EXHIBIT 10.7
================================================================================
LICENSE AGREEMENT
between
ALFA WASSERMANN S.p.A
and
PARTEC LTD
================================================================================
Addendum No. 1 to License Agreement
-----------------------------------
This addendum (hereinafter referred to as this "Addendum"), effective as of
December 11, 1998, is entered into by and between ALFA XXXXXXXXX S.p.A., an
Italian company with registered offices in Xxxxxxxx Xxxx'Xxxxxx x/x, 00000
Xxxxxx Xxxxx (XX) (the "Licensor") and PARTEC Ltd., a company duly organized and
existing under the laws of the State of Israel with registered offices in Xxxxx
Xxxx, Xxx'xxxx Xx'xx, Xxxxxxxxx 00000 Israel (the "Company").
WHEREAS the Licensor and the Company executed a License Agreement (the
"Agreement") on November 12, 1998, pursuant to which the Company was given an
exclusive license as set forth in Article 2 of the Agreement, such exclusivity
being limited to the United States, Canada, Japan, Australia, New Zealand and
South Africa (the "Territory");
WHEREAS the parties desire to expand the definition of the Territory as set
forth in this Addendum; and
WHEREAS the Agreement also incorrectly described several of the patents being
licensed to the Company.
NOW, THEREFORE, it is agreed as follows:
1. Paragraph 1.8 of the Agreement shall be amended as follows:
"Territory" shall mean the United States, Canada, Japan, Australia, New
Zealand, South Africa and Israel.
2. The following changes shall be made in Schedule A to the Agreement:
a. In paragraph 7, change "-L-galacturonic acid" to
"(alpha)-L-galacturonic acid."
b. In paragraph 8, change "Hepatran" to "Heparan" and "(alpha)-
Liduronic-20-sulface acid" to "(alpha)-Liduronic-2-0-sulfate
acid."
c. In paragraph 10, change "Neuropathy" to "Nephropathy."
3. All other provisions of the Agreement shall remain as set forth in the
Agreement.
IN WITNESS WHEREOF, the parties hereto have executed this Addendum in triplicate
by proper persons thereunto duly authorized.
COMPANY LICENSOR
By: /s/ Xxxxxx Xxxxxxxxx By: /s/ Xxxxxx Xxxxxx
----------------------------- --------------------------
Name: Xxxxxx Xxxxxxxxx Name: Xxxxxx Xxxxxx
Title: General Manager Title: CEO
International Division
Alfa Xxxxxxxxx SpA
INDEX
of the LICENSE AGREEMENT
between
ALFA WASSERMANN S.p.a
and
PARTEC LTD
LICENSE AGREEMENT ........................................................... 1
ARTICLE 1 - DEFINITIONS ..................................................... 1
ARTICLE 2 - GRANT ........................................................... 3
ARTICLE 3 - DUE DILIGENCE ................................................... 5
ARTICLE 4 - ROYALTIES AND OTHER CONSIDERATION ............................... 5
ARTICLE 5 - REPORTS AND RECORDS ............................................. 8
ARTICLE 6 - PATENT PROSECUTION AND MAINTENANCE .............................. 9
ARTICLE 7 - TERMINATION ..................................................... 10
ARTICLE 8 - ARBITRATION ..................................................... 11
ARTICLE 9 - INFRINGEMENT AND OTHER ACTIONS .................................. 12
ARTICLE 10 - LIMITATION OF LIABILITY, INDEMNITY ............................. 13
ARTICLE 11 - ASSIGNMENT ..................................................... 14
ARTICLE 12 - PAYMENT OF FEES AND EXPENSES ................................... 14
ARTICLE 13 - USE OF NAMES AND PUBLICATION ................................... 14
ARTICLE 14 - PAYMENTS, NOTICES AND OTHER COMMUNICATIONS ..................... 15
ARTICLE 15 - CONFIDENTIALITY ................................................ 16
ARTICLE 16 - MISCELLANEOUS PROVISIONS ....................................... 17
SCHEDULE A .................................................................. a
SCHEDULE B .................................................................. i
SCHEDULE C .................................................................. i
SCHEDULE D .................................................................. i
LICENSE AGREEMENT
-----------------
This License Agreement (hereinafter referred to as this "Agreement"), effective
as of November 12, 1998 (the "Effective Date"), is entered into by and between
ALFA WASSERMANN S.p.A, an Italian company with registered office in Contrada
Sant'Xxxxxx s/n 65020 Xxxxxx Xxxxx (PE), (the "Licensor") and PARTEC Ltd., a
corporation duly organized and existing under the laws of the State of Israel
with registered office in Xxxxx Xxxx, Xxxx'Xxxx Xx'xx, Xxxxxxxxx, 00000, (the
"Company").
WHEREAS, the Licensor is the owners of the Patents and Patent Applications set
forth in Schedule A attached hereto, which are based on inventions and
confidential information discovered by the Licensor (the "Invention"); and
WHEREAS, the Licensor may discover or develop additional intellectual property,
technical information or proprietary rights that may be subject to the terms of
this Agreement; and
WHEREAS, the Company now desires to obtain a license to the Invention and to any
further developments to the Invention, upon the terms and conditions hereinafter
set forth,
NOW, THEREFORE, it is agreed as follows:
ARTICLE 1 - DEFINITIONS
-----------------------
For the purposes of this License Agreement, the following words and phrases
shall have the following meanings:
1.1 "Affiliate" shall mean, with respect to any Entity (as hereinafter
defined), any Entity that directly or indirectly controls, is controlled
by, or is under common control with such Entity.
1.1.1 "Control" shall mean, for this purpose, direct or indirect control of more
than fifty percent (50%) of the voting securities of an Entity or, if such
Entity does not have outstanding voting securities, more than 50% of the
directorships or similar positions with respect to such Entity.
1.1.2 "Entity" shall mean any corporation, association, joint venture,
partnership, trust, university, business, individual, government or
political subdivision thereof, including an agency, or any other
organization that can exercise independent legal standing.
1.2 "Patent Rights" shall mean all patents and patent applications set forth
in Schedule A;
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1.2.1 Any other patent applications and/or patents together with any and all
patents issuing thereon including continuation, divisionals and re-issue
applications and continuation-in-part applications and any patents granted
upon such applications, based upon inventions or improvements discovered
by Licensors any and all of which shall be deemed added to Schedule A;
1.2.2 Any later-filed patent applications based on the patent applications
and/or patents listed in Schedule A, or corresponding thereto, including
any continuations, continuations-in-part, divisionals, reissues,
reexaminations, or extensions thereof;
1.2.3 Any patents issuing from any of the foregoing; and
1.2.4 Any trademark applications filed by or on behalf of the Licensors related
to the Invention. The Licensor reserves the rights to decide whether to
allow the Company to use its trademarks/tradenames already filed/used
outside the Territory within one year from the execution of this
Agreement. It would be the Company's obligation to file and keep alive, at
its own costs and responsibility, any trademark of any Licensed Products
in the Territory.
