Exhibit 10.12
Collaborative Research
Agreement
New Horizons
Diagnostic (“New
Horizons”), a Maryland corporation with an address at 9110
Red Branch Road, Columbia, Maryland 21045, and Power3 Medical
Products, Inc. (“Power3”), with an address of
3400 Research Forest Drive, The Woodlands, TX 77381, enter
into this Collaborative Research Agreement
(“Agreement”) for the development and evaluation of a
diagnostic tool for Neurodegenerative Disease. This Agreement
is effective as of March 21, 2005 (“Effective
Date”).
1.
SCOPE OF WORK.
1.1
Within 60 days after the Effective
Date, Power3 and New Horizons will develop an agreed upon time
schedule and budget for accomplishing the Schedule of
Work set forth under this Section and in Exhibit A.
The time schedule and budget will clearly define the
obligations of each party and the expenses to be encumbered by each
party.
1.2
As soon as practicable after the
Effective Date, Power3 will disclose to New Horizons, the identity
of protein biomarkers for neurological disease and related
information as set forth under Phase I of
Exhibit A.
1.3
Technical personnel of Power3 and
New Horizons will meet to determine the most efficacious way to
pursue the expression of the protein biomarkers as set forth under
Phase III of Exhibit A. Power3 and New Horizons shall
work together to select which biomarkers to pursue first and to
achieve milligram quantities of those protein
biomarkers.
1.4
Once sufficient quantities of a
protein biomarker become available, New Horizons will initiate the
production of monoclonal and polyclonal antibodies to that
biomarker as set forth in Phase IV of Exhibit A.
1.5
The technical personnel of Power3
and New Horizons will determine which biomarker antibodies to
include in one or more diagnostic assays. Once the antibodies
to be included in a diagnostic assay become available, New Horizons
and Power3 will initiate the development and validation of a
diagnostic assay for a neurodegenerative or other disease pursuant
to Phase V of Exhibit A.
1.6
Technical personnel of Power3 will
be available on a reasonable basis during the term of this
Agreement to consult with New Horizons and provide assistance to
New Horizons in the performance of Phases II, III, IV and
V.
1.7
New Horizons Diagnostics will
co-develop with Power3 a test comparable to the standard serum test
now run from a whole blood spot card.
1.8
New Horizons Diagnostics will assist
in expanding the testing platform currently developed (and future
platforms) into other geographical locations where it has
influences.
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