EXCLUSIVE LICENSE AGREEMENT
Exhibit 10.12
This Agreement, effective as of April 15, 2003 (the “Effective Date”), is between the
University of Massachusetts Medical School (“Medical School”), a public institution of higher
education of the Commonwealth of Massachusetts having an address of 00 Xxxx Xxxxxx Xxxxx,
Xxxxxxxxx, XX 00000, and CytRx Corporation (“Company”), a Delaware corporation having an address
of11726 Xxx Xxxxxxx Xxxxxxxxx, Xxxxx 000, Xxx Xxxxxxx, Xxxxxxxxxx 00000.
R E C I T A L S
1.1. “Affiliate” means any legal entity (such as a corporation, partnership, or limited
liability company) that is controlled by Company. For the purposes of this definition, the term
“control” means (a) beneficial ownership of at least fifty percent (50%) of the voting securities
of a corporation or other business organization with voting securities or (b) a fifty percent (50%)
or greater interest in the net assets or profits of a partnership or other business organization
without voting securities.
1.2. “Biological Materials” means certain tangible biological materials that are necessary for
the effective exercise of the Patent Rights, which materials are described on Exhibit A, as well as
tangible materials that are routinely produced through use of the original materials, including,
for example, any progeny derived from a cell line, monoclonal antibodies produced by hybridoma
cells, DNA or RNA replicated from isolated DNA or RNA, recombinant proteins produced through use of
isolated DNA or RNA, and substances routinely purified from a source material included in the
original materials (such as recombinant proteins isolated from a cell extract or supernatant by
non-proprietary affinity purification methods). These Biological Materials shall be listed on
Exhibit A, which will be periodically amended to include any additional Biological Materials that
Medical School may furnish to Company.
1.3. “Combination Product” means a product that contains a Licensed Product component and at
least one other essential functional component.
1.4. “Confidential Information” means any confidential or proprietary information furnished by
one party (the “Disclosing Party”) to the other party (the “Receiving Party”) in connection with
this Agreement, provided that such information is specifically designated as confidential. Such
Confidential Information shall include, without limitation, any diligence reports furnished to
Medical School under Section 3.1. and royalty reports furnished to Medical School under Section
5.2.
1.5. “Field” means inhibition of mutant superoxide dismutase (SOD1) gene expression for the
treatment of amyotrophic lateral sclerosis (ALS) including therapeutics, prophylactics and
diagnostics.
1.6. “Licensed Product” means any product that cannot be developed, manufactured, used, or
sold without (a) infringing one or more claims under the Patent Rights, (b) using or incorporating
some portion of one or more Biological Materials, or (c) using some portion of the Related
Technology.
1.7. “Net Sales” means the gross amount billed or invoiced on sales by Company and its
Affiliates and Sublicensees of Licensed Products, less the following: (a) customary trade,
quantity, or cash discounts and commissions to non-affiliated brokers or agents to the extent
actually allowed and taken; (b) amounts repaid or credited by reason of rejection or return; (c) to
the extent separately stated on purchase orders, invoices, or other documents of sale, any taxes or
other governmental charges levied on the production, sale, transportation, delivery, or use of a
Licensed Product which is paid by or on behalf of Company; (d) outbound transportation costs
prepaid or allowed and costs of insurance in transit; and (e) allowance for bad debt that is
customary and reasonable for the industry and in accordance with generally accepted accounting
principles. Notwithstanding anything to the contrary in this Section 1.7, Net Sales does not
include sales of Licensed Products at or below the fully burdened cost of manufacturing solely for
research or clinical testing or for indigent or similar public support or compassionate use
programs.
In any transfers of Licensed Products between Company and an Affiliate or Sublicensee, Net
Sales shall be calculated based on the final sale of the Licensed Product to an independent third
party. In the event that Company or an Affiliate or Sublicensee receives non-monetary
consideration for any Licensed Products, Net Sales shall be calculated based on the fair market
value of such consideration. .
