Document:

SUBSCRIPTION
      AGREEMENT

     

    Lev
      Pharmaceuticals, Inc.

    675
      Third
      Avenue, Suite 2200

    New
      York,
      NY 10017

    

    Gentlemen:

    

    The
      undersigned (the “Investor”)
      hereby
      confirms its agreement with you as follows: 

     

    1.  This
      Subscription Agreement, including the Terms and Conditions for Purchase of
      Units
      attached hereto as Annex
      I
      (collectively, this “Agreement”)
      is
      made as of the date set forth below between Lev Pharmaceuticals, a Delaware
      corporation (the “Company”),
      and
      the investor.

     

    2.  The
      Company has authorized the sale and issuance to certain investors of up to
      an
      aggregate of 23,333,333 units (the “Units”),
      each
      consisting of (i) one share (the “Share,”
      collectively the “Shares”)
      of its
      common stock, par value $0.01 per share (the “Common
      Stock”)
      and
      (ii) one warrant (the “Warrant,”
      collectively the “Warrants”)
      to
      purchase 0.20 shares of Common Stock (and the fractional amount being the
“Warrant
      Ratio”),
      for a
      purchase price of $1.50 per Unit (the “Purchase
      Price”),
      reflecting a price of $1.50 per Share and $0.00 per Warrant. The Shares issuable
      upon the exercise of the Warrants are referred to herein as the “Warrant
      Shares.”
The
      Warrant Shares, together with the Shares and the Warrants, are referred to
      herein as the “Securities.”).

     

    3.  The
      offering and sale of the Units (the “Offering”)
      are
      being made pursuant to (1) an effective Registration Statement on Form S-3
      (including the Prospectus contained therein (the “Base
      Prospectus”),
      the
“Registration
      Statement”)
      filed
      by the Company with the Securities and Exchange Commission (the “Commission”),
      (2)
      if applicable, certain “free writing prospectuses” (as that term is defined in
      Rule 405 under the Securities Act of 1933, as amended (the “Act”)),
      that
      have been or will be filed with the Commission and delivered to the Investor
      on
      or prior to the date hereof and (3) a Prospectus Supplement (the “Prospectus
      Supplement”
and
      together with the Base Prospectus, the “Prospectus”)
      containing certain supplemental information regarding the Securities and terms
      of the Offering that will be filed with the Commission and delivered to the
      Investor (or made available to the Investor by the filing by the Company of
      an
      electronic version thereof with the Commission).

     

    4.  The
      Company and the Investor agree that the Investor will purchase from the Company
      and the Company will issue and sell to the Investor the Units set forth below
      for the aggregate purchase price set forth below. The Units shall be purchased
      pursuant to the Terms and Conditions for Purchase of Units attached hereto
      as
Annex
      I
      and
      incorporated herein by this reference as if fully set forth herein. The Investor
      acknowledges that the Offering is not being underwritten by the placement agents
      (the “Placement
      Agents”)
      named
      in the Prospectus Supplement and that there is no minimum offering
      amount.

     

    5.  The
      manner of settlement of the Shares included in the Units purchased by the
      Investor shall be determined by such Investor as follows (check
      one):

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
              [____]

            	
              A.

            	
              Delivery
                by crediting the account of the Investor's prime broker (as specified
                by
                such Investor on Exhibit
                A
                annexed hereto) with the Depository Trust Company (“DTC”)
                through its Deposit/Withdrawal At Custodian ("DWAC")
                system, whereby Investor's prime broker shall initiate a DWAC transaction
                on the Closing Date using its DTC participant identification number,
                and
                released by Securities Transfer Corp. the Company’s transfer agent (the
                “Transfer
                Agent”),
                at the Company's direction. NO
                LATER THAN ONE (1) BUSINESS DAY AFTER THE EXECUTION OF THIS AGREEMENT
                BY
                THE INVESTOR AND THE COMPANY, THE INVESTOR
                SHALL:

            

    

     

    
      	 	 	
              (I)

            	
              DIRECT
                THE BROKER-DEALER AT WHICH THE ACCOUNT OR ACCOUNTS TO BE CREDITED
                WITH THE
                SHARES ARE MAINTAINED TO SET UP A DWAC INSTRUCTING THE TRANSFER AGENT
                TO
                CREDIT SUCH ACCOUNT OR ACCOUNTS WITH THE SHARES,
                AND

            

    

     

    
      	 	
              (II)

            	
              REMIT
                BY WIRE TRANSFER THE AMOUNT OF FUNDS EQUAL TO THE AGGREGATE PURCHASE
                PRICE
                FOR THE UNITS BEING PURCHASED BY THE INVESTOR TO THE FOLLOWING
                ACCOUNT:

            

    

    

    JPMorgan
      Chase Bank, N.A.

