Document:

Exhibit 10.18.2

THIS NOTE AND THE COMMON SHARES  ISSUABLE UPON  CONVERSION OF THIS NOTE HAVE NOT
BEEN  REGISTERED  UNDER THE  SECURITIES  ACT OF 1933,  AS AMENDED,  OR ANY STATE
SECURITIES  LAWS.  THIS NOTE AND THE COMMON SHARES  ISSUABLE UPON  CONVERSION OF
THIS NOTE MAY NOT BE SOLD,  OFFERED  FOR SALE,  PLEDGED OR  HYPOTHECATED  IN THE
ABSENCE OF AN  EFFECTIVE  REGISTRATION  STATEMENT AS TO THIS NOTE UNDER SAID ACT
AND ANY APPLICABLE  STATE  SECURITIES  LAWS OR AN OPINION OF COUNSEL  REASONABLY
SATISFACTORY TO INYX, INC. THAT SUCH REGISTRATION IS NOT REQUIRED.

                              CONVERTIBLE TERM NOTE

         FOR VALUE RECEIVED,  each of INYX, INC., a Nevada  corporation and INYX
PHARMA,  LTD.,  a  corporation  formed  under the law of England and Wales (each
collectively referred to herein as the "Borrower"), hereby jointly and severally
promise to pay to LAURUS MASTER FUND,  LTD.,  c/o Ironshore  Corporate  Services
Ltd., P.O. Box 1234 G.T.,  Queensgate House, South Church Street,  Grand Cayman,
Cayman Islands,  Fax:  345-949-9877 (the "Holder") or its registered  assigns or
successors in interest,  on order, the sum of FOUR MILLION FIVE HUNDRED THOUSAND
UNITED  STATES  DOLLARS  (US$4,500,000),  together  with any  accrued and unpaid
interest hereon, on October 29, 2006 (the "Maturity Date") if not sooner paid.

         Capitalized  terms  used  herein  without  definition  shall  have  the
meanings ascribed to such terms in that certain  Securities  Purchase  Agreement
dated as of the date hereof  between the Borrower and the Holder (the  "Purchase
Agreement").

         The following terms shall apply to this Note:

                                    ARTICLE I

                             INTEREST & AMORTIZATION

         1.1 Interest Rate and Payment. Subject to Sections 4.10 and 5.6 hereof,
interest  payable on this Note shall accrue at a rate of seven  percent (7%) per
annum (the "Contract Rate"), subject to adjustment.  On the last business day of
each month hereafter (each a "Determination  Date"),  the Contract Rate shall be
determined as follows:  if (i) the Company shall have  registered  the shares of
the  Company's  common  stock  underlying  the  conversion  of the Note and that
certain warrant issued to Laurus on a registration  statement declared effective
by the SEC, and (ii) the volume  weighted  average  price of the Common Stock as
reported by  Bloomberg,  L.P. on the  principal  market for the 10 trading  days
immediately  preceding a Determination  Date exceeds the then  applicable  Fixed
Conversion  Price in such  percentages  as  outlined  in the  table  below,  the
Contract Rate for the succeeding  calendar month shall automatically be adjusted
as follows:

<PAGE>

------------------------------------------------- ------------------------------
100% or less of Applicable Fixed Conversion Price Contract Rate
------------------------------------------------- ------------------------------
125% of the applicable Fixed Conversion Price     Contract Rate minus 0.25%
------------------------------------------------- ------------------------------
150% of the applicable Fixed Conversion Price     Contract Rate minus 0.50%
------------------------------------------------- ------------------------------
175% of the applicable Fixed Conversion Price     Contract Rate minus 0.75%
------------------------------------------------- ------------------------------

         Interest shall be payable monthly in arrears  commencing on December 1,
2003 on the first day of each  consecutive  calendar month  thereafter  (each, a
"Repayment  Date"),  and  on the  Maturity  Date,  whether  by  acceleration  or
otherwise.

         1.2 Monthly Principal  Payments.  Amortizing  payments of the aggregate
principal  amount  outstanding  under  this  Note at any  time  (the  "Principal
Amount")  shall begin on March 1, 2004 and shall recur on the first calendar day
of  each  succeeding   month  thereafter  until  the  Maturity  Date  (each,  an
"Amortization  Date").  Subject to Section  2.1  below,  beginning  on the first
Amortization  Date,  the Borrower  shall make monthly  payments to the Holder on
each Repayment Date,  each in the amount of $140,625,  together with any accrued
and unpaid interest to date on such portion of the Principal Amount plus any and
all other  amounts  which are then owing  under this Note but have not been paid
(collectively, the "Monthly Amount").

                                   ARTICLE II

                            BORROWER PAYMENT OPTIONS

         2.1 (a) Payment of Monthly  Amount in Cash or Common Stock.  Subject to
the terms hereof,  the Borrower shall have the sole option to determine  whether
to satisfy  payment of the Monthly  Amount on each Repayment Date either in cash
or in shares of  Common  Stock (as  defined  in the  Purchase  Agreement),  or a
combination  of both.  Each  month by the tenth  (10th) day of such  month,  the
Borrower shall deliver to the Holder a written irrevocable notice in the form of
Exhibit B attached hereto electing to pay the Monthly Amount payable on the next
Repayment Date in either cash or Common Stock, or a combination of both (each, a
"Repayment  Election  Notice")  (the date by which such notice is required to be
given  being  hereinafter  referred  to as the  "Notice  Date").  If a Repayment
Election Notice is not delivered to the Holder by the applicable Notice Date for
such Repayment Date, then the Monthly Amount due on such Repayment Date shall be
paid in cash.  Any  portion of the  Monthly  Amount  paid in cash on a Repayment
Date,  shall be paid to the Holder an amount equal to (x) 105% of the  principal
portion of the  Monthly  Amount  plus (y) any  accrued  and unpaid  interest  in
satisfaction  of such  obligation If the Borrower repays all or a portion of the
Monthly Amount in shares of Common Stock, the number of such shares to be issued
for such  Repayment  Date shall be the number  determined  by  dividing  (x) the
portion of the Monthly  Amount to be paid in shares of Common Stock,  by (y) the
Fixed Conversion Price. For purposes hereof,  the "Fixed Conversion Price" means
$1.00.

                                       2
<PAGE>

         (b) Monthly Amount Common Stock Payment Guidelines. Subject to Sections
2.1 and 2.2 hereof,  if the  Borrower has elected to pay all or a portion of the
Monthly  Amount  due on such  Repayment  Date in shares of Common  Stock and the
closing  price of the  Common  Stock  as  reported  by  Bloomberg,  L.P.  on the
Principal  Market (as  defined in Section  4.7  hereof)  for any of the ten (10)
trading  days  preceding  a  Repayment  Date was  less  than  115% of the  Fixed
Conversion Price,  then the Borrower shall pay in cash instead.  Any part of the
Monthly Amount due on such Repayment Date that the Borrower did not elect to pay
in  shares  of  Common  Stock  shall  be  paid by the  Borrower  in cash on such
Repayment  Date. Any part of the Monthly Amount due on such Repayment Date which
the Borrower  elected to pay in shares of Common Stock but which must be paid in
cash  (because  the closing  price of the Common Stock on one or more of the ten
(10) trading days preceding the applicable  Repayment Date was less than 115% of
the Fixed Conversion  Price) shall be paid within three (3) business days of the
applicable Repayment Date.