1.3 "Know-how" shall mean all tangible information (other than that contained
in the Patent Rights) whether patentable or not (but which has not been
patented) and physical objects related to the Invention or to a Licensed
Product (as defined below), including but not limited to formulations,
materials, data, drawings and sketches, designs, testing and test results,
and regulatory information of a like nature, owned by the Licensor on or
after the Effective Date, which the Licensor has the right to disclose and
license to the Company.
1.4 "Licensed Product(s)" shall mean:
1.4.1 Any product which is covered in whole or in part by a valid and unexpired
claim contained in the Patent Rights in the country in which the product
is made, used, leased or sold;
1.4.2 Any product which is manufactured using a process which is covered in
whole or in part by a valid and unexpired claim contained in the Patent
Rights in the country in which the process is used;
1.4.3 Any product which is used according to a method which is covered in whole
or in part by a valid and unexpired claim contained in the Patent Rights
in the country in which the method is used.
1.5 "Licensed Process(es)" shall mean any process or method, which is covered,
in whole, or in part, by a valid and unexpired claim contained in the
Patent Rights in the country in which the process or method is used.
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1.6 "Net Sales" shall mean the sum of all sales prices invoiced or
otherwise charged on final sale of Licensed Products or practice of
Licensed Processes by or on behalf of the Company or any of its
Affiliates, less only the sum of the following:
1.6.1 Usual cash and trade discounts to customers;
1.6.2 Sales, tariff duties, use taxes, sales taxes, excise taxes, value-added
taxes and/or other taxes directly imposed and with reference to
particular sales;
1.6.3 Delivery charges;
1.6.4 Amounts allowed or credited on returns; and
1.6.5 Social insurance discounts.
1.7 "Field of Use" shall mean the use of the Invention for the treatment of
diabetic nephropathy, diabetic neuropathy and diabetic retinopathy.
1.7(a) The "Field of Not Novel Indications" shall mean: aterosclerosis,
peripheral arterial obstructive disease, venous leg ulcer, cerebral
vascular disease, myocardial infarction, lymphedema, idiopatic
urticaria and interstitial cystitis.
1.8 "Territory" shall mean the United States, Canada, Japan, Australia, New
Zealand and South Africa
ARTICLE 2 - GRANT
-----------------
2.1 The Licensor hereby grants to the Company and the Company accepts,
subject to the terms and conditions of this Agreement, an exclusive
license in the Territory to practice under the Patent Rights and to
utilize the Know-how in the Field of Use, and to register, make, have
made, lease, use, market and/or sell Licensed Products and to practice
Licensed Processes, until expiration or termination of the Patent
Rights as hereinafter provided.
2.2 To the Licensor's knowledge and belief, the Licensor has all right,
title, and interest in and to the Patent Rights, including exclusive,
absolute, irrevocable right, title and interest thereto, free and clear
of all liens, charges, encumbrances or other restrictions or
limitations of any kind whatsoever and to the Licensor's knowledge and
belief there are no licenses, options, restrictions, liens, rights of
third parties, disputes, royalty obligations, proceedings or claims
relating to, affecting, or limiting its rights or the rights of the
Company under this Agreement with respect to, or which may lead to a
claim of infringement or invalidity regarding, any part or all of the
Patent Rights and their use as contemplated in the underlying patent
applications as presently drafted.
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2.3 To the Licensor's knowledge and belief there is no claim, pending or
threatened, of infringement, interference or invalidity regarding, any
part or all of the Patent Rights and their use as contemplated in the
underlying patent applications as presently drafted.
2.4 The Licensor has disclosed certain information to the Company subject
to the terms of the Confidentiality Agreement entered into prior to the
execution of this Agreement, some of which information may have been
made available to the public without restriction. Accordingly, attached
hereto as Schedule B is a list of all prior written publications, oral
presentations and any other public disclosure of the Patent Rights
and/or information covered by Know-how.
2.5 The Licensor hereby grants to the Company the right to grant
sublicenses to third-parties under the license granted hereunder.
2.5.1 Within 30 days after execution or receipt thereof, as applicable, the
Company shall provide the Licensor with a copy of each sublicense
issued hereunder and shall deliver copies of all royalty reports
received by the Company from such sublicensees.
2.5.2 Upon termination of this Agreement other than by expiration in
accordance with paragraph 7.6, any and all sublicenses shall survive
such termination provided that the Company's commitments to such
sublicensees shall not exceed the Company's rights from the Licensor
pursuant to this Agreement.
2.6 The Licensor shall, within 75 days of the development thereof, provide
the Company with any and all Know-how related to the Invention that the
Licensor develops at any time subsequent to the Effective Date
("Subsequent Indication"). The Licensor hereby grants to the Company
the right to use any such Subsequent Indication in the Territory
pursuant to the terms of this Agreement.
2.7 At the request of the Company, the Licensor agrees to use its good
relationship with Opocrin S.p.A., Xxx Xxxxxxxxx 0, 00000 Xxxxx xx
Xxxxxxxxx (Xxxxxx), Xxxxx, to aid the Company in securing the
production of sulodexide.
2.8 The Licensor acknowledges and agrees that any use of the Invention
outside the Field of Use for any indication other than intraperitoneal
dialysis and the Field of Not Novel Indications that is discovered by
the Company shall be and remain the property of the Company and the
Company shall enjoy exclusive, worldwide rights to such indication.
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2.9 The Company hereby grants to the Licensor right of first negotiation
for a period of 90 days to negotiate in good faith a license agreement
for use of the Invention for any new indication (other than
intraperitoneal dialysis) discovered by the Company during the Term of
this Agreement.
ARTICLE 3 - DUE DILIGENCE
-------------------------
The Company shall use its reasonable best efforts to bring Licensed Products or
Licensed Processes to market through a thorough, vigorous and diligent
development program of commercial exploitation of the Patent Rights and
Know-how, including compliance with the milestones set forth in Schedule C. The
Company shall continue active, diligent marketing efforts for the Licensed
Products or Licensed Processes throughout the life of this Agreement.
ARTICLE 4 - ROYALTIES AND OTHER CONSIDERATION
---------------------------------------------
4.1 In consideration of the rights, privileges and license granted
hereunder, the Company shall pay to the Licensor as set forth in, and
in accordance with the provisions of, this Article 4 until termination
or expiration of this Agreement pursuant to Article 7 hereof.
4.2 The Company shall pay to the Licensor and/or its representatives a
non-refundable quarterly royalty in an amount equal to *** of Net
Sales by the Company, or any Affiliate of the Company, of Licensed
Products or Licensed Processes covered by at least one issued and
unexpired claim under the Patent Rights.
4.3 The Company shall pay to the Licensor a non-refundable quarterly
royalty in an amount equal to the lesser of (a) *** of the royalties
received by Licensee or its Affiliate from sales by any sublicensee of
Licensed Products or Licensed Processes and (b) *** of Net Sales by any
such sublicensee.
4.4 In addition, the Company shall pay to the Licensor *** of all lump-sum
payments received by the Company or an Affiliate from its sublicensees
for the use, lease or sale of Licensed Products and Licensed Processes,
excluding (a) payments used or reimbursed for research and development
and (b) payments received from the issuance of debt or equity
securities of the Company.
