Document:

EX-10.1

Exhibit 10.1

SECURITIES PURCHASE AGREEMENT

SECURITIES PURCHASE AGREEMENT (this “Agreement”), dated as of January 10, 2005, by and among
GENETRONICS BIOMEDICAL CORPORATION, a corporation organized under the laws of the State of Delaware
(the “Company”), and the purchasers (the “Purchasers”) set forth on the execution pages hereof (the
“Execution Pages”).

WHEREAS:

A. The Company and each Purchaser are executing and delivering this Agreement in reliance upon
the exemption from securities registration afforded by the provisions of Regulation D (“Regulation
D”), as promulgated by the United States Securities and Exchange Commission (the “SEC”) under the
Securities Act of 1933, as amended (the “Securities Act”).

B. Each Purchaser desires to purchase, severally and not jointly, subject to the terms and
conditions stated in this Agreement, (i) shares of the Company’s common stock, $0.001 par value
(the “Common Stock”) and (ii) warrants in the form attached hereto as Exhibit A (including
any warrants issued in replacement thereof, the “Warrants”), to acquire shares of Common Stock.
The shares of Common Stock issuable upon exercise of or otherwise pursuant to the Warrants are
referred to herein as the “Warrant Shares.”

C. Contemporaneous with the execution and delivery of this Agreement, the parties hereto are
executing and delivering a Registration Rights Agreement in the form attached hereto as Exhibit
B (the “Registration Rights Agreement”) pursuant to which the Company has agreed to provide
certain registration rights under the Securities Act and the rules and regulations promulgated
thereunder, and applicable state securities laws.

D. Contemporaneous with the execution and delivery of this Agreement, the parties hereto and
the Escrow Agent (as defined in the Escrow Agreement) are executing and delivering an Escrow
Agreement in the form attached hereto as Exhibit C (the “Escrow Agreement”) pursuant to
which the parties hereto have agreed to place the Shares in an escrow account in accordance with
the terms hereof and thereof.

NOW, THEREFORE, the Company and the Purchasers hereby agree as follows:

1. CERTAIN DEFINITIONS.

For purposes of this Agreement, the following terms shall have the meanings ascribed to them
as provided below:

“Affiliate” or “Affiliates” means, with respect to any Person, any other Person that directly
or indirectly controls, is controlled by, or is under common control with, such Person.

“Business Day” shall mean any day on which the principal United States securities exchange or
trading market on which the Common Stock is listed or traded.

“Investment Amount” shall mean the dollar amount to be invested in the Company pursuant to
this Agreement by a Purchaser, as set forth on the Execution Page hereto executed by such
Purchaser.

“Person” means an individual, corporation, partnership, limited liability company, trust,
business trust, association, joint stock company, joint venture, sole proprietorship,
unincorporated organization, governmental authority or any other form of entity not specifically
listed herein.

“Securities” shall mean the Shares, the Warrants and the Warrant Shares.

“Shares” means the shares of Common Stock to be issued and sold by the Company and purchased
by the Purchasers at the Signing.

“Transaction Documents” means this Agreement, the Warrants, the Notes, the Registration Rights
Agreements, the Escrow Agreement, the Transfer Agent Instructions and any other documents or
agreements executed in connection with the transactions contemplated hereunder.

“Transfer Agent” means American Stock Transfer & Trust Company, or any other transfer agent
selected by the Company.

“Transfer Agent Instructions” means the Transfer Agent Instructions, executed by the Company
and delivered to and acknowledged in writing by the Transfer Agent.

2. PURCHASE AND SALE OF SHARES AND WARRANTS.

a. Generally. Except as otherwise provided in this Section 2 and subject to the
satisfaction (or waiver) of the conditions set forth in Section 6 and Section 7 below, each
Purchaser shall purchase the number of Shares and Warrants determined as provided in this Section
2, and the Company shall issue and sell such number of Shares and Warrants to each Purchaser for
such Purchaser’s Investment Amount as provided below. The Company’s agreement with each of the
Purchasers is a separate agreement, and the sale of the Securities to each of the Purchasers is a
separate sale.

b. Number of Shares and Warrants; Form of Payment; Delivery of Shares.

i. On the date hereof, the Company shall sell and each Purchaser shall buy (A) the number of
Shares as is equal to the quotient of (I) such Purchaser’s Investment Amount divided by (II) $4.05
and (B) Warrants exercisable for a number of shares of Common Stock equal to 33% of the number of
Shares referred to in subclause (A) above. On the date hereof, and subject to payment of the
Tranche A Investment Amount (as defined below), the Company will deliver the Warrants to each such
Purchaser.

