Note 14 – Patent Option Agreement

Effective June 9, 2020, the Company entered into a Patent Option Agreement (the “Option”) with Duke University (“Duke”).  This exclusive Option is for a period of six months from the effective date of the Option. As consideration for the Option, the Company paid Duke a non-refundable, option fee of $350,000 during June 2020. Such option fee, plus any extension fee, will be fully credited against the license fee under the future license agreement. The Option is subject to extension by the Company for an additional six months by payment of $150,000 on or before the expiration of the initial six-month option period.  In connection with the option, Cryo-Cell anticipates opening a clinic to help patients have greater access to cord blood treatments established by Duke University under the FDA granted Expanded Access Program.

The foregoing summary of the Option is not complete and is qualified in its entirety by reference to the Option, a copy of which is attached to the Company’s Form 8-K filed with the Securities and Exchange Commission on June 11, 2020 as Exhibit 10.1 and incorporated by reference.