         2.2 No Effective Registration. Notwithstanding anything to the contrary
herein,  the Borrower shall not repay any part of its  obligations to the Holder
hereunder  if (i)  there  fails  to  exist  an  effective  current  Registration
Statement (as defined in the Registration  Rights Agreement) covering the shares
of Common Stock to be issued in connection  with such payment,  or (ii) an Event
of Default  hereunder exists and is continuing,  unless such Event of Default is
cured within any applicable cure period or is otherwise waived in writing by the
Holder in whole or in part at the Holder's option.

         2.3  Optional  Prepayments  in Common  Stock.  Subject to  Section  2.2
hereof, if the average closing price of the Common Stock on the Principal Market
is greater than 115% of the Fixed Conversion Price for a period of at least five
(5) consecutive trading days, then the Borrower may, at its sole option, provide
the Holder written notice (a "Prepayment Call Notice")  requiring the conversion
at the  then  applicable  Fixed  Conversion  Price  of all or a  portion  of the
outstanding principal, interest and fees outstanding under this Note (subject to
compliance  with Section 2.3 and 3.2),  together  with  accrued  interest on the
amount being prepaid,  as of the date set forth in such  Prepayment  Call Notice
(the  "Prepayment  Call Date").  The Prepayment  Call Date shall be at least ten
(10)  trading  days  following  the date of the  Prepayment  Call  Notice On the
Prepayment  Call Date,  the Borrower  shall  deliver to the Holder  certificates
evidencing  the shares of Common Stock issued in  satisfaction  of the principal
and interest being prepaid.  Notwithstanding the foregoing, the Borrower's right
to issue shares of Common Stock in satisfaction  of its  obligations  under this
Note  shall be  subject  to the  limitation  that the number of shares of Common
Stock issued in connection  with any Prepayment Call Notice shall not exceed 25%
of the  aggregate  dollar  trading  volume of the Common  Stock for the ten (10)
trading days  immediately  preceding the Prepayment Call Date (as such volume is
reported by Bloomberg  L.P.).  If the price of the Common Stock falls below 115%
of the then applicable  Fixed  Conversion  Price during the ten (10) trading day
period immediately preceding the Prepayment Call Date, then the Holder will then
be required to convert  only such amount of the Note as shall equal  twenty five
percent (25%) of the aggregate dollar trading volume (as such volume is reported
by Bloomberg  L.P.) for each day that the Common Stock has exceeded  115% of the
then applicable Fixed Conversion Price.

                                       3
<PAGE>

         The  Borrower  shall not be  permitted to give the Holder more than one
Prepayment Call Notice under this Note during any 22-day period.

         Any  principal  amount of this Note which is prepaid  pursuant  to this
Section  2.4 shall be deemed to  constitute  payments of  outstanding  principal
applying to Monthly Amounts for the remaining  Repayment Dates in  chronological
order.

         2.4 Optional  Redemption in Cash.  The Borrower will have the option of
prepaying  all  amounts   outstanding   under  this  Note  in  full   ("Optional
Redemption")  by paying to the Holder a sum of money equal to one hundred twenty
percent  (120%) of the  principal  amount of this Note together with accrued but
unpaid  interest  thereon and any and all other sums due,  accrued or payable to
the Holder  arising  under this Note or the  Purchase  Agreement  or any Related
Document  (as  defined in the  Purchase  Agreement)  (the  "Redemption  Amount")
outstanding on the day written notice of redemption (the "Notice of Redemption")
is given to the Holder,  which Notice of  Redemption  shall specify the date for
such Optional Redemption (the "Redemption Payment Date"). A Notice of Redemption
shall not be  effective  with  respect to any portion of this Note for which the
Holder  has a pending  election  to  convert  pursuant  to  Section  3.1 and the
Redemption  Amount shall be  determined  as if such election to convert had been
completed  immediately  prior  to the  date of the  Notice  of  Redemption.  The
Redemption  Payment Date shall be not earlier than the day after the date of the
Notice of  Redemption  and not later  than  seven (7) days after the date of the
Notice of Redemption. On the Redemption Payment Date, the Redemption Amount must
be paid in good funds to the Holder.  In the event the Borrower fails to pay the
Redemption  Amount by the Redemption  Payment Date, then such Redemption  Notice
will be null and void.

                                   ARTICLE III

                                CONVERSION RIGHTS

         3.1. Holder's  Conversion  Rights. The Holder shall have the right, but
not  the  obligation,  to  convert  all or any  portion  of the  then  aggregate
outstanding  principal amount of this Note,  together with interest and fees due
hereon,  into shares of Common  Stock  subject to the terms and  conditions  set
forth in this Article III. The Holder may exercise such right by delivery to the
Borrower of a written  notice of  conversion  not less than one (1) day prior to
the date upon  which  such  conversion  shall  occur.  The date upon  which such
conversion shall occur is (the "Conversion Date").

         3.2 Conversion Limitation. Notwithstanding anything contained herein to
the contrary,  the Holder shall not be entitled to convert pursuant to the terms
of this Note an amount that would be convertible  into that number of Conversion
Shares which would exceed the difference  between the number of shares of Common
Stock  beneficially  owned by such Holder or issuable  upon exercise of warrants
held by such Holder and 4.99% of the  outstanding  shares of Common Stock of the
Borrower.  For the purposes of the immediately  preceding  sentence,  beneficial
ownership  shall be determined in accordance  with Section 13(d) of the Exchange
Act and Regulation  13d-3  thereunder.  The Holder may void the Conversion Share
limitation  described  in this  Section  3.2 upon 75 days  prior  notice  to the
Borrower or without any notice requirement upon an Event of Default.

                                       4
<PAGE>

         3.3 Mechanics of Holder's Conversion.  (a) In the event that the Holder
elects to convert this Note into Common  Stock,  the Holder shall give notice of
such  election by  delivering  an executed and  completed  notice of  conversion
("Notice of  Conversion")  to the Borrower and such Notice of  Conversion  shall
provide a  breakdown  in  reasonable  detail of the  Principal  Amount,  accrued
interest  and fees being  converted.  On each  Conversion  Date (as  hereinafter
defined) and in accordance with its Notice of Conversion,  the Holder shall make
the appropriate reduction to the Principal Amount,  accrued interest and fees as
entered in its records and shall provide  written notice thereof to the Borrower
within two (2) business  days after the  Conversion  Date.  Each date on which a
Notice of  Conversion  is delivered or  telecopied to the Borrower in accordance
with the provisions  hereof shall be deemed a Conversion  Date (the  "Conversion
Date").  A form of Notice of  Conversion to be employed by the Holder is annexed
hereto as Exhibit A.

         (b)  Pursuant to the terms of the Notice of  Conversion,  the  Borrower
will issue  instructions  to the  transfer  agent  accompanied  by an opinion of
counsel  within one (1)  business day of the date of the delivery to Borrower of
the Notice of  Conversion  and shall cause the  transfer  agent to transmit  the
certificates  representing the Conversion  Shares to the Holder by crediting the
account of the Holder's  designated broker with the Depository Trust Corporation
("DTC") through its Deposit  Withdrawal Agent Commission  ("DWAC") system within
three  (3)  business  days  after  receipt  by the  Borrower  of the  Notice  of
Conversion (the "Delivery  Date"). In the case of the exercise of the conversion
rights set forth herein the  conversion  privilege  shall be deemed to have been
exercised  and the  Conversion  Shares  issuable upon such  conversion  shall be
deemed to have been  issued  upon the date of  receipt  by the  Borrower  of the
Notice of Conversion. The Holder shall be treated for all purposes as the record
holder of such Common  Stock,  unless the Holder  provides the Borrower  written
instructions to the contrary.