    ABA
      #
      021000021

    Account
      Name: Lev Pharmaceuticals/Jefferies 

    Account
      Number: 304954853

     

    -
      OR
      -

     

    
      	
              [____]

            	
              B.

            	
              Delivery
                versus payment (“DVP”)
                through DTC (i.e., the Company shall deliver Shares registered in
                the
                Investor’s name and address as set forth below and released by the
                Transfer Agent to the Investor through DTC at the Closing directly
                to the
                account(s) at Jefferies & Company, Inc. (“Jefferies”)
                identified by the Investor and simultaneously therewith payment shall
                be
                made by Jefferies by wire transfer to the Company). NO
                LATER THAN ONE (1) BUSINESS DAY AFTER THE EXECUTION OF THIS AGREEMENT
                BY
                THE INVESTOR AND THE COMPANY, THE INVESTOR SHALL:
                

            

    

     

    
      	 	
              (I)

            	
              NOTIFY
                JEFFERIES OF THE ACCOUNT OR ACCOUNTS AT JEFFERIES TO BE CREDITED
                WITH THE
                SHARES BEING PURCHASED BY SUCH INVESTOR, AND 

            

    

     

    
      	 	 	
              (II)

            	
              CONFIRM
                THAT THE ACCOUNT OR ACCOUNTS AT JEFFERIES TO BE CREDITED WITH THE
                SHARES
                BEING PURCHASED BY THE INVESTOR HAVE A MINIMUM BALANCE EQUAL TO THE
                AGGREGATE PURCHASE PRICE FOR THE UNITS BEING PURCHASED BY THE INVESTOR.
                

            

    

     

    IT
      IS THE INVESTOR’S RESPONSIBILITY TO (A) MAKE THE NECESSARY WIRE TRANSFER OR
      CONFIRM THE PROPER ACCOUNT BALANCE IN A TIMELY MANNER AND (B) ARRANGE FOR
      SETTLEMENT BY WAY OF DWAC OR DVP IN A TIMELY MANNER. IF THE INVESTOR DOES NOT
      DELIVER THE AGGREGATE PURCHASE PRICE FOR THE UNITS OR DOES NOT MAKE PROPER
      ARRANGEMENTS FOR SETTLEMENT IN A TIMELY MANNER, THE UNITS MAY NOT BE DELIVERED
      AT CLOSING TO THE INVESTOR OR THE INVESTOR MAY BE EXCLUDED FROM THE CLOSING
      ALTOGETHER.

     

    
      
         

      

      
        -2-

        
          

        

      

      
         

      

    

    6. The
      executed Warrant shall be delivered in accordance with the terms
      thereof.

     

    7. The
      Investor represents that, except as set forth below, (a) it has had no position,
      office or other material relationship within the past three years with the
      Company or persons known to it to be affiliates of the Company, (b) it is not
      a
      NASD member or an Associated Person (as such term is defined under the NASD
      Membership and Registration Rules Section 1011) as of the Closing, and (c)
      neither the Investor nor any group of Investors (as identified in a public
      filing made with the Commission) of which the Investor is a part in connection
      with the Offering of the Units, acquired, or obtained the right to acquire,
      20%
      or more of the Common Stock (or securities convertible into or exercisable
      for
      Common Stock) or the voting power of the Company on a post-transaction basis.
      Exceptions:

     

      
        

      

    

    (If
      no
      exceptions, write “none.” If left blank, response will be deemed to be
“none.”)

