Document:

AMENDED AND RESTATED UNANIMOUS
                             SHAREHOLDERS' AGREEMENT

Amended and restated unanimous shareholders' agreement dated January 15, 2001
among B. TWELVE, INC. (herein "B 12" or the "Corporation"), DR. URI SAGMAN
("Sagman"), CREDIFINANCE CAPITAL CORP. ("Credifmance"), NEW RESEARCHES
CORPORATION ("NRC"), LIFMAC, S.A. ("Lifmac"), GEORGES BENARROCH ("Benarroch"),
DONALD MACADAM ("MacAdam"), DR JEAN-LUC BERGER ("Berger"), RUPERT'S CROSSING
(Rupert's Crossing") and MEDAREX, INC. ("Medarex").

WHEREAS:

1.       Sagman, Credifinance, NRC, Lifmac, Benarroch, MacAdam, Berger, Rupert's
         Crossing and Medarex are the registered and beneficial owners of all
         the outstanding shares in the capital of the Corporation.

2.       Sagman, NRC, Credifinance and Berger hold options and/or warrants to
         acquire additional common shares of the Corporation as described below.

3.       The authorized capital of the Corporation consists of 25,000,000 shares
         of common stock ("Common Shares") and 1,000,000 shares of preferred
         stock ("Preferred Shares").

4.       On the date hereof, there are issued and outstanding 3,808,100 Common
         Shares, 250,000 Preferred Shares and 2,250,000 Common Share
         Options/Warrants which are legally and beneficially owned by and
         recorded on the Corporation's books as follows:
<TABLE>
<CAPTION>

          NAME OF                             PREFERRED         COMMON                COMMON SHARE
          SHAREHOLDER                         SHARES            SHARES              OPTIONS/WARRANTS
          -----------                         ------            ------              ----------------
<S>                                                              <C>                     <C>
          Dr. Uri Sagman                           Nil           314,525                 1,200,000
          Credifinance                             Nil           255,000                       Nil
          New Researches Corporation           250,000         2,385,000                   250,000
          Lifinac, S.A.                            Nil           260,000                       Nil
          Georges Benarroch                        Nil            14,525                       Nil
          Donald MacAdam                           Nil            14,525                       Nil
          Dr. Jean-Luc Berger                      Nil           114,525                   400,000
          Rupert's Crossing                        Nil            50,000                       Nil
          Credifinance, in trust                   Nil               Nil                   400,000
          Medarex, Inc.                            Nil           400,000                       Nil
</TABLE>

5.       The Preferred Shares are convertible into an equal number of Common
         Shares on the earlier to occur of (i) an Initial Public Offering (as
         hereinafter defined), (ii) the completion of a reverse-take-over
         transaction (resulting in a publicly quoted or exchange listed
         company), (iii) a minimum $3,000,000 private equity financing based on
         a $10,000,000 valuation and (iv) the merger of the Corporation with
         another corporation or the sale of substantially all the assets of the
         Corporation (in both cases having a minimum transaction value of
         $10.000,000). Each Common Share issued on conversion shall be coupled
         with a three (3) month warrant to subscribe for an additional Common
         Share at an exercise price of $1.00 per Common Share.

6.       The Corporation and the Shareholders hereto further acknowledge and
         agree that the Corporation will be creating and implementing a stock
         incentive plan (the "Stock Option Plan") whereby directors, officers,
         employees and service providers of and to the Corporation (other than
         Sagman in the event that he still holds

<PAGE>

         options referred to in Recital 4 above) will be eligible to acquire
         Common Shares (at fair market value) in an amount not to exceed 10% of
         the Common Shares outstanding from time to time.

7.       The Corporation and the Shareholders have entered into this Agreement
         to establish their respective rights and obligations in respect of the
         issued and unissued shares of the Corporation, the management and
         conduct of its business and various other matters hereinafter set
         forth.

NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of the respective
covenants and agreements hereinafter contained and for other good and valuable
consideration (the receipt and sufficiency of which are hereby acknowledged by
each of the parties hereto), the parties hereto covenant and agree with each
other as follows:

ARTICLE 1-INTERPRETATION

1.1      DEFINED TERMS

         As used in this Agreement, the following tens have the following
         meanings:

         "Act" means the Florida Business Corporations Act as may be amended
         from time to time, and shall be deemed to be any act substituted
         therefor.

         "Affiliate" means an "affiliate" as that ten is defined in the Act and,
         for the purposes of such definition, the definition of "Subsidiary"
         provided herein shall apply.

         "Agreement" means this agreement and all schedules attached hereto and
         any and all amendments made hereto by written agreement among the
         parties hereto.

         "AICPA" means the American Institute of Certified Public Accountants.

         "Annual Business Plan" has the meaning specified in Section 6.1.

         "Arm's Length" has the meaning specified to such term by the US
         Internal Revenue Code.

         "Articles" means the Articles of Incorporation attached to the
         Certificate of Incorporation of the Corporation as may be amended or
         restated from time to time.

         "Associate" means an "associate" as that ten is defined in the
         Securities Act of 1933.

         "Bylaws" means the bylaws of the Corporation from time to time in force
         and effect.

         "Business" has the meaning specified in Section 4.1.

         "Business Day" means any day other than Saturday, Sunday or a day on
         which banks are closed for business in Florida.

         "Business Plan" means the business plan pertaining to the conduct of
         the Corporation's Business prepared by the Corporation, a copy of which
         is attached as Schedule "A" hereto.

         "Common Shares" means the shares of common stock in the capital of the
         Corporation.

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         "Control" has the meaning specified thereto in the Act as in effect on
         the date hereof and without reference to any amendments thereto after
         the date hereof.

         "Directors", "Board of Directors" and "Board" means the persons who
         are, from time to time, duly elected as directors of the Corporation.

         "Expert" means a national accounting firm to be agreed upon by the
         Corporation, Credifinance, NRC and Medarex within 5 days after any one
         gives notice to the others of its desire to appoint an expert or, if
         they are unable to agree, then "Expert" means PricewaterhouseCoopers,
         Certified Public Accountants, or an affiliate thereof, or if none of
         the foregoing is able or willing to accept an appointment to undertake
         any valuation of Shares under and as contemplated in this Agreement,
         then "Expert" shall mean Deloitte & Touche, Certified Public
         Accountants, or an affiliate thereof.

         "Fair Market Value" means, for the purposes of valuation by the Expert
         hereunder, the highest cash price in terms of money which would be
         obtained as at the date specified in the applicable Section hereof if
         all the Shareholders of the Corporation sold all of their respective
         Shares in an open and unrestricted market (recognizing that the Shares
         are securities of a corporation which cannot offer its securities to
         the public) without compulsion to a willing and knowledgeable purchaser
         acting at arms' length and where in determining such Fair Market Value:
         (1) the value of each Common Share is based on the value of all Common
         Shares; (2) no diminution or accretion in value is attributed to any
         majority or minority interest (other than in determining Fair Market
         Value for a purchase by the Corporation from a trustee in bankruptcy);
         (3) the value of any insurance on the life of any shareholder or
         employee and the proceeds of such insurance shall be excluded; (4) the
         value of all intangible and unrecorded assets is included; and (5) the
         value of each Prefer -red Share shall be equal to the redemption price
         for such share set forth in the Articles.

         "Initial Public Offering" means the closing of an offering or offerings
         pursuant to a receipted prospectus under the United States Securities
         Act of 1933, as amended, or similar document filed under other
         applicable securities laws in the United States or Canada, covering the
         offer and sale of Common Shares for the account of the Corporation to
         the public in which the Common Shares are listed on a major North
         American stock exchange (excluding The Canadian Venture Exchange,
         Montreal Exchange, Bulletin Board and any Canadian unlisted market) or
         The NASDAQ Stock Market.

         "Person" means an individual, partnership, corporation or other entity.

         "Preferred Shares" means the shares of preferred stock in the capital
         of the Corporation.

         "Progress Report" has the meaning specified in Section 6.1.

         "Prospective Customers" shall mean, for the purposes of Article 8,
         Persons canvassed or solicited by the Corporation at any time up to the
         date upon which a Person ceases to be a Shareholder, officer, director
         or an employee of the Corporation.

         "Related Parties" means Shareholders and Persons related to
         Shareholders as the term "related" is defined in the US Internal
         Revenue Code and "Related Party" shall mean any one of such parties.

         "Senior Management Group" means initially, Sagman and Berger, but shall
         include all future senior offcers of the Corporation appointed by the
         Board.

         "Shareholders" means collectively Sagman, Credifinance, NRC, Lifrnac,
         Benarroch, MacAdam, Berger, Rupert's Crossing and Medarex and any
         person to whom a Shareholder transfers any Shares, or to whom

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<PAGE>

         Shares are issued, in accordance with the terms of this Agreement and
         "Shareholder" means, individually, any one of them.

         "Shares" means collectively the Common Shares and the Preferred Shares.

         "Stock Option Plan" has the meaning set forth in the recitals to this
         Agreement.

         "Subsidiary" means a corporation controlled by the Corporation and on
         the date hereof includes B Twelve Limited, an Ontario company.
         Notwithstanding the definition of "Subsidiary", a corporation that is
         consolidated with the Corporation for accounting purposes shall be
         deemed to be a Subsidiary for all purposes hereof.

         "Territory" means all countries who are members of the United Nations.

         The provision of a Table of Contents, the division of this Agreement
         into Articles and Sections and the insertion of headings are for
         convenient reference only and are not to affect its interpretation.

1.2      GENDER AND NUMBER. Any reference in this Agreement to gender includes
         all genders and words importing the singular number only shall include
         the plural and vice versa.

1.3      Governing Law. This Agreement shall be governed and interpreted and
         enforced in accordance with the laws of the State of Florida and the
         United States federal laws applicable therein.

1.4      SEVERABILITY. Each provision of this Agreement is intended to be
         severable. If any provision hereof is illegal or invalid, such
         provision shall be deemed to be severed and deleted herefrom and such
         illegality and invalidity shall not affect the validity or
         enforceability of the remainder hereof.

1.5      Currency. All references to dollars in this Agreement shall be to U.S.
         dollars.

1.6      ENTIRE AGREEMENT. This Agreement constitutes the entire agreement among
         the parties hereto with regard to the subject matter hereof and
         supersedes all prior agreements, understandings, representations or
         warranties, negotiations and discussions, whether oral or written,
         among the parties hereto with respect thereto, including without
         limitation any agreements among the shareholders of the Corporation
         entered into prior to the date hereof, which are hereby terminated.

1.7      Amendment. No amendment of this Agreement shall be binding unless in
         writing and signed by all of the parties hereto.

1.8      Waiver. No waiver by any party hereto of any breach of any of the
         provisions of this Agreement shall take effect or be binding upon such
         party unless in writing and signed by such party. Unless otherwise
         provided therein, such waiver shall not limit or affect the rights of
         such party with respect to any other breach.

1.9      Time of Essence. Time shall be of the essence of this Agreement.

1.10     Further Acts. The parties hereto agree to execute and deliver such
         further and other documents and perform and cause to be performed such
         further and other acts and things as may be necessary or desirable in
         order to give full effect to this Agreement and every part hereof.

1.11     Accounting Principles. References in this Agreement to generally
         accepted accounting principles shall be deemed to be the generally
         accepted accounting principles from time to time approved by the AICPA,
         or any

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<PAGE>

         successor institute, applicable as of the date on which such
         calculation is made or required to be made in accordance with generally
         accepted accounting principles.

ARTICLE 2 - TERM OF AGREEMENT

2.1      Term. Subject to Section 13.2, this Agreement shall come into force and
         effect on the date hereof and shall terminate on the earlier of

         a)       the date on which only one Shareholder holds Shares;

         b)       the date this Agreement is terminated by written agreement of
                  the parties hereto;

         c)       the date upon which there shall occur an Initial Public
                  Offering;

         d)       the date upon which all of the Shares are acquired by a
                  reporting issuer within the meaning of the Securities Act of
                  1933; and

         e)       the sale of all of the Shares of the Corporation to a third
                  party in compliance with this Agreement.

ARTICLE 3 - IMPLEMENTATION OF AGREEMENT

3.1      Shareholder Covenants. Each of the Shareholders covenants and agrees
         that it shall vote or cause to be voted the Shares of the Corporation
         owned by it to accomplish and give effect to the terms and conditions
         of this Agreement and that it shall otherwise act in accordance with
         the provisions and intent of this Agreement.

