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LICENSE AGREEMENT

This Agreement made this 24th day of November, 2006
(the Effective Date).

|AMONG:                                             
|---------------------------------------------------
|MEDICURE INC.,                                     
|a corporation under the laws of Manitoba           
|(hereinafter referred to as Licensee)            
|                                                   
|- and                                             
|-                                                  
|THE UNIVERSITY OF MANITOBA,                        
|an educational institute under the laws of Manitoba
|(hereinafter referred to as University)          
|                                                   
|WHEREAS:                                           

|A. | University is the owner, by assignments of certain
      intellectual property arising from studies by Dr. Naranjan Dhalla (the
      Principal Investigator) and Dr. Krishnamurti Dakshinamurti (hereinafter
      referred to as Co-Inventor), both academic staff members of University,
      on the cardiovascular effects, including, anti-ischemic; antihypertensive
      and other effects of pyridoxal-5-phosphate (P-5-P) and related compounds,
      including pyridoxine (vitamin B6), arising from this research, and as
      funded by Licensee. University is also the owner by assignment, attached
      hereto as Schedule B, of certain intellectual property arising from
      studies by Dr. James L. Charlton (hereinafter referred to as Dr. James L.
      Charlton), an academic staff member of University, pursuant to research
      agreements dated June 25, 1998 and August 30, 1999 relating to studies on
      the preparation of pyridoxal analogues (collectively the studies of Dr.
      Dakshinamurti, Dr. Dhalla and Dr. Charlton hereinafter referred to as the
      Studies);
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|B. | University granted to Genesys Pharma Inc., by license
      agreement dated August 18, 1997, an exclusive license to research and
      develop, make, have made, use, promote, sell, market and distribute and to
      sublicense the right to research and develop, make, have made, use,
      promote. sell, market and distribute Licensed Products (term defined
      below), and such license agreement was assigned to Licensee by Novopharm
      Biotech Inc. (successor to Genesys Pharma Inc.) by assignment dated as of
      September 26, 1997;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|C. | University granted to Licensee, by license agreement
      dated August 30, 1999, an exclusive license to research and develop, make,
      have made, use, promote, sell, market and distribute and to sublicense the
      right to research and develop, make, have made, use, promote. sell, market
      and distribute Licensed Products;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     

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|D. | This Agreement supersedes all previous Universitys
      license agreements with the Licensee and its Affiliates (term defined
      below) with regards to license to research and develop, make, have made,
      use, promote, sell, market and distribute and to sublicense the right to
      research and develop, make, have made, use, promote. sell, market and
      distribute Licensed Products; and
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                   
|E. | University and Licensee wish to enter into this Agreement
      to clarify and continue to licensing arrangements between them with
      respect to the subject matter hereof.                                                                                                                                                                                                                                   

NOW THEREFORE, Licensee and University agree as follows:

ARTICLE 1 - DEFINITIONS

As used in this Agreement, the following terms shall have the
following meanings:

|1.1 | Affiliatemeans any person, joint venture,
      partnership, corporation, sublicensee, trust, unincorporated organization
      or other entity which, directly or indirectly, controls, is controlled by,
      or is under common control with a party to this Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|1.2 | Arms Length Partymeans a Person with whom
      Licensee deals at arms- length (within the meaning of that term under the
      Income Tax ActCanada));                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|1.3 | Confidential Informationhas the meaning set out
      in Section 5.2 below;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|1.4 | Combination Productmeans any product containing
      a Licensed Product and one or more other components which do not
      constitute a Licensed Product.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|1.5 | Disclosing Partyhas the meaning set out in
      Section 5.1 below;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|1.6 | Documentationmeans all appropriate technical
      and descriptive documentation for the Licensed Products to permit Licensee
      to further research, develop, make, have made, use, promote, sell, market
      and distribute Licensed Products without further recourse to University,
      including but not necessarily limited to trade secrets, research,
      development and manufacturing data, technical and scientific information
      and specifications, discoveries, processes, procedures, protocols,
      formulae, techniques, designs, drawings, data or other valuable technical
      information necessary to enable a professional having ordinary skills and
      experience in such area to understand, further develop and modify the
      Licensed Products;
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|1.7 | Generally Accepted Accounting Principlesmeans
      generally accepted accounting principles as set forth in opinions and
      pronouncements of the Canadian Institute of Chartered Accountants or in
      such other statements by such                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      

