 12 
 INDEMNIFICATION 
  
 12.1 Indemnification by MN. MN shall indemnify, defend and hold KR and
KR Licensees and their respective officers, directors, shareholders, agents and employees (“KR Indemnified Party”) harmless against any and all claims, liability, damage, loss, cost or expense (including reasonable attorney’s fees)
(collectively, “Losses”) incurred by KR arising or resulting from any third party claim made or suit brought against KR or any KR Indemnified Party to the extent any such Losses arise out of (i) any breach by MN of any of its 

  

	**	CERTAIN INFORMATION (INDICATED BY ASTERISKS) HAS BEEN OMITTED FROM THIS DOCUMENT PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST. AN UNREDACTED VERSION OF THIS DOCUMENT HAS BEEN FILED
WITH THE SECURITIES AND EXCHANGE COMMISSION. 

 22 

 
representations or warranties in this Agreement; (ii) MN’s negligence or willful misconduct; or (iii) the development, manufacture, use, importation,
promotion, marketing, commercialization, distribution and sale of the Compound or Product by MN, provided, however, that MN shall not be required to indemnify KR or any KR Indemnified Party to the extent it is determined that the Losses resulted
from the negligence or willful misconduct of KR or any such KR Indemnified Party or if KR would be required to indemnify MN under Section 12.2 below. MN shall also have its sublicensees indemnify, defend and hold KR and KR Indemnified Party harmless
against Losses in a substantially similar way. 
  
 12.2
Indemnification by KR. KR shall indemnify, defend and hold MN, and its sublicensees, and their respective officers, directors, shareholders, agents and employees (“MN Indemnified Party”) harmless against any and all Losses incurred
by MN arising or resulting from any third party claim made or suit brought against MN, its sublicensees or any MN Indemnified Party to the extent any such Losses arise out of (i) any breach by KR of any of its representations or warranties in this
Agreement, (ii) KR’s negligence or willful misconduct; or (iii) the development, manufacture, use, importation, promotion, marketing, commercialization, distribution and sale of the Compound or Product by KR; provided, however, that KR shall
not be required to indemnify any MN Indemnified Party to the extent it is determined that the Losses resulted from the negligence or willful misconduct of MN or any such MN Indemnified Party or if MN would be required to indemnify KR under Section
12.1 above. 
  
 [Remainder of page intentionally left blank.]

  

	**	CERTAIN INFORMATION (INDICATED BY ASTERISKS) HAS BEEN OMITTED FROM THIS DOCUMENT PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST. AN UNREDACTED VERSION OF THIS DOCUMENT HAS BEEN FILED
WITH THE SECURITIES AND EXCHANGE COMMISSION. 

 23 

 IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first set forth above.

  

			
	 MediciNova, Inc.

		
	 By
	 	 /s/ Takashi Kiyoizumi

	
	 Name: Takashi Kiyoizumi, M.D., Ph.D.

	
	 Title: President and CEO

	
	 Kyorin Pharmaceutical Co., Ltd.

		
	 By
	 	 /s/ Ikuo Ogihara

	
	 Name: Ikuo Ogihara

	
	 Title: President

  

	**	CERTAIN INFORMATION (INDICATED BY ASTERISKS) HAS BEEN OMITTED FROM THIS DOCUMENT PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST. AN UNREDACTED VERSION OF THIS DOCUMENT HAS BEEN FILED
WITH THE SECURITIES AND EXCHANGE COMMISSION. 

 24 

  
 EXHIBIT 1.21 
  
 KR Patent Assets 
  
 [**] 
  

							
	 Countries

	 	 Application No./
 Date Filed (Priority Date)

	 	 Patent No./
 Issue Date

	 	 Patent Expiration
 Date

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

  

	**	CERTAIN INFORMATION (INDICATED BY ASTERISKS) HAS BEEN OMITTED FROM THIS DOCUMENT PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST. AN UNREDACTED VERSION OF THIS DOCUMENT HAS BEEN FILED
WITH THE SECURITIES AND EXCHANGE COMMISSION. 

 25 

 [**] 
  

							
	 Countries

	 	 Application No./
 Date Filed (Priority Date)

	 	 Patent No./
 Issue Date

	 	 Patent Expiration
 Date

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

  

	**	CERTAIN INFORMATION (INDICATED BY ASTERISKS) HAS BEEN OMITTED FROM THIS DOCUMENT PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST. AN UNREDACTED VERSION OF THIS DOCUMENT HAS BEEN FILED
WITH THE SECURITIES AND EXCHANGE COMMISSION. 

 26 

  
 EXHIBIT 4.1 
  
 ROYALTY RATES 
  
 For Products sold in the U.S. 
  

			
	 Annual Net Sales

	 	 Royalty Rate

	 Annual Net Sales for the first USD [**]
	 	[**]
	For annual Net Sales more than USD [**] but less than USD [**]	 	[**]
	 For annual Net Sales more than USD [**]
	 	[**]

  
 Example: If annual Net Sales is USD
[**] for sale of Products in the U.S., the royalty shall be calculated as USD [**] x [**] plus USD [**] x [**] = USD [**]. 
  
 For Products sold in non-U.S. countries within the MN Territory where a Valid Patent Claim and/or Market Exclusivity exists and Product is
not subject to Generic Competition: 
  

			
	 Annual Net Sales

	 	 Royalty Rate

	 Annual Net Sales for the first USD [**]
	 	[**]
	For annual Net Sales more than USD [**] but less than USD [**]	 	[**]
	 For annual Net Sales more than USD [**]
	 	[**]

  
 For Products sold in non-U.S.
countries within the MN Territory where neither a Valid Patent Claim nor Market Exclusivity exists and Product is not subject to Generic Competition, a royalty rate equal to three percent [**] of Net Sales in such country. 
  

	**	CERTAIN INFORMATION (INDICATED BY ASTERISKS) HAS BEEN OMITTED FROM THIS DOCUMENT PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST. AN UNREDACTED VERSION OF THIS DOCUMENT HAS BEEN FILED
WITH THE SECURITIES AND EXCHANGE COMMISSION. 

 27License Agreement

 Exhibit 10.5 
  

	**	CERTAIN INFORMATION (INDICATED BY ASTERISKS) HAS BEEN OMITTED FROM THIS DOCUMENT PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST. AN UNREDACTED VERSION OF THIS DOCUMENT HAS BEEN
FILED WITH THE SECURITIES AND EXCHANGE COMMISSION. 

  
 THIS LICENSE AGREEMENT effective as of June 19, 2002 (“Effective Date”), by and between Angiogene Pharmaceuticals, Ltd., a company organized and existing under the laws of Scotland having its registered office at 37 Queen
Street, Edinburgh, Scotland, and a principal office at Magdalen Centre, The Oxford Science Park, Oxford OX4 4GA United Kingdom (“ANGIOGENE”) and MediciNova, Inc., a corporation organized and existing under the laws of the State of
Delaware, United States, and having its principal office at 4540 Towne Centre Court, San Diego, CA 92121 United States (“MEDICINOVA”). 
  
 W I T N E S S E T H: 
  
 WHEREAS, ANGIOGENE is the owner of the ANGIOGENE Intellectual Property as defined herein; 
  
 WHEREAS, MEDICINOVA desires to obtain exclusive license rights, with rights to grant sublicenses, under the ANGIOGENE
Intellectual Property and ANGIOGENE desires to grant such licenses to MEDICINOVA, upon the terms and conditions set forth herein; and 
  
 NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants herein contained, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows: 
  
 ARTICLE I 
 DEFINITIONS 
  
 Unless specifically set forth to the contrary herein, the following terms, where used in the singular or plural, shall have
the respective meanings set forth below: 
  
 1.1. “Affiliate”
shall mean (i) any corporation or business entity of which more than fifty percent (50%) of the securities or other ownership interests representing the equity, the voting stock or general partnership interest are owned, controlled or held, directly
or indirectly, by a Party; (ii) any corporation or business entity which, directly or indirectly, owns, controls or holds more than fifty percent (50%) (or the maximum ownership interest permitted by law) of the securities or other ownership
interests representing the equity, voting stock or general partnership interest of a Party or (iii) any corporation or business entity of which a Party has the right to acquire, directly or indirectly, at least fifty percent (50%) of the securities
or other ownership interests representing the equity, voting stock or general partnership interest thereof. 
  

	**	CERTAIN INFORMATION (INDICATED BY ASTERISKS) HAS BEEN OMITTED FROM THIS DOCUMENT PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST. AN UNREDACTED VERSION OF THIS DOCUMENT HAS BEEN FILED
WITH THE SECURITIES AND EXCHANGE COMMISSION. 

 1 

 1.2. “ANGIOGENE Know-How” shall mean all information and materials, including but not limited to,
discoveries, information, Improvements, processes, formulae, data, inventions, know-how and trade secrets, patentable or otherwise and all biological, chemical, pharmaceutical, toxicological, preclinical, clinical, assay control, technical and
nontechnical data and information, including the results of test, assays, methods, and processes, and manufacturing, regulatory, and any other information used or useful for the development, manufacturing and/or regulatory approval of Compound or
Product, (including, without limitation, the formulation, delivery or use thereof including synthesis, preparation, recovery and purification processes and techniques), which 
  

	 	(a)	relate to Compound or Product; and 

  

	 	(b)	are owned by ANGIOGENE or are in ANGIOGENE’s possession or control and as to which ANGIOGENE has the right to license or sublicense to Third Parties. 

 
 but for the avoidance of doubt such information and materials shall
exclude the ANGIOGENE NOS Know-How and the ANGIOGENE Split Dose Know-How. 
  
 1.3.
“ANGIOGENE Intellectual Property” shall mean the Patent Assets, the NOS Patent Assets, the Split Dose Patent Assets, ANGIOGENE Know-How, ANGIOGENE NOS Know-How and ANGIOGENE Split Dose Know-How. 
  
 1.4. “ANGIOGENE NOS Know-How” shall mean all information and materials,
including but not limited to, discoveries, information, Improvements, processes, formulas, data, inventions, know-how and trade secrets, patentable or otherwise and all biological, chemical, pharmaceutical, toxicological, preclinical, clinical,
assay control, technical and nontechnical data and information, including the results of test, assays, methods, and processes, and manufacturing, regulatory, and any other information used or useful for the development, manufacturing and/or
regulatory approval of an NOS Inhibitor, (including, without limitation, the formulation, delivery or use thereof including synthesis, preparation, recovery and purification processes and techniques) or the NOS Inhibitor Technology as it relates to
a combination with Compound or Product. 
  