     

    8. The
      Investor represents that it has received (or otherwise had made available to
      it
      by the filing by the Company of an electronic version thereof with the
      Commission) the Base Prospectus, dated June 13, 2007, which is a part of the
      Company’s Registration Statement and the documents incorporated by reference
      therein (collectively, the “Disclosure
      Package”),
      prior
      to or in connection with the receipt of this Agreement. The Investor
      acknowledges that, prior to the delivery of this Agreement to the Company,
      the
      Investor will receive certain additional information regarding the Offering,
      including pricing information (the “Offering
      Information”).
      Such
      information may be provided to the Investor by any means permitted under the
      Act, including the Prospectus Supplement and oral communications.

     

    9. No
      offer
      by the Investor to buy Units will be accepted and no part of the Purchase Price
      will be delivered to the Company until the Investor has received the Offering
      Information and the Company has accepted such offer by countersigning a copy
      of
      this Agreement, and any such offer may be withdrawn or revoked, without
      obligation or commitment of any kind, at any time prior to the Company (or
      Jefferies on behalf of the Company) sending (orally, in writing or by electronic
      mail) notice of its acceptance of such offer. An indication of interest will
      involve no obligation or commitment of any kind until the Investor has been
      delivered the Offering Information and this Agreement is accepted and
      countersigned by or on behalf of the Company.

     

    
      
         

      

      
        -3-

        
          

        

      

      
         

      

    

     

     

    Number
      of
      Units: ______________________

     

    Purchase
      Price Per Unit: $________________

     

    Aggregate
      Purchase Price: $______________

    

     

    Please
      confirm that the foregoing correctly sets forth the agreement between us by
      signing in the space provided below for that purpose.

     

    

     

    Dated
      as
      of: August 13, 2007

     

    

    ________________________

    INVESTOR

     

    By:_________________________

    Print
      Name:___________________

    Title:________________________

    Address:_____________________

     

     

    

    

    Agreed
      and Accepted

    this
      13th
      day of
      August, 2007:

    

     

    LEV
      PHARMACEUTICALS, INC.

     

    

    By:_________________________

    Name:

    Title:
      

    
      
         

      

      
        -4-

        
          

        

      

      
         

      

    

    ANNEX
      I

     

    TERMS
      AND CONDITIONS FOR PURCHASE OF UNITS

     

    1.    Authorization
      and Sale of the Units. Subject
      to the terms and conditions of this Agreement, the Company has authorized the
      sale of the Units, which consist of the Shares and the Warrants.

     

    2.    Agreement
      to Sell and Purchase the Units; Placement Agent.

     

    2.1  
At
      the
      Closing (as defined in Section
      3.1),
      the
      Company will sell to the Investor, and the Investor will purchase from the
      Company, upon the terms and conditions set forth herein, the number of Units
      set
      forth on the last page of the Agreement to which these Terms and Conditions
      for
      Purchase of Units are attached as Annex
      I
      (the
“Signature
      Page”)
      for
      the aggregate purchase price therefor set forth on the Signature
      Page.

     

    2.2   The
      Company proposes to enter into substantially this same form of Subscription
      Agreement with certain other investors (the “Other
      Investors”)
      and
      expects to complete sales of Units to them. The Investor and the Other Investors
      are hereinafter sometimes collectively referred to as the “Investors,”
and
      this Agreement and the Subscription Agreements executed by the Other Investors
      are hereinafter sometimes collectively referred to as the “Agreements.” 

    

    2.4   The
      Company has entered into a Placement Agent Agreement, dated August 13, 2007
      (the
“Placement
      Agreement”),
      with
      Jefferies & Company, Inc., 

    CIBC
      World Markets Corp. and Morgan Joseph & Co. Inc. (the “Placement
      Agents”)
      that
      contains certain representations, warranties, covenants and agreements of the
      Company that may be relied upon by the Investor, which shall be a third party
      beneficiary thereof. Investor acknowledges that the Company has agreed to pay
      the Placement Agents a fee (the “Placement
      Fee”)
      in
      respect of the sale of Units to the Investor.

    

    2.5.  
The
      Company covenants and agrees to use its best efforts to keep the Registration
      Statement effective for as long as is needed to deliver freely tradable Exercise
      Shares (as such term is defined in the Warrant to Purchase Common Stock entered
      into by the Company in connection with the Offering).