4.5 The Company agrees to pay to the Licensor the Milestone Payments set
forth on Schedule C attached hereto, which shall be deducted from or
credited against, as the case may be, payments made in accordance with
section 4.4 above.
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4.6 On each anniversary of the Effective Date, the Company shall pay to the
Licensor an annual fee in the following amounts which shall be fully
creditable against Milestones 2 through 5 as set forth on Schedule C
attached hereto: (a) Year 1 - *** (b) Year 2 - *** (c) Year 3 - *** (d)
Year 4 and thereafter - ***.
4.7 On sales of Licensed Products by the Company to Affiliates or related
parties that are end users of such Licensed Products, the value of Net
Sales attributed under this Article 4 shall be that which would have
been received in an arms-length transaction, based on sales of like
quantity and quality products at or about the time of such transaction.
4.8 No multiple royalties shall be payable because the use, lease or sale
of any Licensed Product or Licensed Process is, or shall be, covered by
more than one valid and unexpired claim contained in the Patent Rights.
In addition, royalties shall be paid for a Licensed Product or Licensed
Process based upon only one of paragraphs 4.2 or 4.3 above (that is,
royalties on direct sales of a Licensed Product or Licensed Process by
the Company or its Affiliates shall be based only on paragraph 4.2,
while royalties on sales of a Licensed Product or Licensed Process by
the Company's sublicensees shall be based only on paragraph 4.3, so as
to avoid double counting).
4.9 In the event that a Licensed Product is sold in the form of a
combination product containing one or more products or technologies
that are themselves not a Licensed Product, the Net Sales for such
combination product shall be calculated by multiplying ***. In the case
of a combination product which includes one or more Licensed Products,
the Net Sales for such combination product upon which the royalty due
to the Licensor is based shall not be less than the normal aggregate
Net Sales for such Licensed Product.
4.10 Royalty payments shall be paid in United States dollars in New York,
New York or at such other place as the Licensor may reasonably
designate consistent with the laws and regulations controlling in any
foreign country. Any withholding taxes that the Company, its Affiliate
or any sublicensee shall be required by law to withhold on remittance
of the royalty payments shall be deducted from such royalty payment to
the Licensor. The Company shall furnish the Licensor with the original
copies of all official receipts for such taxes. If any currency
conversion shall be required in connection with the payment of
royalties hereunder, such conversion shall be made by using the
exchange rate prevailing at Citibank, N.A. in New York, New York on the
last business day of the calendar quarterly reporting period to which
such royalty payments relate. The Company will reasonably cooperate
with the Licensor in the Licensor's effort to avoid a double taxation,
provided however that the Company shall not be required to pay any sums
to or on behalf of the Licensor pursuant to this section 4.10. Such
assistance shall not be interpreted to include the assistance or
cooperation by the Company in any illegal activity or tax evasion
6
by the Licensor.
4.11 Royalties payable to the Licensor shall be paid quarterly on or before
forty-five (45) days from the end of each such calendar quarter. Each
quarterly payment shall be for unpaid royalties that accrued within or
prior to the Company's two most recently completed fiscal quarters.
4.12 Payment obligations shall be due with respect to any sale or sublicense
covering any Licensed Product in the Territory
4.13 To the extent that the Company or any Affiliate of the Company is
required, by order or judgement of any court to obtain in any
jurisdiction any license from a third party in order to make, use or
sell any Licensed Product or Licensed Process, then up to *** of the
royalties payable hereunder with respect to such Licensed Product or
Licensed Process in such jurisdiction may be deducted from royalties
otherwise payable to the Licensor hereunder, provided that in no event
shall the aggregate royalties payable to the Licensor in any quarterly
period in such jurisdiction be reduced by more than *** as a result of
such deduction, and provided further that any excess deduction
remaining as a result of such limitation may be carried forward to
subsequent periods.
4.14 In the event that the Licensor or any sublicensee registers, makes, has
made, uses, leases, markets and/or sells any product in Germany,
Switzerland, Greece, Sweden, Norway, Finland, Denmark, the United
Kingdom, Ireland, France and/or Benelux, which incorporates information
or know-how provided to the Licensor by the Company pursuant to
paragraph 5.1 hereof, then the Licensor shall pay to the Company
royalties in an amount equal to *** of Net Sales by the Licensor or any
such sublicensee and *** of any lump-sum payments received by the
Licensor from such sublicensee. Notwithstanding the foregoing, any
novel indication (which is defined as any indication different from
intraperitoneal dialysis and not included in the Field of Use and/or in
the Field of Not Novel Indications) discovered by the Company shall be
and remain the property of the Company for which it shall have
exclusive world-wide rights to such indication.
4.15(a) In the event that the Company develops proprietary information and data
including but not limited to pre-clinical studies and clinical studies
with applications outside the Field of Use and/or in the Field of Not
Novel Indications ("Company Proprietary Information"), the Licensor
shall be entitled to use the Company Proprietary Information within the
Field of Use and/or in the Field of Not Novel Indications and outside
the Territory but excluding those territories referred to in Section
4.14 above. In consideration for the use of the Company Proprietary
Information, the Licensor shall pay the Company a fee in U.S. dollars
equal to *** of the Company's expenses actually incurred for such
information and data development, payable upon delivery thereof by the
Company to the Licensor. The Licensor shall not be entitled to
sublicense, assign, transfer, market or commercially exploit the
Company Proprietary Information. The provisions of this section 4.15,
shall not limit the Company's right to receive royalties pursuant to
Section 4.14 above.
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(b) In the event that the Licensor discovers and develops novel indications
outside the Field of Use and/or in the Field of Not Novel Indications
but including the field of interperitoneal dialysis, the Licensor may
have the option to purchase any relevant Company Proprietary
Information relating thereto. In consideration for the use of the
Company Proprietary Information, the Licensor shall pay the Company a
fee in U.S. dollars equal to *** of the Company's expenses actually
incurred for such information and data development, payable upon
delivery thereof by the Company to the Licensor.
ARTICLE 5 - REPORTS AND RECORDS
-------------------------------
5.1 The Company agrees to update the Licensor at least quarterly as to the
Company's activities related to the Invention including, without
limitation, the following: (a) the results of any research and
development of the Invention conducted by the Company and (b) the
Company's efforts to obtain approval from the FDA to market and sell
Licensed Products.
5.2 The Company shall keep full, true and accurate books of account
containing all particulars that may be necessary for the purpose of
showing the amounts payable to the Licensor by way of royalty as
aforesaid. Said books of account shall be kept at the Company's
principal place of business and the supporting data shall be available
to the Licensor up to twice per year upon reasonable notice to the
Company, for five years following the end of the calendar year to which
they pertain, for inspection by an auditor selected by the Licensor,
except one to whom the Company has reasonable objection, for the
purpose of verifying the Company's royalty statement or compliance in
other respects with this License Agreement. If an inspection shows an
under reporting or underpayment in excess of the greater of *** *** of
royalties payable for any 12 month period, then the Company shall
reimburse the Licensor for the cost of the inspection at the time the
Company pays the unreported royalties, including any late charges as
required by paragraph 5.5 of this Agreement. All payments required
under this Article 5 shall be due within 60 days of the date the
Licensor provides the Company notice of the payment due.
