Exhibit 10.34
FIRST AMENDMENT
This First Amendment pertains to the License Agreement (hereinafter
the "License Agreement") effective December 16, 1996 by and between the
MASSACHUSETTS INSTITUTE OF TECHNOLOGY (hereinafter referred to M.I.T.) and
ORASOMAL TECHNOLOGIES, INC., a subsidiary of Endorex Corporation, (hereinafter
referred to as LICENSEE).
WHEREAS, LICENSEE has improved liposomal vehicles for oral and
mucosal vaccine development, has demonstrated the feasibility of oral vaccines
in animal studies, and has established vigorous development programs for the
commercialization of this technology at both its Lake Forest laboratories and
at the labs of its joint venture partner, Elan, plc, but is not yet ready to
enter, per the terms of section 3.4, into clinical trials.
NOW, THEREFORE, the parties hereby agree:
To modify the License Agreement by deleting Paragraph 3.4 in its
entirety and substituting therefore the following:
3.4 On or before January 1, 2002, Orasomal Technologies will
enter Phase I clinical trials or equivalent on the U.S. or other
Major Country for at least one application of the technology
described in the Patent Right.
In consideration of this modification of the License Agreement, the
License Maintenance Fees due on January 1, 2000 and January 1, 2001,
per the terms of sections 4.1b and 4.1d, will each be Fifteen Thousand
Dollars ($15,000).
Should LICENSEE enter in to Phase I clinical trials on or before
January 1, 2001, the license maintenance fee due on January 1, 2001
shall again be $10,000.
All other terms and conditions of the above referenced License
Agreement remain unchanged and in full force and effect.
Agreed to for M.I.T. by: Agreed to for LICENSEE by:
MASSACHUSETTS INSTITUTE OF ORASOMAL TECHNOLOGIES, INC.
TECHNOLOGY
By /s/ Xxxx X. Xxxxxx, Xx. By /s/ Xxxxxx [illegible]
--------------------------------- -------------------------------
Name Xxxx X. Xxxxxx, Xx. Name Xxxxxx [illegible]
------------------------------- -----------------------------
Title Technology Licensing Office Title V.P. Research & Development
------------------------------ ----------------------------
Date 29 Dec 1999 Date 30 Dec 1999
------------------------------- -----------------------------