    

    3.    Closings
      and Delivery of the Units and Funds. 

     

    3.1   Closing.
      The
      completion of the purchase and sale of the Units (the “Closing”)
      shall
      occur at a place and time (the “Closing
      Date”)
      to be
      specified by the Company and the Placement Agent, and of which the Investors
      will be notified in advance by the Placement Agent, in accordance with Rule
      15c6-1 promulgated under the Securities Exchange Act of 1934, as amended (the
      “Exchange
      Act”).
      At
      the Closing, (a) the Company shall cause the Transfer Agent to deliver to the
      Investor the number of Shares set forth on the Signature Page registered in
      the
      name of the Investor or, if so indicated on the Investor Questionnaire attached
      hereto as Exhibit
      A,
      in the
      name of a nominee designated by the Investor, (b) the Company shall cause to
      be
      delivered to the Investor a Warrant to purchase a number of whole Warrant Shares
      determined by multiplying the number of Shares (and Units) set forth on the
      signature page by the Warrant Ratio and rounding down to the nearest whole
      number and (c) the aggregate purchase price for the Units being purchased by
      the
      Investor will be delivered by or on behalf of the Investor to the Company.
      

     

    
      
         

      

      
        -5-

        
          

        

      

      
         

      

    

    3.2  
Conditions
      to the Company’s Obligations.
      (a)
      The
      Company’s obligation to issue and sell the Units to the Investor shall be
      subject to: (i) the receipt by the Company of the purchase price for the Units
      being purchased hereunder as set forth on the Signature Page and (ii) the
      accuracy of the representations and warranties made by the Investor and the
      fulfillment of those undertakings of the Investor to be fulfilled prior to
      the
      Closing Date.

    

    (b) Conditions
      to the Investor’s Obligations.
      The
      Investor’s obligation to purchase the Units will be subject to the accuracy of
      the representations and warranties made by the Company and the fulfillment
      of
      those undertakings of the Company to be fulfilled prior to the Closing Date,
      including without limitation, those contained in the Placement Agreement, and
      to
      the condition that the Placement Agent shall not have: (a) terminated the
      Placement Agreement pursuant to the terms thereof or (b) determined that the
      conditions to the closing in the Placement Agreement have not been satisfied.
      The Investor’s obligations are expressly not conditioned on the purchase by any
      or all of the Other Investors of the Units that they have agreed to purchase
      from the Company.

    

    3.3   Delivery
      of Funds. 

    

    (a) DWAC
      Delivery.
      If the
      Investor elects to settle the Units purchased by such Investor through DTC’s
      Deposit/Withdrawal at Custodian (“DWAC”)
      delivery system, no
      later than one (1) business day after the execution of this Agreement by the
      Investor and the Company,
      the
      Investor shall remit by wire transfer the amount of funds equal to the aggregate
      purchase price for the Units being purchased by the Investor to the following
      account designated by the Company and the Placement Agents pursuant to the
      terms
      of that certain Escrow Agreement (the “Escrow
      Agreement”)
      dated
      as of the date hereof, by and among the Company, the Placement Agents and
      JPMorgan Chase Bank, N.A. (the “Escrow
      Agent”):

    

    JPMorgan
      Chase Bank, N.A.

    ABA
      #
      021000021

    Account
      Name: Lev Pharmaceuticals/Jefferies 

    Account
      Number: 304954853

     

    Such
      funds shall be held in escrow until the Closing and delivered by the Escrow
      Agents on behalf of the Investors to the Company upon the satisfaction, in
      the
      sole judgment of Jefferies & Company, Inc. (“Jefferies”),
      of
      the conditions set forth in Section 3.2(b) hereof. The Placement Agents shall
      have no rights in or to any of the escrowed funds, unless the Placement Agent
      and the Escrow Agent are notified in writing by the Company in connection with
      the Closing that a portion of the escrowed funds shall be applied to the
      Placement Fee. The
      Company and the Investor agree to indemnify and hold the Escrow Agent harmless
      from and against any and all losses, costs, damages, expenses and claims
      (including, without limitation, court costs and reasonable attorneys fees)
      (“Losses”)
      arising under this Section
      3.3
      or
      otherwise with respect to the funds held in escrow pursuant hereto or arising
      under the Escrow Agreement, unless it is finally determined that such Losses
      resulted directly from the willful misconduct or gross negligence of the Escrow
      Agent. Anything in this Agreement to the contrary notwithstanding, in no event
      shall the Escrow Agent be liable for any special, indirect or consequential
      loss
      or damage of any kind whatsoever (including but not limited to lost profits),
      even if the Escrow Agent has been advised of the likelihood of such loss or
      damage and regardless of the form of action.

