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Exhibit 4.3    
    

THE
SECURITIES REPRESENTED BY THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED OR UNDER THE SECURITIES LAWS OF ANY STATE, AND MAY NOT BE SOLD, OR OTHERWISE
TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER SUCH ACT AND UNDER ANY SUCH APPLICABLE STATE LAWS. 

        Void
After August 3, 2010 

CYDEX, INC.  

 AMENDED AND RESTATED  

 WARRANT TO PURCHASE SHARES OF STOCK  

        This Warrant is issued to                        (the
"Investor") by CyDex, Inc., a Delaware corporation (the
"Company") in connection with the conversion into the Company's Series B Preferred Stock of an Amended and Restated Convertible Promissory Note
issued to Investor on May 26, 2004 (the "Note"). This Warrant is an amendment and restatement of that certain Amended and Restated Warrant issued
May 26, 2004. 

        This
Warrant is one of several warrants (the "Warrants") issued by the Company contemporaneously herewith in conjunction with the several
notes issued by the Company contemporaneously herewith in the aggregate principal amount of $2,950,000 to certain of the Company's investors (the
"Investors"), which Warrants amend and restate a series of similar warrants issued by the Company on May 26, 2004. 

        1.    Purchase of Shares.    Subject to the terms and conditions hereinafter set forth, the Investor, or permitted
assigns, is entitled, upon surrender of this Warrant at the principal office of the Company, to purchase from the Company up
to                        (            ) fully paid and nonassessable
shares of
the Company's Common Stock, par value $0.01 per share (the "Shares"). The number of and kind of securities purchasable upon exercise of this Warrant
shall be subject to adjustment pursuant to Section 8. 

        2.    Purchase Price.    The purchase price per Share for the Shares shall be equal to $0.01. Such price shall be
subject to adjustment pursuant to Section 8, and such price, as adjusted from time to time, is herein referred to as the "Exercise Price." 

        3.    Exercise Period.    This Warrant shall be exercisable, in whole or in part, during the term commencing on
August 4, 2004, and ending on August 3, 2010. 

        4.    Method of Exercise.    While this Warrant remains outstanding and exercisable in accordance with
Section 3, the Investor may exercise, in whole or in part, the purchase rights evidenced hereby. Such exercise shall be effected by: 

          (i)  the
surrender of this Warrant, together with a duly executed Subscription Notice in the form attached hereto, to the Secretary of the Company at its principal office;
and 

         (ii)  the
payment to the Company of an amount equal to the aggregate Exercise Price for the number of Shares being purchased. 

        5.    Net Exercise.    In lieu of exercising this Warrant for cash, the Investor may elect to receive Shares equal to
the value of this Warrant (or the portion thereof being canceled) by surrender of this Warrant, together with a duly executed Subscription Notice in the form attached hereto indicating such 

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election,
to the Secretary of the Company at its principal office, in which event the Company shall issue to the Investor a number of Shares computed using the following formula: 

	

X =	
 	

Y(A-B)
 A	
 	

 

        Where

        X
= The number of Shares to be issued to the Investor. 

        Y
= The number of Shares purchasable under this Warrant. 

        A
= The fair market value of one Share. 

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

        For
purposes of this Section 5, the fair market value of the Shares shall mean the average of the closing bid and asked prices of the Shares quoted in the
over-the-counter market in which the Shares are traded or the closing price quoted on any exchange on which the Shares are listed, whichever is applicable, as published in the  The Wall Street Journal,
for the ten (10) trading days prior to the date of determination of fair market value (or such shorter period of time
during which such stock was traded over-the-counter or on such exchange). If the Shares are not traded on the over-the-counter market or on an exchange,
the fair market value shall be the price per Share that the Company could obtain from a willing buyer for Shares sold by the Company from authorized but unissued shares, as such prices shall be
determined in good faith by the Company's Board of Directors. 

        6.    Certificates for Shares.    Upon the exercise of the purchase rights evidenced by this Warrant, one or more
certificates for the number of Shares so purchased shall be issued as soon as practicable thereafter, and in any event within thirty (30) days of the delivery of the Subscription Notice. The
Company will pay all expenses and taxes in connection with the issuance of the Warrant and certificates for the purchased Shares. 

        7.    Issuance of Shares.    The Company covenants that the Shares, when issued pursuant to the exercise of this
Warrant, will be duly and validly issued, fully paid and nonassessable and free from all taxes, liens and charges with respect to the issuance thereof. The Company covenants that it will reserve and
keep available, solely for the purpose of issuance upon the exercise hereof, a sufficient number of shares of Common Stock to permit the exercise hereof in full. 

        8.    Adjustment of Exercise Price and Number of Shares.    The number of and kind of securities purchasable upon
exercise of this Warrant and the Exercise Price shall be subject to adjustment from time to time as follows: 

        (a)    Subdivisions, Combinations and Other Issuances.    If the Company shall at any time prior to the expiration of
this Warrant subdivide its Common Stock, by split-up or otherwise, or combine its Common Stock, or issue additional shares of its Common Stock as a dividend with respect to any shares of
Common Stock, the number of Shares issuable on the exercise of this Warrant shall forthwith be proportionately increased in the case of a subdivision or stock dividend, or proportionately decreased in
the case of a combination. Appropriate adjustments shall also be made to the Exercise Price, but the aggregate purchase price payable for the total number of Shares purchasable under this Warrant (as
adjusted) shall remain the same. Any adjustment under this Section 8(a) shall become effective at the close of business on the date the subdivision or combination becomes effective, or as of
the record date of such dividend, or, in the event that no record date is fixed, upon the making of such dividend. 

        (b)    Reclassification, Reorganization and Consolidation.    In the case of any reclassification, capital
reorganization or change in the Common Stock of the Company (other than as a result of a 

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subdivision,
combination or stock dividend provided for in Section 8(a) above), then, as a condition of such reclassification, reorganization or change, lawful provision shall be made, and duly
executed documents evidencing the same from the Company or its successor shall be delivered to the Investor, so that the Investor shall have the right at any time prior to the expiration of this
Warrant to purchase, at a total price equal to that payable upon the exercise of this Warrant, the kind and amount of shares of stock and other securities and property receivable in connection with
such reclassification, reorganization or change by a holder of the same number of Shares as were purchasable by the Investor immediately prior to such reclassification, reorganization or change. In
any such case appropriate provisions shall be made with respect to the rights and interests of the Investor so that the provisions hereof shall thereafter be applicable with respect to any shares of
stock or other securities and property deliverable upon exercise hereof, and appropriate adjustments shall be made to the Exercise Price, provided,  however,
 that the aggregate purchase price shall remain the same. 

        (c)    Notice of Adjustment.    When any adjustment is required to be made in the number or kind of securities
purchasable upon exercise of this Warrant, or in the Exercise Price, the Company shall promptly notify the Investor of such event and of the number of Shares or other securities or property thereafter
purchasable upon exercise of this Warrant. 

        9.    No Fractional Shares or Scrip.    No fractional shares or scrip representing fractional shares shall be issued
upon the exercise of this Warrant, but in lieu of such fractional shares the Company shall make a cash payment therefor on the basis of the Exercise Price then in effect. 

        10.    No Stockholder Rights.    Prior to the exercise of this Warrant, the Investor shall not be entitled to any
rights of a stockholder with respect to the Shares, including without limitation the right to vote such Shares, receive dividends or other distributions thereon, exercise preemptive rights or be
notified of stockholder meetings, and the Investor shall not be entitled to any notice or other communication concerning the business or affairs of the Company with respect to the Shares, except as
set forth herein. 

        11.    Registration Rights.    The Investor shall have, with respect to the Shares, the rights and obligations,
including the registration rights, provided to the Investors in the Registration Rights Agreement and the Shareholders' Agreement, each entered into among the Company, the Investors and certain other
holders of the Company's capital stock on August 4, 2004. 

        12.    Successors and Assigns.    The terms and provisions of this Warrant shall inure to the benefit of, and be
binding upon, the Company and the Investor and their respective successors and assigns. 

