Termination Letter of Award Agreement between Genaera Corporation and Cystic Fibrosis Foundation Therapeutics, Inc.
Genaera Corporation and Cystic Fibrosis Foundation Therapeutics, Inc. have agreed to terminate their award agreement related to the clinical development of LOMUCIN for cystic fibrosis. The termination follows the closure of Genaera’s phase 2 trial. Genaera will receive a final milestone payment of $100,000, and is not required to repay any funds previously received under the agreement. Both parties have confirmed and accepted the terms of this termination in writing.
| Exhibit 10.1 |
| [GENAERA LETTERHEAD] |
| June 28, 2007 |
| Christopher M. Penland, Ph.D. Director of Research Cystic Fibrosis Foundation 6931 Arlington Road, Suite 200 Bethesda, MD 20814 |
| VIA FACSIMILE HARDCOPY TO FOLLOW |
| Dear Chris, |
The purpose of this letter is to serve as notification of the termination of the award to Genaera Corporation (“Genaera”) from the Cystic Fibrosis Foundation Therapeutics, Inc. (“CFFT”) for the clinical development of LOMUCIN™ for treatment of cystic fibrosis dated December 31, 2002, as amended (the “Award”), as a result of the closure of Genaera’s phase 2 trial of LOMUCIN™ (MSI-1995) in cystic fibrosis.
This letter will also confirm that pursuant to the Award, a final milestone in the amount of $100,000 will be due to Genaera and all payments made by the CFFT to Genaera under the Award will not be required to be reimbursed to the CFFT by Genaera as a result of the termination of the Award.
Please indicate your confirmation of the above with your signature and return to my attention via fax at ###-###-####.
Should you have any questions or require anything additional, please contact me.
| Sincerely, |
| /s/ Leanne M. Kelly_____________ Leanne M. Kelly Senior Vice President and Chief Financial Officer CONFIRMED and ACCEPTED: Signature: /s/ Preston W. Campbell, III, M.D. Name: Preston W. Campbell, III, M.D._____ Date: June 29, 2007____________________ |