 1.5. “ANGIOGENE Split Dose
Know-How” shall mean all information and materials, including but not limited to, discoveries, information, Improvements, processes, formulas, data, inventions, know-how and trade secrets, patentable or otherwise and all biological,
chemical, pharmaceutical, toxicological, preclinical, clinical, assay control, technical and nontechnical data and information, including the results of test, assays, methods, and processes, and manufacturing, regulatory, and any other information
used or useful for the development, manufacturing and/or regulatory approval of Split Dose Technology (including, without limitation, the formulation, delivery or use thereof including synthesis, preparation, recovery and purification processes and
techniques), as it relates to Compound or Product. 
  

	**	CERTAIN INFORMATION (INDICATED BY ASTERISKS) HAS BEEN OMITTED FROM THIS DOCUMENT PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST. AN UNREDACTED VERSION OF THIS DOCUMENT HAS BEEN FILED
WITH THE SECURITIES AND EXCHANGE COMMISSION. 

 2 

 1.6. “Business Day(s)” means any day that is not a Saturday or a Sunday or a day on which the New York
Stock Exchange is closed. 
  
 1.7. “Calendar Quarter” shall mean
the respective periods of three (3) consecutive calendar months ending on March 31, June 30, September 30 and December 31. 
  
 1.8. “Calendar Year” shall mean each successive period of twelve (12) months commencing on January 1 and ending on December 31. 
  
 1.9. “Centralized Procedure” shall mean the European Community Centralized
Procedure for marketing authorization in accordance with Council Regulation EEC (2309-93) or any successor regulations. 
  
 1.10. “CFR” shall mean the United States Code of Federal Regulations. 
  
 1.11. “Compound” shall mean the chemical compounds known as benzimidazole carbamate class vascular targeting agents,
including those designated ANG 600 Series, whose more specific chemical names are [**], and any derivative, homolog, analog or conjugate of any of the foregoing, and any isomer, salt, hydrate, solvate, metabolite, or prodrug or the like of
any of the foregoing. 
  
 1.12. “Development Candidate” shall
mean the compound selected by MEDICINOVA for clinical development as a Product as set forth in the IND. 
  
 1.13. “End of Phase 2 Meeting” shall mean the first end of Phase 2 meeting with the FDA, as defined in 21 CFR Section 312.47, intended to determine the safety of proceeding to Phase 3, evaluate the
Phase 3 plan and protocols and identify any additional information necessary to support an NDA for Product. 
  
 1.14. “Effective Date” shall mean the date first above written. 
  
 1.15. “Europe” shall mean the United Kingdom, France, Germany and Italy. 
  
 1.16. “FDA” shall mean the United States Food and Drug Administration and any successor agency having substantially the
same functions. 
  
 1.17. “First Commercial Sale” shall mean the
first sale of Product in any country in the Territory by MEDICINOVA, its Affiliate or its sublicensee(s), for end use or consumption, after all required approvals have been granted by the governing health authority of such country. 
  
 1.18. “GAAP” means generally accepted accounting principles in the United
States. 
  
 1.19. “Improvement” shall mean any and all
improvements and enhancements, patentable or otherwise, related to the Compound or Product. the NOS Inhibitor Technology or the Split Dose Technology including, without limitation, any change or modification in the manufacture, 

  

	**	CERTAIN INFORMATION (INDICATED BY ASTERISKS) HAS BEEN OMITTED FROM THIS DOCUMENT PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST. AN UNREDACTED VERSION OF THIS DOCUMENT HAS BEEN FILED
WITH THE SECURITIES AND EXCHANGE COMMISSION. 

 3 

 
formulation, ingredients, preparation, presentation, means of delivery or administration, dosage, indication, use or packaging of Compound, Product and/or an
NOS Inhibitor. 
  
 1.20. “IND” shall mean an investigational new
drug application and any amendments thereto relating to the use of Product in the United States or the equivalent application in any other regulatory jurisdiction in the Territory, the filing of which is necessary to commence clinical testing of
pharmaceutical products in humans. 
  
 1.21. “NDA” shall mean a
new drug application filed with the FDA for marketing authorization of a Product in the United States or, if the context so indicates, a corresponding submission under the Centralized Procedure or with the Japanese Ministry of Health and Welfare,
and any amendments and supplements thereto. 
  
 1.22. “Net Sales”
shall mean the actual gross amount invoiced for the commercial sale of Product in the Territory commencing upon the date of First Commercial Sale, after deducting, in accordance with GAAP, the following: 
  

	 	(i)	trade, cash and quantity discounts; 

  

	 	(ii)	recalls, credits and allowances on account of returned or rejected Product, including allowance for breakage or spoilage; 

  

	 	(iii)	rebates and chargebacks; 

  

	 	(iv)	retroactive price reductions; 

  

	 	(v)	sales or excise taxes, VAT or other taxes, and transportation and insurance charges and additional special transportation, custom duties, and other governmental charges;

  

	 	(vi)	rebates or similar payments paid in connection with sales of Product to any governmental or regulatory authority in respect of any state or federal Medicare, Medicaid or similar
programs in any country of the Territory; and 

  

	 	(vii)	write-offs for bad debts or allowances. 

  
 Sales or other transfers between MEDICINOVA and its Affiliates shall be excluded from the computation of Net Sales and no payments will be payable on such
sales or transfers except where such Affiliates are end users, but Net Sales shall include the subsequent sales to Third Parties by such Affiliates. 
  
 1.23. “NOS Inhibitor” shall mean a chemical composition that inhibits the formation or action of nitric oxide, including those disclosed in the NOS
Patent Assets. 
  

	**	CERTAIN INFORMATION (INDICATED BY ASTERISKS) HAS BEEN OMITTED FROM THIS DOCUMENT PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST. AN UNREDACTED VERSION OF THIS DOCUMENT HAS BEEN FILED
WITH THE SECURITIES AND EXCHANGE COMMISSION. 

 4 

 1.24. “NOS Inhibitor Technology” shall mean technology relating to the combination of vascular targeting
agents (including Compound) and an NOS Inhibitor, including the inventions disclosed in the NOS Patent Assets. 
  
 1.25. “NOS Patent Assets” shall mean United States and foreign patents and patent applications (which shall be deemed to include certificates of invention and applications for certificates of
invention) which as of the Effective Date or at any time during the term of this Agreement: 
  

	 	(a)	are owned by ANGIOGENE (including ANGIOGENE’S interest in jointly owned patents and patent applications) or which ANGIOGENE through license or otherwise has or acquires rights,
and 

  

	 	(b)	relate to the combination with Compound or Product of an NOS Inhibitor or the NOS Inhibitor Technology including but not limited to methods of their manufacture, methods of their
use, or otherwise relate to ANGIOGENE NOS Know-How, including all certificates of invention, divisions, continuations, continuations-in-part, reissues, supplementary protection certificates or the like of any such patents and current and future
patent applications, including but not limited to the patents and patent applications listed on Schedule 1.25 hereto, and any counterparts thereof which have been or may be filed in other countries. 

  
 1.26. “Party” shall mean ANGIOGENE or MEDICINOVA. 
  
 1.27. “Patent Assets” shall mean United States and foreign patents and
patent applications (which shall be deemed to include certificates of invention and applications for certificates of invention), excluding the NOS Patent Assets and the Split Dose Assets, which as of the Effective Date or at any time during the term
of this Agreement 
  

	 	(a)	are owned by ANGIOGENE (including ANGIOGENE’S interest in jointly owned patents and patent applications) or which ANGIOGENE through license or otherwise has or acquires rights,
and 

  

	 	(b)	relate to Compound, Product or any Improvement, including but not limited to methods of their manufacture, methods of their use, or otherwise relate to ANGIOGENE Know-How,

  
 including all certificates of invention, divisions,
continuations, continuations-in-part, reissues, supplementary protection certificates or the like of any such patents and current and future patent applications, including but not limited to the patents and patent applications listed on Schedule
1.27 hereto, and any counterparts thereof which have been or may be filed in other countries. 
  
 1.28. “Phase 1 Clinical Trial” shall mean the clinical trial in which Product is initially introduced into humans. 
  

	**	CERTAIN INFORMATION (INDICATED BY ASTERISKS) HAS BEEN OMITTED FROM THIS DOCUMENT PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST. AN UNREDACTED VERSION OF THIS DOCUMENT HAS BEEN FILED
WITH THE SECURITIES AND EXCHANGE COMMISSION. 

 5 

 1.29. “Phase 2 Clinical Trial” shall mean a clinical trial of Product that is designed to show safety
and efficacy of Product for its intended use. 
  
 1.30. “Phase 3 Clinical
Trial” means a clinical trial conducted after an End of Phase 2 Meeting on a sufficient number of patients that is designed to establish that Product is safe and efficacious for its intended use, and to define warnings, precautions and
adverse reactions that are associated with the Product in the dosage range to be prescribed, and supporting marketing authorization or label expansion of Product. 
  
 1.31. “Product” shall mean any product in final form for commercial sale by prescription, over-the-counter, or by any other
method (or, where the context so indicates, the product being tested in clinical trials), which contains Compound as at least one of the therapeutically active ingredients, in all final dosage forms and package configurations for any indication, or
any line extension thereof. 
  
 1.32. “Proprietary Information”
shall mean any and all scientific, clinical, regulatory, marketing, financial and commercial information or data, whether communicated in writing, orally or by any other means, which is owned and under the protection of one Party and is being
provided by that Party to the other Party in connection with this Agreement. 
  
 1.33. “Regulatory Approval” means all approvals (including pricing and reimbursement approvals required for marketing authorization), product and/or establishment licenses, registrations or authorizations of all regional,
federal, state or local regulatory agency, department, bureau or other governmental entity, necessary for the manufacture, use, storage, import, export, transport and sale of Product in a regulatory jurisdiction. 
  
 1.34. “Rest of the World” shall mean all countries in the Territory other
than the United States and the countries subject to the jurisdiction of the Centralized Procedure. 
  
 1.35. “Royalty Year” shall mean for the year in which the First Commercial Sale occurs, the period commencing with the first day of the Calendar Quarter in which the First Commercial Sale occurs (the
“Commencement Date”) and expiring on the last day of the Calendar Quarter that ends twelve (12) months after the Commencement Date and (ii) for each subsequent year, each successive twelve (12) month period. 
  
 1.36. “SEC” shall mean the United States Securities and Exchange Commission,
or any successor agency. 
  

	**	CERTAIN INFORMATION (INDICATED BY ASTERISKS) HAS BEEN OMITTED FROM THIS DOCUMENT PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST. AN UNREDACTED VERSION OF THIS DOCUMENT HAS BEEN FILED
WITH THE SECURITIES AND EXCHANGE COMMISSION. 

