Fourth Amendment to Patent License Agreement by and between us and the University of Central Florida Research Foundation, dated July 31, 2023
Exhibit 10.23
Fourth Amendment to Patent License Agreement
This Fourth Amendment (“Fourth Amendment”) to the License Agreement (License ID: 80471) (“License Agreement”) is effective July ___, 2023 (the “Fourth Amendment Effective Date”) by and between the University of Central Florida Research Foundation, Inc., having an address and place of business at 12201 Research Parkway, Suite 501, Orlando, Florida, 32826 (the “LICENSOR”), and Hesperos, Inc., a Delaware corporation authorized to conduct business in Florida as a foreign corporation, having an office and place of business at 12501 Research Parkway, Suite 100, Orlando, Florida 32826 (the “LICENSEE”). Capitalized terms used but not defined herein shall have the meanings ascribed to them in the License Agreement.
WHEREAS, LICENSOR and LICENSEE executed the License Agreement having an effective date of October 6, 2015, the First Amendment to the License Agreement dated September 16, 2016, the Second Amendment to the License Agreement dated October 30, 2016, and the Third Amendment to the License Agreement (the “Third Amendment”) dated April 26, 2022 (the “Third Amendment Effective Date”);
WHEREAS, the completion of a firmly underwritten initial public offering and sale of shares of common stock of LICENSEE pursuant to an effective registration statement under the Securities Act of 1933, as amended (the “IPO”), was a condition precedent to the validity and enforceability of the Third Amendment, and the failure to complete the IPO within twelve months from the Third Amendment Effective Date rendered the Third Amendment null and void ab initio;
WHEREAS, LICENSOR desires the LICENSEE to have an IPO and is willing to amend the License Agreement;
NOW, THEREFORE, in consideration of the mutual covenants and agreement of terms set forth herein, and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:
1. | LICENSEE AGREEMENT – ARTICLE IV–ROYALTIES, PAYMENTS AND REPORTS |
Replace Section B.2. of Article IV – Royalties, Payments and Reports with the following:
Upon written notification to LICENSOR, LICENSEE may incorporate the New Inventions into the Patent Rights. For New Inventions that are: (a) solely owned or controlled by LICENSOR, LICENSOR’s equity ownership interest shall increase by 25,000 shares of LICENSEE’s common stock for each New Invention having the same Docket # (e.g. from current Patent Rights, all cases bearing the docket number “10613-023” belong to the same patent family, while all cases bearing the docket number “10613-026” belong to a different patent family) that is/are incorporated into the Patent Rights and added to Appendix A Patent Rights, or (b) Joint Inventions or Jointly Owned Patent Rights, LICENSOR’s equity ownership interest shall increase by 6,250 shares of LICENSEE’s common stock for each New Inventions having the same Docket # that is/are incorporated into the Patent Rights and added to Appendix A Joint Owned Patent Rights. The shares of LICENSEE’s common stock to be issued pursuant to this Section B.2 shall be appropriately adjusted in the event of any stock dividend, stock split, revenue stock split or other similar recapitalization with respect to the shares of common stock of the LICENSEE.
2. | LICENSOR hereby waives its rights under Article IV Section H of the License Agreement with regard to LICENSOR’s right to sell all or a portion of LICENSOR’s stake in LICENSEE at the time of an IPO. In addition, LICENSOR agrees to enter into a commercially reasonable lock-up agreement with LICENSEE’s underwriter that will prohibit LICENSOR from transferring or selling any of LICENSEE’s common stock at the IPO and for the six months immediately following the IPO. |
3. | LICENSOR and LICENSEE acknowledge that the list of Licensed Patents (as defined in the License Agreement) attached hereto as Exhibit A is a complete, true, and accurate list of the Licensed Patents that have been licensed in accordance with and are subject to the terms and conditions of the License Agreement. |
4. | Completion of the IPO is a condition precedent to the validity and enforceability of this Fourth Amendment and failure to complete the IPO within twelve (12) months from the Fourth Amendment Effective Date will render this Fourth Amendment null and void ab initio. |
5. | Except as expressly provided in this Fourth Amendment, all other terms, conditions and provisions of the License Agreement and prior Amendments shall continue in full force and effect as provided therein. |
[Signatures on following page]
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IN WITNESS WHEREOF, the parties hereto have caused these presents to be signed by their respective duly authorized officers.