5.3 Within 45 days from the end of each quarter of each calendar year, the
Company shall deliver to the Licensor complete and accurate reports,
giving such particulars of the business conducted by the Company during
the preceding quarter under this License Agreement as shall be
pertinent to a royalty accounting hereunder. These shall include at
least the following:
5.3.1 All Licensed Products and Licensed Processes used, leased or sold, by
or for the Company, its Affiliates or any sublicensees.
5.3.2 Total amounts invoiced for Licensed Products and Licensed Processes
used, leased or sold, by or for the Company, its Affiliates or any
sublicensees.
5.3.3 Deductions applicable in computing "Net Sales" as defined in Paragraph
1.6.
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5.3.4 Total royalties due based on Net Sales by or for the Company, its
Affiliates or any sublicensee, any lump sum payment due to the
Licensor, pursuant to paragraphs 4.2 - 4.3.
5.3.5 Names and addresses of all sublicensees and Affiliates of the Company.
5.3.6 On an annual basis, the Company's year-end audited financial
statements.
5.4 With each such quarterly report submitted, the Company shall pay to the
Licensor the royalties due and payable under this Agreement. If no
royalties shall be due, the Company shall not be required to make a
report pursuant to this Article 5.
5.5 Amounts that are not paid when due and that are not the subject of a
bona fide dispute shall accrue interest from the due date until paid,
at a rate equal to the then prevailing prime rate of Citibank, N.A.,
plus two percent (2%).
5.6 The Company agrees to forward to the Licensor semi-annually a copy of
any report, which is in substance similar to the report required by
this Article 5, received from any sublicensee as well as any other
documents received from any sublicensee as the Licensor may reasonably
request, as may be pertinent to an accounting of royalties.
5.7 The Licensor agrees to hold in confidence each report delivered by the
Company pursuant to this Article 5 until the termination of this
Agreement. Notwithstanding the foregoing, the Licensor may disclose any
such information required to be disclosed pursuant to any judicial,
administrative or governmental request, subpoena, requirement or order,
provided that the Licensor takes reasonable steps to provide the
Company with the opportunity to contest such request, subpoena,
requirement or order.
ARTICLE 6 - PATENT PROSECUTION AND MAINTENANCE
----------------------------------------------
6.1 Within three months from the execution of this Agreement the parties
shall set forth a procedure by which the Licensor will monitor the
Patents and Patent Rights as set forth in Schedule A hereto (as the
same may be amended or supplemented from time to time after the date
hereof), for which the Company will be responsible to diligently
prosecute and maintain in the Territory the Patent Rights including,
but not limited to, the filing of patent applications for inventions
and improvements to the Invention, discovered by the Licensor or the
Company, utilizing such patent counsel as may be mutually agreed upon
by the parties hereto. The Company agrees to keep the Licensor
reasonably well informed with respect to the status and progress of any
such applications, prosecutions and maintenance activities and to
consult in good faith with the Licensor and take into account the
Licensor's comments and requests with respect thereto. Both parties
agree to provide reasonable cooperation to each other to facilitate the
application and prosecution of patents pursuant to this Agreement.
9
6.2 The Company may, in its discretion, elect to abandon any patent
application or issued patent comprising the Patents Rights, in which
case the Company shall make no further use of such Patent Rights and
shall have no further royalty obligation to the Licensor in respect of
any Licensed Products and Licensed Processes the manufacture, use or
sale of which is covered by an issued claim of such abandoned Patent
Rights. Prior to any such abandonment, the Company shall give the
Licensor at least 60 days notice and a reasonable opportunity to assume
prosecution of such Patent Rights. In such event, the Licensor shall
have the right, but not the obligation, to commence or continue such
prosecution and to maintain any such Patent Rights under its own
control and at its expense and the Company shall then make no further
use of any such Patent Rights and shall have no royalty or other
obligation to the Licensor in respect of any Licensed Products and
Licensed Processes, the manufacture, use or sale of which is covered by
an issued claim of such Patent Rights. The Company agrees to cooperate
in such activities, including execution of any assignment or other
documents necessary to enable the Licensor to obtain and retain sole
ownership and control of such Patent Rights.
ARTICLE 7 - TERMINATION
-----------------------
7.1 If the Company shall become bankrupt, or shall file a petition in
bankruptcy, or if the business of the Company shall be placed in the
hands of a receiver, assignee or trustee for the benefit of creditors,
whether by the act of the Company or otherwise, this License Agreement
shall automatically terminate.
7.2 In the event that the Company fails to make payment to the Licensor of
royalties due in accordance with the terms of this Agreement, provided
such failure to make payment is not as a result of a bona fide dispute
between the Licensor and the Company, the Licensor shall have the right
to terminate this License Agreement within 60 days after giving said
notice of termination unless the Company shall pay to the Licensor,
within the 60-day period, all such royalties due and payable. Subject
to Article 8, upon the expiration of the 60-day period, if the Company
shall not have paid all such royalties due and payable, the rights,
privileges and license granted hereunder shall, at the option of the
Licensor, immediately terminate.
7.3 Upon any material breach or default of this License Agreement by the
Company, other than as set forth in Paragraphs 7.1 and 7.2 hereinabove,
the Licensor shall have the right to terminate this Agreement and the
rights, privileges and license granted hereunder upon giving 60 days
notice to the Company. Such grounds for termination include, but shall
not be limited to, the Licensor's reasonable determination that the
Company is not using its reasonable best efforts to develop the
Invention and keep Licensed Products or Licensed Processes reasonably
available to the public after commercial use commences. Such
termination shall become effective immediately unless the Company shall
have cured any such breach or default prior to the expiration of the
60-day period referred to above. Notwithstanding the foregoing, in the
case of any sublicensee, assignee, transferee, or third party ("Third
Party"), the Company shall be entitled to cure the breach within the
aforementioned sixty (60) day period or terminate its agreement
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with the Third Party as a result of such a breach. In either of such
events, the Licensor shall not have the right to terminate this
Agreement, it being agreed that the Licensor shall only be entitled to
terminate this Agreement as a result of a breach by a Third Party in
circumstances where the Company allows the breach to continue without
curing same or terminating its agreement with the Third Party.
7.4 The Company shall have the right at any time to terminate this
Agreement in whole or as to any portion of the Patent Rights by giving
60 days notice thereof in writing to the Licensor. In the event of
termination pursuant to this Section 7.4, the Company shall transfer
the INDs/NDAs/registrations/marketing authorizations in its possession
or in possession of its sublicensees to the Licensor or to a Licensor's
designee. In consideration of the transfer of such information, the
Licensor shall pay to the Company a lump sum payment in U.S. dollars
equal to 25% of the expenses actually incurred by the Company from the
development of the Invention.