ii. On the date hereof, each Purchaser shall pay a non-refundable amount equal to twenty
percent (20%) of its Investment Amount (i) in lawful money of the United States of America in same
day funds by wire transfer to the Company, in accordance with the Company’s written wiring
instructions or (ii) with shares of the Holder’s Series C Cumulative Convertible Preferred Stock
valued at the Liquidation Preference (as defined in the Certificate of Designations, Rights and
Preferences of Series C Cumulative Convertible Preferred Stock of the Holder) thereof plus any
accrued and unpaid dividends thereon, at the principal office of the Holder located at 11199
Sorrento Valley Road, San Diego, CA 92121, or at such other place as Holder may designate in
writing (the “Tranche A Investment Amount”), and a duly executed full recourse promissory note in
the form attached hereto as Exhibit D (the “Note”) representing the remaining eighty
percent (80%) of its Investment Amount, against delivery to the Escrow Agent of certificates
representing the Shares being purchased by such Purchaser, and the Company shall deliver such
Shares to the Escrow Agent against delivery of such Purchaser’s Investment Amount. Each
Purchaser’s Shares delivered to the Escrow Agent pursuant to the terms of this Agreement shall be
held by the Escrow Agent until such time as all outstanding principal due under such Purchaser’s
Note has been paid in full to the Company, which shall be no later than the September 30, 2005,
unless paid earlier further to the default provisions set forth in Section 3 of the Note or further
to the mandatory prepayment provisions in Section 4 of the Note (collectively, the “Due Date” or
the “Closing Date”) or by way of voluntary prepayment. In the event that all outstanding principal
due under a Purchaser’s Note has not been paid in full by the Due Date, such Purchaser’s Tranche A
Investment Amount shall automatically be forfeited and such Purchaser’s Shares held by the Escrow
Agent in such amount as calculated in Section 2(b)(i) shall automatically be cancelled and
certificates representing such Shares shall be returned to the Company. Nothing in this Section
2(b) shall prevent the exercise of the Warrants and to acquire the Warrant Shares.

iii. If all outstanding principal due under the Notes shall be paid in full by the Due Date,
the Escrow Agent will deliver certificates representing the Shares to each of the Purchasers in
such amounts as referred to above in Section 2(b)(i) and such additional shares as provided for in
Section 8(n) no later than 3:00 p.m. California time on the third Business Day following the Due
Date or such other date or time as the Purchasers and the Company may mutually agree.

3. THE PURCHASER’S REPRESENTATIONS AND WARRANTIES.

Each Purchaser severally and not jointly represents and warrants to the Company as follows:

a. Purchase for Own Account. The Purchaser is purchasing the Securities for the
Purchaser’s own account and not with a present view towards the distribution thereof. The
Purchaser understands that the Purchaser must bear the economic risk of this investment
indefinitely, unless the Securities are registered pursuant to the Securities Act and any
applicable state securities or blue sky laws or an exemption from such registration is available,
and that the Company has no present intention of registering any such Securities other than as
contemplated by the Registration Rights Agreement. Notwithstanding anything in this Section 3(a)
to the contrary, by making the foregoing representation, the Purchaser does not agree to hold the
Securities for any minimum or other specific term and reserves the right to dispose of the
Securities at any time in accordance with or pursuant to a registration statement or an exemption
from registration under the Securities Act and any applicable state securities laws; provided, that
in the case of any transfer of the Securities pursuant to an exemption, such transfer is made in
accordance with the provisions of Section 3(e).

b. Information. The Purchaser has been furnished all materials (excluding any
material nonpublic information) relating to the business, finances and operations of the Company
and its subsidiaries and materials relating to the offer and sale of the Securities that have been
requested by the Purchaser. The Purchaser has been afforded the opportunity to ask questions of
the Company and has received what the Purchaser believes to be satisfactory answers to any such
inquiries. The Purchaser understands that its investment in the Securities involves a high degree
of risk.

c. Governmental Review. The Purchaser understands that no United States federal or
state agency or any other government or governmental agency has passed upon or made any
recommendation or endorsement of the Securities.

d. Authorization; Enforcement. The Purchaser has the requisite power and authority to
enter into and perform its obligations under this Agreement and to purchase the Securities in
accordance with the terms hereof. This Agreement has been duly and validly authorized, executed
and delivered on behalf of the Purchaser and is a valid and binding agreement of the Purchaser
enforceable against the Purchaser in accordance with its terms, subject to applicable bankruptcy,
insolvency, reorganization, moratorium, fraudulent transfer and other laws affecting creditors’
rights and remedies generally and to general principles of equity (regardless of whether
enforcement is sought in a proceeding at law or in equity).

e. Transfer or Resale. The Purchaser understands that (i) except as provided in the
Registration Rights Agreement, the Securities have not been and are not being registered under the
Securities Act or any state securities laws, and may not be transferred unless (a) subsequently
registered thereunder or sold pursuant to Rule 144(k) under the Securities Act, or (b) the
Purchaser shall have delivered to the Company an opinion of counsel reasonably acceptable to the
Company (which opinion shall be in form, substance and scope customary for opinions of counsel in
comparable transactions) to the effect that the Securities to be sold or transferred may be sold or
transferred under an exemption from such registration, and (ii) neither the Company nor any other
Person is under any obligation to register such Securities under the Securities Act or any state
securities laws or to comply with the terms and conditions of any exemption thereunder, in each
case, other than pursuant to the Registration Rights Agreement.

f. Legends. The Purchaser understands that the Securities may bear a restrictive
legend in substantially the following form:

[NEITHER] THESE SECURITIES [NOR THE SECURITIES INTO WHICH THESE
SECURITIES ARE EXERCISABLE] HAVE [NOT] BEEN REGISTERED WITH THE
SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF
ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THE SECURITIES
REPRESENTED HEREBY MAY NOT BE OFFERED OR SOLD IN THE ABSENCE OF AN
EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER APPLICABLE
SECURITIES LAWS UNLESS OFFERED, SOLD OR TRANSFERRED UNDER AN
AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THOSE
LAWS. NOTWITHSTANDING THE FOREGOING, THESE SECURITIES [AND THE
SECURITIES ISSUABLE UPON EXERCISE OF THESE SECURITIES] MAY BE
PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN
OR FINANCING ARRANGEMENT SECURED BY SUCH SECURITIES.