 6 

 1.37. “Split Dose Patent Assets” shall mean United States and foreign patents and patent applications
(which shall be deemed to include certificates of invention and applications for certificates of invention) which as of the Effective Date or at any time during the term of this Agreement: 
  

	 	(a)	are owned by ANGIOGENE (including ANGIOGENE’S interest in jointly owned patents and patent applications) or which ANGIOGENE through license or otherwise has or acquires rights,
and 

  

	 	(b)	relate to the use of Compound or Product in divided doses including but not limited to methods of their manufacture, methods of their use, or otherwise relate to ANGIOGENE Split
Dose Know-How, 

  
 including all certificates of invention,
divisions, continuations, continuations-in-part, reissues, supplementary protection certificates or the like of any such patents and current and future patent applications, including but not limited to the patent applications listed on Schedule
1.37 hereto, and any counterparts thereof which have been or may be filed in other countries. 
  
 1.38. “Split-Dose Technology” shall mean a method of administering any vascular damaging agent in a divided dose, including the inventions disclosed in the Split-Dose Patent Assets. 
  
 1.39. “Sublicense Consideration” shall mean (i) the amounts actually
received by MEDICINOVA from sublicensees of rights granted by ANGIOGENE to MEDICINOVA under Section 2.1 of this Agreement either (a) as royalties on net sales of Product by such sublicensee, or as payments based on the achievement of milestones
relating to Product or (b) as specific consideration for the grant of such sublicense (whether such payments are made on grant of the sublicense or at any other time during the term of such sublicense) and, (ii) subsequent to the closing of an
underwritten initial public offering of MEDICINOVA’S securities pursuant to a registration statement under the United States Securities Act of 1933, as amended, amounts actually received by MEDICINOVA from sublicensees of rights granted by
ANGIOGENE to MEDICINOVA under Section 2.1 of this Agreement, in connection with such sublicense, for the sale of MEDICINOVA’S equity securities to such sublicensee, that are in excess of the market price of such securities; and shall
specifically exclude any amounts received by MEDICINOVA from sublicensees to fund or reimburse MEDICINOVA’S research and development costs in connection with Compound or Product. 
  
 1.40. “Synthesized Compound” shall mean a compound that has been synthesized by ANGIOGENE prior to the Effective Date, is
set forth with an ANGIOGENE compound number and chemical name on Schedule 1.40 hereto, and for which the physical characterization and screening results from the vascular volume assay for each such compound were provided to MEDICINOVA in
writing prior to the Effective Date. 
  
 1.41. “Territory” shall
mean all of the countries in the world. 
  
 1.42. “Third
Party(ies)” shall mean a person or entity who or which is neither a Party nor an Affiliate of a Party. 
  
 1.43. “Valid Claim” means a claim of an issued and unexpired patent included within the Patent Assets, which has not been revoked or held unenforceable
or invalid by a decision of a court or other governmental agency of competent jurisdiction, and which has not been 

  

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disclaimed, denied or admitted to be invalid or unenforceable through reissue or disclaimer or otherwise. 
  
 ARTICLE II 
 LICENSE; SUBLICENSES 
  
 2.1.
Exclusive Royalty-Bearing License Grant. In consideration of and subject to the terms and conditions of this Agreement, ANGIOGENE hereby grants to MEDICINOVA an exclusive (even as to ANGIOGENE), royalty bearing license under the Patent Assets
and the ANGIOGENE Know-How to develop, make, have made, use, import, offer for sale, market, commercialize, distribute and sell and otherwise dispose of Compound and Product in the Territory. The exclusive license granted under this Section 2.1
includes the right to grant sublicenses. 
  
 2.2. Exclusive Non-Royalty Bearing
License Grant. In consideration of and subject to the terms and conditions of this Agreement, ANGIOGENE hereby grants to MEDICINOVA an exclusive, royalty-free license to use and exploit(i) the NOS Patent Assets and the ANGIOGENE NOS Know-How to
develop, make, have made, use, import, offer for sale, market, commercialize, distribute and sell and otherwise dispose of the NOS Inhibitor Technology and any NOS Inhibitor and (ii) the Split Dose Patent Assets and the ANGIOGENE Split Dose Know-How
to develop, make, have made, use, import, offer for sale, market, commercialize, distribute and sell and otherwise dispose of Compound or Product using the Split Dose Technology, each solely in connection with the use of Compound and/or Product in
the Territory. 
  
 2.2.1. ANGIOGENE shall not grant to any Third
Party any rights under the NOS Patent Assets or ANGIOGENE NOS Know-How or the Split Dose Patent Assets or the ANGIOGENE Split Dose Know-How that are inconsistent or in conflict with the rights granted by ANGIOGENE under this Section 2.2. 

 
 2.2.2. For the avoidance of doubt, ANGIOGENE shall be entitled to use and
exploit the NOS Patent Assets, the ANGIOGENE NOS Know-How, the Split Dose Patent Assets or the ANGIOGENE Split Dose Know-How either itself and/or by the grant of nonexclusive licenses to any Third Party provided such use or exploitation (i) is not
inconsistent with the grant of rights to MEDICINOVA under this Section 2.2; (ii) would not prevent MEDICINOVA from exploiting, or does not cover or relate to use of, the NOS Patent Assets and/or the ANGIOGENE NOS Know-How in combination with
Compound or Product; and (iii) would not prevent MEDICINOVA from exploiting, or does not cover or relate to use of, the Split Dose Patent Assets and/or the ANGIOGENE Split Dose Know-How with respect to Compound or Product. 
  
 2.2.3. The exclusive license granted under this Section 2.2 includes the
right to grant sublicenses. Except as specifically set forth in Section 2.1 and this Section 2.2, MEDICINOVA is not granted any other license by implication or otherwise. 
  

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 2.3. Improvements. Title to any Improvement developed, discovered and/or reduced to practice solely by MEDICINOVA
in connection with the licenses granted under Section 2.1 and 2.2 above shall be vested solely in MEDICINOVA. Title to any Improvement developed, discovered and/ or reduced to practice solely by ANGIOGENE shall be vested solely in ANGIOGENE, subject
to the licenses granted under Section 2.1 and 2.2 above. 
  
 2.4.
Sublicenses. MEDICINOVA shall have the right to grant sublicenses of any and all rights licensed to MEDICINOVA by ANGIOGENE under this Agreement to Affiliates or any Third Party in the Territory. In the event of such a sublicense by
MEDICINOVA to a Third Party of any rights licensed to MEDICINOVA by ANGIOGENE under Section 2.1 of this Agreement, the provisions of Section 5.3.2 of this Agreement shall be applicable. MEDICINOVA shall inform ANGIOGENE of the grant of any such
sublicenses and shall promptly provide copies thereof to ANGIOGENE. 
  
 ARTICLE III 
 RESEARCH, DEVELOPMENT AND COMMERCIALIZATION 
  
 3.1. Exchange of Information. Within thirty (30) days after execution of this Agreement, ANGIOGENE shall disclose to MEDICINOVA in
English and in writing all ANGIOGENE Intellectual Property not previously available or made available to MEDICINOVA. Throughout the term of this Agreement, and in addition to the other communications required under this Agreement, ANGIOGENE shall
also promptly disclose to MEDICINOVA in English and in writing on an ongoing basis all ANGIOGENE Intellectual Property, and any and all additions or revisions thereto. 
  
 3.2. Research Committee. The Parties hereby establish a joint Research Committee (the “Research Committee”) to facilitate
the identification of preclinical activities, guide the selection and characterization of one or more candidates for clinical development, and review the research program relating to Product as follows: 
  

	 	(a)	 Composition of the Research Committee. The Research Committee shall be comprised of three (3) named representatives of MEDICINOVA and two (2) named
representatives of ANGIOGENE. The initial representatives for each Party hereto shall be set forth on Schedule 3.2. Each Party shall appoint its respective representatives to the Research Committee from time to time, and may substitute one or
more of its representatives, in its sole discretion, effective upon notice to the other Party of such change. Additional representatives or consultants may from time to time, by mutual consent of the Parties, be invited to attend Research Committee
meetings, subject to compliance with Section 4.1. The Research Committee shall use its best efforts in good faith to resolve by consensus any issue relevant to research of Product pursuant to this Agreement. At meetings of the Research Committee,
the Parties shall discuss the progress and results of the research program and ANGIOGENE may provide input to MEDICINOVA on the research program. However, subject to the terms and conditions of this Agreement, MEDICINOVA shall retain full control
and ultimately shall have the 

  

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right to make all decisions related to the research program and the designation of the Development Candidate relating to Product.

  

	 	(b)	Meetings. The Research Committee shall meet at least once each Calendar Quarter, starting in the Calendar Quarter in which this Agreement is executed, with the location for
such meetings to be mutually acceptable and determined by the Research Committee. Alternatively, the Research Committee may meet by means of conference call or other similar communications equipment. The Research Committee shall terminate and be
dissolved immediately after the selection of the Development Candidate. 

  
 3.3. Diligence; Development and Commercialization. MEDICINOVA shall use commercially reasonable efforts to develop and commercialize Product, including the preparation and filing of regulatory submissions. As used herein,
“commercially reasonable efforts” shall mean efforts and resources normally used by MEDICINOVA for a product owned by it or to which it has exclusive rights, which is of similar market potential at a similar stage in its development or
product life, taking into account issues of safety and efficacy, product profile, the competitiveness of the marketplace, the proprietary position of the compound or product, the regulatory and reimbursement structure involved, the profitability of
the applicable products, and other relevant factors. The obligations set forth in this Section 3.3 are expressly conditioned upon the absence of any serious adverse conditions relating to the safety or efficacy of Compound or Product including the
absence of any action by any regulatory authority limiting the development or commercialization of Compound or Product. 
  
 3.4. Regulatory Matters. 
  

	 	(a)	MEDICINOVA shall own, control and retain primary legal responsibility for the preparation, filing and prosecution of all filings and regulatory applications required to obtain
authorization to commercially develop, sell and use Product in the Territory, whether used itself or in combination with an NOS Inhibitor and whether or not the Split Dose Technology is used in connection with such Product. MEDICINOVA shall promptly
notify ANGIOGENE upon the receipt of Regulatory Approvals and of the date of First Commercial Sale. 