3.2      CONFLICT. Subject to the provisions of the Act, in the event of any
         conflict between the provisions of this Agreement and the Articles and
         the Bylaws, the provisions of this Agreement shall govern. The parties
         hereto acknowledge and agree that as the date hereof conflicts may
         exist between this Agreement and the Articles and the Bylaws. Each of
         the Shareholders agrees to vote or cause to be voted the Shares owned
         by it so as to cause the Articles or the Bylaws to be amended to
         resolve each such conflict and any other conflicts in favour of the
         provisions of this Agreement.

3.3      Covenants by the Corporation. The Corporation consents to the terms of
         this Agreement and hereby covenants with each of the other parties
         hereto that it will at all times during the term of this Agreement be
         governed by the terms and provisions hereof in carrying on its business
         and affairs, and each of the Shareholders shall vote or cause to be
         voted their respective Shares of the Corporation to cause the
         Corporation to fulfil its foregoing covenants.

ARTICLE 4 - CORPORATION'S BUSINESS AND PURPOSE

4.1      Business and Purpose. The business and purpose of the Corporation is to
         conduct activities in the biotechnology and pharmaceutical areas. The
         Corporation's primary objective is to focus its research activities on
         the discovery and the development of therapeutic products which
         maximize the utility and application of its platform technologies and
         provide an integrated approach for the treatment and/or management of
         human lift threatening diseases or other serious disorders.

ARTICLE 5 - DIRECTORS AND SHAREHOLDERS

5.1      Number of Directors. The Corporation shall, unless otherwise agreed in
         writing by those Shareholders holding at least sixty (60) percent of
         all Shares, have a minimum of three (3) and a maximum of seven (7)
         directors.

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<PAGE>

5.2      Nomination and Election of Directors.

         a)       Nomination. Until changed by a resolution of the Shareholders,
                  the directors of the Corporation shall be Dr. Uri Sagman,
                  Georges Benarroch, Donald MacAdam and Dr. Jean-Luc Berger.

         b)       Indemnity. The Corporation hereby indemnifies each Director
                  and his or her heirs and legal representatives against all
                  costs, charges and expenses, including an amount paid to
                  settle an action or satisfy a judgment, reasonably incurred by
                  him or her in respect of any civil, criminal or administrative
                  proceeding to which he or she is made a party by reason of
                  being or having been a director of the Corporation provided
                  (i) he or she acted honestly and in good faith with a view to
                  the best interests of the Corporation; and (ii) in the case of
                  a criminal or administrative proceeding that is enforced by a
                  monetary penalty, he or she had reasonable grounds for
                  believing that his or her conduct was lawful.

5.3      Term of Office. The term of office of a Director shall commence on the
         date of that individual's election to the Board and shall terminate at
         the close of the next following annual meeting of the Shareholders, or
         until their successors are elected.

5.4      POWERS AND DUTIES OF DIRECTORS. Subject to the Act and the provisions
         hereof, the Directors shall manage or supervise the Corporation's
         Business except as such authority may be delegated by the Directors
         from time to time, and in exercising such authority the Directors and
         their delegates shall conduct the Corporation's Business or cause it to
         be conducted in all material respects in accordance with the Business
         Plan (as such plan may be amended from time to time) unless the parties
         hereto shall otherwise agree in writing.

5.5      INSURANCE. The Corporation shall arrange director's insurance coverage
         for the Directors of the Corporation on terms and conditions and in an
         amount acceptable to NRC.

5.6      BOARD MEETINGS. The Board shall meet at least once every two months.
         Any Director shall be entitled to convene a meeting of Directors upon
         notice given as specified in Section 5.7.

5.7      EXERCISE OF AUTHORITY.

         a)       QUORUM. Unless otherwise agreed to in writing by all of the
                  Directors, but always subject to the Act and subsection
                  5.7(b), a quorum of any meeting of the Board shall consist of
                  a majority of Directors.

         b)       PROCEEDING WITHOUT QUORUM. Notwithstanding the provisions of
                  subsection 5.7(a), if proper original notice of a meeting of
                  the Board, specifying the business to be transacted at the
                  meeting, is given and a quorum of Directors is not present,
                  then a meeting of the Board may thereafter be held on 48 hours
                  written notice of the second meeting to transact the business
                  set forth in the original notice and, subject to the Act, any
                  members of the Board present at that meeting shall constitute
                  a quorum for the transaction of the business set out in the
                  original notice in respect of that meeting and such business
                  may be transacted by a majority vote of those Directors in
                  attendance at the meeting.

         c)       Notice. Unless all of the Directors are present (except where
                  a Director attends a meeting for the express purpose of
                  objecting to the transaction of any business on the grounds
                  that the meeting is not lawfully called) or those absent waive
                  notice, no meeting of Directors shall be validly convened
                  unless 48 hours' written notice thereof is given in accordance
                  with the provisions of the Bylaws.

         d)       Content of Notice. No resolution with respect to any matter
                  may be put to any meeting of the Board unless the notice of
                  the meeting contains reasonable detail of the matter or unless
                  all of the Directors

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<PAGE>

                  either are present and do not object to the matter being put
                  to the meeting or otherwise waive the provisions of this
                  subsection 5.7(d).

         e)       Voting. Except as otherwise herein provided, decisions of the
                  Board shall be effective only if approved by a majority of the
                  votes cast at a meeting of the Directors or by written
                  resolution signed by all of the Directors.

         f)       Compensation Committee. The Board shall appoint a Compensation
                  Committee and shall delegate the responsibility for making
                  decisions relating to compensation of all senior employees of
                  the Corporation to such Compensation Committee. The
                  Compensation Committee shall consist of three (3) members, one
                  of whom shall be a nominee of NRC, one of whom shall be Sagman
                  (provided that Sagman shall be prohibited from voting on
                  matters relating to his own compensation) and one of whom
                  shall be independent of management. In order to be effective,
                  all decisions of the Compensation Committee shall be made by a
                  unanimous vote of its members entitled to vote at a meeting or
                  in writing.

         g)       AUDIT COMMITTEE. The Board shall appoint an Audit Committee
                  and shall delegate the responsibility for the review and
                  approval of the financial statements of the Corporation to
                  such Audit Committee. The Audit Committee shall consist of
                  three (3) members, one of whom shall be Sagman, one of whom
                  shall be a nominee of NRC and one of whom shall be independent
                  of management. In order to be effective, all decisions of the
                  Audit Committee shall be made by a unanimous vote of its
                  members at a meeting or in writing.

         h)       Scientific Advisory Board/Committee. The Board shall appoint a
                  Scientific Advisory Board/Committee and shall delegate the
                  responsibility to it for the review of the research and
                  development of the Corporation's platform technology.

         i)       Other Committees. The Board shall have the right to appoint
                  such other committee(s) as it deems necessary and in so doing,
                  shall delegate specific responsibilities to such committee(s).

5.8      Senior Officers.

         a)       The Corporation shall have six (6) months following the date
                  of this Agreement to retain the services of a Chief Financial
                  Officer and/or Chief Operating Officer acceptable to NRC and
                  if the Corporation fails to do so, NRC shall have the right
                  following such six (6) month period to appoint such Chief
                  Financial Officer and/or Chief Operating Officer of the
                  Corporation in its sole discretion.

         b)       Throughout the currency of this Agreement, members of the
                  Senior Management Group may be compensated as determined by
                  the Compensation Committee.

5.9      Directors Fees. Any Director who is independent of the Corporation
         shall be entitled to an annual fee of $2,000 and a fee of $200 for each
         meeting attended by such Director plus reasonable expenses incurred in
         attending such meeting, upon presentation of receipts therefor.

5.10     Extraordinary Matters. Notwithstanding any provision to the contrary in
         the Articles, the Bylaws or this Agreement, the following matters shall
         require the written approval of the Shareholders holding sixty-six and
         two-thirds (66 2/3's) of the Shares in addition to any requirements
         required by law:

         a)       the taking or institution of any proceedings for the
                  winding-up, reorganization or dissolution of the Corporation
                  or any of its Affiliates;

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         b)       the making of an assignment for the benefit of any creditors
                  of the Corporation or of any of its Affiliates;

         c)       the amalgamation, consolidation, merger of, or the entering
                  into of any agreement to amalgamate, consolidate or merge, the
                  Corporation with any corporation, partnership, joint venture
                  or firm, or the continuance or corporate reorganization of the
                  Corporation of any kind or the purchase of any securities of
                  any Person;

         d)       the sale, lease, exchange or other disposition of all or
                  substantially all of the assets of the Corporation or of any
                  of its Affiliates or any sale, lease, exchange, or other
                  disposition of any such assets out of the ordinary course of
                  business;

         e)       the sale of any shares held by the Corporation in any of its
                  Subsidiaries;

         f)       the issuance of any shares by any Subsidiary;

         g)       the purchase or redemption by the Corporation of any Shares
                  other than as expressly provided in this Agreement;

         h)       the declaration, payment or setting aside for payment of any
                  dividend, the distribution of any surplus or earnings, the
                  return of any capital, the repayment or retirement of any
                  indebtedness of the Corporation to any Shareholder, or any
                  other payment or distribution of assets of the Corporation to
                  any Shareholder, other than to or in favour of NRC (as a
                  holder of Preferred Shares).

         i)       the amendment of the Articles or Bylaws (other than as
                  contemplated by Section 3.2 hereof);

         j)       the guarantee or indemnification by the Corporation of, or the
                  grant of security by the Corporation for, the debts or
                  obligations of any corporation, partnership, joint venture,
                  firm or person;

         k)       the making of any loans with, the granting of any other
                  financial assistance to or the entering into of any agreements
                  with any Shareholder or Associate of such Shareholder;

         1)       the amendment of any provision of this Agreement;

         m)       other than as set forth in Section 5.8 for the Senior
                  Management Group, the payment of any advance, salary, bonus,
                  consulting fee, management fee, incentive compensation or
                  bonus or other payment to any Director, former director,
                  officer, Shareholder, employee or Affiliate (excluding the
                  market value of goods sold or services provided in the
                  ordinary course of business) of the Corporation or to any
                  person related by blood, adoption or marriage to any of the
                  foregoing or to any corporation not dealing at Arm's Length
                  with any such person or the creation of any agreement which
                  would obligate the Corporation to make any such payment,
                  except to the extent that such fees, bonuses or other payments
                  constitute normal remuneration payable to bona fide employees
                  of the Corporation and have been specifically approved in
                  connection with the Annual Business Plan;

         n)       the acquisition or agreement to acquire any capital asset, any
                  lease or agreement to lease of real or personal property or
                  any acquisition or agreement to acquire property which is not
                  contemplated by the Business Plan as may be amended, if at
                  all, or by the duly approved Annual Business Plan or which
                  would exceed the aggregate amount approved by the Business
                  Plan (or by the duly approved Annual Business Plan) for such
                  matters;

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         o)       any material change in the Corporation's Business or the
                  taking of any action which may lead to or result in such
                  material change;

         p)       the incorporation or acquisition of any corporation that would
                  be an Affiliate of the Corporation:

         q)       the hypothecation, mortgage, pledge or any act otherwise
                  encumbering the Corporation's assets or any of them except as
                  may be required by bankers in connection with the
                  Corporation's normal banking activities and arranged lines of
                  credit;

         r)       the issuance or allotment of Shares or the granting of any
                  right, option or privilege to acquire any Shares, other than
                  as contemplated in this Agreement;

         s)       any change in the number of issued and outstanding shares in
                  the capital of the Corporation or any increase or reduction in
                  the capitalization of the Corporation, including, without
                  limitation, byway of any split, conversion or exchange of
                  Shares; and

         t)       any amendment, modification or termination of any agreements
                  between the Corporation and any of its Subsidiaries.

5.11     SUBSIDIARIES AND AFFILIATES. The provisions of Section 5.10 shall apply
         mutatis mutandis to any Subsidiary of the Corporation.

5.12     MEETINGS OF SHAREHOLDERS. The quorum for the transaction of business at
         any meeting of the Shareholders shall be two persons present in person
         or by proxy holding at least 50% of the Shares entitled to vote at the
         meeting. No meeting shall continue with the transaction of business in
         the absence of a quorum.

         Subject to Section 5.10, all questions before the Shareholders shall be
         decided by a majority of those voting. The Chairman of the meeting of
         the Shareholders shall be decided by a majority of those voting. The
         Chairman of the meeting of the Shareholders will not have a second or
         deciding vote.