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|     | other entity as may be approved by a significant segment
      of the accounting profession, in each case as the same are applicable to
      the circumstances as of the relevant date of determination.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|1.8  | Improvementsshall mean any modifications,
      enhancements, improvements or developments upon any of the Intellectual
      Property Rights, Licensed Products or the Licensed Subject Matter and any
      and all processes, uses, designs and applications based upon or directly
      created using the Licensed Products, the Licensed Subject Matter or the
      Intellectual Property Rights which University either solely or jointly
      with the Licensee may acquire, discover, develop, create, produce, invent,
      originate, make, conceive or have rights to, in whole or in part, whether
      or not such modification, enhancement, improvement or development is
      patentable, copyrightable or otherwise protected by law or commercially
      useful or reducible to writing or practice;
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|1.9  | Intellectual Property Rightsmeans,
      collectively, all right, title and interest of University in, to and under
      the Licensed Subject Matter or any Improvements, including without
      limitation all Patent Rights, Know-How and all trade-mark, tradename,
      industrial design, copyright or other industrial, intellectual or
      proprietary rights therein;                                                                                                                                                                                                                                                                                                                                                                                                                                           
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|1.10 | Know-Howmeans, collectively all trade secrets,
      research, development and manufacturing data, inventions, technical,
      engineering and scientific information, methods, processes, procedures,
      techniques, discoveries, protocols, formulas, designs, drawings,
      specifications and know-how or other information of University arising
      from the Studies whether or not patentable, copyrightable or otherwise
      protected by law or commercially useful or reducible to writing or
      practice, which are not generally known in Licensees industry;                                                                                                                                                                                                                                      
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|1.11 | "Licensed Field" means a) the therapeutic use of
      pyridoxine, pyridoxal-5- phosphate, pyridoxal and pyridoxamine for
      hypertrophy, congestive heart failure, ischemic reperfusion injury,
      arrhythmia, hypertension and contractile dysfunction subsequent to
      myocardial infarction; b) treatment of hypertension in patients receiving
      at least one NSAIDs with pyridoxine, pyridoxal-5-phosphate, pyridoxal,
      pyridoxamine and 4-pyridoxic acid; c) the compound and use of 3-acylated
      analogues of pyridoxal and 3-acylated analogues of pyridoxal-4,5-aminal;
      claimed in the Patent Rights (described in Schedule C)                                                                                                                                                           
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|1.12 | Licensed Productsmeans pyridoxine,
      pyridoxal-5-phosphate, pyridoxal, pyridoxamine, 4-pyridoxic acid,
      3-acylated analogues of pyridoxal and 3-acylated analogues of
      pyridoxal-4,5-aminal,the manufacture, promotion, sale, marketing,
      distribution or use of which by the Licensee or any Affiliate or
      sublicensee which, but for the license or sublicense granted under this
      Agreement, would infringe the Patent Rights                                                                                                                                                                                                                                                                                                                                                                

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|1.13 | Licensed Subject Mattermeans inventions,
      discoveries and processes covered by Patent Rights which are within the
      Licensed Field.                                                                                                                                                                                                                                                                                                                                 
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|1.14 | Non-Royalty Sublicense Incomemeans the net
      dollar amount of any one time licensing fee actually received by Licensee
      from a Sublicensee in consideration of the grant by Licensee to such
      Sublicensee of a license to research and develop, make, have made, use,
      promote, sell, market or distribute Licensed Products;                                                                                                                             
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|1.15 | Litigationhas the meaning set out in Section 2.
      1 (c) below;                                                                                                                                                                                                                                                                                                                                                                                                           
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|1.16 | Net Salesmeans the gross revenues received by
      Licensee or Affiliates or Sublicensee from the Sale or use of Licensed
      Products less the following:                                                                                                                                                                                                                                                                                                                
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|     | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|     | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|     | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|     | (d)                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|     | Net sales also includes the fair market value of any
      non-cash consideration received by Licensee or Affiliates or Sublicensee
      for the sale, lease, or transfer of Licensed Products.                                                                                                                                                                                                                                                                               
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|1.17 | Non-Arms Length Partymeans a Person with whom
      Licensee does not deal at arms-length (within the meaning of that term
      under the income Tax Act (Canada));                                                                                                                                                                                                                                                                                                       
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|1.18 | Othershas the meaning set out in Section 5.1
      below.                                                                                                                                                                                                                                                                                                                                                                                                                    
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|1.19 | Patent Rightsmeans, collectively, all right,
      title and interest of University in, to and under any patents, domestic or
      foreign, arising from or relating to the Studies which may now or
      hereafter be obtained by University, and any continuation,
      continuation-in-part, reissue, reexamination, division or patent term
      extension application or any equivalent thereof (as assigned in Schedule A
      and B and described in Schedule C),
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|1.20 | Personincludes any individual, corporation,
      partnership, firm, joint venture, syndicate, association, trust,
      government, governmental agency or board or commission or authority, and
      any other form of entity organization;                                                                                                                                                                                                                               
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|1.21 | Recipienthas the meaning set out in Section 5.1
      below;                                                                                                                                                                                                                                                                                                                                                                                                                 
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|1.22 | Sale(s) or Soldshall mean any disposition of
      a Licensed Product for value to a party other than Licensee or a
      Sublicensee;                                                                                                                                                                                                                                                                                                                                     
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|1.23 | Studieshas the meaning ascribed thereto in
      Recital A above; and                                                                                                                                                                                                                                                                                                                                                                                                        

