Document:

Exhibit 10.3

 

EXECUTION COPY

EXHIBIT B

 

 

CREDIT
AGREEMENT

 

This CREDIT AGREEMENT,
dated as of November 12, 2018 (as may be amended or modified from time to time, this “Agreement”), is entered
into by and between AVENUE THERAPEUTICS, INC., a Delaware corporation (the “Borrower”), and INVAGEN
PHARMACEUTICALS INC., a New York corporation (the “Lender”).

 

RECITALS:

 

WHEREAS, reference
is made to that certain Stock Purchase and Merger Agreement, dated as of the date hereof (as amended, supplemented or otherwise
modified from time to time, the “SPMA”; capitalized terms used but not defined herein shall have the meanings
ascribed to such terms in the SPMA), by and among the Lender, Madison Pharmaceuticals Inc. and the Borrower, pursuant to which
the Lender will, among other things, through a series of related transactions as set forth therein, indirectly acquire all of the
issued and outstanding capital stock of the Borrower (the “Acquisition”); and

 

WHEREAS, the
Lender has agreed to extend credit to the Borrower in an aggregate amount not to exceed $3,000,000 upon the terms and conditions
set forth herein.

 

NOW, THEREFORE,
in consideration of the premises and the agreements, provisions and covenants herein contained, the parties hereto agree as follows:

 

1.              Loans.

 

(a)            Subject
to the satisfaction or waiver of the conditions precedent set forth in Section 4 below, commencing on or after the date
hereof and at any time five (5) Business Days prior to the Maturity Date (as defined below), the Borrower may borrow, and the Lender
hereby commits to lend (any such loans extended hereunder, a “Loan”), an aggregate principal amount of up to
Three Million Dollars ($3,000,000) by providing written notice to the Lender no less than five (5) Business Days prior to the date
of the borrowing, which notice shall include (x) the amount of such borrowing, (y) the date of such borrowing and (z) a description
of the intended use of the proceeds of such borrowing that demonstrates that such use is in accordance with the Borrower’s
Business Plan and Budget attached as Schedule 2.1 of the SPMA (the “Budget”); provided, that,
each such borrowing shall be in a minimum principal amount of $500,000 or any larger multiple of $100,000. The Lender’s commitment
under this Section 1(a) shall terminate immediately and without further action (i) upon the making of any Loan on the date
thereof in respect of the amount thereof and (ii) in its entirety five (5) Business Days prior to the Maturity Date. Any amount
of the Loans that is subsequently repaid or prepaid may not be reborrowed. The proceeds of the Loans shall solely be applied by
the Borrower in accordance with the Budget.

 

    	 

     

    

 

(b)            The
Lender is authorized to maintain a register (the “Register”) to record the date and amount of Loans made by
the Lender from time to time, the amount of interest accruing from time to time and the date and amount of each payment or prepayment
of principal thereof, and any such recordation shall constitute presumptive evidence of the accuracy of the information so recorded.
The Register shall include the name and address of the Lender, and any transfer of a Loan shall not be effective unless recorded
in the Register.

 

2.              Interest.

 

(a)             The
outstanding principal amount of the Loans shall bear interest from the date of the applicable borrowing at the rate per annum
of seven percent (7%), compounded quarterly on the last day of each fiscal quarter. Interest shall be calculated on the basis of
a year comprised of 360 days for the actual number of days elapsed.

 

(b)            Accrued
and unpaid interest on the Loans shall be payable on the last day of each fiscal quarter; provided, that if such
date is not a Business Day, interest shall be payable on the next succeeding Business Day.

 

3.              Repayment
of Loan.

 

(a)             The
Borrower hereby unconditionally promises to pay to the Lender, in lawful money of the United States of America and in immediately
available funds, the full outstanding principal amount of all the Loans, together with accrued and unpaid interest thereon, no
later than the earlier of (i) the First Stage Closing Date and (ii) the date that is 30 days following the termination of the SPMA
(such earlier date, the “Maturity Date”).

 

(b)            (i)
Voluntary prepayments of the outstanding principal amount of the Loans, or interest accruing thereon, and (ii) voluntary reductions
in the commitment of the Lender to make Loans in accordance herewith through the Maturity Date, shall be permitted at any time,
on not less than three (3) Business Days’ prior written notice to the Lender, and from time to time without premium or penalty.

 

(c)             The
Borrower shall pay all taxes or similar impositions or tariffs (other than United States Federal and applicable state income taxes
payable by the Lender) owed or owing or asserted to be owed to any Governmental Authority in respect of any payment of principal
or interest or other amounts due under this Agreement, the Guaranty (as defined below) or any related agreement, document or writing.
If required by such a Governmental Authority, the Borrower shall pay any such taxes, impositions or tariffs directly to such Governmental
Authority and at the Lender’s request shall provide satisfactory proof to the Lender of such payment. The Borrower shall
indemnify the Lender for and hold it harmless against the full amount of taxes or similar impositions of tariffs, other than United
States Federal and applicable state income taxes payable by the Lender, imposed on or paid by the Lender or any affiliate of the
Lender in respect of any liability (including, without limitation, any taxes or tariffs imposed or asserted by any Governmental
Authority on amounts payable under this Section 3(c), and penalties, interest and expenses) arising therefrom or with respect
thereto. This indemnification shall be made within ten (10) Business Days from the date the Lender makes written demand therefor.

 

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4.              Conditions
Precedent. 

 

(a)             The
obligation of the Lender to make available the initial Loan hereunder is subject to the Lender receiving (i) a counterpart of this
Agreement signed on behalf of each party hereto, (ii) a guaranty duly executed by Fortress Biotech, Inc., a Delaware corporation
(the “Guarantor”), in favor of the Lender in substantially the form attached as Exhibit A hereto (the
“Guaranty”), (iii) evidence that the Borrower has obtained all necessary consents and approvals to execute,
deliver and perform this Agreement and to obtain the Loans from the Lender and (iv) such other certifications, opinions, financial
or other information, approvals and documents as the Lender may have reasonably requested at least one Business Day prior to the
date of the proposed initial Loan, all in form and substance satisfactory to the Lender.

