EXHIBIT 10.16

                               CORPORATE GUARANTY
                               ------------------


      WHEREAS,  SYNOVICS  PHARMACEUTICALS,  INC.,  (hereinafter  referred  to as
"Borrower"), a corporation formed under the laws of the State of Nevada, desires
from time to time to obtain credit  facility or financial  accommodations  in an
aggregate  principal  amount not to exceed Ten Million Five Hundred  Thousand US
Dollars  ($10,500,000.00)  (the "Loan  Facility")  from BANK OF INDIA,  NEW YORK
BRANCH  (hereinafter with its successors and assigns referred to as the "Bank");
and

      WHEREAS, the undersigned  (hereinafter referred to as the "Guarantor"),  a
corporation  formed under the laws of the State of Delaware,  represents that it
is affiliated  with the Borrower and expects to derive  advantage  from each and
every such accommodation;

      (1)   NOW,  for  valuable  consideration,   the  receipt  whereof  by  the
Guarantor is hereby acknowledged,  and to induce the Bank, at its option, at any
time or from time to time,  to extend  financial  accommodation  pursuant to the
Loan  Facility,  including  without  limitation  execution  of loans,  credit or
accommodation,  with or without security, to or for the account of the Borrower,
or in respect of which the Borrower may be liable in any capacity, the Guarantor
hereby  unconditionally  guarantees to the Bank,  irrespective  of the validity,
regularity or enforceability of any instrument,  writing or arrangement relating
to the  subject  of any such  financial  accommodation  (each  such  instrument,
writing or  arrangement  being  hereinafter  referred to as, and included in the
term, "Credit Arrangement") or of the obligations thereunder and irrespective of
any  present or future law or order of any  government  (whether  of right or in
fact) or of any agency thereof  purporting to reduce,  amend or otherwise affect
any obligation of the Borrower or other obligor or to vary the terms of payment,
that the  Borrower  will  promptly  perform  and  observe  every  agreement  and
condition in any Credit Arrangement to be performed or observed by the Borrower,
that all sums stated to be payable in, or which become payable under, any Credit
Arrangement, by the Borrower to the Bank now or hereafter, will be promptly paid
in full when due,  whether at maturity or earlier by reason of  acceleration  or
otherwise  or, if now due,  when payment  thereof shall be demanded by the Bank,
together  with  interest and any and all legal and other costs and expenses paid
or incurred in  connection  therewith  by the Bank,  and, in case of one or more
extensions  of time of payment or renewals,  in whole or in part,  of any credit
arrangement or obligation, that the same will be promptly paid or performed when
due, according to each such extension or renewal, whether at maturity or earlier
by reason of acceleration or otherwise.  Notwithstanding  any other provision of
this guaranty to the contrary,  the Guarantor's  obligations hereunder shall not
exceed the unpaid principal amount of the Loan Facility; any overdraws and short
term  extensions  of  credit  on an ad  hoc  basis  (except  in the  case  of an
additional  new  facility);  interest  due on the  Loan  Facility  and any  such
overdraws or short term extensions of credit;  and any legal and other costs and
expenses for which the Borrower may be liable to the Bank in accordance with the
provisions of the Loan Facility ("Guaranteed Obligations").

      (2)   The Guarantor  hereby consents that from time to time without notice
to or further  consent of the  Guarantor,  the  performance or observance by the
Borrower of any Credit  Arrangement  or obligation  may be waived or the time of
performance  thereof extended by the Bank, and payment of any obligation  hereby
guaranteed may be accelerated in accordance with

<PAGE>


any agreement between the Bank and any party liable with respect thereto, or may
be extended, or any Credit Arrangement may be renewed in whole or in part or any
collateral may be exchanged, surrendered or otherwise dealt with as the Bank may
determine,  and any of the acts mentioned in any Credit Arrangement may be done,
all without  affecting the liability of the Guarantor  hereunder.  The Guarantor
hereby waives  presentment  of any  instrument,  demand or payment,  protest and
notice of nonpayment or protest thereof or of any exchange,  sale,  surrender or
other handling or disposition of collateral.

      (3)   As security for its  obligations  hereunder,  the  Guarantor  hereby
pledges to the Bank and gives it a general  lien upon and/or right to set off of
the balance of every deposit account now or at any time hereafter  existing,  of
the  Guarantor  with the Bank and any other claim of the  Guarantor  against the
Bank, and any other  property,  rights and interests,  of the Guarantor,  or any
evidence  thereof,  which  have  been or at any time  shall be  delivered  to or
otherwise  come in to the  possession,  custody or control of the Bank or anyone
else for the Bank.

