Document:

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                                                                     EXHIBIT 4.4

                             NEOTHERAPEUTICS, INC.

                         REGISTRATION RIGHTS AGREEMENT

                This Registration Rights Agreement (this "Agreement") is made
and entered into as of December 18, 2000, between NeoTherapeutics, Inc., a
Delaware corporation (the "Company"), and Societe Generale, a bank organized
under the laws of France (the "Purchaser").

                WHEREAS, the Company, the Purchaser and Neogene Technologies,
Inc. ("Neogene"), a California corporation, have entered into that certain
Securities Purchase Agreement, dated as of the date hereof (the "Purchase
Agreement"), pursuant to which, among other things, the Company has issued to
the Purchaser NeoTherapeutics Warrants and Purchaser is entitled, subject to
certain conditions, to exchange Preferred Shares issued by Neogene for
NeoTherapeutics Preferred;

                WHEREAS, pursuant to the terms of, and in partial consideration
for, the Purchaser's agreement to enter into the Purchase Agreement, the Company
has agreed to provide the Purchaser with certain registration rights with
respect to the Registrable Securities (as defined below);

                NOW, THEREFORE, in consideration of the premises, the
representations, warranties, covenants and agreements contained herein and in
the Purchase Agreement, and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, intending to be legally
bound hereby, the parties hereto agree as follows:

        1. Definitions

                Capitalized terms used and not otherwise defined herein that are
defined in the Purchase Agreement shall have the meanings given such terms in
the Purchase Agreement. As used in this Agreement, the following terms shall
have the following meanings:

                "Advice" shall have meaning set forth in Section 6(e).

                "Affiliate" means, with respect to any Person, any other Person
that directly or indirectly controls or is controlled by or under common control
with such Person. For the purposes of this definition, "control," when used with
respect to any Person, means the possession, direct or indirect, of the power to
direct or cause the direction of the management and policies of such Person,
whether through the ownership of voting securities, by contract or otherwise;
and the terms of "affiliated," "controlling" and "controlled" have meanings
correlative to the foregoing.

                "Business Day" means any day except Saturday, Sunday and any day
which shall be a federal legal holiday or a day on which banking institutions in
the State of New York and California generally are authorized or required by law
or other governmental action to close.

                "Closing Date" shall have the meaning set forth in the Purchase
Agreement.

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                "Commission" means the Securities and Exchange Commission.

                "Common Stock" means the Company's common stock, $.001 par value
per share, and any other securities into which such stock shall hereafter be
redistributed or recapitalized.

                "Effectiveness Date" means the 180th day following the Closing
Date.

                "Effectiveness Period" shall have the meaning set forth in
Section 2(a).

                "Exchange Act" means the Securities Exchange Act of 1934, as
amended.

                "Filing Date" means the 90th day following the Closing Date.

                "Holder" or "Holders" means the holder or holders, as the case
may be, from time to time of Registrable Securities.

                "Indemnified Party" shall have the meaning set forth in Section
5(c).

                "Indemnifying Party" shall have the meaning set forth in Section
5(c).

                "Losses" shall have the meaning set forth in Section 5(a).

                "NeoTherapeutics Preferred" means the Company's Series C
Convertible Preferred Stock, par value $.001 per share.

                "NeoTherapeutics Warrants" shall have the meaning set forth in
the Purchase Agreement.

                "Person" means an individual or a corporation, partnership,
trust, incorporated or unincorporated association, joint venture, limited
liability company, joint stock company, government (or an agency or political
subdivision thereof) or other entity of any kind.

                "Preferred Shares" shall have the meaning set forth in the
Purchase Agreement.

                "Proceeding" means an action, claim, suit, investigation or
proceeding (including, without limitation, an investigation or partial
proceeding, such as a deposition), whether commenced or threatened.

                "Prospectus" means the prospectus included in a Registration
Statement (including, without limitation, a prospectus that includes any
information previously omitted from a prospectus filed as part of an effective
registration statement in reliance upon Rule 430A promulgated under the
Securities Act), as amended or supplemented by any prospectus supplement, with
respect to the terms of the offering of any portion of the Registrable
Securities covered by such Registration Statement, and all other amendments and
supplements to the Prospectus, including post-effective amendments, and all
material incorporated by reference or deemed to be incorporated by reference in
such Prospectus.

                "Registration Delay Payments" shall have the meaning set forth
in Section 2(f).

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                "Registrable Securities" means the shares of Common Stock
issuable (i) upon conversion of the shares of NeoTherapeutics Preferred issued
in exchange for the Preferred Shares pursuant to the Purchase Agreement, (ii)
upon exercise of the NeoTherapeutics Warrants, and (iii) as (or issuable upon
the conversion or exercise of any warrant, right or other security which is
issued as) a dividend or other distribution with respect to, or in exchange for
or in replacement of, the shares listed in clauses (i), (ii) and this clause
(iii); provided, that the foregoing definition shall exclude in all cases any
Registrable Securities sold or transferred by a Holder in a transaction in which
such Holder's rights under this Agreement are not assigned.

                "Registration Statement" means the registration statement and
any additional registration statement contemplated by Section 2(a), including
(in each case) the Prospectus, amendments and supplements to such registration
statement or Prospectus, including pre- and post-effective amendments, all
exhibits thereto, and all material incorporated by reference or deemed to be
incorporated by reference in such registration statement.

                "Rule 144" means Rule 144 promulgated by the Commission pursuant
to the Securities Act, as such Rule may be amended from time to time, or any
rule or regulation hereafter adopted by the Commission to replace such Rule.

                "Rule 415" means Rule 415 promulgated by the Commission pursuant
to the Securities Act, as such Rule may be amended from time to time, or any
rule or regulation hereafter adopted by the Commission to replace such Rule.

                "Rule 424" means Rule 424 promulgated by the Commission pursuant
to the Securities Act, as such Rule may be amended from time to time, or any
rule or regulation hereafter adopted by the Commission to replace such Rule.

                "Securities Act" means the Securities Act of 1933, as amended,
and the rules and regulations promulgated thereunder.

                "Special Counsel" means one special counsel to the Holders for
which the Holders will be reimbursed by the Company pursuant to Section 4.

                "Underwritten Registration or Underwritten Offering" means a
registration in connection with which securities of the Company are sold to an
underwriter for reoffering to the public pursuant to an effective registration
statement.

        2. Shelf Registration

                (a) The Company shall prepare and file with the Commission, on
or prior to the Filing Date, a Registration Statement covering the resale of all
Registrable Securities on a continuous basis pursuant to Rule 415, unless the
Holders shall elect to effect an Underwritten Offering pursuant to Section 2(d)
hereof. The Registration Statement shall be on Form S-3 (except if the Company
is not then eligible to register for resale the Registrable Securities on Form
S-3, in which case such registration shall be on another appropriate form). The
Company shall use its best efforts to cause the Registration Statement to be
declared effective under the Securities Act as promptly as possible after the
filing thereof, but in any event prior to the

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Effectiveness Date, and shall use its best efforts to keep such Registration
Statement continuously effective under the Securities Act until the date which
is five years after the date that the Registration Statement is declared
effective by the Commission or such earlier date when all Registrable Securities
covered by such Registration Statement have been sold or may be sold without
volume or manner of sale restrictions pursuant to Rule 144(k) as determined by
the counsel to the Company pursuant to a written opinion letter to such effect,
addressed and acceptable to the Company's transfer agent (the "Effectiveness
Period"), provided, that the Company shall not be deemed to have used its best
efforts to keep the Registration Statement effective during the Effectiveness
Period if it voluntarily takes any action that would result in the Holders not
being able to sell the Registrable Securities covered by such Registration
Statement during the Effectiveness Period, unless such action is required under
applicable law, is taken by the Company in good faith and for valid business
reasons, or the Company has filed a post-effective amendment to the Registration
Statement and the Commission has not declared it effective.

                (b) If the Company in good faith expects to file a registration
statement, other than the Registration Statement, covering any of its securities
within 60 days of the Closing Date, the Company may (provided that such
registration statement is in fact filed within such 60-day period) effect the
registration of Registrable Securities required hereunder as a "piggyback"
registration in connection with such other registration, in which event the
registration statement filed in connection with such other registration shall be
deemed to be the Registration Statement for the purposes of this Agreement.

                (c) The initial Registration Statement to be filed hereunder
shall include (but not be limited to) a number of shares of Common Stock equal
to no less than the sum of (i) 200% of the number of shares of Common Stock that
would be issuable upon conversion in full of the NeoTherapeutics Preferred,
assuming (A) that all of the Preferred Shares were exchanged for shares of
NeoTherapeutics Preferred as provided by the Purchase Agreement on the Closing
Date, (B) that all dividends are paid in shares of Common Stock, (C) that the
NeoTherapeutics Preferred remain outstanding for five years, and (D) that the
conversion price applicable to the NeoTherapeutics Preferred is determined as if
the NeoTherapeutics Preferred were converted on the business day preceding the
date of initial filing of the Registration Statement, and (ii) the maximum
number of shares of Common Stock issuable upon exercise in full of the
NeoTherapeutics Warrants (the sum of (i) and (ii), the "Initial Minimum").

                (d) If the Holders of a majority of the Registrable Securities
then outstanding so elect, an offering of Registrable Securities pursuant to a
Registration Statement may be effected in the form of an Underwritten Offering.
In such event, and, if the managing underwriters advise the Company and such
Holders in writing that in their opinion the amount of Registrable Securities
proposed to be sold in such Underwritten Offering exceeds the amount of
Registrable Securities which can be sold in such Underwritten Offering, there
shall be included in such Underwritten Offering the amount of such Registrable
Securities which in the opinion of such managing underwriters can be sold, and
such amount shall be allocated pro rata among the Holders proposing to sell
Registrable Securities in such Underwritten Offering and among other persons
with registration rights not subordinate to those of the Holders that are
participating in the Underwritten Offering.

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                (e) If any of the Registrable Securities are to be sold in an
Underwritten Offering, the investment banker that will administer the offering
will be selected by the Holders of a majority of the Registrable Securities
included in such offering upon consultation with the Company. No Holder may
participate in any Underwritten Offering hereunder unless such Holder (i) agrees
to sell its Registrable Securities on the basis provided in any underwriting
agreements approved by the Persons entitled hereunder to approve such
arrangements and (ii) completes and executes all questionnaires, powers of
attorney, indemnities, underwriting agreements and other documents required
under the terms of such arrangements.