Certificates evidencing Securities shall not be required to contain such legend or any other
legend (i) while a Registration Statement covering the resale of such Securities is effective under
the Securities Act provided the Purchasers at the time any of the Purchasers request a removal of
the Legend on any certificate evidencing all or any portion of any of the Securities or to transfer
any of the same, it (or a broker acting on such Purchaser’s behalf) provides to the Company (or to
the Transfer Agent on the Company’s behalf), reasonable written assurances to the effect that any
of the Securities, sold or to be sold by such Purchasers have been, or will be, sold in accordance
with the plan of distribution set forth in the Prospectus and in compliance with the prospectus
delivery requirements under the Securities Act., or (ii) following any sale of such Securities
pursuant to Rule 144, or (iii) if such Securities are eligible for sale under Rule 144(k), or (iv)
if such legend is not required under applicable requirements of the Securities Act (including
judicial interpretations and pronouncements issued by the Staff of the SEC). The Company shall
cause its counsel to issue the legal opinion included in the Transfer Agent Instructions to the
Transfer Agent on the Effective Date. Following the Effective Date or at such earlier
time as a legend is no longer required for certain Securities, the Company will no later than three
Business Days following the delivery by a Purchaser to the Company or the Transfer Agent of a
legended certificate representing such Securities, deliver or cause to be delivered to such
Purchaser a certificate representing such Securities that is free from all restrictive and other
legends. The Company may not make any notation on its records or give instructions to any transfer
agent of the Company that enlarge the restrictions on transfer set forth in this Section.

The Company acknowledges and agrees that a Purchaser may from time to time pledge or grant a
security interest in some or all of the Securities in connection with a bona fide margin agreement
or other loan or financing arrangement secured by the Securities and, if required under the terms
of such agreement, loan or arrangement, such Purchaser may transfer pledged or secured Securities
to the pledgees or secured parties. Such a pledge or transfer would not be subject to approval of
the Company and no legal opinion of the pledgee, secured party or pledgor shall be required in
connection therewith, but such legal opinion may be required in connection with a subsequent
transfer following default by the Purchaser transferee of the pledge. Further, no notice shall be
required of such pledge. At the appropriate Purchaser’s expense, the Company will execute and
deliver such reasonable documentation as a pledgee or secured party of Securities may reasonably
request in connection with a pledge or transfer of the Securities, including the preparation and
filing of any required prospectus supplement under Rule 424(b)(3) of the Securities Act or other
applicable provision of the Securities Act to appropriately amend the list of selling stockholders
thereunder.

g. Investor Status. The Purchaser is an “accredited investor” within the meaning of
Rule 501 Regulation D under the Securities Act. In the normal course of its business, it invests in
or purchases securities similar to the Securities and it has such knowledge and experience in
financial and business matters as to be capable of evaluating the merits and risks of purchasing
the Securities. The Purchaser is not a registered broker dealer or an Affiliate of any broker or
dealer registered under Section 15(a) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), or a member of the National Association of Securities Dealers, Inc. or a Person
engaged in the business of being a broker dealer.

h. Restricted Securities. The Purchaser understands that the Securities are
characterized as “restricted securities” under the U.S. federal securities laws inasmuch as they
are being acquired from the Company in a transaction not involving a public offering and that under
such laws and applicable regulations such securities may be resold without registration under the
Securities Act only in certain limited circumstances.

i. No Short Positions or Stock Ownership. Except as previously disclosed to the
Company in writing, each Purchaser has not, for the period from 30 Business Days prior to the
Signing Date through the Closing Date, entered into any Short Sales. For purposes of this
Section 3.2(i), a “Short Sale” by a Purchaser means a sale of Common Stock that is marked
as a short sale and that is executed at a time when such Purchaser has no equivalent offsetting
long position in the Common Stock. For purposes of determining whether a Purchaser has an
equivalent offsetting long position in the Common Stock, all Common Stock and all Common Stock that
would be issuable upon conversion or exercise in full of all Options then held by such Purchaser
(assuming that such Options were then fully convertible or exercisable, notwithstanding any
provisions to the contrary, and giving effect to any conversion or exercise price adjustments
scheduled to take effect in the future) shall be deemed to be held long by such Purchaser.

4. REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

The Company represents and warrants to each Purchaser as follows:

a. Authorization; Enforcement. (i) The Company has the requisite corporate power and
authority to enter into and perform its obligations under this Agreement, the Warrants, and the
Registration Rights Agreement, to issue and sell the Shares and the Warrants in accordance with the
terms hereof and to issue the Warrant Shares in accordance with the terms of said warrants; (ii)
the execution, delivery and performance of this Agreement, the Warrants and the Registration Rights
Agreement by the Company and the consummation by it of the transactions contemplated hereby and
thereby (including, without limitation, the reservation for issuance and issuance of the Shares and
the Warrants and the reservation for issuance and issuance of the Warrant Shares) have been duly
authorized by the Company’s Board of Directors and no further consent or authorization of the
Company, its Board of Directors or its shareholders is required; and (iii) this Agreement
constitutes, and, upon execution and delivery by the Company and the other parties thereto to the
extent required of the Registration Rights Agreement and the Warrants, such agreements will
constitute, valid and binding obligations of the Company enforceable against the Company in
accordance with their respective terms, subject to applicable bankruptcy, insolvency,
reorganization, moratorium, fraudulent transfer and other laws affecting creditors’ rights and
remedies generally and to general principles of equity (regardless of whether enforcement is sought
in a proceeding at law or in equity).

b. Issuance of Shares. The Shares are duly authorized and when issued and paid for in
accordance with the terms hereof, will be validly issued, fully paid and non-assessable. The
Warrant Shares are duly authorized and reserved for issuance, and, upon exercise of the Warrants,
in accordance with the terms thereof, will be validly issued, fully paid and non-assessable.

c. Form S-3 Eligibility. The Company is currently eligible to register the resale of
its Common Stock on a registration statement on Form S-3 under the Securities Act.