        13.    Transfer.    This Warrant and the rights granted hereunder may not be transferred or succeeded to by any person
without the prior written consent of the Company, except that any holder hereof may transfer the rights granted hereunder, without the consent of the Company, to any general or limited partner,
officer or other affiliate of the holder. Subject to compliance with the foregoing sentence and to the provisions of Section 14 hereof, this Warrant and all rights hereunder shall be
transferable, in whole or in part, at the office of the Company by the holder hereof in person or by duly authorized attorney, upon surrender of this Warrant properly endorsed. The last holder of this
Warrant as registered on the books of the Company may be treated by the Company and all persons dealing with this Warrant as the absolute owner hereof for any purposes and as the person entitled to
exercise the rights represented by this Warrant or to transfer hereof on the books of the Company, any notice to the contrary notwithstanding, unless and until such holder seeks to transfer registered
ownership of this Warrant on the books of the Company and such transfer is effected. 

        14.    Securities Act.    

        (a)   None
of this Warrant nor any Shares issued pursuant to the exercise hereof may be sold, transferred, pledged, hypothecated or otherwise disposed of unless and until:
(i) there is then in effect 

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a
registration statement under the Securities Act of 1933, as amended (the "Securities Act") covering such proposed disposition and such disposition is made in accordance with such registration
statement and all applicable state securities laws; or (ii) (A) the transferor shall have notified the Company of the proposed disposition and shall have furnished the Company with a
statement of the circumstances surrounding the proposed disposition, and (B) if reasonably requested by the Company, such transferor shall have furnished the Company with an opinion of counsel,
reasonably satisfactory to the Company, that such disposition will not require registration of such securities under the Securities Act and that all requisite action has been or will, on a timely
basis, be taken under any applicable state securities laws in connection with such disposition; and (iii) the proposed transferee shall have agreed in writing to be bound by the terms and
provisions of this Section 14. 

        (b)   Notwithstanding
the provisions of paragraphs (a)(i) and (ii) above, no such registration statement or opinion of counsel shall be necessary for a transfer
pursuant to Rule 144(k) promulgated under the Securities Act, or a transfer to an entity wholly owned by such transferor, if the transferee agrees in writing to be subject to the terms hereof
to the same extent as if such transferee were an original holder of this certificate. 

        15.    Amendments and Waivers.    This Warrant and any term hereof may be changed, waived, discharged or terminated
only by an instrument in writing signed by the Company and the Investors holding Warrants exercisable for at least 662/3% of the Shares for which all of the outstanding Warrants would
be exercisable at such time. 

        16.    Notices.    All notices and other communications under this Warrant shall be in writing and delivered in person
or via overnight courier or mailed by first class registered or certified mail, postage prepaid and return receipt requested, or by electronic mail to the attention of the Company's Treasurer at the
Company's principal office, and to the holder hereof at the last address of the holder furnished to the Company. 

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

        18.    Acceptance.    Receipt of this Warrant by Investor shall constitute acceptance of and agreement to all of the
terms and conditions contained herein. 

        19.    Governing Law.    This Warrant and all actions arising out of or in connection with this Warrant shall be
governed by and construed in accordance with the laws of the State of Kansas, without regard to the conflicts of law provisions of the State of Kansas or of any other state. 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK] 

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        IN WITNESS WHEREOF, CyDex, Inc. has caused this Warrant to be signed in its corporate name by an officer thereunto duly authorized,
and to be dated as of the day and year first above written. 

	 	 	 	 	CYDEX, INC.
	

 	
 	

 	
 	

By:	
 	

 
 John M. Siebert, Chief Executive Officer
	

ACKNOWLEDGED AND ACCEPTED:	
 	

 	
 	

 
	

 
(entity name, if applicable)	
 	

 	
 	

 
	

By:	
 	

 
	
 	

 	
 	

 
	

Name:	
 	

 
	
 	

 	
 	

 
	

Its:	
 	

 
(if applicable)	
 	

 	
 	

 

SUBSCRIPTION NOTICE  

Cydex, Inc.

Attention: Secretary 

        The
undersigned hereby elects to purchase, pursuant to the provisions of the Warrant to Purchase Shares of Stock issued by CyDex, Inc. (the "Company") and held by the undersigned,
                        shares of Common Stock of CyDex, Inc. 

        Please
check one of the following: 

	o
	Payment
of the exercise price per share, in the total amount of $            , required under such Warrant accompanies this Subscription
Notice.

	o
	The
undersigned elects to purchase the aforementioned shares pursuant to the net exercise provision in Section 5 of the Warrant. 

        The undersigned hereby represents and warrants that the undersigned is acquiring such shares for its own account for investment purposes only and not for resale
or with a view to distribution of such shares or any part thereof. 

	 	 	 	 	[Investor]
	

Date:	
 	

 
	
 	

By:	
 	

 

	

 	
 	

 	
 	

Name:	
 	

 

	

 	
 	

 	
 	

Title:	
 	

 

	

 	
 	

 	
 	

Address:	
 	

 
 
 

Name
in which shares should be registered: 

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Exhibit 4.3QuickLinks
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Exhibit 4.4    
    

AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT  

        This Amended and Restated Registration Rights Agreement (as amended from time to time in accordance with the terms hereof, this
"Agreement") is entered into as of August 4, 2004 by and among CyDex, Inc., a Delaware corporation (the
"Corporation"); the several persons identified as Series B Investors on Schedule A hereto
(the "Series B Investors"); and the several persons identified as Series A Investors on  Schedule A hereto (the "Series A Investors"); and The University of Kansas Center for
Research, Inc. (the "Series A-1 Investor") and certain other persons that become parties to this Agreement after the date
hereof (together with the Series B Investors, the Series A Investors and the Series A-1 Investor, the "Investors"), and
amends the Registration Rights Agreement entered into as of August 7, 2000 by and among the Corporation and the persons listed on  Schedule A thereto and certain other persons that became
parties to such agreement after the date thereof in accordance with Section 20
thereof (the "Prior Agreement"), pursuant to Section 20(b) of the Prior Agreement;. 

        WHEREAS, certain of the signatories hereto constitute the requisite parties necessary to amend the Prior Agreement and hereby agree, on
their own behalf and on behalf of all of the signatories to the Prior Agreement, that this Agreement amends and supercedes the Prior Agreement and that the Prior Agreement is deemed null and void upon
the date hereof; 

        WHEREAS, the Series A Investors are the holders, collectively, of an aggregate of 16,468,622 shares of Series A Convertible
Preferred Stock, $0.01 par value, of the Corporation (the "Series A Preferred Stock"); and 

        WHEREAS, the Corporation wishes to exchange cash and certain shares of its Series A-1 Convertible Preferred Stock,
$0.01 par value per share (the "Series A-1 Preferred Stock") for certain license rights of the Series A-1 Investor
pursuant to the Series A-1 Stock Purchase Agreement dated as of the date hereof, by and among the Corporation and the Series A-1 Investor (the
"Series A-1 Purchase Agreement"); 

        WHEREAS, the Corporation wishes to sell to the Investors certain shares of its Series B Convertible Preferred Stock, $0.01 par
value per share ("Series B Preferred Stock"), pursuant to the Series B Convertible Preferred Stock Purchase Agreement, dated as of the
date hereof, by and among the Corporation and the Series B Investors (the "Series B Purchase Agreement"); 

        WHEREAS, the Series A Preferred Stock, Series A-1 Preferred Stock and the Series B Preferred Stock are
each convertible into shares of the Corporation's Common Stock, par value $.01 per share ("Common Stock"); and 

        WHEREAS, as a condition to entering into the Series B Purchase Agreement, the Series B Investors have required that the
Corporation execute this Agreement to provide the Series B Investors, the Series A-1 Investor and the Series A Investors rights to register the shares of Common Stock
into which their Series B Preferred Stock, the Series A-1 Preferred Stock and/or Series A Preferred Stock are convertible and certain other shares of Common Stock; 

        NOW, THEREFORE, in consideration of the premises and the mutual agreements hereinafter set forth, the parties hereto agree as follows: 

        SECTION
1.    Definitions.    As used in this Agreement, the following terms shall have the
following meanings: 

        (a)   The
term "Exchange Act" means the Securities Exchange Act of 1934, as amended. 