                (f) If (i) a Registration Statement is not filed on or before
the Filing Date (if the Company files such Registration Statement without
affording the Holder the opportunity to review and comment on the same as
required by Section 3(a) hereof, the Company shall not be deemed to have
satisfied this clause (i)), or (ii) a Registration Statement filed hereunder is
not declared effective by the Commission on or before the Effectiveness Date, or
(iii) after a Registration Statement has been declared effective by the
Commission, such Registration Statement is either not effective as to all
Registrable Securities required to be covered thereby for more than seven (7)
consecutive days throughout the Effectiveness Period or the Holders are not
permitted for any reason to make sales for more than seven (7) consecutive days
thereunder throughout the Effectiveness Period, or (iv) trading in the Common
Stock shall be suspended from the NASDAQ (as defined herein) or a Subsequent
Market (as defined herein) for more than (3) consecutive Business Days, or six
(6) Business Days (which need not be consecutive days) in the aggregate,
throughout the Effectiveness Period (any such failure or breach being referred
to as an "Event," and for purposes of clauses (i) and (ii) the date on which
such Event occurs, or for purposes of clause (iii) the date on which such seven
(7) consecutive day period is exceeded, or for purposes of clause (iv) either
such third (3rd) Business Day or the date on which such six (6) Business Day
period is exceeded, being referred to as an "Event Date"), then, in any such
case, as partial relief for the damages suffered therefrom by the Holder (which
remedy shall not be exclusive of any other remedies available at law or in
equity), the Company shall, on the Event Date and on each monthly anniversary of
the Event Date (unless, in the case of commitments otherwise payable on any
monthly anniversary of the Event Date, the triggering Event is cured prior to
such monthly anniversary) until cured, pay to the Holder an amount in cash, as
liquidated damages for the estimated cost to the Holders of not having liquid
securities in the time contemplated by the Purchase Agreement and not as a
penalty, equal to 2% of the Purchase Price (as defined in the Purchase
Agreement) paid by such Holder. The payments to which the Holders shall be
entitled pursuant to this Section are referred to herein as "Registration Delay
Payments." Registration Delay Payments shall be paid within five (5) Business
Days of the Event Date and each monthly anniversary thereof, as applicable. If
the Company fails to make Registration Delay Payments in a timely manner, the
unpaid portion of such Registration Delay Payments shall bear interest at the
rate of 2.0% per month (or the maximum rate permitted by law), pro-rated for
partial months, until paid in full.

        3. Registration Procedures

                In connection with the Company's registration obligations
hereunder, the Company shall:

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                (a) Prepare and file with the Commission on or prior to the
Filing Date, a Registration Statement on Form S-3 (or if the Company is not then
eligible to register for resale the Registrable Securities on Form S-3 such
registration shall be on another appropriate form determined by the Company
which shall contain the "Plan of Distribution" substantially in the form
attached hereto as Exhibit A, and use its best efforts to cause the Registration
Statement to become effective and remain effective as provided herein; provided,
however, that not less than five (5) Business Days prior to the filing of a
Registration Statement or any related Prospectus and not less than one (1)
Business Day prior to the filing of any amendment or supplement thereto
(including any document that would be incorporated or deemed to be incorporated
therein by reference), the Company shall, (i) furnish to the Holders, their
Special Counsel and any managing underwriters copies of all such documents
proposed to be filed, which documents (other than those incorporated or deemed
to be incorporated by reference) will be subject to the reasonable review of
such Holders, their Special Counsel and such managing underwriters, and (ii)
cause its officers and directors, counsel and independent certified public
accountants to respond to such inquiries as shall be necessary, in the
reasonable opinion of respective counsel to such Holders and such underwriters,
to conduct a reasonable investigation within the meaning of the Securities Act.
The Company shall not file the Registration Statement or any such Prospectus or
any amendments or supplements thereto to which the Holders of a majority of the
Registrable Securities, their Special Counsel, or any managing underwriters,
shall reasonably object on a timely basis.

                (b) (i) Prepare and file with the Commission such amendments,
including post-effective amendments, to the Registration Statement as may be
necessary to keep the Registration Statement continuously effective as to the
Registrable Securities for the Effectiveness Period; (ii) cause the related
Prospectus to be amended or supplemented by any required Prospectus supplement,
and as so supplemented or amended to be filed pursuant to Rule 424; (iii)
respond as promptly as reasonably possible, and in any event within ten (10)
days, to any comments received from the Commission with respect to the
Registration Statement or any amendment thereto and as promptly as reasonably
possible provide the Holders true and complete copies of all correspondence from
and to the Commission relating to the Registration Statement; and (iv) comply in
all material respects with the provisions of the Securities Act and the Exchange
Act with respect to the disposition of all Registrable Securities covered by the
Registration Statement during the applicable period in accordance with the
intended methods of disposition by the Holders thereof set forth in the
Registration Statement as so amended or in such Prospectus as so supplemented.

                (c) If the number of outstanding Registrable Securities at any
time exceeds 85% of the number of shares of Common Stock then covered by a
Registration Statement, the Holders of a majority of the then outstanding
Registrable Securities may request that the Company file an additional
Registration Statement (or if the initial Registration Statement has not been
declared effective, amend such Registration Statement) covering, together with
Registrable Securities covered by the initial Registration Statement, the resale
of a number of Registrable Securities equal to the lesser of (a) the Initial
Minimum (as calculated to reflect, among other things, the conversion price that
would be applicable to the NeoTherapeutics Preferred if the NeoTherapeutics
Preferred were converted on the business day preceding the date of filing of
such new Registration Statement (or such amendment)) and (b) the Issuable
Maximum (as defined in the Terms of Convertible Preferred Stock of
NeoTherapeutics, which is

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attached to the Purchase Agreement as Exhibit J thereto). The Company shall have
thirty (30) days to file such additional Registration Statements after its
receipt of notice of such request from such Holders, and the provisions of this
Section 3 shall apply to any such Registration Statement.

                (d) File such supplements or attach "stickers" to the
Registration Statement or Prospectus as and when required by the Commission to
evidence a material amount of resales by a Holder pursuant to a Prospectus. In
connection therewith, if such supplements or "stickers" are periodically
required by the Commission, the Company shall, within four (4) Business Days,
file such supplements or attach such "stickers" whenever a Holder has sold 50%
of the Registrable Securities covered by the then outstanding Prospectus (as
last supplemented or "stickered") in order to cover 100% of the number of the
outstanding Registrable Securities.

                (e) Notify the Holders of Registrable Securities to be sold,
their Special Counsel and any managing underwriters as promptly as reasonably
possible (and, in the case of (i)(A) below, not less than five (5) Business Days
(or, in the case of a supplement or "sticker" required to be filed or attached
pursuant to Section 3(d), within one (1) Business Day) prior to such filing)
and, if requested by any such Person, confirm such notice in writing no later
than one (1) Business Day following the day (i)(A) when a Prospectus or any
Prospectus supplement (other than a prospectus filed under Rule 424) or
post-effective amendment to the Registration Statement is proposed to be filed;
(B) when the Commission notifies the Company whether there will be a "review" of
such Registration Statement and whenever the Commission comments in writing on
such Registration Statement the Company shall provide true and complete copies
thereof and all written responses thereto to each of the Holders; and (C) with
respect to the Registration Statement or any post-effective amendment, when the
same has become effective; (ii) of any request by the Commission or any other
Federal or state governmental authority for amendments or supplements to the
Registration Statement or Prospectus or for additional information; (iii) of the
issuance by the Commission of any stop order suspending the effectiveness of the
Registration Statement covering any or all of the Registrable Securities or the
initiation of any Proceedings for that purpose; (iv) and in the case of
Underwritten Offerings, if at any time any of the representations and warranties
of the Company contained in any agreement (including any underwriting agreement)
contemplated hereby ceases to be true and correct in all material respects; (v)
of the receipt by the Company of any notification with respect to the suspension
of the qualification or exemption from qualification of any of the Registrable
Securities for sale in any jurisdiction, or the initiation or threatening of any
Proceeding for such purpose; and (vi) of the occurrence of any event or passage
of time that makes the financial statements included in the Registration
Statement ineligible for inclusion therein or any statement made in the
Registration Statement or Prospectus or any document incorporated or deemed to
be incorporated therein by reference untrue in any material respect or that
requires any revisions to the Registration Statement, Prospectus or other
documents so that, in the case of the Registration Statement or the Prospectus,
as the case may be, it will not contain any untrue statement of a material fact
or omit to state any material fact required to be stated therein or necessary to
make the statements therein, in light of the circumstances under which they were
made, not misleading.

                (f) Use its best efforts to avoid the issuance of, or, if
issued, obtain the withdrawal of (i) any order suspending the effectiveness of
the Registration Statement, or (ii) any

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suspension of the qualification (or exemption from qualification) of any of the
Registrable Securities for sale in any jurisdiction, at the earliest practicable
moment.

                (g) If requested by any managing underwriter or the Holders of a
majority in interest of the Registrable Securities to be sold in connection with
an Underwritten Offering, (i) promptly incorporate in a Prospectus supplement or
post-effective amendment to the Registration Statement such information as such
managing underwriters and such Holders reasonably agree should be included
therein, and (ii) make all required filings of such Prospectus supplement or
such post-effective amendment as soon as practicable after the Company has
received notification of the matters to be incorporated in such Prospectus
supplement or post-effective amendment; provided, however, that the Company
shall not be required to take any action pursuant to this Section 3(g) that
would, in the opinion of counsel for the Company, violate applicable law or be
materially detrimental to the business prospects of the Company.

                (h) Furnish to each Holder, their Special Counsel and any
managing underwriters, without charge, at least one conformed copy of each
Registration Statement and each amendment thereto, including financial
statements and schedules, all documents incorporated or deemed to be
incorporated therein by reference, and all exhibits to the extent requested by
such Person (including those previously furnished or incorporated by reference)
promptly after the filing of such documents with the Commission.