5. COVENANTS AND OTHER AGREEMENTS.

a. Satisfaction of Conditions. The parties shall use their reasonable efforts to
satisfy in a timely manner each of the conditions set forth in Section 6 and Section 7 of this
Agreement.

b. Form D; Blue Sky Laws. The Company agrees to file a Form D with respect to the
Securities as required under Regulation D and to provide a copy thereof to each Purchaser promptly
after such filing. The Company shall, on or before the Signing Date, take such action as the
Company shall reasonably determine is necessary to qualify the Securities for sale to the
Purchasers pursuant to this Agreement under applicable securities or “blue sky” laws of the states
of the United States or obtain exemption therefrom, and shall provide evidence of any such action
so taken to each Purchaser on or prior to the Signing Date.

c. Reservation of Shares. The Company has and shall at all times have authorized and
reserved for the purpose of issuance a sufficient number of shares of Common Stock to provide for
the issuance of the Shares as provided in Section 2 hereof, and the full exercise of the Warrants,
and the issuance of the Warrant Shares, in connection therewith and as otherwise required hereby
and thereby. The Company shall not reduce the number of shares of Common Stock reserved for
issuance under this Agreement (except as a result of the issuance of the Shares hereunder), the
Warrants (except as a result of the issuance of the Warrant Shares upon the exercise of the
Warrants), or the Registration Rights Agreements, without the consent of the Purchasers.

d. Listing. The Company will apply for the listing of the Shares and the Warrant
Shares, in each case, upon each national securities exchange and automated quotation system, if
any, upon which shares of Common Stock are then listed or quoted and shall maintain, so long as any
other shares of Common Stock shall be so listed, such listing of all Shares from time to time
issuable hereunder, and all Warrant Shares from time to time issuable upon exercise of the
Warrants.

e. Securities Laws Disclosure; Publicity. The Company shall, on or before 9:30 a.m.,
Eastern Standard Time, no later than the the fourth business day following the Due Date, issue a
press release reasonably acceptable to the Purchasers disclosing the transactions contemplated
hereby. No later than the fourth Business Day following the Due Date, the Company shall file a
Current Report on Form 8-K with the SEC (the “8-K Filing”) describing the transactions contemplated
by the Transaction Documents and including as exhibits to such Current Report on Form 8-K this
Agreement and the forms of Warrants and Notes, in the form required by the Exchange Act.
Thereafter, the Company shall timely make any filings and notices required by the SEC or applicable
law with respect to the transactions contemplated hereby and provide copies thereof to the
Purchasers promptly after filing. Notwithstanding the foregoing, the Company shall not publicly
disclose the name of any Purchaser, or include the name of any Purchaser in any filing with the SEC
or any regulatory agency or the American Stock Exchange, without the prior written consent of such
Purchaser, except to the extent such disclosure (but not any disclosure as to the controlling
Persons thereof) is required by law or the American Stock Exchange regulations.

f. Furnishing of Information. As long as any Purchaser owns Securities, the Company
shall use reasonable efforts to timely file (or obtain extensions in respect thereof and file
within the applicable grace period) all reports required to be filed by the Company after the date
hereof pursuant to the Securities and Exchange Act of 1933, as amended (the “Exchange Act”).
During the earlier of (i) the date two years from the Closing Date or (ii) as long as any Purchaser
owns Securities, if the Company is not required to file reports pursuant to such laws, it will
prepare and furnish to the Purchasers and make publicly available in accordance with paragraph (c)
of Rule 144 such information as is required for the Purchasers to sell the Securities under Rule
144.

6. CONDITIONS TO THE COMPANY’S OBLIGATION TO SELL.

The obligation of the Company hereunder to issue and sell Shares and Warrants to a Purchaser
hereunder is subject to the satisfaction, at or before the Closing Date, of each of the following
conditions thereto; provided, however, that these conditions are for the Company’s
sole benefit and may be waived by the Company at any time in its sole discretion.

a. The applicable Purchaser shall have executed the signature page to this Agreement, the
Registration Rights Agreement and the Escrow Agreement, and delivered the same to the Company.

b. The applicable Purchaser shall have delivered such Purchaser’s Tranche A Investment Amount
in accordance with Section 2(b) above.

c. The applicable Purchaser shall have delivered to the Company a duly executed Note as
provided in Section 2(b) above.

d. The representations and warranties of the applicable Purchaser shall be true and correct,
and the applicable Purchaser shall have performed, satisfied and complied with the covenants,
agreements and conditions required by this Agreement to be performed, satisfied or complied with by
the applicable Purchaser.

e. No statute, rule, regulation, executive order, decree, ruling, injunction, action,
proceeding or interpretation shall have been enacted, entered, promulgated, endorsed or adopted by
any court or governmental authority of competent jurisdiction or any self-regulatory organization,
or the staff of any thereof, having authority over the matters contemplated hereby which questions
the validity of, or challenges or prohibits the consummation of, any of the transactions
contemplated by this Agreement.