         3.4 Conversion Mechanics.

         (a) The  number  of  shares  of  Common  Stock to be  issued  upon each
conversion  of this Note shall be  determined  by dividing  that  portion of the
principal and interest and fees to be converted, if any, by the Fixed Conversion
Price.  In the event of any  conversions of outstanding  principal  amount under
this Note in part pursuant to this Article III, such conversions shall be deemed
to constitute  conversions of outstanding  principal  amount applying to Monthly
Amounts for the remaining  Repayment  Dates in  chronological  order.  By way of
example,  if the original  principal  amount of this Note is $4,500,000  and the
Holder converted  $150,000 of such original  principal amount prior to the first
Repayment Date,  then (1) the principal  amount of the Monthly Amount due on the
first  Repayment  Date would equal $0, (2) the  principal  amount of the Monthly
Amount  due on the  second  Repayment  Date  would  equal  $131,250  and (3) the
principal amount of the Monthly Amount due on the third Repayment Dates would be
$140,625.

                                       5
<PAGE>

         (b) The Fixed  Conversion  Price and number and kind of shares or other
securities to be issued upon  conversion  is subject to adjustment  from time to
time upon the occurrence of certain events, as follows:

         A. Stock Splits,  Combinations  and Dividends.  If the shares of Common
Stock are  subdivided or combined into a greater or smaller  number of shares of
Common  Stock,  or if a dividend is paid on the Common Stock in shares of Common
Stock, the Fixed  Conversion Price or the Conversion  Price, as the case may be,
shall be  proportionately  reduced  in case of  subdivision  of  shares or stock
dividend or  proportionately  increased in the case of combination of shares, in
each  such case by the ratio  which the total  number of shares of Common  Stock
outstanding  immediately after such event bears to the total number of shares of
Common Stock outstanding immediately prior to such event.

         B. During the period the  conversion  right  exists,  the Borrower will
reserve from its  authorized  and unissued  Common Stock a sufficient  number of
shares to provide for the issuance of Common Stock upon the full  conversion  of
this Note. The Borrower represents that upon issuance,  such shares will be duly
and validly issued, fully paid and non-assessable.  The Borrower agrees that its
issuance of this Note shall  constitute full authority to its officers,  agents,
and transfer agents who are charged with the duty of executing and issuing stock
certificates  to  execute  and issue the  necessary  certificates  for shares of
Common Stock upon the conversion of this Note.

         C. Share  Issuances.  Subject to the provisions of this Section 3.4, if
the Borrower  shall at any time prior to the  conversion or repayment in full of
the Principal Amount issue any shares of Common Stock to a person other than the
Holder  (except  (i)  pursuant to  Subsections  A or B above;  (ii)  pursuant to
options,  warrants, or other obligations to issue shares outstanding on the date
hereof as disclosed to Holder in writing;  or (iii) pursuant to options that may
be issued under any employee  incentive  stock option and/or any qualified stock
option plan adopted by the Borrower) for a  consideration  per share (the "Offer
Price")  less  than the  Fixed  Conversion  Price in  effect at the time of such
issuance, then the Fixed Conversion Price shall be immediately reset pursuant to
the formula  below.  For  purposes  hereof,  the issuance of any security of the
Borrower  convertible into or exercisable or exchangeable for Common Stock shall
result in an adjustment to the Fixed Conversion Price at the time of issuance of
such securities.

                  If the  Corporation  issues any additional  shares pursuant to
Section 3.4 above then, and thereafter  successively  upon each such issue,  the
Fixed  Conversion  Price shall be adjusted by  multiplying  the then  applicable
Fixed Conversion Price by the following fraction:

           ----------------------------------------
           A + B
           ----------------------------------------
           (A + B) + [((C - D) x B) / C]
           ----------------------------------------

                  A = Actual shares outstanding prior to such offering

                  B =  Actual shares sold in the offering

                                       6
<PAGE>

                  C = Fixed Conversion Price

                  D = Offering price

         3.5 Issuance of New Note.  Upon any partial  conversion of this Note, a
new Note  containing  the same date and  provisions  of this Note shall,  at the
request of the Holder, be issued by the Borrower to the Holder for the principal
balance of this Note and interest  which shall not have been  converted or paid.
The Borrower will pay no costs,  fees or any other  consideration  to the Holder
for the production and issuance of a new Note.

                                   ARTICLE IV

                                EVENTS OF DEFAULT

         If an Event of Default (as defined below) occurs and is continuing, the
Borrower's rights under Sections 2.1, 2.3 and 2.4 shall immediately cease and be
of no further effect until such time as the Event of Default has been cured,  or
has been waived by the Holder.  Upon the occurrence and  continuance of an Event
of Default beyond any applicable  grace period,  the Holder may make all sums of
principal,  interest and other fees then  remaining  unpaid hereon and all other
amounts  payable  hereunder  due and payable  within five (5) days after written
notice  from  Holder  to  Borrower  (each  occurrence  being a  "Default  Notice
Period").  In the event of such  acceleration,  the  amount due and owing to the
Holder  shall be 125% of the  outstanding  principal  amount  of the Note  (plus
accrued and unpaid  interest and fees, if any). If, with respect to any Event of
Default other than a payment default described in Section 4.1 below,  within the
Default  Notice  Period the  Borrower  cures the Event of Default,  the Event of
Default  will be deemed to no longer exist and any rights and remedies of Holder
pertaining to such Event of Default will be of no further force or effect.

         The occurrence of any of the following events is an "Event of Default":

         4.1 Failure to Pay  Principal,  Interest or other  Fees.  The  Borrower
fails to pay when due any  installment  of  principal,  interest  or other  fees
hereon in accordance herewith,  or the Borrower fails to pay when due any amount
due under any other promissory note issued by Borrower.

         4.2 Breach of Covenant.  The Borrower breaches any material covenant or
other term or condition  of this Note or the Purchase  Agreement in any material
respect and such breach,  if subject to cure,  continues  for a period of thirty
(30) days after the occurrence thereof.

         4.3   Breach  of   Representations   and   Warranties.   Any   material
representation  or  warranty  of the  Borrower  made  herein,  in  the  Purchase
Agreement,  or in any Related  Document (as defined in the  Purchase  Agreement)
shall be materially  false or misleading  and shall not be cured for a period of
thirty (30) days after the occurrence thereof .

                                       7
<PAGE>

         4.4 Receiver or Trustee.  The Borrower shall make an assignment for the
benefit of creditors,  or apply for or consent to the  appointment of a receiver
or trustee for it or for a substantial part of its property or business; or such
a receiver or trustee shall otherwise be appointed.

         4.5 Judgments.  Any money judgment, writ or similar final process shall
be entered or filed  against the Borrower or any of its property or other assets
for more than $250,000,  and shall remain unvacated,  unbonded or unstayed for a
period of ninety (90) days.

         4.6 Bankruptcy. Bankruptcy,  insolvency,  reorganization or liquidation
proceedings  or other  proceedings or relief under any bankruptcy law or any law
for the relief of debtors shall be instituted by or against the Borrower and not
dismissed within forty five (45) days.

