Common use of Initial Research Clause in Contracts

Initial Research. Initial Research ends with respect to a Compound, Compound by Compound, upon such time as the Joint Project Team selects such Compound for Phase I Clinical Study. Phases I and II Clinical Studies shall be conducted solely by Magainin, with assistance by Genentech or the Joint Project Team, as may be deemed necessary by the Joint Project Team, at Magainin's sole cost and expense, funding to be earmarked from funds generated by Genentech to Magainin under the then current tranche of Series A Preferred Stock pursuant to that certain Stock Purchase Agreement, dated of even date herewith. Phase III Clinical Studies and NDA/BLA filing shall be solely Genentech's obligation at Genentech's sole expense, the soleness of the expenses borne by Genentech being subject only to Magainin's opt-in for co-funding under Section 8.6 hereof.