         Notwithstanding the provisions of this subsection 5.12, if proper
         notice of a meeting of the Shareholders is given and a quorum of
         Shareholders is not present, then a meeting of the Shareholders may
         thereafter be held on 48 hours written notice of the second meeting to
         transact the business set forth in the original notice and, subject to
         the Bylaws and the Act, any Shareholders present at that meeting shall
         constitute a quorum for the transaction of the business set out in the
         original notice in respect of that meeting and such business may be
         transacted by a majority of voting Shares of Shareholders in attendance
         at the meeting.

5.13     Key Person Insurance. The Corporation covenants with the Shareholders
         that the Corporation will insure and keep insured the life of Sagman
         under a policy of "key person life insurance" in the amount of
         $1,000,000 with the Corporation as the sole beneficiary under such
         policy.

5.14     Auditors. The Board shall have the responsibility of selecting auditors
         for the Corporation, subject to the approval of NRC.

5.15     STOCK OPTIONS AND WARRANTS. The Corporation hereby discloses that there
         are no outstanding stock options or warrants, other than those listed
         in the recitals to this Agreement.

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ARTICLE 6 - FINANCIAL & ACCOUNTING PRACTICES

6.1      Financial Information.

         a)       The Corporation shall deliver to all Shareholders within
                  forty-five (45) days of the financial year end of the
                  Corporation one copy of its annual financial statements, which
                  shall be prepared on a consolidated basis and be audited by
                  independent auditors of the Corporation. Such statements shall
                  include a balance sheet and a statement of income, retained
                  earnings and changes in financial position, together with all
                  supporting schedules and working papers. Such financial
                  statements shall be signed by an authorized officer of the
                  Corporation and shall be accompanied by a report of the
                  auditors of the Corporation (which report shall not be
                  qualified).

         b)       The Corporation shall furnish to its Shareholders no later
                  than thirty (30) days prior to the end of the financial year
                  ending March 31, 2000, and thereafter no later than thirty
                  (30) days prior to the end of each financial year an Annual
                  Business Plan for the next financial year which shall consist
                  of the detailed budget for such financial year providing
                  information supplementary to and consistent with the Business
                  Plan (as same may be amended from time to time). For the
                  purposes of this Agreement, "ANNUAL BUSINESS PLAN" means, for
                  any financial year, monthly detailed pro forma balance sheets,
                  income statements and statements of changes in financial
                  position for the Corporation prepared in accordance with
                  generally accepted accounting principles on a consolidated
                  basis and approved by its Board of Directors together with
                  such explanations, notes and information which in the
                  reasonable opinion of the Corporation explain and supplement
                  the information so provided and a capital expenditure plan
                  indicating the nature and amount of capital expenditures
                  proposed to be incurred in such financial year.

         c)       The Corporation shall also provide its Shareholders a monthly
                  financial report within thirty (30) days after the end of each
                  month which report shall consist of a balance sheet and income
                  statement, including year-to-date information.

         d)       The Corporation shall also deliver to each of its Shareholders
                  within thirty (30) days after the end of each financial
                  quarter one copy of its unaudited quarterly financial
                  statements which shall be prepared on a consolidated basis and
                  shall include the balance sheet and statements of income,
                  retained earnings and changes in financial position, together
                  with all supporting schedules and notes to the financial
                  statements; and

         e)       The Corporation shall also furnish to each of its Shareholders
                  within thirty (30) days after the end of each financial
                  quarter a Progress Report. For purposes of this Agreement,
                  "Progress Report" means, for the period in question, a written
                  report describing and summarizing the activities being
                  undertaken by the Corporation, which report shall include a
                  summary of all progress made toward established scientific and
                  corporate milestones and any recommendation to change any such
                  milestones, if necessary.

6.2      Maintain Books. The Corporation shall maintain accurate and complete
         books and records of all transactions, receipts, expenses, assets and
         liabilities of the Corporation in accordance with generally accepted
         accounting principles, consistently applied as approved and adopted by
         the Board.

6.3      Review of Books. The Shareholders agree that NRC, Medarex and
         Credifmance shall, at its own expense, be entitled to appoint a
         representative, agent or designee to review, on reasonable notice, all
         books, documents and records of the Corporation and shall be entitled
         to make copies thereof for their oven purposes. NRC and its respective
         representatives, agents and designees shall have the right to discuss
         at any time with management

                                       10
<PAGE>

         personnel of the Corporation, such matters pertaining to the financial
         position, operations, investments and financings as may be of interest
         to NRC or such representative, agent or designee from time to time.

6.4      FISCAL YEAR. The fiscal year of the Corporation shall end on the 31 st
         day of March in each year, or such other date as is agreed to by the
         Board.

6.5      OBLIGATIONS OF A PUBLIC COMPANY. The Corporation acknowledges that
         Medarex is a public company and that the Corporation shall cause its
         officers, directors, employees, auditors and other professional
         advisors to provide Medarex and its respective officers, directors,
         employees, auditors and other professional advisors with reasonable
         access on prior written notice and during normal business hours to
         financial and other information which is reasonably requested regarding
         the Corporation and its Subsidiaries, and to otherwise co-operate
         reasonably with Medarex, and its officers, directors, employees,
         auditors and other professional advisors to enable Medarex to satisfy
         the reporting and other obligations imposed on Medarex by the
         Securities Exchange Commission ("SEC") and any other regulatory
         authorities to the extent that Medarex is subject to such laws and
         regulations.

ARTICLE 7 - SALE AND ISSUANCE OF SHARES

7.1      SALE AND ISSUE RESTRICTIONS.

         a)       Except as otherwise set forth in this Agreement, none of the
                  Shareholders may sell, grant an option to sell, encumber,
                  pledge or create a security interest in or otherwise deal with
                  any of its Shares in the Corporation provided however that
                  Shares may be pledged to the banker of the Corporation from
                  time to time as security for indebtedness of the Corporation
                  owed to such banker.

         b)       No proposed dealing with any Shares (including the issuance
                  thereof) in violation of this Agreement shall be valid, and
                  the Corporation shall not record or transfer any of the Shares
                  dealt with in violation of this Agreement in the records of
                  the Corporation nor shall any voting rights attached to such
                  Shares be exercised, nor shall any dividends be paid on such
                  Shares during the period of such violation. Such
                  disqualification shall be in addition to and not in lieu of
                  any other remedies to enforce the provisions of this
                  Agreement.

         c)       Notwithstanding anything else herein contained, every transfer
                  of all or a portion of the Shares held by a Shareholder, and
                  any issue of Shares by the Corporation, in addition to the
                  requirements of the Articles, shall be subject to the
                  condition that the proposed transferee, or holder, if not
                  already bound by this Agreement, shall first enter into an
                  agreement with the other parties hereto to be bound hereby.
                  For greater certainty, but without limiting the foregoing,
                  each of the Shareholders shall be bound by the provisions of
                  this Agreement in respect of any Shares which may be acquired
                  by such Shareholder after the date hereof in accordance with
                  the provisions of this Agreement.

7.2      Offer. If at any time a Shareholder or group of Shareholders, acting in
         concert (hereinafter collectively referred to as the "Selling
         Shareholder"), desires to sell to a third party with whom the Selling
         Shareholder is dealing at Arm's Length all but not less than all of the
         Shares of the Selling Shareholder, the Selling Shareholder shall obtain
         from the third party a bona fide offer in writing which offer shall be
         irrevocable for a period of 45 days (hereinafter in this Section 7.2
         and Sections 7.3, 7.4 and 7.5 referred to as the "Offer") which it is
         ready and willing to accept, to purchase all of the Shares for the
         amount thereof set forth in the Offer by cash or certified cheque and
         shall give notice in writing to the other Shareholders of the receipt
         of the Offer within 10 days thereof together with a copy thereof. The
         Offer may but need not also provide for the purchase of indebtedness
         owed by the Corporation to the Selling Shareholder. 11

                                       11
<PAGE>

7.3      Tag-Along and Purchase Rights. If NRC is not a Selling Shareholder,
         under Section 7.2, NRC shall have the right to elect, by notice in
         writing to the Selling Shareholder, within 30 days from the date of
         receipt of a copy of the Offer, to:

         a)       as a condition precedent to any sale of the Shares by the
                  Selling Shareholder, require the third party to amend the
                  Offer to provide for the purchase of that number of Shares
                  which are the subject matter of the Offer such that each of
                  the Selling Shareholder and NRC shall sell from their
                  respective holdings of Shares a fraction of the number of
                  Shares which are the subject matter of the Offer, which
                  fractions shall have as their numerators, in the case of
                  Selling Shareholder, the number of Shares held by the Selling
                  Shareholder, and in the case of NRC, the number of Shares held
                  by NRC, and the denominator of both such fractions shall be
                  the sum of the number of Shares held by the Selling
                  Shareholder and NRC, for the same price per Share, and at the
                  same time and on the same terms and conditions as contained in
                  the Offer, in which case NRC shall become a "Selling
                  Shareholder" for purposes of this Article 7; or

         b)       if the Selling Shareholder is not NRC, as a condition
                  precedent to any sale of the Shares by the Selling
                  Shareholder, require the third party to amend the Offer to
                  provide for the purchase of all of the Shares (or such lesser
                  number as is the subject matter of the Offer) held by NRC, for
                  the same price per Share, and at the same time and on the same
                  terms and conditions as contained in the Offer, in which case
                  NRC shall become a "Selling Shareholder" for purposes of this
                  ARTICLE 7.

7.4      RIGHT OF FIRST REFUSAL. Except in the case where Section 7.6 or Section
         7.9 shall apply, the other Shareholders shall have the irrevocable
         right, exercisable by written notice given to the Selling Shareholder
         within 30 days after the giving of the notice by the Selling
         Shareholder, to purchase all but not less than all of the Shares of the
         Selling Shareholder or, if NRC has exercised its option set forth in
         Section 7.3, the number of Shares of the initial Selling Shareholder
         and of NRC which are the subject matter of the Offer (in either case,
         the "Selling Shareholders Shares"), and, if provided for in the Offer,
         indebtedness owed by the Corporation to the Selling Shareholder on the
         terms and conditions and for the amount set forth in the Offer by cash
         or certified cheque pro rata in proportion to their respective holdings
         of Shares (or in such other proportions as they may agree among
         themselves). In the event that one or more of the Shareholders elects
         to purchase his or its pro rata proportion of the Selling Shareholders
         Shares and, if applicable, indebtedness owed to the Selling Shareholder
         and one or more of the Shareholders declines to elect to so purchase,
         the Shareholder(s) electing to so purchase shall have the further right
         and option, exercisable by notice in writing within 5 days of being
         notified by the Selling Shareholder that one or more of the
         Shareholders has declined to so purchase, to purchase the remaining
         Selling Shareholders Shares and, if applicable, indebtedness owed to
         the Selling Shareholder on the same terms and conditions and for the
         amount set forth in the Offer by cash or certified cheque pro rata in
         proportion to their respective holdings of Shares of such Shareholders
         (or in such other proportions as they may agree among themselves). If
         there shall remain Shares which no Shareholder has elected to purchase,
         notwithstanding that one or more Shareholders has elected to purchase
         Selling Shareholders Shares pursuant to this Section 7.4, the right of
         any Shareholders to acquire the Selling Shareholders Shares and, if
         applicable, the indebtedness owed to the Selling Shareholder shall be
         null and void and the provisions of Section 7.5 shall apply.

7.5      Sale of Shares. Right of First Refusal Not Exercised. If following
         compliance with Section 7.4 there shall remain Shares which no
         Shareholder has elected to purchase, the Selling Shareholder shall
         accept the Offer and complete the transaction with the said third party
         in accordance with the terms and conditions of such third party's Offer
         and the parties hereby agree to take all steps and proceedings required
         to have such third party entered on the books of the Corporation as a
         shareholder and, if applicable, as a debtholder of the Corporation,
         provided that if the sale of such Shares to the third party is not
         completed, the provisions of Article 7 shall again apply to any
         proposed sale of Shares. The Selling Shareholder is hereby irrevocably
         appointed the agent and attorney of the Shareholders and each of them
         for the purposes of effecting registration of the third party 12

                                       12
<PAGE>

           as a Shareholder of the Corporation. The Board of Directors or the
           Shareholders (including the Selling Shareholder), as the case may be,
           before consenting to the transfer of the purchased Shares to the
           third party, shall require proof that the sale took place in
           accordance with the third party's Offer and the Board of Directors
           shall refuse the recording of the transfer of the purchased Shares
           which may have been sold otherwise than in accordance with the
           provisions of such Offer and of this Agreement.

