License agreement with GP BioScience: - 10/06/2009

On June 10th Procognia (Israel) Ltd. has contracted in a license agreement and in a collaboration and marketing agreement with the Japanese company GP BioScience Limited which is a biotechnology company establised by several Japanese companies including Venture Capital Funds and Moritex Corporation who has been leading in the field of Glyco Profiling in Japan and was recently acquired by Schott-Nexterion AG.

 

According to the License Agreement, Procognia has granted GPB a license in some of its patents for the purpose of manufacturing, marketing and selling bio-chips and scanners of GPB in various countries of the world, exclusively in some, in return for the payment of royalties from Product sales.

 

In addition to the above mentioned consideration, the parties have agreed that upon the execution of the License Agreement, GPB shall issue the Company regular shares in GPB amounting to 6.8% of its issued share capital.

 

According to the Collaboration Agreement that was signed simultaneously with the License Agreement, the parties undertook to cooperate with regard to the marketing and selling of both companies' products.