In the case of Combination Products, Net Sales means the gross amount billed or invoiced on
sales of the Combination Product less the deductions set forth above, multiplied by a proration
factor that is determined as follows:
(i) If all components of the Combination Product were sold separately during the same
or immediately preceding Royalty Period, the proration factor shall be determined
by the formula [A / (A+B)], where A is the aggregate gross sales price of all Licensed
Product components during such period when sold separately from the other essential
functional components, and B is the aggregate gross sales price of the other essential
functional components during such period when sold separately from the Licensed Product
Components; or
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(ii) If all components of the Combination Product were not sold separately during the
same or immediately preceding Royalty Period, the proration factor shall be determined by
the formula [C / (C+D)], where C is the aggregate fully absorbed cost of the Licensed
Product components during the prior Royalty Period and D is the aggregate fully absorbed
cost of the other essential functional components during the prior Royalty Period, with such
costs being determined in accordance with generally accepted accounting principles.
1.8. “Patent Rights” means the U.S. patent applications listed on Exhibit A, and any
divisional, continuation, or continuation-in-part of such patent applications to the extent the
claims are directed to subject matter specifically described therein, as well as any patent issued
thereon and any reissue or reexamination of such patent, and any foreign counterparts to such
patents and patent applications. Exhibit A shall be periodically amended to include any additional
Patent Rights that may arise. “Medical School Patent Rights” means Patent Rights assigned solely
to Medical School (and other academic institutions, if any). “Joint Patent Rights” means Patent
Rights assigned to both Medical School and Company.
1.9. “Related Technology” means any know-how, technical information, research and development
information, test results, and data necessary for the effective exercise of the Patent Rights.
1.10. “Royalty Period” means the partial calendar quarter commencing on the date on which the
first Licensed Product is sold or used and every complete or partial calendar quarter thereafter
during which either (a) this Agreement remains in effect or (b) Company has the right to complete
and sell work-in-progress and inventory of Licensed Products pursuant to Section 8.5.
1.11. “Sublicense Income” means any payments that Company receives from a Sublicensee in
consideration of the sublicense of the rights granted Company under Section 2.1., including without
limitation license fees, royalties, milestone payments, and license maintenance fees, but excluding
the following payments: (a) payments made in consideration for the issuance of equity or debt
securities of Company at fair market value, and (b) payments specifically committed to the
development of Licensed Products.
1.12. “Sublicensee” means any permitted sublicensee of the rights granted Company under this
Agreement, as further described in Section 2.2.
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(c) Subject to applicable law or the rights of research sponsors, the Medical School shall use
its best efforts to make any improvements to the Patent Rights available to Company.
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(a) Within ninety (90) days after the Effective Date, Company shall furnish Medical
School with a written research and development plan under which Company intends to develop
Licensed Products.
(b) Within sixty (60) days after each anniversary of the Effective Date, Company shall
furnish Medical School with a written report on the progress of its efforts during the prior
year to develop and commercialize Licensed Products, including without limitation research
and development efforts, efforts to obtain regulatory approval, marketing efforts, and sales
figures. The report shall also contain a discussion of intended efforts and sales
projections for the current year.
(c) Company shall endeavor to obtain all necessary governmental approvals for the
manufacture, use and sale of Combination Product and Licensed Product. Specifically,
Company shall:
(i) Within eight (8) years after the Effective Date, file an Investigational New
Drug Application (“IND”) or its equivalent covering at least one Combination Product or
Licensed Product with the U.S. Food and Drug Administration (“FDA”);
(ii) Within thirteen (13) years after the Effective Date, file a New Drug
Application (“NDA”) with the FDA covering at least one Combination Product or Licensed
Product;
(iii) Within eighteen (18) months after receiving FDA approval of the NDA for a
Combination Product or Licensed Product, market at least one Combination Product or
Licensed Product in the U.S. ; and
(iv) reasonably fill the market demand for any Combination Product or Licensed
Product following commencement of marketing of such product at any time during the
exclusive period of this Agreement.
(d) Within eighteen (18) months after the Effective Date, Company shall successfully undertake
a public or private offering of raising ten million dollars ($10,000,000).
Company shall have the responsibility to finance its obligations in this Section 3.1, and the
Medical School shall provide reasonable cooperation to Company in this regard. In the event that
Medical School determines that Company (or an Affiliate or Sublicensee) has not fulfilled its
obligations under this Section 3.1., Medical School shall furnish Company with written notice of
such determination. Within sixty (60) days after receipt of such notice, Company shall either
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(i) fulfill the relevant obligation or (ii) negotiate with Medical School a mutually acceptable
schedule of revised diligence obligations, failing which Medical School shall have the right,
immediately upon written notice to Company, to terminate this Agreement or to grant additional
licenses to third parties to the Patent Rights and Biological Materials in the Field. The Medical
School may not unreasonably withhold acceptance of Company’s revised diligence obligations.