  

	 	(b)	ANGIOGENE shall transfer to MEDICINOVA as soon as practicable after the Effective Date any IND or other regulatory filings relating to Compound or Product owned or controlled by
ANGIOGENE, and ANGIOGENE shall allow MEDICINOVA to cross reference any other IND, Drug Master File or other regulatory filing owned or controlled by ANGIOGENE relating to Compound or Product or to the NOS Inhibitor Technology, any NOS Inhibitor or
the Split Dose Technology, if used by MEDICINOVA with Compound or Product. Upon MEDICINOVA’s request, ANGIOGENE shall consult and cooperate with MEDICINOVA in connection with obtaining regulatory approval of Product. 

 

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 3.5. Trademark. MEDICINOVA shall select, own and maintain trademarks for Product in the Territory whether used
itself or in combination with an NOS Inhibitor. 
  
 3.6. Adverse Events.
ANGIOGENE shall promptly furnish to MEDICINOVA all information of which ANGIOGENE becomes aware concerning safety or utility of Compound or Product alone or in combination with the NOS Inhibitor Technology or the Split Dose Technology, such as
adverse or unexpected side effects, injury or other events associated with uses, studies, investigations or tests of Compound or Product alone or in combination with any NOS Inhibitor whether or not such Party is required to report such information
to any regulatory authority and whether or not such event is determined to be attributable to Compound, Product, such NOS Inhibitor or such Split Dose Technology. MEDICINOVA shall promptly furnish to ANGIOGENE all information of which MEDICINOVA
becomes aware concerning safety or utility of Compound and Product in combination with the NOS Inhibitor Technology or when used with the Split Dose Technology, such as adverse or unexpected side effects, injury or other events associated with uses,
studies, investigations or tests of Compound and Product in combination with the NOS Inhibitor or when used with the Split Dose Technology, whether or not such Party is required to report such information to any regulatory authority and whether or
not such event is determined to be attributable to Compound, Product, such NOS Inhibitor or Split Dose Technology. 
  
 ARTICLE IV 
 CONFIDENTIALITY AND PUBLICITY 
  
 4.1. Non-Disclosure and Non-Use Obligations. All Proprietary Information disclosed by
one Party to the other Party hereunder shall be maintained in confidence and shall not be disclosed to any Third Party or used for any purpose except as expressly permitted herein without the prior written consent of the Party that disclosed the
Proprietary Information to the other Party during the term of this Agreement and for a period of ten years thereafter. The foregoing non-disclosure and non-use obligations shall not apply to the extent that such Proprietary Information: 

 

	 	(a)	is lawfully known by the receiving Party at the time of its receipt, and not through a prior disclosure by the disclosing Party, as documented by business records;

  

	 	(b)	is or becomes properly in the public domain or knowledge otherwise than as a result of breach of this Agreement by the receiving Party; 

  

	 	(c)	is subsequently disclosed to a receiving Party by a Third Party who may lawfully do so and is not under an obligation of confidentiality to the disclosing Party; or

  

	 	(d)	is developed by the receiving Party independently of Proprietary Information received from the other Party, as documented by research and development records.

  

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 4.2. Permitted Disclosure of Proprietary Information. Notwithstanding Section 4.1, a Party receiving Proprietary
Information of another Party may disclose such Proprietary Information: 
  

	 	(a)	to governmental or other regulatory agencies in order to obtain patents pursuant to this Agreement, or to gain approval to conduct clinical trials or to market Product, but such
disclosure may be only to the extent reasonably necessary to obtain such patents or authorizations; 

  

	 	(b)	by each of MEDICINOVA or ANGIOGENE to its respective agents, consultants, Affiliates, MEDICINOVA’s sublicensees and/or other Third Parties (“Disclosees”) for the
research and development, manufacturing and/or marketing of the Compound and/or Product (or for such parties to determine their interests in performing such activities) on the condition that such Disclosees agree to be bound by the confidentiality
obligations consistent with this Agreement.; or 

  

	 	(c)	if and to the extent required to be disclosed by law or court order, provided that notice is promptly delivered to the non-disclosing Party in order to provide an opportunity to
challenge or limit the disclosure obligations; provided, however, without limiting any of the foregoing, it is understood that MEDICINOVA or its Affiliates may make disclosure of this Agreement and the terms hereof in any filings required by SEC,
may file this Agreement as an exhibit to any filing with the SEC and may distribute any such filing in the ordinary course of its business. 

  
 Upon execution of this Agreement, either Party may issue a press release in the form to be attached as Schedule 4.2. 
  
 4.3 Publication. In the event ANGIOGENE or any Affiliate of or consultant or
contractor to ANGIOGENE wishes to make a publication relating to Compound or Product alone or in combination with the NOS Inhibitor Technology or the Split Dose Technology, it shall deliver to MEDICINOVA a copy of the proposed publication or an
outline of the oral disclosure at least thirty (30) Business Days prior to submission or presentation, such that any issue of patent protection can be resolved in accordance with the terms of this Agreement. 
  
 4.4 Handling of Proprietary Information. Each Party agrees in relation to the other
Party’s Proprietary Information to take all relevant precautions to a standard at least as high as that Party itself treats its own Proprietary Information but in any event to not less than a reasonable standard. 
  

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 ARTICLE V 
 PAYMENTS; ROYALTIES AND REPORTS 
  
 5.1.
License Fee. In consideration of the rights granted by ANGIOGENE hereunder, MEDICINOVA shall pay ANGIOGENE [**], payable within ten (10) days after the Effective Date. 
  
 5.2. Milestone Payments. Subject to the terms and conditions contained in this Agreement, and in further consideration of the rights
granted by ANGIOGENE hereunder, MEDICINOVA shall pay ANGIOGENE the following milestone payments, contingent upon occurrence of the specified event, with each milestone payment to be made no more than once with respect to the achievement of such
milestone, but payable the first time such milestone is achieved: 
  

	 	(a)	[**] upon issuance in the United States of a U. S. patent based on International Application Number PCT/GB00/00099, Entitled “Benzimidazole Vascular Damaging
Agents,” with composition claims similar in scope to and directed to the subject matter recited in at least claims 3 and 4 of said International Application, as set forth in Schedule 1.27; 

  

	 	(b)	[**] upon grant (after any opposition period or proceeding) in Europe of a European patent based on International Application Number PCT/GB00/00099, Entitled
“Benzimidazole Vascular Damaging Agents,” with composition claims similar in scope to and directed to the subject matter recited in at least claims 3 and 4 of said International Application, or with Swiss-type claims similar in scope to
and directed to the subject matter recited in at least claims 1 and 2 of said International Application, as set forth in Schedule 1.27; 

  

	 	(c)	(i) [**] upon MEDICINOVA’S selection of a Development Candidate, if such compound is a Synthesized Compound or (ii) US $ [**] upon MEDICINOVA’S selection of
a Development Candidate, if such compound is not a Synthesized Compound; 

  

	 	(d)	[**] upon the commencement (first dosing of the first patient) of the first Phase 1 Clinical Trial; 

  

	 	(e)	[**] upon the commencement (first dosing of the first patient) of the first Phase 2 Clinical Trial; 

  

	 	(f)	[**] upon the commencement (first dosing of the first patient) of the first Phase 3 Clinical Trial; 

  

	 	(g)	[**] upon the FDA’s first acceptance for filing of an NDA; 

  

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	 	(h)	US [**] upon the first acceptance for filing of an NDA under the Centralized Procedure or in Europe; 

  

	 	(i)	US [**] upon receipt of written Regulatory Approval by the FDA; 

  

	 	(j)	US [**] upon receipt of written Regulatory Approval in Europe; and 

  

	 	(k)	US [**] upon receipt of written Regulatory Approval by the Ministry of Health, Labour and Welfare (or any successor agency having substantially the same functions) in Japan.

  
 MEDICINOVA shall notify ANGIOGENE in writing
within thirty (30) days after the achievement of each milestone, and such notice shall be accompanied by payment of the appropriate milestone payment, Milestone payments made under Section 5.2 (i), (j) and (k) shall be creditable against payments
required under Section 5.3.1 or 5.3.2 of this Agreement in the applicable countries in the Territory. The payments described in this Section 5.2 shall be payable only upon the initial achievement of each milestone, and no amounts shall be due
hereunder for any subsequent or repeated achievement of such milestones, regardless of the number of Products for which such milestone may be achieved. 
  

5.3. Royalties and Other Payments. 
  
 5.3.1. Royalties Payable By MEDICINOVA. 
  

	 	(i)	Subject to the terms and conditions of this Agreement, and in further consideration of the rights granted by ANGIOGENE hereunder, MEDICINOVA shall pay to ANGIOGENE royalties in the
applicable percentage specified in Schedule 5.3.1 attached hereto for Net Sales in each Royalty Year of Products by MEDICINOVA and its Affiliates in the Territory if the manufacture, use or sale of such Product would, absent the license granted
hereunder, infringe one or more Valid Claims of the Patent Assets in the applicable country. 

  

	 	(ii)	Royalties on Net Sales at the rates set forth in Schedule 5.3.1 shall accrue as of the date of First Commercial Sale of Product in the applicable country and shall continue and
accrue on Net Sales on a country-by-country basis until the earlier of (i) the expiration of the last to expire Patent Asset including a Valid Claim in such country or (ii) fifteen (15) years from First Commercial Sale. Thereafter, MEDICINOVA shall
be relieved of any royalty payment under this Section 5.3. 

  

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	 	(iii)	The payment of royalties set forth above shall be subject to the following conditions: 

  

	 	(A)	only one payment shall be due with respect to the same unit of Product and no multiple royalties shall be payable because any Product, or its manufacture, sale or use is covered by
more than one Valid Claim; 

  

	 	(B)	no royalties shall accrue on the disposition of Product by MEDICINOVA, Affiliates or sublicensees as samples (promotion or otherwise) or as donations (for example, to non-profit
institutions or government agencies) or for clinical trials; and 

  

	 	(C)	ANGIOGENE shall be responsible for payment of any royalties or other obligations owed by ANGIOGENE to any Third Party. 

  
 5.3.2. Payments in the Event of Sublicense. 
  

	 	(i)	In the event MEDICINOVA enters into a sublicense with a Third Party or Third Parties under Section 2.4 of this Agreement of any rights licensed to MEDICINOVA by ANGIOGENE under
Section 2.1 of this Agreement, then in lieu of MEDICINOVA paying ANGIOGENE the milestone payments set forth in Section 5.2 above and the royalty payments set forth in Section 5.3.1 above, MEDICINOVA shall pay ANGIOGENE the following applicable
percentages of Sublicense Consideration received by MEDICINOVA from such sublicensee(s): 

  
 (a) [**] of Sublicense Consideration, if a sublicense is entered into after completion [**]; 
  
 (b) [**] of Sublicense Consideration, if a sublicense is entered into
after completion [**]; 
  
 (c) [**] of Sublicense
Consideration, if a sublicense is entered into during or after [**]; or 
  
 (d) [**] of Sublicense Consideration, if a sublicense is entered into before commencement [**]. 
  

