Document:

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                            CASH COLLATERAL AGREEMENT

     THIS CASH COLLATERAL AGREEMENT (this "Agreement") is made as of August 19,
2005 by and among VYTERIS HOLDINGS (NEVADA), INC., a Nevada corporation (the
"Company"), the investors signatory hereto (each, an "Investor" and,
collectively, the "Investors"), and WACHOVIA BANK, NATIONAL ASSOCIATION (the
"Collateral Agent"). Capitalized terms used herein but not defined have the
respective meanings set forth in the Securities Purchase Agreement, dated as of
August 19, 2005, between each Investor and the Company (the "Purchase
Agreement").

     WHEREAS, on the terms and subject to the conditions set forth in the
Purchase Agreement, each Investor has agreed to purchase from the Company,
severally and not jointly with any other Investor, one or more Senior Secured
Convertible Debentures (each a "Debenture" and, collectively, the "Debentures");

     WHEREAS, pursuant to the Purchase Agreement, on each Closing Date each
Investor will deduct from the Purchase Price and deposit into a cash collateral
account (the "Collateral Account") an amount of cash (the "Collateral Amount")
equal to the aggregate amount of interest scheduled to accrue on the Debentures
being purchased on such Closing Date during the period beginning on such Closing
Date and ending on the two (2) year anniversary of such Closing Date, assuming
for such purpose that the aggregate original principal amount of the Debentures
remains outstanding through the last day of such period (each such deposit being
referred to as the "Deposited Collateral Amount");

     WHEREAS, the Company and each Investor have requested that the Collateral
Agent (i) hold the Collateral Amount as secured party for the benefit of the
Investors and successor holders of the Debentures (each, a "Holder" and,
collectively, the "Holders") to secure the Company's performance of its
obligations under the Debentures and (ii) disburse the Collateral Amount
pursuant to the terms of this Agreement; and

     WHEREAS, the Collateral Agent is willing to hold the Collateral Amount as
secured party for the benefit of the Holders and to disburse the Collateral
Amount pursuant to the terms of this Agreement;

     NOW, THEREFORE, in consideration of the mutual covenants contained herein
and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties agree as follows:

                                    ARTICLE I

                       ESTABLISHMENT OF COLLATERAL ACCOUNT

     1.1 The parties hereby agree to establish the Collateral Account or, if the
Collateral Account has been established prior to the date hereof, hereby ratify
and approve such action.
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Each Investor shall, on each Closing Date, deduct from the Purchase Price
payable by it and deposit in the Collateral Account such Investor's Pro Rata
Share of the Deposited Collateral Amount by means a wire transfer made in
accordance with the instructions attached as Exhibit A hereto. The name of each
Investor and its Pro Rata Share of the Deposited Collateral Amount with respect
to the Initial Closing are set forth on Schedule A attached hereto.

     1.2 The Company and each Investor hereby directs the Collateral Agent to
invest and reinvest the Collateral Amount in Wachovia Trust Money Access Account
CUSIP # 997981022 (the "Initial Investment"). The Company and each Investor
acknowledge receipt of a prospectus and/or disclosure materials associated with
the Initial Investment, either through means of hardcopy or via access to the
website associated with the Initial Investment. Each party acknowledges that it
has reviewed the Initial Investment and agrees that it constitutes an
appropriate investment of the Collateral Amount. The Company and a majority in
interest of the Holders may change the investment in which amounts contained in
the Collateral Account are invested (subject to applicable minimum investment
requirements) by furnishing written joint instructions to the Collateral Agent;
provided, however, that no such reinvestment may be made except in:

          a. direct obligations of the United States of America or obligations
     the principal of and the interest on which are unconditionally guaranteed
     by the United States of America;

          b. certificates of deposit issued by any bank, bank and trust company,
     or national banking association (including the Collateral Agent and its
     affiliates), and insured by the Federal Deposit Insurance Corporation or a
     similar governmental agency;

          c. repurchase agreements with any bank, trust company, or national
     banking association (including the Collateral Agent and its affiliates); or

          d. any institutional money market fund offered by the Collateral
     Agent, including any institutional money market fund managed by the
     Collateral Agent or any of its affiliates.

     If the Collateral Agent has not received written joint instructions from
the Company and each Holder at the time that an investment decision must be made
with respect to amounts contained in the Collateral Account, the Collateral
Agent shall invest such amount, or such portion thereof as to which no written
direction has been received, in investments described in clause (d) above. Each
of the foregoing investments shall be made in the name of the Collateral Agent.
No investment shall be made in any instrument or security that has a maturity of
greater than six (6) months. Notwithstanding anything to the contrary contained
herein, the Collateral Agent may, without notice to the Company or any Holder,
sell or liquidate any of the foregoing investments at any time if the proceeds
thereof are required for any disbursement of amounts contained in the Collateral
Account that is permitted or required hereunder. All investment earnings shall
become part of the Collateral Amount and investment losses shall be charged
against the Collateral Amount. The Collateral Agent shall not be liable or
responsible for loss in the value of any investment made pursuant to this
Agreement, or for any loss, cost or penalty resulting from any sale or
liquidation of the Collateral

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Amount. With respect to any Collateral Amount received by the Collateral Agent
after ten o'clock, a.m., Boston, Massachusetts, time, the Collateral Agent shall
not be required to invest such funds or to effect any investment instruction
until the next Business Day.

     1.3 The Company shall be responsible for any taxes due or payable in
respect of interest generated by the investment of the Collateral Amount. The
Company's federal tax identification number, as set forth on the signature page
hereof, shall be used to open the Collateral Account.

                                   ARTICLE II

                                SECURITY INTEREST

     2.1 As security for the payment and performance of all of the Company's
indebtedness, liabilities and other obligations under and pursuant to the
Debentures, including all unpaid principal of and all interest accrued thereon,
whether now existing or hereafter arising, and whether due or to become due,
absolute or contingent, liquidated or unliquidated, determined or undetermined,
and including interest that accrues after the commencement by or against the
Company of any bankruptcy or insolvency proceeding naming the Company as the
debtor in such proceeding (collectively, the "Obligations"), the Company hereby
grants to the Collateral Agent, in its capacity as secured party and as agent
for the Holders, and to each Holder ratably in accordance with each Holder's Pro
Rata Share, a security interest in all of the Company's right, title and
interest in, to and under all funds held by the Collateral Agent under or
pursuant to this Agreement, including without limitation the Collateral Amount
and all proceeds of any and all of the foregoing, in each case whether presently
existing or owned or hereafter arising or acquired (collectively, the "Pledged
Collateral").