 

(b)            The
obligation of the Lender to make available any Loans hereunder on or after the date hereof is subject to the following conditions
precedent having been complied with to the satisfaction of, or waived in writing by, the Lender: (i) no Event of Default (as defined
below) shall have occurred and be continuing on and as of the date of making such Loan; (ii) the representations and warranties
contained in Section 5 below shall be true and correct on and as of the date of making such Loan; (iii) no applicable law
or regulation or interpretation thereof by any Governmental Authority shall be in effect which, in the reasonable opinion of the
Lender or its counsel, would materially restrict, prohibit or make it illegal for the Lender to make available any portion of such
Loan; (iv) no action or proceeding shall have been instituted nor shall government action be threatened before any court or Governmental
Authority, nor shall any order, judgment or decree have been issued or proposed to be issued by any court or Governmental Authority
at the time of such Loan to set aside, restrain, enjoin or prevent the completion and consummation of this Agreement or the transactions
contemplated hereby; and (v) the Borrower shall have paid to the Lender the expenses referred to in Section 10(b) below,
or, alternatively, the Lender shall have received instructions from the Borrower to pay such expenses from the proceeds of the
disbursement of such Loan.

 

5.              Representations
and Warranties. The Borrower hereby represents and warrants to the Lender that on and as of the date hereof and as of the
date of making any Loan:

 

(a)            the
Borrower is a corporation duly incorporated, validly existing and in good standing under the laws of its jurisdiction of incorporation,
and has full corporate power and authority to enter into this Agreement and to carry out the transactions contemplated hereby;

 

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(b)            the
execution and delivery by the Borrower of this Agreement and the consummation by the Borrower of the transactions contemplated
hereby have been duly authorized by all necessary corporate action of the Borrower. This Agreement has been duly executed and delivered
by the Borrower and constitutes the legal, valid and binding obligation of the Borrower enforceable against the Borrower in accordance
with its terms, subject to the effect of bankruptcy, insolvency, reorganization, moratorium or similar laws at the time in effect
affecting the rights of creditors generally and subject to the effects of general principles of equity (regardless of whether considered
in a proceeding in law or equity);

 

(c)            the
execution and delivery of this Agreement and the consummation by the Borrower of the transactions contemplated hereby do not (i)
contravene or result in a default under the Borrower’s certificate of incorporation or bylaws, (ii) contravene or result
in a default under any contractual restriction or Legal Requirements binding on the Borrower, (iii) require any filings, approvals,
consents or authorizations which have not been duly obtained or (iv) result in the creation or imposition of any lien on the Borrower’s
properties;

 

(d)            the
Borrower is not an “investment company,” or an “affiliated Person” of, or “promoter” or “principal
underwriter” for, an “investment company,” as such terms are defined in the Investment Company Act of 1940, as
amended;

 

(e)            no
judgments, orders, writs or decrees are outstanding against the Borrower, nor is there any pending or, to the best of the Borrower’s
knowledge, threatened litigation, contested claim, investigation, arbitration, or governmental proceeding by or against the Borrower
that (i) individually or in the aggregate could reasonably be expected to have a Material Adverse Effect or (ii) purports to affect
the legality, validity or enforceability of this Agreement or the consummation of the transactions contemplated hereby;

 

(f)             none
of the written financial or other information relating to the Borrower and provided by the Borrower to the Lender contains any
material misstatement of fact or omits to state any material fact necessary to make the statements contained therein not misleading
in light of the circumstances under which they were made;

 

(g)            the
Borrower has filed all tax returns (Federal, state and local) required to be filed and paid all taxes shown thereon to be due,
including interest and penalties, or, to the extent the Borrower is contesting in good faith an assertion of liability based on
such returns, has provided adequate reserves for payment thereof in accordance with GAAP;

 

(h)            there
are no conditions precedent to the effectiveness of this Agreement that have not been satisfied or waived;

 

(i)             the
Borrower has, independently and without reliance upon the Lender and based on such documents and information as it has deemed appropriate,
made its own credit analysis and decision to enter into this Agreement; and

 

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(j)             the
Borrower is, and upon the consummation of the transactions contemplated under this Agreement will be, Solvent. As used in this
Agreement, “Solvent” means, with respect to any Person, as of any date of determination, that (i) the amount
of the “present fair saleable value” of the assets of such Person will, as of such date, exceed the amount of all “liabilities
of such Person, contingent or otherwise”, as of such date, as such quoted terms are determined in accordance with applicable
Federal and state laws governing determinations of the insolvency of debtors, (ii) the present fair saleable value of the assets
of such Person will, as of such date, be greater than the amount that will be required to pay the liability of such Person on its
debts as such debts become absolute and matured, (iii) such Person will not have, as of such date, an unreasonably small amount
of capital with which to conduct its business, and (iv) such Person will be able to pay its debts as they mature.

 

The Lender and the Borrower both acknowledge
that the representations and warranties contained in this Agreement shall survive the execution and delivery of this Agreement.

 

6.              Affirmative
Covenants. The Borrower covenants and agrees that, until the date of the indefeasible payment in full in cash of all obligations
hereunder (other than the obligations that are intended to survive the termination of this Agreement) and the termination of all
commitments of the Lender under this Agreement (such date, the “Termination Date”), the Borrower will, unless
the Lender shall otherwise consent in writing:

 

(a)            Corporate
Existence. (i) Maintain its corporate existence, (ii) qualify to transact business as a foreign corporation where the nature
or extent of its business or the ownership of its property requires it to be so qualified and (iii) maintain in full force and
effect all licenses, bonds, franchises, leases and qualifications to do business, and all patents, trademarks, copyrights, intellectual
property, contracts and other rights and privileges necessary to the conduct of its businesses or the performance of its obligations
under this Agreement.

 

(b)            Maintenance
of Property. Keep all property useful, necessary and material to its business in good working order and condition (ordinary
wear and tear excepted) as may be required or appropriate.

 

(c)            Taxes
and other Claims. Pay and discharge when due all federal, state and local tax assessments and other governmental charges and
levies imposed against the Borrower or any of its property; provided, however, that any such tax assessment,
charge or levy need not be paid if it is being contested, in good faith, by appropriate proceedings diligently conducted and if
an adequate reserve or other appropriate provision shall have been made therefor to the extent required in accordance with GAAP.

 

(d)            Legal
Requirements. Comply with all applicable Legal Requirements, including, without limitation, those relating to environmental
matters, employee matters (including the collection, payment and deposit of employees’ income, unemployment and social security
taxes) and with respect to pension liabilities.

 

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(e)            Books
and Records. Maintain adequate books and records (including, without limitation, computer printouts and programs) in accordance
with GAAP.

 

(f)             Inspection
Rights. At any reasonable time and from time to time upon reasonable notice, (i) permit or arrange for the Lender and its agents
and representatives to examine and make copies of and abstracts from the records and books of account of, and the properties of,
the Borrower, and (ii) permit or arrange for the Lender and its agents and representatives to discuss the affairs, finances and
accounts of the Borrower with the Borrower and its officers, directors and accountants.