        (b)   The
term "Form S-3" means such form under the Securities Act as in effect on the date hereof or any
registration form under the Securities Act subsequently adopted by the SEC that permits inclusion or incorporation of substantial information by reference to other documents filed by the Corporation
with the SEC. 

 

        (c)   The
term "Holder" means any holder of Registrable Securities. 

        (d)   The
term "Qualified Public Offering" means a firmly underwritten public offering pursuant to an effective registration
statement under the Securities Act covering the offer and sale of Common Stock for the account of the Corporation in which (x) the per share price is at least six times (6x) the Original Issue
Price (as defined in the Restated Charter) of the Series B Stock (as adjusted for stock dividends, combinations, splits, recapitalizations and the like), and (y) the aggregate gross cash
proceeds to the Corporation (before underwriting discounts, commissions and fees) are at least $50,000,00. 

        (e)   The
terms "register," "registered," and
"registration" refer to a registration effected by preparing and filing a registration statement in compliance with the Securities Act and the
declaration or ordering of effectiveness of such registration statement. 

        (f)    The
term "Registrable Securities" means (1) the Common Stock issuable upon conversion of the Series B
Preferred Stock or Series A Preferred Stock, (2) any Common Stock purchased by an Investor (or its permitted transferees, if such permitted transferees have been assigned the
registration rights hereunder in accordance with the terms hereof) pursuant to Sections 2 and/or 4 of the Shareholders Agreement of even date herewith by and among the Corporation, the Investors and
such other parties thereto (or Common Stock issuable with respect to other securities so purchased), (3) any Common Stock of the Corporation issued as a dividend or other distribution with
respect to, or in exchange or in replacement of, such Series B Preferred Stock, Series A-1 Preferred Stock or Series A Preferred Stock or Common Stock, and
(4) any Common Stock issued upon exercise of one or more common stock purchase warrants issued or issuable to RiverVest Venture Fund I, L.P., TVM IV GmbH & Co. KG, John M. and Michelle
Siebert, Ray Lipkin, Edward W. Mehrer, James T. O'Brien and Edmondson Campbell, LLC. Notwithstanding the foregoing, Registrable Securities shall not include securities sold after the date hereof to or
through a broker or dealer or underwriter in a public distribution or a public securities transaction. 

        (g)   The
term "SEC" means the Securities and Exchange Commission. 

        (h)   The
term "Securities Act" means the Securities Act of 1933, as amended. 

        In
addition, for purposes of all calculations and notices under this Agreement, and all other provisions of this Agreement where the context permits, a holder of Series B
Preferred Stock, Series A-1 Preferred Stock or Series A Preferred Stock shall be deemed the Holder of the Registrable Securities issuable upon conversion thereof, and such
Series B Preferred Stock, Series A-1 Preferred Stock or Series A Preferred Stock shall be deemed outstanding Registrable Securities hereunder. Notwithstanding the
foregoing, nothing in this Agreement shall require the Corporation actually to register any shares of Series B Preferred Stock or Series A Preferred Stock. 

        SECTION
2.    Request for Registration.    

        (a)   If
at any time after the earlier to occur of (i) December 31, 2008 and (ii) the date six months after the closing of the Corporation's first public
offering of securities, the Corporation shall receive a written request (specifying that it is being made pursuant to this Section 2) from one or more Holders that hold, in aggregate, at least
forty percent (40%) of the then outstanding Registrable Securities (the "Initiating Holders"), that the Corporation file a registration statement
under the Securities Act, or a similar document pursuant to any other statute then in effect corresponding to the Securities Act, covering the registration of at least the lesser of (a) at
least ten percent (10%) of the then outstanding Registrable Securities or (b) Registrable Securities the expected aggregate price to the public of which equals or exceeds $15,000,000, then the
Corporation shall promptly notify all other Holders of such request and shall use its best efforts to cause all Registrable Securities that the Holders have requested be registered to be registered
under the Securities Act on Form S-1 (or, on Form S-3 if the Corporation is eligible to offer its securities in a primary offering on
Form S-3), provided, however, that 

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in
connection with any registration on Form S-3, the prospectus included in the Form S-3 registration statement shall nevertheless be in the form required to be
included in a registration statement on Form S-1 unless the Holders of at least sixty percent (60%) of the Registrable Securities to be so registered agree otherwise. 

        (b)   Notwithstanding
the foregoing, (i) the Corporation shall not be obligated to effect a registration pursuant to this Section 2 during the period starting
with the date sixty (60) days prior to the Corporation's estimated date of filing of, and ending on a date six (6) months following the effective date of, a registration statement
pertaining to an underwritten public offering of securities for the account of the Corporation, provided that the Corporation is actively employing in good faith its best efforts to cause such
registration statement to become effective and that the Corporation's estimate of the date of filing such registration statement is made in good faith; (ii) the Corporation shall not be
obligated to effect a registration pursuant to this Section 2 within six (6) months after the effective date of a prior registration under this Section 2; and (iii) the
Corporation may postpone a registration pursuant to this election for such period of time as may be required to permit the use of regular audited year-end financial statements with
supplemental short period figures for a period not exceeding six (6) months unless the Holders agree to bear the costs of any special audit. 

        (c)   The
Corporation shall not be obligated to effect more than two (2) registrations on behalf of the Holders pursuant to this Section 2. 

        SECTION
3.    Corporation Registration.    Subject to Section 8 of this Agreement, if
at any time the Corporation proposes to register any of its Common Stock under the Securities Act in connection with the public offering of such securities for its own account or for the accounts of
shareholders other than Holders, solely for cash on a form that would also permit the registration of the Registrable Securities, the Corporation shall, each such time, promptly give each Holder
written notice of such determination. Upon the written request of any Holder given within thirty (30) days after giving of any such notice by
the Corporation, the Corporation shall, subject to the limitations set forth in Section 8(a), use its best efforts to cause to be registered under the Securities Act all of the Registrable
Securities that each such Holder has requested be registered. 

        SECTION
4.    Obligations of the Corporation.    Whenever required under Section 2, 3,
or 12 to use its best efforts to effect the registration of any Registrable Securities, the Corporation shall, as expeditiously as reasonably possible: 

        (a)   Prepare
and file with the SEC a registration statement with respect to such Registrable Securities and use its best efforts to cause such registration statement to
become and remain effective until the distribution of such Registrable Securities has been completed. 

        (b)   Prepare
and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection with such registration statement as
may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement. 

        (c)   Furnish
to the selling Holders such numbers of copies of a prospectus, including a preliminary prospectus, in conformity with the requirements of the Securities Act, and
such other documents as they may reasonably request in order to facilitate the disposition of such Registrable Securities owned by them. 

        (d)   Use
its best efforts to register and qualify the securities covered by such registration statement under such other securities or Blue Sky laws of such jurisdictions as
shall be reasonably appropriate for the distribution of the securities covered by the registration statement, provided that the Corporation shall not be required in connection therewith or as a
condition thereto to qualify to do business or to file a general consent to service of process in any such states or jurisdictions, and further provided that (anything in this Agreement to the
contrary notwithstanding 

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with
respect to the bearing of expenses) if any jurisdiction in which the securities shall be qualified shall require that expenses incurred in connection with the qualification of the securities in
that jurisdiction be borne by selling shareholders, then such expenses shall be payable by selling shareholders pro rata, to the extent required by such jurisdiction. 

        (e)   Provide
a transfer agent for the Common Stock no later than the effective date of the first registration of any Registrable Securities. 

        (f)    Otherwise
use its best efforts to comply with all applicable rules and regulations of the SEC. 

        (g)   Use
its best efforts either (i) to cause all such Registrable Securities to be listed on a national securities exchange (if such securities are not already so
listed) and on each additional national securities exchange on which similar securities issued by the Corporation are then listed, if the listing of such securities is then permitted under the rules
of such exchange, or (ii) to secure designation of all such Registrable Securities as a NASDAQ "national market system security" within the meaning of Rule 11Aa2-1 of the SEC
or, failing that, to secure listing on NASDAQ for such Registrable Securities and, without limiting the generality of the foregoing, to arrange for at least two (2) market makers to register as
such with respect to Registrable Securities with the National Association of Securities Dealers. 

