License Agreement [Amendment] - Celsion Corp. and MMTC Inc.
Celsion Corporation -------------------------------------------------------------------------------- March 23, 1999 To: Dr. Fred Sterzer President, President of MMTC 12 Rozel Road Suite A203 Princeton, NJ 08540 RE Amendment for the Use and Treatment of Prostate Cancer to the August 23, 1996 License Agreement and November 25, 1997 Amendment Dear Fred: This amendment as agreed is to be added to the existing agreement dated August 23, 1996 and amendment dated November 25, 1997 between MMTC and Celsion Corporation. The following agreed terms and conditions are for the expanded "Field of Use" for prostatic diseases in humans, "including the treatment of cancer and its symptoms of the prostate, except for the use with PULSED microwave". The new terms and conditions of this amendment are listed in the following comparison table under the heading "New Amendment". Comparison Table of MMTC Sterzer Agreements Dated August 23, 1996f and Proposed Amendment to Include Usage For Prostate Cancer ================================================================================ Original New Amendment -------------------------------------------------------------------------------- Date of Agreement August 23, 1996 Amendment to the original Amendment to License agreement and Nov. 25, November 25, 1997 1997 amendment as related to the use and treatment of Prostate Cancer. Unless stated otherwise, the terms and conditions of the original and prior amendment remains in force. -------------------------------------------------------------------------------- Field of Use Treatment of prostatic Treatment of prostatic diseases in humans, diseases in humans, including excepting the treatment the treatment of cancer of the of cancer of the prostate prostate, except for the use with Pulsed microwave -------------------------------------------------------------------------------- Rights Perpetual, exclusive and Same worldwide license -------------------------------------------------------------------------------- 1 <PAGE> Comparison Table of MMTC Sterzer Agreements Dated August 23, 1996f and Proposed Amendment to Include Usage For Prostate Cancer ---------------------------------------------------------------------------------- Up-front License $[Confidential Treatment $[Confidential Treatment fee Requested] Requested] /month beginning April 1, 1999 for 12 months ending March 31, 2000 for a total of $[Confidential Treatment Requested] ---------------------------------------------------------------------------------- Additional Fees $[Confidential Treatment $[Confidential Treatment for failure to meet Requested] for each failure Requested] for each failure development 1. File IDE within 2 months 1. File IDE within 2 months milestones after completion of necessary after completion of necessary animal safety data animal safety data (UCSF) (Montefiore Medical Ctr) 2. Commence clinical safety 2. Same trial within 60 days of IDE and IRB approval 3. Commence clinical 3. Same efficacy trial within 60 of IDE and IRB approval ---------------------------------------------------------------------------------- Royalties payments ([Confidential Treatment Same Requested]%) annual Net Sales as defined in 3.3 ---------------------------------------------------------------------------------- Minimum Royalties $[Confidential Treatment $[Confidential Treatment Requested]/yr for a period of Requested]/yr for a period of 7 years beginning the earlier 7 years beginning the earlier of first full year of of the first full year of commercialization or the commercialization or the fiscal year beginning after fiscal year beginning after December 31, 1999 December 31, 2001 ---------------------------------------------------------------------------------- Unless otherwise mentioned in the New Amendment all terms and conditions remain in force as worded in the Original Agreement dated August 23, 1996 and the Amendment dated November 25, 1997. The effective date of this amendment is April 1, 1999 upon payment by Celsion of the first Up-Front license fee of $[Confidential Treatment Requested]/month, thereafter monthly for an additional 11 months for a total payment of $[Confidential Treatment Requested] (12X$[Confidential Treatment Requested]). It is agreed, a portion of this license fee (amount used at the discretion of MMTC) will be used to further development of the MMTC radiometry technology of which Celsion will pay MMTC royalties for its use as under the royalty structure of the initial agreement. In addition, Celsion will give MMTC access to any materials from the proposed sponsored research agreement between Celsion and UCSF to be used by MMTC for any grants MMTC desires to make application for. This represents the entirety of this new amendment and is initiated by the two parties with the following authorized signatures. By /s/John Mon By /s/Dr. Fred Sterzer ----------- ------------------- John Mon Dr. Fred Sterzer General Manager, Celsion Corporation President, MMTC