 

(g)            Notice
of Event of Default, Violations, etc. Furnish to the Lender as soon as possible, and in any event within five (5) Business
Days after the Borrower or the Guarantor (i) becomes aware that an Event of Default or any event or condition that, with the passage
of time and/or the giving of notice, would become an Event of Default has occurred, written notice specifying the nature and extent
thereof and the corrective action (if any) taken or proposed to be taken with respect thereto; or (ii) receives or produces any
(A) financial statement, budget or other financial report or information pursuant to its bylaws or (B) other notice of any event,
occurrence or other act that has or could reasonably result in a Material Adverse Effect.

 

(h)            Further
Assurances. Upon the request of the Lender, duly execute and deliver, or cause to be duly executed and delivered, to the Lender
such further instruments and do and cause to be done such further acts as may be necessary or advisable in the reasonable opinion
of the Lender to carry out the intent and purpose of the express provisions of this Agreement and the Guaranty.

 

7.              Negative
Covenants. The Borrower covenants and agrees that, until the Termination Date, the Borrower will not, without the prior
written consent of the Lender:

 

(a)            Consolidation
and Merger. Wind up, liquidate or dissolve its affairs or enter into any transaction of merger or consolidation (other than
pursuant to the SPMA), or agree to do any of the foregoing at any future time.

 

(b)            Corporate
Changes, etc. Other than in accordance with the SPMA, amend, alter or modify its certification of incorporation or bylaws or
its corporate or capital structure or status in a manner adverse to the Lender.

 

(c)            Change
of Business. Make any material change in the nature of its business as carried on at the date hereof or enter into any new
type of business outside the pharmaceutical industry.

 

(d)            Sales,
etc. of Assets. Except to the extent expressly permitted under this Agreement or the SPMA, directly or indirectly sell, lease,
transfer, assign or otherwise dispose of all or substantially all of its assets.

 

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(e)            Indebtedness.
Create, assume, guaranty, incur or otherwise become or remain directly or indirectly liable with respect to any indebtedness for
borrowed money.

 

(f)             Liens.
(i) Create or suffer to exist any lien on any ownership interest in the Borrower or (ii) enter into any agreement prohibiting the
creation or assumption of any lien upon any of its properties or assets, whether now owned or hereafter acquired.

 

8.              Events
of Default. The occurrence of any of the following events shall constitute an “Event of Default”:

 

(a)            failure
of the Borrower to pay any principal, interest or other amount due under this Agreement when due, whether at stated maturity, by
declaration, acceleration, demand or otherwise;

 

(b)            any
representation or warranty made by the Borrower to the Lender herein shall fail to be true and correct in all material respects
when made;

 

(c)            failure
of the Borrower to perform or observe any other term, covenant or agreement to be performed or observed by it pursuant to this
Agreement, and such failure shall continue unremedied for thirty (30) days after written notice thereof from the Lender;

 

(d)            (i)
the Borrower institutes or consents to the institution of any proceeding under Title 11 of the United States Code entitled “Bankruptcy”
(as now and hereinafter in effect, or any successor thereto, the “Bankruptcy Code”) or any other applicable
bankruptcy, insolvency or other similar law now or hereafter in effect, whether in the United States or any other applicable jurisdiction
(collectively, the “Debtor Relief Laws”), or makes an assignment for the benefit of creditors; or applies for
or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, administrator or similar officer for
the Borrower or for all or substantially all of its property; (ii) any receiver, trustee, custodian, conservator, liquidator, administrator
or similar officer is appointed without the application or consent of the Borrower and the appointment continues undischarged or
unstayed for thirty (30) calendar days; (iii) any proceeding under any Debtor Relief Law relating to the Borrower or to all or
substantially all of its property is instituted without the consent of the Borrower and continues undismissed or unstayed for thirty
(30) calendar days, or an order for relief is entered in any such proceeding; or (iv) the Borrower becomes insolvent or shall generally
be unable to pay its debts as they fall due;

 

(e)            the
Borrower shall challenge, or institute any proceedings to challenge, the validity, binding effect or enforceability of this Agreement
or any endorsement of this Agreement or any other obligation to the Lender; or

 

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(f)             any
representation or warranty made by the Guarantor in the Guaranty shall be incorrect in any material respect on the date as of which
made.

 

9.              Remedies.
Upon the occurrence of any Event of Default specified in Section 8(d) above, the principal amount of the Loan and any
accrued and unpaid interest thereon shall become immediately due and payable, without presentment, demand, notice, protest or other
requirements of any kind (all of which are hereby expressly waived by the Borrower). Upon the occurrence and during the continuance
of any other Event of Default, the Lender may, by written notice to the Borrower, declare the principal amount of the Loan and
any accrued and unpaid interest thereon to be due and payable, and the principal amount of the Loan and any accrued and unpaid
interest thereon shall thereupon immediately become due and payable without presentment, further notice, protest or other requirements
of any kind (all of which are hereby expressly waived by the Borrower).

 

10.            Miscellaneous.

 

(a)            Incorporation
by Reference. This Agreement shall be subject to the provisions of Section 12.1 (Entire Agreement), Section 12.6 (Severability),
Section 12.10 (Specific Performance), Section 12.11 (Submission to Jurisdiction), Section 12.12 (Waiver of Jury
Trial) and Section 12.16 (Interpretation) of the SPMA, each of which is incorporated by reference herein.

 

(b)            Indemnity;
Transaction Costs. The Borrower agrees to indemnify the Lender against any losses, taxes, claims, damages and liabilities and
related expenses, including reasonable and documented attorneys’ fees and expenses, incurred by the Lender arising out of
or in connection with or as a result of the transactions contemplated by this Agreement and the Guaranty, except to the extent
that any such losses, taxes, claims, damages, liabilities or expenses results from the gross negligence or willful misconduct of
the Lender. In particular, the Borrower promises to pay all costs and expenses, including reasonable attorneys’ fees and
expenses, incurred in connection with the collection and enforcement of this Agreement and the Guaranty.

 

(c)            Modifications,
Etc. Any amendment or modification to this Agreement, including this undertaking itself, any waiver of any provision of this
Agreement and any consent to any departure by the Borrower therefrom shall only be valid if effected by an instrument or instruments
in writing signed by the Lender and, in the case of any such amendment or modification, the Borrower, and then such waiver or consent
shall be effective only in the specific instance and for the specific purpose for which given. Without limiting the generality
of the foregoing, the making of any Loan hereunder shall not be construed as a waiver of any Event of Default, regardless of whether
the Lender may have had notice or knowledge of such Event of Default at the time. The parties agree that they jointly negotiated
and prepared this Agreement and this Agreement will not be construed against any party on the grounds that such party prepared
or drafted the same.

