Document:

Exhibit 10.16
                                   US$100,000

                        CONVERTIBLE DEBENTURE - SERIES A

                                 by and between

                     B. TWELVE, INC., as the Corporation and

                    CREDIFINANCE GESTION S.A., as the Holder

May 1, 2002

                                    ARTICLE 1
                                  PRINCIPAL SUM

SECTION 1.1. PRINCIPAL SUM.

For value received, B. Twelve, Inc. (the "Corporation"), a Florida corporation
having its head office at Gardens Corporate Center, 3801 PGA Boulevard, Suite
802, Palm Beach Gardens, Florida, 33410, shall pay to the order of Credifinance
Gestion S.A., a Switzerland corporation having its head office at 10 Rue
Pierre-Fatio, Geneva, Switzerland CH1204, or its assigns (the "Holder") the
principal sum of ONE HUNDRED THOUSAND DOLLARS (US$100,000) in lawful money of
the United States of America (the "Principal Sum") upon presentation and
surrender of this Debenture at an office designated by the Holder at Maturity or
upon an Event of Default (as defined below) or otherwise in accordance with the
terms of this Debenture.

SECTION 1.2. INTEREST.

The Principal Sum outstanding from time to time shall bear interest both before
and after Maturity, default and judgment from and including May 1, 2002 (the
"Commencement Date") to the date of repayment in full at 5% per annum calculated
and payable annually, not in advance, commencing on the Commencement Date.
Interest on overdue interest shall be calculated at the same rate and payable on
demand. Accrued and unpaid interest will be calculated on an actual number of
days to 365-day year basis. Interest is payable either in cash or an equivalent
value of common shares of the Company based on the Conversion Price defined
herein. Unless the Debenture is converted, redeemed or retracted before
Maturity, the interest payment dates will be May 1, 2003 and April 30, 2004.

SECTION 1.3. ISSUANCE OF PRICE PROTECTION AGREEMENT.

As further consideration for the advance of the Principal Sum, the Corporation
agrees to provide the Holder with anti-dilution protection as described in the
Price Protection Agreement even dated and is hereby incorporated herein by
reference thereto as if fully set forth herein.

                                    ARTICLE 2
                                    SECURITY

SECTION 2.1 SECURITY.

The Corporation acknowledges that it has granted security in connection with and
which shall secure such Obligations pursuant to the security agreement of even
date executed by the Corporation in favor of the Holder (the "Security
Agreement"), and the Corporation promises to pay, on demand, any and all
out-of-pocket expenses (including counsel fees and disbursements) incurred by or
on behalf of the Holder in enforcing any of its rights pursuant to this
Debenture or the Security Agreement.

                                      -1-
<PAGE>

                                    ARTICLE 3
                                 INTERPRETATION

SECTION 3.1. DEFINITIONS.

As used in this Debenture, the following terms have the following meanings:

"affiliates" means, with respect to a specified Person, any Person directly or
indirectly controlling, controlled by, or under common control with the
specified Person, including without limitation their stockholders and any
Affiliates thereof. A Person shall be deemed to control a corporation or other
entity if the Person possesses, directly or indirectly, the power to direct or
cause the direction of the management and business of the corporation or other
entity, whether through the ownership of voting securities, by contract, or
otherwise.

"Business Day" means any day of the year, other than Saturday, Sunday or other
day on which banks are required or authorized to close in Toronto, Ontario.

 "Common Shares" means the shares of $0.0001 par value of the Corporation
designated as common shares in its certificate of incorporation dated March 5,
1999, as amended by certificates and articles of amendment, as such shares exist
at the commencement of business on this date.

"Conversion Period" means the period during which the Holder may exercise its
option to convert this Debenture into Common Shares, beginning on the date of
this Debenture and terminating on the Maturity of this Debenture or, if such day
is not a Business Day, on the immediately preceding Business Day.

"Conversion Price" means the price per share at which this Debenture may be
converted into Common Shares during the Conversion Period, which is US$1.00 per
Common Share.

"Event of Default" has the meaning specified in Section 7.1.

"GAAP" means, at any time, accounting principles generally accepted in the
United States of America applied in a consistent manner.

"Governmental Authority" means and includes any federal, state, District of
Columbia, county, municipal, or other government and any department, commission,
board, bureau, agency or instrumentality thereof, whether domestic or foreign.

"Instrument" means this Debenture, the Security Agreement or any other agreement
or instrument (whether now existing, presently arising or created in future)
delivered by the Corporation to the Holder.

"Lien" means any mortgage, charge, pledge, hypothecation, security interest,
assignment, encumbrance, lien (statutory or otherwise), charge, title retention
agreement or arrangement, restrictive covenant or other encumbrance of any
nature or any other arrangement or condition that in substance secures payment
or performance of an obligation.

 "Maturity" means the date the Holder may demand repayment of the Principal Sum
and all accrued or unpaid interest. The Debenture must be paid in full either on
the earlier of: (a) April 30, 2004; or (b) the closing date of any offering of
debt or equity securities, convertible or otherwise, of the Corporation or any
of its affiliates (as defined herein) or successors, and including without
limitation offerings or issuances of shares, warrants, rights, debentures, notes
or other commercial paper, net of all reasonable expenses or fees associated
with such offerings or issuances whereby the net proceeds raised by the Company
after the date of this Debenture aggregate over US$1,000,000.00.

                                      -2-
<PAGE>

"Obligations" means all monies now or at any time previously and from time to
time hereafter owing or payable by the Corporation to the Holder or any
affiliates of the Holder and all obligations (whether now existing or hereafter
incurred) of the Corporation in favour of the Holder or any affiliates of the
Holder, and whether direct or indirect, absolute or contingent, matured or not,
whether arising from agreement or dealings between the Holder and the
Corporation or from any agreement or dealings with any other Person by which the
Holder may be or become in any manner whatsoever creditor or other obligee of
the Corporation or however otherwise arising and whether the Corporation is
bound alone or with another or others and whether as principal or surety,
including monies payable or obligations arising in connection with this
Debenture.

"Patents" means all of the Corporation's current patents, assigned patents,
after-acquired patents, patent applications, whether filed or registered in the
United States, Canada or internationally, including without limitation all
continuations, continuations in part, divisionals, reissues, re-examinations and
convention priority and any patents issuing therefrom, including without
limitation such patents issued or pending as described in Schedule A to the
Security Agreement.

"Permitted Indebtedness" means:

         (1)      indebtedness under this Debenture;

         (2)      unsecured indebtedness owed to creditors incurred in the
                  ordinary course of business;

         (3)      indebtedness owed to the Holder or any of its affiliates;

         (4)      unsecured indebtedness, indebtedness secured by security
                  ranking subordinate to security in favour of the Holder and
                  leases provided that the aggregate of such annual indebtedness
                  newly arising in the year and current year payments under
                  leases will not exceed $100,000 in the aggregate, such
                  $100,000 annual limit to be increased annually upon receipt of
                  the financial statements of the Corporation of each year by an
                  amount equal to 20% of the net income after tax of the
                  Corporation for the immediately preceding fiscal year; or

         (5)      any additional unsecured indebtedness provided that to the
                  extent that such indebtedness is in excess of that provided
                  for in subparagraphs (2) or (4), the amount of such excess is
                  paid to reduce accrued and unpaid interest under this
                  Debenture and, if any excess remains, the Principal Sum.