                (i) Promptly deliver to each Holder, their Special Counsel, and
any underwriters, without charge, as many copies of the Prospectus or
Prospectuses (including each form of prospectus) and each amendment or
supplement thereto as such Persons may reasonably request; and the Company
hereby consents to the use of such Prospectus and each amendment or supplement
thereto by each of the selling Holders and any underwriters in connection with
the offering and sale of the Registrable Securities covered by such Prospectus
and any amendment or supplement thereto.

                (j) Prior to any public offering of Registrable Securities, use
its best efforts to register or qualify or cooperate with the selling Holders,
any underwriters and their Special Counsel in connection with the registration
or qualification (or exemption from such registration or qualification) of such
Registrable Securities for offer and sale under the securities or Blue Sky laws
of such jurisdictions within the United States as any Holder or underwriter
requests in writing, to keep each such registration or qualification (or
exemption therefrom) effective during the Effectiveness Period and to do any and
all other acts or things necessary or advisable to enable the disposition in
such jurisdictions of the Registrable Securities covered by a Registration
Statement; provided, however, that the Company shall not be required to qualify
generally to do business in any jurisdiction where it is not then so qualified
or to take any action that would subject it to general service of process in any
such jurisdiction where it is not then so subject or subject the Company to any
material tax in any such jurisdiction where it is not then so subject.

                (k) Cooperate with the Holders and any managing underwriters to
facilitate the timely preparation and delivery of certificates representing
Registrable Securities to be delivered to a transferee pursuant to a
Registration Statement, which certificates shall be free, to the extent
permitted by the Purchase Agreement and applicable federal and state securities
laws,

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of all restrictive legends, and to enable such Registrable Securities to be in
such denominations and registered in such names as any such managing
underwriters or Holders may request.

                (l) Upon the occurrence of any event contemplated by Section
3(e)(vi), as promptly as reasonably possible, prepare a supplement or amendment,
including a post-effective amendment, to the Registration Statement or a
supplement to the related Prospectus or any document incorporated or deemed to
be incorporated therein by reference, and file any other required document so
that, as thereafter delivered, neither the Registration Statement nor such
Prospectus will contain an untrue statement of a material fact or omit to state
a material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made,
not misleading.

                (m) Use its best efforts to cause all Registrable Securities
relating to each Registration Statement required to be filed hereunder to be
listed on the Nasdaq National Market ("NASDAQ") or on any other stock market or
trading facility on which the shares of Common Stock are traded, listed or
quoted (each a "Subsequent Market") in the time and manner required by the
NASDAQ and any Subsequent Market, and shall provide to the Holders evidence of
such listing, and the Company shall maintain the listing of its Common Stock
thereon. If the number of outstanding Registrable Securities at any time exceeds
85% of the number of shares of Common Stock previously listed on account thereof
with NASDAQ and any Subsequent Market, then the Company shall take the necessary
actions to list immediately a number of Registrable Securities greater than or
equal to the then Current Required Minimum (as defined in the Purchase
Agreement) with respect thereto.

                (n) In the event of an Underwritten Offering, enter into such
agreements (including an underwriting agreement in form, scope and substance as
is customary in Underwritten Offerings) and take all such other actions in
connection therewith (including those reasonably requested by any managing
underwriters and the Holders of a majority of the Registrable Securities being
sold) in order to expedite or facilitate the disposition of such Registrable
Securities, which agreements and actions shall be subject to the reasonable
approval of counsel of the Company, and (i) make such representations and
warranties to such Holders and such underwriters as are customarily made by
issuers to underwriters in underwritten public offerings, and confirm the same
if and when requested; (ii) in the case of an Underwritten Offering obtain and
deliver copies thereof to each Holder and the managing underwriters, if any, of
opinions of counsel to the Company and updates thereof addressed to each such
underwriter, in form, scope and substance reasonably satisfactory to any such
managing underwriters and Special Counsel to the selling Holders covering the
matters customarily covered in opinions requested in Underwritten Offerings and
such other matters as may be reasonably requested by such Special Counsel and
underwriters; (iii) in the case of an Underwritten Offering, if required by the
managing underwriters, at the time of delivery of any Registrable Securities
sold pursuant thereto, use its best reasonable efforts to obtain and deliver
copies to the Holders and the managing underwriters, if any, of "cold comfort"
letters and updates thereof from the independent certified public accountants of
the Company (and, if necessary, any other independent certified public
accountants of any subsidiary of the Company or of any business acquired by the
Company for which financial statements and financial data is, or is required to
be, included in the Registration Statement), addressed to the Company in form
and substance as are customary in connection with Underwritten Offerings; (iv)
if an underwriting agreement is

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entered into, the same shall contain indemnification provisions and procedures
no less favorable to the selling Holders and the underwriters, if any, than
those set forth in Section 5 (or such other provisions and procedures acceptable
to the managing underwriters, if any, and holders of a majority of Registrable
Securities participating in such Underwritten Offering); and (v) deliver such
documents and certificates as may be reasonably requested by the Holders of a
majority of the Registrable Securities being sold, their Special Counsel and any
managing underwriters to evidence the continued validity of the representations
and warranties made pursuant to Section 3(n)(i) above and to evidence compliance
with any customary conditions contained in the underwriting agreement or other
agreement entered into by the Company.

                (o) Make available for inspection by the selling Holders, any
representative of such Holders, any underwriter participating in any disposition
of Registrable Securities, and any attorney or accountant retained by such
selling Holders or underwriters, at the offices where normally kept, during
reasonable business hours and upon reasonable notice to the Company, all
financial and other records, pertinent corporate documents and properties of the
Company and its subsidiaries, and cause the officers, directors, agents and
employees of the Company and its subsidiaries to supply all information in each
case reasonably requested by any such Holder, representative, underwriter,
attorney or accountant in connection with the Registration Statement; provided,
however, that any information that is determined in good faith by the Company in
writing to be of a confidential nature at the time of delivery of such
information shall be kept confidential by such Persons, unless disclosure of
such information is required by court or administrative order or is necessary to
respond to inquiries of regulatory authorities.

                (p) Comply with all applicable rules and regulations of the
Commission.

                (q) The Company may require each selling Holder to furnish to
the Company such information regarding the distribution of such Registrable
Securities and the beneficial ownership of Common Stock held by such Holder as
the Company may from time to time reasonably request in writing, and the Company
may exclude from such registration the Registrable Securities of any Holder who
unreasonably fails to furnish such information within a reasonable time after
receiving such request. If the Registration Statement refers to any Holder by
name or otherwise as the holder of any securities of the Company, then such
Holder shall have the right to require the deletion of the reference to such
Holder in any amendment or supplement to the Registration Statement filed or
prepared subsequent to the time that such reference ceases to be required by the
Securities Act or any similar Federal statute then in force.

                Each Holder agrees that, other than ordinary course brokerage
arrangements, in the event it enters into any arrangement with a broker-dealer
for the sale of any Registrable Securities through a block trade, special
offering, exchange distribution or secondary distribution or a purchase by a
broker or dealer, such Holder shall promptly deliver to the Company in writing
all applicable information required in order for the Company to be able to
timely file a supplement to the Prospectus pursuant to Rule 424(b) under the
Securities Act. Such information shall include a description of (i) the name of
such Holder and of the participating broker-dealer(s), (ii) the number of
Registrable Securities involved, (iii) the price at which such Registrable
Securities were or are to be sold, and (iv) the commissions paid or to be paid
or discounts or concessions allowed or to be allowed to such broker-dealer(s),
where applicable.

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        4. Registration Expenses

                (a) All fees and expenses incident to the performance of or
compliance with this Agreement by the Company, except as and to the extent
specified in Section 4(b), shall be borne by the Company whether or not pursuant
to an Underwritten Offering and whether or not the Registration Statement is
filed or becomes effective and whether or not any Registrable Securities are
sold pursuant to the Registration Statement. The fees and expenses referred to
in the foregoing sentence shall include, without limitation, (i) all
registration and filing fees (including, without limitation, fees and expenses
(A) with respect to filings required to be made with the NASDAQ and any
Subsequent Market on which the Common Stock is then listed for trading, and (B)
in compliance with state securities or Blue Sky laws (including, without
limitation, fees and disbursements of counsel for the Holders in connection with
Blue Sky qualifications or exemptions of the Registrable Securities and
determination of the eligibility of the Registrable Securities for investment
under the laws of such jurisdictions as the managing underwriters, if any, or
the Holders of a majority of Registrable Securities may designate)), (ii)
printing expenses (including, without limitation, expenses of printing
certificates for Registrable Securities and of printing prospectuses if the
printing of prospectuses is requested by the managing underwriters, if any, or
by the holders of a majority of the Registrable Securities included in the
Registration Statement), (iii) messenger, telephone and delivery expenses of the
Company, (iv) fees and disbursements of counsel for the Company and Special
Counsel for the Holders (not to exceed $7,500), (v) Securities Act liability
insurance, if the Company so desires such insurance, and (vi) fees and expenses
of all other Persons retained by the Company in connection with the consummation
of the transactions contemplated by this Agreement. In addition, the Company
shall be responsible for all of its internal expenses incurred in connection
with the consummation of the transactions contemplated by this Agreement
(including, without limitation, all salaries and expenses of its officers and
employees performing legal or accounting duties), the expense of any annual
audit, the fees and expenses incurred in connection with the listing of the
Registrable Securities on any securities exchange as required hereunder.

                (b) If the Holders require an Underwritten Offering pursuant to
the terms hereof, the Company shall be responsible for all costs, fees and
expenses in connection therewith, except for the fees and disbursements of the
Underwriters (including any underwriting commissions and discounts) and their
legal counsel and accountants. By way of illustration which is not intended to
diminish from the provisions of Section 4(a), the Holders shall not be
responsible for, and the Company shall be required to pay, the fees or
disbursements incurred by the Company (including by its legal counsel and
accountants) in connection with, the preparation and filing of a Registration
Statement and related Prospectus for such offering, the maintenance of such
Registration Statement in accordance with the terms hereof, the listing of the
Registrable Securities in accordance with the requirements hereof, and printing
expenses incurred to comply with the requirements hereof.