         4.7 Stop Trade.  An SEC stop trade order or  Principal  Market  trading
suspension of the Common Stock shall be in effect for 5 consecutive trading days
or 5 days  during a period  of 10  consecutive  days,  excluding  in all cases a
suspension  of all trading on a Principal  Market,  provided  that the  Borrower
shall not have been able to cure such trading  suspension  within 30 days of the
notice  thereof or list the Common Stock on another  Principal  Market within 60
days of such notice.  The "Principal  Market" for the Common Stock shall include
the NASD OTC Bulletin  Board,  NASDAQ  SmallCap  Market,  NASDAQ National Market
System,  American Stock Exchange,  or New York Stock Exchange  (whichever of the
foregoing is at the time the principal trading exchange or market for the Common
Stock, or any securities exchange or other securities market on which the Common
Stock is then being listed or traded.

         4.8 Failure to Deliver Common Stock or Replacement Note. The Borrower's
failure to timely deliver Common Stock to the Holder pursuant to and in the form
required by this Note, and Section 9 of the Securities Purchase Agreement, or if
required,  a  replacement  Note if such failure to timely  deliver  Common Stock
shall not be cured within two (2) days or such failure to deliver a  replacement
Note is not cured within seven (7) Business Days.

         4.9 Default  under the Related  Agreements.  If any  material  Event of
Default shall have occurred and be continuing under the Related Agreements,  and
such Event of Default shall not be cured within three (3) business days.

                           DEFAULT RELATED PROVISIONS

         4.10 Payment Grace Period. Notwithstanding that the Borrower shall have
a five (5) business day grace period to pay any monetary  amounts due under this
Note or the Purchase Agreement or any Related Document,  a default interest rate
of five percent  (5%) per annum above the then  applicable  Contract  Rate shall
apply to the monetary  amounts due which such  additional  interest shall accrue
from the actual date such payments were due and payable.

         4.11  Conversion  Privileges.  The  conversion  privileges set forth in
Article  III shall  remain in full  force and effect  immediately  from the date
hereof and until this Note is paid in full.

                                       8
<PAGE>

                                    ARTICLE V

                                  MISCELLANEOUS

         5.1 Failure or Indulgence  Not Waiver.  No failure or delay on the part
of the Holder hereof in the exercise of any power, right or privilege  hereunder
shall operate as a waiver thereof,  nor shall any single or partial  exercise of
any such power, right or privilege preclude other or further exercise thereof or
of any other  right,  power or  privilege.  All  rights  and  remedies  existing
hereunder  are  cumulative  to, and not  exclusive  of,  any rights or  remedies
otherwise available.

         5.2 Tax.  Gross Up. The Borrower  shall make all payments to be made by
it under this Note without any Tax Deduction  unless a Tax Deduction is required
by law. The Borrower  shall promptly upon becoming aware that it must make a Tax
Deduction  (or  that  there  is any  change  in the  rate or the  basis of a Tax
Deduction) notify the Holder accordingly.  If a Tax Deduction is required by law
to be made by the Borrower the amount of the payment due from the Borrower under
this Note shall be increased to an amount which (after making any Tax Deduction)
leaves an amount equal to the payment  which would have been due under this Note
if no Tax Deduction had been required. If the Borrower is required to make a Tax
Deduction,  it shall  make  that  Tax  Deduction  and any  payment  required  in
connection  with that Tax  Deduction  within the time allowed and in the minimum
amount  required by law.  Within thirty days of making either a Tax Deduction or
any payment  required in connection with that Tax Deduction,  the Borrower shall
deliver to the Holder  evidence  reasonably  satisfactory to Holder that the Tax
Deduction has been made or (as applicable)  any appropriate  payment paid to the
relevant taxing authority.

         5.3 Tax  Indemnity.  The Borrower  shall (within three business days of
demand by the Holder) pay to the Borrower an amount equal to the loss, liability
or cost which the Holder determines will be or has been (directly or indirectly)
suffered  for or on  account  of any Tax by the  Holder in respect of this Note,
except:

         (i)      for any Tax  assessed  on the Holder  under the law of (a) the
                  jurisdiction  in  which  it  is   incorporated   or,  (b)  the
                  jurisdiction (or jurisdictions) in which the Holder is treated
                  as resident  for tax  purposes;  or (c) (in respect of amounts
                  received or receivable in this  jurisdiction) the jurisdiction
                  in which any branch  office of the Holder is located;  if that
                  Tax is imposed on or calculated by reference to the net income
                  received or receivable  (but not any sum deemed to be received
                  or receivable) by the Holder; and

         (ii)     to the extent a loss,  liability or cost is compensated for by
                  an increased payment under Section 5.2; and

         (iii)    if  the  Borrower   makes  any  Tax  Payment  and  the  Holder
                  determines that: (X) a Tax Credit is attributable either to an

                                       9
<PAGE>

                  increased  payment of which that Tax Payment forms part, or to
                  that Tax Payment;  and (Y) the Holder has  obtained,  utilized
                  and retained that Tax Credit,  and (Z) the Holder shall pay an
                  amount to the Borrower which the Holder  determines will leave
                  it (after that payment) in the same  after-Tax  position as it
                  would have been in had the Tax Payment not been required to be
                  made by the Borrower.

         For the  purposes  of  Sections  5.2 and 5.3 : (i) "Tax" means any tax,
levy, impost, duty or other charge or withholding of a similar nature (including
any penalty or  interest  payable in  connection  with any failure to pay or any
delay in paying any of the same);  (ii) "Tax  Deduction"  means any deduction or
withholding  for or on account of any Tax; (iii) "Tax Payment" means an increase
in a payment made by the Borrower in accordance  with Section 5.2 and/or Section
5.3 hereof;  and (iv)"Tax  Credit" means a credit  against,  relief or remission
for, or payment of, any Tax.

         5.4 Notices.  Any notice herein required or permitted to be given shall
be in writing and shall be deemed  effectively given: (a) upon personal delivery
to the party  notified,  (b) when sent by  confirmed  telex or facsimile if sent
during normal business hours of the recipient, if not, then on the next business
day,  (c) five days after  having been sent by  registered  or  certified  mail,
return receipt requested,  postage prepaid,  or (d) one day after deposit with a
internationally recognized overnight courier, specifying next day delivery, with
written  verification  of  receipt.  All  communications  shall  be  sent to the
Borrower  at  the  address  provided  in  the  Purchase  Agreement  executed  in
connection  herewith,  and to the Holder at the address provided in the Purchase
Agreement  for such  Holder,  with a copy to John E.  Tucker,  Esq.,  825  Third
Avenue,  14th Floor, New York, New York 10022,  facsimile number (212) 541-4434,
or at such other address as the Borrower or the Holder may designate by ten days
advance written notice to the other parties hereto. A Notice of Conversion shall
be deemed given when made to the Borrower pursuant to the Purchase Agreement.

         5.5 Amendment Provision.  The term "Note" and all reference thereto, as
used  throughout  this  instrument,  shall mean this  instrument  as  originally
executed,  or  if  later  amended  or  supplemented,   then  as  so  amended  or
supplemented,  and any  successor  instrument  issued  pursuant  to Section  3.3
hereof, as it may be amended or supplemented.

         5.6 Assignability. This Note shall be binding upon the Borrower and its
successors  and  assigns,  and shall  inure to the benefit of the Holder and its
successors and assigns, and may be assigned by the Holder in accordance with the
requirements of the Purchase Agreement.