7.6      DRAG-ALONG RIGHTS. If any of the Shareholders receive a Take-Over Bid,
         as hereinafter defined, which such Shareholder(s) wish to accept, such
         recipient Shareholder(s) shall forthwith provide a copy of the
         Take-Over Bid to the other Shareholders together with a notice that he,
         she or it wishes to invoke the provisions of this Section 7.6 in which
         case if Shareholders holding not less than 60% of the total number of
         issued and outstanding Shares wish to accept such Take-Over Bid, such
         Shareholders shall have the right to require the other Shareholders, on
         10 days notice in writing to such other Shareholders, to sell all of
         the Shares held by them to the third party pursuant to the terms of the
         Take-Over Bid for the amount set forth in the Take-Over Bid. The
         Corporation is hereby irrevocably appointed the agent and attorney of
         all the Shareholders and each of them for the purposes of effecting
         registration of the third party as a Shareholder and, if applicable,
         debtholder of the Corporation in completing the sale of the Shares of
         such other Shareholders to the third party in accordance with this
         Section 7.6. For purposes hereof, "TAKE-OVER BID" shall mean an offer
         for all of the Shares made by a third party dealing at Arm's Length
         with all of the Shareholders and the Corporation which complies with
         the following:

         a)       the purchase price shall in no event be less than $3.00 and
                  shall be paid in cash or, certified cheque or bank draft, in
                  full, at the closing;

         b)       the Take-Over Bid must provide for a purchase of the Preferred
                  Shares at a price which is the greater of (i) the amount per
                  Preferred Share as would have been payable had all Preferred
                  Shares been converted to Common Shares pursuant to the
                  provisions of the Articles immediately prior to the purchase
                  and (ii) redemption price per Preferred Share contained in the
                  Articles;

         c)       the Take-Over Bid shall not provide for the provision of
                  management, consulting or other fees, the payment for any
                  non-competition covenant, or the payment of salary which NRC
                  in its sole discretion determines to be reasonably
                  attributable to the purchase price as opposed to, fair
                  consideration for future services to be rendered by the
                  Shareholders or any of their Affilites, including the
                  purchaser, or any other Person with whom the Shareholder does
                  not deal at arm's length. In addition, no other consideration
                  may be paid by the offeror or its Affiliates otherwise than as
                  set forth in the offer;

         d)       NRC shall be required to represent and wan-ant only that (i)
                  its Shares are owned by it with a good and marketable title
                  thereto, free and clear of any liens, charges, mortgages and
                  encumbrances, (ii) it has the power to convey the Shares, and

         e)       the liability of NRC under the purchase agreement including,
                  without limitation, liability for a breach of representation
                  or warranty or for a claim under an indemnity shall be several
                  and not joint and several and shall not, under any
                  circumstances, exceed the lesser of its pro rata proportion of
                  any claim and the purchase price payable to NRC ; and

         f)       the Take-Over Bid shall contain no provision which would
                  prevent or restrict NRC's ability to make investments in any
                  business.

7.7      RIGHTS OF PURCHASER. Any purchaser of Shares from any Shareholder in
         accordance with the provisions of this Agreement shall be entitled to
         all of the benefits accruing to such Shareholder hereunder and shall be
         subject to the obligations of such Shareholder hereunder. 13

                                       13
<PAGE>

7.8      Ranking of Shares. Notwithstanding anything herein contained to the
         contrary, no offer for the purchase of the Shares shall be made by a
         party hereto or considered or accepted by a party hereto unless the
         purchase price contained in the offer attributable to each Preferred
         Share is the greater of (i) the amount per Preferred Share as would
         have been payable had all Preferred Shares been converted to Common
         Shares pursuant to the provisions of the Articles immediately prior to
         the purchase and (ii) redemption price per Preferred Share contained in
         the Articles.

ARTICLE 8 - NON-COMPETITION

8.1      Non-Competition. For the period ending on the second anniversary of the
         date that any Shareholder ceases directly or indirectly to be a
         Shareholder (the "RESTRICTED PERIOD"), such Shareholder, other than NRC
         and Medarex, shall not, on his or her own behalf or on behalf of or in
         connection with any Person, directly or indirectly, in any capacity
         whatsoever including as an employer, employee, mandatary, principal,
         agent, joint venturer, partner, shareholder or other equity holder,
         independent contractor, licensor, licensee, franchiser, franchisee,
         distributor, consultant, supplier, trustee or by and through any
         corporation, company, cooperative, partnership, trust, entity with
         juridical personality, unincorporated association or otherwise carry
         on, be engaged in, have any financial or other interest in or be
         otherwise commercially involved in any endeavour, activity or business
         in all or part of the Territory which:

         a)       Subject to the provisions of Section 8.6, is substantially the
                  same as or in competition with the Corporation's Business or
                  the Subsidiaries' Business; or

         b)       In any way involves the acquisition, reorganization or
                  consolidation of Persons engaged in the Corporation's Business
                  or the Subsidiaries' Business.

8.2      NON-SOLICITATION OF CUSTOMERS. For the period ending on the second
         anniversary of the date that any Shareholder ceases directly or
         indirectly to be a Shareholder, such Shareholder, other than NRC and
         Medarex, shall not, on his or her own behalf or on behalf of or in
         connection with any other Person, directly or indirectly, in any
         capacity whatsoever including as an employer, employee, mandatary,
         principal, agent, joint venturer, partner, shareholder or other equity
         holder, independent contractor, licensor, licensee, franchiser,
         franchisee, distributor, consultant, supplier, cooperative,
         partnership, trust, entity with juridical personality, unincorporated
         association or otherwise in connection with the Corporation's Business
         or the Subsidiaries' Business:

         a)       Canvass or solicit the custom of (or procure or assist the
                  canvassing or soliciting of the custom of) any customer of the
                  Corporation or its Subsidiaries;

         b)       Accept (or procure or assist the acceptance of) any business
                  from any customer of the Corporation or its Subsidiaries;

         c)       Canvass or solicit the custom of (or procure or assist the
                  canvassing or soliciting of the custom of) any Prospective
                  Customer:

         d)       Accept (or procure or assist the acceptance of) any business
                  from any Prospective Customer;

         e)       Supply (or procure or assist the supply of) any goods or
                  services to any customer of the Corporation or its
                  Subsidiaries; or

         f)       Supply (or procure or assist the supply of) any goods or
                  services to any Prospective Customer.

                                       14
<PAGE>

8.3      Non-Solicitation of Employees. For the period ending on the second
         anniversary of the date that any Shareholder ceases directly or
         indirectly to be a Shareholder, such Shareholder shall not, on his or
         her own behalf or on behalf of or in connection with any other Person,
         directly or indirectly, in any capacity whatsoever including as an
         employer, employee, mandatary, principal, agent, joint venturer,
         partner, shareholder or other equity holder, independent contractor,
         licensor, licensee, franchiser, franchisee, distributor, consultant,
         supplier, trustee, or by and through any corporation, company,
         cooperative, partnership, trust, entity with juridical personality,
         unincorporated association or otherwise:

         a)       Employ, offer employment to or solicit the employment or
                  engagement of or otherwise entice away from the employment of
                  the Corporation or the Subsidiaries any individual who is
                  employed by the Corporation at the time that such person
                  ceases to be a Shareholder whether or not such individual
                  would commit any breach of his contract or terms of employment
                  by leaving the employ of the Corporation or the Subsidiaries,
                  or

         b)       Procure or assist any Person to employ, offer employment or
                  solicit the employment or engagement of or otherwise entice
                  away from the employment of the Corporation or the
                  Subsidiaries any individual who is employed by the Corporation
                  or the Subsidiaries at the time that such person ceases to be
                  a Shareholder whether or not such individual would commit any
                  breach of his contract or terms of employment by leaving the
                  employ of the Corporation or the Subsidiaries.

8.4      Non-Interference. Such Shareholder ceasing directly or indirectly to be
         a Shareholder shall not on its own behalf or on behalf of or in
         connection with any other Person, directly or indirectly, in any
         capacity whatsoever including as an employer, employee, mandatary,
         principal, agent, joint venturer, partner, shareholder or other equity
         holder, independent contractor, licensor, licensee, franchiser,
         franchisee, distributor, consultant, supplier, trustee, or by and
         through any corporation, company, cooperative, partnership, trust,
         entity with judicial personality, unincorporated association or
         otherwise, interfere or attempt to interfere with the Corporation's
         Business or the Subsidiaries' Business or persuade or attempt to
         persuade any customer, Prospective Customer, employee or supplier of
         the Corporation or any of the Subsidiaries to discontinue or alter such
         Person's relationship with the Corporation or any of the Subsidiaries.

8.5      PORTFOLIO EXCEPTION. Such Person ceasing to be a Shareholder and the
         shareholders of such Shareholder shall not be in default under this
         Agreement by virtue of his holding as a passive investor not more than
         five percent (5%) of the issued and outstanding shares of a
         corporation, the shares of which are listed on a recognized stock
         exchange within the Territory and with which such Person has no other
         connection whatsoever.

8.6      PROVISO. Nothing in this Article 8 shall derogate from a Shareholder's
         obligation to comply with Article 13 of this Agreement.

ARTICLE 9 - REPRESENTATIONS AND WARRANTIES

9.1      General. Each Shareholder hereby represents and warrants to each of the
         other Shareholders and to the Corporation that such Shareholder:

         a)       is neither a party to nor bound by any agreement regarding the
                  ownership of its Shares, other than this Agreement or an
                  agreement to effect a transfer of Shares in accordance with
                  the terms of this Agreement;

         b)       is not a party to, bound by or subject to any indenture,
                  mortgage, lease, agreement, instrument, charter or bylaw
                  provision, statute, regulation, order, judgment, decree or law
                  which would be violated, contravened or breached by, or under
                  which any default would occur as a result of the execution and

                                       15
<PAGE>

                  delivery by such Shareholder of this Agreement or the
                  performance by such Shareholder of any of the terms hereof;
                  and

         c)       owns its Shares beneficially and as of record with good and
                  marketable title thereto free and clear of all legal rights
                  and encumbrances.

9.2      THE CORPORATION. The Corporation hereby represents and warrants to each
         Shareholder that, as at the date of this Agreement:

         a)       the Corporation is a Florida corporation;

         b)       the Corporation carries on no business other than the
                  Corporation's Business;

         c)       there are no outstanding options or agreements by the
                  Corporation to issue securities in the capital of the
                  Corporation and no understandings capable of becoming such
                  agreements, other than those options described in the recitals
                  to this Agreement; and

         d)       the recitals to this Agreement are true and correct.

ARTICLE 10 - ADDITIONAL CAPITAL

10.1     RELATED PARTY Loans. All loans from any Related Party shall be made on
         commercially reasonable terms and conditions.

         a)       Such loans are hereby expressly subordinated, to the extent
                  and in the manner provided in this Section 10.1, without any
                  further action or documentation whatsoever being necessary to
                  give effect to such subordination, in right of payment to the
                  prior payment in FULL OF ALL other obligations of the
                  Corporation for borrowed money, including without limitation
                  the Preferred Shares, all charges and security interests
                  created thereby and all indebtedness, liabilities and
                  obligations secured thereby (collectively, the "OTHER
                  INDEBTEDNESS").

         b)       In the event of any insolvency or bankruptcy proceedings, or
                  any receivership, liquidation, reorganization or other similar
                  proceedings relative to the Corporation or to its property or
                  assets, or in the event of any proceedings for voluntary
                  liquidation, dissolution or other winding-up of the
                  Corporation, whether or not involving insolvency or
                  bankruptcy, or any marshaling of the assets and liabilities of
                  the Corporation (collectively referred to as a "PROCEEDING"),
                  the holders of Other Indebtedness shall be entitled to receive
                  payment in full of all the Other Indebtedness before any
                  lending Related Party shall be entitled to receive any payment
                  or distribution of any kind or character, whether in cash,
                  property or securities which may be payable or deliverable in
                  any such event in respect of his, her or its Related Party
                  loan.

         c)       Upon any payment or distribution of assets of the Corporation
                  referred to in this Section 10.1, any lending Related Party
                  shall be entitled to call for and rely upon a certificate,
                  addressed to such lending Related Party, of the person making
                  any such payment or distribution for the purpose of
                  ascertaining the persons entitled to participate in such
                  distribution, the holders of Other Indebtedness and other
                  indebtedness of the Corporation, the amount thereof or payable
                  thereon, the amount or amounts paid or distributed thereon and
                  all other facts pertinent thereto or to this Section 10.1.

