University of Pennsylvania
EX-10.1 2 v186982_ex10-1.htm
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University of Pennsylvania
Second Amendment to the Amended and Restated Patent License Agreement
This Second Amendment (the “Second Amendment”) is made and entered into as of May 10, 2010 (the “Effective Date”) by and between The Trustees of the University of Pennsylvania (hereinafter referred to as “Penn”) and Advaxis, Inc., a corporation organized and existing under the laws of Delaware (hereinafter referred to as “Company”) having a place of business at Technology Centre of New Jersey, 675 U.S. Route 1, North Brunswick, NJ 08902.
WHEREAS, Penn and Company entered into an Amended and Restated License Agreement dated February 13, 2007 (the “Agreement”); and
WHEREAS, Penn and Company entered into a First Amendment to the Agreement dated March 26, 2007 (the “First Amendment”); and
WHEREAS, Company desires to further amend the Agreement to add docket numbers L2134, Q3610, Q3614, R3702, S4225, S4243, and U4810 (hereinafter referred to as “Additional Penn Dockets”) developed under the supervision of, or in collaboration with Drs. Yvonne Paterson and Fred Frankel;
WHEREAS, Company owes $249,481of unreimbursed patent expenses and Company desires to pay the patent expenses in full; and
WHEREAS, Company owes $129,598 under the sponsored research agreement and Company desires to pay the SRA balance in full.
All terms not specifically defined herein will have the meaning ascribed to them in the Agreement.
Now, therefore, in consideration of the foregoing premises, and intending to be legally bound hereby, the parties hereto agree as follows:
1) | Attachment 1- List of Intellectual Property is deleted in its entirety and replaced with Exhibit 1 to this Second Amendment, which includes the Additional Penn Dockets. |
2) | On the Effective Date of this Second Amendment Company shall pay to Penn, solely at Penn’s option, i) a non-refundable, non-assessable option exercise fee of $10,000 per Additional Docket ($70,000 total) in cash or ii) $140,000 in stock, or iii) a mix of cash and stock of which the stock component will be no less than twenty-five percent (25%) of the total. The number of shares of stock to be issue to Penn will be calculated as follows: the percentage of the option exercise fee to be paid in stock multiplied by $140,000. The product of that calculation is then divided by the price per share of the most recently completed financing round to determine the number of shares of stock to be issued to Penn. Penn will be entitled to receive the same class of shares as the most recent round of financing. The issuance to Penn will entitle Penn to the same rights, preferences, warrant and/or option coverage, conversion privileges, etc. as granted to the participants in the most recent round of financing. |
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For illustrative purposes, if the most recently completed financing round by Company priced shares at $0.20 and Penn opts to convert fifty percent (50%) of the option exercise fee to stock, then to determine the number of shares Penn will receive, take $70,000 (50% of the total amount Penn can convert to equity and double it to achieve the 2:1 ratio of stock to cash) and divide it by $0.20. The quotient yields 350,000 shares of stock. This calculation does not take into consideration any preferential or other benefits afforded the investors in the most recently completed round. Should Penn exercise its option to convert a portion of the option exercise fee to equity, Penn will be entitled to receive the same preferential or other benefits afforded the investors in the most recently completed round. In this example, the remaining balance of the option fee, $35,000 would be payable to Penn in cash.
3) | Company agrees to reimburse Penn for all outstanding expenses, associated with the Agreement and the First Amendment and the Sponsored Research Agreement (“SRA”), by wire transfer of immediately available funds, as follows: |
a) | Sixty-five thousand dollars ($65,000) on or before the first day of each month beginning May 1, 2010 and ending on September 1, 2010, inclusive. And fifty-four thousand seventy-nine dollars ($54,079) on or before September 30, 2010. |
4) | Company agrees to pay all historical patent expenses associated with this Second Amendment that adds Additional Dockets. These expenses include, but are not limited to, all historically accrued patent and licensing expenses, attorney’s fees, official fees and all other charges incident to the preparation, prosecution and maintenance of the Penn Patent Rights that were incurred and docketed by Penn relating to the Additional Penn Dockets on or before the Effective Date of this Second Amendment. Company shall pay such expenses to Penn, in cash, in the following amounts: |
| a) | at least twenty percent (20%) of any amount of funding raised on or after April 1, 2010 (whether or not the funding has been drawn), regardless of the form. Such payments will be paid to Penn within ten (10) days after the completion of each tranche of funding regardless of the form of the funding or the type of security and regardless of whether Company has drawn down funds. Notwithstanding the foregoing, Company is not precluded from paying a higher percentage of funding raised towards these obligations or paying the obligations in full at any time. |
Notwithstanding the previous paragraph, regardless of the amounts of funding raised, all outstanding patent expenses for all licensed dockets plus all SRA amounts must be paid in full by September 30, 2010.
