Common use of R&D Program Clause in Contracts

R&D Program. (a) Under the terms and conditions set forth herein, RSVC and BH shall collaborate to conduct research and development activities with respect to Licensed Product (the “R&D Program”). The R&D Program shall be conducted in accordance with the research and development plan attached hereto as Exhibit B, as such plan may be amended from time to time by RSVC (the “R&D Plan”). RSVC shall consult with BH, through the JCSC, and reasonably consider comments and suggestions of BH, in connection with any material amendment of the R&D Plan that relates to activities to be conducted by BH or its Affiliates under the R&D Plan, provided that RSVC shall not have the authority to increase BH’s performance obligations under the R&D Plan without BH’s consent. RSVC shall fund and manage the research and development activities set forth in the R&D Plan, including with respect to the Phase 1 Clinical Trial and Phase 2a Clinical Trial described in the R&D Plan. Each Party shall use its Commercially Reasonable Efforts to perform all activities assigned to it and fulfill all of its obligations under the R&D Plan. In addition, each Party shall conduct its activities under the R&D Plan in accordance with applicable Law. (b) Within […***…]days after the end of each Calendar Quarter, each Party shall provide to the other a written report, in a mutually agreed format, summarizing its activities conducted pursuant to the R&D Plan during the prior Calendar Quarter and identifying the results obtained or benchmarks achieved since the last report, including any material information about the safety and efficacy of the Licensed Product.