         d)       Subject to the payment in full of all Other Indebtedness, any
                  lending Related Party shall be subrogated to the rights of the
                  holders of Other Indebtedness to receive payments and
                  distribution of assets of the Corporation in respect of and on
                  account of Other Indebtedness, to the extent of the
                  application

                                       16
<PAGE>

                  thereto of moneys or other assets which would have been
                  received by such lending Related Party but for the provisions
                  of Section 10.1, until the principal of and interest on the
                  Other Indebtedness shall be paid in full. No payment or
                  distribution of assets of the Corporation to the lending
                  Related Party which would be payable or distributable to the
                  holder of Other Indebtedness pursuant to this Section 10.1
                  shall (to the extent paid over to or held for the account of
                  holders of Other Indebtedness), as between the Corporation,
                  its creditors (other than the holders of0ther Indebtedness)
                  and such lending Related Party, be deemed to be a payment by
                  the Corporation to or on account of such lending Related
                  Party, it being understood that the provisions of this Section
                  10.1 are, and are intended, solely for the purpose of defining
                  the relative tights of the lending Related Party, on the one
                  hand, and the holders of the Other Indebtedness on the other
                  hand. Nothing contained in this Section 10.1 is intended to or
                  shall impair, as between the Corporation and its creditors
                  (other than the holders of Other Indebtedness and the lending
                  Related Party), the obligation of the Corporation, which is
                  unconditional and absolute, to pay to the lending Related
                  Party the principal of and interest on his, her or its Related
                  Patty loan and any other amounts payable under his, her or its
                  Related Party loan as and when the same shall become due and
                  payable in accordance with the terms hereof, or to affect the
                  relative tights of the lending Related Patty and creditors of
                  the Corporation, other than the holders of the Other
                  Indebtedness, nor shall anything herein or therein prevent the
                  lending Related Patty from exercising all remedies otherwise
                  permitted by applicable law upon default under his, her or its
                  Related Patty loan subject to the rights, if any under this
                  Section 10.1, of the holders of Other Indebtedness upon the
                  exercise of any such remedy.

         e)       In the event that, notwithstanding the foregoing provisions of
                  this Section 10.1, the lending Related Party shall have
                  received any payment after a Proceeding has commenced before
                  all Other Indebtedness has been paid in FULL, THE lending
                  Related Patty shall hold such payment in trust for the benefit
                  of the holders of Other Indebtedness and shall forthwith upon
                  the completion of the Proceeding pay such payment over to such
                  holders of Other Indebtedness for application against unpaid
                  Other Indebtedness.

         f)       For greater certainty, this Section 10.1 shall not be
                  construed so as to prevent the lending Related Patty from
                  receiving and retaining any payments on account of his, her or
                  its Related Party loan which are made (A) in a manner that is
                  consistent with the terms of his, her or its Related Party
                  loan and (B) at any time when no event of default, as defined
                  in any Other Indebtedness or the instrument creating the same,
                  has occurred and is continuing and in respect of which notice
                  has been given by or on behalf of the holders of Other
                  Indebtedness to the Corporation and the Related Party. Until
                  written notice shall be given to the Related Patty by or on
                  behalf of any holder of any Other Indebtedness of the
                  occurrence of any default with respect to such Other
                  Indebtedness or the existence of any other facts which would
                  have the result that any payment with respect of any Related
                  Patty loan would be in contravention of the provisions of this
                  Section 10.1, the lending Related Party shall be entitled to
                  assume that no such default has occurred, or that no such
                  facts exist.

         g)       The holders of Other Indebtedness shall be entitled to rely
                  and shall be third patty beneficiaries of the provisions of
                  this Section 10. 1.

         h)       The provisions of this Section 10.1 shall have no application
                  to loans made by NRC to the Corporation.

10.2     FUTURE DEBT FINANCING. If the Corporation requires additional capital
         by way of debt, it shall first advise NRC of its requirements in
         writing. Upon receiving such notice, NRC shall have 10 days within
         which to notify the Corporation if it wishes to provide the required
         financing on such terms and conditions as may be negotiated between
         such parties. During that time, the Corporation shall provide to NRC,
         at its request, all such information as NRC may reasonably require to
         make its determination. In the event that the parties are unable

                                       17
<PAGE>

         to agree upon the terms of the financing within such 45 day period, the
         Corporation shall deliver, within 5 days following the expiry of such
         45 day period, a term sheet outlining the terms and conditions upon
         which it would be prepared to proceed with the financing. NRC shall
         have a further period of 5 days within which to accept or reject the
         terns of financing. In the event that either NRC rejects the terms of
         financing or fails to give notice within the prescribed time period as
         aforesaid, the Corporation shall be free to pursue obtaining its debt
         financing with other Persons on terms no less favourable to the
         Corporation or more favourable to such Persons than those set forth in
         the tern sheet provided to NRC .

10.3     FUTURE EQUITY FINANCINGS. If the Corporation requires additional
         capital by way of equity, the Corporation shall provide written notice
         to the Shareholders specifying the terms and conditions of the proposed
         equity issue including the amount of financing to be raised, the type
         of security to be issued, the price per security to be issued and the
         target completion date. Each Shareholder shall have the irrevocable
         right, exercisable by written notice given to the Corporation within 15
         days after the giving of above notice by the Corporation, to
         participate in the equity financing on a pro rata basis based on the
         number of Shares held by such Shareholder on the terms and conditions
         set forth by the Corporation. In the event that one or more
         Shareholders elects to subscribe for his or its pro rata proportion of
         the proposed equity issue and one or more Shareholders declines to so
         subscribe, the Shareholder(s) electing to so subscribe shall have the
         further right and option, exercisable by notice in writing within 5
         days of being notified by the Corporation that one or more Shareholders
         has declined to so subscribe, to subscribe for the remaining equity on
         the same terms and conditions as set forth by the Corporation in
         proportion to their respective holdings of Shares (or in such other
         proportions as they may agree among themselves). The foregoing
         procedure shall be repeated as often as is necessary until the equity
         issue is fully subscribed or until there remains equity which no
         Shareholder has elected to subscribe for. If there remains equity which
         no Shareholder has elected to subscribe for, the Corporation may elect
         to proceed with the equity financing in an amount equal to the amount
         subscribed for under this Section 10.3 or decline to proceed and to
         pursue its equity capital requirements through other sources on terms
         and conditions no more favourable than the terms and conditions
         specified to the Shareholders.

10.4     EXCEPTIONS TO PRE-EMPTIVE RIGHTS. Notwithstanding Section 10.3 hereof,
         no Shareholder shall have any rights thereunder in respect of

         a)       the issue of any options or shares of the Corporation pursuant
                  to a stock option plan for employees and other persons
                  approved by the Board of Directors, or pursuant to option or
                  other agreemen(pound) with employees of the Corporation
                  approved by the Board of Directors (or the Compensation
                  Committee) and in each case consented to in accordance with
                  Section 5.10 hereof;

         b)       shares issued as a stock dividend or pursuant to the exercise
                  of conversion privileges, options (including options under the
                  Stock Option Plan) or rights previously granted by the
                  Corporation in accordance with Section 10.3; or

         c)       the issue of any shares of the Corporation under the exercise
                  of any warrants or option agreements described in the recitals
                  to this Agreement.

ARTICLE 11 - DEMAND AND PIGGYBACK REGISTRATION RIGHTS

11.1     a)       Each of the Shareholders may, at any time after the completion
                  by the Corporation of an Initial Public Offering, on its own
                  or in conjunction with one or more other Shareholders' request
                  the Corporation in writing (a "Request") to register Shares
                  owned by such Shareholder(s) under the United States
                  Securities Act (if, at such time, the Corporation has
                  previously registered any Shares under the United States
                  Securities Act). Upon receipt of such Request, subject to the
                  provisions of Subsection 11.1 (b) hereof, the Corporation
                  shall use all reasonable efforts to cause the Shares specified
                  in the Request to be registered or qualified for distribution,
                  as the case may be in accordance with the following

                                       18
<PAGE>

                  provisions of this Article 11 as soon as reasonably
                  practicable so as to permit the sale thereof and in connection
                  therewith prepare and file, in such appropriate form as the
                  Corporation in its discretion shall determine, a registration
                  statement under the United States Securities Act to effect
                  such registration and seek to have such registration statement
                  become effective as promptly as practicable; provided however,
                  that each such Request shall: (i) specify the number of Shares
                  proposed to be offered and sold, (ii) express the present
                  intention of the Shareholder(s) making the Request to offer or
                  cause the offering of such Shares for distribution, (iii)
                  describe the nature or method required by such Shareholder(s)
                  in respect of the proposed offer and sale thereof and (iv)
                  contain the undertaking of such Shareholder(s) to provide all
                  such information and materials and take all such action within
                  its control and knowledge as may be required in order to
                  permit the Corporation to comply with all applicable
                  requirements of the SEC and to obtain any desired acceleration
                  of the effective date of such registration if applicable. Upon
                  any registration becoming effective or any Shares becoming
                  qualified for distribution, as the case may be pursuant to
                  this Article 11, the Corporation shall use its reasonable
                  commercial efforts to keep such registration statement or
                  prospectus, as the case maybe, current for a period of 120
                  days.

         b)       The Corporation shall not be required to register any Shares
                  or qualify any distribution pursuant to Subsection 11.1 (a)
                  hereof more often than once in any six (6) month period and,
                  in any event, unless the proposed aggregate sale price of the
                  Shares specified in the Request is greater than $1,000,000.

         c)       The Corporation shall be entitled, no more than once in any
                  twelve (12) month period, to postpone, for a period of time
                  (which shall not exceed 60 days without the consent of a
                  majority of the Shareholders who have made a Request (the
                  "Majority Requesting Shareholders")), the Request for a demand
                  offering under this Section 11.1 (which postponement shall
                  also apply for the purposes of Section 11.2) if the
                  Corporation determines, in the good faith exercise of its
                  reasonable business judgment, that such Request could
                  materially interfere with a bona fide financing, acquisition
                  or other material business plans of the Corporation or would
                  require disclosure of non-public information, the PREMATURE
                  disclosure of which could materially, negatively and adversely
                  affect the Corporation or such transaction. If the Corporation
                  postpones the demand offering requested under this Section
                  11.1, the Corporation shall promptly (but not later than three
                  Business Days following the determination to postpone the
                  demand offering) notify the Shareholders who have delivered a
                  Request, as well as the Demanding Shareholders (as hereinafter
                  defined), if applicable, of the determination to postpone the
                  demand offering and of the facts on which such determination
                  is based. If the Corporation postpones the demand offering
                  requested under this Section 11.1, the Corporation shall
                  promptly (but not later than three Business Days afterwards)
                  notify the Shareholders who have delivered a Request, as well
                  as the Demanding Shareholders (as hereinafter defined), if
                  applicable, when the events or circumstances permitting such
                  postponement have ended and at that time shall proceed with
                  the demand offering as requested and in accordance with this
                  Agreement. If the Corporation shall postpone the demand
                  offering pursuant to this Subsection 11.1(c), then any related
                  Request may thereafter be withdrawn by the Shareholder(s)
                  giving notice of withdrawal to the Corporation. Upon such
                  withdrawal, the withdrawn Request shall not count as an
                  exercise of the demand registration rights granted herein.