UNIVERSITY OF CENTRAL FLORIDA RESEARCH FOUNDATION, INC. | HESPEROS, INC. | |||
Signature: | /s/ Dr. Svetlana Shtrom | Signature: | /s/ Michael L. Shuler | |
Name: | Dr. Svetlana Shtrom | Name: | Michael L. Shuler | |
Title: | Vice President for Technology Transfer | Title: | President | |
Date: | Date: |
Page 2 of 18 |
EXHIBIT A
PATENT RIGHTS
UCF ID No. | Docket # | Application No. | Filing Date | Patent No. | Issue Date | Title | Inventors | Status | ||||||||
31474 | 10613-011PV1 | 61/159,851 | 3/13/2009 | Quantitative stress measurements in bio- microelectromechanical system for testing activity of potential treatments on mammalian skeletal muscle | James Hickman | Expired | ||||||||||
31644 | 10613-011PV2 | 61/259,715 | 11/10/2009 | Apparatus for measurement of muscle fiber contractile force and associated methods | James Hickman, Kerry Wilson | Expired | ||||||||||
31794 | 10613-011US1 | 12/661,323 | 3/15/2010 | Bio- microelectromechanical system transducer and associated methods | James Hickman | Abandoned | ||||||||||
33404 | 10613-011US2 | 15/594,697 | 5/15/2017 | 10,386,360 | 8/20/2019 | Bio- microelectromechanical system transducer and associated methods | James Hickman | Issued |
Page 3 of 18 |
UCF ID No. | Docket # | Application No. | Filing Date | Patent No. | Issue Date | Title | Inventors | Status | ||||||||
31541 | 10613-012PV1 | 61/171,958 | 4/23/2009 | Tissue engineering the neuromuscular junction: A defined model system | James Hickman | Expired | ||||||||||
31821 | 10613-012US1 | 12/765,996 | 4/23/2010 | 8,815,584 | 8/26/2014 | Method of co-culturing mammalian muscle cells and motoneurons | James Hickman, Mainak Das | Issued | ||||||||
33024 | 10613-012US2 |
14/299,802 | 6/9/2014 | 9,650,606 | 5/16/2017 | Method of co-culturing mammalian muscle cells and motoneurons | James Hickman, Mainak Das | Issued | ||||||||
33675 | 10613-012US3 | 15/594,895 | 5/15/2017 | 10,266,804 | 4/23/2019 | Method of co-culturing mammalian muscle cells and motoneurons | James Hickman, Mainak Das | Issued | ||||||||
31838 | 10613-013PV1 | 61/331,999 | 5/6/2010 | Neuromuscular junction formation between human stem cell-derived motoneurons and rat skeletal muscle in a defined system | James Hickman, Xiufang Guo, Maria Stancescu, Mercedes Gonzalez | Expired | ||||||||||
32132 | 10613-013US1 | 13/102,672 | 5/6/2011 | 9,952,204 | 4/24/2018 | Formation of neuromuscular junctions in a defined system | James Hickman, Xiufang Guo, Maria Stancescu, Mercedes Gonzalez | Issued |
Page 4 of 18 |
UCF ID No. | Docket # | Application No. | Filing Date | Patent No. | Issue Date | Title | Inventors | Status | ||||||||
31839 | 10613-014PV1 | 61/332,003 | 5/6/2010 | Neuromuscular junction formation between human stem cell-derived motoneurons and human skeletal muscle in a defined system | James Hickman, Xiufang Guo | Expired | ||||||||||
32144 | 10613-014WO1 |
PCT/US11/35585 | 5/6/2011 | Formation of neuromuscular junctions in a defined system | James Hickman, Xiufang Guo | Expired
| ||||||||||
32605 | 10613-014CA1 | 2,798,777 | 11/6/2012 | 2,798,777 | 9/06/2016 | Formation of neuromuscular junctions in a defined system | James Hickman, Xiufang Guo | Issued | ||||||||
32606 | 10613-014EP1 | 11772857.6 | 11/19/2012 | 2585171 | 12/26/2018 | Formation of neuromuscular junctions in a defined system | James Hickman, Xiufang Guo | Issued | ||||||||