        (h)   Enter
into such customary agreements (including an underwriting agreement in customary form) and take such other actions as the selling Holders of Registrable Securities
shall reasonably request in order to expedite or facilitate the disposition of such Registrable Securities. 

        (i)    Make
available for inspection by any selling Holder of Registrable Securities, by any underwriter participating in any disposition to be effected pursuant to such
registration statement and by any attorney, accountant or other agent retained by any such selling Holder or any such underwriter, all pertinent financial and other records and pertinent corporate
documents and properties of the Corporation, and cause all of the Corporation's officers, directors and employees to supply all information reasonably requested by any such selling Holder,
underwriter, attorney, accountant or agent in connection with such registration statement. 

        (j)    Use
every reasonable effort to prevent the issuance of any stop order suspending the effectiveness of such registration statement or of any order preventing or
suspending the use of any preliminary prospectus and, if any such order is issued, to obtain the lifting thereof at the earliest reasonable time. 

        (k)   Make
such representations and warranties to the selling Holders of Registrable Securities and the underwriters as are customarily made by issuers to selling stockholders
and underwriters, as the case may be, in primary underwritten public offerings. 

        SECTION
5.    Furnish Information.    It shall be a condition precedent to the obligations of
the Corporation to take any action pursuant to this Agreement with respect to the registration of any Holder's Registrable Securities that such Holder shall take such actions and furnish to the
Corporation such information regarding itself, the Registrable Securities held by it, and the intended method of disposition of such securities, as the Corporation shall reasonably request and as
shall be required in connection with any registration, qualification or compliance referred to in this agreement, including, without limitation (i) in connection with an underwritten offering,
enter into an appropriate underwriting agreement containing terms and provisions then customary in agreements of that nature, (ii) enter into such custody agreements, powers of attorney and
related documents at such time and on such terms and conditions as may then be customarily required in connection with such offering and (iii) distribute the Registrable Securities only in
accordance with and in the manner of the distribution contemplated by the applicable registration statement and prospectus. In addition, the Holders shall notify the Corporation of any request by the
Commission or any state securities commission or agency 

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for
additional information or for such registration statement or prospectus to be amended or supplemented. 

        SECTION
6.    Expenses of Demand Registration.    All expenses incurred in connection with any
registration pursuant to Section 2 (excluding underwriters' discounts and commissions), including, without limitation, all registration and qualification fees, printers' and accounting fees,
fees and disbursements of counsel for the Corporation, and the reasonable fees and disbursements of one special counsel for the selling Holders, shall be borne by the Corporation. Notwithstanding the
foregoing, however, in the event a registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered, then, at the election of
the Holders of a majority of the Registrable Securities to be registered, either (i) such expenses shall be borne solely by the Holders of the Registrable Securities to be registered and not by
the Corporation (in which case all such Holders shall bear such expenses pro rata based on the Registrable Securities to be registered), or (ii) one of the demand registration rights provided
for in Section 2(a) shall be deemed forfeited. 

        SECTION
7.    Corporation Registration Expenses.    All expenses (excluding underwriters'
discounts and commissions) incurred in connection with any registration pursuant to Section 3, including, without limitation, any additional registration and qualification fees and any
additional fees and disbursements of counsel to the Corporation that result from the inclusion of securities held by the selling Holders in such registration and the reasonable fees and disbursements
of one special counsel for the selling Holders in the aggregate shall be borne by the Corporation. 

        SECTION
8.    Underwriting Requirements.    

        (a)   In
connection with any offering under Section 3 involving an underwriting of shares being issued by the Corporation, the Corporation shall not be required to
include any Holder's Registrable Securities in such underwriting unless such Holder accepts the terms of the underwriting as agreed upon between the Corporation and the underwriters selected by it,
and then only in such quantity as will not, in the reasonable opinion of the underwriters, jeopardize the success of the offering by the Corporation. If the total amount of securities that all Holders
request to be included in an underwritten offering under Section 3 exceeds the amount of securities that the underwriters reasonably believe compatible with the success of the offering, no
other securities of any shareholder except Registrable Securities of Holders shall be included in such offering unless all Registrable Securities which the Holders have requested to be included are
included, and the number of shares of Registrable Securities to be included in such an offering will be reduced, pro rata (i) first among the
officers and directors of the Corporation, (ii) then among the Series A Investors, the Series A-1 Investor and the Series B Investors, based on the number of
shares of Registrable Securities so requested to be registered, if and to the extent that the managing underwriter shall be of the opinion that such inclusion would adversely affect the marketing of
the Registrable Securities to be sold. 

        (b)   With
respect to any underwriting of shares to be registered under Section 2, or any underwriting of shares to be registered under Section 12, the selling
Holders who initiate the request for registration shall have the right to designate the managing underwriter or underwriters, subject to the consent of the Corporation. In connection with any
underwritings of shares to be registered under Section 3, the Corporation shall have the right to designate the managing underwriter or underwriters. In any such case, such consent of the
Corporation or the Holders shall not be unreasonably withheld or delayed. 

        SECTION
9.    Delay of Registration.    No Holder shall have any right to take any action to
restrain, enjoin, or otherwise delay any registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Agreement. 

5

 

        SECTION
10.    Deferral of Registrations.    Notwithstanding the provisions of this Agreement,
if the Corporation shall furnish to the Holders requesting a registration statement pursuant to this Agreement a certificate signed by the Secretary of the Corporation stating that, in the good faith
judgment of the Board of Directors of the Corporation as set forth in a duly adopted written resolution, it would be materially detrimental to the Corporation and its stockholders for such
registration statement to be filed and it is therefore necessary to defer the filing of such registration statement, the Corporation shall have the right to defer such filing for a period of not more
than ninety (90) days after receipt of the request of the Initiating Holders, provided, however, that the Corporation may not utilize this right more than once in any twelve month period. 

        SECTION
11.    Indemnification.    In the event any Registrable Securities are included in a
registration statement under this Agreement: 

        (a)   To
the extent permitted by law, the Corporation will indemnify and hold harmless each Holder requesting or joining in a registration, any underwriter (as defined in the
Securities Act) for it, and each person, if any, who controls any such Holder or underwriter within the meaning of the Securities Act, against any losses, claims, damages or liabilities, joint or
several, to which they may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based on any
untrue or alleged untrue statement of any material fact contained in such registration statement, including, without limitation, any preliminary prospectus or final prospectus contained therein or any
amendments or supplements thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the
statements therein not misleading or arise out of any violation by the Corporation of any rule or regulation promulgated under the Securities Act applicable to the Corporation and relating to action
or inaction required of the Corporation in connection with any such registration; and will reimburse each such Holder, underwriter, or controlling person for any legal or other expenses reasonably
incurred by them in connection with investigating or defending any such loss, claim, damage, liability, or action, provided, however, that the indemnity agreement contained in this
Section 11(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Corporation (which
consent shall not be unreasonably withheld or delayed) nor shall the Corporation be liable in any such case for any such loss, claim, damage, liability or action to the extent that it arises out of or
is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in connection with such registration statement, preliminary prospectus, final prospectus, or
amendments or supplements thereto, in reliance upon and in conformity with written information furnished expressly for use in connection with such registration by any such Holder, underwriter or
controlling person. 

        (b)   To
the extent permitted by law, each Holder requesting or joining in a registration will indemnify and hold harmless the Corporation, each of its directors, each of its
officers who has signed the registration statement, each person, if any, who controls the Corporation within the meaning of the Securities Act, and any underwriter for the Corporation (within the
meaning of the Securities Act) against any losses, claims, damages or liabilities to which the Corporation or any such director, officer, controlling person or underwriter may become subject, under
the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereto) arise out of or are based upon any untrue statement or alleged untrue statement
of any material fact contained in such registration statement, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto, or arise out of or
are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, in each case to the extent,
but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged 

6

 

omission
was made in such registration statement, preliminary prospectus or final prospectus, or amendments or supplements thereto, in reliance upon and in conformity with written information
furnished by such Holder expressly for use in connection with such registration; and will reimburse the Corporation or any such director, officer, controlling person or underwriter for any legal or
other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the indemnity agreement contained in
this Section 11(b) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of such Holder (which
consent shall not be unreasonably withheld or delayed) and provided further that no Holder shall have any liability under this Section 11(b) in excess of the net proceeds actually received by
such Holder in the relevant public offering. 