"Permitted Liens" means, in respect of any Person, liens in favour of the Holder
or any of its affiliates created by the Security Documents.

"Person" means an individual, partnership, corporation, trust, joint venture,
joint stock company, limited liability company, association, unincorporated
organization, Governmental Authority, or any other entity.

"Premises" means any premises owned or occupied by the Corporation from time to
time.

"Securities Laws" means the Securities Act of 1933 and the securities laws of
any state in the United States of America and the rules, regulations and
policies of any U.S. securities regulatory authority administering such
securities laws, as the same shall be in effect from time to time.

"Security Documents" means, collectively, this Debenture and all other
agreements and other instruments delivered to the Holder by the Corporation or
any of its affiliates (whether now existing or presently arising) for the

                                      -3-
<PAGE>

purpose of establishing, perfecting, preserving or protecting any security held
by the Holder in respect of any Obligations, including without limitation the
Security Agreement (as defined in Section 2.1, above).

"Shareholders Agreement" means that certain Amended and Restated Unanimous
Shareholders' Agreement dated January 15, 2001 by and among the Corporation and
its shareholders, as amended from time to time.

"Voting Control" means the direct or indirect ownership or control of a
sufficient number of outstanding shares of a corporation to elect a majority of
its directors or, in the case of a non-corporate entity, means the direct or
indirect ownership or control of a sufficient number, amount or type of
securities or other ownership interests to elect or appoint persons performing
similar functions or to perform similar functions.

SECTION 3.2. GENDER AND NUMBER.

Any reference in this Debenture to gender includes all genders and words
importing the singular number only include the plural and vice versa.

SECTION 3.3. HEADINGS, ETC.

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

SECTION 3.4. CURRENCY.

All references in this Debenture to dollars, unless otherwise specifically
indicated, are expressed in United States of America currency (the "Agreed
Currency").

SECTION 3.5 CERTAIN PHRASES, ETC.

In this Debenture (i) (y) the words "including" and "includes" mean "including
(or includes) without limitation" and (z) the phrase "the aggregate of", "the
total of", "the sum of", or a phrase of similar meaning means "the aggregate (or
total or sum), without duplication, of", and (ii) in the computation of periods
of time from a specified date to a later specified date, unless otherwise
expressly stated, the word "from" means "from and including" and the words "to"
and "until" each mean "to but excluding".

SECTION 3.6 ACCOUNTING TERMS.

All accounting terms not specifically defined in this Debenture shall be
interpreted in accordance with GAAP.

SECTION 3.7 INCORPORATION OF SCHEDULES.

The schedules attached to this Debenture shall, for all purposes of this
Debenture, form an integral part of it.

                                    ARTICLE 4
                         REPRESENTATIONS AND WARRANTIES

SECTION 4.1. REPRESENTATIONS AND WARRANTIES.
The Corporation represents and warrant to the Holder as follows:

         (1)      Incorporation and Qualification. The Corporation is duly
                  incorporated, organized and validly existing under the laws of
                  its jurisdiction of incorporation and is qualified, licensed
                  or registered to carry on business under the laws applicable
                  to it in all jurisdictions in which such qualification,
                  licensing or registration is necessary or where failure to be
                  so qualified would have a material adverse effect on its
                  operations, business, properties or financial condition.

                                      -4-
<PAGE>

         (2)      Corporate Power. The Corporation has all requisite corporate
                  power and authority to (i) own, lease and operate its
                  properties and assets and to carry on its business as now
                  being conducted by it, and (ii) enter into and perform its
                  obligations under this Debenture and the Security Documents.

         (3)      Conflict with Other Instruments. The execution and delivery by
                  the Corporation and the performance by the Corporation of its
                  obligations under, and compliance with the terms, conditions
                  and provisions of, this Debenture, including the execution and
                  delivery of or the continued compliance with any currently
                  existing Security Documents, will not (i) conflict with or
                  result in a breach of any of the terms or conditions of (t)
                  its constating documents or by-laws, (u) any applicable law,
                  rule or regulation, (v) any contractual restriction binding on
                  or affecting it or its properties, or (w) any judgment,
                  injunction, determination or award which is binding on it, or
                  (ii) result in, require or permit (x) the imposition of any
                  encumbrance in, on or with respect to any of its assets or
                  property (except in favour of the Holder), (y) the
                  acceleration of the maturity of any debt binding on or
                  affecting the Corporation, or (z) any third party to terminate
                  or acquire rights under any material agreement.

         (4)      Corporate Action, Governmental Approvals, etc. The execution
                  and delivery of this Debenture and continued compliance with
                  any Security Documents by the Corporation and the performance
                  by the Corporation of its obligations under this Debenture and
                  the Security Documents have been duly authorized by all
                  necessary corporate action. No authorization, consent,
                  approval, registration, qualification, designation,
                  declaration or filing with any Person, is or was necessary in
                  connection with the execution, delivery and performance of
                  obligations under this Debenture and the Security Documents
                  except as are in full force and effect, unamended, at the date
                  of this Debenture.

         (5)      Execution and Binding Obligation. This Debenture has been duly
                  executed and delivered by the Corporation and constitutes a
                  legal, valid and binding obligation of the Corporation,
                  enforceable against each of them in accordance with its terms,
                  subject only to any limitation under applicable laws relating
                  to (i) bankruptcy, insolvency, arrangement or creditors'
                  rights generally, and (ii) the discretion that a court may
                  exercise in the granting of equitable remedies.

         (6)      Authorizations, etc. The Corporation possesses all
                  authorizations, permits, consents, registrations and approvals
                  necessary to properly conduct its businesses and all such
                  authorizations, permits, consents, registrations and approvals
                  are in good standing and in full force and effect.

         (7)      No Default. The Corporation is not in violation of its
                  constating documents, its by-laws or any shareholders'
                  agreement applicable to it.

         (8)      Books and Records. All books and records of the Corporation
                  have been fully, properly and accurately kept and completed
                  and there are no material inaccuracies or discrepancies of any
                  kind contained or reflected therein. The Corporation's books
                  and records and other data and information are available to
                  the Corporation in the ordinary course of their business.

         (9)      Tax Liability. The Corporation has filed all tax and
                  information returns which are required to be filed and has
                  paid all taxes, interest and penalties, if any, which have
                  become due pursuant to such returns or pursuant to any
                  assessment received by it other than those in respect of which
                  liability based on such returns is being contesting in good
                  faith and by appropriate proceedings where adequate reserves
                  have been established in accordance with GAAP. Adequate
                  provision for payment has been made for taxes not yet due.
                  There are no tax disputes existing or pending involving the
                  Corporation which could reasonably be expected to have a
                  material adverse effect.

         (10)     Disclosure. There is no fact known to the Corporation which
                  could reasonably be expected to have a material adverse effect
                  on its business, operations, properties or financial condition
                  and which has not been fully disclosed to the Holder. No event
                  has occurred which could be reasonably anticipated to have a
                  material adverse effect since the date of this Debenture.

                                      -5-
<PAGE>

SECTION 4.2. SURVIVAL OF REPRESENTATIONS AND WARRANTIES.

The representations and warranties in this Debenture and in any certificates or
documents delivered to the Holder shall not merge in or be prejudiced by and
shall survive any advance and shall continue in full force and effect so long as
any amounts are owing by the Corporation to the Holder.

                                    ARTICLE 5
                                    COVENANTS

SECTION 5.1. AFFIRMATIVE COVENANTS.

