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Exhibit 10.48

Memorandum of Agreement

DATE:	December 6, 2005
TO:	Nick Vahanian, Chief Medical & Operations Officer NewLink Genetics Corporation 2901 S. Loop Drive, Suite 3900 Ames, IA 50010
FROM:	Steven T. Carter, President
RE:	ADDENDUM TO THE LEASE BETWEEN ISU RESEARCH PARK CORPORATION AND NEWLINK GENETICS CORPORATION DATED FEBRUARY 1, 2001.

        The following information constitutes additions to the Lease Agreement between ISU Research Park Corporation (Landlord) and NewLink Genetics Corporation (Tenant). Upon signatures of appropriate representatives of Landlord and Tenant affixed to this Memorandum, this Memorandum becomes a part of that Lease Agreement dated February 1, 2001.

        Landlord agrees to lease to Tenant Suites 3540 & 3550 (containing ±1,439 gsf) in Building #3 at 2901 South Loop Drive, in the following manner:

Term	Sq. Ft. Base Rents		Sq. Ft. Operating Rents	Monthly Base Rents		Monthly Operating Rents	Annual Base Rents		Annual Operating Rents
01/01/2006 - 12/31/2008	$	12.50	Actual	$	1,498.96	Actual	$	17,987.52	Actual

        Gas and water usage, as well as utility costs for the HVAC system, will be prorated and invoiced monthly. Electricity is metered separately and will also be prorated and invoiced monthly.

        Tenant leases the space as is. Any modifications will be at the Tenant's sole expense. Subject to the terms of this Memorandum, Tenant agrees that all terms and conditions of the February 1, 2001 Lease and those described in this Memorandum shall remain in force. Landlord agrees to release Tenant from this lease obligation upon Tenant's move into a larger facility at the ISU Research Park.

        Please sign and return both originals to my office by December 7, 2005 if you concur with the above terms. We will then send a fully executed copy for your records.

AGREED

FOR NewLink Genetics Corporation	FOR ISU Research Park Corporation
/s/ Nicholas Vahanian	/s/Steven Carter
Chief Medical & Operations Officer Title	Director Title
12/14/05 Date	12/14/05 Date

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Exhibit 10.48

Memorandum of Agreement