     2.2 This Agreement shall create a continuing security interest in the
Pledged Collateral which shall remain in effect until the Release Date (as
defined below) and thereafter until all of the Pledged Collateral has been
disbursed in accordance with Article III hereof.

     2.3 The Company shall (i) execute and deliver to the Collateral Agent, to
hold on behalf and at the direction of the Holders, and the Company hereby
authorizes the Collateral Agent to file or cause to be filed (with or without
the Company's signature), at any time and from time to time, all such financing
statements, continuation financing statements, termination statements, notices,
and all other documents and instruments which the Collateral Agent or any
Holders may reasonably request, in form reasonably satisfactory to the
Collateral Agent or any Holders, as the case may be, and (ii) take such other
action, which the Collateral Agent or any Holder may reasonably request, to
perfect and continue perfected, maintain the priority of or provide notice of
the pledge of and security interest in the Pledged Collateral and to accomplish
the purposes of this Agreement. The Company ratifies and authorizes the filing
by the Collateral Agent of any financing statements filed prior to the date
hereof.

     2.4 The Company shall not be entitled to withdraw or otherwise take
possession of or exercise control over any of the Pledged Collateral other than
as expressly provided in this Agreement.

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     2.5 Except for the accounting for funds actually received by the Holders,
no Holder shall have any duty or liability to exercise or preserve any rights,
privileges or powers pertaining to the Pledged Collateral. The Company agrees
that Holders shall have no responsibility to the Company with respect to any
losses sustained on any item of, or investment in, the Pledged Collateral or for
any failure to realize any yields desired by the Company.

     2.6 The Company represents and warrants to each Holder that the Company's
chief executive office and principal place of business, and all books and
records concerning the Pledged Collateral, are located at its address set forth
in the Purchase Agreement; and the Company's jurisdiction of organization and
the Company's exact legal name each is as set forth in the first paragraph of
this Agreement.

     2.7 The Company waives, to the fullest extent permitted by law, any right
to require the Holders (a) to proceed against any Person, (b) to exhaust any
other collateral or security for any of the Obligations, (c) to pursue any
remedy, or (d) to make or give any presentments, demands for performance,
notices of nonperformance, protests, notices of protests or notices of dishonor
in connection with any of the Pledged Collateral.

     2.8 So long as any of the Obligations remain unsatisfied, the Company
agrees that:

          (a) The Company will, at its own expense, appear in and defend any
     action, suit or proceeding which purports to affect its title to, or right
     or interest in, the Pledged Collateral or the security interest of the
     Holders therein and the pledge to Holders thereof.

          (b) The Company shall give prior written notice to Holders and to the
     Collateral Agent (and in any event not less than thirty (30) days' written
     notice prior to any such change) of: (i) any change in the location of the
     Company's chief executive office or principal place of business; (ii) any
     change in the location of books and records pertaining to Pledged
     Collateral; (iii) any change in its name; (iv) any changes in its identity
     or structure in any manner which might make any financing statement filed
     hereunder incorrect or misleading; (v) any change in its jurisdiction of
     organization; or (vi) any change in its registration as an organization (or
     any new such registration).

          (c) The Company will not convey, transfer, assign or otherwise dispose
     of or transfer the Pledged Collateral or any right, title or interest
     therein, nor will the Company create, incur or permit to exist any pledge,
     security interest, assignment, deposit arrangement, charge or encumbrance
     or other lien, upon or with respect to the Pledged Collateral, other than
     the security interest of and pledge to the Holders created by this
     Agreement.

          (d) The Company will promptly, upon the written request from time to
     time of the Collateral Agent, execute, acknowledge and deliver, and file
     and record, all such financing statements and other documents and
     instruments, and take all such action, as shall be reasonably necessary to
     carry out the purposes of this Agreement.

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                                   ARTICLE III

                        DISBURSEMENT OF COLLATERAL AMOUNT

     3.1 The Collateral Agent shall disburse the Collateral Amount as follows:

          (i) On or before the fifth (5th) Business Day prior to each Scheduled
Interest Payment Date (as defined below), the Company shall deliver to the
Collateral Agent and to each Holder a written notice signed by the Chief
Financial Officer of the Company (an "Interest Payment Notice"), which notice
shall (A) specify the amount of interest accrued and owing on the Debentures on
such date, both in the aggregate and as to each Holder and (B) certify that a
copy of such notice has been delivered to each Holder. If the Company chooses or
is required under the Debentures to pay all or a portion of such interest in
cash, the Interest Payment Notice shall so state and shall direct the Collateral
Agent to pay from the Collateral Account to the Holders in the respective
amounts specified in such notice cash in an amount equal to such interest to be
paid in cash. If the Company chooses to pay all or a portion of such interest in
Common Stock, and the conditions to do so are satisfied, the Interest Payment
Notice shall so specify. Upon written confirmation from each Holder that it has
received payment of interest in shares of Common Stock, the Collateral Agent
shall pay from the Collateral Account to the Company cash in an amount equal to
the aggregate amount of such interest paid in Common Stock. Each Holder shall be
obligated to provide such written confirmation promptly after receipt of payment
of interest in shares of Common Stock. In the event that the Company does not
deliver an Interest Payment Notice on or before such fifth Business Day (in
which case the Company shall be required to pay such interest in cash), or if
the Collateral Agent receives notice from a Holder that conflicts with or
disputes any information contained in an Interest Payment Notice, the Collateral
Agent shall make payment of any undisputed amounts in accordance with this
paragraph 3.1(i), but shall not be obligated to make any payment under this
paragraph 3.1(i) with respect to any disputed payments except pursuant to the
procedures described in Section 4.8 below. For purposes of this Agreement,
"Scheduled Interest Payment Date" means each March 31, June 30, September 30 and
December 31 of each calendar year while the Debentures are outstanding, with the
first Scheduled Interest Payment Date occurring on September 30, 2005 (or if any
such day is not a Business Day, on the next succeeding Business Day).