So long as the Debenture remains outstanding, the Corporation and each of its
affiliates shall:

         (1)      Pay Certain Debts. Subject to the next sentence, punctually
                  pay and discharge every obligation the failure to pay or
                  discharge of which might result in any Lien or right of
                  distress, forfeiture, termination or sale or any other remedy
                  being enforced against the Patents and provide to the Holder,
                  when required, evidence of such payment and discharge. The
                  Corporation may, on giving the Holder such security (if any)
                  as the Holder may require, refrain from paying or discharging
                  any obligation, the liability for which is being contested in
                  good faith.

         (2)      Corporate Existence. Preserve and maintain its corporate
                  existence and all its rights, licences, powers, privileges,
                  franchises and goodwill.

         (3)      Comply with Agreement. Observe and perform all of its
                  obligations under the material agreements to which it is a
                  party or upon or under which any of the Patents is held.

         (4)      Carry on Business. Carry on and conduct its business in a
                  proper and efficient manner so as to preserve and protect the
                  Patents and income therefrom, including collecting all
                  accounts receivable in the ordinary course of business.

         (5)      Keeping of Books. Keep proper books of record and account, in
                  which full and correct entries of all transactions in relation
                  to its business are made.

         (6)      Compliance with Laws. Comply with the requirements of all
                  applicable laws, judgments, orders, decisions and awards.

         (7)      Change in Jurisdiction, etc. At least thirty (30) days prior
                  to any of the following changes becoming effective, notify the
                  Holder in writing of (i) any proposed change in the location
                  of: (w) any place of business of the Corporation, (x) the
                  chief executive office or head office of the Corporation, (y)
                  any account debtors of the Corporation, and (z) any place
                  where tangible property of the Corporation is stored, and (ii)
                  any proposed change in the name of the Corporation.

         (8)      Pay Taxes. Pay or cause to be paid, when due: (i) all taxes,
                  assessments and governmental charges or levies imposed upon it
                  or upon its income, sales, capital or profit or any other
                  property belonging to it, and (ii) all claims which, if
                  unpaid, might by law become a Lien upon the assets, except any
                  such tax, assessment, charge, levy or claim which is being
                  contested in good faith and by proper proceedings and in
                  respect of which the Corporation have established adequate
                  reserves in accordance with generally accepted accounting
                  principles.

         (9)      Notification of Default. Advise the Holder immediately upon
                  becoming aware of any Event of Default (as defined herein) and
                  deliver to the Holder upon request a certificate in form and
                  substance satisfactory to the Holder signed by a senior
                  officer certifying that no Event of Default has occurred or,
                  if such is not the case, specifying all Events of Default and
                  their nature and status.

                                      -6-
<PAGE>

         (10)     Auditors. Retain auditors satisfactory to the Holder at all
                  times.

         (11)     Registration of Security. Have made and maintained in good
                  standing all necessary registrations and filings in all
                  applicable jurisdictions in connection with the security
                  granted by the Corporation or any affiliates to the Holder
                  pursuant to the Security Documents.

         (12)     Protect Security. Promptly cure or cause to be cured any
                  defects in the execution and delivery of this Debenture or any
                  defects in the validity or enforceability of this Debenture
                  and at its expense, execute and deliver or cause to be
                  executed and delivered, all such agreements, instruments and
                  other documents (including the filing of any financing
                  statements or financing change statements) as the Holder may
                  consider necessary or desirable to protect or otherwise
                  perfect any security interest created by the Security
                  Documents.

         (13)     Inspection by the Holder. Allow the Holder and its authorized
                  representatives at any reasonable time to enter the Premises
                  in order to examine and review the Patents and the books and
                  records of the Corporation and make extracts therefrom, and
                  permit the Holder or such representatives prompt access to
                  such other persons as the Holder may deem necessary or
                  desirable for the purposes of reviewing or verifying any
                  matters relating to any of the Patents or the books and
                  records of the Corporation.

         (14)     Financial Reporting. Deliver to the Holder:

                  i.       as soon as practicable and in any event within one
                           hundred forty (140) days after the end of each
                           financial year of the Corporation, a copy of audited
                           consolidated financial statements including the
                           balance sheet and statements of income, retained
                           earnings and changes in financial position, together
                           with all supporting schedules. The financial
                           statements shall be signed by an authorized officer
                           on behalf of the Corporation and shall be accompanied
                           by a detailed report of the auditors of the
                           Corporation (which report shall not be qualified).
                           The Corporation shall deliver to the Holder with the
                           financial statements a certificate signed by its
                           chief financial officer or another senior officer
                           satisfactory to the Holder, in any case without
                           personal liability to such officer, stating that (i)
                           the financial statements have been prepared in
                           accordance with generally accepted accounting
                           principles and present fairly the financial position
                           of the Corporation at the date thereof, and (ii) the
                           Corporation is not in breach of any of its covenants
                           or representations and warranties, contained in this
                           Debenture or the Security Documents;

                  ii.      as soon as practicable and in any event within sixty
                           (60) days after the end of each quarter, a copy of
                           quarterly consolidated financial statements including
                           the balance sheet and statements of income, retained
                           earnings and changes in financial position, together
                           with all supporting schedules. The financial
                           statements shall be signed by an authorized officer
                           on behalf of the Corporation. The Corporation shall
                           deliver to the Holder with the financial statements a
                           certificate signed by its chief financial officer or
                           another senior officer satisfactory to the Holder, in
                           any case without personal liability to such officer,
                           stating that (i) the financial statements have been
                           prepared in accordance with generally accepted
                           accounting principles and present fairly the
                           financial position of the Corporation at the date
                           thereof, and (ii) the Corporation is not in breach of
                           any of its covenants or representations and
                           warranties, contained in this Debenture or the
                           Security Documents; and

                  iii.     as soon as practicable and in any event within ten
                           (10) days of the end of each financial quarter, a
                           certificate signed by the President, Vice President
                           or Chief Executive Officer of the Corporation stating
                           that (i) vacation pay, wages, source deductions and
                           taxes required to be remitted by the Corporation or
                           its affiliates have been so remitted and are in good
                           standing since the date of the last certificate, and
                           (ii) the property of the Corporation and its
                           affiliates and the operations of the Corporations and
                           its affiliates' business are in compliance in all
                           material respects with all environmental laws or
                           describing in reasonable detail any such

                                      -7-
<PAGE>

                           non-compliance. The Corporation shall provide to the
                           Holder and its representatives, agents and designees
                           any other information concerning its or its
                           affiliates' financial position and business
                           operations which the Holder or such representative,
                           agent or designee may from time to time request.

         (15)     Notice of Litigation and Damage. Promptly give written notice
                  together with a detailed explanation to the Holder of (i) all
                  claims or proceedings pending or threatened against the
                  Corporation which may give rise to uninsured liability in
                  excess of $25,000 or which may have a material adverse effect
                  on the business or operations of the Corporation, and (ii) all
                  damage to or loss or destruction of any property or assets
                  used by the Corporation in conducting its business or
                  operations which may give rise to an insurance claim in excess
                  of $25,000.

         (16)     Use of Proceeds. Use the proceeds advanced by the Holder in
                  connection with this Debenture only to pay down existing debt
                  with the Holder, a portion of the outstanding balances with
                  the Company's research partners, as well as, be used for
                  payment of expenditures relating to research and development,
                  patents, professional services and benefits, and the remainder
                  will be for general working capital purposes.