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|1.24 | Sublicenseemeans any individual, corporation,
      partnership or other entity which has a valid sublicense from Licensee to
      research and develop, make, have made, use, promote, sell, market or
      distribute Licensed Products.                                                                                                               
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                              
|1.25 | Territorymeans worldwide                                                                                                                                                                                                                                                                                                                                   
|     |                                                                                                                                                                                                                                                                                                                                                              
|1.26 | Valid Claimmeans a claim of an unexpired,
      issued patent or pending patent application within the Patent rights which
      has not been held invalid by a non- appealed or unappealable decision by a
      court or other appropriate body of competent jurisdiction or a decision of
      a governmental agency from which no appeal can be
taken.

ARTICLE 2 - REPRESENTATIONS WARRANTIES AND COVENANTS
OFUNIVERSITY

|2.1 | To the best of its knowledge, information and belief and
      after due inquiry, University hereby represents, warrants and covenants to
      Licensee as follows, and acknowledges that Licensee is relying on such
      representations, warranties and covenants in connection with entering into
      this Agreement:
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                              
|    | (a)                                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                              
|    | (b)                                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                              
|    | (c)                                                                                                                                                                                                                                                                                                                          

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| |     | pending or, to the best of Universitys knowledge,
      information and belief, threatened against University affecting, involving
      or relating to the Licensed Subject Matter or the Intellectual Property
      Rights. No Litigation has ever been brought against University affecting,
      involving or relating to the Licensed Subject Matter or the Intellectual
      Property Rights, and University knows of no facts that could be reasonably
      expected to serve as the basis for any Litigation affecting, involving or
      relating to the Licensed Subject Matter or the Intellectual Property
      Rights;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | (d) | the eligibility of any Licensed Subject Matter or the
      Intellectual Property Rights for protection under applicable copyright law
      has not been forfeited to the public domain by omission of any required
      copyright notice or proprietary legend or any other action;                                                                                                                                                                                                                                                                                                                                                    
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | (e) | none of Universitys right or interest in any of the
      Licensed Subject Matter or the Intellectual Property Rights has been
      granted, transferred or assigned to any Person by University other than
      pursuant to the terms of this Agreement; and                                                                                                                                                                                                                                                                                                                                                                          
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | (f) | University shall, from time to time during the term of
      this Agreement, disclose to Licensee the existence of and particulars
      relating to any Improvements and Documentation which may come into its
      possession and for which is has legal capacity to do
so.                                                                                                                                                                                                                                                                                                                                                            

ARTICLE 3 - PATENTS

|3.1 | Licensee shall file applications for patents on
      Intellectual Property Rights related to the Licensed Subject Matter as
      mutually agreed between University and Licensee. In the event that
      University does not wish to have an application for patent protection
      filed Licensee can proceed on its own. Insofar as Licensee controls the
      process of filing for patents, Licensee shall pay all costs related to the
      filing, prosecuting and maintaining, of such patents and shall pay all
      such future expenses so long as and in such countries as its license
      remains exclusive. Each of University, Principal Investigator, Co-Inventor
      and Dr. Charlton hereby acknowledges, covenants and agrees that it has an
      obligation to cooperate and will provide technical and scientific liaison,
      information and documentation to assist in the preparation and prosecution
      of patent applications related to the compounds licensed to Licensee
      hereunder and in the maintenance of and prosecution of any actions by
      Licensee with respect to the infringement of any such patents by third
      parties.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|3.2 | Subject to Sections 5.2 and 5.3 below, University
      maintains the right to use the Licensed Subject Matter for research and
      education purposes.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     

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|3.3 | Licensee shall use its reasonable efforts to effect
      introduction of the Licensed Products into the commercial market as soon
      as practicable, and to keep Licensed Products reasonablely available to
      the public, consistent with sound and reasonable business practices and
      judgement.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