        (c)   Promptly
after receipt by an indemnified party under this Section 11 of notice of the commencement of any action, such indemnified party will, if a claim in
respect thereof is to be made against any indemnifying party under this Section 11, notify the indemnifying party in writing of the commencement thereof and the indemnifying party shall have
the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof with counsel mutually
satisfactory to the parties. The failure to notify an indemnifying party promptly of the commencement of any such action, if prejudicial to his ability to defend such action, shall relieve such
indemnifying party of any liability to the indemnified party under this Section 11, but the omission so to notify the indemnifying party will not relieve him of any liability that he may have
to any indemnified party otherwise than under this Section 11. 

        (d)   If
the indemnification provided for in this Section 11 is required by its terms but is for any reason held to be unavailable to or otherwise insufficient to hold
harmless an indemnified party under Section 11(a) or 11(b) in respect of any losses, claims, damages, liabilities or expenses referred to herein, then each applicable indemnifying party shall
contribute to the amount paid or payable by such indemnified party as a result of any losses, claims, damages, liabilities or expenses referred to herein (i) in such proportion as is
appropriate to reflect the relative benefits received by the Corporation and the selling Holders from the offering of securities or (ii) if the allocation provided by clause (i) above is
not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Corporation
and the selling Holders in connection with the statements or omissions described in such Section 11(a) or 11(b) which resulted in such losses, claims, damages, liabilities or expenses, as well
as any other relevant equitable considerations. The respective relative benefits received by the Corporation and the selling Holders shall be deemed to be in the same proportion as the total price
paid to the Corporation and the selling Holders, respectively, for the securities sold by them in the offering. The relative fault of the Corporation and the selling Holders shall be determined by
reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the
Corporation or the selling Holders and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount paid or payable by a
party as a result of the losses, claims, damages, liabilities and expenses referred to above shall be deemed to include, subject to the limitations set forth in this Section 11, any legal or
other fees or expenses reasonably incurred by such party in connection with investigating or defending any action or claim. The provisions set forth in Section 11(c) with respect to notice of
commencement of any action shall apply if a claim for contribution is to be made under this Section 11(d); provided, however, that no additional notice shall be required with respect to any
action for which notice has been given under subsection (c) for purposes of indemnification. The Corporation and the selling Holders agree that it would not be just and equitable if
contribution pursuant to this Section 11 were determined solely by pro 

7

 

rata
allocation or by any other method of allocation which does not take account of the equitable considerations referred to in this paragraph. Notwithstanding the provisions of this
Section 11(d), no Holder shall be required to contribute an amount in excess of the net proceeds actually received by such Holder in the relevant public offering. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 

        (e)   Notwithstanding
the foregoing, to the extent that the provisions on indemnification contained in the underwriting agreements entered into among the Holders, the
Corporation and the underwriters in connection with an underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall be controlling as
to the Registrable Securities included in the public offering. 

        SECTION
12.    Registrations on Form S-3.    

        (a)   If
(i) the Corporation shall receive a written request (specifying that it is being made pursuant to this Section 12) from one or more Holders that the
Corporation file a registration statement on Form S-3 (or any successor form to Form S-3 regardless of its designation) for a public offering of
Registrable Securities the reasonably anticipated aggregate price to the public of which would equal or exceed Two Hundred Thousand Dollars ($200,000), and (ii) the Corporation is a registrant
entitled to use Form S-3 (or any successor form to Form S-3) to register such shares, then the Corporation shall use its best efforts to cause such shares to be
registered on Form S-3 (or any successor form to Form S-3). 

        (b)   All
expenses (excluding underwriters' discounts and commissions) incurred in connection with registrations requested pursuant to Section 12(a), including, without
limitation, all registration, qualification, printing, and accounting fees, and fees and disbursements of one special counsel to the selling Holders and counsel to the Corporation, shall be borne by
the Corporation. 

        (c)   The
Corporation shall not be obligated to effect more than two (2) registrations on behalf of Holders registration pursuant to this Section 12 in any
twelve (12) month period. 

        (d)   The
Holders' rights to registration under this Section 12 are in addition to, and not in lieu of, their rights to registration under Sections 2 and 3 of this
Agreement. 

        SECTION
13.    Limitation on Corporation Offerings.    The Corporation shall not register
securities for sale for its own account (or, except as permitted by Section 15, any securities other than Registrable Securities) in any registration requested pursuant to Section 2 or
12 unless permitted to do so by the written consent of the Holders of more than sixty percent (60%) in voting power of the outstanding Registrable Securities as to which registration has been
requested. The Corporation may not cause any other registration of securities for its own account (other than a registration effected solely to implement an employee benefit plan or a registration of
securities of the Corporation issued or transferred to shareholders of another company in connection with the acquisition of such other company by the Corporation) which would become effective less
than six (6) months after the effective date of any registration requested pursuant to Section 2 or 12 to be initiated after receiving such request. 

        SECTION
14.    Reports Under Securities Exchange Act of 1934.    With a view to making
available to the Holders the benefits of Rule 144 promulgated under the Securities Act and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the
Corporation to the public without registration, the Corporation agrees to use its best efforts to: 

        (a)   make
and keep public information available, as those terms are understood and defined in Rule 144, at all times subsequent to ninety (90) days after the
effective date of the first registration statement covering an underwritten public offering filed by the Corporation; 

8

 

        (b)   file
with the SEC in a timely manner all reports and other documents, if any, required of the Corporation under the Securities Act and the Exchange Act; and 

        (c)   furnish
to any Holder forthwith upon request a written statement by the Corporation that it has complied with the reporting requirements of Rule 144 (at any time
after ninety (90) days after the effective date of said first registration statement filed by the Corporation), and of the Securities Act and the Exchange Act (at any time after it has become
subject to such reporting requirements), a copy of the most recent annual or quarterly report of the Corporation, and such other reports and documents so filed by the Corporation as may be reasonably
requested in availing any such holder to take advantage of any rule or regulation of the SEC permitting the selling of any such securities without registration. 

        SECTION
15.    Limitations in Connection with Future Grants of Registration Rights.    Without
the prior written consent of the Holders of at least sixty percent (60%) in voting power of then outstanding shares of Registrable Securities, the Corporation shall not grant rights to any person or
entity: (a) to cause the Corporation to register any of such person's or entity's securities of the Corporation; (b) to include such person's or entity's securities of the Corporation in
any registration statement filed under Section 2 or 12 hereof; (c) to include such person's or entity's securities of the Corporation in any registration statement described in
Section 3 hereof, unless under the terms of such agreement, such person or entity may include such securities in any such registration only to the extent that the inclusion of his or its
securities will not reduce the amount of Registrable Securities of the Holders which is included in such registration; or (d) otherwise to cause the registration of such person's or entity's
securities of the Corporation in any manner which are superior to or pari passu with the registration rights granted herein to the Holders. 

        SECTION
16.    Transfer of Registration Rights.    The registration rights and obligations of
any Holder (and of any permitted transferee of any Holder or its permitted transferees) under this Agreement with respect to any Registrable Securities may only be transferred to any Affiliate of such
Holder or such permitted transferee, or to any transferee who acquires (otherwise than in a registered public offering) at least twenty five percent (25%) of the Registrable Securities held by such
Holder on the date of such transfer, provided, however, that the Corporation is given written notice by the Holder at the time of such transfer stating the name and address of the transferee and
identifying the securities with respect to which the rights under this Agreement are being assigned, and provided that the transferee executes an agreement to be bound by the terms of this Agreement.
For purposes of this Section 16, an "Affiliate" of any Holder (or any transferee of any Holder) includes, but is not limited to, any general or
limited partner of any Holder (or transferee) that is a partnership, or any person or entity that, directly or indirectly, through one or more intermediaries, controls, or is controlled by, or is
under common control with, such Holder or transferee. 