         (17)     Review of Patent Portfolio. Retained an independent law firm
                  satisfactory to the Corporation and the Holder to complete at
                  review of the Corporation's patent portfolio (see Schedule A
                  of the Security Agreement) within 30 days from the date of
                  this Debenture and to have a detailed report prepared by the
                  patent auditors completed and delivered to the Corporation
                  within 90 days from the date of this Debenture.

SECTION 5.2. NEGATIVE COVENANTS.

So long as any amount owing under this Debenture remains unpaid, each of the
Corporation and any of its affiliates shall not, without first obtaining the
consent of the Holder:

         (1)      Indebtedness. Incur any indebtedness other than Permitted
                  Indebtedness.

         (2)      INTENTIONALLY LEFT BLANK

         (3)      Encumbrances. Create, incur, grant, assume or suffer to exist
                  any mortgages, charges or security interests over the Patents
                  other than Permitted Liens.

         (4)      Disposal of Assets Generally. Remove, destroy, lease,
                  transfer, assign, licence, sub-licence, sell or otherwise
                  dispose of any of the property or assets of the Corporation,
                  including the Patents, except for (i) bona fide dispositions
                  in the ordinary course of business at fair market value, (ii)
                  property or assets which have no material economic value in
                  the business of the Corporation or are obsolete.

         (5)      Financial Year. Change its financial year end.

         (6)      Acquire or Change Business. Purchase, establish or acquire in
                  any manner any new business undertaking or make any change in
                  the nature of the Corporation's or an affiliate's business as
                  presently carried on.

         (7)      Mergers, etc. Enter into any reorganization, consolidation,
                  amalgamation, arrangement, winding-up, merger or other similar
                  transaction or permit the assignment or transfer of any of its
                  issued and outstanding shares or any right, option or
                  privilege convertible into shares in the capital of the
                  Corporation.

         (8)      Investments. Acquire or invest in any securities or make any
                  loans to or investments in any other person, other than in the
                  context of granting ordinary trade credit.

                                      -8-
<PAGE>

         (9)      Transactions with Related Parties. Engage in any transactions
                  with Persons not dealing at arm's length with the Corporation
                  or any of its affiliates except with the Holder, or its
                  affiliates, or in the ordinary course of, and pursuant to the
                  reasonable requirements of, business and at prices and on
                  terms not less favourable to the Corporation than could be
                  obtained in a comparable arm's length transaction with another
                  Person.

         (10)     Distributions. Declare, make, pay or commit to any form of
                  distribution or reduction of the profits of the Corporation or
                  of its capital, including (i) any dividend (including stock
                  dividends) or other distribution on any present or future
                  shares, (ii) the purchase, redemption or retirement or
                  acquisition any of its shares, or any option, warrant or other
                  right to acquire any such shares, or apply or set apart any of
                  its assets therefor, (iii) bonuses to shareholders, (iv)
                  payment on account of loans made to shareholders of the
                  Corporation, or (v) payment of any bonuses or management fees.

         (11)     Share Capital. Create, allot or issue any shares in its
                  capital, or enter into any agreement, or grant any option,
                  right or privilege, whether pre-emptive, contractual or
                  otherwise for the purchase or other acquisition of shares or
                  securities convertible into shares of the Corporation, amend
                  its articles or by-laws, change its capital structure or enter
                  into any agreement or make any offer to do so.

         (12)     Subsidiaries. Incorporate or acquire any subsidiaries or
                  commence to carry on its business, otherwise than through the
                  Corporation.

         (13)     Compromise of Accounts. Compromise or adjust to compromise or
                  adjust any of its accounts receivable (or extend the time for
                  payment thereof) or grant any discounts, allowances or
                  credits, in each case other than in the normal course of
                  business.

         (14)     Invoices. Redate any invoice or sale or provision of service
                  or make sales or provide services on extended dating beyond
                  that customary in the business of the Corporation.

                                    ARTICLE 6
                             CONVERSION OF DEBENTURE

SECTION 6.1. CONVERSION OF DEBENTURES INTO COMMON SHARES.

         (1)      Upon and subject to the provisions and conditions of this
                  Article 6, the Holder shall have the right, at its option,
                  during the Conversion Period to convert all or any part of the
                  Principal Sum outstanding into fully paid and non-assessable
                  Common Shares at the Conversion Price by submitting a
                  completed conversion form in the form attached hereto as
                  Schedule A.

         (2)      The Holder's right of conversion pursuant to this Article 6
                  shall extend only to the maximum number of whole Common Shares
                  into which the aggregate Principal Sum of the Debenture
                  surrendered for conversion at any one time by the Holder may
                  be converted in accordance with the provisions of Section
                  6.1(1). Fractional interests in Common Shares shall be
                  adjusted for in the manner provided below.

SECTION 6.2. MANNER OF EXERCISE OF RIGHT TO CONVERT TO COMMON SHARES.

The Holder may exercise its rights to convert by sending to the Corporation at
its principal address a notice exercising its right to convert in accordance
with the provisions of this Article. Upon receipt of the notice, the Holder
shall be entered in the books of the Corporation as at the date of conversion as
the Holder of the number of Common Shares into which the Debenture is
convertible and, as soon as practicable, the Corporation shall deliver to the
Holder a certificate or certificates for such Common Shares and, if applicable,
a cheque for any amount payable under Section 6.4.

                                      -9-
<PAGE>

SECTION 6.3. ACCRUED INTEREST, ETC.

At the time of the conversion, the Holder shall be entitled to receive accrued
and unpaid interest on this Debenture up to but excluding the date of its
conversion. Common Shares issued upon such conversion shall rank only in respect
of dividends declared in favour of shareholders of record on and after the date
of conversion or such later date as the Holder becomes the Holder of record of
Common Shares pursuant to Section 6.2. As of and from the applicable date, the
Common Shares so issued shall, for all purposes, be and be deemed to be issued
and outstanding as fully paid and non-assessable Common Shares.

SECTION 6.4. NO REQUIREMENT TO ISSUE FRACTIONAL SHARES.

The Corporation shall not be required to issue fractional Common Shares upon the
conversion, If any fractional interest in a Common Share would, except for the
provisions of this Article 6, be deliverable upon the conversion of the
Debenture, the Corporation shall, in lieu of delivering any certificate of
fractional interest, satisfy the fractional interest by paying to the Holder an
amount of Agreed Currency equal (computed to the nearest whole cent, and
one-half of a cent being rounded up) to the Principal Sum of the Debenture
remaining outstanding after so much of the Principal Sum as may be converted
into a whole number of Common Shares has been so converted.

SECTION 6.6. CORPORATION TO RESERVE SHARES.

The Corporation shall at all times reserve and keep available out of its
authorized Common Shares and solely for the purpose of conversion as in this
Article 6 provided, and conditionally allot to the Holder, such number of Common
Shares as shall then be issuable upon the conversion. The Corporation covenants
with the Holder that all Common Shares which shall be so issuable shall be duly
and validly issued as fully-paid and non-assessable.

SECTION 6.7. REGISTRATION RIGHTS.

If the Holder has exercised its option to convert this Debenture into Common
Shares, the Holder shall be entitled to the registration rights with respect to
the Common Shares granted to all shareholders under the provisions of Article 11
of the Shareholders Agreement and such provisions are hereby incorporated herein
by reference thereto as if fully set forth herein. The Corporation and the
Holder agree that the provisions of Article 11 of the Shareholders Agreement
shall survive any termination of the Debenture without limit as to time.

