Amendment to Development, License and Supply Agreement between Immunicon Corporation and Ortho-Clinical Diagnostics, Inc. (as modified by Veridex, LLC)
This letter agreement, dated January 27, 2005, further amends the Development, License and Supply Agreement between Immunicon Corporation and Ortho-Clinical Diagnostics, Inc. The amendment replaces certain milestone requirements with an alternative study, as agreed by the steering committee, and modifies the payment schedule for a $500,000 milestone. Veridex, LLC will pay $250,000 upon patient accrual for an FDA-supporting study and the remaining $250,000 upon draft submission and committee approval. All other terms of the original agreement remain unchanged.
Exhibit 10.1
[ VERIDEX LLC LOGO]
a Johnson & Johnson company
33 Technology Drive
P.O. Box 4920
Warren, NJ 07059
January 27, 2005
Ed Erickson,
Chairman and CEO
Immunicon Corporation
3401 Masons Mill Road, Suite 100
Huntingdon Valley, PA 19006-3574
Subject: Development, License and Supply Agreement between Immunicon Corporation and Ortho-Clinical Diagnostics, Inc. dated August 17, 2000 and modified on November 10, 2003 and further modified on January 27, 2005.
Dear Ed:
We propose further modifying the subject Agreement by replacing the milestone requirements of Section 5.2.13. with an alternative study based on the analysis of bone marrow according to parameters and requirements as the steering committee shall agree. Additionally, while the performance criteria for the milestone requirements of Section 5.2.10.2 shall remain as currently set forth in the Agreement, Veridex agrees to pay Two Hundred Fifty Thousand Dollars ($250,000) of the total Five Hundred Thousand Dollars ($500,000) payable under such milestone provision upon complete accrual of patients necessary to conduct the study that will support such FDA submission with the remaining Two Hundred Fifty Thousand Dollars ($250,000) payable upon receipt of the draft submission and Steering Committee approval as set forth in section 5.2.10.2(a). All other terms and conditions of the Agreement shall remain the same. Please indicate your acceptance by signing in the appropriate space below.
Veridex, LLC | |
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By: | /s/ Mark Myslinski |
| Mark Myslinski, General Manager |
ACCEPTED AND AGREED | |
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IMMUNICON CORPORATION | |
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By: | /s/ Edward L. Erickson |
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Name: | Edward L. Erickson |
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Title: | Chairman, President & CEO |
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Date: | 02/01/2005 |