	 	(ii)	Payments shall be required under Section 5.3.2(i) for so long as MEDICINOVA is receiving Sublicense Consideration. 

  
 5.3.3. Compulsory Licenses. If a compulsory license is granted to a
Third Party with respect to Product in any country in the Territory with a royalty rate lower than the royalty rate provided by Section 5.3.1, then the royalty rate to be paid by MEDICINOVA 

  

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on Net Sales in that country under Section 5.3.1 shall be reduced to the rate paid by the compulsory Third Party licensee. 
  
 5.3.4. Third Party Licenses. If MEDICINOVA would be prevented from
developing, making, having made, using, selling or importing Product included in the Patent Assets in any country of the Territory on the grounds that by doing so MEDICINOVA or any Sublicensee would infringe patent rights held by a Third Party in
said country, those patent rights relating to Compound, and if MEDICINOVA wishes to obtain a license from such Third Party, any royalties or other payments paid under such Third Party patent licenses by MEDICINOVA in such country for such Calendar
Quarter shall be creditable against the royalty or other payments payable to ANGIOGENE by MEDICINOVA in such country. 
  
 5.3.5. Combination Product. Notwithstanding the provisions of Section 5.3.1, in the event a Product is sold as a combination product or kit with
other biologically active components other than an NOS Inhibitor, Net Sales, for purposes of calculating royalty payments on the combination product, shall be calculated by multiplying the Net Sales of that combination product or kit by the fraction
A/B, where A is the gross selling price of the Product sold separately and B is the gross selling price of the combination product or kit. If no such separate sales are made by MEDICINOVA or its Affiliates, Net Sales for royalty determination shall
be calculated by multiplying Net Sales of the combination product or kit by the fraction C/(C+D), where C (excluding the fully allocated cost of the other biologically active component in question) is the fully allocated cost of the Compound and D
is the fully allocated cost of such other biologically active components. 
  
 5.4.
Reports; Payment of Royalty. During the term of the Agreement for so long as royalty payments are due, MEDICINOVA shall furnish to ANGIOGENE a quarterly written report for the Calendar Quarter showing the sales of all Products subject to
royalty payments sold by MEDICINOVA, its Affiliates and its sublicensees during the reporting period and the royalties payable under this Agreement. Reports shall be due on the ninetieth (90th) day following the close of each Calendar Quarter. Royalties shown to have accrued by each royalty report, if any, shall be due and payable on the date such
royalty report is due. MEDICINOVA shall keep complete and accurate records in sufficient detail to enable the royalties hereunder to be determined. 
  
 5.5. Audits. Upon the written request of ANGIOGENE and not more than once in each Calendar Year, MEDICINOVA shall permit an independent certified public accounting
firm selected by ANGIOGENE and acceptable to MEDICINOVA (acting reasonably and not to unreasonably delay such acceptance) to have access during normal business hours, upon ten-days notice to MEDICINOVA, to such of the records of MEDICINOVA as may be
reasonably necessary to verify the accuracy of the royalty reports hereunder for any Royalty Year ending not more than twenty-four (24) months prior to the date of such request. The accounting firm shall disclose to ANGIOGENE only whether the
royalty reports are correct or incorrect and the specific details concerning any discrepancies. 
  

	**	CERTAIN INFORMATION (INDICATED BY ASTERISKS) HAS BEEN OMITTED FROM THIS DOCUMENT PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST. AN UNREDACTED VERSION OF THIS DOCUMENT HAS BEEN FILED
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 5.5.1. If such accounting firm concludes that additional royalties were owed during such Royalty Year,
MEDICINOVA shall pay the additional royalties within sixty (60) days of the date ANGIOGENE delivers to MEDICINOVA such accounting firm’s written report so concluding; provided however, that, in the event that MEDICINOVA shall not be in
agreement with the conclusion of such report (a) MEDICINOVA shall not be required to pay such additional royalties and (b) such matter shall be resolved pursuant to the provisions of Section 9.5 herein. In the event such accounting firm concludes
that amounts were overpaid by MEDICINOVA during such period, MEDICINOVA shall have a credit against future royalties payable to ANGIOGENE in the amount of such overpayment. The fees charged by such accounting firm shall be paid by ANGIOGENE;
provided, however, that if an error in favor of ANGIOGENE of more than the greater of (i) $100,000 or (ii) ten percent (10%) of the royalties due hereunder for the period being reviewed is discovered, then the fees and expenses of the
accounting firm shall be paid by MEDICINOVA. 
  
 5.5.2. Upon the
expiration of twenty-four (24) months following the end of any Royalty Year the calculation of royalties payable with respect to such Royalty Year shall be binding and conclusive upon ANGIOGENE, and MEDICINOVA shall be released from any liability or
accountability with respect to royalties for such year. 
  
 5.5.3. ANGIOGENE and MEDICINOVA shall treat all financial information subject to review under this Section 5.5 or under any sublicense agreement in accordance with the confidentiality provisions of this Agreement. 
  
 5.6. Payment Exchange Rate. All payments to ANGIOGENE under this Agreement shall be
made in United States dollars. In the case of sales outside the United States, the rate of exchange to be used in computing the amount of currency equivalent in United States dollars due ANGIOGENE shall be calculated monthly in accordance with GAAP
and based on the conversion rates published in the Wall Street Journal, Eastern edition. 
  
 5.7. Tax Withholding. If laws, rules or regulations require withholding of income taxes or other taxes imposed upon payments set forth in this Article V, ANGIOGENE shall provide MEDICINOVA, prior to any such
payment, annually or more frequently if required, with all forms or documentation required by any applicable taxation laws, treaties or agreements to such withholding or as necessary to claim a benefit thereunder (including, but not limited to Form
W-8BEN or any successor forms) and MEDICINOVA shall make such withholding payments as required and subtract such withholding payments from the payments set forth in this Article V. MEDICINOVA will use commercially reasonable efforts consistent with
its usual business practices and cooperate with ANGIOGENE to ensure that any withholding taxes imposed are reduced as far as possible under the provisions of the current or any future taxation treaties or agreements between foreign countries.

  
 5.8. Exchange Controls. Notwithstanding any other provision of this
Agreement, if at any time legal restrictions prevent the prompt remittance of part or all of the royalties with respect to 

  

	**	CERTAIN INFORMATION (INDICATED BY ASTERISKS) HAS BEEN OMITTED FROM THIS DOCUMENT PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST. AN UNREDACTED VERSION OF THIS DOCUMENT HAS BEEN FILED
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Net Sales in any country, payment shall be made through such lawful means or methods as MEDICINOVA may determine. When in any country the law or regulations
prohibit both the transmittal and deposit of royalties on sales in such a country, royalty payments shall be suspended for as long as such prohibition is in effect (and such suspended payments shall not accrue interest), and promptly after such
prohibition ceases to be in effect, all royalties that MEDICINOVA or its Affiliates or sublicensees would have been obligated to transmit or deposit, but for the prohibition, shall be deposited or transmitted, as the case may be, to the extent
allowable (with any interest earned on such suspended royalties which were placed in an interest-bearing bank account in that country, less any transactional costs). If the royalty rate specified in this Agreement should exceed the permissible rate
established in any country, the royalty rate for sales in such country shall be adjusted to the highest legally permissible or government-approved rate. 
  
 ARTICLE VI 
 REPRESENTATIONS AND
WARRANTIES 
  
 6.1. ANGIOGENE Representations and Warranties. ANGIOGENE
represents and warrants to MEDICINOVA that as of the Effective Date: 
  

	 	(a)	With respect to the preparation and prosecution of Patent Assets, NOS Patent Assets and Split Dose Patent Assets, (i) ANGIOGENE and its agents have used all reasonable and
predictable efforts to comply with applicable U. S., non-U.S., and Patent Cooperation Treaty laws, articles and rules, including in each of its pending applications, where applicable, naming the proper inventors, satisfying its duty of candor,
disclosing the best mode and otherwise complying with all the requirements of 35 U.S.C.112 and (ii) ANGIOGENE has no reason to believe that U.S. and non-U.S. claims would not be granted, which would include claims similar in scope to and
directed to the subject matter recited in the claims of the International Applications, as set forth in Schedules 1.25, 1.27 and 1.37; 

  

	 	(b)	this Agreement has been duly executed and delivered by ANGIOGENE and constitutes legal, valid, and binding obligations enforceable against ANGIOGENE in accordance with its terms;

  

	 	(c)	no approval, authorization, consent, or other order or action of or filing with any court, administrative agency or other governmental authority is required for the execution and
delivery by ANGIOGENE of this Agreement or the consummation by ANGIOGENE of the transactions contemplated hereby; 

  

	 	(d)	 ANGIOGENE has the full corporate power and authority to enter into and deliver this Agreement, to perform and to grant the licenses granted under Article II hereof
and to consummate the transactions contemplated hereby; all corporate acts and other proceedings required to be taken to authorize 

  

	**	CERTAIN INFORMATION (INDICATED BY ASTERISKS) HAS BEEN OMITTED FROM THIS DOCUMENT PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST. AN UNREDACTED VERSION OF THIS DOCUMENT HAS BEEN FILED
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 18 

	 	 
such execution, delivery, and consummation have been duly and properly taken and obtained; 

  

	 	(e)	ANGIOGENE has not previously assigned, transferred, conveyed or otherwise encumbered its right, title and interest in the ANGIOGENE Intellectual Property nor has ANGIOGENE entered
into any agreement with any Third Party that could prevent MEDICINOVA from exploiting, or that grants rights or is otherwise in conflict with, the rights granted to MEDICINOVA pursuant to this Agreement; 

  

	 	(f)	it is the sole and exclusive owner under the ANGIOGENE Intellectual Property, all of which are owned free and clear of any liens, charges and encumbrances, and no other person,
corporate or other private entity, or governmental or university entity or subdivision thereof has any claim of ownership with respect to the ANGIOGENE Intellectual Property, whatsoever; 

  

	 	(g)	the development, manufacture, importation, use and sale of Compound and Products do not to the best of ANGIOGENE’S knowledge, infringe any patent rights owned or possessed by
any Third Party; 

  

	 	(h)	Schedules 1.27,1.25 and 1.37 are complete and accurate lists of all patent applications in the Territory relating to Compound or Product, the NOS Inhibitor Technology and the Split
Dose Technology, respectively, owned by ANGIOGENE or to which ANGIOGENE has the right to license; 

  

	 	(i)	there are no claims, judgments or settlements against or owed by ANGIOGENE or pending or, to the best of its knowledge, threatened claims or litigation relating to the ANGIOGENE
Intellectual Property; 

  

	 	(j)	no contract research organization, corporation, business entity or individual which have been involved in any studies conducted for the purpose of obtaining regulatory approvals
have been debarred individuals or entities within the meaning of 21 U.S.C. section 335(a) or (b); and 

  

	 	(k)	to the best of ANGIOGENE’s knowledge and belief in connection with development of Compound and Product, ANGIOGENE has complied in all material respects with applicable U.S. and
UK laws and regulations. 