      (4)   This guaranty shall be a continuing  guaranty,  and the co-guarantor
or  co-guarantors,  if any, or any other party  liable upon or in respect of any
obligation  hereby guaranteed may be released without affecting the liability of
the Guarantor, and the Bank may continue to act in reliance hereon in accordance
with the terms hereof  until the receipt by the Bank of written  notice from the
Guarantor not to give accommodation in reliance thereon.

      (5)   The liability of the Guarantor  under this guaranty shall be direct,
unlimited,  absolute,  continuing  and  unconditional  and  not  conditional  or
contingent upon the pursuit by the Bank of whatever remedies it may have against
the Borrower or its  successors or assigns,  or the security of the liens it may
possess,  including other guarantees.  It is understood that the Guarantor shall
be primarily liable with respect to its obligations hereunder.  This guaranty is
valid as long as  Borrower  remains  indebted  to the  Bank  for the  Guaranteed
Obligations.

      (6)   The Bank may assign  this  guaranty  or any of its rights and powers
hereunder, with all or any of the obligations hereby guaranteed,  and may assign
and/or  deliver to any such  assignee  any of the  security  herefor and, in the
event of such  assignment,  the assignee hereof or of such rights and powers and
of such security, if any of such security be so assigned and/or delivered, shall
have the same rights and remedies as if originally  named herein in place of the
Bank, and the Bank shall be thereafter fully discharged from all  responsibility
with respect to any such security so assigned and/or delivered.

      (7)   Notice of  acceptance  of this  guaranty and of the incurring of any
and all of the  obligations  of the  Borrower  hereinbefore  mentioned is hereby
waived.  The  guaranty  and all  rights,  obligations  and  liabilities  arising
hereunder  shall be  construed  according  to the laws of the  State of New York
without giving effect to principles of conflicts of laws.

      (8)   The Guarantor  further agree(s) that, if at any time any part of any
payment theretofore applied by the Bank to any of the liabilities created hereby
or  by  the  financial   accommodations   to  the  Borrower   (hereinafter   the
"Liabilities")  is or must be  rescinded  or returned by the Bank for any reason
whatsoever  (including,  without  limitation,  the  insolvency,   bankruptcy  or
reorganization of the Debtor),  such Liabilities  shall, for the purpose of this
guaranty,  to the extent that such  payment is or must be rescinded or returned,
be deemed to have

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<PAGE>


continued in existence,  notwithstanding  such application by the Bank, and this
guaranty shall continue to be effective or be reinstated, as the case may be, as
to such  Liabilities,  all as though such  application  by the Bank had not been
made.

      (9)   The  Bank  may  from  time to time,  whether  before  or  after  any
discontinuance  of this guaranty,  at its sole  discretion and without notice to
the  Guarantor (or any of them),  take any or all of the  following  actions (a)
retain  or obtain a  security  interest  in any  property  to secure  any of the
Liabilities,  (b) retain or obtain the primary or  secondary  obligation  of any
obligor or obligors,  in addition to the  Guarantor,  with respect to any of the
Liabilities,  (c) extend or renew for one or more periods (whether or not longer
than the  original  period),  alter or exchange any of the  Liabilities  (except
Liabilities of the Guarantor without its consent),  or release or compromise any
obligation of any of the  undersigned  hereunder or any obligation of any nature
of any other obligor with respect to any  obligation of any of the  Liabilities,
(d)  release  its  security  interest  in, or  surrender,  release or permit any
substitution  or exchange  for, all or any part of any property  securing any of
the Liabilities or any obligations hereunder, or extend or renew for one or more
periods (whether or not longer than the original period) or release, compromise,
alter or exchange  any  obligation  of any nature of any obligor with respect to
any such  property,  and (e)  resort  to the  undersigned  (or any of them)  for
payment of any of the  Liabilities,  whether or not the Bank shall have resorted
to any property securing any of the Liabilities or any obligations  hereunder or
sell property  securing any of the Liabilities or any  obligations  hereunder or
shall have proceeded  against any other Guarantor or any other obligor primarily
or secondarily obligated with respect to any of the Liabilities.

