Document:

Warrant for Purchase of Common Stock issued to Alexandra Equities, LLC

 EXHIBIT 4.4 
  

THIS WARRANT AND THE SECURITIES ISSUABLE UPON THE EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR
ANY STATE SECURITIES LAWS. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE SECURITIES UNDER SUCH ACT OR AN EXEMPTION TO SUCH ACT.

  
 Void after the Tenth Anniversary hereof 

 
 WARRANT FOR THE 
 PURCHASE OF SHARES OF COMMON STOCK 
  
 of 
  
 SALMEDIX, INC. 
  
 INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE 
  
 THIS CERTIFIES THAT, for value received, ALEXANDRIA EQUITIES, LLC a Delaware limited liability company, together with its successors and assigns (the “Investor”), is entitled to
purchase, up to Thirty Seven Thousand Five Hundred (37,500) duly authorized, validly issued, fully paid and nonassessable shares of Common Stock (the “Common Stock”) of SALMEDIX, INC., a Delaware corporation (the
“Company”), at the per share purchase price described in Section 1.3 below, subject to the provisions and upon the terms and conditions hereinafter set forth. 
  
 1. EXERCISE OF
WARRANT. The terms and conditions upon which this Warrant may be exercised, and the Common Stock covered hereby (the “Warrant Stock”) may be purchased, are as follows: 
  
 1.1 Term. The purchase right represented by this
Warrant may be exercised in whole or in part at any time and from time to time from and after the date hereof and on or before the tenth anniversary hereof; provided that, if the last day on which this Warrant may be exercised is a Sunday or
a legal holiday or a day on which banking institutions doing business in the City of New York are authorized by law to close, this Warrant may be exercised prior to 5:00 p.m. (New York time) on the next succeeding full business day with the same
force and effect as if exercised on such last day specified herein. 
  
 1.2 Number of Shares. This Warrant is initially exercisable for Thirty Seven Thousand Five Hundred (37,500) shares of Common Stock, subject to adjustment pursuant to Section 2 of this Warrant;
provided, however, as of any date of exercise, this Warrant is only exercisable for (a) that number of shares of Common Stock otherwise exercisable under this Section 1.2 multiplied by (b) the percentage obtained by dividing (x)
the principal amount that has been drawn down as Advances (as defined in the Note) under that certain Secured Promissory Note executed by the Company in favor of Investor dated as of even date herewith (the “Note”) by (y) the
original principal amount of the Note. 
  
 1.3
Purchase Price. The initial per share purchase price for the shares of Common Stock to be issued upon exercise of this Warrant shall be $1.00, subject to adjustment as provided herein (the “Warrant Price”). 
  
 1.4 Method of Exercise. The exercise of the purchase
rights evidenced by this Warrant shall be effected by (a) the surrender of the Warrant, together with a duly executed copy of the 

  

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form of a subscription attached hereto, to the Company at its principal offices and (b) the delivery of the purchase price (i) by check or bank draft payable
to the Company’s order or by wire transfer to the Company’s account for the number of shares for which the purchase rights hereunder are being exercised or any other form of consideration approved by the Company’s Board of Directors
or (ii) pursuant to the procedure set forth in Section 1.5. Any such exercise of this Warrant may be made contingent upon the closing of a public offering, merger, recapitalization or similar transaction. 
  
 Each exercise of this Warrant shall be deemed to have been effected
immediately prior to the close of business on the day on which this Warrant shall have been surrendered to the Company as provided herein or at such latter date as may be specified in the executed form of subscription, and at such time the person or
persons in whose name or names any certificate or certificates for shares of Common Stock shall be issuable upon such exercise as provided herein shall be deemed to have become the holder or holders of record thereof. 
  
 1.5 Cashless Exercise. In addition to and without
limiting the rights of the holder hereof under the terms hereof, at the holder’s option this Warrant may be exercised in whole or in part at any time or from time to time prior to its expiration for a number of shares of Common Stock having an
aggregate fair market value on the date of such exercise equal to the difference between (a) the fair market value of the number of shares of Common Stock subject to this Warrant designated for exercise by the holder hereof on the date of the
exercise and (b) the aggregate Warrant Price for such shares in effect at such time. 
  
 The “fair market value” of a share of Common Stock (for all purposes of this Warrant) shall be (a) if the Common Stock is then traded on a securities exchange, the average of the closing prices of the Common
Stock on such exchange over the twenty (20) trading day period ending three (3) trading days prior to the date of exercise, (b) if the Common Stock is then regularly traded over-the-counter, the average of the sale prices or secondarily the closing
bid price for the Common Stock over the twenty (20) trading day period ending three (3) trading days prior to the date of exercise, or (c) if there is no active public market for the Common Stock, (i) if within ninety (90) days prior to the date of
exercise an arm’s-length transaction shall have been consummated between the Company and a person other than an affiliate of the Company, in which transaction the fair market value of a share of Common Stock shall have been determined, such
fair market value, or (ii) if no such transaction shall have been consummated within ninety (90) days prior to the date of exercise, an amount equal to the value of the Common Stock most recently determined by the Company’s Board of Directors
in good faith, increased at the same pro rata rate from the date of the most recent determination of such fair market value as was realized during the equivalent time period following the second most recent determination thereof. If the holder of
this Warrant exercises this Warrant contingent upon the closing of a public offering, the “fair market value” of a share of Common Stock on the date of exercise shall be equal to the initial price to the public specified in the final
prospectus with respect to such public offering. The following diagram illustrates how many shares would then be issued upon exercise pursuant to this Section 1.5: 
  

							
	Let	  	 FMV
 PSP
 N
 X
	  	 =
 =
 =
 =
	  	 Fair market value per share of Common Stock at date of exercise.
 Per share Warrant Price at date of exercise.
 Number of shares of Common Stock desired to be exercised.
 Number of shares of Common Stock issued upon exercise.

				
	 	  	 	  	X	  	=         (FMV)(N)-(PSP)(N)
	 	  	 	  	 	  	                        FMV

  

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 No payment of any cash or other consideration to the Company shall be required from the holder of this Warrant in
connection with any exercise of this Warrant pursuant to this Section 1.5. Such exercise shall be effective upon the date of receipt by the Company of the original Warrant surrendered for cancellation and a written request from the holder
hereof that the exercise pursuant to this section be made, or at such later date as may be specified in such request. 
  