  
 6.2. MEDICINOVA Representations and
Warranties. MEDICINOVA represents and warrants to ANGIOGENE that as of the Effective Date: 
  

	 	(a)	this Agreement has been duly executed and delivered by it and constitutes legal, valid, and binding obligations enforceable against it in accordance with its terms;

  

	**	CERTAIN INFORMATION (INDICATED BY ASTERISKS) HAS BEEN OMITTED FROM THIS DOCUMENT PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST. AN UNREDACTED VERSION OF THIS DOCUMENT HAS BEEN FILED
WITH THE SECURITIES AND EXCHANGE COMMISSION. 

 19 

	 	(b)	it has full corporate power and authority to execute and deliver this Agreement and to consummate the transactions contemplated hereby. All corporate acts and other proceedings
required to be taken to authorize such execution, delivery, and consummation have been duly and properly taken and obtained; and 

  

	 	(c)	no approval, authorization, consent, or other order or action of or filing with any court, administrative agency or other governmental authority is required for the execution and
delivery by it of this Agreement or the consummation by it of the transactions contemplated hereby. 

  
 ARTICLE VII 
 PATENT MATTERS 
  
 7.1. Filing, Prosecution and Maintenance of Patent Applications or Patents included in
Patent Assets. From and after the Effective Date, MEDICINOVA shall have the right and responsibility to file, prosecute and maintain the Patent Assets in ANGIOGENE’s name and, upon MEDICINOVA’s request, ANGIOGENE shall reasonably
cooperate in the filing, prosecution and/or maintenance of such patents. MEDICINOVA shall be responsible for the payment of all patent prosecution and maintenance costs incurred after the Effective Date, provided that all of such costs paid by
MEDICINOVA shall be creditable against any amounts otherwise payable by MEDICINOVA to ANGIOGENE under Section 5.3.1 or 5.3.2 of this Agreement. If MEDICINOVA elects not to prosecute or maintain a patent included in the Patent Assets in any country,
it shall provide ANGIOGENE with written advance notice sufficient to avoid any loss or forfeiture, and ANGIOGENE shall have the right, at its sole expense, to prosecute or maintain such patent in such country. Upon ANGIOGENE’s request,
MEDICINOVA shall reasonably cooperate in the prosecution or maintenance of such patent. 
  
 7.2. Filing, Prosecution and Maintenance of Patent Applications or Patents included in NOS Patent Assets or Split Dose Patent Assets. ANGIOGENE shall have the right and responsibility to file, prosecute and maintain the NOS Patent
Assets and the Split Dose Patent Assets in ANGIOGENE’s name and shall be responsible for the payment of all related patent prosecution and maintenance costs. ANGIOGENE warrants and represents that it has disclosed to MEDICINOVA the complete
texts of all NOS Patent Assets and Split Dose Patent Assets filed by or on behalf of ANGIOGENE as well as all information received by ANGIOGENE concerning the institution or possible institution of any interference, opposition, re-examination,
reissue, revocation, nullification, or any official proceeding involving an NOS Patent Asset or Split Dose Patent Asset owned by ANGIOGENE, and that it will continue such disclosure with respect to new events during the term of the AGREEMENT.
MEDICINOVA shall have the right to review all such future applications and make recommendations to ANGIOGENE concerning them and their conduct. ANGIOGENE agrees to keep MEDICINOVA promptly and fully informed of the course of patent prosecution or
other proceedings including providing MEDICINOVA with copies of observations submitted by ANGIOGENE (or any ANGIOGENE licensee if such licensee is required to submit such copies to ANGIOGENE) to or received by ANGIOGENE (or any ANGIOGENE licensee if
such licensee is required to submit such copies to ANGIOGENE) from the United States Patent and 
  

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 20 

 
Trademark Office concerning NOS Patent Assets or Split Dose Patent Assets owned by ANGIOGENE. If ANGIOGENE elects or any designee of ANGIOGENE informs
ANGIOGENE that is has elected, not to prosecute or maintain a patent included in the NOS Patent Assets or Split Dose Patent Assets which are owned by ANGIOGENE in any country, ANGIOGENE shall promptly inform MEDICINOVA in writing, and MEDICINOVA
shall have the right but not the obligation, at its sole expense, to prosecute or maintain such patent. Upon MEDICINOVA’S request, ANGIOGENE shall reasonably cooperate in the prosecution or maintenance of such patent and, in consideration of
MEDICINOVA’S assumption of the prosecution or maintenance of any of the NOS Patent Assets or Split Dose Patent Assets in any country, ANGIOGENE shall assign to MEDICINOVA all of ANGIOGENE’s right, title and interest in, to and under such
NOS Patent Asset or Split Dose Patent Assets, as applicable, in such country, including the right to bring a lawsuit for past infringement. 
  
 7.3. Patent Office Proceedings. Each Party shall inform the other Party of any request for, filing, or declaration of any proceeding before a patent office seeking
to protest, oppose, cancel, reexamine, declare an interference proceeding, initiate a conflicts proceeding, or analogous process involving a patent application or patent included in the Patent Assets. Each Party thereafter shall cooperate fully with
the other with respect to any such patent office proceeding. Each Party will provide the other with any information or assistance that is reasonable. 
  
 7.4. Enforcement and Defense. 
  

	 	(a)	Each Party shall promptly (and in any event within 20 Business Days) give the other Party notice of any infringement in the Territory of any patent application or patent included in
the Patent Assets that comes to such Party’s attention. The Parties will thereafter consult and cooperate fully to determine a course of action, including, without limitation, the commencement of legal action by any Party. However, MEDICINOVA
shall have the first right to initiate and prosecute such legal action at its own expense and in the name of ANGIOGENE and MEDICINOVA, or to control the defense of any declaratory judgment action relating to the Patent Assets. MEDICINOVA shall have
a period of 40 Business Days from becoming aware of any such infringement to inform ANGIOGENE if MEDICINOVA elects not to exercise such first right. ANGIOGENE shall, if MEDICINOVA either elects not to exercise such first right or fails to make such
election with such period of 40 Business Days, have the right either to initiate and prosecute such action or to control the defense of such declaratory judgment action in the name of ANGIOGENE and, if necessary, MEDICINOVA. In no event shall
ANGIOGENE be obligated to enforce or defend any of the Patent Assets. 

  

	 	(b)	 If MEDICINOVA elects not to initiate and prosecute an infringement or defend a declaratory judgment action in any country in the Territory as provided in Subsection
7.4(a), and ANGIOGENE elects to do so, the cost of any agreed-upon course of action, including the costs of any legal 

  

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 21 

	 	 
action commenced or any declaratory judgment action defended, shall be borne solely by ANGIOGENE. 

  

	 	(c)	For any such legal action or defense, in the event that any Party is unable to initiate, prosecute, or defend such action solely in its own name, the other Party will join such
action voluntarily and will execute all documents necessary for the Party to prosecute, defend and maintain such action. In connection with any such action, the Parties will cooperate fully and will provide each other with any information or
assistance that either reasonably may request. 

  

	 	(d)	Any recovery obtained by MEDICINOVA or ANGIOGENE shall be shared as follows: 

  

	 	(i)	the Party that initiated and prosecuted, or maintained the defense of, the action shall recoup all of its costs and expenses (including reasonable attorneys’ fees) incurred in
connection with the action, whether the recovery is by settlement or otherwise; 

  

	 	(ii)	the other Party then shall, to the extent possible, recover its costs and expenses (including reasonable attorneys’ fees) incurred in connection with the action;

  

	 	(iii)	if ANGIOGENE initiated and prosecuted, or maintained the defense of, the action, the amount of any recovery remaining then shall be retained by ANGIOGENE; and

  

	 	(iv)	if MEDICINOVA initiated and prosecuted, or maintained the defense of, the action, the amount of any recovery remaining shall be retained by MEDICINOVA, except that ANGIOGENE shall
receive a portion equivalent to the royalties or other payments it would have received under this Agreement if such amount were deemed Net Sales. 

  

	 	(e)	 ANGIOGENE shall inform MEDICINOVA of any certification regarding any Patent Assets it has received pursuant to either 21 U.S.C. §§ 355(b)(2)(A)(iv) or
(j)(2)(A)(vii)(IV) or under Canada’s Patented Medicines (Notice of Compliance) Regulations Article 5 and shall provide MEDICINOVA with a copy of such certification within five (5) days of receipt. ANGIOGENE’s and MEDICINOVA’s rights
with respect to the initiation and prosecution, or defense, of any legal action as a result of such certification or any recovery obtained as a result of such legal action shall be allocated as defined in Subsections 7.3(d) (i) through (iv);
provided, however, that MEDICINOVA shall exercise the first right to initiate and prosecute, or defend, any action and shall inform 

  

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ANGIOGENE of such decision within fifteen (15) days of receipt of the certification, after which time, if MEDICINOVA has not advised ANGIOGENE of its
intention to initiate and prosecute, or defend, such action, ANGIOGENE shall have the right to initiate and prosecute, or defend, such action. 

  

7.5. Patent Term Extensions and Supplemental Protection Certificates. The Parties shall cooperate in obtaining patent term extensions or supplemental protection
certificates or their equivalents in any country in the Territory where applicable and where desired by MEDICINOVA. If elections with respect to obtaining such extension or supplemental protection certificates are to be made, MEDICINOVA shall have
the right to make the election and ANGIOGENE shall abide by such election. All costs incurred relating to the activities under this Section 7.5 shall be borne by MEDICINOVA provided that all of such costs paid by MEDICINOVA shall be creditable
against any amounts otherwise payable by MEDICINOVA to ANGIOGENE under Section 5.3.1 or 5.3.2 of this Agreement. 
  
 ARTICLE VIII 
 TERM AND TERMINATION 
  
 8.1. Term and Expiration. This Agreement shall be effective as of the Effective Date
and unless terminated earlier pursuant to Section 8.2 and 8.3 below, the term of this Agreement shall continue in effect until expiration of all royalty obligations hereunder. 
  