          (ii) In the event that the Company exercises its right to require a
Forced Conversion (as defined in the Debentures, a "Forced Conversion"), then on
or before the fifth (5th) Business Day prior to the effective date of such
Forced Conversion (a "Forced Conversion Date", the Company shall deliver to the
Collateral Agent and to each Holder a written notice signed by the Chief
Financial Officer of the Company (a "Forced Conversion Release Notice"), which
notice shall (A) specify the principal amount of the Debentures that are subject
to such Forced Conversion, (B) specify the amount of interest accrued and owing
as of the Forced Conversion Date on the Debentures to be so converted on such
Forced Conversion Date, both in the aggregate and as to each Holder of
Debentures to be so converted, (C) if the Forced Conversion Date occurs prior to
the (18) month anniversary of the date on which a Debenture was originally
issued, specify the amount of interest, if any, that would have accrued on the
principal amount of such Debenture during the period beginning on the Forced
Conversion Date and ending on such eighteen (18) month anniversary (the
"Make-Whole Amount"), and (D) certify that a copy of such notice has been
delivered to each Holder. If the Company chooses or

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is required under the Debentures subject to a Forced Conversion to pay all or a
portion of the Make-Whole Amount or accrued interest in cash, the Forced
Conversion Release Notice shall so state and shall direct the Collateral Agent
to pay from the Collateral Account to the Holders in the respective amounts
specified in such Forced Conversion Release Notice cash in an amount equal to
such Make-Whole Amount and accrued interest to be paid in cash. If the Company
chooses (and is entitled) to pay all or a portion of the Make-Whole Amount
and/or such interest in Common Stock, then the Forced Conversion Release Notice
shall so state. In such event, each Holder shall deliver written confirmation to
the Collateral Agent promptly upon its receipt of the Conversion Shares to which
it is entitled in respect of such Forced Conversion (including, if applicable,
Conversion Shares in respect of accrued interest and in respect of the
Make-Whole Amount) and, upon receipt of such confirmation, the Collateral Agent
shall pay from the Collateral Account to the Company cash in an amount equal to
the aggregate amount of the Make-Whole Amount and accrued interest paid in
Common Stock as specified in such confirmation. In the event that the Collateral
Agent receives notice from a Holder that conflicts with or disputes any
information contained in an Forced Conversion Release Notice, the Collateral
Agent shall make payment of any undisputed amounts in accordance with this
paragraph 3.1(ii), but shall not be obligated to make any payment under this
paragraph 3.1(ii) with respect to any disputed payments except pursuant to the
procedures described in Section 4.8 below.

     (iii) In the event that the Company pays all amounts of principal and
interest owing on the Debentures in full pursuant to an Optional Redemption, and
delivers written notice of such event to the Collateral Agent and each Holder (a
"Prepayment Release Notice"), each Holder shall deliver written confirmation to
the Collateral Agent of such payment. On the date that is within one Business
Day of the date on which the Collateral Agent receives such confirmation from
each Holder (the "Prepayment Release Date"), the Collateral Agent will disburse
any amounts then maintained in the Collateral Account to the Company; provided,
however, that if the Collateral Agent receives notice from any Holder that
conflicts with or disputes any information contained in a Prepayment Release
Notice, the Collateral Agent shall not make any payment under this paragraph
3.1(iii) except pursuant to the procedures described in Section 4.8 below.

     (iv) In the event that one or more Holders declares a Mandatory Redemption
under such Holder's Debenture(s) and delivers written notice of such event to
the Collateral Agent and each other Holder (a "Mandatory Redemption Release
Notice"), then on the date that is within one Business Day of the date of the
delivery of such notice to the Collateral Agent (the "Mandatory Redemption
Release Date"), the Collateral Agent will disburse a Pro Rata Share of all
amounts then maintained in the Collateral Account (including in the calculation
of Pro Rata Share only those Debentures that remain outstanding as of the
Mandatory Redemption Release Date), if any, to each Holder that has provided a
Mandatory Redemption Release Notice, with the remainder to continue to be held
in accordance with this Agreement. If all Holders of outstanding Debentures have
issued Mandatory Redemption Release Notices, the Collateral Agent will disburse
all remaining amounts then maintained in the Collateral Account as follows: (A)
first, to each Holder, pro rata, in accordance with such Holder's Pro Rata Share
(including in the calculation of Pro Rata Share only those Debentures that
remain outstanding as of the Mandatory Redemption Release Date), in an amount
not to exceed the amounts (including

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outstanding principal and unpaid accrued interest) then due under the
Debenture(s) held by such Holder; and (B) second, any remaining amounts to the
Company; provided, however, that if the Collateral Agent receives notice from
the Company or any Holder that conflicts with or disputes any information
contained in a Mandatory Redemption Release Notice, the Collateral Agent shall
not make any payment under this paragraph 3.1(iv) except pursuant to the
procedures described in Section 4.8 below.

     3.2 Wire transfers to the Company or to any Investor shall be made pursuant
to written instructions from time to time delivered by such party to the
Collateral Agent.

                                   ARTICLE IV

                                COLLATERAL AGENT

     4.1 The Collateral Agent's duties hereunder may be altered, amended,
modified or revoked only by a writing signed by the Company, each Investor and
the Collateral Agent.

