Common use of Completion of a Phase 2 Trial Clause in Contracts

Completion of a Phase 2 Trial. Within [***] days after the date of the database lock for the first Phase II Trial related to the Additional Development Activities, the Proposing Party shall furnish to the JPT and the Declining Party, a written report of the results of such Clinical Study and the Additional Development Costs incurred by the Proposing Party (the “Phase 2 Update”). The Proposing Party shall also provide the JPT with any other Information related to the Additional Development Activities which is reasonably requested by the JPT and available to the Proposing Party. If, within [***] days of the Declining Party’s receipt of the Phase 2 Update, it notifies the JPT and the Proposing Party in writing that it desires to include the Additional Development Activities into the Development Plan (an “Additional Development Opt-In Notice”): (1) the Declining Party shall, subject the review rights set forth in to Section 8.6.1(b), pay to the Proposing Party an amount equal to [***] of the Additional Development Costs identified in the Phase 2 Update and (2) the terms of Section 4.2.4(e)(iv) shall apply.