11.2     a)       If at any time after the completion of an Initial Public
                  Offering, one or more Shareholder(s) proposes to deliver a
                  Request to the Corporation (in this Article 11, the "Demanding
                  Shareholders"), the Demanding Shareholders shall,
                  contemporaneously with its delivery of a Request to the
                  Corporation, give written notice (the "Offer Notice") to the
                  other Shareholders (the "PARTICIPATING SHAREHOLDERS") SETTING
                  forth the same information asset out in the Request. Upon
                  receipt of an Offer Notice, the Participating Shareholders
                  shall be entitled, on written notice (the "Participating
                  Notice") to the Corporation and the Demanding Shareholder(s),
                  within ten days after receipt of the Offer Notice, to send
                  notice to the Corporation and the Demanding Shareholder(s)
                  specifying the

                                       19
<PAGE>

                  number of Shares which the Participating Shareholder wishes to
                  have registered under the registration or qualified under the
                  prospectus referred to in the Request. Upon receipt by the
                  Corporation of one or more Participating Notices from
                  Participating Shareholder(s), the Corporation shall, subject
                  to the provisions of Section 11.2(b) hereof, use all
                  reasonable efforts to cause the Shares specified in the
                  Participating Notice(s) to be registered or qualified for
                  distribution, as the case may be, so as to permit the sale
                  thereof contemporaneously with the registration or
                  qualification of the Shares of the Demanding Shareholder
                  pursuant to its Request in the same manner and on the same
                  terms and conditions as the Shares of the Demanding
                  Shareholder.

         b)       If the underwriter(s) or agent(s) retained by the Demanding
                  Shareholder(s) in connection with the sale of Shares pursuant
                  to a registration or qualification referred to in this Article
                  11, if any, advises that, in its sole opinion, the inclusion
                  in such registration or qualification of any or all of Shares
                  proposed to be included by one or more of the Participating
                  Shareholder(s) as stated in the Participating Notice(s) would
                  not be appropriate, then the number of Shares of all such
                  Shareholder(s) to be included in such registration shall be
                  reduced to such number (including nil) as such underwriter(s)
                  or agent(s) advises could be included in such registration or
                  qualification without interfering with the successful
                  marketing of the Shares proposed to be sold by the Demanding
                  Shareholder and the Participating Shareholder(s) under such
                  registration or qualification or the price at which such
                  Shares would be sold and each Demanding Shareholder and
                  Participating Shareholder shall be entitled to sell up to its
                  Proportionate Amount (which for these purposes is the
                  proportion which the number of Shares beneficially owned by it
                  bears to the number of Shares owned by all of the Demanding
                  Shareholders and Participating Shareholders) of the number, if
                  any, which such underwriter(s) or agent(s) advised would be
                  able to be sold by such Shareholders without adversely
                  affecting the successful and profitable marketing of the
                  Shares proposed to be sold by the Demanding and Participating
                  Shareholders.

11.3     a)       In addition to the rights provided in Sections 11.1 and 11.2
                  hereof, at any time after the completion of an Initial Public
                  Offering, the Corporation shall, as soon as reasonably
                  practicable but in any event not less than 15 days prior to
                  the filing of any registration statement under the United
                  States Securities Act relating to the public offering of
                  Shares or any security of the Corporation convertible into or
                  exercisable for any Shares, by the Corporation or any of its
                  shareholders, give written notice of such proposed filing and
                  of the proposed date thereof to each of the Shareholders who
                  at such time own at least 5% of the outstanding
                  fully-participating shares of the Corporation, and if, on or
                  before the 5th day following the date on which such notice is
                  given, the Corporation shall receive a written request that
                  the Corporation include among the securities covered by such
                  registration statement or prospectus the Shares owned by any
                  of such Shareholders (or such part thereof proposed by any of
                  them) for offering for sale in a manner and on terms set forth
                  in such request, the Corporation shall include such Shares in
                  such registration statement or prospectus, if filed, so as to
                  permit such Shares to be sold or disposed of in the manner and
                  on the terms of the offering thereof set forth in such
                  request;

         b)       Notwithstanding the foregoing. if the underwriter(s) or
                  agent(s) retained by the Corporation in connection with the
                  proposed public offering, if any, advises at any time that, in
                  its sole opinion, the inclusion in the proposed offering, of
                  Shares owned by the Senior Management Group, proposed to be
                  included in such offering would not be appropriate then the
                  Senior Management Group shall be deemed to have withdrawn
                  their respective notices requesting that such Shares be
                  included in the proposed offering; and

         c)       Notwithstanding the provisions of Subsection 11.3(a), but
                  subject to Subsection 11.3(b), if the underwriter(s) or
                  agent(s) retained by the Corporation in connection with the
                  proposed offering, if any, advises at any time that, in its
                  sole opinion, the inclusion in such offering of Shares owned
                  by

                                       20
<PAGE>

                  the Shareholders proposed to be included in such offering
                  would not be advisable, then the maximum number of Shares
                  owned by the Shareholders proposed to be included in such
                  offering shall be reduced to such number (including nil) as
                  such underwriter(s) or agent(s), in its sole discretion,
                  advises could be included in such offering without adversely
                  affecting the successful and profitable marketing of the
                  Shares proposed to be issued by the Corporation or the price
                  at which such Shares would be sold, and each Shareholder shall
                  be entitled to sell up to its Proportionate Amount (which for
                  these purposes is the proportion which the number of Shares
                  beneficially owned by it bears to the number of Shares owned
                  by all of the Shareholders) of the number, if any, which such
                  underwriter or agent advised would be able to be sold by such
                  Shareholders without adversely affecting the successful and
                  profitable marketing of the Shares proposed to be issued by
                  the Corporation or the price at which such Shares would be
                  sold.

         d)       Notwithstanding Section 11.3 (a) the Corporation shall not be
                  required to include in the registration statement or
                  prospectus contemplated by Section 11.3 (a) any shares
                  requested to be so included by any Shareholder unless the
                  proposed aggregate sale price of the securities proposed to be
                  offered by the Corporation and the Shares of the Shareholders
                  that would otherwise be included in such registration
                  statement or prospectus is at least $2.5 million;

11.4     The Corporation shall be responsible for the preparation of any
         registration statement, prospectus, agreements or documents and related
         papers and filings in connection with this Article 11 hereof and except
         to the extent otherwise required by law (including, without limitation,
         the policies or rules of any applicable securities regulation
         authority), shall pay all expenses relating to such registration,
         provided however, that each of the Shareholders hereby agrees to be
         liable for and pay directly its own legal fees and disbursements, if
         any, and any underwriting discounts and commissions applicable to any
         sale of Shares by the applicable Shareholder.

11.5     a)       In connection with any offering of Shares registered or
                  qualified pursuant to this Agreement, the Corporation:

                  (i)      shall furnish to each of the Shareholders such number
                           of copies of any prospectus (including any
                           preliminary prospectus) or registration statement and
                           prospectus or registration statement supplement or
                           amendment as it may reasonably request in order to
                           effect the offering and sale of Shares to be offered
                           and sold, but only while the Corporation shall be
                           required under the provisions of this Agreement to
                           cause the registration statement or prospectus to
                           remain current; and

                  (ii)     shall take such action as shall be necessary to
                           qualify the shares covered by such registration under
                           such provincial, blue sky or other U.S. state or
                           Canadian securities laws for offer and sale as the
                           Shareholder shall reasonably request. If requested in
                           connection with an offering in accordance with
                           Section 11.1 or 11.2 hereof the Corporation shall
                           enter into an underwriting agreement with a
                           nationally recognized investment banking firm or
                           firms selected by the Shareholders requesting the
                           registration of their Shares and approved by the
                           Corporation (which approval will not be unreasonably
                           withheld) containing representations, warranties,
                           indemnities and agreements then customarily included
                           by an issuer in underwriting agreements with respect
                           to secondary distributions.

         b)       In connection with any offering of Shares registered pursuant
                  to this Agreement, the Corporation shall, subject to
                  applicable law:

                  (i)      furnish each of the Shareholders requesting the
                           registration of its Shares, at the Corporation's
                           expense, with unlegended certificates representing
                           ownership of the Shares being sold in such
                           denominations as such Shareholder shall request: and

                                       21
<PAGE>

                  (ii)     instruct the transfer agent and registrar of the
                           Shares to release any stop transfer orders with
                           respect to the Shares being sold.

11.6     a)       In the event of any qualification of Shares pursuant to this
                  Article 1 I hereof, the Corporation shall hold harmless and
                  indemnify each of the Shareholders, any of the Shareholders'
                  officers, directors and employees (collectively, the
                  "INDEMNIFIED PARTIES") FROM and against any losses, claims,
                  damages or liabilities to which any of them may be subject
                  under any applicable securities laws or otherwise, insofar as
                  such losses, claims, damages or liabilities (or actions in
                  respect thereof) arise out of or are based upon any untrue
                  statement or alleged untrue statement of any material fact
                  contained in any prospectus or registration statement under
                  which such Shares were distributed, or any document incidental
                  to the qualification or sale of such Shares, or which arise
                  out of or are based upon the omission or alleged omission to
                  state therein any material fact required to be stated therein
                  or necessary to make the statement not misleading, or any
                  violation by the Corporation of any applicable securities laws
                  relating to action or inaction required by the Corporation in
                  connection with such qualification or sale under such
                  securities laws; provided, however, that the Corporation will
                  not be liable in any case to any extent that any such loss,
                  claim, damage or liability arises out of or is based upon an
                  untrue statement or alleged untrue statement or omission or
                  alleged omission made in any such prospectus, registration
                  statement or document in reliance upon and in conformity with
                  information furnished to the Corporation by any of Indemnified
                  Parties, specifically for use in the preparation thereof.

         b)       The Shareholders agree to indemnify and hold harmless the
                  Corporation, and each of its officers, directors, employees
                  and each person, if any, who controls the Corporation within
                  the meaning of either Section 15 of the United States
                  Securities Act, or Section 20 of the United States Exchange
                  Act, to the same extent as the foregoing indemnity from the
                  Corporation to the Shareholders, but only with respect to
                  information furnished in writing to the Corporation by the
                  Shareholder expressly for use in any registration statement or
                  prospectus contemplated in this Article 11. This indemnity
                  agreement SHALL SURVIVE THE TRANSFER of such Shares by the
                  Shareholder and will be in addition to any liability that the
                  Shareholder may otherwise have.

         c)       Each of the Indemnified Parties shall, promptly after receipt
                  of notice of the commencement of any action against such
                  Indemnified Party in respect of which indemnity may be sought
                  pursuant to Subsection 11.6(a) hereof, notify the Corporation
                  in writing of the commencement thereof. The omission of any
                  Indemnified Party so to notify the Corporation of any such
                  action shall not relieve the Corporation from any liability in
                  respect of such action which it may have to such Corporation
                  on account of the indemnity pursuant to Subsection I 1.6(a)
                  hereof unless the Corporation was prejudiced by such omission,
                  and in no event shall relieve the Corporation from any other
                  liability which it may have to such Indemnified Party. In case
                  any such action shall be brought against an Indemnified Party
                  and it shall notify the Corporation of the commencement
                  thereof the Corporation shall be entitled to assume the
                  defense thereof, with counsel satisfactory to such Indemnified
                  Party, and after notice from the Corporation to such
                  Indemnified Party of its election so to assume the defense
                  thereof the Corporation shall not be liable to such
                  Indemnified Party under Subsection 11.6(a) hereof for any
                  legal or other expenses subsequently incurred by such
                  Indemnified Party in connection with the defense thereof other
                  than reasonable costs of investigation. No admission of
                  liability shall be made by the Indemnified Party without the
                  consent of the Corporation. If after having been notified by
                  the Indemnified Party of the commencement of any action
                  against such Indemnified Party in respect of which indemnity
                  may be sought, the Corporation fails to assume the defense of
                  such suit on behalf of the Indemnified Party within 10 days of
                  receiving notice thereof, the Indemnified Party shall have the
                  right to employ counsel in respect of the defense of such suit
                  and the fees and expenses of such counsel shall be at the
                  expense of the Corporation.

                                       22
<PAGE>

ARTICLE 12 - GENERAL MATTERS

12.1     No AGENCY OR PARTNERSHIP. Nothing contained in this Agreement shall
         make or constitute any party the representative, agent, principal or
         partner of any other party and it is understood that no party has the
         capacity to make commitments of any kind whatsoever or incur
         obligations or liabilities binding upon any other party.