     4.2 The Collateral Agent shall be obligated only for the performance of
such duties as are specifically set forth herein and no duties shall be implied
and may rely and shall be protected in relying or refraining from acting on any
instrument reasonably believed by the Collateral Agent to be genuine and to have
been signed or presented by the proper party or parties. The Collateral Agent
shall have no liability under and no duty to inquire as to the provisions of any
agreement other than this Agreement. The Collateral Agent's sole responsibility
shall be for the safekeeping and disbursement of the Collateral Amount in
accordance with the terms of this Agreement. Collateral Agent shall have no
implied duties or obligations and shall not be charged with knowledge or notice
of any fact or circumstance not specifically set forth herein. The Collateral
Agent shall not be personally liable for any act the Collateral Agent may do or
omit to do hereunder as the Collateral Agent while acting in good faith and in
the absence of gross negligence, fraud or willful misconduct, and any act done
or omitted by the Collateral Agent in good faith pursuant to the written advice
of the Collateral Agent's outside legal counsel shall be conclusive evidence of
such good faith. In no event shall the Collateral Agent be liable for
incidental, indirect, special, consequential or punitive damages (including, but
not limited to lost profits), even if the Collateral Agent has been advised of
the likelihood of such loss or damage and regardless of the form of action. The
Collateral Agent shall not be obligated to take any legal action or commence any
proceeding in connection with the Collateral Amount, any account in which the
Collateral Amount is deposited, this Agreement, or to appear in, prosecute or
defend any such legal action or proceeding. The Collateral Agent may consult
legal counsel selected by it in the event of any dispute or question as to the
construction of any of the provisions hereof or of any other agreement or of its
duties hereunder, or relating to any dispute involving any party hereto, and
shall incur no liability and shall be fully indemnified from any liability
whatsoever in acting in good faith in accordance with the opinion or instruction
of such counsel. Company shall promptly pay, upon demand, the reasonable fees
and expenses of any such counsel, provided, however, if such amounts is not paid
by the Company within 30 days of the date of the Collateral Agent's invoice, the
each of the Holders shall be jointly and severally liable to pay such amounts.

     4.3 The Collateral Agent is hereby expressly authorized to comply with and
obey orders, judgments or decrees of any court of law. If the Collateral Agent
obeys or complies with

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any such order, judgment or decree, the Collateral Agent shall not be liable to
any of the parties hereto or to any other person, firm or corporation by reason
of such order, judgment or decree being subsequently reversed, modified,
annulled, set aside, vacated or found to have been entered without jurisdiction.

     4.4 The Collateral Agent shall not be liable in any respect on account of
the identity, authorization or rights of the parties executing or delivering or
purporting to execute or deliver the Purchase Agreement or any documents or
papers deposited or called for thereunder in the absence of gross negligence,
fraud or willful misconduct.

     4.5 The Collateral Agent shall be entitled to employ such experts as the
Collateral Agent may deem necessary properly to advise the Collateral Agent in
connection with the Collateral Agent's duties hereunder, may rely upon the
advice of such experts, and may pay such experts reasonable compensation, the
costs of which compensation shall be borne by the Company.

     4.6 The Collateral Agent's responsibilities as Collateral Agent hereunder
shall terminate if the Collateral Agent shall resign by giving written notice to
the Company and the Investors. Such resignation shall not be effective until the
earlier of (x) thirty (30) days following delivery of such notice and (y) the
appointment of a successor Collateral Agent. In the event of any such
resignation, the Investors and the Company shall appoint a successor Collateral
Agent and the Collateral Agent shall deliver to such successor Collateral Agent
any funds and other documents held by the Collateral Agent hereunder or pursuant
hereto.

     4.7 If the Collateral Agent reasonably requires other or further
instruments in connection with this Agreement or obligations in respect hereto,
the necessary parties hereto shall join in furnishing such instruments.

     4.8 It is understood and agreed that should any dispute arise with respect
to the delivery and/or ownership or right of possession of the funds held by the
Collateral Agent hereunder, or if otherwise permitted or required under this
Agreement, the Collateral Agent is authorized and directed in the Collateral
Agent's sole discretion (1) to retain in the Collateral Agent's possession
without liability to anyone all or any part of said funds until such dispute
shall have been settled either by mutual written agreement of the parties
concerned or by a final order, decree or judgment of a court of competent
jurisdiction after the time for appeal has expired and no appeal has been
perfected, but the Collateral Agent shall be under no duty whatsoever to
institute or defend any such proceedings or (2) to deliver the funds held by the
Collateral Agent hereunder to a state or Federal court having competent subject
matter jurisdiction and located in the City of New York in accordance with the
applicable procedure therefor.

     4.9 The Company and each Investor agree jointly and severally to indemnify
and hold harmless the Collateral Agent and its partners, employees, agents and
representatives from any and all claims, liabilities, costs or expenses
(including reasonable legal fees and expenses) in any way arising from or
relating to the duties or performance of the Collateral Agent hereunder or the
transactions contemplated hereby or by the Purchase Agreement other than any
such claim, liability, cost or expense to the extent the same shall have been
determined by final,

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unappealable judgment of a court of competent jurisdiction to have resulted from
the gross negligence, fraud or willful misconduct of the Collateral Agent.
Notwithstanding the foregoing, as between the Company and the Investors, the
Company shall bear the cost of the Collateral Agent's fees and expenses for
serving as Collateral Agent hereunder.

                                    ARTICLE V

                                  MISCELLANEOUS

     5.1 No failure on the part of any Holder to exercise, and no delay in
exercising, any right, remedy, power or privilege hereunder shall operate as a
waiver thereof, nor shall any single or partial exercise of any such right,
remedy, power or privilege preclude any other or further exercise thereof or the
exercise of any other right, remedy, power or privilege. The rights and remedies
under this Agreement are cumulative and not exclusive of any rights, remedies,
powers and privileges that may otherwise be available to any Holder.

     5.2 Any notice, demand or request required or permitted to be given by the
Collateral Agent, the Company or the Holders pursuant to the terms of this
Agreement shall be in writing and shall be deemed delivered (i) when delivered
personally or by verifiable facsimile transmission, unless such delivery is made
on a day that is not a Business Day, in which case such delivery will be deemed
to be made on the next succeeding Business Day and (ii) on the next Business Day
after timely delivery to an overnight courier, addressed as follows:

                  If to the Company:

                  Vyteris Holdings (Nevada), Inc.
                  13-01 Pollitt Drive
                  Fair Lawn, NJ 07410
                  Attn:    Chief Financial Officer
                  Tel:     201-703-2299
                  Fax:     201-703-2295

                  with a copy to:

                  Lowenstein Sandler PC
                  65 Livingston Avenue
                  Roseland, New Jersey 07068
                  Attn: Peter H. Ehrenberg, Esq.
                  Tel:     973-597-2350
                  Fax:     973-597-2351

                  If to the Collateral Agent:

                  Wachovia Bank, National Association
                  Corporate Trust Department
                  200 Berkeley Street, 17th Floor
                  Boston, MA 02116
                  Attn:    Timothy Donmoyer
                  Tel:      (617) 210-3772
                  Fax:      (617) 210-3775

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and if to any Holder, to such address for such Holder as shall appear on Exhibit
B hereto or as shall be designated by such Holder in writing to the Collateral
Agent and the Company in accordance with this Section 5.2. A copy of any notice
or other communication delivered by or to the Collateral Agent shall
concurrently be delivered to the Company and to each Holder.