 1.6 Issuance of Shares. As soon as reasonably practicable after each exercise of this Warrant, in whole or in part, the Company at
its expense (including the payment by it of any applicable issue taxes) will cause to be issued in the name of and delivered to the holder hereof or as such holder (upon payment by such holder of any applicable transfer taxes) may direct, (a) a
certificate or certificates for the number of duly authorized, validly issued, fully paid and nonassessable shares of Common Stock to which such holder shall be entitled upon such exercise, and (b) in case such exercise is in part only, a new
Warrant or Warrants of like tenor, calling in the aggregate on the face or faces thereof for the number of shares of Common Stock equal (without giving effect to any adjustment thereof) to the number of such shares called for on the face of this
Warrant minus the number of such shares designated by the holder upon such exercise as provided herein. 
  
 2. CERTAIN ADJUSTMENTS. 
  
 2.1 Mergers, Consolidations or Sale of Assets. If after the date hereof there shall be a capital reorganization (other than a
combination or subdivision of Common Stock otherwise provided for herein), or spin-off, or a merger or consolidation of the Company with or into another corporation, or the sale of all or substantially all of the Company’s properties and assets
to any other person, then, as a part of such transaction, lawful provision shall be made so that the Investor shall thereafter be entitled to receive upon exercise of this Warrant, during the period specified in this Warrant and upon payment of the
purchase price, the number of shares of stock or other securities, cash or property of the Company or the successor corporation resulting from such transaction, to which a holder of the Common Stock deliverable upon exercise of this Warrant would
have been entitled under the provisions of the agreement in such transaction if this Warrant had been exercised immediately before such transaction. In any such case, appropriate adjustment (as determined reasonably and in good faith by the
Company’s Board of Directors) shall be made in the application of the provisions of this Warrant with respect to the rights and interests of the Investor after such transaction to the end that the provisions of this Warrant (including
adjustment of the purchase price then in effect and the number of shares of Common Stock issuable upon exercise hereof) shall be applicable after that event, as near as reasonably may be, in relation to any shares or other property deliverable after
that event upon exercise of this Warrant. 
  
 2.2 Splits and Subdivisions; Dividends. If the Company should effect or fix a record date for the effectuation of a split or subdivision of the outstanding shares of Common Stock or the determination of the holders of Common Stock
entitled to receive a dividend or other distribution payable in additional shares of Common Stock or other securities or warrants, options or other rights convertible into, or entitling the holder thereof to receive directly or indirectly,
additional shares of Common Stock (hereinafter referred to as “Common Stock Equivalents”) without payment of any consideration by such holder for the additional shares of Common Stock or Common Stock Equivalents (including
the additional shares of Common Stock issuable upon conversion or exercise thereof), then, as of such record date (or the date of such distribution, split or subdivision if no record date is fixed), the per share purchase price shall be
appropriately decreased and the number of shares of Common Stock issuable upon exercise hereof shall be appropriately increased in proportion to such increase of outstanding shares. 
  
 2.3 Combination of Shares. If the number of shares of Common Stock outstanding at any time after the
date hereof is decreased by a combination of the outstanding shares of Common 

  

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Stock, the per share purchase price shall be appropriately increased and the number of shares of Common Stock issuable upon exercise hereof shall be
appropriately decreased in proportion to such decrease in outstanding shares. 
  
 2.4 Adjustments for Other Distributions. In the event the Company shall declare a distribution payable in securities of the Company (other than Common Stock Equivalents) or other persons, evidences of
indebtedness issued by the Company or other persons, assets (including cash dividends) or options or rights not referred to in Section 2.2, then, in each such case for purposes of this Section 2.4, upon exercise of this Warrant the
holder hereof shall be entitled to a proportionate share of any such distribution as though such holder was the holder of the number of shares of Common Stock of the Company into which this Warrant may be exercised as of the record date fixed for
the determination of the holders of Common Stock of the Company entitled to receive such distribution. 
  
 2.5 Issuance of Additional Common Stock. 
  

(a) If, after the date hereof, the Company shall issue or sell 
  
 (i) Additional Shares (defined below) without consideration or for a consideration per share less
than the higher of (A) the Warrant Price and (B) the fair market value of a share of Common Stock in effect immediately prior to such issue or sale, or 
  
 (ii) Common Stock Equivalents exercisable for Additional Shares with a minimum exercise or exchange price less than the higher of
(A) the Warrant Price and (B) the fair market value of a share of Common Stock in effect immediately prior to each issue or sale, then, and in each such case, the Warrant Price shall be reduced, concurrently with such issue or sale, to a price
(calculated to the nearest .001 of a cent) determined by multiplying such Warrant Price by a fraction: 
  
 (i) the numerator of which shall be (A) the number of shares of Common Stock outstanding immediately prior to such issue or sale
(including any shares of Common Stock issuable upon conversion of outstanding shares of Preferred Stock and issuance upon exercise of outstanding options, warrants or other convertible securities) plus (B) the number of shares of Common Stock that
the aggregate consideration received by the Company upon such issuance or sale (or, in the case of Common Stock Equivalents exercisable for Additional Shares, receivable by the Company upon exercise or exchange) would purchase at such Warrant Price,
and 
  
 (ii) the denominator of which
shall be the number of shares of Common Stock outstanding immediately after such issue or sale (assuming, in the case of Common Stock Equivalents exercisable for Additional Shares, exercise or exchange of all such Common Stock Equivalents and
including any shares of Common Stock issuable upon conversion of outstanding shares of Preferred Stock and issuable upon exercise of outstanding options, warrants or other convertible securities). 
  
 (b) For the purposes of this Section 2.5, the
consideration for the issue or sale of Additional Shares shall, irrespective of the accounting treatment of such consideration, (i) insofar as it consists of cash, be computed at the net amount of cash received by the Company, and (ii) insofar as it
consists of property (including securities) other than cash, be computed at the fair value thereof at the time of such issue or sale as determined in good faith by the Company’s Board of Directors. In the event of a dispute in good faith by the
Investor as to the fair market value of the consideration consisting of property, at the option of the Investor, the Company shall engage a consulting firm or investment banking 

  

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firm mutually agreed to by the Investor and the Company to prepare an independent appraisal of the fair market value of such property to be distributed. The
expenses of such appraisal shall be borne one-half (1/2) by the Company and one-half (1/2) by the Investor. 
  