      (10)  The creation or existence from time to time of Liabilities in excess
of the amount to which the right of recovery  under this  guaranty is limited is
hereby authorized, without notice to Guarantor (or any of them), and shall in no
way affect or impair the rights of the Bank and the  obligation of the Guarantor
under this guaranty.

      (11)  The  Bank  may,  from  time to time,  whether  before  or after  any
discontinuance  of this  guaranty,  without  notice to the  Guarantor (or any of
them), assign or transfer any or all of the Liabilities or any interest therein;
and notwithstanding any such assignment or transfer or any subsequent assignment
or transfer thereof,  such Liabilities  shall be and remain  Liabilities for the
purposes of this guaranty,  and each and every immediate and successive assignee
or transferee of any of the Liabilities or of any interest therein shall, to the
extent of the interest of such  assignee or transferee  in the  Liabilities,  be
entitled to the benefits of this guaranty to the same extent as if such assignee
or  transferee  were the Bank;  provided,  however,  that  unless the Bank shall
otherwise consent, in writing,  the Bank shall have an impaired right, prior and
superior to that of any such assignee or  transferee,  to enforce this guaranty,
for the benefit of the Bank, as to those of the  Liabilities  which the Bank has
not assigned or transferred.

      (12)  No delay on the part of the  Bank in the  exercise  of any  right or
remedy shall operate as a waiver thereof,  and no single or partial  exercise by
the Bank of any right or remedy shall preclude other or further exercise thereof
or the  exercise of any other  right or remedy;  nor shall any  modification  or
waiver of any of the provisions of this guaranty be binding upon the Bank except
as expressly  set forth in a writing duly signed and  delivered on behalf of the
Bank.  No  action of the Bank  permitted  hereunder  shall in any way  affect or
impair the rights of the Bank and the  obligation  of the  Guarantor  under this
guaranty. For the purposes of this guaranty,

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<PAGE>


Liabilities  shall  include  all  obligations  of  the  Borrower  to  the  Bank,
notwithstanding  any right or power of the Borrower or anyone else to assert any
claim or defense as to the invalidity or unenforceability of any such obligation
of the Guarantor hereunder.

      (13)  This  guaranty  shall be binding  upon the  Guarantor,  and upon the
heirs,  legal  representatives,  successors and assigns of the  Guarantor;  or a
corporation,  all  references  herein  to the  Borrower  and  to the  Guarantor,
respectively,  shall be deemed to include any successor or  successors,  whether
immediate or remote, to such partnership or corporation.  If more than one party
shall execute this guaranty,  the term "Guarantor" as used herein shall mean all
parties  executing  this guaranty and each of them and all such parties shall be
jointly and severally obligated hereunder.

      (14)  The undersigned agrees to the personal non-exclusive jurisdiction of
the courts of the State of New York, and the United States District Court of the
Southern District of New York in any action or proceeding directly or indirectly
arising  out of or relating to this  guaranty or the  transactions  contemplated
hereby,  and legal process in any such action or  proceeding  may be served upon
the  undersigned  by personal  delivery to the  undersigned  or by registered or
certified  mail,  return  receipt  requested,  postage  prepaid,  or  nationally
recognized courier,  specifying next day delivery,  with written verification of
receipt,  addressed  to the  undersigned  at the  address  set  forth  below the
signature.

      SIGNED AND DELIVERED THIS ___ DAY OF MAY, TWO THOUSAND AND SIX.

                                        NOSTRUM PHARMACEUTICALS, INC.



                                        BY:___________________________________
                                            Name:
                                            Title:
                                        10 Erin Court
                                        Kendall Park, New Jersey 08824


ACCEPTED THIS ____DAY OF
MAY, 2006

BANK OF INDIA



By:___________________________
   Name:  Mr. A. Ranganathan
   Title: Vice President


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<PAGE>


STATE OF NEW JERSEY)
                   ) ss.:
COUNTY OF          )

      On the ____ day of May, 2006 before me, the undersigned a notary public in
and for the said state personally appeared Nirmal Mulye, Ph.D., personally known
to me or proved to me on the basis of satisfactory evidence to be the individual
whose name is subscribed to the within instrument and acknowledged to me that he
executed the same in capacity as President of Nostrum  Pharmaceuticals,  Inc and
that by his signature,  in the instrument,  the  individual,  or the person upon
behalf of which the individual acted, executed the instrument.



                                        _____________________________________
                                        Signature and office of individual
                                        taking acknowledgment



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