         5.7  Governing  Law.  This Note shall be governed by and  construed  in
accordance with the laws of the State of New York,  without regard to principles
of  conflicts  of laws.  Any action  brought by either  party  against the other
concerning the transactions contemplated by this Agreement shall be brought only
in the state courts of New York or in the federal courts located in the state of
New York.  Both  parties and the  individual  signing this Note on behalf of the
Borrower  agree to submit to the  jurisdiction  of such courts.  The  prevailing
party  shall  be  entitled  to  recover  from the  other  party  its  reasonable
attorney's  fees and  costs.  In the event  that any  provision  of this Note is
invalid or unenforceable  under any applicable statute or rule of law, then such
provision  shall  be  deemed  inoperative  to the  extent  that it may  conflict
therewith  and shall be deemed  modified to conform with such statute or rule of
law. Any such provision which may prove invalid or  unenforceable  under any law
shall not affect the validity or unenforceability of any other provision of this
Note.

                                       10
<PAGE>

         5.8  Maximum  Payments.  Nothing  contained  herein  shall be deemed to
establish  or require  the  payment of a rate of  interest  or other  charges in
excess of the maximum permitted by applicable law. In the event that the rate of
interest  required  to be paid or other  charges  hereunder  exceed the  maximum
permitted by such law, any payments in excess of such maximum  shall be credited
against  amounts  owed by the  Borrower  to the Holder and thus  refunded to the
Borrower.

         5.9  Security  Interest.  The  holder of this  Note has been  granted a
security  interest in certain  assets of the Borrower more fully  described in a
set of security  documents  governed by the law of England and Wales, each dated
as of October 29, 2003 and forms of which are attached hereto as Exhibit C.

         5.10  Construction.  Each  party  acknowledges  that its legal  counsel
participated in the preparation of this Note and, therefore, stipulates that the
rule of construction  that  ambiguities are to be resolved  against the drafting
party shall not be applied in the interpretation of this Note to favor any party
against the other.

       [Balance of page intentionally left blank; signature page follows.]

                                       11
<PAGE>

IN WITNESS  WHEREOF,  each Borrower has caused this  Convertible Term Note to be
signed in its name effective as of this 29 day of October, 2003.

                                                    INYX, INC.

                                                    By: /S/ Jack Kachkar
                                                       -------------------------
                                                       Jack Kachkar, Chairman

                                                    INYX PHARMA, LTD.

                                                    By: /S/ Steven Handly
                                                       -------------------------
                                                       Steven Handley, President

                                       12
<PAGE>

                                    EXHIBIT A

                              NOTICE OF CONVERSION
                              --------------------

(To be  executed  by the Holder in order to convert all or part of the Note into
Common Stock

[Name and Address of Holder]

The  Undersigned  hereby  elects to convert  $_________  of the principal due on
[specify  applicable  Repayment Date] under the Convertible  Term Note issued by
INYX, INC. dated October __, 2003 by delivery of Shares of Common Stock of INYX,
INC. on and subject to the conditions set forth in Article II of such Note.

1.       Date of Conversion      ____________________________

2.       Shares To Be Delivered: ____________________________

Date: ____________                                   .

                                            By:_________________________________
                                            Name:_______________________________
                                            Title:______________________________

<PAGE>

                                    EXHIBIT B

                            REPAYMENT ELECTION NOTICE
                            -------------------------

(To be executed by the Borrower in order to pay all or part of a Monthly  Amount
with Common Stock)

[Name and Address of Holder]

INYX, INC. hereby elects to pay $_________ of the Monthly Amount due on [specify
applicable  Repayment Date] under the Convertible Term Note issued by INYX, INC.
dated October ___,  2003 by delivery of Shares of Common Stock of INYX,  INC. on
and subject to the conditions set forth in Article II of such Note.

1.       Fixed Conversion Price: $_______________________

2.       Amount to be paid:      $_______________________

3.       Shares To Be Delivered (2 divided by 1): __________________

Date: ____________                          INYX, INC.

                                            By:_________________________________
                                            Name:_______________________________
                                            Title:______________________________Exhibit 10.18.3

THIS  WARRANT  AND THE SHARES OF COMMON  STOCK  ISSUABLE  UPON  EXERCISE OF THIS
WARRANT HAVE NOT BEEN  REGISTERED  UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
OR ANY STATE  SECURITIES  LAWS.  THIS WARRANT AND THE COMMON STOCK ISSUABLE UPON
EXERCISE  OF  THIS  WARRANT  MAY NOT BE  SOLD,  OFFERED  FOR  SALE,  PLEDGED  OR
HYPOTHECATED  IN THE ABSENCE OF AN EFFECTIVE  REGISTRATION  STATEMENT AS TO THIS
WARRANT UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF
COUNSEL  REASONABLY  SATISFACTORY  TO INYX,  INC. THAT SUCH  REGISTRATION IS NOT
REQUIRED.

                                     Right to Purchase 1,350,000Shares of Common
                                     Stock of INYX, Inc. (subject to adjustment
                                     as provided herein)

                          COMMON STOCK PURCHASE WARRANT

No. __                                             Issue Date:  October 29, 2003

         INYX,  INC.,  a  corporation  organized  under the laws of the State of
Nevada, hereby certifies that, for value received,  LAURUS MASTER FUND, LTD., or
assigns (the  "Holder"),  is entitled,  subject to the terms set forth below, to
purchase  from the Company (as defined  herein) from and after the Issue Date of
this  Warrant and at any time or from time to time  before  5:00 p.m.,  New York
time, through the close of business on October 29, 2008 (the "Expiration Date"),
up  to  1,350,000fully  paid  and  nonassessable  shares  of  Common  Stock  (as
hereinafter  defined),  $.001 par value per share,  at the  applicable  Exercise
Price per share (as defined  below).  The number and character of such shares of
Common  Stock  and the  applicable  Exercise  Price per  share  are  subject  to
adjustment as provided herein.

         As used  herein  the  following  terms,  unless the  context  otherwise
requires, have the following respective meanings:

         (a) The term  "Company"  shall include INYX,  Inc. and any  corporation
which shall succeed, or assume the obligations of, INYX, Inc. hereunder.

         (b) The term "Common  Stock"  includes (a) the Company's  Common Stock,
par value $.001 per share,  and (b) any other securities into which or for which
any of the securities described in (a) may be converted or exchanged pursuant to
a plan of recapitalization, reorganization, merger, sale of assets or otherwise.

         (c) The term "Other  Securities" refers to any stock (other than Common
Stock) and other  securities  of the Company or any other person  (corporate  or
otherwise)  which the holder of the  Warrant at any time  shall be  entitled  to
receive,  or shall have received,  on the exercise of the Warrant, in lieu of or
in  addition  to Common  Stock,  or which at any time shall be issuable or shall
have been  issued in exchange  for or in  replacement  of Common  Stock or Other
Securities pursuant to Section 4 or otherwise.

<PAGE>

         (d) The  "Exercise  Price"  applicable  under this Warrant  shall be as
follows:

         a.       a price  of $1.25  per  share  for the  first  450,000  shares
acquired hereunder;

         b.       a price  of  $1.50  per  share  for the  next  450,000  shares
acquired hereunder ; and

         c.       a price  of  $1.75  per  share  for the  next  450,000  shares
acquired hereunder .

