Common use of IDENTIFICATION OF NOVEL VALIDATED TARGETS Clause in Contracts

IDENTIFICATION OF NOVEL VALIDATED TARGETS. Rigel shall notify the CMC in writing of each Novel Validated Target identified by Rigel during the Research Period of each Joint Project promptly after its identification. Such notice shall be accompanied with a report and sufficient data which establish that the validation criteria predetermined by the CMC pursuant to Section 3.7.3 have been met. The CMC shall issue a list of the Novel Validated Targets identified in the course of such Joint Project as a part of the minutes of each CMC meeting and a final list within thirty (30) days after the end of such Research Period. The date on which Rigel has delivered the notice described in this Section 4.1.4, provided Novartis has not within ten (10) business days of receipt of said notice informed Rigel that in Novartis' opinion, the CMC-predetermined validation cirteria have not been met, shall be considered the "Notice Date" of such Novel Validated Target. If Novartis informs Rigel that in Novartis' opinion, the CMC-predetermined validation criteria have not yet been met, the matter will be discussed and brought to a decision at the next meeting of the CMC.