7.5 Upon termination of this Agreement for any reason, nothing herein shall
be construed to release either party from any obligation that matured
prior to the effective date of such termination or obligations under
Articles 5, 8, 9, 10, 15 and 16. The Company and/or any sublicensee
thereof may, however, at any time after the effective date of such
termination and continuing for a period not to exceed six months
thereafter, sell all completed Licensed Products, and any Licensed
Products in the process of manufacture at the time of such termination,
and sell the same, provided that the Company shall pay or cause to be
paid to the Licensor the royalties thereon as required by Article 4 of
this License Agreement and shall submit the reports required by Article
5 hereof on the sales of Licensed Products.
7.6 If not terminated sooner, this Agreement shall terminate upon the later
to occur of (a) the date of the last to expire claim contained in the
Patent Rights and (b) the date that is 10 years from the first
commercial sale of a Licensed Product.
7.7 Upon termination of this Agreement, except pursuant to 7.6 hereof, the
Company shall have no future rights to the Patent Rights and Know-how
granted hereunder, and shall make no further use thereof, including the
manufacture, use or sale of Licensed Products or Licensed Processes,
except as otherwise set forth herein.
7.8 If at any time on or before the fourth anniversary of the Effective
Date, the Board of Directors of the Company shall determine, in its
sole discretion not to proceed with the further development of the
Patent Rights and Know-how then the Company shall no longer have any
right, title and interest in the Patent Rights and Know-how
ARTICLE 8- ARBITRATION
----------------------
8.1 Any dispute arising from or relating to this Agreement shall be
determined by valid and binding arbitration in London, United Kingdom
and shall be conducted in the English language.
11
8.2 Any claim, dispute, or controversy concerning the validity,
enforceability, or infringement of any patent contained in the Patent
Rights licensed hereunder shall be resolved in court having
jurisdiction thereof.
8.3 In the event that, in any arbitration proceeding, any issue shall arise
concerning the validity, enforceability, or infringement of any patent
contained in the Patent Rights licensed hereunder, the arbitrators
shall, to the extent possible, resolve all issues other than validity,
enforceability, and infringement. In any event, the arbitrators shall
not delay the arbitration proceeding for the purpose of obtaining or
permitting either party to obtain judicial resolution of such issues,
unless an order staying the arbitration proceeding shall be entered by
a court of competent jurisdiction. Neither party shall raise any issue
concerning the validity, enforceability, or infringement of any patent
contained in the Patent Rights licensed hereunder, in any proceeding to
enforce any arbitration award hereunder, or in any proceeding otherwise
arising out of any such arbitration award.
8.4 The costs of such arbitration shall be borne proportionate to the
finding of fault as determined by the Arbitrator. Judgment on the
arbitration award may be entered by any court of competent
jurisdiction.
ARTICLE 9 - INFRINGEMENT AND OTHER ACTIONS
------------------------------------------
9.1 The Company and the Licensor shall promptly provide written notice, to
the other party, of any alleged infringement by a third party of the
Patent Rights and provide such other party with any available evidence
of such infringement.
9.2 During the term of this Agreement, the Company shall have the right,
but not the obligation, to prosecute and/or defend, at its own expense
and utilizing counsel of its choice, any infringement of, and/or
challenge to, the Patent Rights. In furtherance of such right, the
Licensor hereby agrees that the Company may join the Licensor as a
party in any such suit, without expense to the Licensor. No settlement,
consent judgment or other voluntary final disposition of any such suit
that would adversely affect the rights of the Licensor may be entered
into without the consent of the Licensor, which consent shall not be
unreasonably withheld. The Company shall indemnify and hold the
Licensor harmless against any costs, expenses or liability that may be
found or assessed against the Licensor in any such suit other than
resulting from the Licensor's gross negligence, recklessness or willful
misconduct.
9.3 In the event that a claim or suit is asserted or brought against the
Company alleging that the manufacture or sale of any Licensed Product
by the Company, an Affiliate of the Company, or any sublicensee, or the
use of such Licensed Product by any customer of any of the foregoing,
infringes proprietary rights of a third party, the Company shall give
written notice thereof to the Licensor. The Company may, in its sole
discretion, modify such Licensed Product to avoid such infringement
and/or may settle on terms that it deems advisable in its sole
discretion, subject to paragraph 9.2. Otherwise, the Company shall have
the right, but not the obligation, to defend any such claim or suit. In
the event the Company elects not to defend such suit, the Licensor
shall have the right, but not the obligation to do so at its
12
sole expense.
9.4 Any recovery of damages by the Company, in any such suit, shall be
applied first in satisfaction of any unreimbursed expenses and legal
fees of the Company relating to the suit and then to the Licensor for
any royalties credited in accordance with paragraph 9.5. The balance
remaining from any such recovery shall be shared by the Licensor and
the Company seventy percent (70%) to the Company and thirty percent
(30%) to the Licensor.
9.5 The Company may credit up to fifty percent (50%) of any reasonable
litigation costs incurred by the Company in any country pursuant to
this Article 9 and up to 50% of all amounts paid in judgement or
settlement of litigation within the scope of this Article 9 against
royalties payable to the Licensor hereunder for such country and apply
the same toward one-half of its actual, reasonable out-of-pocket
litigation costs. If one-half of such litigation costs in such country
exceeds 50% of royalties payable to the Licensor in any year in which
such costs are incurred than the amount of such costs, expenses and
amounts paid in judgement or settlement, in excess of 50% of the
royalties payable to the Licensor shall be carried over and credited
against royalty payments in future years for such country.
9.6 If within 90 days from receipt of notice by the Company of any alleged
infringement, the Company shall have been unsuccessful in persuading
the alleged infringer to desist, or shall not have brought and shall
not be diligently prosecuting an infringement action, or if the Company
shall notify the Licensor, at any time prior thereto, of its intention
not to bring suit against the alleged infringer, then, and in those
events only, the Licensor shall have the right, but not the obligation,
to prosecute, at its own expense and utilizing counsel of its choice,
any infringement of the Patent Rights, and the Licensor may, for such
purposes, join the Company as a party plaintiff. The total cost of any
such infringement action commenced solely by the Licensor shall be
borne by the Licensor and the Licensor shall keep any recovery or
damages for infringement or otherwise derived therefrom and such shall
not be applicable to any royalty obligation of the Company.
9.7 In any suit to enforce and/or defend the Patent Rights pursuant to this
License Agreement, the party not in control of such suit shall, at the
request and expense of the controlling party, cooperate in all respects
and, to the extent possible, have its employees testify when requested
and make available relevant records, papers, information, samples,
specimens, and the like.
ARTICLE 10 - LIMITATION OF LIABILITY, INDEMNITY
-----------------------------------------------
10.1 Other than as set forth in Article 2 hereof, the Licensor, by this
License Agreement, makes no representations or warranties as to the
validity and/or breadth of the inventions contained in the Patent
Rights and the Company so acknowledges. Other than as set forth in
Article 2, the Licensor, by this License Agreement makes no
representations or warranties as to patents now held or which will be
held by others in the field of the Licensed Products and/or Licensed
Processes for a particular purpose.