 (c) Notwithstanding anything contained herein to the contrary, the consideration for any Common Stock Equivalents shall be the
total amount of consideration received by the Company for the issuance of such Common Stock Equivalents plus the minimum amount of consideration payable to the Company upon exercise, conversion or exchange of Common Stock Equivalents (the
“Net Consideration”) determined as of the date of issuance of such Common Stock Equivalents. Any obligation, agreement or understanding to issue Common Stock Equivalents at any time in the future shall be deemed to be an
issuance at the time such obligation or agreement is made or arises. No adjustment of the Warrant Price shall be made under this Section 2.5 upon the issuance of any shares of Common Stock which are issued pursuant to the exercise, conversion
or exchange of any Common Stock Equivalents if any adjustment shall previously have been made upon the issuance of any such Common Stock Equivalents. 
  
 Should the Net Consideration for any such Common Stock Equivalents be increased or decreased from time to time, then, upon the effectiveness of such
change, the Warrant Price will be that which would have been obtained (i) had the adjustments made upon the issuance of such Common Stock Equivalents been made upon the basis of the actual Net Consideration (as so increased or decreased) of such
Common Stock Equivalents, and (ii) had adjustments to such Warrant Price since the date of issuance of such Common Stock Equivalents been made to such Warrant Price as adjusted pursuant to (i) above. Any adjustment of the Warrant Price with respect
to this paragraph which relates to Common Stock Equivalents shall be disregarded if, as, and when all of such Common Stock Equivalents expire or are canceled without being exercised, so that the Warrant Price effective immediately upon cancellation
or expiration shall be equal to the Warrant Price in effect at the time of the issuance of the expired or canceled Common Stock Equivalents, with such additional adjustments as would have been made to such Warrant Price had the expired or canceled
Common Stock Equivalents not been issued. 
  
 (d) “Additional Shares” means all shares of Common Stock, whether or not subsequently reacquired or retired by the Company other than (i) Common Stock issued pursuant to a transaction described elsewhere in this Section 2;
(ii) shares of Common Stock issuable or issued to employees, consultants, directors or officers of the Company pursuant to a stock option plan or stock purchase plans or agreements on terms approved by the Board of Directors of the Company; (iii)
shares of Common Stock issued or issuable in connections with a bona fide acquisition of another business entity by the Company, whether by merger, consolidation, sale of assets or sale or exchange of stock, whereby the Company will own more than
fifty percent (50%) of the voting stock of such business entity or business segment in a transaction approved the Board of Directors of the Company; (iv) shares of Common Stock issued or issuable upon conversion of the Company’s Preferred
Stock; (v) shares of Common Stock issued or issuable (a) in a public offering before which, or in connection with which, all outstanding shares of the Company’s Preferred Stock will be converted to Common Stock or (b) upon exercise of warrants
or other rights granted to underwriters in connection with such a public offering; or (vi) any right, option or warrant to subscribe for, purchase or otherwise acquire any security convertible into any security excluded from the definition of
“Additional Stock” pursuant to subsections (i) through (v) above. 
  
 (e) The number of shares of Common Stock that the holder of this Warrant shall be entitled to receive upon each exercise hereof after any adjustment pursuant to this Section 2.5 shall be determined by
multiplying (i) the number of shares of Common Stock that were issuable immediately prior to such adjustment, by (ii) the fraction of which (A) the numerator is the Warrant Price 

  

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immediately prior to such adjustment and (B) the denominator is the Warrant Price immediately following such adjustment. 
  
 2.6 Certificate as to Adjustments. In the case of
each adjustment or readjustment of the Warrant Price pursuant to this Section 2, the Company at its expense will promptly compute such adjustment or readjustment in accordance with the terms hereof and cause a certificate, signed by the
Company’s Chief Financial Officer, setting forth such adjustment or readjustment and showing in detail the facts upon which such adjustment or readjustment is based to be delivered to the holder of this Warrant. The Company will furnish or
cause to be furnished to such holder a certificate setting forth (a) such adjustments and readjustments, (b) the Warrant Price at the time in effect and how it was calculated and (c) the number of shares of Common Stock issuable upon exercise hereof
and the amount, if any, of other property at the time receivable upon the exercise of the Warrant. 
  
 2.7 Other Dilutive Events. If any event shall occur as to which the provisions of Section 2 are not strictly applicable but
the failure to make any adjustment would not fairly protect the purchase rights represented by this Warrant in accordance with the essential intent and principles of such sections, then, in each such case, the Board of Directors of the Company shall
make such adjustment, if any, on a basis consistent with the essential intent and principles established in Section 2, necessary to preserve, without dilution, the purchase rights represented by this Warrant. The Company will promptly notify
the Investor of any such adjustments and shall make the suggested adjustments. 
  
 2.8 No Dilution or Impairment. The Company will not, by amendment of its certificate of incorporation or through any consolidation,
merger, reorganization, transfer of assets, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist
in the carrying out of all such terms and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the holder of this Warrant against dilution or other impairment. 
  
 Without limiting the generality of the foregoing, the Company (a) will not
permit the par value of any shares of stock receivable upon the exercise of this Warrant to exceed the amount payable therefor upon such exercise, (b) will take all such action as may be necessary or appropriate in order that the Company may validly
and legally issue fully paid and nonassessable shares of stock on the exercise of the Warrants from time to time outstanding and (c) will not take any action which results in any adjustments of the Warrant Price if the total number of shares of
Common Stock issuable after the action upon the exercise of all of the Warrants would exceed the total number of shares of Common Stock then authorized by the Company’s certificate of incorporation and available for the purpose of issue upon
such exercise. 
  
 2.9 Notices of Record Date
etc. In the event of: 
  
 (a) any
taking by the Company of a record of the holders of any class of securities of the Company for the purpose of determining the holders thereof who are entitled to receive any dividend (other than a cash dividend payable out of earned surplus at the
same rate as that of the last such cash dividend theretofore paid) or other distribution, or any right to subscribe for, purchase or otherwise acquire any shares of stock of any class or any other securities or property, or to receive any other
right; 
  
 (b) an initial public offering
of the Company or any capital reorganization of the Company, any reclassification or recapitalization of the capital stock of the Company or any transfer of all or substantially all of the assets of the Company to any other person or any
consolidation or merger involving the Company; or 
  

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 (c) any voluntary or involuntary dissolution, liquidation or winding-up of the
Company, 
  
 the Company will mail to the holder of this Warrant at least thirty
(30) days prior to the earliest date specified below, a notice specifying: (i) the date on which any such record is to be taken for the purpose of such dividend, distribution or right, and the amount and character of such dividend, distribution or
right; (ii) the date on which any such reorganization, reclassification, transfer, consolidation, merger, dissolution, liquidation or winding-up is expected to become effective and the record date for determining stockholders entitled to vote
thereon and the time, if any such time is to be fixed, as of which the holders of record of Common Stock shall be entitled to exchange their shares of Common Stock for the securities or other property deliverable upon such reorganization,
reclassification, recapitalization, consolidation, merger, transfer, dissolution, liquidation or winding-up; and (iii) the date of which the Company anticipates the effectiveness of its Registration Statement for such initial public offering.