ARTICLE 4 - LICENSE

|4.1 | University hereby grants to Licensee an exclusive
      worldwide royalty-bearing license under its Patent Rights and Intellectual
      Property Rights to research and develop, make, have made, use, promote,
      sell, market and distribute Licensed Products during the term of this
      Agreement. These rights include the right to apply for and/or acquire
      world-wide Patent Rights on behalf of University.                                                                                                                                                                                                                                                                                 
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|4.2 | Licensee shall have the further right to grant
      sublicenses to third parties worldwide to research and develop, make, have
      made, use, promote, sell, market and distribute Licensed Products. Such
      sublicenses shall be consistent with this Agreement provided that Licensee
      shall be responsible for the operations of its Sublicensees relevant to
      this Agreement as if such operations were carried out by Licensee.
      Licensee further agrees to deliver to University a true and correct copy
      of each sublicense granted by Licensee, and any modification or
      termination thereof, within thirty (30) days after execution, modification
      or termination.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|4.3 | During the term of this Agreement, University shall have
      no right to make, have made, use, promote, sell, market or distribute
      Licensed Products or to grant to any person the right to do the same;
      provided, however, that, except for the provisions of Sections 5.1, 5.2
      and 5.3 below, nothing in this Agreement shall prohibit University from
      making or using Licensed Products in connection with its research and
      teaching, programs, and University hereby covenants and agrees to keep
      this use internal to University.                                                                                                                                     

ARTICLE 5 - CONFIDENTIALITY

|5.1 | Licensee and University acknowledge and agree that, in
      order to properly accomplish the goals of this Agreement, they will need
      to disclose Confidential Information to each other. However, acknowledging
      that such information is valuable and proprietary, each of Licensee and
      University hereby covenants and agrees that, except as either of them
      (hereinafter the Disclosing Party) may otherwise consent in
      writing, during the term of this agreement and thereafter neither of them
      (hereinafter the Recipient) nor any of its officers, directors,
      shareholders, employees, consultants or agents (collectively,
      Others) shall use or directly or indirectly publish or otherwise
      disclose at any time any Confidential Information. All Confidential
      Information shall remain the Disclosing Partys exclusive property and all
      rights to the Confidential Information shall be held in trust by the
      Recipient for the Disclosing Partys benefit. Unless and until expressly
      authorized in writing to do so by the Disclosing Party, the Recipient
      shall not deal with, use or disclose Confidential Information for any
      purpose not
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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8

|    | directly related to the terms of this Agreement, and the
      Recipient shall disclose Confidential Information only to those persons
      who have a need to know Confidential Information for the purposes of the
      Recipient effectively performing the terms of this Agreement, it being
      understood that such persons shall be informed of the confidential nature
      of the Confidential Information and shall be directed to treat such
      Confidential Information confidentially, The Recipient shall be
      responsible for any breach of the provisions of this Section 5.1 by
      Others.                                                                                                                                                                                                                              
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|5.2 | All used herein, the term Confidential
      Information shall mean all materials, ideas, financial data, pricing,
      profit or cost information, policies, business plans, personal
      information, customer lists, trade secrets, Documentation or other data or
      information relating to the Disclosing Party, or any persons with whom it
      is affiliated, associated or related or has business dealings, which would
      reasonably be considered confidential to the Disclosing Party or such
      persons and the disclosure of any of which to the general public or to
      competitors of the Disclosing Party or such persons could be detrimental
      to the best interests of the Disclosing Party or such persons; provided,
      however, that Confidential Information shall not include information
      which:
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    | (d)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    | (e)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    | (f)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       

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| | (g) | must necessarily be disclosed by University in order to
      file patent applications with respect to inventions
  hereunder.
| | --- | ------------------------------------------------------------------------------------------------------------------------------

|5.3 | University shall be entitled to publish or present the
      general scientific findings from research related to the Studies in
      accordance with the provisions of this Section 5.3, provided that such
      right shall not extend to any trade secrets or Confidential Information.
      At least thirty (30) days prior to submitting a manuscript to a publisher
      or other outside persons (i.e.. a reviewer(s)) or prior to any public
      presentation, a copy the manuscript or presentation (a
      Publication) will be provided to Licensee for review, Licensee
      will either: (i) approve said Publication by written notice to University
      or approve by failing to respond within twenty-one (21) days of receipt of
      said Publication; or (ii) notify University by written notice of its
      concerns regarding said Publication within twenty-one (21) days of receipt
      of said Publication and thereafter University and Licensee will forthwith
      attempt to mutually agree on appropriate revisions to conform said
      Publication to the satisfaction of Licensee, thereby allowing immediate
      publication by University. If University and Licensee cannot mutually
      agree on mutually acceptable revisions within thirty (30) days of receipt
      of notice of Licensees concerns regarding said Publication, University
      will not publish said Publication for a period of six (6) months from the
      date of Universitys receipt of Licensees concerns regarding said
      Publication. However, following the expiration of said six (6) month
      period, University and Licensee agree that University shall be allowed to
      publish said Publication regardless of whether or not said Publication has
      been revised to the fill satisfaction of Licensee. Each of University,
      Principal Investigator, Co-Inventor and Dr. Charlton hereby acknowledges
      and agrees that it shall not be entitled to publish or present the general
      scientific findings from research related to the Studies except as
      specifically provided in this Section 5.3.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