13
10.2 Except as may be expressly provided herein, the licensor does not make,
and expressly disclaims any warranties, either express or implied, oral
or written, as to merchantability or fitness for a particular purpose.
10.3 The Company agrees to defend, indemnify and hold the Licensor harmless
from and against all liability, demands, damages, including without
limitation, expenses or losses including death, personal injury,
illness or property damage (each a "Claim") arising directly or
indirectly: (a) out of use by the Company or its transferees of
inventions licensed or information furnished under this License
Agreement or (b) out of any use, sale or other disposition by the
Company or its transferees of Patent Rights, Licensed Products or
Licensed Processes, except to the extent, in each such case, that such
Claim results from or arises out of the Licensor's gross negligence,
recklessness or willful misconduct. The Company agrees that any
sublicense agreement it enters relative to the Licensed Products and/or
Licensed Processes shall contain a covenant by such sublicensee
providing for the indemnification of the Licensor as provided in this
Article.
ARTICLE 11 - ASSIGNMENT
-----------------------
This Agreement and the rights and duties appertaining hereto may not be assigned
by either party without first obtaining the written consent of the other, which
consent shall not be unreasonably withheld. Any such purported assignment,
without the written consent of the other party, shall be null and of no effect.
Notwithstanding the foregoing, either party may assign this Agreement (a) to a
purchaser, merging or consolidating corporation, or acquiror of substantially
all of the party's assets or business and/or pursuant to any reorganization
qualifying under section 368 of the Internal Revenue Code of 1986 as amended, as
may be in effect at such time, or (b) to an Affiliate of the party subject to
the consent of the other party which consent shall not be unreasonably withheld.
ARTICLE 12 - PAYMENT OF FEES AND EXPENSES
-----------------------------------------
Each of the Company and the Licensor shall be responsible for their own expenses
relating to the preparation and consummation of this Agreement and the
agreements and transactions contemplated hereby.
ARTICLE 13 - USE OF NAMES AND PUBLICATION
-----------------------------------------
13.1 Nothing contained in this Agreement shall be construed as granting any
right to the Company or its Affiliates to use in advertising,
publicity, or other promotional activities any name, trade name,
trademark, or other designation of the Licensor or any of its units
(including contraction, abbreviation or simulation of any of the
foregoing) without the prior, written consent of the Licensor;
provided, however, that the Licensor acknowledges and agrees that the
Company may use the name of the Licensor in various documents used by
the Company for capital raising and financing without such prior
written consent where the use of such names may be required by law. The
Company agrees to promptly provide the Licensor with a
14
copy of any documents used by the Company, which contain the name of
the Licensor.
13.2 Nothing herein shall be deemed to establish a relationship of principal
and agent between the Licensor and the Company, nor any of their agents
or employees for any purpose whatsoever. This Agreement shall not be
construed as creating a partnership between the Licensor and the
Company, or as creating any other form of legal association or
arrangement which would impose liability upon one party for the act or
failure to act of the other party.
13.3 In the event that the Licensor desires to publish or disclose, by
written, oral or other presentation, Know-how, Patent Rights, or any
material information related thereto then the Licensor shall use its
best efforts to notify the Company in writing by facsimile where
confirmed by the receiving party, and/or by certified or registered
mail (return receipt requested) of its intention at least 60 days prior
to any speech, lecture or other oral presentation and at least 60 days
before any written or other publication or disclosure. The Licensor
shall include with such notice a description of any proposed oral
presentation or, in any proposed written or other disclosure, a current
draft of such proposed disclosure or abstract. The Company may request
that the Licensor, no later than 30 days following the receipt of such
notice, delay such presentation, publication or disclosure in order to
enable the Company to file, or have filed on their behalf, a patent
application, copyright or other appropriate form of intellectual
property protection related to the information to be disclosed or
request that the Licensor does so. Upon receipt of such request to
delay such presentation, publication or disclosure, the Licensor shall
arrange for a delay of presentation, publication or disclosure until
the earlier to occur of (a) to 90 days and (b) such time as the Company
or the Licensor has filed, or has had filed on its behalf, such patent
application, copyright or other appropriate form of intellectual
property protection in form and in substance reasonably satisfactory to
the Company and the Licensor. If the Licensor does not receive any such
request from the Company to delay such presentation, publication or
disclosure, the Licensor may submit such material for presentation,
publication or other form of disclosure.
ARTICLE 14 - PAYMENTS, NOTICES AND OTHER COMMUNICATIONS
-------------------------------------------------------
Any notice or other communication required or permitted to be given pursuant to
this Agreement shall be in writing and sent by certified first class mail,
postage prepaid, by hand delivery or by facsimile if confirmed in writing, in
each case effective upon receipt, at the addresses below or as otherwise
designated by written notice given to the other party:
In the case of the Licensor:
Alfa Wassermann S.p.A.
Xxx Xxxxxxx xxx '00 xx. 0
00000 Xxxxxxx - Xxxxx
Tel: 051/0000000
Fax: 051/387914
Attn.: General Management
15
In the case of the Company:
Partec Ltd.
000 Xxxxx Xx.
Sha'arei Ha'ir
Xxxxxxxxx, Xxxxxx 00000
Tel: 000-000-0-000-0000
Fax: 000-000-0-000-0000
Attn: _________________
Any payment shall be made by SWIFT.
ARTICLE 15 - CONFIDENTIALITY
----------------------------
15.1 Any proprietary or confidential information relating to the Invention
(including but not limited to Know-how and patent prosecution documents
relating to Patent Rights) collectively constitute the "Confidential
Information." The Company and the Licensor agree that they will not use
the Confidential Information for any purpose unrelated to this
Agreement, and will hold it in confidence during the term of this
Agreement and for a period of five years after the termination or
expiration date of this Agreement. The Company and the Licensor shall
exercise with respect to such Confidential Information the same degree
of care as the Company and the Licensor exercise with respect to their
own confidential or proprietary information of a similar nature, and
shall not disclose it or permit its disclosure to any third party
(except to those of its employees, consultants, or agents who are bound
by the same obligation of confidentiality as the Company and Licensor
are bound by pursuant to this Agreement). However, such undertaking of
confidentiality by the Company or the Licensor shall not apply to any
information or data which:
15.1.1 The receiving party receives at any time from a third party lawfully in
possession of same and having the right to disclose same.
15.1.2 Is, as of the date of this Agreement, in the public domain, or
subsequently enters the public domain through no fault of the receiving
party.
15.1.3 Is independently developed by the receiving party as demonstrated by
written evidence without reference to information disclosed to the
receiving party.
15.1.4 Is disclosed pursuant to the prior written approval of the disclosing
party.
15.1.5 Is required to be disclosed pursuant to law or legal process
(including, without limitation, to a governmental authority) provided,
in the case of disclosure pursuant to legal process, reasonable notice
of the impending disclosure is provided to the disclosing party and
disclosing party has agreed to such disclosure in writing or has
exhausted its right to contest such disclosure.