 

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(d)            Notices.
Notices will be deemed to have been received (a) upon receipt of a registered letter, (b) three (3) Business Days following proper
deposit with an internationally recognized express overnight delivery service, (c) in the case of transmission by email, as of
the date so transmitted (or if so transmitted after normal business hours at the place of the recipient, on the Business Day following
such transmission), or (d) in the case of transmission by email, upon confirmation of a facsimile transmission (or if so transmitted
after normal business hours at the place of the recipient, on the Business Day following such confirmation):

 

If to the Borrower:

 

Avenue Therapeutics,
Inc.

2 Gansevoort
Street, 9th Floor

New York,
NY 10014

Attn: Dr.
Lucy Lu, M.D.

Email: llu@avenuetx.com

 

with a copy
(which shall not constitute notice) to:

 

Alston &
Bird LLP

90 Park Avenue,
12th Floor

New York,
NY 10016

Attn: Mark
F. McElreath, Esq.

Email: mark.mcelreath@alston.com

 

If to the Lender:

 

InvaGen Pharmaceuticals
Inc.

Site B, 7
Oser Ave.

Hauppauge,
NY 11788

c/o

A.S. Kumar,
Esq.

Global General
Counsel

Cipla Ltd.

Cipla House,
Peninsula Business Park,

Ganapatrao
Kadam Marg, Lower Parel West,

Mumbai, Maharashtra
400013, India

Email: as.kumar@cipla.com
and cosecretary@cipla.com

 

with a copy (which shall not
constitute notice) to:

 

InvaGen Pharmaceuticals
Inc.

Site B, 7
Oser Ave.

Hauppauge,
NY 11788

c/o

Nishant Saxena

Global Chief
Strategy Officer

Cipla Ltd.

Cipla House,
Peninsula Business Park,

Ganapatrao
Kadam Marg, Lower Parel West,

Mumbai, Maharashtra
400013, India

Email: nishant.saxena@cipla.com

 

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with a copy
(which shall not constitute notice) to:

 

Hughes Hubbard
& Reed LLP

One Battery
Park Plaza

New York,
NY 10004-1482

Attn: Kenneth
A. Lefkowitz

Email: ken.lefkowitz@hugheshubbard.com

 

or to such other address as may
be hereafter communicated in writing by the parties in a notice given in accordance with this Section 10(d).

 

(e)            Binding
on Successors, Transferees and Assigns; Assignment. This Agreement shall be binding upon the Borrower and its successors, transferees
and assigns and shall inure to the benefit of and be enforceable by the Lender and its successors, transferees and assigns; provided,
however, that the Borrower may not assign any of its obligations hereunder without the prior written consent of the
Lender (and any such assignment without such consent shall be null and void ab initio). The Lender may assign its rights
and obligations hereunder to any other Person upon written notice to, but without the consent of, the Borrower.

 

(f)             Right
to Set-Off. Upon the occurrence and during the continuance of any Event of Default, the Lender is hereby authorized at any
time and from time to time, to the fullest extent permitted by law, to setoff and apply any and all deposits (general or special,
time or demand, provisional or final) at any time held and other indebtedness at any time owing by the Lender to or for the credit
or the account of the Borrower against any and all of the obligations of the Borrower now or hereafter existing under this Agreement,
irrespective of whether the Lender shall have made any demand under this Agreement or the Guaranty. The Lender agrees promptly
to notify the Borrower after any such set-off and application made by the Lender; provided, that the failure to give
such notice shall not affect the validity of such set-off and application. The rights of the Lender under this Section 10(f)
are in addition to other rights and remedies (including, without limitation, other rights of set-off) which the Lender may have.

 

(g)            Governing
Law. This Agreement and any claims or causes of action pursuant to it shall be governed by and construed in accordance with
the laws of the State of Delaware, without regard for its principles of conflict of laws. The Borrower acknowledges and agrees
that it has received full and sufficient consideration for this provision (and each other provision of each other credit document
to which it is a party) and that this provision is a material inducement for the Lender entering into this Agreement and the Guaranty.

 

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(h)            Counterparts;
Facsimile Signature. This Agreement and any amendments, waivers, consents or supplements hereto or in connection herewith may
be executed in one (1) or more counterparts, by original or facsimile (or other such electronically transmitted) signature, each
of which will be deemed an original, but all of which will constitute one and the same instrument.

 

(i)             Rights
Cumulative. All rights and remedies of each of the parties under this Agreement will be cumulative, and the exercise of one
or more rights or remedies will not preclude the exercise of any other right or remedy available under this Agreement or applicable
Legal Requirements.

 

(j)             No
Waiver. No failure on the part of the Lender to exercise, and no delay in exercising, any right hereunder shall operate as
a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof
or the exercise of any other right. The Lender shall have all remedies available at law or equity, including without limitation,
the remedy of specific performance for any breach of any provision hereof. No notice to or demand on the Borrower in any case shall
entitle the Borrower to any other or further notice or demand in similar or other circumstances or constitute a waiver of the right
of the Lender to any other or further action in any circumstances without notice or demand.

 

(k)            Waiver
of Certain Claims. TO THE EXTENT PERMITTED BY APPLICABLE LAW, THE BORROWER SHALL NOT ASSERT, AND HEREBY WAIVES, ANY CLAIM AGAINST
THE LENDER ON ANY THEORY OF LIABILITY FOR SPECIAL, INDIRECT, CONSEQUENTIAL OR PUNITIVE DAMAGES (AS OPPOSED TO DIRECT OR ACTUAL
DAMAGES) ARISING OUT OF, IN CONNECTION WITH, OR AS A RESULT OF, THIS AGREEMENT OR ANY INSTRUMENT CONTEMPLATED HEREBY.

 

(l)             No
Third Party Beneficiaries. This Agreement is entered into for the sole benefit of the Borrower and the Lender; no other Person
shall be entitled to enforce any provision hereof or otherwise be a third party beneficiary hereunder.

 

(m)           Setoff;
Reinstatement. All payments to be made hereunder by the Borrower shall be made without offset, setoff or deduction of any kind.
To the extent that the Borrower makes a payment or payments to the Lender and such payment or payments or any part thereof are
subsequently invalidated, declared to be fraudulent or preferential, set aside and/or required to be repaid to a trustee, receiver
or any other party under any Debtor Relief Law, state or Federal law, common law or equitable cause, then, to the extent of such
recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect
as if such payment had not been made.

 

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(n)            Headings.
Section headings used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction
of, or be taken into consideration in interpreting, this Agreement.

