EXHIBIT 10.10
Collateral Therapeutics, Inc.
0000 Xxxxx Xxxxxx Xxxxx
Xxx Xxxxx, Xxxxxxxxxx 00000
Hand Delivered
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May 6, 1996
Schering Berlin Venture Group
c/o Berlex Biosciences
00000 Xxx Xxxxx Xxxxxx
Xxxxxxxx, XX 00000-0000
Gentlemen:
This letter is delivered in connection with and in reliance upon the
execution of a Collaboration, License and Royalty Agreement (the "Collaboration
Agreement") dated this date between Collateral Therapeutics, Inc., a California
corporation, (the "Company") and Schering A. G., the parent company of Schering
Berlin Venture Group ("Schering"). This letter will confirm our mutual
agreement to amend and restate the Secured Promissory Notes dated August 15,
1995 and October 12, 1995, (collectively the "Notes"), unexecuted copies of
which are attached to this letter, as follows:
1. The third sentence of Paragraph 1 of each Note will provide as
follows:
"Unpaid principal together with all accrued interest shall be due and
payable on demand by Payee at any time on or after January 1, 1998, unless there
has been an Acceptance of a Quaified Gene as defined in the Collaboration
Agreement prior to October 1, 1997."
2. The second paragraph of each Note shall provide as follows:
"This Note is secured by a security interest on the assets of Obligor
in favor of Payee pursuant to a Security Agreement dated August 16, 1995. All
principal and interest of the Notes will be due and payable on Payee's demand on
or after June 30, 1999, unless forgiven earlier by Payee pursuant to Section
6.3.2 of the Collaboration Agreement."
3. Within ten business days from the date of this letter, Schering agrees
to surrender to the Company the original executed Notes against simultaneous
delivery by the Company to Schering of substituted Notes, restated and amended
as provided herein.
If this correctly sets forth our agreement, please indicate by signing
below.
Very truly yours,
COLLATERAL THERAPEUTICS, INC.
By: /s/ Xxxx Xxxxx, Ph.D.
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Xx. Xxxx Xxxxx, President
AGREED:
Schering Berlin Venture Group
By: /s/ illegible
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Title: Treasurer
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