12.2     Notice. Any notice, direction or other communication to be given under
         this Agreement shall be in writing and given by delivering it or
         sending it by telecopy or other similar form of recorded communication
         addressed:
<TABLE>
<CAPTION>
<S>                                        <C>
         If to the Corporation at:         B. Twelve, Inc
                                           c/o 701 Northpoint Parkway
                                           Suite 330
                                           West Palm Beach, Florida 33407
                                           Attention:                       Dr. Uri Sagman
                                           Telephone:                       (561) 471-1002
                                           Telecopier                       (561) 471-5777

         If to Sagman at:                  Dr. Uri Sagman
                                           13 Old Forest Hill Road
                                           Toronto, Ontario
                                           MSP 2P6
                                           Telephone:                       (416) 486-6429
                                           Telecopier:                      (416) 481-1796

         If to Credifinance at:            1232 North Ocean Way
                                           Palm Beach, Florida 33480
                                           Attention:                Mr. Georges Benarroch
                                           Telephone:                       (561) 845-2849
                                           Telecopier.                      (561) 844-0517

         If to NRC at:                     New Researches Corporation
                                           10 rue Pierre Fatio
                                           CH-1204
                                           Geneva, Switzerland
                                           Attention:                   Mr. Michel Woodtli
                                           Telephone:                      (4122) 310 7150
                                           Telecopier                      (4122) 310 7610

         If to Benarroch:                  Georges Benarroch
                                           68 rue Spontini Paris
                                           75016 France
                                           Telephone:                        33-1-47275637

         If to MacAdam:                    Donald MacAdam
                                           Grace Street, P.O. Box 1288 Port
                                           Dover, Ontario
                                           NOA 1 NO

                                       23

<PAGE>

                                           Telephone:                       (416) 802-8722
                                           Telecopier:                      (519) 583-3166

         If to Berger:                     Dr. Jean-Luc Berger
                                           207 Robert Hicks Drive
                                           North York, Ontario
                                           M3R 3R3
                                           Telephone:                       (416) 661-3521
                                           Telecopier:                      (416) 661-7596

         If to Lifmac:                     Lifinac, S.A.
                                           33 Avenue des Champs Elysees,
                                           75008
                                           Paris, France

                                           Attention:                       Mr. G. Serfati
                                           Telephone:                       33-15-856-2200
                                           Telecopier:                      33-15-856-2203

         If to Rupert's Crossing:          Rupert's Crossing
                                           1580 Guiness House
                                           727 7'(degree) Avenue S.W.
                                           Calgary, Alberta
                                           T2P OZ5

                                           Attention:                  Mr. Michael Binnion
                                           Telephone:                       (403) 777-1571

         If to Medarex:                    Medarex, Inc.
                                           707 State Road #206
                                           Princeton, New Jersey 08540

                                           Attention:     Vice President & General Counsel
                                           Telephone:                       (609) 430-2880
                                           Telecopier:                      (609) 430-2850
</TABLE>

         Any such communication shall be deemed to have been validly and
         effectively given (i) if personally delivered, on the date of such
         delivery if such date is a Business Day and such delivery was made
         prior to 4:00 p.m. (Toronto time) and otherwise on the next Business
         Day, or (ii) if transmitted by telecopy or similar means of recorded
         communication on the Business Day following the date of transmission.
         Any Party may change its address for service from time to time by
         notice given in accordance with the foregoing and any subsequent notice
         shall be sent to such Party at its changed address.

12.3     ENDORSEMENT OF SHARE CERTIFICATES. Any and all certificates
         representing Shares now or hereafter beneficially owned by the
         Shareholders during the term of this Agreement shall have endorsed
         thereon, in bold type, the following legend:

                  "The securities evidenced by this certificate are subject to
                  the terms of and disposition and transfer of such securities
                  is restricted in accordance with, the provisions of an amended
                  and restated unanimous shareholders' agreement made as of
                  January 15, 2001 made between the Corporation and each and all
                  of the holders of shares. A copy of the said agreement,
                  together with all amendments and

                                       24
<PAGE>

                  supplements thereto, is available for inspection from the
                  Secretary of the Corporation on request and without charge at
                  its registered office."

12.4     Assignment. Neither this Agreement nor any rights or obligations
         hereunder are assignable by the parties hereto without the prior
         written consent of the other parties hereto, subject to the rights of
         Shareholders to sell their Shares pursuant to the terms of this
         Agreement and provided that the purchaser of such Shares agrees to be
         bound hereby. This Agreement shall enure to the benefit of and be
         binding upon the parties hereto and their respective heirs, executors,
         legal personal representatives, successors and permitted assigns.

         COUNTERPARTS AND FACSIMILE. This Agreement may be executed in any
         number of counterparts and all such counterparts taken together shall
         be deemed to constitute one and the same instrument. Any Party may
         execute this Agreement by facsimile which shall be deemed for all
         purposes to be an original.

12.6     PUBLICITY. Notwithstanding Section 13.1, NRC, Medarex and Credifinance
         shall have their respective right to disclose to whomsoever in any
         manner their ownership of shares in the capital of the Corporation and
         the debt owing (if any) by the Corporation to them.

ARTICLE 13 - CONFIDENTIALITY ARTICLE

13.1     CONFIDENTIALITY. The parties hereto agree to treat all information,
         data, reports and other records ("information") relating to the
         Corporation's Business as confidential and will not disclose such
         information to any other person other than their legal advisors or
         auditors without the prior written consent of the other parties;
         provided, however, that no Shareholder shall be liable for any such
         disclosure of such information of such Shareholder if such information:

         a)       becomes generally available to the public other than as a
                  result of a disclosure by the Shareholder or its
                  representatives in violation of this Agreement;

         b)       was available to the Shareholder on a non-confidential basis
                  without violation of this Agreement prior to its disclosure by
                  the Corporation or its representatives;

         c)       becomes available to the Shareholder on a non-confidential
                  basis without violation of this Agreement from a source other
                  than the Corporation or its representatives provided that such
                  source is not bound by a confidentiality agreement with the
                  Corporation or a duty of confidentiality to or in respect of
                  the Corporation to the knowledge of the Shareholder; or

         d)       is required by law to be disclosed by the Shareholder,
                  provided that the Shareholder first notifies the Corporation
                  that it believes it is required to disclose such information
                  and it allows the Corporation a reasonable period of time to
                  contest the disclosure of such information.

         Nothing in this Section or elsewhere in this Agreement shall be
         construed so as to prevent or limit Credifinance's ability to issue
         news releases or otherwise release or disclose information in
         accordance with its obligations pursuant to applicable law as a public
         corporation.

                                       25

<PAGE>

13.2     Survival. The terms of this Article 13 and of Article 8 shall survive
         any termination of this Agreement without limit as to time.

         IN WITNESS WHEREOF the Parties have caused this Agreement to be
executed by their respective duly authorized officer.

B. TWELVE, INC.                            CREDIFINANCE CAPITAL CORP.

Per: /s/ DR. URI SAGMAN                    Per: /s/ GEORGES BENARROCH
    -------------------------------            ---------------------------------
Authorized Signing Officer                 Authorized Signing Officer
President & CEO

NEW RESEARCHERS CORPORATION                LIFMAC, S.A.

Per: /s/ [Illegible]                       Per: /s/ [Illegible]
    -------------------------------            ---------------------------------
Authorized Signing Officer                 Authorized Signing Officer

MEDAREX, INC.                              RUPERT'S CROSSING

Per: /s/ [Illegible]                       Per: /s/ [Illegible]
    -------------------------------            ---------------------------------
Authorized Signing Officer                 Authorized Signing Officer

/s/ [Illegible]                            /s/ [Illegible]
-----------------------------------        -------------------------------------
Witness                                    DR. URI SAGMAN

/s/ [Illegible]                            /s/ [Illegible]
-----------------------------------        -------------------------------------
Witness                                    GEORGES BENARROCH

/s/ [Illegible]                            /s/ [Illegible]
-----------------------------------        -------------------------------------
Witness                                    DONALD MACADAM

/s/ [Illegible]                            /s/ [Illegible]
-----------------------------------        -------------------------------------
Witness                                    JEAN-LUC BERGER

                                       26Exhibit 10.7

                                OPTION AGREEMENT

         Option agreement dated as of March 5, 1999 between B. TWELVE, INC., a
corporation existing under the laws of the State of Florida (the "Corporation")
and DR. URI SAGMAN, an individual residing in the Province of Ontario (the
"Optionee").

         WHEREAS the Optionee is an employee of the Corporation and plans to
render faithful and efficient service to the Corporation in that capacity;

         AND WHEREAS the Corporation desires to continue to receive the benefit
of the services of the Optionee and to more fully identify his interest with the
Corporation's future and success;

         AND WHEREAS the Corporation desires to grant to the Optionee an option
to purchase shares of common stock of the Corporation in the event the Optionee
achieves certain anticipated corporate/scientific milestones upon and subject to
the terms and conditions hereinafter provided;

         AND WHEREAS the corporate milestones for the Corporation are correlated
with the anticipated progress in the scientific research and corporate
development of the Corporation. Specifically, the scientific objectives of the
Corporation are aligned with the planned research and development of the
following three (3) scientific platforms (each a "Scientific Platform" and
collectively, the "Scientific Platforms"):

1. VITAMIN B 12 ANALOGUES - these are chemically modified Vitamin B12 molecules
that are targeted to the Vitamin B12 receptor with potential applications for
the treatment of patients with either cancer or some forms of arthritis or
potentially other diseases of the immune system.

2. ANTIBODIES TO TRANSCOBALAMIN II - TRANSCOBALAMIN II ("TC II") is a protein
that is found in the blood stream. Vitamin B 12 combines with TC II in the blood
stream and in turn the Vitamin B12 and TC II complex combines with the Vitamin
B12 receptor on the cell surface. Monoclonal antibodies to TC II are aimed at
inhibiting the binding of TC II alone or combined with Vitamin B 12 to bind to
the Vitamin B12 receptor.

3. ANTIBODIES TO THE VITAMIN B,2 RECEPTOR - THE Vitamin B12 receptor is a cell
surface protein that is the target for Vitamin B,, and TC II complex. Monoclonal
antibodies to the Vitamin 13,2 receptor are aimed at inhibiting the binding of
the Vitamin B1z and TC II complex to Vitamin B12 receptor.

The milestones outlined below (each a "Milestone" and collectively, the
"Milestones") describe the anticipated achievements of the scientific and
corporate effort of the Corporation with regard to the Scientific Platforms
above described.

<PAGE>

         With respect to the "Vitamin B,1 analogue" Scientific Platform, there
are two (2)Milestones described as follows:

FIRST MILESTONE

Demonstration that new Vitamin B,1 analogues are active in cell culture
bioassays. New Vitamin B,2 analogues are to be developed based on the
understanding and characterization of existing analogues already developed and
available to the Corporation. Existing or new Vitamin B12 analogues are to be
characterized by their ability to alter the biological activity (i.e. apoptosis)
of either cancer cells, cells of the immune system or other appropriate cell
culture bioassays.

SECOND MILESTONE

Demonstration that new Vitamin B11 analogues are active in animal models.
Selected candidates (Vitamin B12 analogues) obtained in sufficient quantities
(i.e. scale-up) are to be tested in animal models for biological activity
against cancer, for modulation of the immune system or other appropriate
standard systems.

         With respect to the "Antibodies to Transcobalamin II" Scientific
Platform, there are three (3) Milestones described as follows:

Third Milestone

Alteration of selected murine monoclonal antibody candidate to the TC II protein
or to the TCII - Vitamin Bl2 complex to a form suitable for human
administration. Specific type(s) of monoclonal antibodies already developed are
to be selected and characterized in preparation for altering the mouse
antibodies to a form suitable for administration to humans. Selected murine
monoclonal antibody(ies) are to be altered (chimerization or humanization) to
form a product suitable for administration to humans.

Fourth Milestone

Determination of the biological activity of the new humanized monoclonal(s).
Chimeric or humanized antibody(ies) specific to the TC II and/or to the TC II
Vitamin B12 complex, obtained are to be assayed for its cell in vitro biological
activity in cell culture bioassays.

Fifth Milestone

Demonstration that new monoclonal antibody(ies) to TCII is (are) active in
animal models. Once developed and produced in sufficient amounts monoclonal
antibody(ies) to TC II are to be tested in suitable (i.e. human graft-model)
animal models for biological activity.

                                       2
<PAGE>

         With respect to the "Antibodies to the Vitamin B12 Receptor" Scientific
Platform, there are three (3) Milestones described as follows:

  Sixth Milestone

Cloning and expression of the gene responsible for the Vitamin B12 receptor. In
order to develop monoclonal antibodies to the Vitamin B12 receptor, a pure form
of the receptor is required. Accordingly, the process of isolating the Vitamin
B12 receptor is to be obtained by cloning and by sequencing the gene for the
receptor.

SEVENTH MILESTONE

Obtaining the Vitamin B12 receptor in pure and sufficient quantity for
characterization. The Vitamin B12 receptor is to be available in pure form and
sufficient amount from either the expression of the Vitamin B12 gene product
(i.e. gene product) or from isolation and purification of the receptor from cell
membrane lysates.

EIGHTH MILESTONE

Obtaining monoclonal antibody production to the Vitamin B12 receptor. Purified
form of the Vitamin B12 receptor is to be used to develop monoclonal antibodies
to the Vitamin B12 receptor using standard hybridoma and/or appropriate cloning
technology.

The above milestones are hereinafter referred to as the "First Milestone",
"Second Milestone", Third Milestone", "Fourth Milestone", "Fifth Milestone",
"Sixth Milestone", "Seventh Milestone" and "Eighth Milestone", respectively.

