U.S. Securities and Exchange Commission
Washington, D.C. 20549
Form 10-KSB
(Mark One)
[X] Annual Report Under Section 13 or 15(d) of the Securities
Exchange Act of 1934 For the fiscal year ended
December 31, 1996
[ ] Transition Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Commission File Number: 0-21994
GLYKO BIOMEDICAL LTD.
(Exact name of small business issuer as specified in its charter)
Canada 68-0230537
(State of other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
11 Pimentel Court, Novato, California 94949
(Address of principal executive offices) (Zip Code)
Registrant's telephone number: (415) 382-3500
Securities registered under Section 12(g) of the Exchange Act:
Common Stock, no par value
(Title of Class)
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. Yes X No
Check if there is no disclosure of delinquent filers in response to Item 405 of
Regulation S-B is not contained in this form, and no disclosure will be
contained, to the best of registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III to the Form 10-KSB
or any amendment to this Form 10-KSB. ______
State issuer's revenues for its most recent fiscal year. $1,330,635.
The approximate aggregate market value of the voting stock held by
non-affiliates computed by reference to the price at which the stock was sold,
or the average bid and asked prices of such stock, as of February 28, 1997 was
$7,561,630.
State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date: 17,243,044 common shares outstanding
as of February 28, 1997.
<PAGE>
Item 13. Exhibits, List and Reports on Form 8-K
(a) The following documents are filed as part of this report
<TABLE>
<CAPTION>
Exhibit
Number Description
<S> <C>
3.1 Registrant's Articles of Incorporation and Bylaws (filed as exhibit
3.1 to Form 10-SB Registration Statement No. 0-21994 dated
August 6, 1993 and incorporated herein by reference).
10.1 Registrant's Stock Option Plan (filed as exhibit 10.1 to Form 10-SB
Registration Statement No. 0-21994 dated August 6, 1993 and
incorporated herein by reference).
10.2 Joint Venture Agreement between: Registrant; Millipore Corporation;
Glycomed Incorporated; Gwynn R. Williams; Astroscan, Ltd.; and
Astromed, Ltd. dated December 18, 1990 (filed as exhibit 10.2 to
Form 10-SB Registration Statement No. 0-21994 dated August 6, 1993
and incorporated herein by reference).
10.3 Distribution Agreement between Registrant and Millipore
Corporation dated December 18, 1990 (filed as exhibit 10.3
to Form 10-SB Registration Statement No. 0-21994 dated
August 6, 1993 and incorporated herein by reference).
10.4 License Agreement between Registrant, and Astroscan, Ltd. and
Astromed, Ltd. (filed as exhibit 10.4 to Form 10-SB Registration
Statement No. 0-21994 dated August 6, 1993 and incorporated herein by
reference).
10.5 License Agreement between Registrant and Glycomed
Incorporated (filed as exhibit 10.5 to Form 10-SB
Registration Statement No. 0-21994 dated August 6, 1993 and
incorporated herein by reference).
10.6 Loan Agreement between Registrant, and Millipore Corporation
and Gwynn R. Williams, dated April 9, 1992(filed as exhibit
10.6 to Form 10-SB Registration Statement No. 0-21994 dated
August 6, 1993 and incorporated herein by reference).
10.7 Employment Agreement between Registrant and John C. Klock, M.D., dated
December 20, 1990 (filed as exhibit 10.7 to Form 10-SB Registration
Statement No. 0-21994 dated August 6, 1993 and incorporated herein
by reference).
10.8 Exchange Agreements between Registrant, and the share and
option holders of Glyko, Inc., dated December 10, 1992
(filed as exhibit 10.8 to Form 10-SB Registration Statement
No. 0-21994 dated August 6, 1993 and incorporated herein by
reference).
10.9 Amendment Number Two to Exclusive Distribution and Supply
Agreement between Registrant and Millipore Corporation dated
September 22, 1993 (filed as exhibit 10.4 to Form 10-KSB
Statement dated December 31, 1993 and incorporated herein by
reference).
10.10 Amendment Number Two to Joint Venture Agreement between: Registrant;
Millipore Corporation; Glycomed Incorporated; Gwynn R. Williams;
Astroscan, Ltd.; and Astromed, Ltd. dated April 28, 1994 (filed as
exhibit 10.1 to Form 10-QSB dated March 31, 1994 and incorporated
herein by reference).