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Any amounts not paid by the applicable due date will incur interest at one and one half percent (1.5%) per month back to April 1, 2010.
5) | This section reaffirms Company’s obligations to reimburse Penn for all documented attorneys fees, expenses, official fees and other charges incident to the preparation, prosecution, maintenance and licensing of Penn Patent Rights pursuant to the terms of the Agreement, as amended. |
6) | Except as specifically modified or amended hereby, the Agreement, as amended by the First Amendment, shall remain in full force and effect. |
7) | No provision of this Amendment may be modified or amended except expressly in a writing signed by all parties nor shall any term be waived except expressly in a writing signed by the party charged therewith. |
8) | This Second Amendment may be executed in two or more counterparts, each of which shall be deemed an original but all of which taken constitute one and the same instrument. |
IN WITNESS WHEREOF, the parties, intending to be legally bound, have caused this Second Amendment to be executed by their duly authorized representatives.
THE TRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA | ||
By: | /s/ Michael J. Cleare, PhD | |
Name: Michael J. Cleare, PhD | ||
Title: Executive Director | ||
Date: | 5/11/2010 | |
ADVAXIS, INC. | ||
By: | /s/ Thomas A. Moore | |
Name: | Thomas A. Moore | |
Title: | Chairman and CEO | |
Date: | May 7, 2010 |
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Exhibit 1
List of Intellectual Property
D751 | Live, Recombinant Listeria Monocytogenes Vaccines and Production of Cytotoxic T-Cell Response |
Serial No. | Patent No. | Country | Issue Date | File Date | App Type | Status |
07/606,546 | United States | 10/31/1990 | Utility | Abandoned | ||
08/192,857 | United States | 02/07/1994 | CIP | Abandoned | ||
08/038,356 | United States | 03/26/1993 | CIP | Abandoned | ||
08/366,477 | 5,830,702 | United States | 11/03/1998 | 12/30/1994 | Continuation | Issued |
H1219 | Specific Immunotherapy of Cancer Using a Live Recombinant Bacterial Vaccine Vector |
Serial No. | Patent No. | Country | Issue Date | File Date | App Type | Status |
2,204,666 | Canada | 11/03/1995 | National Phase | Filed | ||
PCT/US1995/014741 | World Patent Org | 11/03/1995 | PCT | Expired | ||
2007-125462 | Japan | 05/10/2007 | National Phase | Filed | ||
95939926.2 | 0790835 | Switzerland | 08/04/2004 | 11/03/1995 | EPO | Issued |
95939926.2 | 0790835 | United Kingdom | 08/04/2004 | 11/03/1995 | EPO | Issued |
95939926.2 | 0790835 | Belgium | 08/04/2004 | 11/03/1995 | EPO | Issued |
95939926.2 | 0790835 | Ireland | 08/04/2004 | 11/03/1995 | EPO | Issued |
95939926.2 | 0790835 | Germany | 08/04/2004 | 11/03/1995 | EPO | Issued |
95939926.2 | 0790835 | France | 08/04/2004 | 11/03/1995 | EPO | Issued |
95939926.2 | 0790835 | Liechtenstein | 08/04/2004 | 11/03/1995 | EPO | Issued |
95939926.2 | 0790835 | European Patent Office | 08/04/2004 | 11/03/1995 | National Phase | Issued |
515534/96 | 3995712 | Japan | 08/10/2007 | 11/03/1995 | National Phase | Filed |
08/336,372 | 6,051,237 | United States | 04/18/2000 | 11/08/1994 | Utility | Issued |
10/441,851 | 7,135,188 | United States | 11/14/2006 | 05/20/2003 | Continuation | Filed |
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Methods and compositions for immunotherapy of cancer
Serial No. | Patent No. | Country | Issue Date | File Date | App Type | Status |
09/535,212 | 6,565,852 | United States | 05/20/2003 | 03/27/2000 | CIP | Issued |
J1598 | Immunogenic Compositions Comprising DAL/DAT Double Mutant, Auxotrophic Attenuated Strains of Listeria and Their Methods of Use |
Serial No. | Patent No. | Country | Issue Date | File Date | App Type | Status |