    

    
      
         

      

      
        -6-

        
          

        

      

      
         

      

    

    (b) Delivery
      Versus Payment through The Depository Trust Company.
      If the
      Investor elects to settle the Shares purchased by such Investor by delivery
      versus payment through DTC, no
      later than one (1) business day after the execution of this Agreement by the
      Investor and the Company,
      the
      Investor shall confirm that the account or accounts at Jefferies to be credited
      with the Shares being purchased by the Investor have a minimum balance equal
      to
      the aggregate purchase price for the Units being purchased by the Investor.
      

    

    3.4   Delivery
      of Units. 

    

    (a) DWAC
      Delivery.
      If the
      Investor elects to settle the Shares purchased by such Investor through DTC’s
      DWAC delivery system, no
      later than one (1) business day after the execution of this Agreement by the
      Investor and the Company,
      the
      Investor shall direct the broker-dealer at which the account or accounts to
      be
      credited with the Shares being purchased by such Investor are maintained, which
      broker/dealer shall be a DTC participant, to set up a DWAC instructing
      Securities Transfer Corp., the Company’s Transfer Agent, to credit such account
      or accounts with the Units. Such DWAC instruction shall indicate the settlement
      date for the deposit of the Shares, which date shall be provided to the Investor
      by Jefferies. Simultaneously with the delivery to the Company by the Escrow
      Agent of the funds held in escrow pursuant to Section
      3.3
      above,
      the Company shall direct the Transfer Agent to credit the Investor’s account or
      accounts with the Shares pursuant to the information contained in the DWAC.
      

    

    (b) Delivery
      Versus Payment through The Depository Trust Company.
      If the
      Investor elects to settle the Units purchased by such Investor by delivery
      versus payment through DTC, no
      later than one (1) business day after the execution of this Agreement by the
      Investor and the Company,
      the
      Investor shall notify Jefferies of the account or accounts at Jefferies to
      be
      credited with the Units being purchased by such Investor. On the Closing Date,
      the Company shall deliver the Units to the Investor through DTC directly to
      the
      account(s) at Jefferies identified by Investor and simultaneously therewith
      payment shall be made by Jefferies by wire transfer to the Company.

    

    4.    Representations,
      Warranties and Covenants of the Investor.

     

    The
      Investor acknowledges, represents and warrants to, and agrees with, the Company
      and the Placement Agents that:

     

    4.1   The
      Investor (a) is knowledgeable, sophisticated and experienced in making, and
      is
      qualified to make decisions with respect to, investments in Units presenting
      an
      investment decision like that involved in the purchase of the Units, including
      investments in securities issued by the Company and investments in comparable
      companies, (b) has answered all questions on the Signature Page and the Investor
      Questionnaire and the answers thereto are true and correct as of the date hereof
      and will be true and correct as of the Closing Date and (c) in connection with
      its decision to purchase the number of Units set forth on the Signature Page,
      has received and is relying only upon the Disclosure Package and the documents
      incorporated by reference therein.

    

    
      
         

      

      
        -7-

        
          

        

      

      
         

      

    

    4.2   (a)
      No
      action has been or will be taken in any jurisdiction outside the United States
      by the Company or the Placement Agent that would permit an offering of the
      Securities,
      or
      possession or distribution of offering materials in connection with the issue
      of
      the Securities
      in
      any
      jurisdiction outside the United States where action for that purpose is
      required, (b) if the Investor is outside the United States, it will comply
      with
      all applicable laws and regulations in each foreign jurisdiction in which it
      purchases, offers, sells or delivers Securities
      or
      has in
      its possession or distributes any offering material, in all cases at its own
      expense and (c) the Placement Agent is not authorized to make and has not made
      any representation, disclosure or use of any information in connection with
      the
      issue, placement, purchase and sale of the Units,
      except
      as set forth or incorporated by reference in the Base Prospectus or the
      Prospectus Supplement.