        5. Indemnification

                (a) Indemnification by the Company. The Company shall,
notwithstanding any termination of this Agreement, indemnify and hold harmless
each Holder, the officers, directors, agents (including any underwriters
retained by such Holder in connection with the offer and sale of Registrable
Securities), investment advisors and employees of each of them,

                                       11
<PAGE>   12

each Person who controls any such Holder (within the meaning of Section 15 of
the Securities Act or Section 20 of the Exchange Act) and the officers,
directors, agents and employees of each such controlling Person, to the fullest
extent permitted by applicable law, from and against any and all losses, claims,
damages, liabilities, costs (including, without limitation, costs of preparation
and reasonable attorneys' fees) and expenses (collectively, "Losses"), as
incurred, arising out of or relating to any untrue or alleged untrue statement
of a material fact contained in the Registration Statement, any Prospectus or
any form of prospectus or in any amendment or supplement thereto or in any
preliminary prospectus, or arising out of or relating to any omission or alleged
omission of a material fact required to be stated therein or necessary to make
the statements therein (in the case of any Prospectus or form of prospectus or
supplement thereto, in light of the circumstances under which they were made)
not misleading, except to the extent, but only to the extent, that (1) such
untrue statements or omissions are based solely upon information regarding such
Holder furnished in writing to the Company by such Holder expressly for use
therein, or to the extent that such information relates to such Holder or such
Holder's proposed method of distribution of Registrable Securities and was
reviewed and expressly approved in writing by such Holder expressly for use in
the Registration Statement, such Prospectus or such form of Prospectus or in any
amendment or supplement thereto or (2) in the case of an occurrence of an event
of the type specified in Section 3(e)(ii)-(vi), the use by such Holder of an
outdated or defective Prospectus after the Company has notified such Holder in
writing that the Prospectus is outdated or defective and prior to the receipt by
such Holder of the Advice contemplated in Section 6(e). The Company shall notify
the Holders promptly of the institution, threat or assertion of any Proceeding
of which the Company is aware in connection with the transactions contemplated
by this Agreement.

                (b) Indemnification by Holders. Each Holder shall, severally and
not jointly, indemnify and hold harmless the Company, its directors, officers,
agents and employees, each Person who controls the Company (within the meaning
of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the
directors, officers, agents or employees of such controlling Persons, to the
fullest extent permitted by applicable law, from and against all Losses (as
determined by a court of competent jurisdiction in a final judgment not subject
to appeal or review) arising solely out of or based solely upon any untrue
statement of a material fact contained in the Registration Statement, any
Prospectus, or any form of prospectus, or in any amendment or supplement
thereto, or arising solely out of or based solely upon any omission of a
material fact required to be stated therein or necessary to make the statements
therein not misleading to the extent, but only to the extent, that such untrue
statement or omission is contained in any information so furnished in writing by
such Holder to the Company specifically for inclusion in the Registration
Statement or such Prospectus or to the extent that such information relates to
such Holder or such Holder's proposed method of distribution of Registrable
Securities and was reviewed and expressly approved in writing by such Holder
expressly for use in the Registration Statement, such Prospectus or such form of
Prospectus, or in any amendment or supplement thereto. In no event shall the
liability of any selling Holder hereunder be greater in amount than the dollar
amount of the net proceeds received by such Holder upon the sale of the
Registrable Securities giving rise to such indemnification obligation.

                (c) Conduct of Indemnification Proceedings. If any Proceeding
shall be brought or asserted against any Person entitled to indemnity hereunder
(an "Indemnified Party"), such Indemnified Party shall promptly notify the
Person from whom indemnity is sought (the

                                       12
<PAGE>   13

"Indemnifying Party") in writing, and the Indemnifying Party shall assume the
defense thereof, including the employment of counsel reasonably satisfactory to
the Indemnified Party and the payment of all fees and expenses incurred in
connection with defense thereof; provided, that the failure of any Indemnified
Party to give such notice shall not relieve the Indemnifying Party of its
obligations or liabilities pursuant to this Agreement, except (and only) to the
extent that it shall be finally determined by a court of competent jurisdiction
(which determination is not subject to appeal or further review) that such
failure shall have proximately and materially adversely prejudiced the
Indemnifying Party.

                An Indemnified Party shall have the right to employ separate
counsel in any such Proceeding and to participate in the defense thereof, but
the fees and expenses of such counsel shall be at the expense of such
Indemnified Party or Parties unless: (1) the Indemnifying Party has agreed in
writing to pay such fees and expenses; or (2) the Indemnifying Party shall have
failed promptly to assume the defense of such Proceeding and to employ counsel
reasonably satisfactory to such Indemnified Party in any such Proceeding; or (3)
the named parties to any such Proceeding (including any impleaded parties)
include both such Indemnified Party and the Indemnifying Party, and such
Indemnified Party shall have been advised by counsel that a conflict of interest
is likely to exist if the same counsel were to represent such Indemnified Party
and the Indemnifying Party (in which case, if such Indemnified Party notifies
the Indemnifying Party in writing that it elects to employ separate counsel at
the expense of the Indemnifying Party, the Indemnifying Party shall not have the
right to assume the defense thereof and such counsel shall be at the expense of
the Indemnifying Party). The Indemnifying Party shall not be liable for any
settlement of any such Proceeding effected without its written consent, which
consent shall not be unreasonably withheld. No Indemnifying Party shall, without
the prior written consent of the Indemnified Party, effect any settlement of any
pending Proceeding in respect of which any Indemnified Party is a party, unless
such settlement includes an unconditional release of such Indemnified Party from
all liability on claims that are the subject matter of such Proceeding.

                All fees and expenses of the Indemnified Party (including
reasonable fees and expenses to the extent incurred in connection with
investigating or preparing to defend such Proceeding in a manner not
inconsistent with this Section) shall be paid to the Indemnified Party, as
incurred, within ten (10) Business Days of written notice thereof, which notice
may be given no more than once a month, to the Indemnifying Party (regardless of
whether it is ultimately determined that an Indemnified Party is not entitled to
indemnification hereunder; provided, that the Indemnifying Party may require
such Indemnified Party to undertake to reimburse all such fees and expenses to
the extent it is finally judicially determined that such Indemnified Party is
not entitled to indemnification hereunder).

                (d) Contribution. If a claim for indemnification under Section
5(a) or 5(b) is unavailable to an Indemnified Party (by reason of public policy
or otherwise), then each Indemnifying Party, in lieu of indemnifying such
Indemnified Party, shall contribute to the amount paid or payable by such
Indemnified Party as a result of such Losses, in such proportion as is
appropriate to reflect the relative fault of the Indemnifying Party and
Indemnified Party in connection with the actions, statements or omissions that
resulted in such Losses as well as any other relevant equitable considerations.
The relative fault of such Indemnifying Party and Indemnified Party shall be
determined by reference to, among other things, whether any action in

                                       13
<PAGE>   14

question, including any untrue or alleged untrue statement of a material fact or
omission or alleged omission of a material fact, has been taken or made by, or
relates to information supplied by, such Indemnifying Party or Indemnified
Party, and the parties' relative intent, knowledge, access to information and
opportunity to correct or prevent such action, statement or omission. The amount
paid or payable by a party as a result of any Losses shall be deemed to include,
subject to the limitations set forth in Section 5(c), any reasonable attorneys'
or other reasonable fees or expenses incurred by such party in connection with
any Proceeding to the extent such party would have been indemnified for such
fees or expenses if the indemnification provided for in this Section was
available to such party in accordance with its terms.

                The parties hereto agree that it would not be just and equitable
if contribution pursuant to this Section 5(d) were determined by pro rata
allocation or by any other method of allocation that does not take into account
the equitable considerations referred to in the immediately preceding paragraph.
Notwithstanding the provisions of this Section 5(d), no Holder shall be required
to contribute, in the aggregate, any amount in excess of the amount by which the
proceeds actually received by such Holder from the sale of the Registrable
Securities subject to the Proceeding exceeds the amount of any damages that such
Holder has otherwise been required to pay by reason of such untrue or alleged
untrue statement or omission or alleged omission. No Person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any Person who was not guilty of such
fraudulent misrepresentation.

                The indemnity and contribution agreements contained in this
Section are in addition to any liability that the Indemnifying Parties may have
to the Indemnified Parties.

        6. Miscellaneous

                (a) Remedies. In the event of a breach by the Company or by a
Holder, of any of their obligations under this Agreement, each Holder or the
Company, as the case may be, in addition to being entitled to exercise all
rights granted by law and under this Agreement, including recovery of damages,
will be entitled to specific performance of its rights under this Agreement. The
Company and each Holder agree that monetary damages would not provide adequate
compensation for any losses incurred by reason of a breach by it of any of the
provisions of this Agreement and hereby further agree that, in the event of any
action for specific performance in respect of such breach, it shall waive the
defense that a remedy at law would be adequate.

                (b) No Inconsistent Agreements. Neither the Company nor any of
its subsidiaries has entered, as of the date hereof, nor shall the Company or
any of its subsidiaries enter, on or after the date of this Agreement, into any
agreement with respect to its securities that is inconsistent with the rights
granted to the Holders in this Agreement or otherwise conflicts with the
provisions hereof. Except as and to the extent specified in Schedule 6(b)
hereto, neither the Company nor any of its subsidiaries has previously entered
into any agreement granting any registration rights with respect to any of its
securities to any Person that have not been satisfied in full. Without limiting
the generality of the foregoing, without the written consent of the Holders of a
majority of the then outstanding Registrable Securities, the Company shall not
grant to any Person the right to request the Company to register any securities
of the Company under

                                       14
<PAGE>   15

the Securities Act unless the rights so granted are subject in all respects to
the prior satisfaction in full of the rights of the Holders set forth herein,
and are not otherwise in conflict or inconsistent with the provisions of this
Agreement. Notwithstanding anything herein to the contrary, the parties agree
that the granting by the Company of registration rights in connection with a
fixed priced offering of its securities in a private placement transaction with
an aggregate sum of up to $30,000,000, or any offering of its securities that
occurs after the 180th Trading Day following the Closing Date will not violate
this provision.

                (c) No Piggyback on Registrations. Except as and to the extent
specified in Schedule 6(c) hereto, neither the Company nor any of its security
holders (other than the Holders in such capacity pursuant hereto) may include
securities of the Company in the Registration Statement other than the
Registrable Securities, and the Company shall not, without the written consent
of the Holders of a majority of the then outstanding Registrable Securities,
after the date hereof enter into any agreement providing any such right to any
of its security holders.

