SETTLEMENT AGREEMENT AND MUTUAL RELEASE

Exhibit 10.50

SETTLEMENT AGREEMENT AND MUTUAL RELEASE

This Settlement Agreement and Mutual Release (the “Settlement Agreement”) is made and entered into by and among Polar Molecular Corporation, a Delaware corporation (“Polar”), Polar Molecular Holding Corporation, a Delaware corporation (“Polar Holding”), and GRQ, L.L.C., a Michigan limited liability company (“GRQ”), as of this 14th day of July, 2003.

WHEREAS, Polar (through its predecessor) and GRQ entered into that certain Stock Purchase Agreement, dated __________, 1996 (the “Stock Purchase Agreement”), regarding the purchase by GRQ of common stock, par value $0.001 per share of Polar, pursuant to which GRQ received: (i) a right of first refusal for any private placements of Polar’s common stock occurring after the date of the Stock Purchase Agreement but before any public offering of Polar’s common stock, the exercise of which was subject to the requirement that GRQ either execute or waive such right within two weeks of notification by Polar of the private placement opportunity (the “Right of First Refusal”); and (ii) the right, if Polar should sell its common stock at a price per share lower than $0.50 prior to any public offering of Polar’s securities, to be issued additional shares of Polar common stock at no cost sufficient to preserve GRQ’s percentage of ownership of Polar’s common stock as of the date of the Stock Purchase Agreement (the “Anti-, Dilution Right” and, together with the Right of First Refusal, the “Stockholder Rights”);

WHEREAS, GRQ desires, in each case upon the terms, provisions and conditions of this Settlement Agreement as more fully set forth below, to: (i) withdraw any request or notice of appraisal or any other requests for accounting, dissenter’s or other stockholder rights it may have submitted (or may otherwise be entitled to submit) to Polar; and (ii) release Polar from any and all claims or rights, if any, of whatever kind or nature (including without limitation, rights relating to or arising from the Stockholder Rights), that GRQ may have against Polar arising from events occurring or conditions existing at or prior to the Closing (other than those contained in this Settlement Agreement);

WHEREAS, Polar desires, in each case upon the terms, provisions and conditions of this Settlement Agreement as more fully set forth below, to (i) issue 187,279 shares of Polar common stock, par value $0.0001 per share (“Polar Common Stock”), to GRQ (the “New Shares”); (ii) pay to GRQ the amount of $15,000; and (iii) release GRQ from any and all claims or rights, if any, of whatever kind or nature that Polar may have against GRQ arising from events occurring or conditions existing at or prior to the Closing (other than those arising out of this Settlement Agreement); and

WHEREAS, Polar Holding desires, in each case upon the terms, provisions and conditions of this Settlement Agreement as more fully set forth below: (i) to issue and deliver to GRQ within ten days following the closing (the “Closing”) of that certain Agreement and Plan of Merger, dated December 19, 2001, as amended by Amendment No. 1 dated August 1, 2002, Amendment No. 2 dated November 26, 2002, Amendment No. 3 dated January 20, 2003 and Amendment No. 4 dated May 12, 2003, all by and among Murdock Communications Corporation, MCC Merger Sub Corporation and Polar (the “Merger Agreement”), stock evidenced by certificates of Polar Holding representing the number and amount of Polar Holding’s common stock, par value $0.01 (“Polar Holding Common Stock”) that the New Shares are converted into pursuant to the Merger Agreement (the “Converted New Shares”), as well as unlegended stock certificates of Polar Holding representing the number and amount of Polar Holding Common Stock that any other Polar Common Stock registered to GRQ are converted into pursuant to the Merger Agreement (the “Converted Existing Shares”); (ii) within 10 days after Closing, either (a) deliver to GRQ unlegended stock certificates for the Converted New Shares and a legal opinion from Polar Holding’s legal counsel to the effect that the Converted New Shares are freely transferable and not subject to any holding period under the

Act or, (b) if such counsel is unable (based on its good faith and reasonable research efforts) to deliver such opinion, then ************************************************************************************* 60 days after Closing, include ******************* the Converted New Shares (by pre-effective amendment) in a registration statement previously filed by Polar Holding with the Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended (the “Act”); and (iii) release GRQ from any and all claims or rights, if any, of whatever kind or nature that Polar may have against GRQ arising from events occurring or conditions existing at or prior to the Closing (other than those arising out of this Settlement Agreement).

NOW, THEREFORE, in consideration of the mutual covenants, promises and conditions as hereinafter set forth, and for other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties agree as follows:

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IN WITNESS WHEREOF, the parties have executed this Settlement Agreement as of the date ________ written above.

IN WITNESS WHEREOF, the parties have executed this Settlement Agreement as of the date first written above.