33971 | 10613-014CH1 | 11772857.6 | 12/26/2018 | 2585171 | 12/26/2018 | Formation of neuromuscular junctions in a defined system | James Hickman, Xiufang Guo | Issued |
Page 5 of 18 |
UCF ID No. | Docket # | Application No. | Filing Date | Patent No. | Issue Date | Title | Inventors | Status | ||||||||
33972 | 10613-014DE1 | 11772857.6 | 12/26/2018 | 602011055172.8 | 12/26/2018 | Formation of neuromuscular junctions in a defined system | James Hickman, Xiufang Guo | Issued | ||||||||
33973 | 10613-014BE1 | 11772857.6 | 12/26/2018 | 2585171 | 12/26/2018 | Formation of neuromuscular junctions in a defined system | James Hickman, Xiufang Guo | Issued | ||||||||
33970 | 10613-014FR1 | 11772857.6 | 12/26/2018 | 2585171 | 12/26/2018 | Formation of neuromuscular junctions in a defined system | James Hickman, Xiufang Guo | Issued | ||||||||
33974 | 10613-014NL1 | 11772857.6 | 12/26/2018 | 2585171 | 12/26/2018 | Formation of neuromuscular junctions in a defined system | James Hickman, Xiufang Guo | Issued | ||||||||
33969 | 10613-014UK1 | 11772857.6 | 12/26/2018 | 2585171 | 12/26/2018 | Formation of neuromuscular junctions in a defined system | James Hickman, Xiufang Guo | Issued | ||||||||
32604 | 10613-014US1 | 13/696,396 | 11/6/2012 | 8,835,168 | 9/16/2014 | Synthetic mammalian neuromuscular junction and method of making | James Hickman, Xiufang Guo | Issued |
Page 6 of 18 |
UCF ID No. | Docket # | Application No. | Filing Date | Patent No. | Issue Date | Title | Inventors | Status | ||||||||
33052 | 10613-014US2 | 14/453,207 | 8/6/2014 | 9,267,936 | 2/23/2016 | Synthetic mammalian neuromuscular junction and method of screening for a candidate drug thereon | James Hickman, Xiufang Guo | Issued | ||||||||
31542 | 10613-015PV1 | 61/171,968 | 4/23/2009 | Model for skeletal muscle tissue engineering | James Hickman | Expired | ||||||||||
31820 | 10613-015US1 |
12/765,399 | 4/22/2010 | 9,163,216 | 10/20/2015 | Method for culturing skeletal muscle for tissue engineering | James Hickman, Mainak Das, John Rumsey | Issued | ||||||||
33369 | 10613-015US2 | 14/886,577 | 10/19/2015 | 10,160,953 | 12/25/2018 | Improved method for culturing skeletal muscle for tissue engineering | James Hickman, Mainak Das, John Rumsey | Issued | ||||||||
31540 | 10613-017PV1 | 61/181,737 | 5/28/2009 | Node of ranvier formation on motoneurons in vitro | James Hickman, John Rumsey | Expired | ||||||||||
31869 | 10613-017US1 | 12/788,732 | 5/27/2010 | 8,828,721 | 9/9/2014 | Method of myelinating isolated motoneurons | James Hickman, John Rumsey | Issued | ||||||||
31608 | 10613-019PV1 | 61/252,195 | 10/16/2009 | In vitro method of screening new drugs for cardiac toxicity | James Hickman, Peter Molnar, Anupama Natarajan | Expired |
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UCF ID No. | Docket # | Application No. | Filing Date | Patent No. | Issue Date | Title | Inventors | Status | ||||||||
31640 | 10613-019PV2 | 61/257,504 | 11/3/2009 | Method of screening new drugs for cardiac toxicity | James Hickman, Peter Molnar, Anupama Natarajan, Maria Stancescu | Expired | ||||||||||
32016 | 10613-019US1 | 12/938,701 | 11/3/2010 | 9,404,140 | 8/2/2016 | Patterned cardiomyocyte culture on microelectrode array | James Hickman, Peter Molnar, Anupama Natarajan, Maria Stancescu | Issued | ||||||||