     

    4.3   
(a)
      The
      Investor has full right, power, authority and capacity to enter into this
      Agreement and to consummate the transactions contemplated hereby and has taken
      all necessary action to authorize the execution, delivery and performance of
      this Agreement, and (b) this Agreement constitutes a valid and binding
      obligation of the Investor enforceable against the Investor in accordance with
      its terms, except as enforceability may be limited by applicable bankruptcy,
      insolvency, reorganization, moratorium or similar laws affecting creditors’ and
      contracting parties’ rights generally and except as enforceability may be
      subject to general principles of equity (regardless of whether such
      enforceability is considered in a proceeding in equity or at law) and except
      as
      to the enforceability of any rights to indemnification or contribution that
      may
      be violative of the public policy underlying any law, rule or regulation
      (including any federal or state securities law, rule or
      regulation).

     

    4.4   The
      Investor understands that nothing in this Agreement, the Prospectus or any
      other
      materials presented to the Investor in connection with the purchase and sale
      of
      the Units constitutes legal, tax or investment advice. The Investor has
      consulted such legal, tax and investment advisors as it, in its sole discretion,
      has deemed necessary or appropriate in connection with its purchase of
      Units.

     

    4.5    Since
      the
      date on which the Placement Agent first contacted such Investor about the
      Offering, the Investor has kept the Offering confidential and has not engaged
      in
      any purchases or sales of the securities of the Company (including, without
      limitation, any Short Sales involving the Company’s securities). Each Investor
      covenants that it will keep the Offering confidential and not engage in any
      purchases or sales of the securities of the Company (including Short Sales)
      prior to the time that the transactions contemplated by this Agreement are
      publicly disclosed. Each Investor agrees that it will not use any of the Units
      acquired pursuant to this Agreement to cover any short position in the Common
      Stock if doing so would be in violation of applicable securities laws. For
      purposes hereof, “Short Sales” include, without limitation, all “short sales” as
      defined in Rule 200 promulgated under Regulation SHO under the Exchange Act,
      whether or not against the box, and all types of direct and indirect stock
      pledges, forward sales contracts, options, puts, calls, short sales, swaps,
“put
      equivalent positions” (as defined in Rule 16a-1(h) under the Exchange Act) and
      similar arrangements (including on a total return basis), and sales and other
      transactions through non-US broker dealers or foreign regulated
      brokers.

     

    5.    Survival
      of Representations, Warranties and Agreements; Third Party Beneficiary.
Notwithstanding
      any investigation made by any party to this Agreement or by the Placement Agent,
      all covenants, agreements, representations and warranties made by the Company
      and the Investor herein will survive the execution of this Agreement, the
      delivery to the Investor of the Units being purchased and the payment therefor.
      The Placement Agents shall be third party beneficiaries with respect to the
      representations, warranties and agreements of the Investor in Section 4
      hereof.

     

    
      
         

      

      
        -8-

        
          

        

      

      
         

      

    

    6. Notices.
      All
      notices, requests, consents and other communications hereunder will be in
      writing, will be mailed (a) if within the domestic United States by first-class
      registered or certified airmail, or nationally recognized overnight express
      courier, postage prepaid, or by facsimile or (b) if delivered from outside
      the
      United States, by International Federal Express or facsimile, and will be deemed
      given (i) if delivered by first-class registered or certified mail domestic,
      three business days after so mailed, (ii) if delivered by nationally recognized
      overnight carrier, one business day after so mailed, (iii) if delivered by
      International Federal Express, two business days after so mailed and (iv) if
      delivered by facsimile, upon electric confirmation of receipt and will be
      delivered and addressed as follows:

     

    	(a)  	
            if
              to the Company, to:
              

             

            Lev
              Pharmaceuticals, Inc.

            675
              Third Avenue, Suite 2200

            New
              York, New York 10017

            Attention:
              Joshua D. Schein, Ph.D., 

            Chief
              Executive Officer

            Facsimile:
              212-682−2559

            

             

            with
              copies to:
              

             

            Becker
              & Poliakoff P.A.