        SECTION
17.    Mergers, Etc.    The Corporation shall not, directly or indirectly, enter into
any merger, consolidation or reorganization in which the Corporation shall not be the surviving corporation unless the proposed surviving corporation shall, prior to such merger, consolidation or
reorganization, agree in writing to assume the obligations of the Corporation under this Agreement, and for that purpose references hereunder to "Registrable Securities" shall be deemed to be
references to the securities which the Holders would be entitled to receive in exchange for Registrable Securities under any such merger, consolidation or reorganization;  provided, however, that the provisions of this Agreement shall not apply in the event of any merger,
consolidation or reorganization in which the Corporation is not the surviving corporation if the holders of Registrable Securities are entitled to receive in exchange therefor (i) cash, or
(ii) securities of the acquiring corporation which may be immediately sold to the public without registration under the Securities Act. 

9

 

        SECTION
18.    Stand-Off Agreement.    

        (a)   Each
Holder, if requested by the Corporation and the managing underwriter of an offering by the Corporation of Common Stock pursuant to a registration statement under
the Securities Act, shall agree not to sell publicly or otherwise transfer or dispose of any Registrable Securities or other securities of the Corporation held by such Holder (which were acquired by
such Holder prior to the effective date of such registration statement) for a specified period of time (not to exceed 180 days) immediately following the effective date of such registration
statement; provided, that: 

          (i)  such
agreement shall apply only to the first registration statement covering Common Stock to be sold on the Corporation's behalf to the public in an underwritten
offering; and 

         (ii)  all
persons who hold shares of Common Stock, or securities convertible into or exchangeable or exercisable for shares of Common Stock, which in aggregate represent one
percent (1%) or more of the shares of Common Stock then outstanding (which 1% shall include all securities convertible into or exchangeable or exercisable for shares of Common Stock, on an as
converted, exchanged or exercised basis), and all officers and directors of the Corporation, enter into similar agreements 

        (b)   Each
Holder agrees to execute and deliver such other agreements as may be reasonably requested by the Company or the underwriter which are consistent with the foregoing
or which are necessary to give further effect thereto. In addition, if requested by the Company or the representative of the underwriters of Common Stock of the Company in connection with any
registration hereunder, each Holder participating in such registration shall provide such information concerning itself as may be reasonably required by the Company or such representative in
connection with the completion of such registration. The obligations described in this Section 18 shall not apply to a registration relating solely to employee benefit plans on
Form S-1 or Form S-8 or similar forms that may be promulgated in the future, or a registration relating solely to a SEC Rule 145 transaction on
Form S-4 or similar forms that may be promulgated in the future. The Company may impose stop-transfer instructions with respect to the shares of Common Stock (or other
securities) subject to the foregoing restriction until the end of said one hundred eighty (180) day period. 

        (c)   The
covenant contained in this Section 18 is in addition to any market stand-off covenant contained in any other agreement between the Corporation and
any Holder. 

        SECTION
19.    Future Events.    The Corporation will notify each Holder participating in a
registration of the occurrence of any of the following events of which the Corporation is actually aware, and when so notified, each Holder will immediately discontinue any disposition of Registrable
Securities until notified by the Corporation that such event is no longer applicable: 

        (a)   the
issuance by the Commission or any state securities commission or agency of any stop order suspending the effectiveness of the registration statement or the
initiation of any proceedings for that purpose (in which case the Corporation will make reasonable efforts to obtain the withdrawal of any such order or the cessation of any such proceedings); or 

        (b)   the
existence of any fact which makes untrue any material statement made in the registration statement or prospectus or any document incorporated therein by reference or
which requires the making of any changes in the registration statement or prospectus or any document incorporated therein by reference in order to make the statements therein not misleading (in which
case the Corporation will make reasonable efforts to amend the applicable document to correct the deficiency). 

        SECTION
20.    Notices.    All notices, requests, consents and other communications hereunder
("Notices") to any party shall be contained in a written instrument addressed to such party at the address set forth below or such other address as may
hereafter be designated in writing by the 

10

 

addressee
to the addressor listing all parties and shall be deemed given (a) when delivered in person or duly sent by fax showing confirmation of receipt, (b) three days after being duly
sent by first class mail postage prepaid (other than in the case of Notices to or from any non-U.S. resident, which Notices must be sent in the manner specified in clause (a) or
(c)), or (c) two days after being duly sent by DHL, Federal Express, UPS or other recognized express international courier service: 

        (a)   if
to the Corporation, to: 

CyDex, Inc.

Attn: Chief Executive Officer

CyDex, Inc.

10513 W. 84th Terr.

Lenexa, KS 66214-1643

Fax: (913) 685-8856 

With
a copy to: 

Brent
Fassett, Esq.

Cooley Godward LLP

380 Interlocken Crescent

Suite 900

Broomfield, CO 80021-8023 

        (b)   if
to the Investors, to their respective addresses as set forth in the Purchase Agreement, with a copy to: 

Salvatore
J. Vitiello, Esq.

Heller Ehrman White &McAuliffe LL

P 120 West 45th Street

New York, NY 10036

Fax: (212) 763-7600 

and
to: 

Life
Sciences Opportunities Fund II, L.P.

126 East 56th Street

28th Floor

New York, NY 10022

Fax: (212) 419-3956

Attn: James C. Gale 

and
to: 

David
Poltack

TVM Techno Venture Management

101 Arch Street, Suite 1950

Boston, MA 02110

Fax: (617) 345-9377

and
to: 

David
R. Pierson, Esq.

Foley Hoag LLP

155 Seaport Boulevard

Boston, MA 02210

Fax: (617) 832-7000 

11

 

and
to: 

The
University of Kansas Center for Research, Inc.

Youngberg Hall

2385 Irving Hill Road

Lawrence, KS 66045-7563

Fax: (785) 864-5272

Attn: Vice Provost for Research 

and
to: 

Jacob
W. Bayer, Jr.

Shughart Thomson & Kilroy, PC

120 West 12th Street, Suite 1600

Kansas City, MO 64105

Fax: (816) 374-0509 

        SECTION
21.    Amendment of Prior Agreement.    The requisite parties necessary to amend the
Prior Agreement hereby agree, on their own behalf and on behalf of all of the signatories to the Prior Agreement, that this Agreement amends and supercedes the Prior Agreement and the Prior Agreement
is deemed null and void and shall have no further effect upon the date hereof. 

        SECTION
22.    Miscellaneous.    

        (a)   This
Agreement states the entire agreement of the parties concerning the subject matter hereof, and supersedes all prior agreements, written or oral, between or among
them concerning such subject matter. 

        (b)   This
Agreement may be amended, and compliance with any provision of this Agreement may be omitted or waived, only by the written agreement of the Corporation and the
Holders of at least sixty percent (60%) in voting power of the then outstanding Registrable Securities; provided, however, that any such amendment that
alters or changes the rights, privileges or restrictions of the Registrable Securities held by the Series A-1 Investor so as to affect it adversely in a manner which is not
comparatively relatively similar to and is different from the Series A Preferred Stock shall require the written consent of the Series A-1 Investor. 

        (c)   This
Agreement shall be governed by, and construed and enforced in accordance with, the substantive laws of the State of New York, without regard to its principles of
conflicts of laws. 

        (d)   This
Agreement may be executed in any number of counterparts, each such counterpart shall be deemed to be an original instrument, and all such counterparts together
shall constitute but one agreement. Any such counterpart may contain one or more signature pages. 

[Remainder
of page intentionally left blank.] 

12

 

        IN
WITNESS WHEREOF, the parties have executed this Amended and Restated Registration Rights Agreement as a contract under seal as of the date first written above. 

	 	 	CYDEX, INC.
	

 	
 	

By:	

/s/  JOHN M. SIEBERT      

	 	 	Its:	CEO

13

CYDEX, INC.  

