ZIOPHARM Oncology (ZIOP) has amended its Exclusive Channel Collaborations in oncology and graft-versus-host disease with Intrexon (XON).The amended agreement reduces the operating profits payable (royalty) to Intrexon from 50% to 20%. In exchange for the haircut, Ziopharm will issue $120M (100K shares) of a new class of preferred to stock to Intrexon that will pay a monthly dividend of 1% in additional preferred shares.The preferred stock will convert to common shares upon the U.S. approval of a product or under certain other conditions such as a change of control of Ziopharm. The conversion price will be determined by the volume-weighted average closing price of ZIOP's common stock over the 20 trading days preceding the product approval.