ARTICLE 6 - PAYMENTS, RESEARCH AND REPORTS

|6.1 | Upon execution of this Agreement, the continued
      development and cost of development of the Intellectual Property Rights
      shall be the sole responsibility of Licensee.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                  
|6.2 | In consideration of the licenses granted herein, Licensee
      shall pay University the following royalties:                                                                    
|    |                                                                                                                                                                                  
|    | (a)                                                                                                                                                                              
|    |                                                                                                                                                                                  
|    | (b)                                                                                                                                                                              
|    |                                                                                                                                                                                  
|    |                                                                                                                                                                                  

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10

| |     | (2)                                                                                                                                                                                                                                                                         | the royalty received by Licensee from such Sublicensee
        is at least equal to ten percent (10%) of the Net Sales of such Sublicensee;
        and
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                             |                                                                                                                                                        
| | (c) | without duplicating any other royalties payable
        to University in respect of the Net Sales of a Sublicensee, a royalty
        equal to thirty percent (30%) of the royalty actually received by Licensee
        from any Sublicensee where:                       
| |     |                                                                                                                                                                                                                                                                             |                                                                                                                                                        
| |     | (1)                                                                                                                                                                                                                                                                         | such Sublicensee is an Arms Length Party; and                                                                                                         
| |     |                                                                                                                                                                                                                                                                             |                                                                                                                                                        
| |     | (2)                                                                                                                                                                                                                                                                         | the royalty received by Licensee from such Sublicensee
        is less than ten percent (10%) of the Net Sales of such Sublicensee; and                
| |     |                                                                                                                                                                                                                                                                             |                                                                                                                                                        
| | (d) | a royalty equal to three percent (3%) of any
        Non-Royalty Sublicense Income received by Licensee from a Sublicensee;                                                                                                                                                
| |     |                                                                                                                                                                                                                                                                             |                                                                                                                                                        
| | (e) | a non-refundable license fee in the sum of
        $10,000(ten thousand dollars) upon execution of this Agreement; and                                                                                                                                                     
| |     |                                                                                                                                                                                                                                                                             |                                                                                                                                                        
| | (f) | A minimum annual royalty of $15,000 (fifteen
        thousand dollars) due and payable on each anniversary of the Effective
        Date of this Agreement, commencing on the first anniversary and creditable
        against royalties due under 6.2 (a-d) for that year.

Such royalty shall be due for the
calendar quarter in which the Licensed Product is delivered. With respect to a
Combination Product, Net Sales shall be determined by multiplying the Net Sales
for each such Combination Product by a fraction, the numerator of which shall be
the established market price for the Licensed Product(s) contained in the
Combination Product and the denominator of which shall be the sum of the
established market prices for the Licensed Product(s) plus the established
market prices for the other components contained in the Combination Product.
When such separate market prices are not established in a country in the
Territory, then the parties shall negotiate in good faith to determine a fair
and equitable method of calculating Net Sales in that country for the
Combination Product in question.

|6.3 | Stacking Royalties: To avoid the stacking of royalties
      that might result if other parties are entitled to royalties from Licensee
      for Net Sales on the same Licensed Product, if Licensee has obtained or
      obtains, from any third party any licenses and/or sublicenses for patent
      rights in order to practice the Patent rights or in order to develop,
      make, have made, use, offer for sale, sell, import, or provide Licensed
      Products, then Licensee shall be entitled to credit up to fifty percent
      (50%) of any actual payments of additional running royalties to such third
      parties, if any, on Licensed Products against running royalties due
      hereunder for the Licensed Products in the appertaining country(ies)
      during the applicable royalty period; provided, however, that,
      notwithstanding the foregoing, in no event
shall
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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11