33468 | 10613-019US2 | 15/190,958 | 6/23/2016 | Patterned cardiomyocyte culture on microelectrode array | James Hickman, Peter Molnar, Anupama Natarajan, Maria Stancescu | Abandoned | ||||||||||
32236 | 10613-023PV1 | 61/684,168 | 8/17/2012 | Methods, systems and compositions for in vitro cellular models of mammalian systems | James Hickman | Expired |
Page 8 of 18 |
UCF ID No. | Docket # | Application No. | Filing Date | Patent No. | Issue Date | Title | Inventors | Status | ||||||||
32726 | 10613-023PV2 | 61/789,184 | 3/15/2013 | Methods, systems and compositions for in vitro cellular models of mammalian systems | James Hickman | Expired | ||||||||||
32808 | 10613-023WO1 | PCT/US13/55433 | 8/16/2013 | Methods, systems and compositions for in vitro cellular models of mammalian systems | James Hickman |
Expired | ||||||||||
32829 | 10613-023WO2 | PCT/US13/55617 | 8/19/2013 | Methods, systems and compositions for in vitro cellular models of mammalian systems | James Hickman | Expired | ||||||||||
33218 | 10613-023EP1 | 13829508.4 | 3/17/2015 | Methods, systems and compositions for in vitro cellular models of mammalian systems | James Hickman | Abandoned | ||||||||||
33219 | 10613-023JP1 | 2015-527683 | 2/16/2015 | Methods, systems and compositions for in vitro cellular models of mammalian systems | James Hickman | Abandoned |
Page 9 of 18 |
UCF ID No. | Docket # | Application No. | Filing Date | Patent No. | Issue Date | Title | Inventors | Status | ||||||||
33217 | 10613-023US1 | 14/422,082 | 2/17/2015 | Methods, systems and compositions for in vitro cellular models of mammalian systems | James Hickman | Abandoned | ||||||||||
34566 | 10613-023US2 | 16/985,744 | 8/5/2020 | Methods, systems and compositions for in vitro cellular models of mammalian systems | James Hickman | Pending | ||||||||||
32624 | 10613-025PV1 | 61/732,042 | 11/30/2012 | Derivation of sensory neurons and neural crest stem cells from human neural progenitor hNP1 | James Hickman, Xiufang Guo, Severo Spradling | Expired | ||||||||||
32625 | 10613-025PV2 | 61/732,574 | 12/3/2012 | Derivation of sensory neurons and neural crest stem cells from human neural progenitor hNP1 | James Hickman, Xiufang Guo, Severo Spradling | Expired | ||||||||||
32717 | 10613-025PV3 | 61/784,923 | 3/14/2013 | Compositions and methods for generating neural crest stem cells | James Hickman, Xiufang Guo, Severo Spradling | Expired | ||||||||||
32868 | 10613-025WO1 | PCT/US13/72382 | 11/27/2013 | Derivation of sensory neurons and neural crest stem cells from human neural progenitor hNP1 | James Hickman, Xiufang Guo, Severo Spradling | Expired |
Page 10 of 18 |
UCF ID No. | Docket # | Application No. | Filing Date | Patent No. | Issue Date | Title | Inventors | Status | ||||||||
33265 | 10613-025US1 | 14/648,190 | 5/28/2015 | Compositions and methods for generating neural crest stem cells and sensory neurons | James Hickman, Xiufang Guo, Severo Spradling | Abandoned | ||||||||||
32665 | 10613-026PV1 | 61/758,628 | 1/30/2013 | Compositions and methods comprising cardiac myocytes | James Hickman; Christopher Long; Christopher McAleer; Peter Molnar; Maria Stancescu | Expired | ||||||||||
32723 | 10613-026PV2 | 61/790,061 | 3/15/2013 | Devices and systems for mimicking heart function | James Hickman; Christopher Long; Christopher McAleer; Peter Molnar; Maria Stancescu | Expired |