3.3. Use of Medical School Name. In accordance with Section 7.3., Company and its Affiliates
and Sublicensees shall not use the name “University of Massachusetts Medical School” or any
variation of that name in connection with the marketing or sale of any Licensed Products.
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(a) Company or its Affiliates or Sublicensees shall obtain all necessary approvals from
the United States Food & Drug Administration and any similar governmental authorities of any
foreign jurisdiction in which Company or an Affiliate or Sublicensee intends to make, use,
or sell Licensed Products.
(b) Company and its Affiliates and Sublicensees shall comply with all United States
laws and regulations controlling the export of certain commodities and technical data,
including without limitation all Export Administration Regulations of the United States
Department of Commerce. Among other things, these laws and regulations prohibit, or require
a license for, the export of certain types of commodities and technical data to specified
countries. Company hereby gives written assurance that it will comply with, and will cause
its Affiliates and Sublicensees to comply with, all United States export control laws and
regulations, that it bears sole responsibility for any violation of such laws and
regulations by itself or its Affiliates or Sublicensees, and that it will indemnify, defend,
and hold Medical School harmless (in accordance with Section 3.2.) for the consequences of
any such violation.
(c) To the extent that any invention claimed in the Patent Rights has been partially
funded by the United States government, and only to the extent required by applicable laws
and regulations, Company agrees that any Licensed Products used or sold in the United States
will be manufactured substantially in the United States or its territories. Current law
provides that if domestic manufacture is not commercially feasible under the circumstances,
Medical School may seek a waiver of this requirement from the relevant federal agency on
behalf of Company.
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of shares of Common Stock of Company, ($.01 par value per share) equal to {***} of the outstanding shares of
Company. Company shall register the shares that are issued to the Medical School within ninety
(90) days after their issuance and those shares will then be unrestricted.
Milestone | Payment | |
Filing of IND or equivalent for each product |
${***} | |
Entry into Phase I Clinical trial or equivalent for each Licensed Product |
${***} for first product and ${***} for each subsequent product | |
Entry into Phase II clinical trial or equivalent for each Licensed Product |
${***} for first product and ${***} for each subsequent product | |
Entry into Phase III clinical trial or equivalent for each Licensed Product |
${***} for first product and ${***} for each subsequent product | |
Filing for market approval (NDA or equivalent) in any country besides the United States |
${***} for first product and ${***} for each subsequent product | |
Commencement of product marketing in the United States |
${***} | |
First market approval for first three European countries in total |
${***} |
These milestone payments are nonrefundable and are not creditable against any other payments due to
University under this Agreement.
Company shall pay Medical School a one-time bonus in the amount of {***} in the event that
cumulative gross sales of Licensed Products by Company and its Affiliates or Sublicense Income
exceed {***} in one calendar year in the United States. Company shall pay Medical School a
one-time bonus in the amount of {***} in the event that cumulative gross sales of Licensed Products
by Company and its Affiliates or Sublicense Income exceed {***} in one calendar year in Japan and
Europe.
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(i) If a particular Licensed Product is within the definition of “Licensed Product” solely
because it uses or incorporates Related Technology, the royalty rate applicable to such Licensed
Product shall be reduced by {***}.
(ii) If there is a competing product in the marketplace, no royalties are due for a Licensed
Product that is within the definition of “Licensed Product” because it uses or incorporates only
Related Technology or Biological Materials.
(iii) If during the Royalty Period, patents under the Patent Rights have expired or have been
abandoned in a particular country, (I) no royalty is payable by Company, if there is a competing
product in that country, and (II) if Company reduces its prices for Licensed Products in that
country, even if there is no competing product in that country, Company and Medical School shall
negotiate in good faith a reduction in the royalty rate to reflect the reduction in Company’s gross
margins caused by the price reduction.
(iv) Company shall pay Medical School {***} of Net Sales of commercial clinical laboratory
services by Company and its Affiliates
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4.7., when aggregated
with any other offsets and credits allowed under this Agreement, be reduced by more than fifty
percent (50%) in any Royalty Period.