 

(o)            Effectiveness; Time. This Agreement shall become effective when it shall have
been executed by the parties hereto and the Lender shall have received counterparts hereof which, when taken together, bear
the signatures of each of the parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns. Time is of the essence with respect to the Borrower’s payment and
other obligations under this Agreement.

 

[Signature page follows.]

 

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IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed and delivered as of the date first above written.

 

	 	BORROWER:
	 	 
	 	AVENUE THERAPEUTICS, INC.
	 	 
	 	By:	/s/ Lucy Lu
	 	 	Name: Lucy Lu
	 	 	Title: CEO

 

[Signature Page to
Credit Agreement]

 

    	 

     

    

 

	 	LENDER:
	 	 
	 	 INVAGEN PHARMACEUTICALS INC.
	 	 
	 	By:	/s/ Deepak Agarwal
	 	 	Name: Deepak Agarwal
	 	 	Title: CFO

 

[Signature Page to Credit Agreement]

 

    	 

     

    

 

EXHIBIT A

 

GUARANTY

 

[See attached.]

 

[Exhibit A to Credit Agreement]Exhibit 10.4

 

EXECUTION COPY

EXHIBIT C

 

GUARANTY

 

This GUARANTY,
dated as of November 12, 2018 (as may be amended or modified from time to time, this “Guaranty”), is made by
FORTRESS BIOTECH, INC., a Delaware corporation (“Guarantor”), in favor of INVAGEN PHARMACEUTICALS
INC., a New York corporation (the “Lender”).

 

WITNESSETH:

 

WHEREAS, pursuant
to the Stock Purchase and Merger Agreement, dated as of the date hereof (as amended, amended and restated, supplemented or otherwise
modified from time to time, the “SPMA”), by and between Avenue Therapeutics, Inc., a Delaware corporation (“Borrower”),
Lender and Madison Pharmaceuticals Inc., a Delaware corporation, the Lender will, among other things, through a series of related
transactions as set forth therein, indirectly acquire all of the issued and outstanding capital stock of the Borrower (the “Acquisition”);

 

WHEREAS, pursuant
to the Credit Agreement, dated as of the date hereof (as amended, amended and restated, supplemented or otherwise modified from
time to time, the “Credit Agreement”), by and between Borrower, and the Lender, the Lender has extended commitments
to make Loans from time to time to and for the benefit of Borrower;

 

WHEREAS, the
Guarantor is a significant shareholder of the Borrower;

 

WHEREAS, (i)
in consideration of the Lender entering into the SPMA, and (ii) as a condition precedent to the making of the Loans under the Credit
Agreement, Guarantor is required to execute and deliver this Guaranty; and

 

WHEREAS, Guarantor
has duly authorized the execution, delivery and performance of this Guaranty and will receive direct and indirect benefits by reason
of the consummation of the Acquisition and the other transactions contemplated by the SPMA and the availability of the commitments
under the Credit Agreement and the making of the Loans from time to time to Borrower by the Lender.

 

NOW, THEREFORE,
for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and in order to induce the Lender
to make Loans to Borrower pursuant to the Credit Agreement, Guarantor hereby agrees with the Lender as follows:

 

Article
I

 

DEFINITIONS

 

SECTION 1.1.          Certain
Terms. The following terms when used in this Guaranty, including its preamble and recitals, shall have the following meanings
(such definitions to be equally applicable to the singular and plural forms thereof):

 

“Acquisition”
has the meaning given in the recitals hereto.

 

     

     

    

 

“Borrower”
has the meaning given in the recitals hereto.

 

“Credit
Agreement” has the meaning given in the recitals hereto.

 

“Guaranteed
Obligations” has the meaning given in Section 2.1.

 

“Guarantor”
has the meaning given in the preamble hereto.

 

“Guaranty”
has the meaning given in the preamble hereto.

 

“Lender”
has the meaning given in the preamble hereto.

 

“SPMA”
has the meaning given in the recitals hereto.

 

SECTION 1.2.          Credit
Agreement Definitions. Unless otherwise defined herein or the context otherwise requires, terms used in this Guaranty,
including its preamble and recitals, have the meanings provided in the Credit Agreement.

 

Article
II

 

GUARANTY

 

SECTION 2.1.          Guaranty.
Guarantor hereby unconditionally and irrevocably guarantees the full and prompt payment when due, whether at stated maturity, by
acceleration or otherwise (including, without limitation, all amounts which would have become due but for the operation of the
automatic stay under Section 362(a) of the Bankruptcy Code), of the following (collectively, the “Guaranteed Obligations”):

 

(a)          all
obligations of Borrower to the Lender now or hereafter existing under the Credit Agreement, whether for principal, interest, fees,
charges, expenses or otherwise; and

 

(b)          any
and all costs and expenses (including, without limitation, reasonable fees and expenses of legal counsel and accountants) incurred
by the Lender in enforcing any of its rights under this Guaranty.

 

This Guaranty constitutes
a guaranty of payment when due and not merely of collection, and Guarantor specifically agrees that it shall not be necessary or
required that the Lender exercise any right, assert any claim or demand or enforce any remedy whatsoever against Borrower or any
collateral before or as a condition to the obligations of Guarantor hereunder. Notwithstanding the foregoing, the obligations of
Guarantor hereunder shall be limited to a maximum aggregate amount equal to the greatest amount that would not render Guarantor’s
obligations hereunder subject to avoidance as a fraudulent transfer or fraudulent conveyance under Section 548 of the Bankruptcy
Code or any provisions of applicable state law.

 

    	2 

     

    

 

SECTION 2.2.          Acceleration
of Guaranty. Guarantor agrees that, if any Event of Default under Section 8 of the Credit Agreement shall occur and be
continuing at a time when any of the Guaranteed Obligations are not then due and payable, to the extent not prohibited by applicable
Debtor Relief Laws, Guarantor will pay to the Lender forthwith the full amount which would be payable hereunder by Guarantor if
all such Guaranteed Obligations were then due and payable.