  
 3. FRACTIONAL SHARES. No fractional shares shall
be issued in connection with any exercise of this Warrant. In lieu of the issuance of such fractional share, the Company shall make a cash payment equal to the then fair market value of such fractional share as determined in accordance with
Section 1.5 hereof. 
  
 4. REPRESENTATIONS AND
WARRANTIES OF THE COMPANY. 
  
 4.1
Authorization. The Company has full power and authority to enter into this Warrant. This Warrant has been duly authorized, executed and delivered by the Company and constitutes its valid and legally binding obligation, enforceable in accordance
with its terms. 
  
 4.2 Reservation of Common
Stock. The Company shall at all times reserve and keep available out of its authorized but unissued shares of Common Stock, solely for the purpose of effecting the exercise of this Warrant, such number of its shares of Common Stock, free from
preemptive rights, as shall from time to time be sufficient to effect the exercise of this Warrant, and if at any time the number of authorized but unissued shares of Common Stock shall not be sufficient to effect the exercise of the entire Warrant,
in addition to such other remedies as shall be available to the holder of this Warrant, the Company will take such action as may be necessary to increase its authorized but unissued shares of Common Stock to such number of shares as shall be
sufficient for such purposes. If any shares of its Common Stock to be reserved for the purpose of issuance upon exercise of the Warrants require registration with or approval of any governmental authority under any applicable law before such shares
of Common Stock may be validly issued or delivered, then it shall secure such registration or approval, as the case may be, and maintain such registration or approval in effect so long as so required. 
  
 4.3 Adjustment in Number of Shares Issuable and Purchase
Price. There has not been nor will there be any adjustment to the number of shares issuable or the purchase price payable upon the exercise of any securities of the Company convertible into or exchangeable for shares of Common Stock resulting
from the issuance or exercise of this Warrant. 
  
 4.4 Valid Issuance. This Warrant, when issued and delivered in accordance with the terms hereof will be duly authorized and validly issued, and the Common Stock issuable upon the exercise hereof, when issued pursuant to the terms
hereof and upon payment of the exercise price, shall, upon such issuance, be duly authorized, validly issued, fully paid and nonassessable. 
  
 5. PRIVILEGE OF STOCK OWNERSHIP. Prior to the exercise of this Warrant, the Investor shall not be entitled, by virtue of holding this Warrant, to
any rights of a stockholder of the Company, including (without limitation) the right to vote, receive dividends or other distributions, exercise 

  

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preemptive rights or be notified of stockholder meetings, and such holder shall not be entitled to any notice or other communication concerning the business
or affairs of the Company. Nothing in this Section 5, however, shall limit the right of the Investor to be provided the notices described in Section 2 hereof or to participate in distributions described in Section 2 hereof if the
Investor ultimately exercises this Warrant. 
  
 6. LIMITATION
OF LIABILITY. Except as otherwise provided herein, in the absence of affirmative action by the holder hereof to purchase the Common Stock in accordance herewith, no mere enumeration herein of the rights or privileges of the holder hereof shall
give rise to an obligation on such holder to purchase any securities or any liability of such holder for the purchase price or as a stockholder of the Company, whether such obligation or liability is asserted by the Company or by creditors of the
Company. 
  
 7. REPRESENTATIONS AND WARRANTIES OF THE
INVESTOR. The Investor represents and warrants to the Company as follows: 
  
 7.1 Investment Experience. The Investor represents that it can bear the economic risk of its investment and has such knowledge and experience in financial or business matters that it is capable of evaluating
the merits and risks of the investment in the Warrant and the Common Stock issuable upon exercise hereof. The Investor also represents it has not been organized solely for the purpose of acquiring the Warrant or the Common Stock issuable upon
exercise hereof. 
  
 7.2 Restricted
Securities. The Investor understands that the Warrant being issued hereunder and the Common Stock issuable upon exercise hereof are characterized as “restricted securities” under the federal securities laws inasmuch as they are being
acquired from the Company in a transaction not involving a public offering and have not been registered under the Act nor qualified under applicable state securities laws and that under such laws and applicable regulations such securities may not be
resold without registration under the Act, except in certain limited circumstances. In this connection, the Investor represents that it is familiar with Rule 144 promulgated under the Act (“Rule 144”), as presently in effect,
and understands the resale limitations imposed thereby and by the Act. 
  
 7.3 Accredited Investor. The Investor is an “accredited investor” within the meaning of Rule 501 of Regulation D promulgated under the Act. 
  
 7.4 Legends. It is understood that the certificates
evidencing the Common Stock issuable upon exercise hereof may bear the following legend: 
  
 “THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED IN THE
ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE SECURITIES UNDER SUCH ACT OR AN EXEMPTION TO SUCH ACT” 
  
 8. ADDITIONAL AGREEMENTS. 
  
 8.1 Confidentiality. In handling any confidential information provided to Investor by the Company, Investor shall exercise the same
degree of care that it exercises with respect to its own proprietary information of the same type to maintain the confidentiality thereof, except that disclosure of such information may be made (i) to the subsidiaries or affiliates of Investor in
connection with their present or prospective business relations with the Company, (ii) to prospective transferees or purchasers 

  

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of any interest in this Warrant, provided that they have entered into a comparable confidentiality agreement in favor of the Company, (iii) as may be
required in connection with the examination, audit or similar investigation of Investor or (iv) if otherwise required by law. Confidential information hereunder shall mean non-public proprietary information of the Company identified as such prior to
disclosure to Investor but shall not include information that either: (a) is in the public domain or in the knowledge or possession of Investor when disclosed to Investor, or (b) is disclosed to Investor by a third party unless Investor has actual
knowledge that such third party is prohibited from disclosing such information. 
  
 8.2 Transfers and Exchanges. The Investor agrees not to sell, hypothecate, pledge or otherwise dispose of any interest in the
Warrant or the Common Stock issuable upon exercise hereof in the United States, its territories, possessions or any area subject to its jurisdiction, or to any person who is a national thereof or resident therein (including any estate of such
person), or any corporation, partnership or other entity created or organized therein, other than in accordance with the Act. 
  