 8.2. Termination by Notice. Notwithstanding anything contained herein to the contrary, MEDICINOVA shall have the right to terminate
this Agreement at any time by giving thirty (30) days advance written notice to ANGIOGENE. Except as set forth in this Agreement, in the event of such termination, (i) the rights and obligations hereunder, excluding any payment obligation that has
accrued as of the termination date and excluding rights and obligations relating to confidentiality, shall terminate immediately, and (ii) the provisions of Section 8.4 shall be applicable. 
  
 8.3. Termination. 
  
 8.3.1. Termination for Cause. Either Party may terminate this Agreement by notice to the other Party at any time
during the term of this Agreement as follows: 
  

	 	(a)	if the other Party is in breach of any material obligation hereunder by causes and reasons within its control, or has breached, in any material respect, any representations or
warranties set forth in Article VI, and has not cured such breach within ninety (90) days after notice requesting cure of the breach, provided, however, that if the breach is not capable of being cured within ninety (90) days of such written notice,
the Agreement may not be terminated so long as the breaching Party commences and is taking commercially reasonable actions to cure such breach as promptly as practicable; or 

  

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 23 

	 	(b)	upon the filing or institution of bankruptcy, reorganization, liquidation or receivership proceedings, or upon an assignment of a substantial portion of the assets for the benefit
of creditors by the other Party; provided, however, in the case of any involuntary bankruptcy, reorganization, liquidation, receivership or assignment proceeding such right to terminate shall only become effective if the Party consents to the
involuntary proceeding or such proceeding is not dismissed within ninety (90) days after the filing thereof. 

  
 8.3.2. Licensee Rights Not Affected. 
  

	 	(a)	In the event MEDICINOVA terminates this Agreement under Section 8.3.1(b), or this Agreement is otherwise terminated under Section 8.3.1(b), or ANGIOGENE is a debtor in a bankruptcy
proceeding, whether voluntary or involuntary, all rights and licenses granted pursuant to this Agreement are, and shall otherwise be deemed to be, for purposes of Section 365(n) of 11 U.S.C. §101 et seq. (the “Bankruptcy Code”),
licenses of rights to “intellectual property” as defined under Section 101(35A) of the Bankruptcy Code. The Parties agree that MEDICINOVA and ANGIOGENE shall retain and may fully exercise all of their respective rights, remedies and
elections under the Bankruptcy Code. The Parties further agree that, in the event of the commencement of a bankruptcy proceeding by or against ANGIOGENE under the Bankruptcy Code, MEDICINOVA shall be entitled to all applicable rights under Section
365 of the Bankruptcy Code, including but not limited to, entitled to a complete duplicate of (or complete access to, as appropriate) any such intellectual property and all embodiments of such intellectual property upon written request therefor by
MEDICINOVA. 

  

	 	(b)	In the event MEDICINOVA is a debtor in a bankruptcy proceeding, whether voluntary or involuntary, all rights and licenses granted pursuant to this Agreement are, and shall otherwise
be deemed to be, for purposes of Section 365 of the Bankruptcy Code, executory contracts. The Parties agree that applicable law does not excuse ANGIOGENE from accepting performance by, or rendering performance under this Agreement and all rights and
licenses granted hereunder to, a person or entity other than MEDICINOVA. 

  
 8.4. Effect of Expiration or Termination. Except as set forth in this Agreement, in the event of termination of this Agreement, the rights and obligations hereunder, excluding any payment obligation that has accrued as of the
termination date and excluding rights and obligations relating to confidentiality, shall terminate immediately, except that MEDICINOVA and its Affiliates and sublicensees shall have the right to sell or otherwise dispose of the stock of any Product
subject to this Agreement then on hand or in process of manufacture. Expiration or termination of this Agreement shall not relieve the Parties of any obligation accruing prior to 

  

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 24 

 
such expiration or termination. In addition to any other provisions of this Agreement which by their terms continue after the expiration of this Agreement,
the provisions of Article IV shall survive the expiration or termination of this Agreement and shall continue in effect for seven (7) years from the date of expiration or termination. In addition, any other provision required to interpret and
enforce the Parties’ rights and obligations under this Agreement shall also survive, but only to the extent required for the full observation and performance of this Agreement. Any expiration or early termination of this Agreement shall be
without prejudice to the rights of any Party against the other accrued or accruing under this Agreement prior to termination. Except as expressly set forth herein, the rights to terminate as set forth herein shall be in addition to all other rights
and remedies available under this Agreement, at law, or in equity, or otherwise. 
  
 8.5. Consequences of Termination. Upon termination of this Agreement pursuant to Section 8.2 or upon termination by ANGIOGENE pursuant to Section 8.3.1(a) MEDICINOVA shall, if requested to do so in writing by ANGIOGENE, license to
ANGIOGENE or its designee all INDs, NDAs or then existing Regulatory Approvals obtained and controlled by MEDICINOVA or its Affiliates to make, have made use and sell Product, on commercially reasonable terms to be negotiated in good faith between
the Parties. In the event of termination of this Agreement by MEDICINOVA pursuant to Section 8.2 or by ANGIOGENE pursuant to Section 8.3.1 (a) prior to the initiation of a Phase 2 clinical trial on Product, the foregoing license from MEDICINOVA to
ANGIOGENE shall be royalty-free. 
  
 ARTICLE IX 

MISCELLANEOUS 
  
 9.1. Force Majeure. Neither Party shall be held liable or responsible to the other Party nor be deemed to have defaulted under or breached the Agreement for failure or delay in fulfilling or performing any term
of the Agreement during the period of time when such failure or delay is caused by or results from causes beyond the reasonable control of the affected Party including, but not limited to, fire, flood, embargo, war, acts of war (whether war be
declared or not), insurrection, riot, civil commotion, strike, lockout or other labor disturbance, act of God or act, omission or delay in acting by any governmental authority or the other Party. The affected Party shall notify the other Party of
such force majeure circumstances as soon as reasonably practicable. 
  
 9.2.
Assignment. The Agreement may not be assigned or otherwise transferred without the prior written consent of the other Party; provided, however, that MEDICINOVA may assign this Agreement to an Affiliate or in connection with the transfer or
sale of its business or all or substantially all of its assets related to Compound or Product or in the event of a merger, consolidation, change in control or similar corporate transaction.[cannot agree to consent in this situation]. Any permitted
assignee shall assume all obligations of its assignor under this Agreement. 
  
 9.3. Severability. In the event that any of the provisions contained in this Agreement are held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein
shall not in any way be affected or impaired thereby, 

  

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unless the absence of the invalidated provision(s) adversely affect the substantive rights of the Parties. In such event, the Parties shall replace the
invalid, illegal or unenforceable provision(s) with valid, legal and enforceable provision(s) which, insofar as practical, implement the purposes of this Agreement. 
  
 9.4. Notices. All notices or other communications which are required or permitted hereunder shall be in writing and sufficient if
delivered personally, sent by facsimile (and promptly confirmed by personal delivery, registered or certified mail or overnight courier), sent by nationally-recognized overnight courier or sent by registered or certified mail, postage prepaid,
return receipt requested, addressed as follows: 
  
 if to
MEDICINOVA to: 
  
 MEDICINOVA, INC. 
 4540 Towne Centre Court 
 San Diego, CA 92121

 United States 
 Attention:
Takashi Kiyoizumi, M.D., Ph.D. 
 Tel: 858.373.1500 
 Fax: 858.373.7000 
  
 if to
ANGIOGENE to: 
  
 ANGIOGENE PHARMACEUTICALS LTD. 
 Magdalen Centre 
 The Oxford Science Park

 Oxford OX4 4GA 
 United Kingdom

 Attention: Chief Executive Officer 
 Tel: 011. 44 1865 784660 
 Fax: 011.44 1865 784661 
  
 or to such other address as the Party to whom notice is to be given may have furnished to the other Parties in writing in accordance
herewith. Any such communication shall be deemed to have been given when delivered if personally delivered or sent by facsimile on a Business Day, upon confirmed delivery by nationally-recognized overnight courier if so delivered and on the third
Business Day following the date of mailing if sent by registered or certified mail. 
  

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 9.5. Applicable Law. The Agreement shall be governed by and construed in accordance with the laws of the United
States of America and State of New York without reference to any rules of conflict of laws. 
  
 9.6. Dispute Resolution. 
  

	 	(a)	The Parties agree to attempt initially to solve all claims, disputes, or controversies arising under, out of, or in connection with this Agreement (a “Dispute”) by
conducting good faith negotiations. Any Disputes which cannot be resolved by good faith negotiation within twenty (20) Business Days, shall be referred, by written notice from either Party to the other, to the Chief Executive Officer of each Party.
Such Chief Executive Officers shall negotiate in good faith to achieve a resolution of the Dispute referred to them within twenty (20) Business Days after such notice is received by the Party to whom the notice was sent. If the Chief Executive
Officers are unable to settle the Dispute between themselves within twenty (20) Business Days, they shall so report to the Parties in writing. The Dispute shall then be referred to mediation as set forth in the following subsection (b).

  

	 	(b)	Upon the Parties receiving the Chief Executive Officers’ report that the Dispute referred to them pursuant to subsection (a) has not been resolved, the Dispute shall be
referred to mediation by written notice from either Party to the other. The mediation shall be conducted pursuant to the LCIA Mediation Procedure. The place of the mediation shall be New York, New York, United States and the language of the
mediation shall be English. If the Parties have not reached a settlement within twenty (20) Business Days of the date of the notice of mediation, the Dispute shall be referred to arbitration pursuant to subsection (c) below.

  

	 	(c)	If after the procedures set forth in subsections (a) and (b) above, the Dispute has not been resolved, a Party shall decide to institute arbitration proceedings, it shall give
written notice to that effect to the other Party. The Parties shall refrain from instituting the arbitration proceedings for a period of sixty (60) days following such notice. During such period, the Parties shall continue to make good faith efforts
to amicably resolve the dispute without arbitration. If the Parties have not reached a settlement during that period the arbitration proceedings shall go forward and be governed by the LCIA Arbitration Rules then in force. Each such arbitration
shall be conducted by a panel of three arbitrators: one arbitrator shall be appointed by each of MEDICINOVA and ANGIOGENE and the third arbitrator, who shall be the Chairman of the tribunal, shall be appointed by the two-Party appointed arbitrators.
Any such arbitration shall be held in New York, New York, U.S.A. and the language of the arbitration shall be English. 

  
 The tribunal shall issue its award within forty-five (45) days after the date on which the arbitration proceedings have closed. The arbitrators shall have
the authority to grant specific performance. Judgment upon the award so rendered may be entered in any court having jurisdiction or application may be made to such court for judicial acceptance of any award and an order of enforcement, as the case
may be. In no event shall a demand for arbitration be made after the date when institution of a legal or equitable proceeding based on such claim, dispute or other matter in question would be barred by the applicable statute of limitations. Each
Party 

  

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shall bear its own costs and expenses incurred in connection with any arbitration proceeding and the Parties shall equally share the cost of the mediation
and arbitration levied by the LCIA. 
  