         NOW THEREFORE in consideration of the foregoing, the sum of $10.00 and
the mutual agreements contained herein and other good and valuable consideration
(the receipt and sufficiency of which are hereby acknowledged), the parties
hereto agree as follows:

1.       OPTION TO PURCHASE. The Corporation hereby grants to the Optionee, on
         and subject to the terms and conditions hereinafter set forth, the
         irrevocable right and option (the "Option") exercisable in accordance
         with the terms of this Agreement to purchase from the Corporation a
         maximum of 1,200,000 authorized and unissued common shares in the
         capital of the Corporation (the "Optioned Shares") at purchase price of
         $.0001 per Optioned Share (the "Option Price").

2.        VESTING OF THE OPTION.
          ---------------------

         (a)      The Option shall vest with respect to 300,000 of the Optioned
                  Shares (the "First Milestone Optioned Shares"), upon the
                  achievement by the Optionee of all parts of the First
                  Milestone, which the Optionee is to use his best efforts to
                  achieve on or before May 31, 2001.

                                       3
<PAGE>

         (b)      The Option shall vest with respect to 300,000 of the Optioned
                  Shares (the "Second Milestone Optioned Shares"), upon the
                  achievement by the Optionee of the Second Milestone, which the
                  Optionee is to use his best efforts to achieve on or before
                  May 31, 2001.

         (c)      The Option shall vest with respect to 100,000 of the Optioned
                  Shares (the "Third Milestone Optioned Shares"), upon the
                  achievement by the Optionee of all parts of the Third
                  Milestone, which the Optionee is to use his best efforts to
                  achieve on or before May 31, 2001.

         (d)      The Option shall vest with respect to 100,000 of the Optioned
                  Shares (the "Fourth Milestone Optioned Shares"), upon the
                  achievement by the Optionee of the Fourth Milestone, which the
                  Optionee is to use his best efforts to achieve on or before
                  May 31, 2001.

         (e)      The Option shall vest with respect to 100,000 of the Optioned
                  Shares (the "Fifth Milestone Optioned Shares"), upon the
                  achievement by the Optionee of the Fifth Milestone, which the
                  Optionee is to use his best efforts to achieve on or before
                  May 31, 2001.

         (f)      The Option shall vest with respect to 150,000 of the Optioned
                  Shares (the "Sixth Milestone Optioned Shares"), upon the
                  achievement by the Optionee of the Sixth Milestone, which the
                  Optionee is to use his best efforts to achieve on or before
                  May 31, 2001.

         (g)      The Option shall vest with respect to 75,000 of the Optioned
                  Shares (the "Seventh Milestone Optioned Shares"), upon the
                  achievement by the Optionee of the Seventh Milestone, which
                  the Optionee is to use his best efforts to achieve on or
                  before May 31, 2001.

         (h)      The Option shall vest with respect to 75,000 of the Optioned
                  Shares (the "Eighth Milestone Optioned Shares"), upon the
                  achievement by the Optionee of the Eighth Milestone, which the
                  Optionee is to use his best efforts to achieve on or before
                  May 31, 2001.

         (i)      Notwithstanding the vesting requirements set out in
                  subsections 2(a) through (h) above, all Optioned Shares not
                  already vested shall vest immediately in the event of the
                  following:

                  (i)      the sale of all or substantially all of the
                           Corporation's assets for net proceeds to the
                           Corporation of $9,000,000;

                                       4
<PAGE>

                  (ii)     the sale of all the shares of the Corporation; and

                  (iii)    the termination without Cause (as defined below) of
                           Sagman as an employee of the Corporation.

                  In this agreement, "Cause" shall mean:

                  (i)      fraud, embezzlement or gross insubordination on the
                           part of the Optionee;

                  (ii)     conviction or the entry of a plea of nolo contendere
                           by the Optionee for any felony or indictable offence;

                  (iii)    a material breach of, or the willful failure or
                           refusal by the Optionee to perform and discharge, his
                           duties, responsibilities or obligations under any
                           agreement with the Corporation or any of its
                           subsidiaries or affiliates that is related to the
                           Optionee's employment with the Corporation (other
                           than by reason of disability or death) that is not
                           corrected within thirty (30) days immediately
                           following written notice to the Optionee by the
                           Corporation, such notice to state with specificity
                           the nature of the breach, failure or refusal;
                           provided that if such breach, failure or refusal
                           cannot reasonably be corrected within thirty (30)
                           days of written notice thereof, correction shall be
                           commenced by the Optionee within such thirty (30) day
                           period and completed within a reasonable period
                           thereafter; or

                  (iv)     any act of willful misconduct by the Optionee which
                           (A) is intended to result in substantial personal
                           enrichment of the Optionee at the expense of the
                           Corporation or any of its subsidiaries or affiliates,
                           or (B) has a material adverse impact on the business
                           or reputation of the Corporation or any of its
                           subsidiaries or affiliates (such determination to be
                           made by the Board in its reasonable judgment).

         (j)      Notwithstanding the dates prescribed for vesting set out in
                  subsectiona 2(a) through (h) above, the Optionee shall still
                  have the right to exercise the Optioned Shares pertaining to
                  the achievement of a specific Milestone if such Milestone is
                  achieved on or before December 31, 2001.

3.       EXERCISE OF OPTION. The Option with respect to vested Optioned Shares
         shall be exercisable prior to the end of the Term.

4.       Term.
         ----

         (a)      Subject to Subsection 4(b) below, the Option shall be
                  exercisable until five (5) years from the date the Option is
                  granted (the "Term"). At the end of the Term, all vested or
                  unvested Options granted hereunder shall expire and shall no
                  longer be exercisable.

                                       5
<PAGE>

         (b)

                  (i)      If the Optionee ceases to be an employee of the
                           Corporation by reason of his death or voluntary
                           resignation:

                           (A)      Any vested Options shall be exercisable by
                                    the Optionee or his estate, as the case may
                                    be, until the first (1St) anniversary of the
                                    date of the Optionee's death or voluntary
                                    resignation.

                           (B)      The vesting of Options held by the Optionee
                                    automatically shall cease on the date of the
                                    Optionee's death or voluntary resignation.

                  (ii)     If the Optionee is terminated for Cause, any vested
                           Options held by the Optionee shall be exercisable by
                           the Optionee for a period of three (3) months from
                           termination; provided however, if the Optionee is
                           dismissed for Cause and the Corporation achieves one
                           or Milestones in the three (3) month period
                           subsequent to his dismissal, the Optionee shall be
                           entitled to exercise the Optioned Shares relating to
                           such Milestone(s) for a further period of thirty (30)
                           days from the date in which the Optionee is informed
                           that such Milestone(s) was achieved.

                  (iii)    If the Optionee is terminated otherwise than for
                           Cause, any vested Options held by the Optionee shall
                           be exercisable by the Optionee for a period of three
                           (3) months from termination.

5.       MANNER OF EXERCISE OF OPTION. During the Term, the Optionee, subject to
         the provisions of this Agreement, may exercise the Option to purchase
         on a cumulative basis, to the extent hereinafter provided, all or any
         part of the number of Shares subject to the Option which have vested in
         accordance with Section 2 until the total number of Optioned Shares
         subject to the Option stated in Section 1 has been purchased; provided,
         however, that the Option may only be exercised (in each case to the
         nearest full Optioned Share) during the Term and in units of 25,000
         Optioned Shares or such fewer number of Optioned Shares as may remain
         subject to this Option.

6.       NOTICE OF EXERCISE OF OPTION. This Option shall be exercised upon
         providing notice in writing to the Corporation addressed to Corporation
         at such place as the Corporation's executive office may then be located
         (the "Notice"), which Notice shall indicate the number of Optioned
         Shares (which have vested) for which the Option is being exercised, and
         which Notice shall be accompanied by payment in full to the Corporation
         of the Option Price for such Optioned Shares in cash or by certified
         cheque.

                                       6
<PAGE>

7.       RIGHT OF A SHAREHOLDER. After receipt of (i) a Notice, and (ii) payment
         in full of the Option Price for the Optioned Shares for which the
         Option is being exercised, the Corporation shall, within five (5)
         business days, take all actions necessary to issue such Optioned Shares
         to the Optionee and to prepare and deliver share certificates
         representing such Optioned Shares so issued and register such Optioned
         Shares in the name of the Optionee. The Optionee shall have no right as
         a shareholder with respect to such Optioned Shares until the issuance
         of such share certificates, and no adjustment shall be made for
         dividends or other rights for which the record date is prior to the
         time such share certificates are issued. The Corporation shall deliver
         share certificates in respect of such Optioned Shares within five (S)
         business days after receipt of items (i) and (ii) above. The issuance
         of the Optioned Shares is conditional upon the Optionee entering into
         an agreement with the other shareholders of the Corporation agreeing to
         be bound by the provisions of the unanimous shareholders agreement
         dated June 2, 1999 among the Corporation and its shareholders in
         respect of the Optioned Shares.

8.       TRANSFER OF OPTION. The Option granted pursuant to this Agreement shall
         not be assignable or transferable by the Optionee, except to members of
         the Optionee's immediate family provided that the Optionee continues to
         be bound by the provisions of this Agreement.

9.       ADJUSTMENT. In the event that prior to the exercise of the Option,
         there is any change in the number of outstanding common shares of the
         Corporation as a result of (i) the consolidation, merger or
         amalgamation of the Corporation with or into another body corporate;
         (ii) the conversion, exchange, redesignation, reclassification,
         consolidation or subdivision of the common shares; or (iii) any other
         capital reorganization of the Corporation whether by reorganization,
         arrangement, stock dividend, transfer, sale, continuance or otherwise,,
         then the number of the Optioned Shares subject to the Option and the
         Option Price thereof shall be adjusted appropriately.

10.      NECESSARY APPROVALS. The obligation of the Corporation to sell and
         deliver the Optioned Shares on the exercise of the Option is subject to
         the approval of any governmental authority or stock exchanges on which
         the shares in the capital of the Corporation are listed for trading
         which may be required in connection with the authorization, issuance or
         sale of the Optioned Shares by the Corporation. If any of the Optioned
         Shares cannot be issued to any Optionee after the exercise of the
         Option therefor for any reason including, without limitation, the
         failure to obtain such approval, then the obligation of the Corporation
         to issue such Optioned Shares shall terminate and any Option Price paid
         to the Corporation shall be returned to the Optionee.

11.      CHANGES TO MILESTONES OR SCIENTIFIC PLATFORMS. The Milestones described
         in this Agreement have been defined for the Scientific Platforms
         described in this Agreement. The parties to this Agreement recognize,
         however, that it is conceivable that the Scientific Platforms and/or
         the Milestones described in this Agreement may have to be altered or
         adjusted, from time to time, based on the actual results of the
         scientific research conducted by the Corporation or as new approaches
         to scientific research evolve. The parties to this Agreement agree that
         any new approaches and changes in direction of the Corporation's
         Scientific Platforms, Milestones and related research must be approved
         by the Board of Directors.

                                       7
<PAGE>

          In the event one or more new Milestones or one of the existing
          Scientific Platforms should be altered or discontinued by the
          Corporation, the parties further acknowledge that the Board of
          Directors of the Corporation shall have the power and discretion to
          vest, substitute or cancel any or all of the options allocated to
          existing Milestones.

12.      Currency. All monetary amounts in this Agreement refer to lawful money
         of the United States of America.

13.      Governing Law. This Agreement and the Option shall be governed by and
         interpreted and enforced in accordance with the laws of the State of
         Florida and the federal laws of the Unites States of America applicable
         therein.

14.      Enurement. This Agreement shall enure to the benefit of and be binding
         upon the parties hereto and their respective heirs, executors,
         successors and permitted assigns.

         IN WITNESS WHEREOF the parties have caused this option agreement to be
executed by their respective duly authorized officers.

                                              B. TWELVE, INC.

                                             Per: /s/ Jean-Luc Berger
                                                 ----------------------------
                                                 Jean-Luc Berger, Director

[Illegible]                                  /s/  DR. URI SAGMA
------------------------                     ---------------------------------
Witness:                                            DR. URI SAGMA

BY SIGNING, DR. SAGMAN ACKNOWLEDGES THAT HE UNDERSTANDS THE CONTENTS OF THIS
AGREEMENT AND THAT HE HAS BEEN GIVEN THE OPPORTUNITY TO OBTAIN INDEPENDENT LEGAL
ADVICE AND HAS EITHER DONE SO OR HAS CHOSEN NOT TO OBTAIN SUCH ADVICE.

                                       8

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