SECTION 6.8 REDEMPTION AT THE COMPANY'S OPTION

The Company may not redeem the Debenture at any time before May 1, 2003. After
that date, the Company will have the option to redeem the Debenture, in whole or
in part from time to time, out of funds legally available for such payment, upon
not less than 10 nor more than 60 days' prior written notice by the Company to
the Holder, at a redemption price equal to par plus accrued and unpaid interest
to (but excluding) the date fixed for redemption. The Company may, at its
option, elect to pay the redemption price in cash (or, subject to the Holder's
approval, in common shares of the Company valued at the Conversion Price, or any
combination thereof).

SECTION 6.9 REDEMPTION AT THE HOLDER'S OPTION

The Holder is not able to elect to retract maturity term of the Debenture at any
time before May 1, 2003. After that date, at the option of the Holder, the
Company will be required to redeem the Debenture, in whole or in part from time
to time, out of funds legally available for such payment, at a redemption price
equal to par plus accrued and unpaid interest to (but excluding) the date fixed
for redemption. At the Holder's option upon not less than 10 nor more than 60
days' written notice to the Company, the Company must pay the redemption price
in cash to the Holder on a date fixed for redemption in such notice.

Any redemption notice may be withdrawn by the Holder by a written notice of
withdrawal delivered to the Company prior to the close of business on the day
that is three business days prior to the redemption date.

                                      -10-
<PAGE>

                                    ARTICLE 7
                                EVENTS OF DEFAULT

SECTION 7.1. EVENTS OF DEFAULT.

The occurrence of any of the following events shall constitute an "Event of
Default" under this Debenture:

         (1)      if the Corporation fails to pay any principal, interest or
                  other amounts payable under this Debenture when such amounts
                  become due and payable;

         (2)      if any representation or warranty made or deemed to be made by
                  the Corporation in this Debenture or the Security Documents or
                  in any certificate, statement or report furnished in
                  connection therewith is found to be false or incorrect;

         (3)      the Corporation or its affiliates fail to perform, observe or
                  comply with any of the covenants contained in Section 5.1 and
                  such failure remains unremedied for ten (10) days following
                  notice of such failure by the Holder to the Corporation;

         (4)      the Corporation or its affiliates fail to perform, observe or
                  comply with any covenants contained in Section 5.2;

         (5)      if the Corporation or its affiliates fails to perform, observe
                  or comply with any other term, covenant or agreement contained
                  in this Debenture or the Security Documents and such failure
                  remains unremedied for thirty (30) days following notice of
                  such failure by the Holder to the Corporation;

         (6)      if the Corporation or any one of its affiliates fails to pay
                  the principal of, or premium or interest on, any of its debt
                  (other than this Debenture) which is outstanding in an
                  aggregate principal amount exceeding $50,000 when such amount
                  becomes due and payable (whether by scheduled maturity,
                  required prepayment, acceleration, demand or otherwise) and
                  such failure continues after the applicable grace period, if
                  any, specified in the agreement or instrument relating to the
                  debt without waiver of failure by the holders of the debt; or
                  any other event occurs or condition exists and continues after
                  the applicable grace period, if any, specified in any
                  agreement relating to any such debt without waiver by the
                  holders of the debt, if its effect is to accelerate, or permit
                  the acceleration of the debt; or any such debt shall be
                  declared to be due and payable prior to its stated maturity
                  and the declaration has not been rescinded by the holders of
                  the debt;

         (7)      if any judgment or order for the payment of money in excess of
                  $50,000 is rendered against the Corporation or any of its
                  affiliates and either (i) enforcement proceedings shall have
                  been commenced by any creditor upon such judgment or order, or
                  (ii) there shall be any period of ten consecutive days during
                  which a stay of enforcement of such judgment or order, by
                  reason of a pending appeal or otherwise, shall not be in
                  effect;

         (8)      if the Corporation or any of its affiliates (i) becomes
                  insolvent or generally not able to pay its debts as they
                  become due, (ii) admits in writing its inability to pay its
                  debts generally or makes a general assignment for the benefit
                  of creditors, (iii) institutes or has instituted against it
                  any proceeding seeking (x) to adjudicate it a bankrupt or
                  insolvent, (y) liquidation, winding-up, reorganization,
                  arrangement, adjustment, protection, relief or composition of
                  it or its debts under any law relating to bankruptcy,
                  insolvency, reorganization or relief of debtors including any
                  plan of compromise or arrangement or other corporate
                  proceeding involving or affecting its creditors, or (z) the
                  entry of an order for relief or the appointment of a receiver,
                  trustee or other similar official for it or for any
                  substantial part of its properties and assets, and in the case
                  of any such proceeding instituted against it (but not
                  instituted by it), either the proceeding remains undismissed
                  or unstayed for a period of thirty days, or any of the actions
                  sought in such proceeding (including the entry of an order for
                  relief against it or the appointment of a receiver, trustee,
                  custodian or other similar official for it or for any
                  substantial part of its properties and assets) occurs, or (iv)
                  takes any corporate action to authorize any of the above
                  actions;

                                      -11-
<PAGE>

         (9)      if any financial statement provided by the Corporation to the
                  Holder is false or misleading in any material respect; or

         (10)     if there has occurred or been threatened, in the sole opinion
                  of the Holder, an event or development reasonably likely to
                  have a material adverse effect on the Corporation, its
                  business and operations or its prospects.

SECTION 7.2 CONSEQUENCES OF AN EVENT OF DEFAULT.

Upon the occurrence of any Event of Default, all Obligations and all monies
secured by the Security Documents or otherwise shall at the option of the Holder
become forthwith due and payable and all rights, powers or remedies conferred by
the Security Documents and law shall become immediately enforceable and any and
all additional and collateral securities for payment of this Debenture shall
become immediately enforceable.

                                    ARTICLE 8
                                  MISCELLANEOUS

SECTION 8.1 WAIVER.

         (1)      No amendment or waiver of any provision of this Debenture, nor
                  consent to any departure by the Corporation or any other
                  Person from such provisions, is effective unless in writing
                  and approved by the Holder. Any amendment, waiver or consent
                  is effective only in the specific instance and for the
                  specific purpose for which it was given.

         (2)      No failure on the part of the Holder to exercise, and no delay
                  in exercising, any right under this Debenture shall operate as
                  a waiver of such right; nor shall any single or partial
                  exercise of any right under this Debenture preclude any other
                  or further exercise of such right or the exercise of any other
                  right.

SECTION 8.2 OTHER SECURITY.

The rights of the Holder shall not be prejudiced nor shall the liabilities of
the Corporation or of any other person be reduced in any way by the taking of
any other security of any nature or kind whatsoever either before, at or after
the time of execution of this Debenture.

SECTION 8.3 POWER OF ATTORNEY.

The Corporation irrevocably appoints the Holder and its officers from time to
time or any of them to be the attorneys of the Corporation in the name of and on
behalf of the Corporation to execute, from and after the occurrence of an Event
of Default which is continuing, such deeds, transfers, conveyances, assignments,
assurances and things which the Corporation ought to execute and do under the
covenants and provisions herein contained and generally to use the name of the
Corporation in the exercise of all or any of the powers hereby conferred on the
Holder.

SECTION 8.4 HOLDER MAY REMEDY DEFAULT.