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UCF ID No. | Docket # | Application No. | Filing Date | Patent No. | Issue Date | Title | Inventors | Status | ||||||||
32927 | 10613-026WO1 | PCT/US14/13903 | 1/30/2014 | Devices and systems for mimicking heart function | James Hickman; Christopher Long; Christopher McAleer; Peter Molnar; Maria Stancescu | Expired | ||||||||||
33306 | 10613-026CA1 | 2,899,445 | 7/27/2015 | 2,899,445 | 4/4/2023 | Devices and systems for mimicking heart function | James Hickman; Christopher Long; Christopher McAleer; Peter Molnar; Maria Stancescu | Issued | ||||||||
33307 | 10613-026EP1 | 14745661.0 | 8/28/2015 | 2951281 | 6/27/2018 | Devices and systems for mimicking heart function | James Hickman; Christopher Long; Christopher McAleer; Peter Molnar; Maria Stancescu | Issued |
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UCF ID No. | Docket # | Application No. | Filing Date | Patent No. | Issue Date | Title | Inventors | Status | ||||||||
33880 | 10613-026BE1 | 14745661.0 | 6/27/2018 | 2951281 | 6/27/2018 | Devices and systems for mimicking heart function | James Hickman; Christopher Long; Christopher McAleer; Peter Molnar; Maria Stancescu
| Issued | ||||||||
33879 | 10613-026CH1 | 14745661.0 | 6/27/2018 | 2951281 | 6/27/2018 | Devices and systems for mimicking heart function | James Hickman; Christopher Long; Christopher McAleer; Peter Molnar; Maria Stancescu
| Issued | ||||||||
33878 | 10613-026DE1 | 14745661.0 | 6/27/2018 | 602014027552.4 | 6/27/2018 | Devices and systems for mimicking heart function | James Hickman; Christopher Long; Christopher McAleer; Peter Molnar; Maria Stancescu
| Issued |
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UCF ID No. | Docket # | Application No. | Filing Date | Patent No. | Issue Date | Title | Inventors | Status | ||||||||
33877 | 10613-026FR1 | 14745661.0 | 6/27/2018 | 2951281 | 6/27/2018 | Devices and systems for mimicking heart function | James Hickman; Christopher Long; Christopher McAleer; Peter Molnar; Maria Stancescu
| Issued | ||||||||
33411 | 10613-026HK1 | 15112635.9 | 12/23/2015 | HK1211976 | 9/20/2019 | Devices and systems for mimicking heart function | James Hickman; Christopher Long; Christopher McAleer; Peter Molnar; Maria Stancescu | Issued | ||||||||
33881 | 10613-026NL1 | 14745661.0 | 6/27/2018 | 2951281 | 6/27/2018 | Devices and systems for mimicking heart function | James Hickman; Christopher Long; Christopher McAleer; Peter Molnar; Maria Stancescu
| Issued |
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UCF ID No. | Docket # | Application No. | Filing Date | Patent No. | Issue Date | Title | Inventors | Status | ||||||||
33876 | 10613-026UK1 | 14745661.0 | 6/27/2018 | 2951281 | 6/27/2018 | Devices and systems for mimicking heart function | James Hickman; Christopher Long; Christopher McAleer; Peter Molnar; Maria Stancescu | Issued | ||||||||
33305 | 10613-026US1 | 14/764,683 | 7/30/2015 | Devices and systems for mimicking heart function | James Hickman; Christopher Long; Christopher McAleer; Peter Molnar; Maria Stancescu | Abandoned |
Page 15 of 18 |
UCF ID No. | Docket # | Application No. | Filing Date | Patent No. | Issue Date | Title | Inventors | Status | ||||||||