10.11 Employment Agreement between Registrant and John C. Klock,
M.D., dated January 1, 1994 (filed as exhibit 10.2 to Form
10-QSB dated March 31, 1994 and incorporated herein by
reference).
10.12 Glyko Biomedical Share Option Plan - 1994 (filed as exhibit 10.1 to
Form 10-QSB dated June 30, 1994 and incorporated herein by reference).
10.13 Development and Supply Agreement between Registrant and
Bio-Rad Laboratories, Inc., dated February 16, 1995 (filed
as exhibit 10.1 to Form 10-KSB dated March 31, 1996 and
incorporated herein by reference).
10.14 International Distribution Agreement between Registrant and
Toyobo Co., Ltd. and MC Medical. Inc. dated September 12, 1995 (filed
as exhibit 10.2 to Form 10-KSB dated March 31, 1996 and incorporated
herein by reference).
10.15 Commercial Lease between Registrant and Douglas R. Kaye
dated December 23, 1996.
21.1 List of Registrant's Subsidiaries (filed as exhibit 22.1 to Form 10-SB
Registration Statement No. 0-021994 dated August 6, 1993 and
incorporated herein by reference).
</TABLE>
(b) Reports on Form 8-K
No reports were filed on Form 8-K during the quarter ended December 31,
1996.
2
<PAGE>
EXHIBIT INDEX
Exhibit No. Description Location in Form 10-KSB/A
10.1 Commercial Lease Agreement between
Registrant and Douglas Kaye
dated December 23, 1996 Page 4
3
<PAGE>
COMMERCIAL LEASE AND DEPOSIT RECEIPT
RECEIVED FROM Glyko, Inc., A California Corporation, hereinafter referred to as
LESSEE, the sum of $9,890.20(nine thousand eight hundred ninety and 20/100
dollars), evidenced by a check, as a deposit which shall belong to Lessor and
shall be applied as follows: Rent for the period from 2/1/97 to 2/28/97
$9,890.20, Security deposit (not applicable toward last month's rent)
$9,890.20. TOTAL RECEIVED $19,780.40. In the event this Lessee is not accepted
by the Lessor within 5 days, the total deposit received will be refunded. Lessee
offers to lease from Lessor the premises situated in he City of Novato,County of
Marin, State of CA, described as 11 Pimental Ct.(6,116 sf office)and 13 Pimental
Ct.(5,336sf whse.) upon the following terms and conditions: TERM: The term will
commence on February 1, 1997,and end on March 31, 2000. RENT: The rent will be
$9,890.20, payable as follows: $9,890.20 per month. All rents will be paid to
Lessor,or his/her agent, at the following address: Mr. Douglas Kaye, 113
Terrace Avenue, Kentfield, CA 94904, or at such other places as may be
designated by Lessor from time to time. In the event rent is not paid within 10
days after due date, Lessee agrees to pay a late charge of $200 plus interest at
18% per annum on the delinquent amount. Lessee further agrees to pay $25 for
each dishonored bank check. The late charge period is not a grace period, and
Lessor is entitled to make written demand for any rent if not paid when due.
USE: The premises are to be used for the operation of Biomedical Laboratory and
associated office use, and for no other purpose, without prior written consent
of Lessor. Lessee will not commit any waste upon the premises, or any nuisance
or act which may disturb the quiet enjoyment of any tenant in the building. USES
PROHIBITED: Lessee will not use any portion of the premises for purposes other
than those specified. No use will be made or permitted to be made upon the
premises, nor acts done, which will increase the existing rate of insurance upon
the property, or cause cancellation of insurance policies covering the property.
Lessee will not conduct or permit any sale by auction on the premises.
ASSIGNMENT AND SUBLETTING: Lessee will not assign this Lease or sublet any
portion of the premises without prior written consent of the Lessor, which will
not be unreasonably withheld. Any such assignment or subletting without consent
will be void and, at the option of the Lessor, will terminate this Lease.