     5.3 This Agreement shall be binding upon and shall inure to the benefit of
the permitted successors and permitted assigns of the parties hereto. The
Company may not assign, transfer, or otherwise convey its rights, benefits,
obligations or duties hereunder. Each of the Holders may assign all or a portion
of its rights and obligations hereunder to any Person to whom such Holder
assigns or otherwise transfers all or a portion of the Debentures held by such
Holder. Upon any record assignment of a Debenture or any portion thereof, the
Company shall promptly (and in any event prior to the next following Scheduled
Interest Payment Date) give written notice of such assignment to the Collateral
Agent and copies of such written notice to the assignor and assignee of such
Debenture. Upon any such assignment, such assignee shall be entitled to enforce
such Holder's rights and remedies under this Agreement to the same extent as if
it were an original party hereto.

     5.4 This Agreement represents the entire agreement between or among the
parties with respect to the subject matter hereof and supersedes all prior
understandings or agreements, whether written or oral thereto. This Agreement
may not be modified, changed, supplemented or terminated, nor may any
obligations hereunder be waived, except by written instrument signed by the
party to be charged. The recitals set forth above hereby incorporated into this
Agreement as if fully set forth herein.

     5.5 Whenever required by the context of this Agreement, the singular shall
include the plural and masculine shall include the feminine. This Agreement
shall not be construed against any party hereto as the preparer hereof, it being
understood and agreed that each party participated equally in the negotiation
and preparation hereof.

     5.6 The parties hereto expressly agree that this Agreement shall be
governed by, interpreted under and construed and enforced in accordance with the
laws of the State of New York applicable to contracts made and to be performed
entirely within the State of New York. Each party hereby irrevocably submits to
the non-exclusive jurisdiction of the state and federal courts sitting in the
City and County of New York for the adjudication of any dispute hereunder or in
connection herewith or with any transaction contemplated hereby and hereby
irrevocably waives, and agrees not to assert in any suit, action or proceeding,
any claim that it is not personally subject to the jurisdiction of any such
court, that such suit, action or proceeding is brought in an inconvenient forum
or that the venue of 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 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.

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     5.7 Whenever possible, each provision of this Agreement shall be
interpreted in such manner as to be effective and valid under all applicable
laws and regulations. If, however, any provision of this Agreement shall be
prohibited by or invalid under any such law or regulation in any jurisdiction,
it shall, as to such jurisdiction, be deemed modified to conform to the minimum
requirements of such law or regulation, or, if for any reason it is not deemed
so modified, it shall be ineffective and invalid only to the extent of such
prohibition or invalidity without affecting the remaining provisions of this
Agreement, or the validity or effectiveness of such provision in any other
jurisdiction.

     5.8 This Agreement may be executed by the parties hereto in more than one
counterpart, each of which, when executed and delivered, shall be deemed to be
an original and all of which together shall constitute one and the same
document.

                            [SIGNATURE PAGE FOLLOWS]

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<PAGE>

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

VYTERIS HOLDINGS (NEVADA), INC.

By:      /s/ Michael McGuinness
         ----------------------
         Name: Michael McGuinness
         Title: Chief Financial Officer

Title:
Chief Financial Officer
Federal Tax ID No.: 84-1394211
                    ----------
<PAGE>

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

COLLATERAL AGENT:

WACHOVIA BANK, NATIONAL ASSOCIATION

By: /s/ Evangelos Ntavos
    --------------------
     Name:  Evangelos Ntavos
     Title:  Assistant Vice President
<PAGE>

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

INVESTORS:

SATELLITE STRATEGIC FINANCE ASSOCIATES, LLC

By:      Satellite Asset Management, L.P., its Manager

By:      /s/ Authorized Person
         -----------------------------------

SATELLITE STRATEGIC FINANCE PARTNERS, LTD.

By:      Satellite Asset Management, L.P., its Manager

By:      /s/ Authorized Person
         -----------------------------------

PALISADES MASTER FUND, L.P.

By:      /s/ Authorized Person
         -----------------------------------

QUBIT HOLDINGS LLC

By:      /s/ Authorized Person
         -----------------------------------<PAGE>

                               SUBSIDIARY GUARANTY

     This SUBSIDIARY GUARANTY, dated as of August 19, 2005 (this "Guaranty"), is
by VYTERIS, INC., a Delaware corporation (the "Guarantor"), for and on behalf of
each of the entities whose name appears on Exhibit A hereto. Such entities are
each referred to herein as an "Investor" and, collectively, as the "Investors".
This Guaranty is being executed and delivered by the Guarantor in connection
with that certain Securities Purchase Agreement, dated as of August 19, 2005
(the "Securities Purchase Agreement"), between Vyteris Holdings (Nevada), Inc.,
a Nevada corporation ("Vyteris"), and each Investor. Capitalized terms used
herein and not otherwise defined herein shall have the respective meanings set
forth in the Securities Purchase Agreement.

                              W I T N E S S E T H:

     WHEREAS, the Guarantor shall directly and indirectly benefit from the
transactions contemplated by the Securities Purchase Agreement; and

     WHEREAS, it is a condition to the transactions contemplated by the
Securities Purchase Agreement that the Guarantor execute and deliver this
Guaranty to the Investors;

     NOW, THEREFORE, in consideration of the foregoing, the covenants set forth
herein, and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Guarantor hereby agrees as follows:

1.   THE GUARANTY.

     1.1. Guaranty of Guaranteed Obligations. Guarantor hereby unconditionally
guarantees to each Investor, its successors, endorsees, transferees and assigns,
the prompt payment (whether at stated maturity, by acceleration or otherwise)
and performance of any and all indebtedness (whether principal or interest),
liabilities and other obligations of Vyteris under the Debentures owned by such
Investor now existing or hereafter arising, whether direct, indirect, related,
unrelated, fixed, contingent, liquidated, unliquidated, joint, several or joint
and several, and to pay all fees, indemnities, costs and expenses (including
reasonable attorneys' fees) provided for in this Guaranty (collectively, the
"Guaranteed Obligations"). Guarantor agrees that this Guaranty is a guaranty of
payment and performance and not of collection, and that its obligations under
this Guaranty shall be primary, absolute and unconditional, irrespective of, and
unaffected by:

          (a) the genuineness, validity, regularity, enforceability or any
     future amendment of, or change in this Guaranty or any other Transaction
     Document now existing or hereafter arising;
<PAGE>

          (b) the absence of any action to enforce this Guaranty or any other
     Transaction Document, or the waiver or consent by an Investor with respect
     to any of the provisions thereof;

          (c) the existence, value or condition of, or failure to perfect a Lien
     (as defined below) against, any collateral ("Collateral") for the
     Guaranteed Obligations or any action, or the absence of any action, by an
     Investor in respect thereof (including, without limitation, the release of
     any such security);

          (d) the insolvency of Vyteris, Guarantor or any other party; or

          (e) any other action or circumstances which might otherwise constitute
     a legal or equitable discharge or defense of a surety or guarantor.

it being agreed by Guarantor that its obligations under this Guaranty shall not
be discharged until the satisfaction of the Guaranteed Obligations in full.
Guarantor shall be regarded, and shall be in the same position, as principal
debtor with respect to the Guaranteed Obligations.

     1.2. Demand by Investors. In addition to the terms of the Guaranty set
forth in Section 1.1 hereof, and in no manner imposing any limitation on such
terms, it is expressly understood and agreed that, if, at any time, any of the
Guaranteed Obligations is declared to be immediately due and payable by an
Investor, then Guarantor shall, upon ten (10) Business Days' notice, pay to such
Investor the entire outstanding Guaranteed Obligations due and owing to such
Investor. Payment by Guarantor shall be made to such Investor in immediately
available Federal funds to an account designated by such Investor or at the
address set forth herein for the giving of notice to such Investor or at any
other address that may be specified in writing from time to time by such
Investor, and shall be credited and applied to the Guaranteed Obligations.

     1.3. Enforcement of Guaranty. In no event shall an Investor have any
obligation (although it is entitled, at its option) to proceed against Vyteris
or any Collateral before seeking satisfaction from Guarantor, and such Investor
may proceed, prior or subsequent to, or simultaneously with, the enforcement of
its rights hereunder, to exercise any right or remedy which it may have against
any Collateral, as a result of any Liens it may have as security for all or any
portion of the Guaranteed Obligations.

     1.4. Waiver. Guarantor waives, and agrees that it shall not at any time
insist upon, plead or in any manner whatsoever claim or take the benefit or
advantage of, any appraisal, valuation, stay, extension, marshaling of assets or
redemption laws, or exemption, whether now or at any time hereafter in force,
which may delay, prevent or otherwise affect the performance by Guarantor of its
Guaranteed Obligations under, or the enforcement by an Investor of, this
Guaranty. Guarantor hereby waives diligence, presentment and demand (whether for
non-payment or protest or of acceptance, maturity, extension of time, change in
nature or form of the Guaranteed Obligations, acceptance of further security,
release of further security, composition or agreement arrived at as to the
amount of, or the terms of, the Guaranteed Obligations, notice of adverse change
in Vyteris' financial condition or any other fact which might increase the risk
to Guarantor) with respect to any of the Guaranteed Obligations or all other
demands whatsoever and waive the benefit of all provisions of law which are or
might be

                                       2
<PAGE>

in conflict with the terms of this Guaranty. Guarantor represents, warrants and
agrees that to its knowledge, as of the date of this Guaranty, its obligations
under this Guaranty are not subject to any offsets or defenses against Vyteris
or any Investor. Guarantor further agrees that its obligations under this
Guaranty shall not be subject to any counterclaims, offsets or defenses against
Vyteris or any Investor which may arise in the future.

     1.5. Benefit of Guaranty. The provisions of this Guaranty are for the
benefit of each Investor and its successors, transferees, endorsees and assigns,
and nothing herein contained shall impair, as between Guarantor and each
Investor, the obligations of Guarantor under this Guaranty. In the event all or
any part of the Guaranteed Obligations are transferred, indorsed or assigned by
an Investor to any person or entity, any reference to such Investor herein shall
be deemed to refer equally to such person or entity.

     1.6. Modification of Guaranteed Obligations, Etc. Guarantor hereby
acknowledges and agrees that each Investor may at any time or from time to time,
with or without the consent of, or notice to, Guarantor:

          (a) change or extend the manner, place or terms of payment of, or
     renew or alter all or any portion of, the Guaranteed Obligations;

          (b) take any action under or in respect of any of the other
     Transaction Documents in the exercise of any remedy, power or privilege
     contained therein or available to it at law, equity or otherwise, or waive
     or refrain from exercising any such remedies, powers or privileges;

          (c) amend or modify, in any manner whatsoever, any of the other
     Transaction Documents in accordance with the terms therein;

          (d) extend or waive the time for Vyteris' performance of, or
     compliance with, any term, covenant or agreement on its part to be
     performed or observed under the Debentures or any other Transaction
     Document, or waive such performance or compliance or consent to a failure
     of, or departure from, such performance or compliance;

          (e) take and hold Collateral for the payment of the Guaranteed
     Obligations guaranteed hereby or sell, exchange, release, dispose of, or
     otherwise deal with, any property pledged, mortgaged or conveyed, or in
     which such Investor has been granted a Lien, to secure any Guaranteed
     Obligations or any other obligations;

          (f) release anyone who may be liable in any manner for the payment of
     any amounts owed by Guarantor or Vyteris to such Investor; and/or

          (g) apply any sums by whomever paid or however realized to any amounts
     owing by Guarantor or Vyteris to such Investor in such manner as such
     Investor shall determine in its discretion;

and such Investor shall not incur any liability to Guarantor as a result
thereof, and no such action shall impair or release the Guarantor or any of the
Guaranteed Obligations under this Guaranty.