1. Exercise of Warrant.

         1.1. Number of Shares  Issuable upon Exercise.  From and after the date
hereof through and including the  Expiration  Date, the Holder shall be entitled
to receive, upon exercise of this Warrant in whole or in part, by delivery of an
original  or fax copy of an  exercise  notice  in the form  attached  hereto  as
Exhibit  A (the  "Exercise  Notice"),  shares of  Common  Stock of the  Company,
subject to adjustment pursuant to Section 4.

         1.2. Fair Market Value. For purposes hereof, the "Fair Market Value" of
a share of Common Stock as of a particular date (the "Determination Date") shall
mean:

                  (a) If the  Company's  Common  Stock is traded on the American
Stock  Exchange or another  national  exchange  or is quoted on the  National or
SmallCap Market of The Nasdaq Stock Market, Inc.("Nasdaq"),  then the closing or
last sale price,  respectively,  reported for the last business day  immediately
preceding the Determination Date.

                  (b)  If the  Company's  Common  Stock  is  not  traded  on the
American  Stock  Exchange or another  national  exchange or on the Nasdaq but is
traded on the NASD OTC Bulletin Board,  then the volume  weighted  average price
reported for the last business day immediately  preceding the Determination Date
as reported by Bloomberg L.P.

                  (c) Except as provided in clause (d) below,  if the  Company's
Common Stock is not publicly traded, then as the Holder and the Company agree or
in the absence of agreement by arbitration in accordance  with the rules then in
effect of the American Arbitration Association, before a single arbitrator to be
chosen from a panel of persons  qualified by  education  and training to pass on
the matter to be decided.

                  (d) If the  Determination  Date is the date of a  liquidation,
dissolution or winding up, or any event deemed to be a liquidation,  dissolution
or winding up pursuant to the Company's charter,  then all amounts to be payable
per share to holders of the Common Stock pursuant to the charter in the event of
such  liquidation,  dissolution  or  winding  up,  plus all other  amounts to be
payable  per share in  respect  of the  Common  Stock in  liquidation  under the

                                       2
<PAGE>

charter,  assuming for the purposes of this clause (d) that all of the shares of
Common Stock then issuable upon exercise of the Warrant are  outstanding  at the
Determination Date.

         1.3.  Company  Acknowledgment.  The  Company  will,  at the time of the
exercise of the Warrant,  upon the request of the holder hereof  acknowledge  in
writing its  continuing  obligation to afford to such holder any rights to which
such holder shall continue to be entitled after such exercise in accordance with
the  provisions  of this  Warrant.  If the  holder  shall  fail to make any such
request,  such failure shall not affect the continuing obligation of the Company
to afford to such holder any such rights.

         1.4.  Trustee  for Warrant  Holders.  In the event that a bank or trust
company  shall have been  appointed  as trustee  for the  holders of the Warrant
pursuant to Subsection 3.2, such bank or trust company shall have all the powers
and duties of a warrant agent (as  hereinafter  described) and shall accept,  in
its own name for the account of the Company or such  successor  person as may be
entitled  thereto,  all  amounts  otherwise  payable  to  the  Company  or  such
successor,  as the case may be, on  exercise  of this  Warrant  pursuant to this
Section 1.

2. Procedure for Exercise.

         2.1  Delivery  of Stock  Certificates,  etc. on  Exercise.  The Company
agrees that the shares of Common Stock  purchased  upon exercise of this Warrant
shall be deemed to be issued to the Holder as the record owner of such shares as
of the close of  business  on the date on which  this  Warrant  shall  have been
surrendered and payment made for such shares in accordance herewith.  As soon as
practicable  after the exercise of this  Warrant in full or in part,  and in any
event  within  three (3) business  days  thereafter,  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,  or as such  Holder  (upon
payment  by  such  Holder  of any  applicable  transfer  taxes)  may  direct  in
compliance with applicable  securities  laws, a certificate or certificates  for
the number of duly and validly issued,  fully paid and  nonassessable  shares of
Common  Stock (or Other  Securities)  to which such Holder  shall be entitled on
such exercise,  plus, in lieu of any fractional share to which such holder would
otherwise be entitled,  cash equal to such fraction  multiplied by the then Fair
Market  Value  of one  full  share,  together  with  any  other  stock  or other
securities and property  (including cash, where applicable) to which such Holder
is entitled upon such exercise pursuant to Section 1 or otherwise.

         2.2 Exercise. Payment may be made either (i) in cash or by certified or
official bank check payable to the order of the Company equal to the  applicable
aggregate  Exercise Price, (ii) by delivery of the Warrant,  or shares of Common
Stock and/or Common Stock  receivable upon exercise of the Warrant in accordance
with  Section  (b)  below,  or (iii) by a  combination  of any of the  foregoing
methods,  for the number of Common Shares  specified in such Exercise Notice (as
such  exercise  number shall be adjusted to reflect any  adjustment in the total
number of shares of Common  Stock  issuable  to the Holder per the terms of this
Warrant)  and the Holder  shall  thereupon  be entitled to receive the number of
duly authorized,  validly issued, fully-paid and non-assessable shares of Common
Stock (or Other Securities)  determined as provided herein.  Notwithstanding any
provisions  herein to the  contrary,  if the Fair  Market  Value of one share of
Common Stock is greater than the Exercise  Price (at the date of  calculation as
set forth below),  in lieu of exercising  this Warrant for cash,  the Holder may

                                       3
<PAGE>

elect to receive shares equal to the value (as determined below) of this Warrant
(or the portion  thereof  being  exercised)  by surrender of this Warrant at the
principal  office of the Company  together with the properly  endorsed  Exercise
Notice in which event the  Company  shall issue to the Holder a number of shares
of Common Stock computed using the following formula:

                                       4
<PAGE>

                  X=Y (A-B) A

Where

         X =      the  number of  shares  of Common  Stock to be issued to the
                  Holder

         Y=       the  number of shares of Common  Stock  purchasable  under the
                  Warrant  or,  if  only a  portion  of  the  Warrant  is  being
                  exercised,  the portion of the Warrant being exercised (at the
                  date of such calculation)

         A=       the Fair  Market  Value of one share of the  Company's  Common
                  Stock (at the date of such calculation)

         B=       Exercise Price (as adjusted to the date of such calculation)

3. Effect of Reorganization, etc.; Adjustment of Exercise Price.

         3.1 Reorganization,  Consolidation, Merger, etc. In case at any time or
from  time  to  time,  the  Company  shall  (a)  effect  a  reorganization,  (b)
consolidate  with or  merge  into  any  other  person,  or (c)  transfer  all or
substantially all of its properties or assets to any other person under any plan
or arrangement  contemplating the dissolution of the Company, then, in each such
case,  as a condition  to the  consummation  of such a  transaction,  proper and
adequate  provision  shall be made by the  Company  whereby  the  Holder of this
Warrant,  on the exercise  hereof as provided in Section 1 at any time after the
consummation of such  reorganization,  consolidation  or merger or the effective
date of such  dissolution,  as the case may be,  shall  receive,  in lieu of the
Common  Stock (or Other  Securities)  issuable  on such  exercise  prior to such
consummation or such effective date, the stock and other securities and property
(including  cash) to which  such  Holder  would  have  been  entitled  upon such
consummation or in connection with such dissolution, as the case may be, if such
Holder had so exercised this Warrant,  immediately prior thereto, all subject to
further adjustment thereafter as provided in Section 4.