 Upon presentation to the Company’s transfer agent of the form of Assignment attached hereto, a new Warrant shall be issued to the new holder hereof.
New Warrants issued in connection with transfers or exchanges shall not require the signature of the new holder hereof and shall be identical in form and provision to this Warrant except as to the number of shares; provided, however,
any such new holder shall certify to the Company that the representations and warranties contained in Section 7 are true and correct in all material respects as of the date of such transfer or exchange. 
  
 Each certificate evidencing the shares of Common Stock issued upon exercise
of this Warrant, or upon any transfer of such shares (other than a transfer registered under the Act or any subsequent transfer of shares so registered) shall, at the option of the Company, contain a legend, in form and substance reasonably
satisfactory to the Company and its counsel, restricting the transfer of such shares to sales or other dispositions exempt from the requirements of the Act. 
  
 8.3 Ownership of Warrants. The Company may treat the person in whose name any Warrant is registered on the register kept at the
office of the Company maintained pursuant to Section 8.4(a) as the owner and holder thereof for all purposes, notwithstanding any notice to the contrary, except that, if and when any Warrant is properly assigned in blank, the Company may (but
shall not be obligated to) treat the bearer thereof as the owner of such Warrant for all purposes, notwithstanding any notice to the contrary. A Warrant, if properly assigned, may be exercised by a new holder without a new Warrant first having been
issued. 
  
 8.4 Transfer and Exchange of
Warrants. 
  
 (a) The Company will
serve as transfer agent for purposes of this Warrant. Notices, presentations and demands in respect of this Warrant may be made upon the Company at its address specified herein, until such time as the Company shall notify the holders of the Warrants
of the appointment of, or of any change in, such transfer agent; and 
  
 (b) Upon the surrender of any Warrant, properly endorsed, for registration of transfer or for exchange, the Company at its expense will execute and deliver to or upon the order of the holder thereof a new
Warrant or Warrants of like tenor, in the name of such holder or as such holder (upon payment by such holder of any applicable transfer taxes) may direct, calling in the aggregate on the face or faces thereof for the number of shares of Common Stock
called for on the face or faces of the Warrant or Warrants so surrendered. 
  

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 8.5 Successors and Assigns. The terms and provisions of this Warrant shall be
binding upon the Company and the Investor and their respective successors and assigns, subject at all times to the restrictions set forth herein. 
  
 8.6 Loss, Theft, Destruction or Mutilation of Warrant. Upon receipt by the Company of evidence reasonably satisfactory to it of the
loss, theft, destruction or mutilation of this Warrant, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to the Company, and upon reimbursement to the Company of all reasonable expenses incidental thereto,
and upon surrender and cancellation of this Warrant, if mutilated, the Company will make and deliver a new warrant of like tenor and dated as of such cancellation, in lieu of this Warrant. 
  
 8.7 Saturdays, Sundays, Holidays, etc. If the last or
appointed day for the taking of any action or the expiration of any right required or granted herein shall be a Saturday or Sunday or shall be a legal holiday, then such action may be taken or such right may be exercised on the next succeeding day
not a legal holiday. 
  
 8.8 Amendments and
Waivers. Any term of this Warrant may be amended and the observance of any term of this Warrant may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company
and the Investor. Any such amendment or waiver shall be binding on the parties. 
  
 8.9 Governing Law. The terms and conditions of this Warrant shall be governed by and construed in accordance with Delaware law,
without regard to conflict of law provisions. 
  
 8.10 Notices. Except as otherwise provided in this Warrant, any requirement for a notice, demand or request under this Warrant will be satisfied by a writing (a) hand delivered with receipt; (b) mailed by United States Express Mail,
return receipt .requested, postage prepaid; or (c) sent by Federal Express or any other nationally recognized overnight courier service, and addressed as follows: if to the holder, at its address as shown on the books of the Company; and if to the
Company, at 4330 La Jolla Village Drive, Suite 250, San Diego, California 92122. All notices that are sent in accordance with this Section 8.10 will be deemed received by the holder or the Company on the earliest of the following applicable
time periods: (i) the date the return receipt is executed; or (ii) the date delivered as documented by the overnight courier service or the hand delivery receipt. Either the holder or the Company may designate a change of address by written notice
to the other party. 
  
 (a)
REGISTRATION RIGHTS. The Investor shall be added as a party to the Company’s Investors’ Rights Agreement dated January 5, 2001, as amended from time to time, and the shares of Common Stock issuable upon exercise of this Warrant
shall be treated as “Registrable Securities” thereunder. 
  
 9. Remedies. The Company acknowledges and agrees that irreparable harm, for which there may be no adequate remedy at law and for which the ascertainment of damages would be difficult, would occur in the event any of the provisions of
this Warrant were not performed in accordance with its specific terms or were otherwise breached. The Company accordingly agrees that the holders shall be entitled to an injunction or injunctions to prevent breaches of the provisions of this Warrant
and to enforce specifically the terms and provisions hereof in any court of the United States or any state thereof having jurisdiction, in each instance without being required to post bond or other security and in addition to, and without having to
prove the inadequacy of other remedies at law. 
  
 [remainder of
page intentionally left blank] 
  

 10 

 [Warrant for the Purchase of Shares of Common Stock of Salmedix, Inc.] 
  

					
	SALMEDIX, INC.
			
	By:	 	 	 	/s/    ANITA I. BUSQUETS
	 	 	

	 	 	Name:	 	Anita I. Busquets
	 	 	 	 	

	 	 	Title:	 	Chief Financial & Administrative Officer
	 	 	 	 	

	
	 Dated: February 15, 2002

  

 11 

 SUBSCRIPTION 
  
 [Issuer] 
  
 Ladies and Gentlemen: 
  
 The undersigned,
                                , hereby elects to purchase, pursuant to the
provisions of the Warrant, dated February     , 2002, held by the undersigned,              shares of the Common Stock of
                                        ,
Inc., a corporation, and tenders herewith payment of the purchase price of such shares in full. 
  
 In exercising its rights to purchase such Common Stock, the undersigned hereby confirms the investment representations made in Section 7 and the
agreements made in Section 8 of such Warrant. 
  
 Dated:
                     20     
  

			
	 	 	 
	

		
	By	 	 
	 	 	

		
	 Address:
	 	 
	 	 	

	 	 	 
	 	 	

  

 12 

 [FORM OF ASSIGNMENT] 
  
 The undersigned hereby assigns this Warrant to 
  

	
	
	  
	

	  
	

	  
	

  
 (Print or type name, address and zip code of assignee) 
  
 Please insert
Social Security or other 
 identifying number of assignee 
  

	
	
	  
	

  
 and irrevocably appoints
                                        
     as agent to transfer this Warrant on the books of the Company. The agent may substitute another to act for him or it. 
  