                (d) Compliance. Each Holder covenants and agrees that it will
comply with the prospectus delivery requirements of the Securities Act as
applicable to it in connection with sales of Registrable Securities pursuant to
the Registration Statement.

                (e) Discontinued Disposition. Each Holder agrees by its
acquisition of such Registrable Securities that, upon receipt of a notice from
the Company of the occurrence of any event of the kind described in Sections
3(e)(ii), 3(e)(iii), 3(e)(iv), 3(e)(v) or 3(e)(vi), such Holder will forthwith
discontinue disposition of such Registrable Securities under the Registration
Statement until such Holder's receipt of the copies of the supplemented
Prospectus and/or amended Registration Statement contemplated by Section 3(l),
or until it is advised in writing (the "Advice") by the Company that the use of
the applicable Prospectus may be resumed, and, in either case, has received
copies of any additional or supplemental filings that are incorporated or deemed
to be incorporated by reference in such Prospectus or Registration Statement.
The Company may provide appropriate stop orders to enforce the provisions of
this paragraph.

                (f) Amendments and Waivers. The provisions of this Agreement,
including the provisions of this sentence, may not be amended, modified or
supplemented, and waivers or consents to departures from the provisions hereof
may not be given, unless the same shall be in writing and signed by the Company
and the Holders of at least two-thirds of the then outstanding Registrable
Securities. Notwithstanding the foregoing, a waiver or consent to depart from
the provisions hereof with respect to a matter that relates exclusively to the
rights of Holders and that does not directly or indirectly affect the rights of
other Holders may be given by Holders of at least a majority of the Registrable
Securities to which such waiver or consent relates; provided, however, that the
provisions of this sentence may not be amended, modified, or supplemented except
in accordance with the provisions of the immediately preceding sentence.

                (g) Piggy-Back Registrations. If at any time when there is not
an effective Registration Statement covering all of the Registrable Securities
then outstanding and the Company shall determine to prepare and file with the
Commission a registration statement relating to an offering of its securities
for its own account, then the Company shall send to each Holder of Registrable
Securities written notice of such determination and, if within twenty (20) days
after receipt of such notice, any such holder shall so request in writing, the
Company shall

                                       15
<PAGE>   16

include in such registration statement all or any part of such Registrable
Securities such holder requests to be registered. If any registration of the
Company pursuant to this Section 6(g) is for a registered public offering
involving an underwriting, the right of any Holder to registration shall be
conditioned upon such Holder's entering into an underwriting agreement and/or
lock-up agreement in customary forms with the representative of the underwriter
or underwriters.

                (h) Notices. Any and all notices or other communications or
deliveries required or permitted to be provided hereunder shall be in writing
and shall be deemed given and effective on the earliest of (i) the date of
transmission, if such notice or communication is delivered via facsimile at the
facsimile telephone number specified in this Section prior to 5:00 p.m.
(California time) on a Business Day, (ii) the Business Day after the date of
transmission, if such notice or communication is delivered via facsimile at the
facsimile telephone number specified in the Purchase Agreement later than 5:00
p.m. (California time) on any date and earlier than 11:59 p.m. (California time)
on such date, (iii) the Business Day following the date of mailing, if sent by
nationally recognized overnight courier service, or (iv) if sent other than by
the methods set forth in (i)-(iii) of this section, upon actual receipt by the
party to whom such notice is required to be given. The address for such notices
and communications shall be as follows:

       If to the Company:               NeoTherapeutics, Inc.
                                        157 Technology Drive
                                        Irvine, California 92618
                                        Facsimile No.: (949) 788-6706
                                        Attn: Chief Financial Officer

       With copies to:                  Latham & Watkins
                                        650 Town Center Drive, Suite 2000
                                        Costa Mesa, CA 92626-1925
                                        Facsimile No: (714) 755-8290
                                        Attn: Alan W. Pettis, Esq.

       If to any other Person who is
       then the registered Holder:      To the address of such Holder as it
                                        appears in the stock transfer books of
                                        the Company or such other address as
                                        may be designated in writing hereafter,
                                        in the same manner, by such Person.

                (i) Successors and Assigns. This Agreement shall inure to the
benefit of and be binding upon the successors and permitted assigns of each of
the parties and shall inure to the benefit of each Holder. The Company may not
assign its rights or obligations hereunder without the prior written consent of
each Holder. Each Holder may assign their respective rights hereunder in the
manner and to the Persons as permitted under this Agreement and the Purchase
Agreement.

                (j) Counterparts. This Agreement may be executed in any number
of counterparts, each of which when so executed shall be deemed to be an
original and all of which taken together shall constitute one and the same
Agreement. In the event that any signature is

                                       16
<PAGE>   17

delivered by facsimile transmission, such signature shall create a valid binding
obligation of the party executing (or on whose behalf such signature is
executed) the same with the same force and effect as if such facsimile signature
were the original thereof.

                (k) Governing Law. This Agreement shall be governed by and
construed and enforced in accordance with the internal laws of the State of New
York, without regard to the principles of conflicts of law thereof. Each party
hereby irrevocably submits to the exclusive jurisdiction of the state and
federal courts sitting in the City of New York, Borough of Manhattan, for the
adjudication of any dispute hereunder or in connection herewith or with any
transaction contemplated hereby or discussed herein 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 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.

                (l) Cumulative Remedies. The remedies provided herein are
cumulative and not exclusive of any remedies provided by law.

                (m) Severability. If any term, provision, covenant or
restriction of this Agreement is held by a court of competent jurisdiction to be
invalid, illegal, void or unenforceable, the remainder of the terms, provisions,
covenants and restrictions set forth herein shall remain in full force and
effect and shall in no way be affected, impaired or invalidated, and the parties
hereto shall use their reasonable efforts to find and employ an alternative
means to achieve the same or substantially the same result as that contemplated
by such term, provision, covenant or restriction. It is hereby stipulated and
declared to be the intention of the parties that they would have executed the
remaining terms, provisions, covenants and restrictions without including any of
such that may be hereafter declared invalid, illegal, void or unenforceable.

                (n) Headings. The headings in this Agreement are for convenience
of reference only and shall not limit or otherwise affect the meaning hereof.

                (o) Shares Held by the Company and its Affiliates. Whenever the
consent or approval of Holders of a specified percentage of Registrable
Securities is required hereunder, Registrable Securities held by the Company or
its Affiliates (other than any Holder or transferees or successors or assigns
thereof if such Holder is deemed to be an Affiliate solely by reason of its
holdings of such Registrable Securities) shall not be counted in determining
whether such consent or approval was given by the Holders of such required
percentage.

                (p) Entire Agreement. This Agreement and the Purchase Agreement
are intended by the Parties as a final expression of their agreement and
intended to be a complete and exclusive statement of the agreement and
understanding of the parties hereto in respect of the subject matter contained
herein and therein. There are no restrictions, promises, warranties or
undertakings, other than those set forth or referred to herein and therein with
respect to the registration rights granted by the Company with respect to the
securities sold pursuant to the

                                       17
<PAGE>   18

Purchase Agreement. This Agreement and the Purchase Agreement supersede all
prior agreements and understandings between the parties with respect to such
subject matter.

                (q) Independent Nature of Holders' Obligations and Rights. The
obligations of each Holder hereunder is several and not joint with the
obligations of any other Holder hereunder, and no Holder shall be responsible in
any way for the performance of the obligations of any other Holder hereunder.
Nothing contained herein or in any other agreement or document delivered at any
closing, and no action taken by any Holder pursuant hereto or thereto, shall be
deemed to constitute the Holders as a partnership, an association, a joint
venture or any other kind of entity, or create a presumption that the Holders
are in any way acting in concert with respect to such obligations or the
transactions contemplated by this Agreement. Each Holder shall be entitled to
protect and enforce its rights, including without limitation the rights arising
out of this Agreement, and it shall not be necessary for any other Holder to be
joined as an additional party in any proceeding for such purpose.

                   [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
                           SIGNATURE PAGES TO FOLLOW]

                                       18
<PAGE>   19

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

                                       NEOTHERAPEUTICS, INC.

                                       /s/ Samuel Gulko
                                       -----------------------------------------
                                       Samuel Gulko
                                       Chief Financial Officer

                                       SOCIETE GENERALE

                                       By:      /s/ Guillaume Pollet
                                           -------------------------------------
                                       Name:    Guillaume Pollet
                                             -----------------------------------
                                       Title:   Managing Director
                                              ----------------------------------

                                       Address:
                                       c/o SG Cowen Securities Corporation
                                       1221 Avenue of the Americas
                                       New York, New York  10020
                                       Facsimile: (212) 278-5467
                                       Attn: Guillaume Pollet

                                       19
<PAGE>   20

                                    EXHIBIT A

                              PLAN OF DISTRIBUTION

                The Selling Stockholder and any of its pledgees, assignees and
successors-in-interest may, from time to time, sell any or all of its shares of
Common Stock on any stock exchange, market or trading facility on which the
shares are traded or in private transactions. These sales may be at fixed or
negotiated prices. The Selling Stockholder may use any one or more of the
following methods when selling shares:

        -       ordinary brokerage transactions and transactions in which the
                broker-dealer solicits purchasers;

        -       block trades in which the broker-dealer will attempt to sell the
                shares as agent but may position and resell a portion of the
                block as principal to facilitate the transaction;

        -       purchases by a broker-dealer as principal and resale by the
                broker-dealer for its account;

        -       an exchange distribution in accordance with the rules of the
                applicable exchange;

        -       privately negotiated transactions;

        -       short sales;

        -       broker-dealers may agree with the Selling Stockholder to sell a
                specified number of such shares at a stipulated price per share;

        -       a combination of any such methods of sale; and

        -       any other method permitted pursuant to applicable law.

                The Selling Stockholder may also sell shares under Rule 144
under the Securities Act, if available, rather than under this prospectus.