ORDINANCES AND STATUTES: Lessee will comply with all statutes, ordinances, and
requirements of all municipal, state and federal authorities now in force, or
which may later be in force, regarding the use of the premises. The commencement
or pendency of any state or federal court abatement proceeding affecting the use
of the premises will, at the option of the lessor, be deemed a breach of the
Lease. MAINTENANCE, REPAIRS, ALTERATIONS: Unless otherwise indicated, Lessee
acknowledges that the premises are in good order and repair. Lessee shall, at
his/her own expense, maintain the premises in a good and safe condition,
including plate glass, electrical wiring, plumbing and heating and air
conditioning installations, and any other system or equipment. The premises will
be surrendered, at termination of the Lease, in as good condition as received,
normal wear and tear excepted. Lessee will be responsible for all repairs
required, except the following which will be maintained by Lessor: roof,
exterior walls, structural foundations (including any retrofitting required by
governmental authorities) and: Parking lot and driveways. Lessor will also
maintain in good condition the landscaping subject to 100% reimbursement from
Lessee. No improvement or alteration of the premises will be made without the
prior written consent of the Lessor. Prior the commencement of any substantial
repair, improvement, or alteration, Lessee will give lessor at least two (2)
days written notice in order that Lessor may post appropriate notices to avoid
any liability for liens. ENTRY AND INSPECTION: Lessee will permit Lessor or
Lessor's agents to enter the premises at reasonable times and upon reasonable
notice for the purpose of inspecting the premises, and will permit Lessor, at
any time within sixty (60) days prior to the expiration of the Lease, to place
upon the premises any usual "For Lease" signs, and permit persons desiring to
lease the premises to inspect the premises at reasonable times. INDEMNIFICATION
OF LESSOR: Lessor will not be liable for any damage or injury to Lessee, or any
other person, or to any property, occurring on the premises. Lessee agrees to
hold Lessor harmless from any claims for damages arising out of Lessee's use of
the premises, and to indemnify Lessor for any expense incurred by lessor in
defending any such claims. POSSESSION: If Lessor is unable to deliver possession
of the premises at the commencement date set forth above, Lessor will not be
liable for any damage caused by the delay, nor will this Lease be void or
voidable, but Lessee will not be liable for any rent until possession is
delivered. Lessee may terminate this Lease if possession is not delivered within
30 days of the commencement term in item 1. LESSEE'S INSURANCE: Lessee, at
his/her expense will maintain plate glass, public liability, and property damage
insurance insuring Lessee and lessor with minimum coverage as follows:
$1,000,000 per occurence
Lessee will provide Lessor with a Certificate of Insurance showing Lessor as
additional insured. The policy will require ten (10) day's written notice to
Lessor prior to cancellation or material change of coverage. LESSOR'S INSURANCE:
Lessor will maintain hazard insurance covering one hundred percent (100%) actual
cash value of the improvements throughout the Lease term. Lessor's insurance
will not insure Lessee's personal property, leasehold improvements, or trade
fixtures. SUBROGATION: To the maximum extent permitted by insurance policies
which may be owned by the parties, Lessor and Lessee waive any and all rights of
subrogation which might otherwise exist. UTILITIES: Lessee agrees that he/she
will be responsible for the payment of all utilities, including water, gas,
electricity, heat and other services delivered to the premises. SIGNS: Lessee
will not place, maintain, nor permit any sign or awning on any exterior door,
wall, or window of the premises without the express written consent of Lessor,
which will not be unreasonably withheld. ABANDONMENT OF PREMISES: Lessee will
not vacate or abandon the premises at any time during the term of this Lease. If
Lessee does abandon or vacate the premises, or is dispossessed by process of
law, or otherwise, any personal property belonging to Lessee left on the
premises will be deemed to be abandoned, at the option of Lessor. CONDEMNATION:
If any part of the premises is condemned for public use, and a part remains
which is susceptible of occupation by Lessee, this Lease will, as to the part
taken, terminate as of the date the condemnor acquires possession. Lessee will
be required to pay such
<PAGE>
proportion of the rent for the remaining term as the value of the premises
remaining bears to the total value of the premises at the date of condemnation;
provided, however, that Lessor may at his/her option, terminate this Lease as of
the date the condemnor acquires possession. In the event that the premises are
condemned in whole, or the remainder is not susceptible for use by the Lessee,
this Lease will terminate upon the date which the Lessee will be entitled to
retain any amount awarded to him/her for his/her trade fixtures or moving
expenses. TRADE FIXTURES: Any and all improvements made to the premises during
the term will belong to the Lessor, except trade fixtures of the Lessee. Lessee
may, upon termination, remove all his/her trade fixtures, but will pay for all
costs necessary to repair any damage to the premises occasioned by the removal.