(a) the number of Licensed Products sold to independent third parties in each country;
(b) the gross sales price for each Licensed Product sold by Company and its Affiliates
during the applicable Royalty Period in each country;
(c) calculation of Net Sales for the applicable Royalty Period in each country,
including a listing of applicable deductions;
(d) total royalty payable on Net Sales in U.S. dollars, together with the exchange
rates used for conversion; and
(e) the portion of royalty-based Sublicense Income due to Medical School for the
applicable Royalty Period from each Sublicensee.
All such reports shall be considered Company Confidential Information. If no royalties are due to
Medical School for any Royalty Period, the report shall so state. Concurrent with this report,
Company shall remit to Medical School any payment due for the applicable Royalty Period.
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5.7. Method of Payment. All payments under this Agreement should be made in the name of the
“University of Massachusetts Medical School” and sent to the address identified below. Each
payment should reference this Agreement and identify the obligation under this Agreement that the
payment satisfies.
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Medical
School as to the preparation, filing, prosecution, and maintenance of all such Patent Rights
reasonably prior to any deadline or action with the U.S. Patent & Trademark Office or any foreign
patent office and shall furnish Medical School with copies of all relevant documents reasonably in
advance of such consultation.
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public interest. Company shall not
enter into any settlement, consent judgment, or other voluntary final disposition of any
infringement action under this Subsection without the prior written consent of Medical School,
which consent shall not be unreasonably withheld or delayed. Any recovery obtained in an action
under this Subsection shall be distributed as follows: (i) each party shall be reimbursed for any
expenses incurred in the action (including the amount of any royalty payments withheld from Medical
School as described below), (ii) as to ordinary damages, Company shall receive an amount equal to
its lost profits or a reasonable royalty on the infringing sales (whichever measure of damages the
court shall have applied), less a reasonable approximation of the royalties that Company would have
paid to Medical School if Company had sold the infringing products and services rather than the
infringer, and (iii) as to special or punitive damages, the parties shall share equally in any
award. Company may offset a total of fifty percent (50%) of any expenses incurred under this
Subsection against any royalty payments due to Medical School under this Agreement, provided that
in no event shall the royalty payments under Section 4.5. and 4.7., when aggregated with any other
offsets and credits allowed under this Agreement, be reduced by more than fifty percent (50%) in
any Royalty Period.
7. Confidential Information; Publications; Publicity.
7.1. Confidential Information.
(a) Designation. Confidential Information that is disclosed in writing shall be marked with a
legend indicating its confidential status (such as “Confidential” or “Proprietary”). Confidential
Information that is disclosed orally or visually shall be documented in a written notice prepared
by the Disclosing Party and delivered to the Receiving Party within thirty (30) days of the date of
disclosure; such notice shall summarize the Confidential Information disclosed to the Receiving
Party and reference the time and place of disclosure.
(b) Obligations. For a period of five (5) years after disclosure of any portion of
Confidential Information, the Receiving Party shall (i) maintain such Confidential Information in
strict confidence, except that the Receiving Party may disclose or permit the disclosure of any
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Confidential Information to its directors, officers, employees, consultants, and advisors who are
obligated to maintain the confidential nature of such Confidential Information and who need to know
such Confidential Information for the purposes of this Agreement; (ii) use such Confidential
Information solely for the purposes of this Agreement; and (iii) allow its trustees or directors,
officers, employees, consultants, and advisors to reproduce the Confidential Information only to
the extent necessary for the purposes of this Agreement, with all such reproductions being
considered Confidential Information.
(c) Exceptions. The obligations of the Receiving Party under Subsection 7.1.(b) above shall
not apply to the extent that the Receiving Party can demonstrate that certain Confidential
Information (i) was in the public domain prior to the time of its disclosure under this Agreement;
(ii) entered the public domain after the time of its disclosure under this Agreement through means
other than an unauthorized disclosure resulting from an act or omission by the Receiving Party;
(iii) was independently developed or discovered by the Receiving Party without use of the
Confidential Information; (iv) is or was disclosed to the Receiving Party at any time, whether
prior to or after the time of its disclosure under this Agreement, by a third party having no
fiduciary relationship with the Disclosing Party and having no obligation of confidentiality with
respect to such Confidential Information; or (v) is required to be disclosed to comply with
applicable laws or regulations, or with a court or administrative order, provided that the
Disclosing Party receives reasonable prior written notice of such disclosure.