If the Corporation fails to do anything hereby required to be done by it, the
Holder may, but shall not be obliged to, do such thing and all sums thereby
expended by the Holder shall be payable forthwith by the Corporation, shall be
secured hereby and shall have the benefit of the lien hereby created, but no
such performance by the Holder shall be deemed to relieve the Corporation from
any default hereunder.

                                      -12-
<PAGE>

SECTION 8.5 NOTICES, ETC.

Any notice, direction or other communication to be given under this Debenture
shall, except as otherwise permitted, be in writing and given by delivering it
or sending it by telecopy or other similar form of recorded communication
addressed:

         (1)      if to the Corporation, to it at, or care of:

                  B. Twelve, Inc.
                  C/O B. Twelve Limited
                  41A Avenue Road
                  Toronto, Ontario
                  Attention:       Jean-Luc Berger, Ph.D.
                  Telephone:       (416) 955-0159
                  Telecopier:      (416) 364-1522

         (2)      if to the Holder, to it at, or care of:

                  Credifinance Gestion S.A.
                  C/O Credifinance Securities Ltd.
                  41A Avenue Road
                  Toronto, Ontario
                  Attention:       Georges Benarroch
                  Telephone:       (416) 955-0159
                  Telecopier:      (416) 364-1522

Any such communication shall be deemed to have been validly and effectively
given if (i) 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. (Eastern Standard
Time (e.g. Toronto time)), otherwise on the next Business Day, (ii) transmitted
by facsimile 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 the party at its changed address.

SECTION 8.6 SEVERABILITY.

If any provision of this Debenture is deemed by any court of competent
jurisdiction to be invalid or void, the remaining provisions shall remain in
full force and effect.

SECTION 8.7 INDEMNIFICATION.

The Corporation agrees to indemnify the Holder from and against any and all
liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
costs, expenses or disbursements of any kind or nature whatsoever (except by
reason of the gross negligence or willful misconduct of the Holder or any of its
employees or a material breach by the Holder of any of its covenants contained
herein) which may be imposed on, incurred by, or asserted against the Holder and
arising by reason of any action (including any action referred to herein) or
inaction or omission to do any act legally required of the Corporation.

SECTION 8.8 SUCCESSORS AND ASSIGNS, ETC.

This Debenture may be assigned by the Holder in its sole discretion. This
Debenture and all its provisions shall enure to the benefit of the Holder, its
successors and assigns and shall be binding upon the Corporation, its successors
and assigns. The Holder is the person entitled to receive the money payable
hereunder and to give a discharge hereof. Presentment, notice of dishonour,
protest and notice of protest hereof are hereby waived.

SECTION 8.9 EXPENSES.

All legal and accounting expenses incurred by the Holder, the Corporation and
its shareholders and employees in connection with the transactions contemplated
in this Debenture shall be paid by the Corporation.

SECTION 8.10 GOVERNING LAW.

CHOICE OF LAW; CONSENT TO JURISDICTION. EXCEPT TO THE EXTENT THAT THE UNIFORM
COMMERICIAL CODE PROVIDES FOR THE APPLICATION OF THE LAW OF THE BORROWER'S STATE
OF ORGANIZATION, THIS AGREEMENT AND THE NOTE SHALL BE GOVERNED BY, AND CONSTRUED

                                      -13-
<PAGE>

IN ACCORDANCE WITH, THE LAWS OF THE STATE OF FLORIDA, WITHOUT REGARD TO ANY
OTHERWISE APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS. IF ANY ACTION ARISING OUT
OF THIS AGREEMENT OR THE NOTE IS COMMENCED BY LENDER IN THE STATE COURTS OF THE
STATE OF FLORIDA OR IN THE U.S. DISTRICT COURT FOR THE DISTRICT OF FLORIDA,
BORROWER HEREBY CONSENTS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUCH
ACTION AND TO THE LAYING OF VENUE IN THE STATE OF FLORIDA. ANY PROCESS IN ANY
SUCH ACTION SHALL BE DULY SERVED IF MAILED BY REGISTERED MAIL, POSTAGE PREPAID,
TO BORROWER AT ITS ADDRESS DESCRIBED IN SECTION 8.5. OR IF SERVED BY ANY OTHER
MEANS PERMITTED BY APPLICABLE LAW.

TO THE EXTENT THAT THE CORPORATION HAS OR HEREAFTER MAY ACQUIRE ANY IMMUNITY
FROM JURISDICTION OF ANY COURT OR FROM ANY LEGAL PROCESS (WHETHER THROUGH
SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF EXECUTION
OR OTHERWISE) WITH RESPECT TO ITSELF OR ITS PROPERTY, THE CORPORATION HEREBY
IRREVOCABLY WAIVES SUCH IMMUNITY IN RESPECT OF ITS OBLIGATIONS UNDER THIS
DEBENTURE.

SECTION 8.11 COUNTERPARTS.

This Debenture may be executed in any number of counterparts and all such
counterparts taken together shall be deemed to constitute one and the same
instrument.

IN WITNESS WHEREOF the parties have caused this Debenture to be executed by its
duly authorized officers on the date written above.

B. TWELVE, INC.

Per:     __________________________________
         Authorized Signing Officer

CREDIFINANCE GESTION S.A.

Per:     __________________________________
         Authorized Signing Officer

                                      -14-
<PAGE>

                                  SCHEDULE "A"

                                 CONVERSION FORM
                                 ---------------

To:   B. TWELVE, INC. (the "Corporation")

The undersigned holder of the debenture of the Corporation numbered Series A
(the "Debenture") hereby irrevocably elects to convert the outstanding Principal
Sum (as defined in the Debenture) (or $_________ thereof) into Common Shares of
the Corporation in accordance with the terms of the Debenture and directs that
the Common Shares issuable and deliverable upon the conversion be issued and
delivered to the person indicated below.

(If the Common Shares are to be issued in the name of a person other than the
holder, the signature must be guaranteed by a chartered bank, by a trust company
or by a member firm of a recognized stock exchange and all requisite transfer
taxes must be tendered by the undersigned).

CREDIFINANCE GESTION S.A.

Per:     __________________________________
         Authorized Signing Officer

Dated:   __________________________________

CERTIFICATES TO BE ISSUED AND DELIVERED TO:

------------------------------------------
Name

------------------------------------------
Address

------------------------------------------
City and Province/State

------------------------------------------
Country

------------------------------------------
Postal Code / ZIP Code

                                      -15-
<PAGE>Exhibit 10.17

                           PRICE PROTECTION AGREEMENT

PRICE PROTECTION AGREEMENT (the "Agreement") is made as of May 1, 2002, by and
among B. Twelve, Inc. a Florida corporation (the "Corporation"), and
Credifinance Gestion S.A., a Switzerland corporation (the "Holder").

RECITALS
--------

WHEREAS, the Corporation and the Holder are entering into that certain
Convertible Debenture - Series A and Security Agreement dated of even date
herewith (the "Debenture") for the financing of the Corporation's use of
proceeds as defined in the Debenture under Section 5.1(16);

WHEREAS, the Holder has made the Debenture closing conditional on the
Corporation providing anti-dilution protection to the Holder,

WHEREAS, the Corporation has agreed to deliver additional Common Shares to the
Holder for each share owned by the Holder on a fully diluted basis, as set out
in in Schedule A to this Agreement, in the event that the Corporation is
required to issue shares directly or indirectly at a price below the Purchase
Price defined herein;

NOW THEREFORE, in consideration of the mutual promises herein made, and in
consideration of the representations, warranties, and covenants herein
contained, the Corporation and the Holder hereby agree as follows:

                                    ARTICLE 1
                                 INTERPRETATION

SECTION 1.1       DEFINITIONS.