12/216,806 | United States | 07/10/2008 | Continuation | Filed | ||
98957980.0 | Germany | 11/13/1998 | EPO | Issued | ||
98957980.0 | United Kingdom | 11/13/1998 | EPO | Issued | ||
98957980.0 | France | 11/13/1998 | EPO | Issued | ||
2,309,790 | 05083948 | Canada | 07/06/2000 | 11/13/1998 | National Phase | Filed |
98957980.0 | 1032417 | European Patent Office | 6-Jan-10 | 11/13/1998 | National Phase | Issued |
08/972,902 | 6,099,848 | United States | 08/08/2000 | 11/18/1997 | Utility | Issued |
14108/99 | 730296 | Australia | 13-Nov-98 | 11/13/1998 | National Phase | Issued |
Bacterial Vaccines Comprising Auxotrophic, Attenuated Strains of $I(Listeria) Expressing Heterologous Antigens |
Serial No. | Patent No. | Country | Issue Date | File Date | App Type | Status |
PCT/US1998/024357 | World Patent Org | 11/13/1998 | PCT | Expired |
A Bacterial Vaccine Vector and Methods of Use Thereof |
Serial No. | Patent No. | Country | Issue Date | File Date | App Type | Status |
10/660,194 | 7,488,487 | United States | 02/10/2009 | 09/11/2003 | Continuation | Issued |
Isolated nucleic acids comprising Listeria dal and dat genes
Serial No. | Patent No. | Country | Issue Date | File Date | App Type | Status |
09/520,207 | 6,504,020 | United States | 01/07/2003 | 03/07/2000 | Divisional | Issued |
10/136,253 | 6,635,749 | United States | 10/21/2003 | 05/01/2002 | Divisional | Issued |
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L2134 | Compositions, Methods and Kits for Enhancing the Immunogenicity of a Bacterial Vaccine Vector |
Serial No. | Patent No. | Country | Issue Date | File Date | App Type | Status |
2006-500840 | Japan | 01/08/2008 | National Phase | Abandoned | ||
04700858.6 | European Patent Office | 01/08/2004 | EPO | Abandoned | ||
06104227 1 | Hong Kong | National Phase | Abandoned | |||
169553 | Israel | Unknown | Abandoned | |||
10/541,614 | United States | 04/27/2006 | National Phase | Filed | ||
PCT/US2004/000366 | World Patent Org | 01/08/2004 | PCT | Expired | ||
60/439,009 | United States | 01/09/2003 | Provisional | Expired | ||
2,512,812 | Canada | National Phase | Abandoned | |||
20044204751 | Australia | National Phase | Abandoned | |||
60/259,738 | United States | 01/04/2001 | Provisional | Expired |
Compositions and Methods for Enhancing Immunogenicity of Antigens
Serial No. | Patent No. | Country | Issue Date | File Date | App Type | Status |
151942 | 151942 | Israel | 10/21/2009 | 03/26/2001 | National Phase | Issued |
2,404,164 | Canada | National Phase | Abandoned | |||
01928324.1 | European Patent Office | 03/26/2001 | EPO | Filed | ||
01928324.1 | Germany | 03/26/2001 | EPO | In Preparation | ||
01928324.1 | France | 03/26/2001 | EPO | In Preparation | ||
2001-570290 | Japan | 03/26/2001 | National Phase | Filed | ||
01928324.1 | United Kingdom | 03/26/2001 | EPO | In Preparation | ||
PCT/US2001/009736 | World Patent Org | 03/25/2001 | PCT | Expired | ||
09/735,450 | 6,767,542 | United States | 07/27/2004 | 12/13/2000 | CIP | Issued |
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Fusion of Non-hemolytic, Truncated Form of Listeriolysin O to Antigens to Enhance Immunogenicity |
Serial No. | Patent No. | Country | Issue Date | File Date | App Type | Status |
10/239,703 | 7,635,479 | United States | 12/22/2009 | 03/26/2001 | National Phase | Issued |
11/376,572 | United States | 03/16/2006 | Divisional | Filed | ||
11/376,564 | United States | 03/16/2006 | Divisional | Filed | ||
09/537,642 | 6,855,320 | United States | 02/15/2005 | 03/29/2000 | Utility | Issued |
10/835,662 | 7,588,930 | United States | 09/15/2009 | 04/30/2004 | CIP | Issued |
O2876 | Compositions and Methods for Enhancing the Immunogenicity of Antigens |
Q3610 | Antibiotic Resistance Free DNA Vaccines |
Serial No. | Patent No. | Country | Issue Date | File Date | App Type | Status |