 Amended and Restated Registration Rights Agreement  

 Investor Signature Page  

        By executing this page in the space provided, the undersigned hereby agrees (i) that it is an "Investor" as defined in the Amended and Restated
Registration Rights Agreement dated as of August 4, 2004, by and among CyDex, Inc. and the parties named therein (the "Amended and Restated Registration Rights Agreement"),
(ii) that it is a party to the Amended and Restated Registration Rights Agreement for all purposes and (iii) that it is bound by all terms and conditions of the Amended and Restated
Registration Rights Agreement. 

        EXECUTED
this 4th day of August, 2004 

	 	 	Life Sciences Opportunities Fund II, L.P.
 (print name)
	

 	
 	

By:	
 	

/s/  JAMES C. GALE      

	

 	
 	

Title:	
 	

Manager of the General Partner

CYDEX, INC.  

 Amended and Restated Registration Rights Agreement  

 Investor Signature Page  

        By executing this page in the space provided, the undersigned hereby agrees (i) that it is an "Investor" as defined in the Amended and Restated
Registration Rights Agreement dated as of August 4, 2004, by and among CyDex, Inc. and the parties named therein (the "Amended and Restated Registration Rights Agreement"),
(ii) that it is a party to the Amended and Restated Registration Rights Agreement for all purposes and (iii) that it is bound by all terms and conditions of the Amended and Restated
Registration Rights Agreement. 

        EXECUTED
this 4th day of August, 2004 

	 	 	Life Sciences Opportunities Fund (Institutional) II L.P.
 (print name)
	

 	
 	

By:	
 	

/s/  JAMES C. GALE      

	

 	
 	

Title:	
 	

Manager of the General Partner

CYDEX, INC.  

 Amended and Restated Registration Rights Agreement  

 Investor Signature Page  

        By executing this page in the space provided, the undersigned hereby agrees (i) that it is an "Investor" as defined in the Amended and Restated
Registration Rights Agreement dated as of August 4, 2004, by and among CyDex, Inc. and the parties named therein (the "Amended and Restated Registration Rights Agreement"),
(ii) that it is a party to the Amended and Restated Registration Rights Agreement for all purposes and (iii) that it is bound by all terms and conditions of the Amended and Restated
Registration Rights Agreement. 

        EXECUTED
this 4th day of August, 2004 

	 	 	S.R. One Philip L. Smith
 (print name)
	

 	
 	

By:	
 	

/s/  PHILIP L. SMITH      

	

 	
 	

Title:	
 	

General Partner

CYDEX, INC.  

 Amended and Restated Registration Rights Agreement  

 Investor Signature Page  

        By executing this page in the space provided, the undersigned hereby agrees (i) that it is an "Investor" as defined in the Amended and Restated
Registration Rights Agreement dated as of August 4, 2004, by and among CyDex, Inc. and the parties named therein (the "Amended and Restated Registration Rights Agreement"),
(ii) that it is a party to the Amended and Restated Registration Rights Agreement for all purposes and (iii) that it is bound by all terms and conditions of the Amended and Restated
Registration Rights Agreement. 

        EXECUTED
this 4th day of August, 2004 

	 	 	EASTMAN CHEMICAL COMPANY INVESTMENTS, INC.
 (print name)
	

 	
 	

By:	
 	

/s/  HAROLD F. KALBACH      

	

 	
 	

Title:	
 	

VP; Treasurer

CYDEX, INC.  

 Amended and Restated Registration Rights Agreement  

 Investor Signature Page  

        By executing this page in the space provided, the undersigned hereby agrees (i) that it is an "Investor" as defined in the Amended and Restated
Registration Rights Agreement dated as of August 4, 2004, by and among CyDex, Inc. and the parties named therein (the "Amended and Restated Registration Rights Agreement"),
(ii) that it is a party to the Amended and Restated Registration Rights Agreement for all purposes and (iii) that it is bound by all terms and conditions of the Amended and Restated
Registration Rights Agreement. 

        EXECUTED
this 4th day of August, 2004 

	 	 	TVM V Life Science Ventures GmbH & Co. KG
	

 	
 	

By:	
 	

/s/  STEPHEN J. HOFFMAN      

	 	 	Name: Stephen J. Hoffman
	 	 	Title: Managing Limited Partner
	

 	
 	

By:	
 	

/s/  DAVID POLTACK      

	 	 	Name: David Poltack
	 	 	Title: Managing Limited Partner
	

 	
 	

TVM IV GmbH & Co. KG
	

 	
 	

By:	
 	

/s/  GERT CASPRITZ      

	 	 	Name: Gert Caspritz
	 	 	Title: Managing Limited Partner
	

 	
 	

By:	
 	

/s/  JOHN J. DIBELLO      

	 	 	Name: John J. DiBello
	 	 	Title: Managing Limited Partner

CYDEX, INC.  

 Amended and Restated Registration Rights Agreement  

 Investor Signature Page  

        By executing this page in the space provided, the undersigned hereby agrees (i) that it is an "Investor" as defined in the Amended and Restated
Registration Rights Agreement dated as of August 4, 2004, by and among CyDex, Inc. and the parties named therein (the "Amended and Restated Registration Rights Agreement"),
(ii) that it is a party to the Amended and Restated Registration Rights Agreement for all purposes and (iii) that it is bound by all terms and conditions of the Amended and Restated
Registration Rights Agreement. 

        EXECUTED
this 4th day of August, 2004 

	 	 	Clariden Bank as Custodian for the Clariden Biotechnology Fund
 (print name)
	

 	
 	

By:	
 	

/s/  ERIC BOSNHARDT      
 Eric Bosnhardt
	

 	
 	

Title:	
 	

Executive Vice President

CYDEX, INC.  

 Amended and Restated Registration Rights Agreement  

 Investor Signature Page  

        By executing this page in the space provided, the undersigned hereby agrees (i) that it is an "Investor" as defined in the Amended and Restated
Registration Rights Agreement dated as of August 4, 2004, by and among CyDex, Inc. and the parties named therein (the "Amended and Restated Registration Rights Agreement"),
(ii) that it is a party to the Amended and Restated Registration Rights Agreement for all purposes and (iii) that it is bound by all terms and conditions of the Amended and Restated
Registration Rights Agreement. 

        EXECUTED
this 4th day of August, 2004 

	 	 	Paul J. Leach
 (print name)
	

 	
 	

By:	
 	

/s/  PAUL J. LEACH      

	

 	
 	

Title:	
 	

    

CYDEX, INC.  

 Amended and Restated Registration Rights Agreement  

 Investor Signature Page  

        By executing this page in the space provided, the undersigned hereby agrees (i) that it is an "Investor" as defined in the Amended and Restated
Registration Rights Agreement dated as of August 4, 2004, by and among CyDex, Inc. and the parties named therein (the "Amended and Restated Registration Rights Agreement"),
(ii) that it is a party to the Amended and Restated Registration Rights Agreement for all purposes and (iii) that it is bound by all terms and conditions of the Amended and Restated
Registration Rights Agreement. 

        EXECUTED
this 4th day of August, 2004 

	 	 	PRIVATE EQUITY DIRECT FINANCE
 (print name)
	

 	
 	

By:	
 	

/s/  RICK GORTER/GWEN MCLAUGHLIN      

	

 	
 	

Title:	
 	

Director

CYDEX, INC.  

 Amended and Restated Registration Rights Agreement  

 Investor Signature Page  

        By executing this page in the space provided, the undersigned hereby agrees (i) that it is an "Investor" as defined in the Amended and Restated
Registration Rights Agreement dated as of August 4, 2004, by and among CyDex, Inc. and the parties named therein (the "Amended and Restated Registration Rights Agreement"),
(ii) that it is a party to the Amended and Restated Registration Rights Agreement for all purposes and (iii) that it is bound by all terms and conditions of the Amended and Restated
Registration Rights Agreement. 

        EXECUTED
this 4th day of August, 2004 

	 	 	RIVERVEST VENTURE FUND I, LP

RiverVest Venture Partners I, LLC,

the General Partner
	

 	
 	

By:	
 	

/s/  MARK MENDEL      
 Name: Mark Mendel

Title: Manager

CYDEX, INC.  