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

"affiliates" means, with respect to a specified Person, any Person directly or
indirectly controlling, controlled by, or under common control with the
specified Person, including without limitation their stockholders and any
Affiliates thereof. A Person shall be deemed to control a corporation or other
entity if the Person possesses, directly or indirectly, the power to direct or
cause the direction of the management and business of the corporation or other
entity, whether through the ownership of voting securities, by contract, or
otherwise.

"Business Day" means any day of the year, other than Saturday, Sunday or other
day on which banks are required or authorized to close in Toronto, Ontario.

 "Common Shares" means the shares of $0.0001 par value of the Corporation
designated as common shares in its certificate of incorporation dated March 5,
1999, as amended by certificates and articles of amendment, as such shares exist
at the commencement of business on this date. "Common Share" is the singular of
Common Shares.

"Medarex Agreement" means the Securities Acquisition Agreement dated January 15,
2001 between Medarex Inc. and the Corporation.

"Person" means an individual, partnership, corporation, trust, joint venture,
joint stock company, limited liability company, association, unincorporated
organization, Governmental Authority, or any other entity.

"Purchase Price" means the Purchase Price as defined in the Medarex Agreement,
or $3.00 per Common Share.

                                      -1-
<PAGE>

"Securities Laws" means the Securities Act of 1933 and the securities laws of
any state in the United States of America and the rules, regulations and
policies of any U.S. securities regulatory authority administering such
securities laws, as the same shall be in effect from time to time.

"Shareholders Agreement" means that certain Amended and Restated Unanimous
Shareholders' Agreement dated January 15, 2001 by and among the Corporation and
its shareholders, as amended from time to time.

                                    ARTICLE 2
                            ANTI-DILUTION PROVISIONS

SECTION 2.1.      DELIVERY OF ADDITIONAL COMMON SHARES.

(a) If, at any time or from time to time after the date hereof, the Corporation
shall issue or sell any Common Shares (a "Change of Shares") for a consideration
per share less than the Purchase Price (the "New Purchase Price"), then the
Corporation shall be required to deliver to the Purchaser such number of
additional Common Shares (the "Additional Shares") as shall be determined by
dividing the Stated Amount by the New Purchase Price and then subtracting the
number Common Shares which have been delivered to the Purchaser pursuant to the
Agreement prior to any such Change of Shares. Purchaser shall not be required to
pay any additional consideration for any such Additional Shares. Notwithstanding
the foregoing, no adjustment in the number of shares deliverable hereunder shall
be made as a result of the issuance or sale of Common Shares pursuant to the
exercise of any options, warrants and convertible or exchangeable securities
outstanding or in effect on the date hereof.

                   For the purposes of any adjustment to be made in accordance
with this Section 2.1 (a) the following provisions shall be applicable:

                   (i) In case of the issuance or sale of Common Shares (or of
other securities deemed hereunder to involve the issuance or sale of Common
Shares) for a consideration part or all of which shall be cash, the amount of
the cash portion of the consideration therefore deemed to have been received by
the Corporation shall be (i) the subscription price, if Common Sharesare offered
by the Corporation for subscription, or (ii) the public offering price (before
deducting therefrom any compensation paid or discount allowed in the sale,
underwriting or purchase thereof by underwriters or any expenses incurred in
connection therewith), if such securities are sold to the underwriters or
dealers for public offering without a subscription offering, or (iii) the gross
amount of cash actually received by the Corporation for such securities, in any
other case.

                   (ii) In case of the issuance or sale (otherwise than as a
dividend or other distribution on any class of shares of the Corporation, and
otherwise than on the exercise of options, rights or warrants or the conversion
or exchange of convertible or exchangeable securities) of Common Shares (or of
other securities deemed hereunder to involve the issuance or sale of Common
Shares) for a consideration part or all of which shall be other than cash, the
amount of consideration therefore other than cash deemed to have been received
by the Corporation shall be the value of such consideration as determined in
good faith by the Board of Directors of the Corporation.

                   (iii) Common Shares issuable by way of dividend or other
distribution on any class of shares of the Corporation shall be deemed to have
been issued immediately after the opening of business on the day following the
record date for the determination of shareholders entitled to receive such
dividend or other distribution and shall be deemed to have been issued without
consideration.

                                      -2-
<PAGE>

                   (iv) The reclassification of securities of the Corporation
other than Common Shares into securities including Common Shares shall be deemed
to involve the issuance of such Common Shares for a consideration other than
cash immediately prior to the close of business on the date fixed for the
determination of security holders entitled to receive such shares, and the value
of the consideration allocable to such Common Shares shall be determined as
provided in subsection (ii) of this Section 2.1 (a).

(b) The provisions of Section 2.1 (a) shall apply in case the Corporation shall
at any time after the date hereof issue options, rights or warrants to subscribe
for Common Shares, or issue any securities convertible into or exchangeable for
Common Shares, for a consideration per share (determined as provided in Section
2.1 (a) above) less than the Purchase Price and the Corporation shall deliver to
the Purchaser such additional Common Shares as determined by making the
computation in accordance with the provisions of Section 2.1 (a) hereof

(c) If any change shall occur in the price per share provided for in any of the
options, rights or warrants referred to in this Section 2.1 (c), or in the price
per share or ratio at which the securities referred to in Section 2.1 (c) are
convertible or exchangeable, such options, rights or warrants or conversion or
exchange rights, as the case may be, to the extent not theretofore exercised,
shall be deemed to have expired or terminated on the date when such price change
became effective in respect of shares not theretofore issued pursuant to the
exercise or conversion or exchange thereof, and the Corporation shall be deemed
to have issued upon such date new options, rights, warrants or convertible or
exchangeable securities.

(d) After each adjustment of the number of Common Shares deliverable by the
Corporation pursuant to this Section 2.1, the Corporation will promptly prepare
a certificate signed by the President, and by the Treasurer or the Secretary, of
the Corporation setting forth: (i) the Purchase Price as so adjusted, (ii) the
number of Common Shares deliverable after such adjustment, and (iii) a brief
statement of the facts accounting for such adjustment.

                                    ARTICLE 3
                         REPRESENTATIONS AND WARRANTIES

In addition to the representations and warranties supplied by the Corporation to
the Holder in the Debenture, the Corporation hereby represents and warrants to
the Holder as follows:

SECTION 3.1.      CAPITALIZATION OF THE CORPORATION

(a)      Immediately prior to the closing of the Debenture, the authorized
         capital of the Corporation will consist of the classes and amounts set
         forth as follows:

                               1,000,000    Preferred Shares
                               25,000,000   Common Shares

(b)      Except as contemplated by the Debenture, or otherwise set forth in
         Table 1 below, there are, and immediately after consummation of the
         closing of the Debenture there will be, no (i) outstanding warrants,
         options, agreements, convertible securities or other commitments or
         instruments pursuant to which the Corporation is or may become
         obligated to issue or sell any shares of its capital or other
         securities or (ii) preemptive or similar rights to purchase or
         otherwise acquire shares of the capital or other securities of the
         Corporation pursuant to any provision of Law, the Corporation's
         Organizational Documents or any Contract to which the Corporation, or
         to the Corporation's knowledge, any stockholder thereof is a party.