16
ARTICLE 16 - MISCELLANEOUS PROVISIONS
-------------------------------------
16.1 This License Agreement shall be construed, governed, interpreted and
applied in accordance with the laws of the Courts of London, England,
without regard to principles of conflicts of laws.
16.2 Any and all proceedings, documents and other communications or
correspondences shall be in the English language.
16.3 If this Agreement or any associated transaction is required by the law
of any nation to be either approved or registered with any governmental
agency, the Company shall assume all legal obligations to do so and the
costs in connection therewith.
16.4 The Company shall observe all applicable United States and foreign laws
with respect to the use, sale, manufacture and transfer of Licensed
Products and related technical data to foreign countries, including,
without limitation, the regulations of the Food and Drug Administration
and its foreign equivalents, the International Traffic in Arms
Regulations (ITAR), the Export Administration Regulations.
16.5 The parties hereto acknowledge that this Agreement, including the
Appendices and documents incorporated by reference, sets forth the
entire agreement and understanding of the parties hereto as to the
subject matter hereof, and shall not be subject to any change of
modification except by the execution of a written instrument subscribed
to by the parties hereto.
16.6 The provisions of this License Agreement are severable, and in the
event that any provision of this License Agreement shall be determined
to be invalid or unenforceable under any controlling body of law, such
invalidity or unenforceability shall not in any way affect the validity
or enforceability of the remaining provisions hereof.
16.7 The failure of either party to assert a right hereunder or to insist
upon compliance with any term or condition of this License Agreement
shall not constitute a waiver of that right or excuse a similar
subsequent failure to perform any such term or condition by the other
party.
16.8 The headings of the several articles are inserted for convenience of
reference only and are not intended to be a part of or to affect the
meaning or interpretation of this Agreement.
16.9 This Agreement will not be binding upon the parties until it has been
signed below on behalf of each party, in which event, it shall be
effective as of the date recited on page one.
16.10 This Agreement embodies the entire understanding of the parties and
shall supersede all previous communications, representations or
understandings, either oral or written, between the parties relating to
the subject matter hereof.
17
16.11 Each party hereto shall be excused from any breach of this Agreement
which is proximately caused by governmental regulation, act of war,
strike, act of God or other similar circumstance normally deemed
outside the control of the parties.
IN WITNESS WHEREOF, the parties hereto have executed this License Agreement, in
triplicate by proper persons thereunto duly authorized.
COMPANY LICENSOR
By: /s/ Xxxxxx Xxxxxx By: /s/ Xxxxxx Xxxxxxxxx
-------------------------------- -------------------------------------
Name: Xxxxxx Xxxxxx MD Name: Xxxxxx Xxxxxxxxx
Title: CEO Title: General Manager
Date: November 15, 1998 Date: November 12th, 1998
18
SCHEDULE A
to the LICENSE AGREEMENT
between
ALFA WASSERMANN S.p.a
and
PARTEC LTD
PATENTS
-------
with reference to paragraphs 1.2; 1.2.1; 1.2.2
1. Licensor Reference #S 59 -
Title: "Heparin Derivatives and Process for Their Preparation"
Inventors: S. Piani, X.X. Xxxxxxxxx, X.X. Xxxxxx, X.X. Xxxxxx, X. Xxxxxx
Owner: Alfa Wassermann S.p.A.
STATE FILING DATE FILING NO. GRANT DATE GRANT NO. EXP. DATE
U.S.A. 05/26/89 357.548 04/23/91 5010063 05/25/09
Canada 06/09/89 602.338 10/27/92 1309402 10/27/09
Australia 05/24/89 35128/89 09/29/91 611.028 05/24/09
Japan 06/09/89 148211/89 01/11/96 2008236 06/09/09
New Zealand 05/22/89 229212 06/21/91 229.212 05/22/05
South Africa 05/23/89 89/3882 02/28/90 89/3882 05/23/09
2. Licensor Reference #S 61 -
Title: "Heparinic Derivatives and Process for Their Preparation"
Inventors: S. Piani, G.F. Tamamgnone, X.X. Xxxxxx, X.X. Xxxxxx, X. Xxxxxx
Owner: Alfa Wassermann S.p.A.
STATE FILING DATE FILING NO. GRANT DATE GRANT NO. EXP. DATE
U.S.A. 09/01/90 462462 04/14/92 5104860 01/09/10
Canada 01/11/90 2007616 05/14/96 2007616 01/11/10
Australia 01/29/90 4858/90 09/02/91 610034 01/29/10
Japan 01/29/90 20343/90 07/28/95 1956469 01/29/10
New Zealand 01/15/90 232115 09/26/91 232115 01/15/06
South Africa 01/15/90 90/0263 10/31/90 90/0263 01/15/10
a
3. Licensor Reference #S 63 -
Title: "Salts of GAGs With Esters of Aminoacids, Preparations thereof and
Pharmaceuticals Formulations Containing Them"
Inventors: X. Xxxxxxxxxx, X. Xxxxxx, L.G. Rotini
Owner: Alfa Wassermann S.p.A.
STATE FILING DATE FILING NO. GRANT DATE GRANT NO. EXP DATE
Japan 11/12/91 295/839 08/22/96 2550452 11/12/11
4. Licensor Reference #S 64 -
Title: "Pharmaceutical Compositions Containing Orally Absorbable
Glycosaminoglycans"
Inventors: X. Xxxxxxxxxx X. Xxxxxx, L.G. Rotin,
Owner: Alfa Wassermann S.p.A.
STATE FILING DATE FILING NO. GRANT DATE GRANT NO. EXP DATE
U.S.A. 01/15/92 821455 10/12/93 5252339 01/15/12
Canada 01/22/92 2059865 01/22/12
Japan 01/29/92 13943/1992 02/26/96 2025632 01/29/12
5. Licensor Reference #S 68 -
Title: "Use of Glycosaminoglycans in the Treatment of Diabetic Nephropathy
and Diabetic Neuropathy"
Inventors: X. Xxxxxx and X.X. Xxxxxxxxx
Owner: Alfa Wassermann S.p.A.
STATE FILING DATE FILING NO. GRANT DATE GRANT NO. EXP DATE
U S.A 04/20/92 871.048 08/17/93 5236910 04/20/12
Canada 04/20/92 2066785 04/22/12
b
6. Licensor Reference #S 70 -
Title: "Semi-synthetic Glycosaminoglycans with Heparin or Heparan
Structure of (alpha)-L-iduronic-2-O-sulfate acid Modified in Position 2"
Inventors: S. Piani, X. Xxxxxx and X.X. Xxxxxxxxx, X. Xxxxxxxxx
Owner: Alfa Wassermann S.p.A.