(d) Ownership and Return. The Receiving Party acknowledges that the Disclosing Party (or any
third party entrusting its own information to the Disclosing Party) claims ownership of its
Confidential Information in the possession of the Receiving Party. Upon the expiration or
termination of this Agreement, and at the request of the Disclosing Party, the Receiving Party
shall return to the Disclosing Party all originals, copies, and summaries of documents, materials,
and other tangible manifestations of Confidential Information in the possession or control of the
Receiving Party, except that the Receiving Party may retain one copy of the Confidential
Information in the possession of its legal counsel solely for the purpose of monitoring its
obligations under this Agreement.
7.2. Publications. Medical School and its employees will be free to publicly disclose
(through journals, lectures, or otherwise) the results of any research in the Field or relating to
the subject matter of the Patent Rights, except as otherwise provided by written agreement between
Medical School and Company (e.g., a sponsored research agreement).
7.3. Publicity Restrictions. Company shall not use the name of Medical School or any of its
trustees, officers, faculty, students, employees, or agents, or any adaptation of such names, or
any terms of this Agreement in any promotional material or other public announcement or disclosure
without the prior written consent of Medical School. The foregoing notwithstanding, Company shall
have the right to disclose such information without the consent of Medical School in any
prospectus, offering memorandum, or other document or filing required by applicable securities laws
or other applicable law or regulation, provided that Company shall have given Medical School at
least ten (10) days (or such prior shorter period in order to enable Company to make a timely
announcement, while affording the Medical School the maximum feasible time to review the
announcement) prior written notice of the proposed text for the purpose of giving Medical School
the opportunity to comment on such text.
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10.3. Tax-Exempt Status. Company acknowledges that Medical School, as a public institution of
the Commonwealth of Massachusetts, holds the status of an exempt organization under the United
States Internal Revenue Code. Company also acknowledges that certain facilities in which the
licensed inventions were developed may have been financed through offerings of tax-exempt bonds.
If the Internal Revenue Service determines, or if counsel to Medical School reasonably determines,
that any term of this Agreement jeopardizes the tax-
exempt status of Medical School or the bonds used to finance Medical School facilities, the
relevant term shall be deemed an invalid provision and modified in accordance with Section 10.11.
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10.9. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts irrespective of any conflicts of law principles.
If to Medical School:
Office of Technology Management
University of Massachusetts Medical School
000 Xxxxxxxxxx Xxxxxx, Xxxxx 000
Xxxxxxxxx, XX 00000
University of Massachusetts Medical School
000 Xxxxxxxxxx Xxxxxx, Xxxxx 000
Xxxxxxxxx, XX 00000
Attention: Xxxxxx F.X. XxXxxxx
Executive Director
Executive Director
Tel: (000) 000-0000
Fax: (000) 000-0000
Fax: (000) 000-0000
If to Company:
CytRx Corporation
00000 Xxx Xxxxxxx Xxxxxxxxx, Xxxxx 000
Xxx Xxxxxxx, Xxxxxxxxxx 00000
Attention: Xxxxxx X. Xxxxxxxxx
Invoices to: Xxxxxx X. Xxxxxxxxx
00000 Xxx Xxxxxxx Xxxxxxxxx, Xxxxx 000
Xxx Xxxxxxx, Xxxxxxxxxx 00000
Attention: Xxxxxx X. Xxxxxxxxx
Invoices to: Xxxxxx X. Xxxxxxxxx
All notices under this Agreement shall be deemed effective upon receipt. A party may change its
contact information immediately upon written notice to the other party in the manner provided in
this Section.
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Article 9. While the dispute is pending resolution, this Agreement shall be construed as if such
provision were deleted by agreement of the parties.
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UNIVERSITY OF MASSACHUSETTS | CYTRX CORPORATION | |||||||||
MEDICAL SCHOOL | ||||||||||
By:
|
/s/ Xxxxxx F. X. XxXxxxx
|
By: | /s/ Xxxxxx X. Xxxxxxxxx
|
|||||||
Xxxxxx F.X. XxXxxxx | Xxxxxx X. Xxxxxxxxx | |||||||||
Executive Director, Office of | Chief Executive Officer | |||||||||
Technology Management |
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EXHIBIT A
List of Patent Rights
Patent Rights
Docket number: UMMC 03-60 Title: “Selective Silencing of a Dominant ALS Gene by RNAi”
Patent Application Serial number: 60/423,507, filed on November 4, 2002
Inventors: Xxxxxxxx Xx et al
This Amendment No. 1, dated as of February 1, 2004 (the “Amendment”) is being made to the
Exclusive License Agreement relating to UMMC 03-60 (the “License Agreement”), effective as of April
15, 2003, by and between the University of Massachusetts Medical School (“Medical School”), a
public institution of higher education of the Commonwealth of Massachusetts having an address of 00
Xxxx Xxxxxx Xxxxx, Xxxxxxxxx, XX 00000, and CytRx Corporation (“Company”), a Delaware corporation
having an address of 00000 Xxx Xxxxxxx Xxxxxxxxx, Xxxxx 000, Xxx Xxxxxxx, Xxxxxxxxxx 00000.