DESTRUCTION OF PREMISES: In the event of a partial destruction of the premises
during the term, from any cause, Lessor will promptly repair the premises,
provided that such repairs can be reasonably made within sixty (60) days. Such
partial destruction will not terminate this Lease, except that Lessee will be
entitled to a proportionate reduction of rent while such repairs are being made,
based upon the extent to which the making of such repairs interferes with the
business of Lessee on the premises. If the repairs cannot be made within sixty
(60) days, This Lease may be terminated at the option of either party by giving
written notice to the other party within the sixty (60) day period. HAZARDOUS
MATERIALS: Lessee will not use, store, or dispose of any hazardous substances
upon the premises, except the use and storage of such substances that are
customarily used in Lessee's business, and are in compliance with all
environmental laws. Hazardous substances means any hazardous waste, substance or
toxic materials regulated under any environmental laws or regulations applicable
to the property. Lessee will be responsible for the cost of removal of any toxic
contamination cased by lessee's use of the premises. INSOLVENCY: The appointment
of a receiver, an assignment for the benefits of creditors, or the filing of a
petition in bankruptcy by or against Lessee, will constitute a breach of the
Lease by Lessee. DEFAULT: In the event of any breach of this Lease by Lessee,
Lessor may, at his/her option, terminate the Lease and recover from Lessee: (a)
the worth at the time of award of the unpaid rent which had been earned at the
time of termination; (b) the worth at the time of award of the amount by which
the unpaid rent which would have been earned after termination until the time of
the award exceeds the amount of such rental loss that the Lessee proves could
have been reasonably avoided: (C) the worth at the time of the award of the
amount by which the unpaid rent for the balance of the term after the time of
award exceeds the amount of such rental loss that the Lessee proves could be
reasonably avoided: and (d) any other amount necessary to compensate Lessor for
all the detriment proximately caused by the Lessee's failure to perform his/her
obligations under the Lease or which in the ordinary course of things would be
likely to result therefrom.
Lessor may, in the alternative, continue this Lease in effect, as long
as Lessor does not terminate Lessee's right to possession, and Lessor may
enforce all of Lessor's rights and remedies under the Lease, including the right
to recover the rent as it becomes due under the Lease. If said breach of Lease
continues, Lessor may, at any time thereafter, elect to terminate the Lease.
These provisions will not limit any other rights or remedies which
Lessor may have.
SECURITY: The security deposit will secure the performance of the Lessee's
obligations. Lessor may, but will not be obligated to, apply all or portions
of the deposit on account of Lessee's obligations. Any balance remaining upon
termination will be returned to Lessee. Lessee
will not have the right to apply the security deposit in payment of the last
month's rent. DEPOSIT REFUNDS: The balance of all deposits will be refunded
within three weeks (or as otherwise required by law), from date possession is
delivered to lessor or his/her authorized agent, together with a statement
showing any charges made against the deposits by Lessor. ATTORNEY FEES: In any
action or proceeding involving a dispute between Lessor and Lessee arising out
of the Lease, the prevailing party will be entitled to reasonable attorney fees.
WAIVER: No failure of Lessor to enforce any term of the Lease will be deemed to
be a waiver. NOTICES: Any notice which either party may or is required to give,
will be given by mailing the notice, postage prepaid, to Lessee at the premises,
or to Lessor at the address shown in Item 2, or at such other places as may be
designated in writing by the parties from time to time. Notice will be effective
five days after mailing, or on personal delivery, or when receipt is
acknowledged in writing. HOLDING OVER: Any holding over after the expiration of
this Lease, with the consent of the Owner, will be a month-to-month tenancy at a
monthly rent of $12,000, payable in advance and otherwise subject to the terms
of this Lease, as applicable, until either party will terminate the tenancy by
giving the other party thirty (30) days written notice. TIME: Time is of the
essence of the Lease. HEIRS, ASSIGNS, SUCCESSORS: This Lease is binding upon and
inures to the benefit of the heirs, assigns, and successors of the parties. TAX
INCREASE: In the event there is any increase during any year of the term of the
Lease in real estate taxes over and above the amount of such taxes assessed for
the tax year during which the term of the Lease commences, Lessee will pay to
Lessor an amount equal to 100% of the increase in taxes upon the land and
building in which the leased premises are situated. In the event that such taxes
are assessed for a tax year extending beyond the term of the Lease, the
obligation of Lessee will be prorated. Lessee will not be responsible for any
tax increase occasioned solely by a sale or transfer of the premises by Lessor.