 

SECTION 2.3.          Guaranty
Absolute. This Guaranty is a continuing, absolute, unconditional and irrevocable guaranty of payment and shall remain in
full force and effect until all the Guaranteed Obligations have been indefeasibly paid in full in cash and all commitments under
the Credit Agreement shall have permanently terminated. Guarantor guarantees that the Guaranteed Obligations will be paid strictly
in accordance with the terms of this Guaranty under which they arise, regardless of any law, regulation or order now or hereafter
in effect in any jurisdiction affecting any of such terms or the rights of the Lender with respect thereto. The obligations of
Guarantor under this Guaranty are independent of the obligations under the Credit Agreement and a separate action or actions may
be brought and prosecuted against Guarantor to enforce this Guaranty, irrespective of whether any action is brought against Borrower
or Guarantor or whether Borrower or Guarantor is joined in any such action or actions. The liability of Guarantor under this Guaranty
shall be absolute and unconditional irrespective of:

 

(a)          any
lack of validity, legality or enforceability of the Credit Agreement, this Guaranty or any other agreement or instrument relating
to any of the foregoing;

 

(b)          any
change in the time, manner or place of payment of, or in any other term of, all or any of the Guaranteed Obligations, or any compromise,
renewal, extension, acceleration or release with respect thereto, or any other amendment or waiver of or any consent to departure
from the Credit Agreement or this Guaranty, including any increase in the Guaranteed Obligations resulting from the extension of
additional credit to Borrower or otherwise;

 

(c)          any
addition, exchange, release, impairment or non-perfection of any collateral, or any release or amendment or waiver of or consent
to departure from any other guaranty, for all or any of the Guaranteed Obligations;

 

(d)          the
failure of the Lender:

 

(i)          to
assert any claim or demand or to enforce any right or remedy against Borrower or any other Person (including any other guarantor)
under the provisions of the Credit Agreement, this Guaranty or otherwise; or

 

(ii)         to
exercise any right or remedy against any other guarantor of, or collateral securing, any of the Guaranteed Obligations;

 

(e)          any
amendment to, rescission, waiver, or other modification of, or any consent to departure from, any of the terms of the Credit Agreement
or this Guaranty;

 

(f)          any
defense, set-off or counterclaim which may at any time be available to or be asserted by Borrower against the Lender, whether in
connection with this Guaranty, the transactions contemplated in the Credit Agreement, or any unrelated transaction;

 

    	3 

     

    

 

(g)          any
reduction, limitation, impairment or termination of the Guaranteed Obligations for any reason, including any claim of waiver, release,
surrender, alteration or compromise, and shall not be subject to (and Guarantor hereby waives any right to or claim of) any defense
or set-off, counterclaim, recoupment or termination whatsoever by reason of the invalidity, illegality, nongenuineness, irregularity,
compromise or unenforceability of, or any other event or occurrence affecting, the Guaranteed Obligations or otherwise;

 

(h)          any
manner of application of collateral, or proceeds thereof, to all or any of the Guaranteed Obligations, or any manner of sale or
other disposition of any collateral for all or any of the Guaranteed Obligations or any other assets of Borrower;

 

(i)           any
change, restructuring or termination of the corporate structure or existence of Borrower or Guarantor; or

 

(j)           any
other circumstance which might otherwise constitute a defense available to, or a legal or equitable discharge of, Borrower or Guarantor.

 

SECTION 2.4.          Reinstatement,
etc. All payments to be made hereunder by Guarantor shall be made without offset, set-off or deduction of any kind. Guarantor
agrees that this Guaranty shall continue to be effective or be reinstated, as the case may be, if at any time any payment (in whole
or in part) of any of the Guaranteed Obligations is rescinded or must otherwise be restored by the Lender, upon the insolvency,
bankruptcy or reorganization of Borrower, or otherwise, all as though such payment had not been made.

 

SECTION 2.5.          Waiver.
Guarantor hereby waives promptness, diligence, notice of acceptance and any other notice with respect to any of the Guaranteed
Obligations and this Guaranty and any requirement that the Lender protect, secure, perfect or insure any lien or any property subject
thereto or exhaust any right or take any action against Borrower or any other Person (including any other guarantor) or any collateral
securing the Guaranteed Obligations.

 

SECTION 2.6.          Waiver
of Subrogation. Guarantor hereby irrevocably waives any claim or other rights which it may now or hereafter acquire against
Borrower that arise from the existence, payment, performance or enforcement of Guarantor’s obligations under this Guaranty
or the Credit Agreement, including any right of subrogation, reimbursement, contribution, exoneration or indemnification, any right
to participate in any claim or remedy of the Lender against Borrower, Guarantor or any collateral which the Lender now has or hereafter
acquires, whether or not such claim, remedy or right arises in equity, or under contract, statute or common law, including the
right to take or receive from Borrower or Guarantor, directly or indirectly, in cash or other property or by set-off or in any
manner, payment or security on account of such claim or other rights, until such time as the Guaranteed Obligations shall have
been indefeasibly paid in full in cash and all commitments under the Credit Agreement shall have permanently terminated. If any
amount shall be paid to Guarantor in violation of the preceding sentence, such amount shall be deemed to have been paid to Guarantor
for the benefit of, and held in trust for, the Lender, and shall forthwith be paid to the Lender to be credited and applied against
the Guaranteed Obligations, whether matured or unmatured. Guarantor acknowledges that it will receive direct and indirect benefits
from the financing arrangements contemplated by the Credit Agreement and that the waiver set forth in this Section 2.6 is
knowingly made in contemplation of such benefits.

 

    	4 

     

    

 

Article
III

 

REPRESENTATIONS AND
WARRANTIES

 

SECTION 3.1.          Representations
and Warranties. Guarantor hereby represents and warrants to the Lender as follows:

 

(a)          Guarantor
is a corporation duly incorporated, validly existing and in good standing under the laws of its jurisdiction of incorporation,
and has full corporate power and authority to enter into this Guaranty and to carry out the transactions contemplated hereby;

 

(b)          the
execution and delivery by Guarantor of this Guaranty and the consummation by Guarantor of the transactions contemplated hereby
have been duly authorized by all necessary corporate action of Guarantor. This Guaranty has been duly executed and delivered by
Guarantor and constitutes the legal, valid and binding obligation of Guarantor enforceable against Guarantor in accordance with
its terms, subject to the effect of bankruptcy, insolvency, reorganization, moratorium or similar laws at the time in effect affecting
the rights of creditors generally and subject to the effects of general principles of equity (regardless of whether considered
in a proceeding in law or equity);

 

(c)   
      the execution and delivery of this Guaranty and the consummation by Guarantor of
the transactions contemplated hereby do not (i) contravene or result in a default under Guarantor’s certificate of
incorporation or bylaws (or such equivalent organizational documents), (ii) contravene or result in a default under any
contractual restriction or Legal Requirements binding on Guarantor, (iii) require any filings, approvals, consents or
authorizations which have not been duly obtained or (iv) result in the creation or imposition of any lien on
Guarantor’s properties;

 

(d)          Guarantor
is not an “investment company,” or an “affiliated Person” of, or “promoter” or “principal
underwriter” for, an “investment company,” as such terms are defined in the Investment Company Act of 1940, as
amended;

 