STATE FILING DATE FILING NO. GRANT DATE GRANT NO. EXP. DATE
U.S.A. 04/13/93 046.248 04/07/95 51430133 04/13/13
Canada 04/01/93 2093147 04/10/13
Australia 04/13/93 36895/93 08/01/95 658.498 04/13/13
Japan 04/16/93 89976/1993 04/16/13
New Zealand 03/18/93 247.196 06/20/95 247.196 03/18/13
South Africa 03/12/93 93-1798 01/26/94 93-1798 03/12/13
7. Licensor Reference #S 71 -
Title "Semi-synthetic Glycosaminoglycans containing -L-galacturonic acid
Substituted with Nucleophilic Groups in Position 3"
Inventors: S. Piani, X. Xxxxxx and X.X. Xxxxxxxxx, X. Xxxxxxxxx
Owner: Alfa Wassermann S.p.A.
STATE FILING DATE FILING NO. GRANT DATE GRANT NO. EXP. DATE
U.S.A. 04/13/93 046.247 04/07/95 5430132 04/13/13
Canada 04/01/93 2093148 04/10/13
Australia 04/13/93 36896/93 08/01/95 658.499 04/13/13
Japan 04/16/93 89977/1993 04/16/13
New Zealand 03/18/93 247.197 06/20/95 247.197 03/18/13
South Africa 03/12/93 93-1799 02/23/94 93-1799 03/12/13
8. Licensor Reference #S 74 -
Title: "Process for Synthesis of Glycosaminoglycans with Heparin or
Hepatran Structure Modified in Position 2 of the
(alpha)-L-iduronic-20-sulfate acid"
Inventors: X. Xxxxxxxxx and X. Xxxxx
Owner: Alfa Wassermann S.p.A.
STATE FILING DATE FILING NO. GRANT DATE GRANT NO. EXP. DATE
U.S.A. 03/07/94 206.980 04/11/95 5405949 03/07/14
Canada 02/03/94 2114862 02/03/14
Australia 02/10/94 55085/94 03/23/96 664.939 02/10/14
Japan 03/29/94 59447/1994 03/29/14
New Zealand 02/03/94 250.815 06/04/96 250.815 02/03/14
South Africa 02/11/94 94/0970 10/26/94 94/0970 02/11/14
c
9. Licensor Reference #S 75 -
Title: "Process for Synthesis of Glycosaminoglycans Containing
(alpha)-L-galacturonic acid Substituted with Nucleophilic Groups in
Position 3"
Inventors: X. Xxxxxxxxx and X. Xxxxx
Owner: Alfa Wassermann S.p.A.
STATE FILING DATE FILING NO. GRANT DATE GRANT NO. EXP. DATE
U.S.A. 03/07/94 207.140 04/25/95 5410039 03/07/14
Canada 02/03/94 2114863 02/03/14
Australia 02/10/94 55084/94 03/26/96 664.938 02/10/14
Japan 03/29/94 59448/1994 03/29/14
New Zealand 02/03/94 250.816 06/04/96 250.816 02/03/14
South Africa 02/09/94 94/0892 01/26/94 94/0892 02/09/14
10. Licensor Reference #S 78 -
Title: "Method of Treatment Diabetic Neuropathy By Means of Sulodexide and
of Medicines Containing it"
Inventors: X. Xxxxxx and X.X. Xxxxxxxxx
Owner: Alfa Wassermann S.p.A.
STATE FILING DATE FILING NO. GRANT DATE GRANT NO. EXP. DATE
U.S.A. 4/14/94 227502 03/05/96 5496807 04/14/14
Canada 03/23/94 2120062 03/28/14
Japan 04/28/94 1713/1994 04/28/14
11. Licensor Reference #8 90 -
Title: "Use of Sulodexide and of Medicines Containing it for the Treatment
of Diabetic Retinopathy"
Inventors: X. Xxxxxxxxx and X. Xxxxx
Owner: Alfa Xxxxxxxxx S.p.A.
STATE FILING DATE FILING NO. GRANT DATE GRANT NO. EXP. DATE
Italy* 04/15/984 B098A 000239 04/15/18
* In case of abroad territorial extension of this patent application and to
claim the priority rights, it will be necessary to carry out the extension
procedure prior to April 15, 1999.
COMPANY LICENSOR
By: /s/ Xxxxxx Xxxxxx By: /s/ Xxxxxx Xxxxxxxxx
-------------------------------- ------------------------------
Name: Xxxxxx Xxxxxx, MD Name: Xxxxxx Xxxxxxxxx
Title: CEO Title: General Manager
Date: November 15, 1998 Date: November 12th, 1998
d
SCHEDULE B
to the LICENSE AGREEMENT
between
ALFA WASSERMANN S.p.a
and
PARTEC LTD
WITH REFERENCE TO ART. 2.4 HEREWITH ATTACHED THE LIST OF DOCUMENTATION.
COMPANY LICENSOR
By: /s/ Xxxxxx Xxxxxx By: /s/ Xxxxxx Xxxxxxxxx
-------------------------------- -------------------------------------
Name: Xxxxxx Xxxxxx MD Name: Xxxxxx Xxxxxxxxx
Title: CEO Title: General Manager
Date: November 15, 1998 Date: November 12th, 1998
i
SCHEDULE C
to the LICENSE AGREEMENT
between
ALFA WASSERMANN S.p.a
and
PARTEC LTD
PERFORMANCE MILESTONE PAYMENTS
------------------------------
The Company shall make the following payments (the "Milestone Payments") which
shall be creditable against or deductible from all payments due from the Company
to the Licensor earned pursuant to articles 4.2 and/or 4.3:
MILESTONE AMOUNT
--------- ------
1. Effective Date $ ***
2. Approval of the first Company sponsored
Investigational New Drug Application ("IND")
for a Licensed Product by the FDA $ ***
3. Initiation of the first Company sponsored
Phase III clinical trial for a Licensed Product $ ***
4. The first filing of a New Drug Application
("NDA") by the Company or a Sublicensee of
the Company with the FDA (Schedule D) $ ***
5. The first final approval by the FDA of an
NDA for a Licensed Product (Schedule D) ***
COMPANY LICENSOR
By: /s/ Xxxxxx Xxxxxx By: /s/ Xxxxxx Xxxxxxxxx
-------------------------------- -------------------------------------
Name: Xxxxxx Xxxxxx MD Name: Xxxxxx Xxxxxxxxx
Title: CEO Title: General Manager
Date: November 15, 1998 Date: November 12th, 1998
i
SCHEDULE D
to the LICENSE AGREEMENT
between
ALFA WASSERMANN S.p.a
and
PARTEC LTD
Payable in cash or equity at the discretion of the Company. The Company shall
only be entitled to make payments in equity if the Company is a publicly traded
company. Any equity payments payable hereunder shall be priced at the average
closing price of the common stock of the Company for the ten (10) consecutive
trading days immediately preceding the date of achievement of any such milestone
or the date upon which any such payment becomes due, whichever is earlier
COMPANY LICENSOR
By: /s/ Xxxxxx Xxxxxx By: /s/ Xxxxxx Xxxxxxxxx
-------------------------------- -------------------------------------
Name: Xxxxxx Xxxxxx, MD Name: Xxxxxx Xxxxxxxxx
Title: CEO Title: General Manager
Date: November 15, 1998 Date: November 12th, 1998
I