            45
              Broadway 

            11th
              Floor

            New
              York, NY 10006

            Attention:
              Victor J. DiGioia

            Facsimile:
              212-557-0295

          

     

    (b)  if
      to the
      Investor, at its address on the Signature Page hereto, or at such other address
      or addresses as may have been furnished to the Company in writing.

     

    7. Changes.
      This
      Agreement may not be modified or amended except pursuant to an instrument in
      writing signed by the Company and the Investor.

     

    8. Headings.
      The
      headings of the various sections of this Agreement have been inserted for
      convenience of reference only and will not be deemed to be part of this
      Agreement.

     

    9. Severability.
      In
      case
      any provision contained in this Agreement should be invalid, illegal or
      unenforceable in any respect, the validity, legality and enforceability of
      the
      remaining provisions contained herein will not in any way be affected or
      impaired thereby.

     

    10. Governing
      Law. This
      Agreement will be governed by, and construed in accordance with, the internal
      laws of the State of New York, without giving effect to the principles of
      conflicts of law that would require the application of the laws of any other
      jurisdiction.

     

    
      
         

      

      
        -9-

        
          

        

      

      
         

      

    

    11. Counterparts.
      This
      Agreement may be executed in two or more counterparts, each of which will
      constitute an original, but all of which, when taken together, will constitute
      but one instrument, and will become effective when one or more counterparts
      have
      been signed by each party hereto and delivered to the other parties. The Company
      and the Investor acknowledge and agree that the Company shall deliver its
      counterpart to the Investor along with the Prospectus Supplement (or the filing
      by the Company of an electronic version thereof with the Commission).

     

    12. Confirmation
      of Sale.
      The
      Investor acknowledges and agrees that such Investor’s receipt of the Company’s
      counterpart to this Agreement, together with the Prospectus Supplement (or
      the
      filing by the Company of an electronic version thereof with the Commission),
      shall constitute written confirmation of the Company’s sale of Units to such
      Investor.

     

    13. Press
      Release.
      The
      Company and the Investor agree that the Company shall issue a press release
      announcing the material terms of the Offering prior to the opening of the
      financial markets in New York City on the business day immediately after the
      date hereof.

     

    14. Termination.
      In the
      event that the Placement Agreement is terminated by the Placement Agents
      pursuant to the terms thereof, this Agreement shall terminate without any
      further action on the part of the parties hereto.

     

    
      
         

      

      
        -10-

        
          

        

      

      
         

      

    

    Exhibit
      A

     

    LEV
      PHARMACEUTICALS, INC.

     

    INVESTOR
      QUESTIONNAIRE

     

    Pursuant
      to Section
      3
      of
Annex
      I
      to the
      Agreement, please provide us with the following information:

     

    

    
      	
              1. The
                exact name that your Shares and Warrants are to be registered in.
                You may
                use a nominee name if appropriate:

            	 _________________________
	
              2. The
                relationship between the Investor and the registered holder listed
                in
                response to item 1 above:

            	 _________________________
	
              3. The
                mailing address of the registered holder listed in response to item
                1
                above:

            	 _________________________
	
              4. The
                Social Security Number or Tax Identification Number of the registered
                holder listed in the response to item 1 above:

            	 _________________________
	
              5. Name
                of DTC Participant (broker-dealer at which the account or accounts
                to be
                credited with the Shares are maintained):

            	 _________________________
	
              6. DTC
                Participant Number:

            	 _________________________
	
              7. Name
                of Account at DTC Participant being credited with the
                Shares:

            	 _________________________
	
              8. Account
                Number at DTC Participant being credited with the Shares:

            	 _________________________
	 	 _________________________FOR
      IMMEDIATE RELEASE

    

    NOVELOS
      THERAPEUTICS APPOINTS DR. JAMES MANUSO TO BOARD

    OF
      DIRECTORS

    

    NEWTON,
      Mass., August 15, 2007
      -
Novelos
      Therapeutics, Inc. (OTCBB: NVLT),
      a
      biopharmaceutical company focused on the development of therapeutics to treat
      cancer and hepatitis, today announced the appointment of James S. Manuso, Ph.D.,
      to Novelos’ board of directors. Dr. Manuso, Chairman, President and CEO of
      SuperGen, Inc. (NASDAQ: SUPG), has over 30 years of expertise in life sciences
      senior management, product commercialization, partnering, financing, venture
      management and consulting. His appointment increases the number of directors
      to
      seven, five of which are independent directors.