7. CONDITIONS TO EACH PURCHASER’S OBLIGATION TO PURCHASE SHARES AND WARRANTS.

The obligation of each Purchaser hereunder to purchase Shares and Warrants to be purchased by
it hereunder is subject to the satisfaction, at or before the Closing Date, of each of the
following conditions, provided, however, that these conditions are for such Purchaser’s
sole benefit and may be waived by such Purchaser at any time in such Purchaser’s sole discretion:

a. The Company shall have executed the signature pages to this Agreement, the Registration
Rights Agreement and the Escrow Agreement, and delivered the same to the Purchaser.

b. The Company shall have delivered to the Purchaser duly executed certificates representing
the number of Shares and duly executed Warrants as provided in Section 2(b) above.

c. The representations and warranties of the Company shall be true and correct, and the
Company shall have performed, satisfied and complied with the covenants, agreements and conditions
required by this Agreement to be performed, satisfied or complied with by the Company.

d. No statute, rule, regulation, executive order, decree, ruling, injunction, action,
proceeding or interpretation shall have been enacted, entered, promulgated, endorsed or adopted by
any court or governmental authority of competent jurisdiction or any self-regulatory organization,
or the staff of any thereof, having authority over the matters contemplated hereby which questions
the validity of, or challenges or prohibits the consummation of, any of the transactions
contemplated by this Agreement.

e. The Company shall have delivered duly executed Transfer Agent Instructions acknowledged by
the Transfer Agent.

8. GOVERNING LAW; MISCELLANEOUS.

a. Governing Law; Venue; Waiver Of Jury Trail. ALL QUESTIONS CONCERNING THE
CONSTRUCTION, VALIDITY, ENFORCEMENT AND INTERPRETATION OF THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA. THE COMPANY AND
PURCHASERS HEREBY IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS
SITTING IN THE CITY OF LOS ANGELES, STATE OF CALIFORNIA FOR THE ADJUDICATION OF ANY DISPUTE BROUGHT
BY THE COMPANY OR ANY PURCHASER HEREUNDER, IN CONNECTION HEREWITH OR WITH ANY TRANSACTION
CONTEMPLATED HEREBY OR DISCUSSED HEREIN (INCLUDING WITH RESPECT TO THE ENFORCEMENT OF ANY OF THE
TRANSACTION DOCUMENTS), AND HEREBY IRREVOCABLY WAIVE, AND AGREE NOT TO ASSERT IN ANY SUIT, ACTION
OR PROCEEDING BROUGHT BY THE COMPANY OR ANY PURCHASER, ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT
TO THE JURISDICTION OF ANY SUCH COURT, OR THAT SUCH SUIT, ACTION OR PROCEEDING IS IMPROPER. EACH
PARTY HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF PROCESS AND CONSENTS TO PROCESS BEING SERVED IN
ANY SUCH SUIT, ACTION OR PROCEEDING BY MAILING A COPY THEREOF VIA REGISTERED OR CERTIFIED MAIL OR
OVERNIGHT DELIVERY (WITH EVIDENCE OF DELIVERY) TO SUCH PARTY AT THE ADDRESS IN EFFECT FOR NOTICES
TO IT UNDER THIS AGREEMENT AND AGREES THAT SUCH SERVICE SHALL CONSTITUTE GOOD AND SUFFICIENT
SERVICE OF PROCESS AND NOTICE THEREOF. NOTHING CONTAINED HEREIN SHALL BE DEEMED TO LIMIT IN ANY
WAY ANY RIGHT TO SERVE PROCESS IN ANY MANNER PERMITTED BY LAW. THE COMPANY AND PURCHASERS HEREBY
WAIVE ALL RIGHTS TO A TRIAL BY JURY.

b. Counterparts. This Agreement may be executed in two or more counterparts, all of
which shall be considered one and the same agreement and shall become effective when counterparts
have been signed by each party and delivered to the other party. This Agreement, once executed by
a party, may be delivered to the other parties hereto by facsimile transmission of a copy of this
Agreement bearing the signature of the party so delivering this Agreement. In the event any
signature is delivered by facsimile transmission, the party using such means of delivery shall
cause the manually executed Execution Page(s) hereof to be physically delivered to the other party
within five (5) days of the execution hereof.

c. Headings. The headings of this Agreement are for convenience of reference and
shall not form part of, or affect the interpretation of, this Agreement.

d. Severability. If any provision of this Agreement shall be invalid or unenforceable
in any jurisdiction, such invalidity or unenforceability shall not affect the validity or
enforceability of the remainder of this Agreement or the validity or enforceability of this
Agreement in any other jurisdiction.

e. Entire Agreement; Amendments; Waiver. This Agreement and the instruments
referenced herein contain the entire understanding of the parties with respect to the matters
covered herein and therein and, except as specifically set forth herein or therein, neither the
Company nor the Purchasers make any representation, warranty, covenant or undertaking with respect
to such matters. No provision of this Agreement may be waived or amended other than by an
instrument in writing signed by the Company and, by the Purchasers as provided in Section 8(m)
hereof. Notwithstanding the preceding sentence, the parties hereto recognize that certain
amendments may be requested by the American Stock Exchange in order that the Shares and Warrant
Shares issued hereunder be accepted for listing on the American Stock Exchange and agree that
approval for such amendments shall be given. Any waiver by the Purchasers, on the one hand, or the
Company, on the other hand, of a breach of any provision of this Agreement shall not operate as or
be construed to be a waiver of any other breach of such provision of or any breach of any other
provision of this Agreement. The failure of the Purchasers, on the one hand, or the Company, on
the other hand to insist upon strict adherence to any term of this Agreement on one or more
occasions shall not be considered a waiver or deprive that party of the right thereafter to insist
upon strict adherence to that term or any other term of this Agreement.