									
					
	Dated:	 	 	 	 	 	Signed:	 	 
	 	 	
	 	 	 	 	 	

					
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	

	 	 	 	 	 	 	(Sign exactly as name appears on the front of this Warrant)
					
	 Dated:
	 	 	 	 	 	 Signed:
	 	 
	 	 	
	 	 	 	 	 	

	 	 	 	 	 	 	 Name:
	 	 
	 	 	 	 	 	 	 	 	

	 	 	 	 	 	 	 Title:
	 	 
	 	 	 	 	 	 	 	 	

  

 13Warrant to Purchase shares of Series C Preferred Stock issued to SG Cowen

 EXHIBIT 4.5 
  

THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”), OR UNDER ANY APPLICABLE STATE SECURITIES LAWS. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE SECURITIES UNDER SUCH
ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED OR UNLESS SOLD PURSUANT TO AN EXEMPTION TO SUCH ACT. 
  
 THE SALE OF THE SECURITIES WHICH ARE THE SUBJECT OF THIS WARRANT HAS NOT BEEN QUALIFIED WITH ANY STATE AUTHORITIES AND THE ISSUANCE OF
SUCH SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF THE CONSIDERATION FOR SUCH SECURITIES PRIOR TO SUCH QUALIFICATION IS UNLAWFUL, UNLESS THE SALE OF SUCH SECURITIES IS EXEMPT FROM QUALIFICATION PURSUANT TO PROVISIONS OF THE APPLICABLE
CORPORATIONS CODE. THE RIGHTS OF THE HOLDER OF THIS WARRANT ARE EXPRESSLY CONDITIONED UPON SUCH QUALIFICATION BEING OBTAINED, UNLESS THE SALE IS SO EXEMPT. 
  
 WARRANT TO PURCHASE SHARES OF SERIES C 
 PREFERRED STOCK 
  
 OF

  
 SALMEDIX, INC. 
  
 Void after March 30, 2009 
  
 This certifies that, for value received, SG Cowen Securities Corporation or
its permitted assigns (“Holder”), is entitled, subject to the terms and conditions of this Warrant, to purchase from Salmedix, Inc., a Delaware corporation (the “Company”), up to 714,286 shares of the Company’s
Series C Preferred Stock, $0.001 par value per share (the “Warrant Stock”), at a price of $1.15 per share (the “Purchase Price”) at any time before the date (the “Expiration Date”) that is the
earlier to occur of: (i) 5:00 p.m. Pacific Standard Time on March 30, 2009 or, if such date shall in San Diego, California be a legal holiday or a day on which banks are required or authorized to close, the next following date that in San
Diego, California is not a legal holiday or a day on which banks are required or authorized to close, (ii) immediately prior to the closing of the Company’s first firm commitment underwritten public offering pursuant to an effective
registration statement covering the offer and sale of the Company’s common stock to the public or (iii) (a) immediately prior to the closing of a consolidation, merger or other business combination of the Company with and into another
corporation unless the Company’s stockholders of record immediately prior to such consolidation, merger or business combination shall hold at least fifty percent (50%) of the voting power of the acquiring corporation or surviving entity
immediately after such consolidation, merger or business combination, or (b) 

  

 
immediately prior to the closing of the sale of all or substantially all of the Company’s assets to another corporation (an event covered in (iii)(a)
and (iii)(b) is referred to herein as a “Change of Control”). 
  
 The Company shall send the Holder written notice at least fifteen (15) days prior to the occurrence of an IPO or a Change of Control and inform the Holder that its rights under this Warrant shall terminate upon the occurrence of such event
unless this Warrant is exercised immediately prior thereto in order to allow the Holder an opportunity to exercise this Warrant prior to an IPO or a Change of Control. 
  
 The Purchase Price and the number and character of shares of Warrant Stock purchasable hereunder are subject to adjustment
as provided in Section 4 below. The term “Warrant Stock” shall mean the stock and other securities and property at any time issuable upon exercise of this Warrant. The term “Warrant” as used herein, shall include
this Warrant and any warrants delivered in substitution or exchange therefor as provided herein. 
  
 1. Exercise. 
  
 1.1 Method of Exercise. Subject to the terms and conditions of this Warrant, the Holder may exercise this Warrant in whole or in
part, at any time or from time to time, on any business day prior to the Expiration Date by surrendering this Warrant at the principal executive office of the Company, together with an executed Notice of Exercise in the form attached hereto as
Exhibit 1 and payment in full of the Purchase Price for the number of shares of Warrant Stock to be purchased upon such exercise of this Warrant. 
  
 1.2 Form of Payment. Payment may be made by (i) check payable to the Company’s order, (ii) wire transfer of funds to the
Company, (iii) net exercise election as set forth in Section 1.5 below or (iv) any combination of the foregoing. 
  
 1.3 Partial Exercise. Upon a partial exercise of this Warrant, this Warrant shall be surrendered by the Holder and cancelled by the
Company and the Company shall promptly issue a new Warrant of like tenor for purchase of the number of remaining shares of Warrant Stock not previously purchased. 
  
 1.4 No Fractional Shares. No fractional shares may be issued upon any exercise of this Warrant, and
any fractions shall be rounded down to the nearest whole number of shares. If upon any exercise of this Warrant a fraction of a share results, the Company, in lieu of issuance of any fractional shares, shall pay the Holder the cash value of any such
fractional share, calculated by multiplying the then current fair market price value of a share of Warrant Stock by such fraction. 
  
 1.5 Net Exercise Election. The Holder may elect to convert all or a portion of this Warrant, without payment by the Holder of any
additional consideration, by the surrender of this Warrant to the Company, with the net exercise election selected in the Notice of Exercise, 

  

 2 

 
into the number of shares of Warrant Stock equal to the value of this Warrant or any portion thereof computed using the following formula: 
  
 X = Y (A-B) 
     A 
  

			
	where	 	X = the number of shares of Warrant Stock to be issued to the Holder pursuant to the net exercise election.
		
	 	 	Y = the number of shares of Warrant Stock issuable upon exercise of the Warrant (or, if a partial exercise, the appropriate portion thereof) as of the time of net exercise.
		
	 	 	A = the fair market value of one share of Warrant Stock, as determined in good faith by the Company’s Board of Directors, as of the time of net exercise.
		
	 	 	B = the Purchase Price in effect under this Warrant as of the time of the net exercise.