                The Selling Stockholder may also engage in short sales against
the box, puts and calls and other transactions in securities of the Company or
derivatives of Company securities and may sell or deliver shares in connection
with these trades. The Selling Stockholder may pledge its shares to their
brokers under the margin provisions of customer agreements. If a Selling
Stockholder defaults on a margin loan, the broker may, from time to time, offer
and sell the pledged shares. The Selling Stockholder has advised the Company
that it has not entered into any agreements, understandings or arrangements with
any underwriters or broker-dealers regarding the sale of its shares other than
ordinary course brokerage arrangements, nor is there an underwriter or
coordinating broker acting in connection with the proposed sale of shares by the
Selling Stockholder.

<PAGE>   21

                Broker-dealers engaged by the Selling Stockholder may arrange
for other brokers-dealers to participate in sales. Broker-dealers may receive
commissions or discounts from the Selling Stockholder (or, if any broker-dealer
acts as agent for the purchaser of shares, from the purchaser) in amounts to be
negotiated. The Selling Stockholder does not expect these commissions and
discounts to exceed what is customary in the types of transactions involved.

                The Selling Stockholder and any broker-dealers or agents that
are involved in selling the shares may be deemed to be "underwriters" within the
meaning of the Securities Act in connection with such sales. In such event, any
commissions received by such broker-dealers or agents and any profit on the
resale of the shares purchased by them may be deemed to be underwriting
commissions or discounts under the Securities Act.

                The Company is required to pay all fees and expenses incident to
the registration of the shares, including fees and disbursements of counsel to
the Selling Stockholder. The Company has agreed to indemnify the Selling
Stockholder against certain losses, claims, damages and liabilities, including
liabilities under the Securities Act.

                Upon the Company being notified by a Selling Stockholder that
any material arrangement has been entered into with a broker-dealer for the sale
of shares through a block trade, special offering, exchange distribution or
secondary distribution or a purchase by a broker or dealer, a supplement to this
prospectus will be filed, if required, pursuant to Rule 424(b) under the
Securities Act, disclosing (i) the name of each such Selling Stockholder and of
the participating broker-dealer(s), (ii) the number of shares involved, (iii)
the price at which such shares were sold, (iv) the commissions paid or discounts
or concessions allowed to such broker-dealer(s), where applicable, (v) that such
broker-dealer(s) did not conduct any investigation to verify the information set
out or incorporated by reference in this prospectus, and (vi) other facts
material to the transaction. In addition, upon the Company being notified by a
Selling Stockholder that a donee or pledgee intends to sell more than 500
shares, a supplement to this prospectus will be filed.

                The Company has advised the Selling Stockholder that the
anti-manipulative provisions of Regulation M promulgated under the Exchange Act
may apply to its sales of the shares offered hereby.

                                       2<PAGE>   1

                                                                     EXHIBIT 4.5

NEITHER THESE SECURITIES NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE
EXERCISABLE HAVE 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"), AND, ACCORDINGLY, MAY NOT BE OFFERED FOR SALE, SOLD OR OTHERWISE DISPOSED
OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT FILED UNDER THE
SECURITIES ACT OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND
IN COMPLIANCE WITH APPLICABLE STATE SECURITIES OR BLUE SKY LAWS.

                           NEOGENE TECHNOLOGIES, INC.

                                     WARRANT

                            Dated: December 18, 2000

        NeoGene Technologies, Inc., a California corporation (the "Company"),
hereby certifies that, for value received, Societe Generale, a bank organized
under the laws of France, or its registered assigns ("Holder"), is entitled,
subject to the terms set forth below, to purchase from the Company up to a total
of Nine Thousand Three Hundred Eighty-Seven (9,387) shares of the common stock,
no par value per share (the "Common Stock"), of the Company (each such share, a
"Warrant Share" and all such shares, the "Warrant Shares") at an exercise price
equal to $45.00 per share (as adjusted from time to time as provided in Section
7, the "Exercise Price"), at any time and from time to time from and after the
date hereof and through and including December 18, 2005 (the "Expiration Date"),
and subject to the following terms and conditions:

        1. Registration of Warrant. The Company shall register this Warrant upon
records to be maintained by the Company for that purpose (the "Warrant
Register"), in the name of the record Holder hereof from time to time. The
Company may deem and treat the registered Holder of this Warrant as the absolute
owner hereof for the purpose of any exercise hereof or any distribution to the
Holder, and for all other purposes, and the Company shall not be affected by
notice to the contrary.

        2. Registration of Transfers and Exchanges.

                (a) This Warrant or the Warrant Shares issued upon any exercise
hereof may only be transferred (i) pursuant to an effective registration
statement under the Securities Act, (ii) to the Company or (iii) pursuant to an
available exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act. In connection with any transfer of this
Warrant or any Warrant Shares, other than pursuant to an effective registration
statement or to the Company, the Company may require the transferor thereof to
provide to the Company an opinion of counsel to the transferor, the form and
substance of which opinion shall be reasonably satisfactory to the Company, to
the effect that such transfer may be made without registration under the
Securities Act. Holder agrees to the imprinting, so long as is required by
applicable securities laws, of a legend substantially similar to that first
above written on any New Warrant (as defined in Section 2(b) below). Any such
transferee shall agree by virtue of having a New Warrant registered in its name
in accordance with

<PAGE>   2

Section 2(b) below to be bound by the terms of this Warrant and shall have the
rights of Holder under this Warrant.

                (b) The Company shall register the transfer of any portion of
this Warrant in conformance with Section 2(a) on the Warrant Register, upon
surrender of this Warrant, with the Form of Assignment attached hereto duly
completed and signed, to the Company at the office specified in or pursuant to
Section 11. Upon any such registration or transfer, a new warrant to purchase
Common Stock, in substantially the form of this Warrant (any such new warrant, a
"New Warrant"), evidencing the portion of this Warrant so transferred shall be
issued to the transferee and a New Warrant evidencing the remaining portion of
this Warrant not so transferred, if any, shall be issued to the transferring
Holder. The acceptance of the New Warrant by the transferee thereof shall be
deemed the acceptance of such transferee of all of the rights and obligations of
a holder of a Warrant.

                (c) This Warrant is exchangeable, upon the surrender hereof by
the Holder to the office of the Company pursuant to Section 3(b), for one or
more New Warrants, evidencing in the aggregate the right to purchase the number
of Warrant Shares which may then be purchased hereunder.

        3. Duration and Exercise of Warrant.

                (a) This Warrant shall be exercisable by the then registered
Holder on any business day before 5:00 P.M., California time, at any time and
from time to time on or after the date hereof to and including the Expiration
Date. At 5:00 P.M., California time on the Expiration Date, the portion of this
Warrant not exercised prior thereto shall be and become void and of no value.

                (b) Subject to Sections 2(c) and 4, upon surrender of this
Warrant, with the Form of Election to Purchase attached hereto duly completed
and signed, to the Company at its address for notice set forth in Section 11 and
upon payment, if applicable, of the Exercise Price multiplied by the number of
Warrant Shares that the Holder intends to purchase hereunder, in the manner
provided hereunder, all as specified by the Holder in the Form of Election to
Purchase, the Company shall promptly, but in no event later than 3 business days
after the applicable Date of Exercise (as defined below), issue or cause to be
issued and cause to be delivered to or upon the written order of the Holder and
in such name or names as the Holder may designate, a certificate for the Warrant
Shares issuable upon such exercise. Any person so designated by the Holder to
receive Warrant Shares shall be deemed to have become the holder of record of
such Warrant Shares as of the Date of Exercise of this Warrant. Notwithstanding
the foregoing, subject to applicable law, in the event the Holder may resell
shares of Common Stock acquired upon exercise of this Warrant without
restriction pursuant to an effective registration statement or otherwise, the
Company shall cause the transfer agent with respect to its Common Stock, if such
transfer agent is then participating in the Depositary Trust Company ("DTC")
Fast Automated Securities Transfer ("FAST") program, to electronically transmit
the shares of Common Stock issuable to the Holder upon exercise of this Warrant
by crediting the account of the Holder's prime broker with DTC through DTC's
Deposit Withdrawal Agent Commission ("DWAC") system, within 3 business days
after exercise of this Warrant by the Holder.

                A "Date of Exercise" means the date on which the Company shall
have received (i) this Warrant (or any New Warrant, as applicable), with the
Form of Election to Purchase attached hereto (or attached to such New Warrant)
appropriately completed and duly signed, and (ii) payment,

                                       2
<PAGE>   3

if applicable, of the Exercise Price for the number of Warrant Shares so
indicated by the holder hereof to be purchased.

                (c) Subject to the limitations set forth in Section 3(d) below,
this Warrant shall be exercisable, either in its entirety or, from time to time,
for a portion of the number of Warrant Shares. If less than all of the Warrant
Shares which may be purchased under this Warrant are exercised at any time, the
Company shall issue or cause to be issued, at its expense, a New Warrant
evidencing the right to purchase the remaining number of Warrant Shares for
which no exercise has been evidenced by this Warrant.

                (d) This Warrant is issued together with shares of the Company's
Series B Preferred Stock (the "Preferred Shares") pursuant to the terms of that
certain Securities Purchase Agreement (the "Purchase Agreement"), dated as of
December 18, 2000, among the Company, NeoTherapeutics, Inc., a Delaware
corporation ("NeoTherapeutics"), and Societe Generale (the "Initial Holder").
Pursuant to the Purchase Agreement, the Initial Holder has the right in certain
circumstances to exchange all or a portion of the Preferred Shares for
convertible preferred stock of NeoTherapeutics. Upon the completion of any such
exchange, this Warrant shall be exercisable for a number of Warrant Shares equal
to one-half of the number of Warrant Shares for which this Warrant would
otherwise be exercisable (which amount shall be proportionately adjusted to
reflect any adjustments to the number of Warrant Shares issuable upon exercise
of this Warrant made pursuant to Section 7 below); provided, however, that if
less than all of the Preferred Shares are so exchanged, the number of Warrant
Shares for which this Warrant shall be exercisable shall equal (i) one-half of
the number of Warrant Shares for which this Warrant would otherwise be
exercisable plus (ii) a percentage of the other half of such number of Warrant
Shares equal to the percentage of Preferred Shares not so exchanged.