                                       3
<PAGE>

     1.7. Deferral of Subrogation, Etc. Notwithstanding anything to the contrary
in this Guaranty or any other Transaction Document, Guarantor hereby:

          (a) expressly and irrevocably waives, on behalf of itself and its
     successors and assigns (including any surety) until the satisfaction of the
     Guaranteed Obligations in full, any and all rights at law or in equity to
     subrogation, to reimbursement, to exoneration, to contribution, to
     indemnification, to set off or to any other rights that could accrue to a
     surety against a principal, to a guarantor against a principal, to a
     guarantor against a maker or obligor, to an accommodation party against the
     party accommodated, to a holder or transferee against a maker, or to the
     holder of any claim against any person or entity, and which Guarantor may
     have or hereafter acquire against Vyteris in connection with or as a result
     of Guarantor's execution, delivery and/or performance of this Guaranty, or
     any other documents to which such Guarantor is a party or otherwise; and

          (b) acknowledges and agrees (i) that this waiver is intended to
     benefit each Investor and shall not limit or otherwise affect Guarantor's
     liability hereunder or the enforceability of this Guaranty, and (ii) that
     each Investor and its successors and assigns are intended third party
     beneficiaries of the waivers and agreements set forth in this Section 1.7
     and their rights under this Section 1.7 shall survive payment in full of
     the Guaranteed Obligations.

     1.8. Election of Remedies. If an Investor may, under applicable law,
proceed to realize benefits under the Transaction Documents giving such Investor
a Lien upon any Collateral, either by judicial foreclosure or by non-judicial
sale or enforcement, such Investor may, at its sole option, determine which of
such remedies or rights it may pursue without affecting any of such rights and
remedies under this Guaranty. If, in the exercise of any of its rights and
remedies, an Investor shall forfeit any of its rights or remedies, including its
right to enter a deficiency judgment against Guarantor or Vyteris, whether
because of any applicable laws pertaining to "election of remedies" or the like,
Guarantor hereby consents to such action by such Investor and waives any claim
based upon such action, even if such action by such Investor shall result in a
full or partial loss of any rights of subrogation which Guarantor might
otherwise have had but for such action by such Investor. Any election of
remedies which results in the denial or impairment of the right of an Investor
to seek a deficiency judgment against Guarantor or Vyteris shall not impair,
reduce or limit Guarantor's obligation to pay the full amount of the Guaranteed
Obligations. In the event an Investor shall bid at any foreclosure or trustee's
sale or at any private sale permitted by law or the Transaction Documents, such
Investor may bid all or less than the amount of the Guaranteed Obligations and
the amount of such bid need not be paid by such Investor but shall be credited
against the Guaranteed Obligations. The amount of the successful bid at any such
sale shall be conclusively deemed to be the fair market value of the Collateral
and the difference between such bid amount and the remaining balance of the
Guaranteed Obligations shall be conclusively deemed to be the amount of the
Guaranteed Obligations guaranteed under this Guaranty, notwithstanding that any
present or future law or court decision or ruling may have the effect of
reducing the amount of any deficiency claim to which the Investor making such
bid might otherwise be entitled but for such bidding at any such sale.

                                       4
<PAGE>

2.   REPRESENTATIONS AND WARRANTIES.

     2.1 Organization, Good Standing. Guarantor is duly and validly organized,
validly existing and in good standing under the laws of its formation and has
all requisite power and authority to carry on its business as now conducted.

     2.2 Authorization; Consents. Guarantor has the requisite power and
authority to enter into and perform its obligations under this Guaranty. All
action on the part of Guarantor necessary for the authorization, execution and
delivery of, and the performance of its obligations under, this Guaranty has
been taken, and no further consent or authorization of Guarantor, its board of
managers, members, or to its knowledge any governmental authority or
organization, or any other person or entity is required in connection therewith.

     2.3 Due Execution; Enforceability. This Guaranty has been duly executed and
delivered by Guarantor. This Guaranty constitutes the valid and legally binding
obligation of Guarantor, enforceable against it in accordance with its terms,
subject to (i) applicable bankruptcy, insolvency, fraudulent transfer,
moratorium, reorganization or other similar laws of general application relating
to or affecting the enforcement of creditors' rights generally and (ii) general
principles of equity.

     2.4 No Conflict with Other Instruments. The execution, delivery and
performance of this Guaranty will not result in any material violation of any
provisions of Guarantor's articles of organization, operating agreement or any
other governing document or in a default under any provision of any instrument
or contract to which it is a party or by which it or any of its assets or
properties are bound, or in any violation of any provision of any laws,
regulations or permits applicable to Guarantor or be in conflict with or
constitute, with or without the passage of time and giving of notice, either a
default under any material provision, instrument or contract or an event which
results in the creation of any Lien upon any assets of Guarantor.

3.   FURTHER ASSURANCES.

     Guarantor agrees, upon the written request of an Investor, to execute and
deliver to such Investor, from time to time, any additional instruments or
documents reasonably considered necessary by such Investor to cause this
Guaranty to be, become or remain valid and effective in accordance with its
terms.

4.   REINSTATEMENT.

     This Guaranty shall remain in full force and effect and continue to be
effective should any petition be filed by or against Guarantor or Vyteris for
liquidation or reorganization, should Guarantor or Vyteris become insolvent or
make an assignment for the benefit of any creditor or creditors or should a
receiver or trustee be appointed for all or any significant part of Guarantor's
or Vyteris' assets, and shall continue to be effective or be reinstated, as the
case may be, if at any time payment and performance of the Guaranteed
Obligations, or any part thereof, is, pursuant to applicable law, rescinded or
reduced in amount, or must otherwise be restored or returned by any obligee of
the Guaranteed Obligations, whether as a "voidable preference," "fraudulent
conveyance," or otherwise, all as though such payment or performance had not
been made. In

                                       5
<PAGE>

the event that any payment, or any part thereof, is rescinded, reduced, restored
or returned, the Guaranteed Obligations shall be reinstated and deemed reduced
only by such amount paid and not so rescinded, reduced, restored or returned.

5.   MISCELLANEOUS.

     5.1 Survival; Severability. In the event that any provision of this
Guaranty becomes or is declared by a court of competent jurisdiction to be
illegal, unenforceable or void, this Guaranty shall continue in full force and
effect without said provision; provided that in such case the parties shall
negotiate in good faith to replace such provision with a new provision which is
not illegal, unenforceable or void, as long as such new provision does not
materially change the economic benefits of this Guaranty to the parties.