R E C I T A L S
Section 4.8 of the License Agreement is hereby amended to read in full as follows:
“4.8 Third-Party and Other Payments. If Company is legally required to make royalty
or sublicense income payments to Medical School under any other license agreement, as well as this
Agreement, or to one or more third parties, as well as this Agreement, in the same Royalty Period
for which payments are due under Section 4.5 or 4.7 in order for Company to make, use or sell
Licensed Products or have its Sublicensee make, use, or sell Licensed Products:
(a) Other Medical School Payments. In the case of payments to Medical School under
Sections 4.5 and 4.7 with respect to any Licensed Product, Company shall pay only the highest rate
among this Agreement and any other Medical School licenses, and that one payment shall be deemed to
satisfy the payment requirements for the applicable period under not only this Agreement but each
of the other Medical School licenses.
(b) Third Party Payments. In the case of payments to one or more third parties with
respect to any Licensed Product under this Agreement, Company may reduce its
payment to Medical School under Section 4.5 or 4.7 of this Agreement for the applicable Royalty Period by fifty
percent (50%) of the amount actually paid to third parties. However, in no event will the
reductions made pursuant to this Section 4.8(b) result in more than a fifty percent (50%) reduction
in the payments that would otherwise be payable to Medical School under Section 4.5 and 4.7 (after
taking into account Section 4.8(a)).
(c) Example: Royalty Reductions. By way of illustration for Section 4.5 royalty
payment reductions, for a particular Licensed Product, assume a royalty of (***) of Net Sales under
another Medical School license and a payment of (***) of Net Sales to a third party. The reduction
calculation would be as follows: The total (***) royalty rate in this Agreement would apply, and
Company would reduce that rate by 50% of the (***) due to the third party, resulting in a (***)
royalty to Medical School under this Agreement, and no royalties payable to the Medical School
under the other Medical School license.
(d) Example: Sublicense Income Payments. By way of illustration for Section 4.7
Sublicense Income payment reductions, assume (i) the total Sublicense Income received by Company
from the Sublicensee is (***), and (ii) Company paid a third party (***) in order to allow the
sublicensee to make Licensed Products. Company would then be required to pay the Medical School
under this Agreement (***) (Medical School receiving (***) of the (***) reduced by one-half of the
(***) paid to the third party). If Company also sublicensed another Medical School license with
respect to the Licensed Products, Company would not be required to make additional sublicense
income payments.”
Except for the amendment of Section 4.8 of the License Agreement provided for in Section 1 of
this Amendment, all of the terms and conditions of the License Agreement shall continue in full
force and effect.
3. Miscellaneous.
3.1 Dispute Resolution. The parties agree that any dispute arising out of or relating
to this Amendment shall be resolved solely by means of the procedures set forth in Article 9 of the
Agreement.
3.2 Counterparts. This Amendment may be executed in one or more counterparts, each of
which shall be deemed an original, and all of which together shall be deemed to be one and the same
instrument.
3.3 Headings. All headings are for convenience only and shall not affect the meaning
of any provision of this Amendment.
3.4 Binding Effect. This Amendment shall be binding upon and inure to the benefit of
the parties and their respective permitted successors and assigns.
3.5 Amendment. This Amendment may be amended, supplemented, or otherwise modified
only by means of a written instrument signed by all of the parties.
3.6 Governing Law. This Amendment shall be governed by and construed in accordance
with the laws of the Commonwealth of Massachusetts irrespective of any conflicts of law principles.
UNIVERSITY OF MASSACHUSETTS | CYTRX CORPORATION | |||||||||
MEDICAL SCHOOL | ||||||||||
By:
|
/s/ Xxxxxxx X. Xxxxxx
|
By: | /s/ Xxxxxx X. Xxxxxxxxx
|
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Office of Technology Management | Chief Executive Officer |