|    | the amount payable to University as running royalties on
      Net Sales of Licensed Products by Licensee, any Affiliate or any
      sublicense or sub-sublicensee, as the case may be, be reduced to less than
      one and one-half percent (1.5%) of Net Sales for the subject Licensed
      Products in any country(ies) during the applicable time period.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|6.4 | Termination of Payment Obligation: Upon the abandonment,
      expiration or invalidity and unenforceability of any claims under the
      Patent rights practiced by a Licensed Product in a particular country, the
      obligation to pay running royalties with respect to Net Sales on such
      Licensed Product within such country shall terminate. In the event there
      are no Patent rights issued or pending covering the particular Licensed
      Product sold in any country in the Territory, or in the event that a
      Licensed Patent exists in such country and is subsequently declared
      invalid in whole or in part by a court of competent jurisdiction such that
      such Licensed Patent offers no protection to the Licensed Products being
      sold, no royalty shall be payable on Net Sales of Licensed Products in
      such country.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|6.5 | During the term of this Agreement and for five (5) years
      thereafter, Licensee shall keep complete and accurate records of its and
      its Sublicensees Sales of Licensed Products under the license granted in
      this Agreement in sufficient detail to enable the royalties payable
      hereunder to be determined. Licensee shall permit University or its
      representatives, at Universitys expense, to periodically examine its
      books, ledgers and records during regular business hours for the purpose
      of and to the extent necessary to verify any report required under this
      Agreement. In the event that the amount of the royalty due exceeds the
      amount of the royalty actually paid by five percent (5%) or more, Licensee
      shall pay the cost of such examination.                                                     
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|6.6 | Within ninety (90) days after the last day of each
      calendar year of this Agreement, Licensee shall provide University with a
      report on the progress in research and development, regulatory approvals,
      manufacturing and marketing during such calendar year, as well as plans
      for the coming calendar year, which report shall be in sufficient detail
      to evaluate Licensees compliance with the terms of this ARTICLE 6 and
      Section 3.3 above.                                                                                                                                                                                                                                                                                                                                                                                               
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|6.7 | All amounts payable hereunder by Licensee shall be
      payable in Canadian funds. Where the gross price is stated in any other
      currency, conversion into Canadian dollars shall be calculated at the rate
      of exchange quoted by The Canadian Imperial Bank of Commerce on the last
      day of the six-month period in respect of which payment is
  due.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            

ARTICLE 7 - TERM AND TERMINATION

|7.1 | The term of this Agreement shall commence on the
      Effective Date and shall terminate:
|--- | ------------------------------------------------------------------------------------------

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12

| | (a) | if a patent or patents, domestic or foreign, is obtained
      prior to commercialization of a Licensed Product, the expiration date of
      the last to expire of any patents covered by the Patent
  Rights.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|7.2 | This Agreement will earlier terminate:
|--- | --------------------------------------

| | (a) | automatically if Licensee shall become bankrupt or
      insolvent and/or if the business of Licensee shall be placed in the hands
      of a receiver, assignee, or. trustee, whether by voluntary act of Licensee
      or otherwise; or                                                                                                                                                                                                                                                                                                                                                   
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| | (b) | upon ninety (90) days written notice if Licensee shall
      breach or default in any obligation under this License Agreement;
      provided, however, Licensee may avoid such termination if before the end
      of such period Licensee notifies University that such breach has been
      cured and states the manner of such cure, and upon any such termination
      pursuant to this Section 7.2, all right, title and interest of Licensee in
      and to the Intellectual Property Rights will be transferred to University,
      without further conditions or consideration.

|7.3 | Upon termination of this Agreement for any cause, nothing
      herein shall be construed to release either party of any obligation
      matured prior to the effective date of such termination. Licensee shall
      have the right to sell all Licensed Products and parts therefor that it
      may have on hand at the date of termination, provided that it pays earned
      royalties thereon as provided in this Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|7.4 | Upon termination under Section 7.1 all right, title and
      interest of University in and to the Intellectual Property Rights will be
      transferred to Licensee, without further conditions or
    consideration.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|7.5 | The Licensee and University acknowledge and agree that
      any modifications, enhancements, improvements or developments upon any of
      the Intellectual Property Rights, Licensed Products or the Licensed
      Subject Matter and any all processes, uses, designs, and applications
      based upon or directly created using the Licensed Products, the Licensed
      Subject Matter or the Intellectual Property Rights which has been or which
      will be made or conceived by University, in the course of the Studies,
      shall be the sole and exclusive property of University and included in the
      definition of Improvements hereunder. University shall promptly and fully
      disclose to the Licensee in writing any of the Improvements from time to
      time. To the extent that the Improvements constitute patentable subject
      matter, the Licensee shall prepare, file and prosecute, in the name of
      University and at the Licensees expense, applications for such patents in
      all countries where either of University or the Licensee has filed patent
      applications in respect of the Patent Rights. The Licensee and University
      acknowledge and agree that any modifications, enhancements, improvements
      or developments upon any of the Intellectual Property Rights, Licensed
      Products or the Licensed Subject Matter and any all processes, uses,
      designs, and applications based upon or
directly

---

13

created using the Licensed Products,
the Licensed Subject Matter or the Intellectual Property Rights which has been
or which will be made or conceived by the Licensee shall be the sole and
exclusive property of the Licensee.