COST OF LIVING INCREASE: The rent provided for in Item 2 will bi adjusted
effective upon the first day of the month immediately following the expiration
of 12 months from date of commencement of the term, and upon the expiration of
each 12 months thereafter, in accordance with changes in the U.S. Consumer Price
Index for All Urban Consumers (1982-84=100) ("CPI"). The monthly rent will be
increased to an amount equal to the monthly rent set forth in Item 2, multiplied
by a fraction the numerator of which is the CPI for the second calendar month
immediately preceding the adjustment date, and the denominator or which is the
CPA for the second calendar month preceding the commencement of the Lease term;
provided, however, that the monthly rent will not be less than the amount set
forth in Item 2. AMERICANS WITH DISABILITIES ACT: The parties are alerted to the
existence of the Americans With Disabilities Act, which may require costly
structural modifications. The parties are advised to consult with a professional
familiar with the requirements of the Act. LESSOR'S LIABILITY: In the event of a
transfer of Lessor's title or interest to the property during the term of the
Lease, Lessee agrees that the grantee of such title or interest will be
substituted as the Lessor under this Lease, and the original Lessor will be
released of all further liability; provided, that all deposits will be
transferred to the grantee.
<PAGE>
ESTOPPEL CERTIFICATE:
(a) On ten (10) days prior written notice from Lessor, Lessee will
execute, acknowledge, and deliver to Lessor a statement in
writing: (1) certifying that this Lease is unmodified and in full
force and effect (or, if modified, stating the nature of such
modification and certifying that this Lease, as so modified, is in
full force and effect), the amount of any security deposit, and
the date to which the rent and other charges are paid in advance,
if any; and (2) acknowledging that there are not, to Lessee's
knowledge, any uncured defaults on the part of Lessor, or
specifying such defaults if any are claimed. Any such statement
may be conclusively relied upon by any prospective buyer or
encumbrancer of the premises.
(b) At Lessor's option, Lessee's failure to deliver such statement
within such time will be a material breach of this Lease or will
be conclusive upon Lessee; (1) that this Lease is in full force
and effect, without modification except as may be represented by
Lessor; (2) that there are no uncured defaults in Lessor's
performance; and (3) that not more than one month's rent has been
paid in advance.
(c) If Lessor desires to finance, refinance, or sell the premises, or
any part therof, Lessee agrees to deliver to any lender or buyer
designated by Lessor such financial statements of Lessee as may be
reasonably required by such lender or buyer. All financial
statements will be received by the Lessor or the lender or buyer
in confidence and will be used only for the purposes set forth.
ENTIRE AGREEMENT: The foregoing constitutes the entire agreement between the
parties and may be modified only in writing signed by all
parties. The following exhibits are a part of this Lease:
Addendum to Lease
Brokerage Disclosures
LESSEE: GLYKO, INC., A California Corporation
By: /s/John C. Klock
Its: President
Date: 12/23/96
LESSOR: Douglas R. Kaye
By: /s/Douglas R. Kaye
Date: 12/23/96
<PAGE>
ADDENDUM TO LEASE
BY & BETWEEN
DOUGLAS R. KAYE, LESSOR
AND
GLYKO, INC., LESSEE
DATED: DECEMBER 20, 1996
1. Heating, Ventilating and Air Conditioning (HVAC)
Pursuant to section 7 of the lease Lessee shall be responsible to maintain
and repair the HVAC system in the Premises pursuant to manufacturer's
recommended maintenance schedule. In the event the HVAC compressors or
exchangers need to be repaired or replaced not due to Lessee's lack of
regularly scheduled HVAC maintenance, as described herein, Lessor shall be
responsible to repair or replace the compressors or exchangers at Lessor's
sole cost and expense. In the event the HVAC compressors or exchangers need
to be repaired or replaced and Lessee has not been maintaining or repairing
the HVAC system as described herein, or Lessee has modified the HVAC system
without Lessor's consent, Lessee shall be solely responsible to repair or
replace the compressors or exchangers as required, at Lessee's sole cost
and expense.
Upon the commencement date of this lease, Lessor represents to Lessee that
the building systems, including the HVAC, electrical, plumbing, lighting,
and structural elements of the building, are in good condition and repair.
