THIRD AMENDMENT TO EXCLUSIVE LICENSEAGREEMENT UC Agreement Control No. 2006-04-0026
Exhibit 10.48
THIRD AMENDMENT TO EXCLUSIVE LICENSE AGREEMENT
UC Agreement Control No. 2006-04-0026
This third amendment ("Third Amendment") to the Exclusive License Agreement ("Agreement"), effective August 29, 2007 is made by and between The Regents of the University of California, a California corporation ("The Regents"), and Putney Drug Corp, a Delaware company ("Licensee").
BACKGROUND
| A. | The Regents and Licensee are parties to the Agreement, dated as of July II, 2005. | |
| B. | The Agreement was amended on November 8, 2005 ("First Amendment") and on January 3, 2007 ("Second Amendment"); |
The parties agree as follows:
I. Amend Paragraph I.l ("Regents' Patent Rights") to include UC Case No. 2007
561.
2. In consideration for adding UC Case No. 2007-561 to the Agreement, a milestone payment in the new Paragraph 4.5, which reads as follows, is added to the Agreement:
4.5 Licensee will pay The Regents, in either cash or publicly traded equity, twenty thousand dollars ($20,000) upon issuance of the first US patent claiming priority to the provisional filing (SN 60/933,030).
IN WITNESS WHEREOF, the parties have executed this Third Amendment to the Agreement by their duly authorized representatives for good and valuable consideration.
| PUTNEY DRUG CORP. | THE REGENTS OF THE UNIVERSITY OF CALIFORNIA |
| By: /s/ Steve Kanzer | By: /s/ Emily Waldron Loughran |
| Name: Steve Kanzer | Name: Emily Waldron Loughran |
| Title: President | Title: Director of Licensing |
| Dated: August 30, 2007 | Dated: September 4, 2007 |