34458 | 10613-026US2 | 16/913,528 | 6/26/2020 | 11,614,437 | 3/28/2023 | Devices and systems for mimicking heart function | James Hickman; Christopher Long; Christopher McAleer; Peter Molnar; Maria Stancescu | Issued | ||||||||
10609-15 | 10613-026US3 | 18/125,879 | 3/24/2023 | Devices and systems for mimicking heart function | James Hickman; Christopher Long; Christopher McAleer; Peter Molnar; Maria Stancescu | Pending |
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UCF ID No. | Docket # | Application No. | Filing Date | Patent No. | Issue Date | Title | Inventors | Status | ||||||||
32794 | 10613-029PV1 | 62/034,217 | 8/7/2014 | Devices and methods comprising neuromuscular junctions | James Hickman | Expired | ||||||||||
33288 | 10613-029US1 | 14/821,675 | 8/7/2015 | 10,935,541 | 3/2/2021 | Devices and methods comprising neuromuscular junctions | James Hickman, Christopher Long, Kristen Pirozzi, Alexander Smith | Issued | ||||||||
33390 | 10613-045PV1 | 62/379,892 | 8/26/2016 | Multi-Component In Vitro System To Deduce Cell Signaling Pathways By Electronic Stimulation Patterns | James Hickman, Lee Kumanchik, Navaneetha Santhanam | Expired | ||||||||||
33731 | 10613-045WO1 | PCT/US2017/047085 | 8/16/2017 | Multi-Component In Vitro System To Deduce Cell Signaling Pathways By Electronic Stimulation Patterns | James Hickman, Lee Kumanchik, Navaneetha Santhanam | Expired | ||||||||||
34040 | 10613-045US1 | 16/328,417 | 2/26/2019 | 11,022,605 | 6/1/2021 | Multi-Component In Vitro System To Deduce Cell Signaling Pathways By Electronic Stimulation Patterns | James Hickman, Lee Kumanchik, Navaneetha Santhanam | Issued |
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APPENDIX A
JOINTLY OWNED PATENT RIGHTS
UCF ID # | Docket # | Serial # | Title | Inventors | Filing/Issue Date | Status | Joint Owner | |||||||
33554 | 10613-052PV1 | 62/440,968 | Pumpless microfluidic organ-on-a-chip system including a functional immune system | James Hickman, Alisha Colon, Daniel Elbrecht, Christopher McAleer, John Rumsey, Trevor Sasserath | 12/30/2016 | Expired | Licensee | |||||||
33796 | 10613-052WO1 | PCT/US2017/068952 | Pumpless microfluidic organ-on-a-chip system including a functional immune system | James Hickman, Alisha Colon, Daniel Elbrecht, Christopher McAleer, John Rumsey, Trevor Sasserath | 12/29/2017 | Expired | Licensee | |||||||
34194 | 10613-052CA1 | 3,048,884 | Pumpless microfluidic organ-on-a-chip system including a functional immune system | James Hickman, Alisha Colon, Daniel Elbrecht, Christopher McAleer, John Rumsey, Trevor Sasserath | 6/27/2019 | Pending | Licensee | |||||||
34198 | 10613-052EP1 | 17885858.5 | Pumpless microfluidic organ-on-a-chip system including a functional immune system | James Hickman, Alisha Colon, Daniel Elbrecht, Christopher McAleer, John Rumsey, Trevor Sasserath | 7/22/2019 | Pending | Licensee | |||||||
34431 | 10613-052HK1 | 62020006877.8 | Pumpless microfluidic organ-on-a-chip system including a functional immune system | James Hickman, Alisha Colon, Daniel Elbrecht, Christopher McAleer, John Rumsey, Trevor Sasserath | 5/4/2020 | Pending | Licensee | |||||||
34193 | 10613-052US1 | 16/474,768 | Pumpless microfluidic organ-on-a-chip system including a functional immune system | James Hickman, Alisha Colon, Daniel Elbrecht, Christopher McAleer, John Rumsey, Trevor Sasserath | 1/17/2023 | Issued | Licensee |
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