                (e) Prior to the exercise of this Warrant, the Holder shall not
be entitled to any rights as a stockholder of the Company with respect to the
Warrant Shares, including (without limitation) the right to vote such shares,
receive dividends or other distributions thereon or be notified of stockholder
meetings (except as otherwise set forth in Section 7(g) herein).

        4. Payment of Taxes. The Company will pay any documentary stamp taxes
attributable to the issuance of Warrant Shares upon the exercise of this
Warrant; provided, however, that the Company shall not be required to pay any
tax which may be payable in respect of any transfer involved in the registration
of any certificates for Warrant Shares or Warrants in a name other than that of
the Holder. The Holder shall be responsible for all other tax liability that may
arise as a result of holding or transferring this Warrant or receiving Warrant
Shares upon exercise hereof.

        5. Replacement of Warrant. If this Warrant is mutilated, lost, stolen or
destroyed, the Company shall issue or cause to be issued in exchange and
substitution for and upon cancellation hereof, or in lieu of and substitution
for this Warrant, a New Warrant, but only upon receipt of evidence reasonably
satisfactory to the Company of such loss, theft or destruction and indemnity, if
requested, reasonably satisfactory to it. Applicants for a New Warrant under
such circumstances shall also comply with such other reasonable regulations and
procedures and pay such other reasonable charges as the Company may prescribe.

        6. Reservation of Warrant Shares. The Company covenants that it will at
all times reserve and keep available out of its authorized but unissued Common
Stock, solely for the purpose of enabling it to issue Warrant Shares upon
exercise of this Warrant as herein provided, the number

                                       3
<PAGE>   4

of Warrant Shares which are then issuable and deliverable upon the exercise of
this entire Warrant, free from preemptive rights or any other actual contingent
purchase rights of persons other than the Holder (taking into account the
adjustments and restrictions of Section 7). The Company covenants that all
Warrant Shares that shall be so issuable and deliverable shall, upon issuance
and the payment of the applicable Exercise Price in accordance with the terms
hereof, be duly and validly authorized and issued, fully paid and nonassessable.

        7. Certain Adjustments. The Exercise Price and number of Warrant Shares
issuable upon exercise of this Warrant are subject to adjustment from time to
time as set forth in this Section 7.

                (a) If the Company, at any time while this Warrant is
outstanding, (i) shall pay a stock dividend (except scheduled dividends paid on
outstanding preferred stock as of the date hereof which contain a stated
dividend rate) or otherwise make a distribution or distributions on shares of
its Common Stock (or on any other class of capital stock and not the Common
Stock) payable in shares of Common Stock, (ii) subdivide outstanding shares of
Common Stock into a larger number of shares, or (iii) combine outstanding shares
of Common Stock into a smaller number of shares, the Exercise Price shall be
adjusted by multiplying the Exercise Price in effect immediately before such
event by a fraction of which the numerator shall be the number of shares of
Common Stock (excluding treasury shares, if any) outstanding before such event
and the denominator shall be the number of shares of Common Stock (excluding
treasury shares, if any) outstanding after such event. The number of Warrant
Shares issuable upon exercise of this Warrant shall be adjusted upon such
adjustment of the Exercise Price by multiplying the number of Warrant Shares
issuable upon exercise of this Warrant immediately prior to such adjustment by a
fraction of which the denominator shall be the number of shares of Common Stock
(excluding treasury shares, if any) outstanding before such event and the
numerator shall be the number of shares of Common Stock (excluding treasury
shares, if any) outstanding after such event. Any adjustment made pursuant to
this Section 7(a) shall become effective immediately after the record date for
the determination of stockholders entitled to receive such dividend or
distribution and shall become effective immediately after the effective date in
the case of a subdivision or combination, and shall apply to successive
subdivisions and combinations.

                (b) In case of any reclassification of the Common Stock or any
compulsory share exchange pursuant to which the Common Stock is converted into
other securities, cash or property, then the Holder shall have the right
thereafter to exercise this Warrant only into the shares of stock and other
securities and property receivable upon or deemed to be held by holders of
Common Stock following such reclassification or share exchange, and the Holder
shall be entitled upon such exercise to receive such amount of securities or
property equal to the amount of Warrant Shares such Holder would have been
entitled to had such Holder exercised this Warrant immediately prior to such
reclassification or share exchange. The terms of any such reclassification or
share exchange shall include such terms so as to continue to give to the Holder
the right to receive the securities or property set forth in this Section 7(b)
upon any exercise following any such reclassification or share exchange.

                (c) If the Company, at any time while this Warrant is
outstanding, shall distribute to all holders of Common Stock (and not to holders
of this Warrant) evidences of its indebtedness or assets or rights or warrants
to subscribe for or purchase any security (excluding those referred to in
Sections 7(a), (b) and (d) and other than with respect to rights granted
pursuant to a stockholders rights plan adopted by the Company), then in each
such case the Exercise Price shall be adjusted by multiplying the Exercise Price
in effect immediately prior to the record date fixed for determination

                                       4
<PAGE>   5

of stockholders entitled to receive such distribution by a fraction of which the
denominator shall be the fair market value of one Warrant Share determined in
accordance with Section 8(b) below as of the record date mentioned above, and of
which the numerator shall be such fair market value of one Warrant Share
determined in accordance with Section 8(b) below as of such record date less the
then fair market value at such record date of the portion of such assets or
evidence of indebtedness so distributed applicable to one outstanding share of
Common Stock as determined by the Company's independent certified public
accountants that regularly examine the financial statements of the Company (the
"Appraiser"). The number of Warrant Shares issuable upon exercise of this
Warrant shall be adjusted upon such adjustment of the Exercise Price by
multiplying the number of Warrant Shares issuable upon exercise of this Warrant
immediately prior to such adjustment by a fraction of which the numerator shall
be the fair market value of one Warrant Share determined in accordance with
Section 8(b) below as of the record date mentioned above and the denominator
shall be such fair market value of one Warrant Share determined in accordance
with Section 8(b) below as of such record date less the then fair market value
at such record date of the portion of such assets or evidence of indebtedness so
distributed applicable to one outstanding shares of Common Stock as determined
by the Appraiser.

                (d) In case of the closing of any (1) merger or consolidation of
the Company with or into another Person, or (2) sale by the Company of more than
one-half of the assets of the Company (on a book value basis) in one or a series
of related transactions, or (3) tender or other offer or exchange (whether by
the Company or another Person) pursuant to which holders of Common Stock are
permitted to tender or exchange their shares for other securities, stock, cash
or property of the Company or another Person; then the Holder shall have the
right thereafter to (A) exercise this Warrant for the shares of stock and other
securities, cash and property receivable upon or deemed to be held by holders of
Common Stock following such merger, consolidation or sale, and the Holder shall
be entitled upon exercise of this Warrant to receive such amount of securities,
cash and property as the Common Stock for which this Warrant could have been
exercised immediately prior to such merger, consolidation or sale would have
been entitled, or (B) in the event of an exchange or tender offer or other
transaction contemplated by clause (3) of this Section 7(d), tender or exchange
this Warrant for such securities, stock, cash and other property receivable upon
or deemed to be held by holders of Common Stock that have tendered or exchanged
their shares of Common Stock following such tender or exchange, and the Holder
shall be entitled upon such exchange or tender to receive such amount of
securities, cash and property as the shares of Common Stock for which this
Warrant could have been exercised immediately prior to such tender or exchange
would have been entitled as would have been issued. The terms of any such
merger, sale, consolidation, tender or exchange shall include such terms so as
continue to give the Holder the right to receive the securities, cash and
property set forth in this Section upon any conversion or redemption following
such event. This provision shall similarly apply to successive such events.

                (e) For the purposes of this Section 7, the number of shares of
Common Stock outstanding at any time shall be deemed to include the aggregate
maximum number of shares of Common Stock deliverable upon exercise, conversion
or exchange, as applicable (assuming the satisfaction of any conditions to
exercisability, convertibility or exchangeability, as applicable, including,
without limitation, the passage of time), of any options to purchase or rights
to subscribe for Common Stock, securities by their terms convertible into or
exchangeable for Common Stock or options to purchase or rights to subscribe for
such convertible or exchangeable securities then outstanding.

                                       5
<PAGE>   6

                (f) All calculations under this Section 7 shall be made to the
nearest cent or the nearest 1/100th of a share, as the case may be.

                (g) If:

                        (i)     the Company shall declare a dividend (or any
                                other distribution) on its Common Stock; or

                        (ii)    the Company shall declare a special nonrecurring
                                cash dividend on or a redemption of its Common
                                Stock; or

                        (iii)   the Company shall authorize the granting to all
                                holders of the Common Stock rights or warrants
                                to subscribe for or purchase any shares of
                                capital stock of any class or of any rights; or

                        (iv)    the approval of any stockholders of the Company
                                shall be required in connection with any
                                reclassification of the Common Stock of the
                                Company, any consolidation or merger to which
                                the Company is a party, any sale or transfer of
                                all or substantially all of the assets of the
                                Company, or any compulsory share exchange
                                whereby the Common Stock is converted into other
                                securities, cash or property; or

                        (v)     the Company shall authorize the voluntary
                                dissolution, liquidation or winding up of the
                                affairs of the Company,

then the Company shall cause to be mailed to each Holder at such Holder's last
address as it shall appear upon the Warrant Register, at least 15 calendar days
prior to the applicable record or effective date hereinafter specified, a notice
stating (x) the date on which a record is to be taken for the purpose of such
dividend, distribution, redemption, rights or warrants, or if a record is not to
be taken, the date as of which the holders of Common Stock of record to be
entitled to such dividend, distributions, redemption, rights or warrants are to
be determined or (y) the date on which such reclassification, consolidation,
merger, sale, transfer or share exchange is expected to become effective or
close, and the date as of which it is expected that holders of Common Stock of
record shall be entitled to exchange their shares of Common Stock for
securities, cash or other property deliverable upon such reclassification,
consolidation, merger, sale, transfer, share exchange, dissolution, liquidation
or winding up; provided, however, that the failure to mail such notice or any
defect therein or in the mailing thereof shall not affect the validity of the
corporate action required to be specified in such notice.