     5.2 Successors and Assigns. The terms and conditions of this Guaranty shall
inure to the benefit of and be binding upon the respective successors and
permitted assigns of the parties. Nothing in this Guaranty, express or implied,
is intended to confer upon any party other than the parties hereto or their
respective successors and permitted assigns any rights, remedies, obligations or
liabilities under or by reason of this Guaranty, except as expressly provided in
this Guaranty. Each Investor may assign its rights and obligations hereunder in
connection with any private sale or transfer of the Debentures, in which case
the term "Investor" shall also be deemed to refer to such transferee. Guarantor
may not assign its obligations under this Guaranty.

     5.3 Independent Nature of Investors' Rights. The rights of each Investor
hereunder are separate and apart from the rights of the other Investors
hereunder. Except with respect to an Investor that is an Affiliate of another
Investor, each Investor has been represented by its own separate counsel in
connection with this Guaranty, shall be entitled to protect and enforce its
rights hereunder individually, and shall not be required to be join any other
Investor as an additional party in any proceeding for such purpose.

     5.4 Governing Law; Jurisdiction. This Guaranty shall be governed by and
construed under the laws of the State of New York applicable to contracts made
and to be performed entirely within the State of New York. Guarantor hereby
irrevocably submits to the non-exclusive jurisdiction of the state and federal
courts sitting in the City and County of New York for the adjudication of any
dispute hereunder or in connection herewith or with any transaction contemplated
hereby and hereby irrevocably waives, and agrees not to assert in any suit,
action or proceeding, any claim that it is not personally subject to the
jurisdiction of any such court, that such suit, action or proceeding is brought
in an inconvenient forum or that the venue of such suit, action or proceeding is
improper. Guarantor 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 to Guarantor at the address in effect for notices to it
under this Guaranty 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.

     5.5 Waiver of Jury Trial. Because disputes arising in connection with
complex financial transactions are most quickly and economically resolved by an
experienced and expert person and the parties wish applicable state and federal
laws to apply (rather than arbitration

                                       6
<PAGE>

rules), the parties desire that disputes arising hereunder or relating hereto be
resolved by a judge applying such applicable laws. Therefore, to achieve the
best combination of the benefits of the judicial system and of arbitration, the
parties hereto waive all right to trial by jury in any action, suit or
proceeding brought to resolve any dispute, whether sounding in contract, tort,
or otherwise, among Guarantor and any Investor arising out of, connected with,
related to, or incidental to the relationship established in connection with,
this Guaranty or the transactions related hereto.

     5.6 Headings. The headings used in this Guaranty are used for convenience
only and are not to be considered in construing or interpreting this Guaranty.

     5.7 Notices. Any notice, demand or request required or permitted to be
given by Guarantor or any Investor pursuant to the terms of this Guaranty shall
be in writing and shall be deemed delivered (i) when delivered personally or by
verifiable facsimile transmission, unless such delivery is made on a day that is
not a Business Day, in which case such delivery will be deemed to be made on the
next succeeding Business Day and (ii) on the next Business Day after timely
delivery to an overnight courier, addressed as follows:

         If to Guarantor:

         Vyteris, Inc.
         13-01 Pollitt Drive
         Fair Lawn, NJ 07410
         Attn: Chief Financial Officer
         Tel:  201-703-2299
         Fax:  201-703-2295

         with a copy to:

         Lowenstein Sandler PC
         65 Livingston Avenue
         Roseland, New Jersey 07068
         Attn: Peter H. Ehrenberg, Esq.
         Tel:  973-597-2350
         Fax:  973-597-2351

and if to any Investor, to such address for such Investor as shall appear on the
signature page to the Securities Purchase Agreement executed by such Investor,
or as shall be designated by such Investor in writing to Guarantor in accordance
with this Section 5.7.

     5.8 Entire Agreement; Amendments. This Guaranty constitutes the entire
agreement between the parties with regard to the subject matter hereof,
superseding all prior agreements or understandings, whether written or oral,
between or among the parties. Except as expressly provided herein, neither this
Guaranty nor any term hereof may be amended or waived except pursuant to a
written instrument executed by Guarantor and the holders of at least two-thirds
(2/3) of the Registrable Securities into which all of the Debentures then
outstanding are convertible

                                       7
<PAGE>

(without regard to any limitation on such conversion), and no provision hereof
may be waived other than by a written instrument signed by the holders of at
least two-thirds (2/3) of the Registrable Securities into which all of the
Debentures then outstanding are convertible (without regard to any limitation on
such conversion). Any waiver or consent shall be effective only in the specific
instance and for the specific purpose for which given.

     5.9 No Waiver; Cumulative Remedies. No Investor shall by any act, delay,
omission or otherwise be deemed to have waived any of its rights or remedies
hereunder. No failure to exercise, nor any delay in exercising on the part of an
Investor, any right, power or privilege hereunder, shall operate as a waiver
thereof, nor shall any single or partial exercise of any right, power or
privilege hereunder preclude any other or future exercise thereof or the
exercise of any other right, power or privilege. The rights and remedies
hereunder provided are cumulative and may be exercised singly or concurrently,
and are not exclusive of any rights and remedies provided by law.

     5.10 Limitation By Law. All rights, remedies and powers provided in this
Guaranty may be exercised only to the extent that the exercise thereof does not
violate any applicable provision of law, and the provisions of this Guaranty are
intended to be subject to all applicable mandatory provisions of law that may be
controlling and to be limited to the extent necessary so that they shall not
render this Guaranty invalid, unenforceable, in whole or in part, or not
entitled to be recorded, registered or filed under the provisions of any
applicable law.

                          [Signature on Following Page]

                                       8
<PAGE>

     IN WITNESS WHEREOF, the undersigned has executed this Guaranty as of the
date first-above written.

VYTERIS, INC.

By: /s/ Michael McGuinness
    --------------------------------
    Name:  Michael McGuinness
    Title: Chief Financial Officer
<PAGE>

                                                                       Exhibit A

                                    Investors

                   SATELLITE STRATEGIC FINANCE ASSOCIATES, LLC
                   SATELLITE STRATEGIC FINANCE PARTNERS, LTD.
                           PALISADES MASTER FUND, L.P.
                               QUBIT HOLDINGS LLC

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