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EXHIBIT 10.33
(OXFORD LOGO)
April 2, 2003
Mr. Hans van Houte, VP, Finance and Administration
GeneCraft, Inc.
601 Union Street
Suite 4200
Seattle, WA 98101
Dear Hans:
Oxford Finance Corporation is pleased to provide the following
loan
proposal to GeneCraft, Inc. for laboratory and other internal use
assets,
subject to terms and conditions embodied in formal loan agreements,
which shall
include but not be limited to the following terms and
conditions:
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Borrower:
GeneCraft, Inc.
Lender:
Oxford
Finance Corporation
Equipment:
Laboratory, computers and other equipment for
the internal use of Borrower as summarized in
Attachment A ("Equipment"). Equipment must be
acceptable to Lender.
Total Loan Amount:
$1,700,000
Funding Dates:
April 2003 through April 2004
Terms:
Each Schedule shall have a fixed term of 42
months for laboratory equipment, and 36 months
for other collateral categories.
Loan Payment Rates:
2.7764% of the Loan Amount per month for 42
months, or 3.1720% of the Loan Amount per
month for 36 months.
Payment Rate Implicit Interest: 8.83% for 42 and 36
months.
Periodicity:
Monthly, in advance. First and last payments
up front.
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133
NORTH FAIRFAX STREET, ALEXANDRIA, VIRGINIA 22314, 703-519-4900
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Mr. Hans van Houte
April 2, 2003
Page 2
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Index Basis:
The three-year Treasury Bill Weekly Average
rate of 2.08% as published in Federal Reserve
statistical release H.15 (519) on March 31,
2003.
Payment Commencements:
First day of the month following a Schedule
funding.
Stock Warrants:
Borrower shall issue to Lender warrants for
the purchase of preferred stock equal to two
percent (2.0%) of the first $1,000,000 of the
actual Loan Amount using a share strike price
equal to the Series A preferred round price
per share. Borrower shall issue to Lender
warrants for the purchase of preferred stock
equal to three percent (3.0%) of the second
$700,000 of the actual funded Loan Amount (pro
rata) using a share strike price equal to the
Series A preferred round price per share.
Documentation:
Loan and warrant documentation pr
