Exhibit 10.87
May 14, 2001
Acqua Wellington North American Equities Fund, Ltd.
c/o Fortis Fund Services (Bahamas) Ltd.
Xxxxxxxx Xxxxxxxx Centre
Xxxx Xxx Xxxxxx, X.X. Xxx XX-0000
Nassau, Bahamas
Attention: Mr. Xxxxxxx X. X. Xxxxx Xxxxxx
Re: Common Stock Purchase Agreement
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Gentlemen:
Reference is made to the Common Stock Purchase Agreement dated as of
January 8, 2001 (the "Agreement") between Nexell Therapeutics Inc. (the
"Company") and Acqua Wellington North American Equities Fund, Ltd. (the
"Purchaser"). Capitalized terms used herein without definition shall have the
meanings assigned to such terms in the Agreement.
As you are aware, the Company is no longer eligible to use a Form S-3
registration statement, and as of the filing of the Company's Annual Report on
Form 10-K on March 30, 2001, the Registration Statement is no longer available
to the Company. As a result, the Company is unable to comply with certain of
the conditions to a draw down set forth in Section 5.3 of the Agreement.
Pursuant to Section 7.1 of the Agreement, the Agreement may be terminated upon
the mutual consent of the Company and the Purchaser. Accordingly, the Company
hereby requests the Purchaser's consent to terminate the Agreement effective May
14, 2001.
If you consent to the termination of the Agreement effective as of May
14, 2001, please sign in the space provided below and return a signed copy of
this letter to the Company. Upon receipt of the Purchaser's executed copy of
this letter, the Agreement shall be terminated immediately effective May 14,
2001 and the Agreement shall be of no further force and effect.
Very truly yours,
NEXELL THERAPEUTICS INC.
By:_________________________
Name: Xxxxxxx X. Xxxxxxxx, Xx.
Title: President and CEO
CONSENT GRANTED:
Acqua Wellington North American Equities Fund, Ltd.
By:_________________________________________
Name:
Title:
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