    

    “We
      are
      very pleased to enlist Dr. Manuso’s strategic acumen on our board, as we
      approach the possible approval and commercialization of NOV-002, and explore
      potential partnerships,” said Harry Palmin, President and CEO of Novelos. “Dr.
      Manuso’s impressive credentials will further enhance the overall quality of
      Novelos’ board. His election also demonstrates our commitment to the maintenance
      of a strong, experienced and independent board.”

    

    Upon
      his
      appointment, Dr. Manuso commented, “I am honored to become a member of the
      Novelos board and pleased to join the other directors as we assist the Company
      in realizing the potential of NOV-002.” 

    

    Dr.
      Manuso, Chairman, President and CEO of SuperGen, Inc. (NASDAQ: SUPG), has served
      as a director of SuperGen since February 2001. Previously, he was founder,
      President and CEO of Galenica Pharmaceuticals and held senior management roles
      at PrimeTech Partners, The Channel Group LLC, Manuso, Alexander &
Associates, and Group Axa. Dr. Manuso currently serves on the boards of
      privately-held KineMed, Inc. and Merrion Pharmaceuticals Ltd. Previously, he
      co-founded and served as Vice Chairman and CBO of ZyStor Therapeutics, and
      he
      served on the boards of Quark, Inflazyme, Supratek Pharma and other companies.
      Dr. Manuso earned a B.A. with Honors in Economics and Chemistry from New York
      University, a Ph.D. in Experimental Psychophysiology from the Graduate Faculty
      of The New School University, a Certificate in Health Systems Management from
      Harvard Business School, and an Executive M.B.A. from Columbia Business School.
      He is the author of over 30 chapters, articles and books on topics including
      health care cost containment and biotechnology company management. Dr. Manuso
      has taught and lectured at Columbia, New York University, Georgetown,
      Polytechnic University, and Waseda University (Japan).

    

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

     

    

     

    About
      Novelos Therapeutics, Inc.

    Novelos
      Therapeutics, Inc. is a biopharmaceutical company commercializing oxidized
      glutathione-based compounds for the treatment of cancer and hepatitis. NOV-002,
      the lead compound currently in Phase 3 development for lung cancer under a
      SPA
      and Fast Track, acts together with chemotherapy as a chemoprotectant and an
      immunomodulator. NOV-002 is also in Phase 2 development for
      chemotherapy-resistant ovarian cancer and early-stage breast cancer, and is
      in
      addition being developed for acute radiation injury. NOV-205 acts as a
      hepatoprotective agent with immunomodulating and anti-inflammatory properties.
      NOV-205 is in Phase 1b development for chronic hepatitis C non-responders.
      Both
      compounds have completed clinical trials in humans and have been approved for
      use in the Russian Federation where they were originally developed. For
      additional information about Novelos please visit www.novelos.com

    

    #
      #
      #

     

    
      	COMPANY	INVESTOR
              RELATIONS
	Harry S. Palmin, President and CEO	Stephen Lichaw
	Ph: 617-244-1616 x11	Ph: 201-240-3200
	Email: hpalmin@novelos.com	Email: slichaw@novelos.com

    

           

    Novelos
      Therapeutics, Inc.

    One
      Gateway Center, Suite 504

    Newton,
      MA 02458

     

    This
      news release contains forward-looking statements. Such statements are valid
      only
      as of today, and we disclaim any obligation to update this information. These
      statements are subject to known and unknown risks and uncertainties that may
      cause actual future experience and results to differ materially from the
      statements made. These statements are based on our current beliefs and
      expectations as to such future outcomes. Drug discovery and development involve
      a high degree of risk. Factors that might cause such a material difference
      include, among others, uncertainties related to the ability to attract and
      retain partners for our technologies, the identification of lead compounds,
      the
      successful preclinical development thereof, the completion of clinical trials,
      the FDA review process and other government regulation, our pharmaceutical
      collaborators’ ability to successfully develop and commercialize drug
      candidates, competition from other pharmaceutical companies, product pricing
      and
      third-party reimbursement.

     

    
      
         

      

        2

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