f. Notices. Any notices required or permitted to be given under the terms of this
Agreement shall be sent by certified or registered mail (return receipt requested) or delivered
personally or by courier or by confirmed telecopy, and shall be effective five days after being
placed in the mail, if mailed, or upon receipt or refusal of receipt, if delivered personally or by
courier or confirmed telecopy, in each case addressed to a party. The addresses for such
communications shall be:

If to the Company:

Genetronics Biomedical Corporation

11199 Sorrento Valley Road

San Diego, CA 92121-1334

Telephone No.: (858) 597-6006

Facsimile No.: (858) 597-0451

Attention: Peter Kies

Chief Financial Officer

With a copy to:

Kirkpatrick & Lockhart Nicholson Graham LLP

10100 Santa Monica Blvd, 7th Floor

Los Angeles, California 90067

Telephone (310) 552-5000

Fax (310) 552-5001

Attention: Thomas Poletti, Esq.

If to the Purchaser, to the address set forth under the Purchaser’s name on the Execution Page
hereto executed by such Purchaser.

Each party hereto may from time to time change its address or facsimile number for notices under
this Section 8(f) by giving at least ten (10) days’ prior written notice of such changed address or
facsimile number, in the case of the Purchasers to the Company, and in the case of the Company to
all of the Purchasers.

g. Successors and Assigns. This Agreement shall be binding upon and inure to the
benefit of the parties and their successors and permitted assigns. Neither the Company nor any
Purchasers may assign this Agreement or any rights or obligations hereunder without the prior
written consent of the other parties. Notwithstanding the foregoing, any Purchaser may assign its
rights under this Agreement to any Person to whom such Purchaser assigns or transfers any
Securities, provided such transferee agrees in writing to be bound, with respect to the transferred
Securities, by the provisions hereof that apply to the “Purchasers.”

h. Further Assurances. Each party shall do and perform, or cause to be done and
performed, all such further acts and things, and shall execute and deliver all such other
agreements, certificates, instruments and documents, as the other party may reasonably request in
order to carry out the intent and accomplish the purposes of this Agreement and the consummation of
the transactions contemplated hereby.

i. Joint Participation in Drafting. Each party to this Agreement has participated in
the negotiation and drafting of this Agreement, the Registration Rights Agreement, the Warrants,
the Notes and the Escrow Agreement. As such, the language used herein and therein shall be deemed
to be the language chosen by the parties hereto to express their mutual intent, and no rule of
strict construction will be applied against any party to this Agreement, the Registration Rights
Agreement, the Warrants, the Notes or the Escrow Agreement.

j. Determinations. Except as otherwise expressly provided herein, all consents,
approvals and other determinations to be made by the Purchasers pursuant to this Agreement and all
waivers and amendments to or of any provisions in this Agreement after the Closing Date shall be
made by Purchasers that have invested more than fifty-one percent (51%) of the aggregate Investment
Amounts invested by all Purchasers.

k. Fees and Expenses. After thirty days from signing this Agreement, the Company
shall pay to Purchasers’ legal counsel an aggregate of $10,000 for their legal fees and expenses
incurred in connection with the preparation and negotiation of the Transaction Documents. Except
as expressly set forth in the Transaction Documents to the contrary, each party shall pay the fees
and expenses of its advisers, counsel, accountants and other experts, if any, and all other
expenses incurred by such party incident to the negotiation, preparation, execution, delivery and
performance of this Agreement.

l. Replacement of Securities. If any certificate or instrument evidencing any
Securities is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued
in exchange and substitution for and upon cancellation thereof, or in lieu of and substitution
therefor, a new certificate or instrument, but only upon receipt of evidence reasonably
satisfactory to the Company of such loss, theft or destruction and customary and reasonable
indemnity, if requested. The applicants for a new certificate or instrument under such
circumstances shall also pay any reasonable third-party costs associated with the issuance of such
replacement Securities.

m. Remedies. In addition to being entitled to exercise all rights provided herein or
granted by law, including recovery of damages, each of the Purchasers and the Company will be
entitled to specific performance under the Transaction Documents. The parties agree that monetary
damages may not be adequate compensation for any loss incurred by reason of any breach of
obligations described in the foregoing sentence and hereby agrees to waive in any action for
specific performance of any such obligation the defense that a remedy at law would be adequate.

n. Adjustments in Share Numbers and Prices. In the event of any stock split,
subdivision, dividend or distribution payable in shares of Common Stock (or other securities or
rights convertible into, or entitling the holder thereof to receive directly or indirectly shares
of Common Stock), combination or other similar recapitalization or event occurring after the date
hereof, each reference in any Transaction Document to a number of shares or a price per share shall
be amended to appropriately account for such event. Immediately after each such event, but in no
event later than thirty days after the occurance of such event, the Company shall deliver to the
Escrow Agent certificates representing such additional shares.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

1

IN WITNESS WHEREOF, the undersigned Purchasers and the Company have caused this Agreement to
be duly executed as of the date first above written.