         3.2  Dissolution.  In the  event  of  any  dissolution  of the  Company
following the transfer of all or substantially  all of its properties or assets,
the Company,  concurrently with any distributions  made to holders of its Common
Stock,  shall at its expense  deliver or cause to be delivered to the Holder the
stock and other  securities  and property  (including  cash,  where  applicable)
receivable  by the Holder of the  Warrant  pursuant to Section  3.1,  or, if the
Holder shall so instruct the Company,  to a bank or trust  company  specified by
the Holder and having its  principal  office in New York,  NY as trustee for the
Holder of the Warrant.

         3.3  Continuation  of Terms.  Upon any  reorganization,  consolidation,
merger or transfer (and any dissolution  following any transfer)  referred to in
this  Section 3, this  Warrant  shall  continue in full force and effect and the
terms hereof shall be applicable to the shares of stock and other securities and
property  receivable on the exercise of this Warrant after the  consummation  of
such   reorganization,   consolidation  or  merger  or  the  effective  date  of
dissolution  following  any such  transfer,  as the case  may be,  and  shall be
binding upon the issuer of any such stock or other securities, including, in the
case of any such transfer,  the person acquiring all or substantially all of the
properties  or assets of the  Company,  whether  or not such  person  shall have
expressly  assumed  the terms of this  Warrant as  provided in Section 4. In the

                                       5
<PAGE>

event  this  Warrant  does not  continue  in full  force  and  effect  after the
consummation of the transactions described in this Section 3, then the Company's
securities and property  (including  cash, where  applicable)  receivable by the
Holders  of  the  Warrant  will  be  delivered  to  Holder  or  the  Trustee  as
contemplated by Section 3.2.

4.  Extraordinary  Events  Regarding Common Stock. In the event that the Company
shall (a) issue  additional  shares of the Common  Stock as a dividend  or other
distribution on outstanding  Common Stock, (b) subdivide its outstanding  shares
of Common Stock, or (c) combine its outstanding  shares of the Common Stock into
a smaller  number of shares of the Common Stock,  then, in each such event,  the
Exercise  Price  shall,  simultaneously  with the  happening  of such event,  be
adjusted by multiplying the then Exercise Price by a fraction,  the numerator of
which  shall be the  number of shares of Common  Stock  outstanding  immediately
prior to such event and the  denominator  of which shall be the number of shares
of Common Stock  outstanding  immediately  after such event,  and the product so
obtained  shall  thereafter be the Exercise  Price then in effect.  The Exercise
Price, as so adjusted, shall be readjusted in the same manner upon the happening
of any successive event or events described herein in this Section 4. The number
of shares of Common Stock that the holder of this Warrant shall  thereafter,  on
the  exercise  hereof as provided in Section 1, be entitled to receive  shall be
increased to a number  determined by multiplying  the number of shares of Common
Stock  that  would  otherwise  (but for the  provisions  of this  Section  4) be
issuable  on such  exercise  by a  fraction  of which (a) the  numerator  is the
Exercise  Price that would  otherwise (but for the provisions of this Section 4)
be in effect,  and (b) the  denominator  is the Exercise  Price in effect on the
date of such exercise.

5. Certificate as to Adjustments. In each case of any adjustment or readjustment
in the shares of Common Stock (or Other Securities)  issuable on the exercise of
the Warrant,  the Company at its expense will promptly cause its Chief Financial
Officer or other appropriate designee to compute such adjustment or readjustment
in accordance  with the terms of the Warrant and prepare a  certificate  setting
forth such adjustment or readjustment and showing in detail the facts upon which
such  adjustment  or  readjustment  is based,  including a statement  of (a) the
consideration received or receivable by the Company for any additional shares of
Common Stock (or Other Securities)  issued or sold or deemed to have been issued
or sold,  (b) the  number  of shares  of  Common  Stock  (or  Other  Securities)
outstanding  or deemed to be  outstanding,  and (c) the  Exercise  Price and the
number of shares of Common Stock to be received  upon  exercise of this Warrant,
in effect  immediately  prior to such adjustment or readjustment and as adjusted
or  readjusted as provided in this Warrant.  The Company will  forthwith  mail a
copy of each such certificate to the holder of the Warrant and any Warrant agent
of the Company (appointed pursuant to Section 11 hereof).

6. Reservation of Stock, etc. Issuable on Exercise of Warrant.  The Company will
at all times reserve and keep available, solely for issuance and delivery on the
exercise of the Warrant,  shares of Common Stock (or Other Securities) from time
to time issuable on the exercise of the Warrant.

7.  Company  Redemption  Option.  Upon five (5)  business  days prior  notice to
Holder,  the Company shall have the right to redeem any  unexercised  portion of
the  Warrant  in cash for a price  of $0.01  per  warrant  if (i) the  Company's
obligations to the Holder under the Note have been  irrevocably  repaid in full;

                                       6
<PAGE>

(ii) the  closing  price of the  Company's  Common  Stock has  closed  above two
hundred  percent  (200%) of the then  applicable  Exercise Price for twenty (20)
consecutive  trading  days  and  (iii)  the  Company  has  filed a  registration
statement  on Form SB-2 with the  Securities  Exchange  Commission  covering the
shares of the Company's Common Stock to be issued upon the full exercise of this
Warrant, and such registration statement has been declared and remains effective
on the date of such notice .

8.  Assignment;  Exchange  of Warrant.  Subject to  compliance  with  applicable
securities  laws,  this  Warrant,  and  the  rights  evidenced  hereby,  may  be
transferred  by any  registered  holder hereof (a  "Transferor")  in whole or in
part.  On the  surrender  for exchange of this  Warrant,  with the  Transferor's
endorsement  in  the  form  of  Exhibit  B  attached  hereto  (the   "Transferor
Endorsement  Form") and together with evidence  reasonably  satisfactory  to the
Company  demonstrating  compliance with applicable  securities laws, which shall
include,  without limitation, a legal opinion from the Transferor's counsel that
such  transfer  is  exempt  from the  registration  requirements  of  applicable
securities  laws,  the Company at its expense but with payment by the Transferor
of any applicable  transfer  taxes) will issue and deliver to or on the order of
the  Transferor  thereof  a new  Warrant  of  like  tenor,  in the  name  of the
Transferor  and/or the  transferee(s)  specified in such Transferor  Endorsement
Form  (each a  "Transferee"),  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 so surrendered by the Transferor.

9. Replacement of Warrant. On receipt of evidence reasonably satisfactory to the
Company of the loss,  theft,  destruction  or mutilation of this Warrant and, in
the case of any such loss, theft or destruction of this Warrant,  on delivery of
an indemnity agreement or security reasonably satisfactory in form and amount to
the  Company  or,  in  the  case  of  any  such  mutilation,  on  surrender  and
cancellation  of this  Warrant,  the  Company at its  expense  will  execute and
deliver, in lieu thereof, a new Warrant of like tenor.

10.  Registration  Rights.  The Holder of this Warrant has been granted  certain
registration rights by the Company. These registration rights are set forth in a
Registration Rights Agreement entered into by the Company and Purchaser dated as
of October 29, 2003.