(e)          no
judgments, orders, writs or decrees are outstanding against Guarantor, nor is there pending or, to the best of Guarantor’s
knowledge, threatened any litigation, contested claim, investigation, arbitration, or governmental proceeding by or against Guarantor
that (i) individually or in the aggregate could reasonably be expected to have a Material Adverse Effect or (ii) purports to affect
the legality, validity or enforceability of this Guaranty or the consummation of the transactions contemplated hereby;

 

(f)    
      none of the written financial or other information relating to Guarantor and provided by
Guarantor to the Lender contains any material misstatement of fact or omits to state any material fact necessary to make the
statements contained therein not misleading in light of the circumstances under which they were made;

 

    	5 

     

    

 

(g)          Guarantor
has filed all tax returns (Federal, state and local) required to be filed and paid all taxes shown thereon to be due, including
interest and penalties, or, to the extent Guarantor is contesting in good faith an assertion of liability based on such returns,
has provided adequate reserves for payment thereof in accordance with GAAP;

 

(h)          there
are no conditions precedent to the effectiveness of this Guaranty that have not been satisfied or waived;

 

(i)     
     Guarantor has, independently and without reliance upon the Lender and based on such documents
and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Guaranty; and

 

(j)    
      Guarantor is, and upon the consummation of the transactions contemplated under this
Guaranty will be, Solvent.

 

Article
IV

 

COVENANTS

 

SECTION 4.1.          Affirmative
Covenants. Guarantor covenants and agrees that, until the termination of this Guaranty pursuant to Section 5.5,
Guarantor will, unless the Lender shall otherwise consent in writing:

 

(a)          Corporate
Existence. (i) Maintain its corporate existence, (ii) qualify to transact business as a foreign corporation where the nature
or extent of its business or the ownership of its property requires it to be so qualified and (iii) maintain in full force and
effect all licenses, bonds, franchises, leases and qualifications to do business, and all patents, trademarks, copyrights, intellectual
property, contracts and other rights and privileges necessary to the conduct of its businesses or the performance of its obligations
under this Guaranty.

 

(b)          Maintenance
of Property. Keep all property useful, necessary and material to its business in good working order and condition (ordinary
wear and tear excepted) as may be required or appropriate.

 

(c)          
Taxes and other Claims. Pay and discharge when due all Federal, state and local tax assessments and other governmental charges
and levies imposed against Guarantor or any of its property; provided, however, that any such tax assessment,
charge or levy need not be paid if it is being contested, in good faith, by appropriate proceedings diligently conducted and if
an adequate reserve or other appropriate provision shall have been made therefor to the extent required in accordance with GAAP.

 

(d)          Legal
Requirements. Comply with all applicable Legal Requirements, including, without limitation, those relating to environmental
matters, employee matters (including the collection, payment and deposit of employees’ income, unemployment and social security
taxes) and with respect to pension liabilities.

 

    	6 

     

    

 

(e)          Books
and Records. Maintain adequate books and records (including, without limitation, computer printouts and programs) in accordance
with GAAP.

 

(f)          Inspection
Rights. At any reasonable time and from time to time upon reasonable notice, (i) permit or arrange for the Lender and its agents
and representatives to examine and make copies of and abstracts from the records and books of account of, and the properties of,
Guarantor and each of its Subsidiaries, and (ii) permit or arrange for the Lender and its agents and representatives to discuss
the affairs, finances and accounts of Guarantor and its Subsidiaries with Guarantor and its Subsidiaries and their respective officers,
directors and accountants.

 

SECTION 4.2.          Negative
Covenants. Guarantor covenants and agrees that, until the termination of this Guaranty pursuant to Section 5.5,
Guarantor will not, without the prior written consent of the Lender:

 

(a)          Consolidation
and Merger. Wind up, liquidate or dissolve its affairs or enter into any transaction of merger or consolidation, or agree to
do any of the foregoing at any future time.

 

(b)          Corporate
Changes, etc. Amend, alter or modify its certification of incorporation or bylaws (or equivalent organizational documents)
or its corporate or capital structure or status in a manner adverse to the Lender.

 

(c)          Change
of Business. Make any material change in the nature of its business as carried on at the date hereof or enter into any new
type of business outside its industry as of the date hereof.

 

(d)          Sales,
etc. of Assets. Except to the extent expressly permitted under this Guaranty, the Credit Agreement or the SPMA, directly or
indirectly sell, lease, transfer, assign or otherwise dispose of all or substantially all of its assets.

 

Article
V

 

MISCELLANEOUS

 

SECTION 5.1.          Incorporation
by Reference. This Guaranty shall be subject to the provisions of Section 12.1 (Entire Agreement), Section 12.6
(Severability), Section 12.10 (Specific Performance), Section 12.11 (Submission to Jurisdiction), Section
12.12 (Waiver of Jury Trial) and Section 12.16 (Interpretation) of the SPMA, each of which is incorporated by reference
herein. This Guaranty is the “Guaranty” referred to and executed pursuant to the Credit Agreement and shall (unless
otherwise expressly indicated herein) be construed, administered and applied in accordance with the terms and provisions thereof.

 

SECTION 5.2.          Modifications,
Etc. Any amendment or modification to this Guaranty, including this undertaking itself, any waiver of any provision of
this Guaranty and any consent to any departure by Guarantor therefrom shall only be valid if effected by an instrument or instruments
in writing signed by the Lender and, in the case of any such amendment or modification, Guarantor, and then such waiver or consent
shall be effective only in the specific instance and for the specific purpose for which given. The parties agree that they jointly
negotiated and prepared this Guaranty and this Guaranty will not be construed against any party on the grounds that such party
prepared or drafted the same.

 

    	7 

     

    

 

SECTION 5.3.          Notices.
Notices will be deemed to have been received (a) upon receipt of a registered letter, (b) three (3) Business Days following proper
deposit with an internationally recognized express overnight delivery service, (c) in the case of transmission by email, as of
the date so transmitted (or if so transmitted after normal business hours at the place of the recipient, on the Business Day following
such transmission), or (d) in the case of transmission by email, upon confirmation of a facsimile transmission (or if so transmitted
after normal business hours at the place of the recipient, on the Business Day following such confirmation):

 

If to Guarantor:

 

Fortress Biotech, Inc.

2 Gansevoort Street, 9th Floor

New York, NY 10014

Attn: Dr. Lindsay Rosenwald, M.D.

Email: lrosenwald@fortressbiotech.com

 

with a copy
(which shall not constitute notice) to:

 

Fortress Biotech, Inc.

2 Gansevoort Street, 9th Floor

New York, NY 10014

Attn: Samuel W. Berry, Esq.

Email: sberry@fortressbiotech.com

 

If to the Lender:

 

InvaGen
Pharmaceuticals Inc.

