**Exhibit      10.3**

**EXECUTIVE      COMPENSATION ARRANGEMENTS**

|                                                                                                                                                  |   | **2006**                               |   |                             |
|-------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------|--------|----------------------------------|
|                                                                                                                                                  |   |                                   |   |                             |   | **Stock** |   | **Stock                  Option** |   | **2007** |
| **Executive                  Officer**                                                                                                                |   | **Salary**                             |   | **Bonus                  (1)**   |   | **Awards                  (2)** |   | **Grants                  (3)** |   | **Salary** |
|                                                                                                                                                  |   |                                   |   |                             |   |   |   |   |   |   |
| Harvey                  J. Berger, M.D.                                                                                                               |   | $     544,000 |   | **--**                           |   | $    296,960 |   | 240,000 |   | $     576,000 |
| *Chairman                  of the Board, Chief Executive**Officer**and                  President*                                                    |   |                                   |   |                             |   |   |   |   |   |   |
| David                  L. Berstein, Esq.                                                                                                              |   | $     309,000 |   | $    167,000 |   | -- |   | 60,000 |   | $     329,000 |
| *Senior                  Vice President,**Chief                  Patent Counsel Chief Patent Counsel*                                            |   |                                   |   |                             |   |   |   |   |   |   |
| Timothy                  P. Clackson, Ph.D.                                                                                                           |   | $     309,000 |   | $    185,000 |   | -- |   | 57,500 |   | $     333,000 |
| *Senior                  Vice President,**Chief                  Scientific Officer*                                                                  |   |                                   |   |                             |   |   |   |   |   |   |
| Edward                  M. Fitzgerald                                                                                                                 |   | $     309,000 |   | $    176,000 |   | -- |   | 60,000 |   | $     329,000 |
| *Senior                  Vice President,**Finance                  and Corporate Operations, Chief**Financial                  Officer and Treasurer* |   |                                   |   |                             |   |   |   |   |   |   |
| John                  D. Iuliucci, Ph.D.                                                                                                              |   | $     309,000 |   | $    167,000 |   | -- |   | 70,000 |   | $     329,000 |
| *Senior                  Vice President,**Chief                  Development Officer*                                                                 |   |                                   |   |                             |   |   |   |   |   |   |
|                                                                                                                                                  |   |                                   |   |                             |   |   |   |   |   |   |

| (1)These                  amounts                  reflect deferred performance awards under our 2005 Executive Compensation                  Plan granted in April 2007 in respect of performance for the period                  from                  July 1, 2005 to December 31, 2006.  These awards vest 24% on                  each anniversary of the award date and will be payable in equal                  installments on the fourth and fifth anniversaries of the grant                  date,                  subject to later payment at the executive’s direction.                                                                                                                                                                                                                           |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2)This                  award                  was in the form of a grant of 64,000 sharesof common stock of the                  Company,                  under the Company’s 2006 Long Term Incentive Plan, which had a fair market                  value based on the closing price of the Company’s stock on the date of                  grant of $296,960.                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| (3)Stock                  options, except the stock options for Dr. Berger, were granted                  on April                  16, 2007, have an exercise price of $4.49 per share, which was                  the fair                  market value of our common stock on the date of grant, and vest                  25% per                  year over four years.  Dr. Berger’s stock options were granted                  on March 6, 2007, have an exercise price of $4.64 per share, which                  was the                  fair market value of our common stock on the date of grant, and                  vest 25%                  per year over four years.  All stock option grants were made                  under the Company’s 2006 Long Term Incentive Plan. |
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