  
 2. Valid
Issuance. All shares of Warrant Stock issued upon the exercise of this Warrant shall be validly issued, fully paid and non-assessable. 
  
 3. “Market Stand-Off” Agreement. The Holder hereby agrees that, during the period of duration specified by the Company and an
underwriter of common stock or other securities of the Company, following the effective date of a registration statement of the Company filed under the Act, it shall not, to the extent requested by the Company and such underwriter, directly or
indirectly sell, offer to sell, contract to sell (including, without limitation, any short sale), grant any option to purchase or otherwise transfer or dispose of any securities of the Company held by it at any time during such period except common
stock included in such registration; provided, however, that: 
  
 (a) all officers and directors of the Company and all holders of at least 1% of the Company’s outstanding capital stock enter into similar agreements; and 
  
 (b) such market stand-off time period shall not exceed one
hundred eighty (180) days in the case of the initial offering of the Company’s securities to the public, or ninety (90) days in the case of the next subsequent offering of the Company’s securities to the public. 
  
 In order to enforce the foregoing covenant, the Company may impose
stop-transfer instructions with respect to any securities of the Company held by the Holder until the end of such period. 
  
 4. Adjustment of Purchase Price and Number of Shares. The number and character of shares of Warrant Stock issuable upon exercise of this
Warrant (or any shares of 

  

 3 

 
stock or other securities or property at the time receivable or issuable upon exercise of this Warrant) and the Purchase Price therefor, are subject to
adjustment upon occurrence of the following events: 
  
 4.1 Adjustment for Stock Splits, Stock Dividends, Recapitalizations, etc. The Purchase Price of this Warrant and the number of shares of Warrant Stock issuable upon exercise of this Warrant shall each be proportionally adjusted to
reflect any stock dividend, stock split, reverse stock split, combination of shares, reclassification or recapitalization of the Warrant Stock or other similar event altering the number of outstanding shares of Warrant Stock. 
  
 4.2 Adjustment for Other Dividends and Distributions.
In case the Company shall make or issue, or shall fix a record date for the determination of eligible holders entitled to receive, a dividend or other distribution with respect to the Warrant Stock payable in securities of the Company (other than a
stock split, combination, reclassification, recapitalization or dividend provided for in Section 4.1 above or a Change of Control provided for in the preamble of this Warrant) then, and in each such case, the Holder of this Warrant, on exercise of
this Warrant at any time after the consummation, effective date or record date of such event, shall receive, in addition to the shares of Warrant Stock (or such other stock or securities) issuable on such exercise prior to such date, the securities
of the Company to which such Holder would have been entitled upon such date if such Holder had exercised this Warrant immediately prior thereto. 
  
 4.3 Anti-dilution Rights. The Holder has no additional anti-dilution rights with respect to the Warrant Stock issuable upon
exercise of this Warrant other than those given under this Section 4. For the avoidance of doubt, no anti-dilution adjustments will be made to the number of Warrant Shares issuable upon exercise of this Warrant or the Purchase Price as a result of
any event affecting the Company’s common stock, as the adjustments for such events are made pursuant to the Company’s Amended and Restated Certificate of Incorporation as in effect on the date of the occurrence of such an event.

  
 5. Certificate as to Adjustments. In each case
of any adjustment in either the Purchase Price or in the number of shares of Warrant Stock, or other stock, securities or property receivable on the exercise of this Warrant, the Secretary of the Company shall compute such adjustment in accordance
with the terms of this Warrant and prepare a certificate setting forth such adjustment and showing in detail the facts upon which such adjustment is based, including a statement of the adjusted Purchase Price. The Company shall forthwith mail a copy
of each such certificate to the Holder of this Warrant. 
  
 6.
No Impairment. The Company shall not, by amendment of its Certificate of Incorporation or bylaws, or through reorganization, consolidation, merger, dissolution, issue or sale of securities, sale of assets or any other voluntary action,
willfully avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but shall at all times in good faith assist in the carrying out of all such terms and in the taking of all such action as may be necessary or
appropriate in order to protect the rights of the Holder of this Warrant against impairment. Without limiting the generality of the foregoing, the Company (a) shall not increase the par value of any shares of stock issuable upon the exercise of this
Warrant above the amount payable 

  

 4 

 
therefor upon such exercise, and (b) shall take all action as may be necessary or appropriate in order that the Company may validly and legally issue fully
paid and non-assessable shares of Warrant Stock upon the exercise of this Warrant. 
  
 7. Notices of Record Date. In the event the Company shall take a record of the holders of its Warrant Stock (or other stock or securities at the time receivable upon the exercise of this Warrant) for the
purpose of entitling them to receive any stock dividend or other distribution or in the event of any voluntary dissolution, liquidation or winding-up of the Company; then, and in each such case, the Company shall mail or cause to be mailed to the
Holder of this Warrant a notice specifying, as the case may be, (i) the date on which a record is to be taken for the purpose of such dividend or other distribution, and stating the amount and character of such dividend or distribution, or (ii) the
date on which such dissolution, liquidation or winding-up is to take place, and the time, if any is to be fixed, as of which the holders of record of Warrant Stock (or such stock or securities as at the time are receivable upon the exercise of this
Warrant) shall be entitled to exchange their shares of Warrant Stock (or such other stock or securities) for property deliverable upon such dissolution, liquidation or winding-up. Such notice shall be mailed at least fifteen (15) days prior to the
date therein specified. 
  
 8. Loss or Mutilation.
Upon receipt by the Company of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of this Warrant, and of a written indemnity agreement reasonably satisfactory to the Company, and (in the case
of mutilation) upon surrender and cancellation of this Warrant, the Company shall execute and deliver in lieu thereof a new Warrant of like tenor. 
  
 9. Reservation of Warrant Stock. The Company shall at all times reserve and keep available for issue upon the exercise of this Warrant such
number of its authorized but unissued shares of Warrant Stock as shall be sufficient to permit the exercise in full of this Warrant and the conversion of all shares underlying this Warrant. 
  
 10. No Stockholder Rights. This Warrant shall not entitle the
Holder to any voting rights or other rights as a stockholder of the Company. 
  
 11. Representations of the Holder. The Holder hereby represents and warrants to the Company as follows: 
  
 11.1 Purchase Entirely for Own Account. By the Holder’s execution of this Warrant, the Holder hereby confirms that this
Warrant and the Warrant Stock issuable upon exercise of this Warrant and the common stock of the Company that such Warrant Stock is convertible into (collectively, the “Securities”) shall be acquired for investment for the Holder’s
own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that the Holder has no present intention of selling, granting any participation in, or otherwise distributing the same. By executing
this Warrant, the Holder further represents that the Holder does not have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participation to such person or to any third person, with respect to any of

  

 5 

 
the Securities. The Holder represents that it has full power and authority to enter into this Warrant. 
  