 Amended and Restated Registration Rights Agreement  

 Investor Signature Page  

        By executing this page in the space provided, the undersigned hereby agrees (i) that it is an "Investor" as defined in the Amended and Restated
Registration Rights Agreement dated as of August 4, 2004, by and among CyDex, Inc. and the parties named therein (the "Amended and Restated Registration Rights Agreement"),
(ii) that it is a party to the Amended and Restated Registration Rights Agreement for all purposes and (iii) that it is bound by all terms and conditions of the Amended and Restated
Registration Rights Agreement. 

        EXECUTED
this 4th day of August, 2004 

	 	 	John M. Siebert

Michelle L. Siebert
 (print name)
	

 	
 	

By:	
 	

/s/  JOHN M. SIEBERT    

/s/  MICHELLE L. SIEBERT      

	

 	
 	

Title:	
 	

    

CYDEX, INC.  

 Amended and Restated Registration Rights Agreement  

 Investor Signature Page  

        By executing this page in the space provided, the undersigned hereby agrees (i) that it is an "Investor" as defined in the Amended and Restated
Registration Rights Agreement dated as of August 4, 2004, by and among CyDex, Inc. and the parties named therein (the "Amended and Restated Registration Rights Agreement"),
(ii) that it is a party to the Amended and Restated Registration Rights Agreement for all purposes and (iii) that it is bound by all terms and conditions of the Amended and Restated
Registration Rights Agreement. 

        EXECUTED
this 4th day of August, 2004 

	 	 	Raymond A. Lipkin
 (print name)
	

 	
 	

By:	
 	

/s/  RAYMOND A. LIPKIN      

	

 	
 	

Title:	
 	

    

CYDEX, INC.  

 Amended and Restated Registration Rights Agreement  

 Investor Signature Page  

        By executing this page in the space provided, the undersigned hereby agrees (i) that it is an "Investor" as defined in the Amended and Restated
Registration Rights Agreement dated as of August 4, 2004, by and among CyDex, Inc. and the parties named therein (the "Amended and Restated Registration Rights Agreement"),
(ii) that it is a party to the Amended and Restated Registration Rights Agreement for all purposes and (iii) that it is bound by all terms and conditions of the Amended and Restated
Registration Rights Agreement. 

        EXECUTED
this 4th day of August, 2004 

	 	 	Edward W. Mehrer Rev. Trust
 (print name)
	

 	
 	

By:	
 	

/s/  EDWARD W. MEHRER      

	

 	
 	

Title:	
 	

Trustee

CYDEX, INC.  

 Amended and Restated Registration Rights Agreement  

 Investor Signature Page  

        By executing this page in the space provided, the undersigned hereby agrees (i) that it is an "Investor" as defined in the Amended and Restated
Registration Rights Agreement dated as of August 4, 2004, by and among CyDex, Inc. and the parties named therein (the "Amended and Restated Registration Rights Agreement"),
(ii) that it is a party to the Amended and Restated Registration Rights Agreement for all purposes and (iii) that it is bound by all terms and conditions of the Amended and Restated
Registration Rights Agreement. 

        EXECUTED
this 4th day of August, 2004 

	 	 	James T. O'Brien
 (print name)
	

 	
 	

By:	
 	

/s/ JAMES T. O'BRIEN

	

 	
 	

Title:	
 	

Director

CYDEX, INC.  

 Amended and Restated Registration Rights Agreement  

 Investor Signature Page  

        By executing this page in the space provided, the undersigned hereby agrees (i) that it is an "Investor" as defined in the Amended and Restated
Registration Rights Agreement dated as of August 4, 2004, by and among CyDex, Inc. and the parties named therein (the "Amended and Restated Registration Rights Agreement"),
(ii) that it is a party to the Amended and Restated Registration Rights Agreement for all purposes and (iii) that it is bound by all terms and conditions of the Amended and Restated
Registration Rights Agreement. 

        EXECUTED
this 4th day of August, 2004 

	 	 	Edmondson-Campbell, LC
 (print name)
	

 	
 	

By:	
 	

/s/  SAM D. CAMPBELL      

	

 	
 	

Title:	
 	

Manager

CYDEX, INC.  

 Amended and Restated Registration Rights Agreement  

 Investor Signature Page  

        By executing this page in the space provided, the undersigned hereby agrees (i) that it is an "Investor" as defined in the Amended and Restated
Registration Rights Agreement dated as of August 4, 2004, by and among CyDex, Inc. and the parties named therein (the "Amended and Restated Registration Rights Agreement"),
(ii) that it is a party to the Amended and Restated Registration Rights Agreement for all purposes and (iii) that it is bound by all terms and conditions of the Amended and Restated
Registration Rights Agreement. 

        EXECUTED
this 4th day of August, 2004 

	 	 	Ku Center for Research, Inc.

James A. Roberts
 (print name)
	

 	
 	

By:	
 	

/s/  JAMES A. ROBERTS      

	

 	
 	

Title:	
 	

President

Schedule A  

 Series A Investors  

TVM
IV GmbH & Co. KG 

Private
Equity Direct Finance 

Clariden
Investment Guernsey as custodian for The Biotechnology Fund 

Paul
J. Leach 

RiverVest
Venture Fund I, LP 

 
 

Series A-1 Investor    
    

The
University of Kansas Center for Research, Inc.

Youngberg Hall

2385 Irving Hill Road

Lawrence, KS 66045-7563

Fax: (785) 864-5272 

 
 

Series B Investors    
    

	Life Sciences Opportunities Fund II, L.P.

126 East 56th Street

28th Floor

New York, NY 10022

Fax: (212) 419-3956	 	$	759,200
	

Life Sciences Opportunities Fund

Institutional II, L.P.

126 East 56th Street

28th Floor

New York, NY 10022

Fax: (212) 419-3956	
 	
$	

4,240,800
	

S.R. One, Ltd.

Venture Investments

Four Tower Bridge

200 Barr Harbor Drive, Suite 250

W. Conshohocken, PA 19428-2977	
 	
$	

3,000,000
	

Eastman Chemical Company

Investments, Inc.

103 Foulk Rd., Suite 205-0

Wilmington, DE 19803	
 	
$	

2,000,000
	

TVM V Life Science Ventures GmbH & Co. KG

101 Arch Street, Suite 1950

Boston, MA 02110

or

Maximilianstr. 35 C

80539 Munich/Germany	
 	
$	

2,400,000
	

Clariden Bank, as custodian for

The Clariden Biotechnology Fund

Clariden Bank

Claridenstrasse 26

8022, Zurich Switzerland	
 	
$	

100,000

	

Paul J. Leach

1134 Federal Avenue East

Seattle, WA 98102	
 	
$	

500,000
	

Private Equity Direct Finance

One Capital Place

PO Box 847

George Town

Grand Cayman, Cayman Islands	
 	
$	

1,000,000
	

RiverVest Venture Fund I, L.P.

RiverVest Venture Partners

7733 Forsyth Boulevard, Suite 1650

St. Louis, MO 63105	
 	
$	

1,016,950.00
	

TVM IV GmbH & Co. KG

101 Arch Street, Suite 1950

Boston, MA 02110	
 	
$	

1,016,950.00
	

John M. and Michelle Siebert

26840 W. 108th Street,

Olathe, KS 66061	
 	
$	

254,237.00
	

Raymond Lipkin

161 Ferndale Road South

Wayzata, MN 55391	
 	
$	

254,237.00
	

Edward W. Mehrer Revocable Trust

2500 W. 70th St.

Mission Hills, KS 66208	
 	
$	

152,542.00
	

James T. O'Brien Revocable Trust

11801 Pawnee

Leawood, KS 66209

Fax: 913-339-9572	
 	
$	

152,542.00
	

Edmondson Campbell, LLC

1321 Wakarusa Dr., Suite 2102

Lawrence, KS 66049

Fax 785 841-7268	
 	
$	

152,542.00

QuickLinks

Exhibit 4.4

Series A-1 Investor

Series B Investors

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