ARTICLE 8 - INFRINGEMENT

|8.  | 1 Licensee shall have the right of enforcing, at its
      expense any Intellectual Property Rights exclusively licensed hereunder
      against infringement by third parties and shall be entitled to retain any
      recovery from such enforcement. Licensee shall pay University a royalty
      equal to three percent (3%) of any monetary recovery as to the extent that
      such monetary recovery by Licensee exceeds its expenses.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|8.2 | In any suit or dispute involving an infringer, University
      shall cooperate fully and upon the request and at the expense of Licensee.
      University shall make available to Licensee all relevant records, papers,
      information, samples, specimens, and the like which may be relevant and in
      its possession.                                                                                                               

ARTICLE 9 - ASSIGNMENT

|9.1 | Licensee shall be entitled at any time, upon giving not
      less than seven (7) working days prior notice to University, to assign
      this Agreement and, in such case, such assignee shall have and may
      exercise all the rights, and shall assume all of the obligations, of
      Licensee under this Agreement, and any reference to Licensee in this
      Agreement shall in such case be deemed to refer to such assignee, provided
      that in any such case University and Licensee and such assignee shall
      execute an agreement confirming such assignment and such assumption of
      obligations. Except as hereinbefore provided, neither this Agreement nor
      any rights or obligations hereunder shall be assignable by any party
      without the prior written consent of each of the other parties. Subject
      thereto, this Agreement shall enure to the benefit of and be binding upon
      the parties and their respective successors (including any successor by
      reason of amalgamation of any party) and permitted
  assigns.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

ARTICLE 10 - INDEMNIFICATION

|10.1 | Subject to Section 10.2 below, Licensee shall indemnify
      and hold University harmless from and against any and all liability for
      injury to persons or property occasioned wholly or in part by any Licensed
      Product or by any act or omission of Licensee, its Sublicensees, agents or
      employees, including any and all expense, legal or otherwise, reasonably
      incurred by University in the defense of any claim or suit arising out of
      the use by Licensee of the Intellectual Property Rights provided
      hereunder.
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|10.2 | Notwithstanding section 10.1 above, Licensee shall not in
      any way be liable or responsible for any special, incidental or
      consequential losses or damages in any way arising from or otherwise
      related to the use by Licensee of the
Intellectual                                                                                                                                                                                                                                                                                           

---

14

|     | Property Rights provided hereunder, even if Licensee has
      been advised of the possibility a1 any such losses or damages, and in no
      event shall Licensees liability to indemnify University pursuant to the
      terms of this Article 10 exceed the amount or amounts, if any, recovered
      by Licensee pursuant to Section 10.3 below in respect of any such loss or
      damage.                                                                                                           
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|10.3 | Licensee agrees to maintain for as long as University
      considers necessary, comprehensive general liability and product liability
      insurance in an inclusive amount per occurrence of not less than two
      million dollars ($2,000,000.00) to cover claims for injury and damage
      arising out of the use by Licensee of the Intellectual Property Rights
      provided hereunder. University may at its option require Licensee to name
      University as a co-insured on such insurance.
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|10.4 | University shall indemnify and hold harmless Licensee
      against any and all liability, suits, claims, losses, damages and
      judgments, and shall pay all costs (including reasonable legal fees) and
      damages to the extent that such liability, costs or damages arise from any
      incorrectness in or breach of any representation or warranty of University
      contained herein.                                                                                                        

ARTICLE 11 - GENERAL

|11.1 | This Agreement constitutes the entire and only agreement
      between the parties related to the Licensed Subject Matter hereof (other
      than the research agreements between University and Licensee dated June
      25, 1998 and August 30, 1999), and all prior negotiations,
      representations, agreements, and understandings with request thereof are
      superseded hereby, including, without limitation, the license agreement
      between Genesys Pharma Inc. and University dated August 18, 1997 and the
      license agreement between Licensee and University dated August 30, 1999.
      No agreements altering or supplementing the terms hereof may be made
      except by means of written documents signed by the duly authorized
      representatives of the parties.
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|11.2 | All notices, requests or other communications required or
      permitted to be given hereunder for the purposes hereof to either party
      shall be in writing and shall be sufficiently given if delivered
      personally, or sent by first class pre-paid registered mail or if
      transmitted by telecopier, telex or other form of recorded communication
      tested prior to transmission to such party and addressed as
  follows:                                                                                                                                                                                                                                                                                                                                                         

in the case of University:

Vice-President (Administration)
Room 202, Administration Building The University of Manitoba
Winnipeg, Manitoba R3T 2N2 Fax: (204) 261-1318

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15

|                                |  | - with a copy to-                      
|------------------------------- |  | ---------------------------------------
|                                |  |                                        
|                                |  | Technology Transfer Office             
|                                |  | Office of the Vice-President (Research)
|                                |  | 651 Drake Centre                       
|                                |  | Winnipeg, Manitoba R3T 5V4             
|                                |  |                                        
|                                |  | Attention: Garold G. Breit             
|                                |  | Executive Director                     
|                                |  |                                        
|                                |  | Fax: (204) 261-3475                    
|                                |  |                                        
|or, in the case of Licensee to:
|                                |  |                                        
|                                |  | Medicure Inc.                          
|                                |  | 4-1200 Waverley Street                 
|                                |  | Winnipeg, Manitoba                     
|                                |  | CANADA R3T 0P4                         
|                                |  |                                        
|                                |  | Attention: Albert D. Friesen, Ph.D.    
|                                |  | President & CEO                        
|                                |  |                                        
|                                |  | Fax: (204) 488-9823                    

|     | or such other addresses as may be given from time to time
      under the terms of this notice provision. My notice delivered to the party
      to whom it is addressed as hereinbefore provided shall be deemed to have
      been given and received on the day it is so delivered at such address,
      provided that if such day is not a business day then the notice shall be
      deemed to have been given and received on the business day next following
      such date. My notice mailed as aforesaid shall be deemed to have been
      given and received three (3) business days following the date of its
      mailing, provided that during any period of mail disruption, notice shall
      be delivered personally or transmitted by telecopier, telex or other form
      of recorded communication. My notice transmitted by telecopier, telex or
      other form of recorded communication shall be deemed to have been given
      and received on the first business day after its transmission. Either
      party may change any particulars of its address by notice to the other
      party in the manner aforesaid.
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|11.3 | This Agreement shall be construed in accordance with and
      governed by the laws of the Province of Manitoba and the laws of Canada
      applicable therein, and shall be treated, in all respects, as a Manitoba
      contract.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|11.4 | Failure of University to enforce a right under this
      Agreement shall not act as a waiver of that right or of the ability to
      later assert that right relative to the particular situation
    involved.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      

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16

|11.5 | Headings included therein are for convenience only and
      shall not be used to construe this Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|11.6 | If any provision of this Agreement shall be invalid or
      unenforceable, either in its entirety or by virtue of its scope or
      application to given circumstances, such provision shall be deemed
      modified to the extent necessary to render the same valid, or as not
      applicable to such given circumstances, or to be excised from this
      Agreement entirely, as the situation may require, and this Agreement shall
      be construed and enforced as if such provision had been included herein as
      so modified in scope or application, or had not been included herein, as
      the case may be, it being the stated intention of the parties that had
      they known of such invalidity or unenforceability at the time of entering
      into this Agreement, they would have nevertheless contracted upon the
      terms contained herein, either excluding such provision, or including such
      provision only to the maximum scope and application permitted bylaw, as
      the case may be. In the event such total or partial invalidity or
      unenforceability of any provision of this Agreement exists only with
      respect to the laws of a particular jurisdiction, this Section 11.6 shall
      operate upon such provision only to the extent that the laws of such
      jurisdiction are applicable to such provision.

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17

|11.7 | Each of the parties upon the request of the other party
      shall do, execute, acknowledge and deliver or cause to be done, executed,
      acknowledged or delivered all such further acts, deeds, documents,
      instruments, assignments, transfers, conveyances, powers of attorney and
      assurances as may be reasonably necessary or desirable to effect the
      purpose of this Agreement and carry out its
provisions.
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

IN WITNESS WHEREOF, the parties
have caused their duly authorized representatives to execute this Agreement as
of the date and year first above written.

|THE UNIVERSITY OF MANITOBA      |  | MEDICURE INC.                
|------------------------------- |  | -----------------------------
|                                |  |                              
|By:                             |  | By:                          
|/s/ Deborah
      McCallum      |  | /s/
      Albert D. Friesen  
|Vice-President (Administration) |  | President & CEO              
|                                |  |                              
|Date: December 21,
      2006   |  | Date:
      November 24, 2006
|                                |  |                              
|                                |  |                              
|                                |  |                              
|                                |  | By:                          
|                                |  | /s/ Derek Reimer             
|                                |  | Chief Financial Officer      
|                                |  |                              
|                                |  | Date:
      November 24, 2006

---