 11.2 Accredited Investor. The Holder is an
“accredited investor” within the meaning of Securities and Exchange Commission Rule 501 of Regulation D, as now in effect. 
  
 11.3 Restricted Securities. The Holder understands that the Securities it is and shall be purchasing are characterized as
“restricted securities” under the federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under such laws and applicable regulations such securities may be
resold without registration under the Act, only in certain limited circumstances. In this connection, the Holder represents that it is familiar with Rule 144 promulgated under the Act, as now in effect, and understands the resale limitations imposed
thereby and by the Act. 
  
 11.4 Legends.

  
 The Holder understands that the certificates evidencing the
Securities may bear one or all of the following legends: 
  
 (a) The securities evidenced by this certificate have not been registered under the Securities Act of 1933, as amended (the “Act”) or the securities laws of any state of the United States. The securities
evidenced by this certificate may not be offered, sold or transferred for value directly or indirectly, in the absence of such registration under the Act and qualification under applicable state laws, or pursuant to an exemption from registration
under the Act and qualification under applicable state laws, the availability of which is to be established to the reasonable satisfaction of the Company. 
  
 (b) Any legend required by the laws of the State of California, including any legend required by the California Department of Corporations
and Sections 417 and 418 of the California Corporations Code. 
  
 (c) Any legend required to be placed on the Securities purchased by investors in any future sale or offering of any Securities. 
  

12. Limitations on Disposition. 
  
 (a) The Holder of this Warrant, by acceptance hereof, agrees to comply in all respects with the provisions of this Section 12. Without in
any way limiting the representations set forth above, the Holder of this Warrant agrees not to make any disposition of this Warrant or any Warrant Stock, unless and until the transferee has agreed in writing for the benefit of the Company to be
bound by this Section 12 and the other provisions of this Warrant (including, without limitation, the “market stand-off” agreement provided in Section 3 above) as if such transferee were the original Holder hereof, provided and to the
extent such provisions are then applicable, and: 
  

 6 

 (i) There is then in effect a Registration Statement under the Act covering such proposed
disposition and such disposition is made in accordance with such Registration Statement; or 
  
 (ii) (A) the Holder shall have notified the Company of the proposed disposition and shall have furnished the Company with a detailed
statement of the circumstances surrounding the proposed disposition, and the Company has given its prior written consent, and (B) if reasonably requested by the Company, the Holder shall have furnished the Company with an opinion of counsel,
reasonably satisfactory to the Company, that such disposition will not require registration of the Warrant and/or the Warrant Stock under the Act. It is agreed that the Company will not require opinions of counsel for transactions made pursuant to
Rule 144 except in unusual circumstances. 
  
 (b)
Notwithstanding the provisions of paragraph (a) above, (i) no such Registration Statement, prior consent or opinion of counsel shall be necessary for a transfer by Holder to an “affiliate” of the Holder as that term is defined in Rule 405
promulgated by the Securities and Exchange Commission under the Act, if the transferee agrees in writing to be subject to the terms hereof to the same extent as if it were an original Holder hereunder, and (ii) no transferee shall be required, as a
condition to any transfer of the Warrant or the Warrant Stock by the Holder, to agree to be bound by this Section 12, if the transferee is acquiring the Warrant and/or Warrant Shares pursuant to a Registration Statement under the Act or in a
transaction made pursuant to Rule 144. Each new certificate evidencing the Warrant and/or Warrant Stock so transferred shall bear the appropriate restrictive legends, except that such certificate shall not bear such restrictive legend if, in the
opinion of counsel for the Company, such legend is not required in order to establish or assist in compliance with any provisions of the Act or any applicable state securities laws. 
  
 13. Notices. All notices and other communications from the Company to the Holder shall be mailed by
first-class registered or certified mail, postage prepaid, to the address furnished to the Company in writing by the Holder. 
  
 14. Amendment; Waiver. This Warrant may be amended or any provision hereof waived only by an instrument in writing signed by the Company and
the Holder. 
  
 15. Headings. The description
headings in this Warrant are inserted for convenience and shall not control or affect the meaning or construction of any of the provisions hereof. 
  
 16. Law Governing. This Warrant shall be governed by the laws of the State of California without regard to principles of conflicts of laws.

  

 7 

 This Warrant may be executed in one or more counterparts, each of which shall be deemed an original, but
all of which together shall constitute one and the same instrument. 
  
 Dated:
March 30, 2004 
  

									
	SALMEDIX, INC.	 	 	 	HOLDER:
					
	 By:
	 	/s/    DAVID S. KABAKOFF	 	 	 	 By:
	 	 /s/    CHARLES E. MATHER

	 	 	
	 	 	 	 	 	

	 Name:
	 	 David S. Kabakoff
	 	 	 	 Name:
	 	 Charles E. Mather

	 	 	
	 	 	 	 	 	

	 Title:
	 	 President and CEO
	 	 	 	 Title:
	 	 Managing Director

	 	 	
	 	 	 	 	 	

  

 8 

 Exhibit 1 
  

NOTICE OF EXERCISE 
  

	To:	Salmedix, Inc. 

 9380 Judicial Drive 
 San Diego, CA 92121 
  
 (1) Standard Election. The undersigned Holder elects to purchase shares of Series C Preferred Stock of Salmedix, Inc. (the “Warrant
Stock”), pursuant to the terms of the attached Warrant, and tenders herewith payment of the purchase price for such shares in full. 
  
 (2) Net Exercise Election. The undersigned Holder elects to convert the Warrant into shares of Warrant Stock by net exercise election pursuant to
Section 1.5 of the Warrant. This conversion is exercised with respect to              shares of Series C Preferred Stock of Salmedix, Inc. (the “Warrant Stock”).

  
 Please issue a certificate or certificates representing such
shares of Warrant Stock in the name specified below: 
  

	
	 
	

	 (Name)

  

	
	 
	

	 (Address)

  

	
	 
	

	 (City, State, Zip Code)

  

	
	 
	

	 (Federal Tax Identification Number)

  

	
	 
	

	 (Date)

  

			
	SG COWEN SECURITIES CORPORATION
		
	 By:
	 	 
	 	 	

	 Name:
	 	 
	 Title:
	 	 

  

 9

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