Site
B, 7 Oser Ave.

Hauppauge,
NY 11788

c/o

A.S.
Kumar, Esq.

Global
General Counsel

Cipla
Ltd.

Cipla
House, Peninsula Business Park,

Ganapatrao
Kadam Marg, Lower Parel West,

Mumbai,
Maharashtra 400013, India

Email:
as.kumar@cipla.com and cosecretary@cipla.com

 

    	8 

     

    

 

With a copy (which shall
not constitute notice) to:

 

InvaGen
Pharmaceuticals Inc.

Site
B, 7 Oser Ave.

Hauppauge,
NY 11788

c/o

Nishant
Saxena

Global
Chief Strategy Officer

Cipla
Ltd.

Cipla
House, Peninsula Business Park,

Ganapatrao
Kadam Marg, Lower Parel West,

Mumbai,
Maharashtra 400013, India

Email: nishant.saxena@cipla.com

 

With a copy
(which shall not constitute notice) to:

 

Hughes Hubbard & Reed LLP

One Battery Park Plaza

New York, NY 10004-1482

Attn: Kenneth A. Lefkowitz

Email: ken.lefkowitz@hugheshubbard.com

 

or to such other address
as may be hereafter communicated in writing by the parties in a notice given in accordance with this Section 5.3.

 

SECTION 5.4.          Binding
on Successors, Transferees and Assigns; Assignment. This Guaranty shall be binding upon Guarantor and its successors, transferees
and assigns and shall inure to the benefit of and be enforceable by the Lender and its successors, transferees and assigns; provided,
however, that Guarantor may not assign any of its obligations hereunder without the prior written consent of the
Lender (and any such assignment without such consent shall be null and void). The Lender may assign its rights and obligations
hereunder to any other Person upon written notice to, but without the consent of, Guarantor. Without limiting the generality of
the foregoing, the Lender may assign or otherwise transfer (in whole or in part) all or any portion of its commitments under the
Credit Agreement or any Loans made by it to any other Person, and such other Person shall thereupon become vested with all rights
and benefits in respect thereof granted to such Lender under the Credit Agreement and this Guaranty or otherwise, subject, however,
to the provisions of Section 10(e) of the Credit Agreement.

 

SECTION 5.5.          Termination
of Guaranty. Upon the indefeasible payment in full in cash of all Guaranteed Obligations and the termination of all commitments
and other obligations of the Lender under the Credit Agreement (other than the obligations that are intended to survive the termination
of the Credit Agreement), this Guaranty shall terminate. Upon the termination of this Guaranty pursuant to this Section 5.5,
the Lender will, at Guarantor’s written request and expense, execute and deliver to Guarantor appropriate documents, without
recourse and without representation or warranty, necessary to evidence the transfer by subrogation to Guarantor of an interest
in the Guaranteed Obligations resulting from any payment made by Guarantor pursuant to this Guaranty.

 

    	9 

     

    

 

SECTION 5.6.          Right
to Set-Off. Upon the occurrence and during the continuance of any Event of Default, the Lender is hereby authorized at
any time and from time to time, to the fullest extent permitted by law, to set-off and apply any and all deposits (general or special,
time or demand, provisional or final) at any time held and other indebtedness at any time owing by the Lender to or for the credit
or the account of Guarantor against any and all of the Guaranteed Obligations of Guarantor now or hereafter existing under this
Guaranty, irrespective of whether the Lender shall have made any demand under the Credit Agreement or this Guaranty. The Lender
agrees promptly to notify Guarantor after any such set-off and application made by the Lender; provided, that the
failure to give such notice shall not affect the validity of such set-off and application. The rights of the Lender under this
Section 5.6 are in addition to other rights and remedies (including, without limitation, other rights of set-off) which
the Lender may have.

 

SECTION 5.7.          Governing
Law. This Guaranty and any claims or causes of action pursuant to it shall be governed by and construed in accordance with
the laws of the State of Delaware, without regard for its principles of conflict of laws. Guarantor acknowledges and agrees that
it has received full and sufficient consideration for this provision (and each other provision of each other credit document to
which it is a party) and that this provision is a material inducement for the Lender entering into the Credit Agreement and this
Guaranty.

 

SECTION 5.8.          Counterparts;
Facsimile Signature. This Guaranty and any amendments, waivers, consents or supplements hereto or in connection herewith
may be executed in one (1) or more counterparts, by original or facsimile (or other such electronically transmitted) signature,
each of which will be deemed an original, but all of which will constitute one and the same instrument.

 

SECTION 5.9.          Rights
Cumulative. All rights and remedies of each of the parties under this Guaranty will be cumulative, and the exercise of
one or more rights or remedies will not preclude the exercise of any other right or remedy available under this Guaranty or applicable
Legal Requirements.

 

SECTION 5.10.         No
Waiver. No failure on the part of the Lender to exercise, and no delay in exercising, any right hereunder shall operate
as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof
or the exercise of any other right. The Lender shall have all remedies available at law or equity, including without limitation,
the remedy of specific performance for any breach of any provision hereof.

 

SECTION 5.11.         Waiver
of Certain Claims. TO THE EXTENT PERMITTED BY APPLICABLE LAW, GUARANTOR SHALL NOT ASSERT, AND HEREBY WAIVES, ANY CLAIM
AGAINST THE LENDER ON ANY THEORY OF LIABILITY FOR SPECIAL, INDIRECT, CONSEQUENTIAL OR PUNITIVE DAMAGES (AS OPPOSED TO DIRECT OR
ACTUAL DAMAGES) ARISING OUT OF, IN CONNECTION WITH, OR AS A RESULT OF, THIS GUARANTY OR ANY INSTRUMENT CONTEMPLATED HEREBY.

 

[REMAINDER OF
PAGE INTENTIONALLY LEFT BLANK]

 

    	10 

     

    

 

IN WITNESS WHEREOF,
Guarantor has caused this Guaranty to be duly executed and delivered by its officer thereunto duly authorized as of the date first
above written.

 

	 	FORTRESS BIOTECH, INC., as Guarantor
	 	 	 
	 	By:	/s/ Lindsay A. Rosenwald
	 	 	Name:  Lindsay A. Rosenwald
	 	 	Title: President and CEO

 

[Signature Page to Guaranty]

 

    	S-1 

     

    

 

Acknowledged and Accepted:

 

	INVAGEN PHARMACEUTICALS INC., as the Lender	 
	 	 	 
	By:	/s/ Deepak Agarwal	 
	 	Name:  Deepak Agarwal	 
	 	Title: CFO	 

 

[Signature Page to Guaranty]

 

    	S-2

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