 Any mediation or
arbitration proceeding entered into pursuant to this Section 9.5 shall be conducted in the English language. Subject to the foregoing, for purposes of this Agreement, each Party consents, for itself and its Affiliates, to the jurisdiction of the
courts of the State of New York, county of New York and the U.S. District Court for the Southern District of New York. 
  
 9.7. Entire Agreement. This Agreement contains the entire understanding of the Parties with respect to the subject matter hereof. All express or implied agreements
and understandings, either oral or written, heretofore made are expressly merged in and made a part of this Agreement. This Agreement may be amended, or any term hereof modified, only by a written instrument duly executed by all Parties hereto.

  
 9.8. Independent Contractors. It is expressly agreed that the Parties
shall be independent contractors and that the relationship between the Parties shall not constitute a partnership, joint venture or agency. Neither Party shall have the authority to make any statements, representations or commitments of any kind, or
to take any action, which shall be binding on the other Party, without the prior consent of such other Party. 
  
 9.9. Waiver. The waiver by a Party hereto of any right hereunder or the failure to perform or of a breach by another Party shall not be deemed a waiver of any other right hereunder or of any other breach or
failure by said other Party whether of a similar nature or otherwise. 
  
 9.10.
Headings. The captions to the several Articles and Sections hereof are not a part of the Agreement, but are merely guides or labels to assist in locating and reading the several Articles and Sections hereof. 
  
 9.11. Counterparts. The Agreement 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. 
  
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 IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first set forth above. 
  

					
	ANGIOGENE PHARMACEUTICALS LTD.
		
	 By:
	 	 /s/ Peter Davis

	 	 	 Name:
	 	 Peter Davis, Ph.D.

	 	 	 Title:
	 	 Chief Executive Officer

  

					
	MEDICINOVA, INC.
		
	 By:
	 	 /s/ Takashi Kiyoizumi

	 	 	 Name:
	 	 Takashi Kiyoizumi, M.D., Ph.D.

	 	 	 Title:
	 	 President and Chief Executive Officer

  

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 SCHEDULE 1.25 
  
 NOS PATENT ASSETS 
  
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 SCHEDULE 1.27 
  
 PATENT ASSETS 
  
 [**] 
  

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 SCHEDULE 1.37 
  
 SPLIT DOSE PATENT ASSETS 
  
 [**] 
  

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 SCHEDULE 1.40 
  
 SYNTHESIZED COMPOUNDS 
  
 [**] 
  

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 SCHEDULE 3.2 
  
 RESEARCH COMMITTEE REPRESENTATIVES 
  
 For ANGIOGENE 
  
 PETER DAVIS, PH.D. 
  
 GRAEME J.
DOUGHERTY, PH.D. 
  
 For MEDICINOVA 
  
 TAKASH1 KIYOIZUMI, M.D.. PH.D 
  
 KENNETH W. LOCKE, PH.D. 
  
 ERI OSHIMA, M.D. 
  

	**	CERTAIN INFORMATION (INDICATED BY ASTERISKS) HAS BEEN OMITTED FROM THIS DOCUMENT PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST. AN UNREDACTED VERSION OF THIS DOCUMENT HAS BEEN FILED
WITH THE SECURITIES AND EXCHANGE COMMISSION. 

 34 

 SCHEDULE 4.2 
  
 FORM OF PRESS RELEASE 
  

	**	CERTAIN INFORMATION (INDICATED BY ASTERISKS) HAS BEEN OMITTED FROM THIS DOCUMENT PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST. AN UNREDACTED VERSION OF THIS DOCUMENT HAS BEEN FILED
WITH THE SECURITIES AND EXCHANGE COMMISSION. 

 35 

 Hilary Michels 
 Director 
 The Townsend Agency 
 (858) 457-4888 x 158 
 hmichels@townsendagency.com 
  
 MEDICINOVA ACQUIRES WORLDWIDE RIGHTS TO NOVEL SERIES 
 OF VASCULAR TARGETING AGENTS FOR THE TREATMENT OF CANCER 
  
 MediciNova to advance ANG 600 series into Phase 1 clinical program 
  
 SAN DIEGO – June XX, 2002– MediciNova, Inc. today announced that it has acquired exclusive worldwide rights to a series of novel
vascular targeting agents for cancer treatment from Angiogene Pharmaceuticals Ltd, Oxford U.K. The targeting agents, also known as the ANG 600 series, are currently in preclinical development. 
  
 In exchange for worldwide rights to the ANG 600 series, MediciNova will provide Angiogene
with an up-front licensing payment, as well as milestone and royalty payments. MediciNova will be responsible for the future preclinical and clinical development, regulatory activities and commercialization of the ANG 600 series. The Company plans
to initiate a Phase I clinical program for ANG 600 in 2003. 
  
 Vascular targeting
agents have shown exciting activity in a number of solid tumor models. These agents interfere with the function of blood vessels in tumors and metastases, thereby impeding further tumor growth. A small number of compounds are currently in
preclinical and early clinical development for the treatment of solid tumors such as breast, lung and colorectal cancer. 
  
 “Angiogene is a pioneer of vascular targeting agent research,” said Takashi Kiyoizumi, M.D., Ph.D., president and chief executive officer of MediciNova. The ANG
600 series of compounds shows significant potency in inducing tumor necrosis by selectively damaging tumor vasculature. To date, there are only a few vascular targeting agents in preclinical and clinical development. In various preclinical animal
models, the ANG 600 series of compounds consistently demonstrated stronger effects over the earlier generation of compounds,” Dr. Kiyoizumi said. 
  
 Peter Davis, Ph.D., chief executive officer of Angiogene, said, The concept of vascular targeting has recently received substantial validation in clinical studies. The
ANG 600 compounds represent a completely new structural class of vascular targeting agents with promising preclinical activity. We are pleased to be working with MediciNova, a company that can provide the focus, commitment and resources to drive
these novel compounds through clinical trials.” 
  
 MediciNova Acquires Rights to ANG 600 Series, pg.1 
  

	**	CERTAIN INFORMATION (INDICATED BY ASTERISKS) HAS BEEN OMITTED FROM THIS DOCUMENT PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST. AN UNREDACTED VERSION OF THIS DOCUMENT HAS BEEN FILED
WITH THE SECURITIES AND EXCHANGE COMMISSION. 

 36 

 About Angiogene 
  
 Angiogene Pharmaceuticals Ltd. is a privately owned company focused on the generation of innovative therapies for diseases that involve angiogenesis. Based in the UK,
Angiogene conducts research in the UK and in North America. Current research programs include both small-molecule research and gene therapy approaches. For more information about Angiogene, please visit the Company’s Web site at
http://www.angiogene.co.uk 
  
 About MediciNova 
  
 MediciNova, Inc., located in San Diego, California, was established in September 2000.
MediciNova’s mission is to address unmet medical needs through the discovery, development and commercialization of innovative therapeutic agents to treat inflammatory diseases and cancer. MediciNova currently focuses its efforts on advancing a
portfolio of programs built primarily through collaborations and technology acquisitions. 
  
 To date, MediciNova, a privately held company, has raised $10 million through Tanabe Seiyaku, the oldest pharmaceutical company in Japan with annual sales of $1.8 billion. MediciNova’s growing pipeline includes
MN-001, an asthma compound in Phase I clinical trials licensed from Kyorin Pharmaceutical Co., Ltd. MediciNova holds exclusive worldwide rights to MN-001, excluding Japan, China, Taiwan and Korea. MediciNova has also established a collaboration with
the University of Tokyo in store-operated calcium (SOC) channel-based drug screening and discovery. 
  
 For more information about MediciNova, please visit the Company’s Web site at http://www.medicinova.com. 
  
 #### 
  
 MediciNova Acquires Rights to ANG 600 Series, pg.2 
  

	**	CERTAIN INFORMATION (INDICATED BY ASTERISKS) HAS BEEN OMITTED FROM THIS DOCUMENT PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST. AN UNREDACTED VERSION OF THIS DOCUMENT HAS BEEN FILED
WITH THE SECURITIES AND EXCHANGE COMMISSION. 

 37 

 SCHEDULE 5.3.1 
  
 ROYALTY RATES 
  
 For Products sold in the U.S if Valid Claim exists, for each Royalty Year: 
  

					
	 Annual Net Sales

	  	Royalty Rate

	 	 
			
	Annual Net Sales for the first USD [**]	  	[**]	 	 
			
	For annual Net Sales more than USD [**] but less than USD [**]	  	[**]	 	 
			
	For annual Net Sales more than USD [**]	  	[**]	 	 

  
 For example, If Annual Net Sales in
the U.S., is USD [**] royalty payment to ANGIOGENE shall be calculated as USD [**] x [**] plus USD [**] x [**] = USD [**]. 
  
 For Products sold in countries subject to Centralized Procedure if Valid Claim exists in such country, for each Royalty Year: 
  

					
	 Annual Net Sales

	  	 Royalty Rate

	  	 
			
	Annual Net Sales for the first USD [**]	  	[**]	  	 
			
	For annual Net Sales more than USD [**] but less than USD [**]	  	[**]	  	 
			
	For annual Net Sales more than USD [**]	  	[**]	  	 

  

	**	CERTAIN INFORMATION (INDICATED BY ASTERISKS) HAS BEEN OMITTED FROM THIS DOCUMENT PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST. AN UNREDACTED VERSION OF THIS DOCUMENT HAS BEEN FILED
WITH THE SECURITIES AND EXCHANGE COMMISSION. 

 38 

 SCHEDULE 5.3.1 (continued) 
  
 ROYALTY RATES 
  
 For Products sold in the Rest of the World if Valid Claim exists in such country, for each Royalty Year: 
  

					
	 Annual Net Sales

	  	 Royalty Rate

	  	 
			
	Annual Net Sales for the first USD [**]	  	[**]	  	 
			
	For annual Net Sales more than USD [**] but less than USD [**]	  	[**]	  	 
			
	For annual Net Sales more than USD [**]	  	[**]	  	 

  

	**	CERTAIN INFORMATION (INDICATED BY ASTERISKS) HAS BEEN OMITTED FROM THIS DOCUMENT PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST. AN UNREDACTED VERSION OF THIS DOCUMENT HAS BEEN FILED
WITH THE SECURITIES AND EXCHANGE COMMISSION. 

 39

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