        8. Payment of Exercise Price. The Holder shall pay the Exercise Price in
one of the following manners:

                (a) Cash Exercise. The Holder may deliver immediately available
funds by certified check or bank draft payable to the order of the Company or by
wire transfer to an account designated by the Company; or

                (b) Cashless Exercise. The Holder may surrender this Warrant to
the Company together with a notice of cashless exercise, in which event the
Company shall issue to the Holder the number of Warrant Shares determined as
follows:

                                       6
<PAGE>   7

                             X = Y (A - B)
                                 ---------
                                      A

Where          X = The number of Warrant Shares to be issued to the Holder.

               Y = The number of Warrant Shares with respect to which this
                   Warrant is being exercised.

               A = The fair market value of one Warrant Share on the Date of
                   Exercise.

               B = The Exercise Price.

                        For purposes of this Section 8(b), the "fair market
value" of one Warrant Share on the Date of Exercise shall mean:

                        (i) if the exercise is in connection with an initial
public offering of the Company's Common Stock, and if the Company's registration
statement relating to such public offering has been declared effective by the
Securities and Exchange Commission, then the fair market value per share shall
be the initial "Price to Public" specified in the final prospectus with respect
to the offering;

                        (ii) if this Warrant is exercised after, and not in
connection with, the Company's initial public offering of its Common Stock, and
if the Company's Common Stock is traded on a securities exchange or The Nasdaq
Stock Market or actively traded over-the-counter:

                                (A) if the Company's Common Stock is traded on a
securities exchange or The Nasdaq Stock Market, the fair market value shall be
deemed to be the average of the closing sale prices of the Common Stock for the
five (5) trading days immediately prior to (but not including) the Date of
Exercise; or

                                (B) if the Company's Common Stock is actively
traded over-the-counter, the fair market value shall be deemed to be average of
the closing bid or, if the closing bid is not reported, the closing sales price
for the five (5) trading days immediately prior to (but not including) the Date
of Exercise; or

                        (iii) if neither (i) nor (ii) is applicable, the fair
market value of one Warrant Share shall be at the highest price per share which
the Company could obtain on the date of calculation from a willing buyer (not a
current employee or director) for shares of Common Stock sold by the Company,
from authorized but unissued shares, as determined in good faith by the Board of
Directors, unless the Company is at such time subject to an acquisition
including the sale, conveyance or disposal of all or substantially all of the
Company's property or business or the Company's merger into or consolidation
with any other corporation (other than a wholly-owned subsidiary corporation) or
any other transaction or series of related transactions in which more than fifty
percent (50%) of the voting power of the Company is disposed of, other than a
merger effected exclusively for the purpose of changing the domicile of the
Company, in which case the fair market value of one Warrant Share shall be
deemed to be the value received by the holders of Common Stock pursuant to such
acquisition.

        9. Fractional Shares. The Company shall not be required to issue or
cause to be issued fractional Warrant Shares on the exercise of this Warrant.
The number of full Warrant Shares which

                                       7
<PAGE>   8

shall be issuable upon the exercise of this Warrant shall be computed on the
basis of the aggregate number of Warrant Shares purchasable on exercise of this
Warrant so presented. If any fraction of a Warrant Share would, except for the
provisions of this Section 9, be issuable on the exercise of this Warrant, the
Company shall pay an amount in cash equal to the Exercise Price multiplied by
such fraction.

        10. Certain Exercise Restrictions. Notwithstanding any other provision
of this Warrant, as of any date prior to the Expiration Date, the aggregate
number of shares of Common Stock with respect to which this Warrant may be
exercised, together with any other shares of Common Stock then beneficially
owned (as defined in the Securities Exchange Act of 1934, as amended) by the
Holder and its affiliates, shall not exceed 4.9% of the total outstanding shares
of Common Stock as of such date. The Company shall have no obligation to monitor
compliance with the foregoing limitation.

        11. Notices. Any and all notices or other communications or deliveries
hereunder shall be in writing and shall be deemed given and effective on the
earliest of (i) the date of transmission, if such notice or communication is
delivered via facsimile at the facsimile telephone number specified in this
Section prior to 5:00 p.m. (California time) on a business day, (ii) the
business day after the date of transmission, if such notice or communication is
delivered via facsimile at the facsimile telephone number specified in this
Section later than 5:00 p.m. (California time) on any date and earlier than
11:59 p.m. (California time) on such date, (iii) the business day following the
date of mailing, if sent by nationally recognized overnight courier service, or
(iv) upon actual receipt by the party to whom such notice is required to be
given. The addresses for such communications shall be: (i) if to the Company, to
157 Technology Drive, Irvine, CA 92618, Attention: Chief Financial Officer, or
to facsimile no. (949) 788-6706, with a copy to Latham & Watkins, 650 Town
Center Drive, Suite 2000, Costa Mesa, California 92626, attention Alan W.
Pettis, Esq., or (ii) if to the Holder, to the Holder at the address or
facsimile number appearing on the Warrant Register or such other address or
facsimile number as the Holder may provide to the Company in accordance with
this Section 11, with a copy to Jones, Day, Reavis & Pogue, 599 Lexington
Avenue, New York, New York 10022, attention J. Eric Maki, Esq.

        12. Warrant Agent. The Company shall serve as warrant agent under this
Warrant. The Company may appoint a new warrant agent upon notice to the Holder
in accordance with Section 11. Any corporation into which the Company may be
merged or any corporation resulting from any consolidation to which the Company
shall be a party or any corporation to which the Company transfers substantially
all of its corporate assets shall be a successor warrant agent under this
Warrant without any further act. Any such successor warrant agent shall promptly
cause notice of its succession as warrant agent to be mailed (by first class
mail, postage prepaid) to the Holder at the Holder's last address as shown on
the Warrant Register.

        13. Miscellaneous.

                (a) This Warrant shall be binding on and inure to the benefit of
the parties hereto and their respective successors and permitted assigns. This
Warrant may be amended only in writing signed by the Company and the Holder and
their successors and assigns.

                (b) Subject to Section 13(a), above, nothing in this Warrant
shall be construed to give to any person or corporation other than the Company
and the Holder any legal or equitable right,

                                       8
<PAGE>   9

remedy or cause under this Warrant. This Warrant shall inure to the sole and
exclusive benefit of the Company and the Holder.

                (c) This Warrant shall be governed by and construed and enforced
in accordance with the internal laws of the State of New York, without regard to
the principles of conflicts of law thereof. The Company and the Holder hereby
irrevocably submit to the exclusive jurisdiction of the state and federal courts
sitting in the City of New York, Borough of Manhattan, for the adjudication of
any dispute hereunder or in connection herewith or with any transaction
contemplated hereby or discussed herein, and hereby irrevocably waive, and agree
not to assert in any suit, action or proceeding, 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 of the Company and the Holder hereby
irrevocably waives personal service of process and consents to process being
served in any such suit, action or proceeding by receiving a copy thereof sent
to the Company at the address in effect for notices to it under this instrument
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.

                (d) The headings herein are for convenience only, do not
constitute a part of this Warrant and shall not be deemed to limit or affect any
of the provisions hereof.

                (e) In case any one or more of the provisions of this Warrant
shall be invalid or unenforceable in any respect, the validity and
enforceability of the remaining terms and provisions of this Warrant shall not
in any way be affected or impaired thereby and the parties will attempt in good
faith to agree upon a valid and enforceable provision which shall be a
commercially reasonable substitute therefor, and upon so agreeing, shall
incorporate such substitute provision in this Warrant.

                     [Remainder of page intentionally blank]

                                       9
<PAGE>   10

                IN WITNESS WHEREOF, the Company has caused this Warrant to be
duly executed by its authorized officer as of the date first indicated above.

                                            NEOGENE TECHNOLOGIES, INC.

                                            By: /s/ Samuel Gulko
                                               ---------------------------------
                                               Samuel Gulko
                                               Chief Financial Officer

                                       10
<PAGE>   11

                          FORM OF ELECTION TO PURCHASE

(To be executed by the Holder to exercise the right to purchase shares of Common
Stock under the foregoing Warrant)

To NeoGene Technologies, Inc.:

                In accordance with the Warrant enclosed with this Form of
Election to Purchase, the undersigned hereby irrevocably elects to purchase
__________ shares of the common stock ("Common Stock"), no par value per share,
of NeoGene Technologies, Inc. and if such Holder is not utilizing the Cashless
Exercise provisions set forth in the Warrant, encloses herewith $__________ in
cash, certified or official bank check or checks, which sum represents the
aggregate Exercise Price (as defined in the Warrant) for the number of shares of
Common Stock to which this Form of Election to Purchase relates, together with
any applicable taxes payable by the undersigned pursuant to the Warrant.

                The undersigned requests that certificates for the shares of
Common Stock issuable upon this exercise be issued in the name of

                                            PLEASE INSERT SOCIAL SECURITY OR
                                            TAX IDENTIFICATION NUMBER

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

--------------------------------------------------------------------------------
                         (Please print name and address)

                If the number of shares of Common Stock issuable upon this
exercise shall not be all of the shares of Common Stock which the undersigned is
entitled to purchase in accordance with the enclosed Warrant, the undersigned
requests that a New Warrant (as defined in the Warrant) evidencing the right to
purchase the shares of Common Stock not issuable pursuant to the exercise
evidenced hereby be issued in the name of and delivered to:

--------------------------------------------------------------------------------
                         (Please print name and address)

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

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

<PAGE>   12

Dated:  __________, ____                    Name of Holder:

                                            (Print)
                                                   -----------------------------

                                            (By:)
                                                 -------------------------------

                                            (Name:)
                                            (Title:)
                                            (Signature must conform in all
                                            respects to name of holder as
                                            specified on the face of the
                                            Warrant)

<PAGE>   13

                               FORM OF ASSIGNMENT

           [To be completed and signed only upon transfer of Warrant]

                FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
transfers unto ____________________ the right represented by the Warrant
enclosed with this Form of Assignment to purchase __________ shares of the
common stock of NeoGene Technologies, Inc. to which the Warrant relates and
appoints ____________________ attorney to transfer said right on the books of
NeoGene Technologies, Inc. with full power of substitution in the premises.

Dated:  __________, ____

                                            ------------------------------------
                                            (Signature must conform in all
                                            respects to name of holder as
                                            specified on the face of the
                                            Warrant)

                                            ------------------------------------
                                            Address of Transferee

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

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

In the presence of:

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

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