                                      -3-
<PAGE>
<TABLE>
<CAPTION>

         TABLE 1: OUTSTANDING SECURITIES HELD IN TRUST OR UNEXERCISED (IMMEDIATELY PRIOR TO DATE OF DEBENTURE)
         --------------------------------------------------------------------------- --------------------------------
         Description of Issue                                                            Diluted Shares or Protected
                                                                                                               Value
<S>                                                                                      <C>
         --------------------------------------------------------------------------- --------------------------------
         Outstanding Warrants                                                                                500,000
         --------------------------------------------------------------------------- --------------------------------
         Shares Held In Trust                                                                                250,000
         --------------------------------------------------------------------------- --------------------------------
         Shares held in trust by the Company but issued to Credifinance  Securities                           25,000
         Limited to be release on the  closing  of the  Debenture  and  immediately
         transferred to Credifinance Gestion S.A.
         --------------------------------------------------------------------------- --------------------------------
         Medarex Agreement - Anti-Dilution Protection                                                     $1,200,000
         --------------------------------------------------------------------------- --------------------------------

</TABLE>

(c)      All shares of the capital and other securities issued by the
         Corporation have been issued in transactions in accordance with
         applicable Laws governing the sale and purchase of securities.

                                    ARTICLE 4
                                  MISCELLANEOUS

SECTION 4.1.      SURVIVAL OF AGREEMENTS.

All agreements and covenants contained herein shall survive indefinitely until,
by their respective terms, they are no longer operative.

SECTION 4.2.      REGISTRATION RIGHTS.

(a) The parties hereto agree that the Holder shall be entitled to the
registration rights with respect to the Shares granted to all shareholders under
the provisions of Article 11 of the Shareholders Agreement and such provisions
are hereby incorporated herein by reference thereto as if fully set forth
herein.

(b) The parties agree that the provisions of Article 11 of the Shareholders
Agreement shall survive any termination of the Shareholders Agreement without
limit as to time.

SECTION 4.3.      EXPENSES.

The Corporation will be responsible for the costs and expenses incurred in
connection with this Agreement (including but not limited to accountants' fees,
attorneys' fees and other expenses).

SECTION 4.4.      NO THIRD PARTY BENEFICIARIES.

Except as expressly provided herein, this Agreement shall not confer any rights
or remedies upon any Person other than the parties hereto and their respective
successors and permitted assigns, personal representatives, heirs and estates,
as the case may be. Without limiting the generality of the foregoing, all
representations, covenants and agreements benefiting the Holder shall inure to
the benefit of any and all subsequent holders from time to time of the Shares.

SECTION 4.5.       ENTIRE AGREEMENT.

This Agreement and the documents relating to the Debenture constitute the entire
agreement among the parties hereto and supersede any prior understandings,
agreements or representations by or among such parties, written or oral, that
may have related in any way to the subject matter of any document.

                                      -4-
<PAGE>

SECTION 4.6.       SUCCESSORS AND ASSIGNS.

This Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors, permitted assigns, representatives,
heirs and estate. No party may assign either this Agreement or any of its
rights, interests, or obligations hereunder without the prior written approval
of the other parties.

SECTION 4.7.       COUNTERPARTS.

This Agreement may be executed in one or more counterparts, each of which shall
be deemed an original but all of which together shall constitute one and the
same instrument.

SECTION 4.8.       NOTICES.

All notices, requests, demands, claims, and other communications hereunder shall
be in writing and shall be deemed to have been duly given if delivered
personally, telecopied, sent by nationally recognized overnight courier or
mailed by registered or certified mail (return receipt requested), postage
prepaid, to the parties at the following addresses (or at such other address for
a party as shall be specified by like notice):

                   If to the Corporation, to:

                   B. Twelve, Inc.
                   C/O B. Twelve Limited
                   41A Avenue Road
                   Toronto, Ontario  M5R 2G3
                   Telephone:       (416) 955-0159
                   Telecopy:        (416) 364-1522
                   Attention:       Jean-Luc Berger, Ph.D.

                   If to the Holder, to

                   Credifinance Gestion S.A.
                   10 rue Pierre Fatio
                   CH-1201 Geneva

                   Attention:       Georges Benarroch

                   with a copy to:

                   Credifinance Securities Limited
                   41A Avenue Road
                   Toronto, Ontario  M5R 2G3
                   Telephone:       (416) 955-0159
                   Telecopy:        (416) 364-1522
                   Attention:       Brad Peech

                                      -5-
<PAGE>

All such notices and other communications shall be deemed to have been given and
received (i) in the case of personal delivery, on the date of such delivery,
(ii) in the case of delivery by telecopy, on the date of such delivery, (iii) in
the case of delivery by nationally recognized overnight courier, on the second
business day following the date when sent and (iv) in the case of mailing, on
the fifth business day following such mailing.

SECTION 4.9.       GOVERNING LAW.

This Agreement shall be governed by and construed in accordance with the
internal laws of the State of Florida, without giving effect to principles of
conflicts of laws.

SECTION 4.10.      AMENDMENTS AND WAIVERS.

No amendment or waiver of any provision of this Agreement shall be valid unless
the same shall have been approved by the Corporation and the Holder. No waiver
by any party of any default, misrepresentation, or breach of warranty or
covenant hereunder, whether intentional or not, shall be deemed to extend to any
prior or subsequent default, misrepresentation, or breach of warranty or
covenant hereunder or affect in any way any tights arising by virtue of any
prior or subsequent such occurrence.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first written above.

CORPORATION:           B. TWELVE INC.,
                       a Florida corporation

                       By:        ______________________________
                       Name:      Jean-Luc Berger, Ph.D.
                       Title:     President and Chief Executive Officer

HOLDER:                CREDIFINANCE GESTION S.A.
                       a Switzerland corporation

                       By:        ______________________________
                       Name:      Georges Benarroch
                       Title:     President

                                      -6-
<PAGE>

                                   SCHEDULE A
                                   ----------

                            CREDIFINANCE GESTION S.A.
                      OWNERSHIP POSITION IN B. TWELVE, INC.
         AS AT MAY 1, 2002 (IMMEDIATELY AFTER THE DATE OF THE DEBENTURE)
<TABLE>
<CAPTION>

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

SECURITY HELD:                                                                                           NUMBER HELD:

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

<S>                                                                                                         <C>
Common Shares of B. Twelve, Inc.                                                                            3,300,000

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

Warrants to  purchase  one Common  Share of B. Twelve Inc. at an exercise  price of $1.00                     250,000
per share on or before June 1, 2003

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

Warrants to  purchase  one Common  Share of B. Twelve Inc. at an exercise  price of $1.00                     250,000
per share on or before November 15, 2006

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

$100,000 Secured Convertible  Debenture  convertible at any time into Common Shares of B.                     100,000
Twelve,  Inc. at a conversion  price of $1.00 per share.  The Debenture  matures on April
30, 2004.

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

Stock  Options to purchase one Common  Share of B. Twelve,  Inc. at $1.00 per share on or                      25,000
before April 30, 2007.

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

NUMBER OF SHARES PRICE PROTECTED UNDER THIS AGREEMENT ON A FULLY-DILUTED BASIS.                             3,925,000

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

</TABLE>

                                      -7-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00041-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00041-of-00352.parquet"}]]