COMPANY:

GENETRONICS BIOMEDICAL CORPORATION

By:

Name: Avtar Dhillon

Title: President & Chief Executive Officer

PURCHASERS:

By:     

Name:

Title:

2

SCHEDULE OF PURCHASERS

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	Shares of Common	 	 	 	 
	Name of Purchaser	 	Stock Purchased	 	Warrants	 	Purchase Price
	Verdas Invest Ltd.	 	750,000	 	247,500	 	$3,037,500.00 (1)
	BayStar Capital II, L.P.	 	740,741	 	244,444	 	$3,000,000.00 (2)
	SRG Capital, LLC
	 	 	 	 	 	 	49,382	 	 	 	 	 	 	 	16,296	 	 	 	 	 	 	$	200,000.00 (3)	 
	 TOTAL
	 	 	 	 	 	 	1,540,123	 	 	 	 	 	 	 	508,240	 	 	 	 	 	 	$	6,237,500.00	 

(1) Initial 20% payment made in cash. Balance of subscription amount evidenced by
promissory note.

(2) Initial 20% payment made in the form of 60 shares of Genetronics Biomedical
Corporation Series C Preferred Stock, which has a liquidation value of $600,000. Balance of
subscription amount evidenced by promissory note.

(3) Initial 20% payment made in the form of 4 shares of Genetronics Biomedical
Corporation Series C Preferred Stock, which has a liquidation value of $40,000. Balance of
subscription amount evidenced by promissory note.

3EX-10.2

Exhibit 10.2

PROMISSORY NOTE

January 10, 2005

FOR VALUE RECEIVED,      (the “Purchaser”), promises to pay to Genetronics Biomedical
Corporation, a Delaware corporation (the “Holder”), or its registered assignees, the principal sum
of $     Dollars or such lesser amount as shall equal the outstanding principal amount hereof.
All principal shall be due and payable on September 30, 2005 unless paid earlier further to the
provisions of Section 4 herein (the “Due Date”), unless mandatory prepayment of this Note has
occurred prior to such date as provided in Section 4 hereof (“Mandatory Prepayment”).
Notwithstanding any Mandatory Prepayment of this Note, this Note may be prepaid in whole or in part
without penalty at the discretion of the Purchaser at any time prior to the Due Date. This Note is
made further to that Securities Purchase Agreement by and among the Company and the Purchasers
listed on Schedule 1 attached thereto (the “Purchase Agreement”). Capitalized terms used
and not otherwise defined herein shall have the meanings given such terms in the Purchase
Agreement.

The following is a statement of the rights of Holder and the conditions to which this Note is
subject, and to which Holder, by the acceptance of this Note, agrees:

1. Payments. All payments of principal in respect of this Note shall be made (i) in
lawful money of the United States of America in same day funds or (ii) with shares of the Holder’s
Series C Cumulative Convertible Preferred Stock valued at the Liquidation Preference (as defined in
the Certificate of Designations, Rights and Preferences of Series C Cumulative Convertible
Preferred Stock of the Holder) thereof plus any accrued and unpaid dividends thereon, at the
principal office of the Holder located at 11199 Sorrento Valley Road, San Diego, CA 92121, or at
such other place as Holder may designate in writing.

2. Events of Default. The occurrence of any of the following shall constitute an
“Event of Default” under this Note:

(a) Failure to Pay or Other Defaults in Performance. The Purchaser fails to pay the principal
amount due on this Note on the Due Date.

(b) Voluntary Bankruptcy or Insolvency Proceedings. The Purchaser shall (i) apply for or
consent to the appointment of a receiver, trustee, liquidator or custodian of itself or of all or a
substantial part of its property, (ii) be unable, or admit in writing its inability, to pay its
debts generally as they mature, (iii) make a general assignment for the benefit of its or any of
its creditors, (iv) be dissolved or liquidated, (v) become insolvent (as such term may be defined
or interpreted under any applicable statute), (vi) commence a voluntary case or other proceeding
seeking liquidation, reorganization or other relief with respect to itself or its debts under any
bankruptcy, insolvency or other similar law now or hereafter in effect or consent to any such
relief or to the appointment of or taking possession of its property by any official in an
involuntary case or other proceeding commenced against it, or (vii) take any action for the purpose
of effecting any of the foregoing; or

(c) Involuntary Bankruptcy or Insolvency Proceedings. Proceedings for the appointment of a
receiver, trustee, liquidator or custodian of the Purchaser or of all or a substantial part of the
property thereof or an involuntary case or other proceedings seeking liquidation, reorganization or
other relief with respect to the Purchaser or the debts thereof under any bankruptcy, insolvency or
other similar law now or hereafter in effect shall be commenced and an order for relief entered or
such proceeding shall not be dismissed or discharged within thirty (30) days of commencement.

3. Rights of Holder upon Default. Upon the occurrence or existence of any Event of
Default, immediately and without notice, all outstanding principal payable by the Purchaser
hereunder shall automatically become immediately due and payable, without presentment, demand,
protest or any other notice of any kind, all of which are hereby expressly waived, anything
contained herein to the contrary notwithstanding. Further, the Purchaser’s Tranche A Investment
Amount that the Purchaser paid to the Holder shall be forfeited and the Purchaser’s Shares held by
the Escrow Agent pursuant to that certain Escrow Agreement dated as of the date hereof, which was
entered into by and among the Company, the Purchasers and the Escrow Agent, shall be automatically
cancelled. In addition to the foregoing remedies, upon the occurrence or existence of any Event of
Default, Holder may exercise any other right, power or remedy granted to it by this Note or
otherwise permitted to it by law, either by suit in equity or by action at law, or both.

