EXHIBIT 10.55
AMENDMENT NO. 1 TO
LETTER AGREEMENT
THIS AMENDMENT NO. 1 TO LETTER AGREEMENT, dated as of
April 30, 1998 ("Amendment No. 1"), by and between Acute Therapeutics, Inc., a
Delaware corporation ("Acute"), and The Sage Group ("TSG").
RECITALS:
WHEREAS, the parties hereto entered into a Letter
Agreement, dated October 28, 1996 (the "Letter Agreement"), pursuant to which
TSG assists the management of Acute in strategic, product development and
commercialization aspects of Acute's business; and
WHEREAS, the parties wish to enter into this Amendment No.
1 in connection with certain modifications to the Letter Agreement;
NOW, THEREFORE, for good and valuable consideration and
the mutual covenants and agreements contained in this Amendment No. 1 and in the
Letter Agreement, and intending to be legally bound hereby and thereby, Acute
and TSG hereby agree as follows:
1. The term of the Letter Agreement shall be extended
through the end of November 30, 1998.
2. The monthly management fee of $7,500 payable on the
first of every month during the term of the Letter Agreement shall be reduced to
$4,000 starting on July 1, 1998.
3. Except as set forth in this Amendment No. 1, the Letter
Agreement shall remain in full force and effect.
IN WITNESS WHEREOF, Acute and TSG have caused this
Amendment No. 1 to be signed by their respective officers or partners thereunto
duly authorized as of the date first written above.
ACUTE THERAPEUTICS, INC.
By: /s/ Xxxxxx X. Xxxxxxxx
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Name: Xxxxxx X. Xxxxxxxx
Title: President/CEO
THE SAGE GROUP
By: /s/ Xxxxxxx Xxxxx
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Name: Xxxxxxx X. Power
Title: Executive Director