11. Maximum Exercise.  The Holder shall not be entitled to exercise this Warrant
on an exercise  date, in  connection  with that number of shares of Common Stock
which would be in excess of the sum of (i) the number of shares of Common  Stock
beneficially  owned by the Holder and its  affiliates on an exercise  date,  and
(ii) the number of shares of Common  Stock  issuable  upon the  exercise of this
Warrant with respect to which the determination of this proviso is being made on
an exercise date,  which would result in beneficial  ownership by the Holder and
its affiliates of more than 4.99% of the  outstanding  shares of Common Stock of
the Company on such date.  For the  purposes  of the proviso to the  immediately
preceding sentence,  beneficial ownership shall be determined in accordance with
Section 13(d) of the Securities Exchange Act of 1934, as amended, and Regulation
13d-3 thereunder.  Notwithstanding the foregoing,  the restriction  described in
this  paragraph  may be revoked upon 75 days prior notice from the Holder to the
Company and is  automatically  null and void upon an Event of Default  under the
Note.

12. Warrant Agent.  The Company may, by written notice to the each Holder of the
Warrant,  appoint an agent for the  purpose of  issuing  Common  Stock (or Other
Securities)  on the exercise of this Warrant  pursuant to Section 1,  exchanging

                                       7
<PAGE>

this  Warrant  pursuant to Section 7, and  replacing  this  Warrant  pursuant to
Section 8, or any of the foregoing,  and thereafter any such issuance,  exchange
or replacement, as the case may be, shall be made at such office by such agent.

13.  Transfer on the Company's  Books.  Until this Warrant is transferred on the
books of the Company,  the Company may treat the registered holder hereof as the
absolute  owner  hereof  for all  purposes,  notwithstanding  any  notice to the
contrary.

14. Notices,  etc. All notices and other  communications from the Company to the
Holder of this Warrant  shall be mailed by first class  registered  or certified
mail, postage prepaid, at such address as may have been furnished to the Company
in writing by such Holder or, until any such Holder  furnishes to the Company an
address, then to, and at the address of, the last Holder of this Warrant who has
so furnished an address to the Company.

15. Voluntary  Adjustment by the Company. The Company may at any time during the
term of this Warrant  reduce the then current  Exercise  Price to any amount and
for any  period of time  deemed  appropriate  by the Board of  Directors  of the
Company.

16.  Miscellaneous.  This  Warrant and any term  hereof may be changed,  waived,
discharged  or terminated  only by an instrument in writing  signed by the party
against which  enforcement of such change,  waiver,  discharge or termination is
sought.  This Warrant shall be governed by and construed in accordance  with the
laws of State of New York without regard to principles of conflicts of laws. Any
action brought concerning the transactions contemplated by this Warrant shall be
brought only in the state courts of New York or in the federal courts located in
the state of New York;  provided,  however,  that the Holder may choose to waive
this  provision  and  bring  an  action  outside  the  state  of New  York.  The
individuals  executing  this Warrant on behalf of the Company agree to submit to
the  jurisdiction  of such courts and waive trial by jury. The prevailing  party
shall be entitled to recover from the other party its reasonable attorney's fees
and  costs.  In the event  that any  provision  of this  Warrant  is  invalid or
unenforceable  under any applicable  statute or rule of law, then such provision
shall be deemed  inoperative  to the extent that it may conflict  therewith  and
shall be deemed  modified to conform  with such statute or rule of law. Any such
provision  which  may prove  invalid  or  unenforceable  under any law shall not
affect the validity or  enforceability  of any other  provision of this Warrant.
The headings in this Warrant are for purposes of reference  only,  and shall not
limit  or  otherwise  affect  any  of  the  terms  hereof.   The  invalidity  or
unenforceability  of any provision hereof shall in no way affect the validity or
enforceability  of any other  provision.  The  Company  acknowledges  that legal
counsel  participated  in  the  preparation  of  this  Warrant  and,  therefore,
stipulates  that the rule of  construction  that  ambiguities are to be resolved
against the drafting  party shall not be applied in the  interpretation  of this
Warrant to favor any party against the other party.

       [Balance of page intentionally left blank; signature page follows.]

                                       8
<PAGE>

         IN WITNESS  WHEREOF,  the Company has  executed  this Warrant as of the
date first written above.

                                                       INYX, INC.

                                                       By: /S/ Jack Kachkar
                                                          ----------------------
                                                          Jack Kachkar, Chairman

                                       9
<PAGE>

                                                                       Exhibit A

                              FORM OF SUBSCRIPTION

                   (To be signed only on exercise of Warrant)

TO:      INYX, Inc.
         801 Brickell Avenue - 9th Floor
         Miami, FL 33131
         Attention:  Chief Financial Officer

The  undersigned,  pursuant to the provisions set forth in the attached  Warrant
(No.____), hereby irrevocably elects to purchase (check applicable box):

___    ________ shares of the Common Stock covered by such Warrant; or

___ the  maximum  number  of  shares of Common  Stock  covered  by such  Warrant
pursuant to the cashless exercise procedure set forth in Section 2.

The  undersigned  herewith  makes  payment of the full  Exercise  Price for such
shares  at  the  price  per  share  provided  for  in  such  Warrant,  which  is
$___________. Such payment takes the form of (check applicable box or boxes):

___    $__________ in lawful money of the United States; and/or

___ the  cancellation of such portion of the attached  Warrant as is exercisable
for a total of _______  shares of Common  Stock  (using a Fair  Market  Value of
$_______ per share for purposes of this calculation); and/or

___ the  cancellation  of such number of shares of Common Stock as is necessary,
in  accordance  with the  formula set forth in Section  2.2,  to  exercise  this
Warrant  with  respect  to  the  maximum   number  of  shares  of  Common  Stock
purchaseable pursuant to the cashless exercise procedure set forth in Section 2.

The undersigned  requests that the certificates for such shares be issued in the
name  of,  and  delivered  to  _____________________________  whose  address  is
________________________________________________________________________________

The  undersigned  represents  and  warrants  that all  offers  and  sales by the
undersigned of the securities issuable upon exercise of the within Warrant shall
be made pursuant to registration of the Common Stock under the Securities Act of
1933,  as amended  (the  "Securities  Act") or  pursuant  to an  exemption  from
registration under the Securities Act.

Dated:___________________           ____________________________________________
                                    (Signature must conform to name of holder as
                                    specified on the face of the Warrant)

                                    ____________________________________________
                                    (Address)

<PAGE>

                                                                       Exhibit B

                         FORM OF TRANSFEROR ENDORSEMENT
                   (To be signed only on transfer of Warrant)

         For  value  received,   the  undersigned  hereby  sells,  assigns,  and
transfers  unto the person(s)  named below under the heading  "Transferees"  the
right represented by the within Warrant to purchase the percentage and number of
shares of Common  Stock of INYX,  Inc.  into  which the within  Warrant  relates
specified under the headings "Percentage  Transferred" and "Number Transferred,"
respectively,  opposite the name(s) of such  person(s)  and  appoints  each such
person Attorney to transfer its respective right on the books of INYX, Inc. with
full power of substitution in the premises.

--------------------- ---------------------- ------------------- ---------------
                                                 Percentage          Number
    Transferees              Address            Transferred        Transferred
--------------------- ---------------------- ------------------- ---------------

--------------------- ---------------------- ------------------- ---------------

--------------------- ---------------------- ------------------- ---------------

--------------------- ---------------------- ------------------- ---------------

Dated:___________________           ____________________________________________
                                    (Signature must conform to name of holder as
                                    specified on the face of the Warrant)

Signed in the presence of:

________________________________                ________________________________
          (Name)                                            (address)

ACCEPTED AND AGREED:
[TRANSFEREE]                                    ________________________________
                                                            (address)

 ________________________________
          (Name)

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