Beginning August. 31, 1999 and thereafter semi-annually, LICENSEE shall submit to ASU a progress report covering LICENSEE’S activities related to the testing and development of all LICENSED PRODUCTS, as well as other compounds that are not selected as LEAD COMPOUNDS, along with the obtaining of the governmental approvals necessary for marketing of LICENSED PRODUCTS. The LICENSEE shall make these progress reports for each LICENSED PRODUCT until the first commercial sale of that LICENSED PRODUCT occurs in the United States.
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