60/601,493 | United States | 08/13/2004 | Provisional | Expired | ||
05810446.4 | European Patent Office | 08/15/2005 | EPO | Filed | ||
2,577,270 | Canada | 08/15/2005 | National Phase | Filed | ||
11/203,408 | United States | 08/15/2005 | Utility | Filed | ||
2005271247 | Australia | 08/15/2005 | National Phase | Abandoned | ||
PCT/US2005/028896 | World Patent Org | 08/15/2005 | PCT | Expired | ||
2007-525862 | Japan | 08/15/2005 | National Phase | Filed |
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Q3614 | Methods for Constructing Antibiotic Resistance Free Vaccines |
Serial No. | Patent No. | Country | Issue Date | File Date | App Type | Status |
11/203,415 | United States | 08/15/2005 | Utility | Filed | ||
11/785,249 | United States | 04/16/2007 | CIP | Filed | ||
11/818,965 | United States | 04/27/2007 | CIP | Filed | ||
2,577,306 | Canada | 08/15/2005 | National Phase | Filed | ||
05808671.1 | European Patent Office | 08/15/2005 | EPO | Filed | ||
PCT/US2005/028895 | World Patent Org | 08/15/2005 | PCT | Expired | ||
2007-525861 | Japan | 08/15/2005 | National Phase | Filed | ||
60/601,492 | United States | 08/13/2004 | Provisional | Expired | ||
2005271246 | Australia | 08/15/2005 | National Phase | Abandoned | ||
PCT/US08/04861 | World Patent Org | 04/15/2008 | PCT | Expired | ||
TBD | Japan | 04/15/2008 | National Phase | In Preparation | ||
60/924,033 | United States | 04/27/2007 | Provisional | Unknown | ||
08742912.2 | European Patent Office | 04/15/2008 | National Phase | Filed |
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R3702 | Listeria-Based and Llo-Based Vaccines |
Serial No. | Patent No. | Country | Issue Date | File Date | App Type | Status |
05811815.9 | European Patent Office | 09/14/2005 | EPO | Filed | ||
2005289957 | Australia | 09/14/2005 | National Phase | Abandoned | ||
2007-533537 | Japan | 09/14/2005 | National Phase | Filed | ||
2,581,331 | Canada | 09/14/2005 | National Phase | Filed | ||
PCT/US2005/032682 | World Patent Org | 09/14/2005 | PCT | Expired | ||
10/949,667 | United States | 09/24/2004 | CIP | Filed | ||
PCT/US06/43987 | World Patent Org | 11/13/2006 | PCT | Expired | ||
60/735,184 | United States | 11/10/2005 | Provisional | Expired | ||
12/084,829 | United States | 11/13/2006 | National Phase | Abandoned | ||
11/223,945 | United States | 09/13/2005 | CIP | Filed |
S4225 | Compositions and Methods for Enhancing the Immunogenicity of Antigens |
Serial No. | Patent No. | Country | Issue Date | File Date | App Type | Status |
08726578.1 | European Patent Office | 03/07/2008 | EPO | Filed | ||
PCT/US2008/03067 | United States | 03/07/2008 | PCT | Expired | ||
TBD | Japan | 03/07/2008 | National Phase | Filed | ||
PCT/US2007/10635 | World Patent Org | 05/02/2007 | PCT | Expired | ||
11/715,497 | United States | 03/08/2007 | CIP | Filed | ||
11/415,271 | United States | 05/02/2006 | CIP | Filed |
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S4243 | Methods and Compositions for Treating IgE-Mediated Diseases |
Serial No. | Patent No. | Country | Issue Date | File Date | App Type | Status |
2009-523812 | Japan | 08/06/2007 | National Phase | Filed | ||
11/882,782 | United States | 08/06/2007 | Utility | Abandoned | ||
60/835,420 | United States | 08/04/2006 | Provisional | Expired | ||
PCT/US2007/017479 | World Patent Org | 08/06/2007 | PCT | Expired | ||
078111120.0 | European Patent Office | 08/06/2007 | National Phase | Filed |
U4810 | A listeria monocytogenes-based bacterial vaccine vector expressing mouse VEGFR2/Flk-1 for cancer therapy |
Serial No. | Patent No. | Country | Issue Date | File Date | App Type | Status |
61/157,367 | United States | 3/4/2009 | Provisional | Filed |
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