Notice of Termination of Second Performance Period under Investigator Initiated Study Agreement between Cyto Wave Technologies Inc. and University of Arkansas for Medical Sciences
Cyto Wave Technologies Inc. is notifying the University of Arkansas for Medical Sciences that it is terminating the second performance period of their Investigator Initiated Study Agreement, which was scheduled from September 1, 2013 to March 31, 2014. The termination is due to Cyto Wave's decision not to approve the associated budget of $436,485. As a result, the second phase of the project will not proceed, and no payment will be made for this period.
EXHIBIT 10.1
Cyto Wave Technologies Inc.
201 Spear Street, Suite 1100
San Francisco, CA 94105
August 21, 2013
TO:
University of Arkansas for Medical Sciences
Office of Research and Sponsored Programs 4301 West Markham, #718-3
Little Rock, AR 72205 USA Attn: Sr. Contracts Attorney
RE: Termination of Second Performance Period from September 1, 2013 through March 31, 2014
CC: James Suen, Vladimir Zharov
Dear Ms. Alstadt,
Per the Investigator Initiated Study Agreement (the “Agreement”) that was signed on April 18, 2013 between Cyto Wave Technologies, Inc., (“CytoWave”) and The Board of Trustees of the University of Arkansas acting for and on behalf of the University of Arkansas for Medical Sciences (“Sponsor-Institute”), we are hereby terminating the second performance period from September 1, 2013 through March 31, 2014 which has a budget of Four Hundred Thirty Six Thousand Four Hundred and Eighty Five US Dollar ($436,485.00) per Exhibit C of the Agreement.
Payment for the second performance period is contingent on CytoWave’s prior approval. We do not approve the budget and thereby the second performance period.
Best regards,
/s/ George Yu
George Yu
President & CEO
Cyto Wave Technologies Inc.