Additionally, Lessor shall repair the warehouse roof on or before the lease
commencement date at Lessor's sole cost and expense.
2. Letter of Credit
This lease agreement is absolutely subject to the Lessee providing the
Lessor within 15 days of lease execution, a Letter of Credit in the amount
of $29,670.60 naming the lessor beneficiary of the Letter of Credit
if Lessee defaults under the terms and conditions of this lease agreement.
So long that Lessee has not been in default under any of the terms and
conditions of the lease the Letter of Credit will be reduced to $19,780
at the end of the second year of the lease term. The Letter of Credit
shall expire upon the expiration of the lease term so long as Lessee has
not been in default under the terms and conditions of this lease.
Upon execution of this lease agreement, Lessee shall deposit with Lessor a
Security Deposit of $9,890.20. Upon issuance of Letter of Credit,
Lessor shall return the Security deposit to Lessee.
3. Trailer
Lessee shall have the right to park a 10" x 20" trailer at the rear of the
parking lot fo storage of non-hazardous materials subject to the following:
The trailer shall conform with all codes and regulations, shall be a mobile
trailer not attached to the Premises and Lessee shall be responsible for
any taxes, fees or fines relating to Lessee's use and occupancy of the
trailer.
4. Consumer Price Index
Pursuant to section 32 of the lease agreement in no event shall the annual
Consumer Price Index rental adjustment exceed 5% per adjustment period.
5. Access to Premises
Upon execution of this lease Lessee shall have access to the Premises for
inspecting the Premises with its contractor, and for installing its
telephone and computer system, and for construction of tenant improvements
in warehouse only.
6. Subleases
Lessee shall have the right, and Lessor consents hereto, to sublease a
portion of the Premises to Marin Head Start, and to BioMarin Pharmaceutical
Inc.
7. Free Rent
So long as Lessee is not in default of any obligation of this lease, Lessee
shall have the socond (2nd) and thirteenth (13th) months of the lease term
rent free.
LESSOR: DOUGLAS R. KAYE LESSEE: GLYKO, INC., A CALIFORNIA CORPORATION
BY: \s\Douglas R. Kaye BY: \s\John C. Klock
ITS: President
DATE: 12/23/96 DATE: 12/23/96
<PAGE>
PROPERTY: 11 & 13 Pimental Court, Novato, CA
HAZARDOUS MATERIALS WARNING: Current and future federal, state and local laws
and regulations may require the clean-up of such toxic, hazardous or undesirable
materials at the expense of those persons who in the past, present or future
have had any interest in the Property including, but not limited to, current,
past and future owners and users of the Property. Lessor and Lessee are advised
to consult with independent legal counsel of their choice or other expers, to
determine their potential liability.
AMERICANS WITH DISABILITIES ACT: On July 26, 1991, the federal legislation known
as the Americans with Disabilities Act (ADA) was signed into law. The purpose of
the ADA is to integrate persons with disabilities into the economic and social
mainstream of American life. Title III of the ADA applies to landlords and
tenants of "places of public accommodation" and "commercial facilities," and
requires that places of public accommodation undertake "readily achievable"
removal of communication and access barriers to the disables. This requirement
of Title III of the ADA is effective January 26, 1992. Lessor and Lessee should
seek expert advice regarding the implications of the Act as it affects this
agreement.
LIABILITY RELEASE: Meridian Commercial, Inc., and its salespeople in this
transaction have no expertise regarding hazardous materials or the Americans
with Disabilities Act. Lessor and Lessee agree that they shall indemnify and
hold Meridian Commerical, Inc. and its salespeople harmless from any claim,
liability, or expense regarding hazardous materials or the ADA.
BROKER REPRESENTATION: Meridian Commercial, Inc. is the real estate broker for
the Lessor and the Lessee, and both parties consent hereto.
LESSOR: Douglas R. Kaye LESSEE: Glyko, Inc.
By: \s\Douglas R. Kaye By: \s\John C. Klock
Title: President
Date: 12/23/96 Date: 12/23/96
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Exchange
Act, the registrant caused this Report to be signed on its behalf by the
undersigned, thereunto duly authorized.
GLYKO BIOMEDICAL LTD.
Dated: June 17, 1997 By: \s\ John C. Klock, M.D.
- --------------------------------------- ----------------------------
John C. Klock, M.D.
President and
Chief Executive Officer