4. Mandatory Prepayment. The Holder may in its sole discretion, by at least
thirty-days’ prior written notice to the Purchaser (the “Notice”), require Mandatory Prepayment of
this Note, provided that (i) the Daily Market Price (as defined in the Warrant of even date
herewith issued to the Purchaser) for at least five (5) of the previous fifteen (15) trading days
is equal to or greater than $6.50, (ii) either all of the Common Shares issuable upon payment of
this Note (as provided in the Purchase Agreement) (A) are then registered under an effective
registration statement or (B) may be sold pursuant to Rule 144 during a three-month period without
registration under the Securities Act, (iii) sufficient shares of Common Stock of the Holder are
authorized and reserved for issuance upon payment of this Note and (iv) the Common Shares issuable
upon payment of this Note are then listed on every stock exchange, market or bulletin board on
which the Common Stock of the Holder is then listed. The Notice shall set forth a date, not less
than thirty days after the date of the Notice, on which the Mandatory Prepayment of this Note shall
occur (the “Mandatory Prepayment Date”). On the Mandatory Prepayment Date, the Purchaser shall pay
the Holder by certified check or wire transfer an amount equal to the unpaid principal balance and
all accrued but unpaid interest. Nothing in this Section 4 shall prevent the prepayment of this
Note at the discretion of the Purchaser at any time prior to the Mandatory Prepayment Date.

5. Successors and Assigns. The rights and obligations of the Purchaser and Holder of
this Note shall be binding upon and benefit the successors, assigns, heirs, administrators and
transferees of the parties.

6. Waiver and Amendment. Any provision of this Note may be amended, waived or
modified upon the written consent of the Purchaser and Holder.

7. Assignment by The Purchaser. This Note and the rights, interests or obligations
hereunder may be assigned, in whole or in part, by the Purchaser.

8. Notices. Any notice, request or other communication required or permitted
hereunder shall be in writing and shall be deemed to have been duly given if personally delivered
or mailed by registered or certified mail, postage prepaid, or by recognized overnight courier or
personal delivery at the respective addresses of the parties as set forth on the register
maintained by the Purchaser. Any party hereto may by notice so given change its address for future
notice hereunder. Notice shall conclusively be deemed to have been given when received.

9. Default Rate; Usury. In the event that any payment of principal provided for
herein is not paid by the Purchaser when due (including the entire unpaid balance of this Note in
the event such amount is made immediately due and payable pursuant to the terms hereof), then the
Purchaser shall pay interest on such amounts not paid when due at a rate per annum equal to two
percent (2%). In the event any interest is paid on this Note that is deemed to be in excess of the
then legal maximum rate, then that portion of the interest payment representing an amount in excess
of the then legal maximum rate shall be deemed a payment of principal and applied against the
principal of this Note.

10. Expenses; Waivers. If action is instituted to collect this Note, the Purchaser
promises to pay all costs and expenses, including, without limitation, reasonable attorneys’ fees,
and costs, incurred in connection with such action. The Purchaser hereby waives notice of default,
presentment or demand for payment, protest or notice of nonpayment or dishonor and all other
notices or demands relative to this instrument.

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

12. Waiver of Jury Trial. To the fullest extent permitted by applicable law, the
Purchaser and the Holder hereby irrevocably and expressly waive all right to a trial by jury in any
action, proceeding, counterclaim (whether based upon contract, tort or otherwise) arising out of or
relating to this Agreement, or other documents entered in connection herewith or the transactions
contemplated hereby.

13. Headings. The headings of the sections and subsections of this Agreement are
inserted for convenience only and do not constitute a part of this Agreement.

14. Severability. In case any one or more of the provisions contained in this
Agreement shall be deemed invalid, illegal, or unenforceable in any respect, the validity, legality
and enforceability of the remaining provisions contained herein shall not in any way be affected or
impaired thereby.

15. Miscellaneous. In the event the Holder at any time discovers that this Note
contains an error that was caused by clerical mistake, calculation error, computer error, printer
error, or similar error, the Purchaser agrees, upon notice from the Holder to execute any amendment
or modification hereto that is necessary to correct any such errors, and the Purchaser also agrees
not to hold the Holder responsible for any damage resulting from such error. If this Note is lost,
stolen, mutilated or destroyed, and the Holder delivers to the Purchaser an indemnification in the
Purchaser’s favor, signed by the Holder, the Purchaser will sign and deliver to Holder, a note
identical in form and content which will have the effect of the original Note for all purposes.

[Remainder of page intentionally left blank.]

1

IN WITNESS WHEREOF, the Purchaser has caused this Note to be issued as of the date first
written above.

By:

Name:

Title:

Accepted and Agreed by Holder:

Genetronics Biomedical Corporation,

a Delaware corporation

	 	 	 
	By:

	 	

	 

	 	 
	Name:

Title:

	 	Avtar Dhillon

Chief Executive Officer
	 
	 	 

2

SCHEDULE OF PROMISSORY NOTES

	 	 	 	 	 
	Name of Purchaser	 	Promissory Note
	Verdas Invest Ltd.	 	$2,430,000.00
	BayStar Capital II, L.P.	 	$2,400,000.00 (1)
	SRG Capital, LLC
	 	$	160,000.00 (2)	 
	 
	 	 	 	 
	TOTAL
	 	$	4,990,000.00	 
	 
	 	 	 	 

(1) Purchaser has option to repay in the form of 240 shares of Genetronics Biomedical
Corporation Series C Preferred Stock, which has a liquidation value of $2,400,000.

(2) Purchaser has option to repay in the form of 16 shares of Genetronics Biomedical
Corporation Series C Preferred Stock, which has a liquidation value of $160,000.

3

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