Exhibit 10.2

[CONFIDENTIAL TREATMENT HAS BEEN REQUESTED AS TO CERTAIN PORTIONS OF THIS DOCUMENT. EACH SUCH PORTION, WHICH AS BEEN OMITTED HEREIN AND REPLACED WITH A SERIES OF THREE ASTERISKS IN BRACKETS [***], HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.]

Co-ownership Agreement (the “Agreement”)

Entered into by:

INSERM-TRANSFERT S.A., a limited liability company headquartered at 7 rue Watt, 75013 Paris (“INSERM-TRANSFERT”), acting upon delegation of the Institut National de la Santé Et de la Recherche Médicale (“INSERM”), headquartered at 101 rue de Tolbiac, 75654 Paris Cedex 13,

and

Mymetics Corporation, a corporation organized under the laws of the State of Delaware with its principal place of business located at 14, rue de la Colombière, CH 1260 Nyon, Switzerland (“Mymetics”),

each a “Party” and collectively the “Parties”.

Preamble

The Parties intent to exploit the patents derived from the PCT application filed on May 2, 2005, under the number IB 2005/001180 and the name “Complementary determining region 3 of anti-HIV antibodies and antibodies comprising thereof” and from the PCT application filed on May 2, 2005, under the number IB 2005/001182 and the name “Antibody or fragment thereof having neutralizing activity against HIV” (the “Patents”).

1. Purpose

The purpose of this Agreement is to formalize the rules governing the co-ownership of the Patents, as well as the rights and obligations deriving therefrom.

INSERM-TRANSFERT is acting upon delegation from INSERM in order to commercialize the above-mentioned patent rights, not as assignee of these rights.

2. Co-ownership

The co-ownership shares of the Parties are as follows:

• INSERM: [***]%

• Mymetics: [***]%

3. Duration

This Agreement is valid from the Effective Date (i.e. upon signature of the Agreement by the last Party) and terminates upon the date of expiration or abandonment of the last of the Patents or upon one of the co-owners becoming a 100% owner of the Patents.

4. Industrial property

INSERM-TRANSFERT entrusts Mymetics with the role of managing the Patents. Mymetics has the powers to act on behalf of the other co-owner, with a right of consultation in favor of the other party as regards potential proceedings involving the Patents.

Each Party may abandon its co-ownership share of a Patent, to the benefit of the other Party. In case of abandonment by all Parties, the inventors are entitled to receive the rights over the Patents.

Each Party may assign its share of co-ownership of part or all of the Patents. In case of assignment by INSERM, Mymetics has a preemption right. In case of assignment to a third party, the assignee will be bound by this Agreement.

5. Procedural costs

Mymetics will bear all procedural costs related to the Patents, except those related to countries for which Mymetics has no co-ownership rights, which will be borne by the other Party.

6. Research

The Parties may use the Patents for internal research purposes only. In case of research involving third parties, the other Party has rights of information and veto, which must be exercised in good faith.

7. Commercial exploitation

The commercial exploitation conditions are regulated in a separate exploitation agreement.

8. Assignment

An assignment is admissible only as provided for under Section 4 above.

9. Termination

The Agreement is terminated in case one of the co-owners becomes the sole owner of all Patents or in case of event of default which is not remedied within three months.

14. Applicable law — litigation

The agreement is governed by French law.

In case of dispute which cannot be amicably settled within three months, the Parties may submit their dispute to French courts.

Miscellaneous

Sections 10-13 and 15-16 are customary provisions regarding Waivers (Section 10), Severability (Section 11), Captions (Section 12), Entire Agreement (Section 13), Filing of Agreement (Section 15) and Notifications (Section 16).