Document:

WARRANT
      AGREEMENT

     

    This
      Warrant Agreement made as of _____________, 2007, between Apex Bioventures
      Acquisition Corporation, a Delaware corporation, with offices at 18 Farm Lane,
      Hillsborough, California 94010 (the “Company”),
      and
      Continental Stock Transfer & Trust Company, a New York corporation, with
      offices at 17 Battery Place, New York, New York 10004 (the “Warrant
      Agent”).

     

    WHEREAS,
      the Company is engaged in a public offering (the “Public
      Offering”)
      of
      units (the “Units”)
      and, in
      connection therewith, has determined to issue and deliver up to 8,625,000
      warrants (the “Public
      Warrants”)
      to the
      public investors, each of such Public Warrants evidencing the right of the
      holder thereof to purchase one share of common stock, par value $.0001 per
      share, of the Company (the “Common
      Stock”)
      for
      $6.00 per share, subject to adjustments as described herein; 

     

    WHEREAS,
      the Company has filed, with the Securities and Exchange Commission, a
      registration statement, No. 333-135755, on Form S-1, as amended (the
“Registration
      Statement”),
      for
      the registration, under the Securities Act of 1933, as amended (the “Act”),
      of,
      among other securities, the Public Warrants and the Common Stock issuable upon
      exercise of the Public Warrants;

     

    WHEREAS,
      the Company has determined to issue and deliver, as part of an Underwriter’s
      purchase option, up to 450,000 warrants (the “Underwriters’
      Warrants”)
      to
      Lazard Capital Markets LLC and Ladenburg Thalmann & Co. Inc. (together, the
“Underwriters”)
      or
      their designees, which warrants will be identical to the Public Warrants;

     

    WHEREAS,
      the Company is issuing 1,800,000 warrants in a private placement immediately
      prior to the Public Offering, which warrants (the “Private
      Warrants”
and,
      with the Public Warrants and the Underwriter’s Warrants, the “Warrant(s)”)
      will
      be identical to the Public Warrants and Underwriters’ Warrants, subject to
      certain exceptions, as set forth in the Registration Statement or
      herein;

     

    WHEREAS,
      the Company desires the Warrant Agent to act on behalf of the Company, and
      the
      Warrant Agent is willing to so act, in connection with the issuance,
      registration, transfer, exchange, redemption and exercise of the Warrants;
      

     

    WHEREAS,
      the Company desires to provide for the form and provisions of the Warrants,
      the
      terms upon which they shall be issued and exercised, and the respective rights,
      limitation of rights and immunities of the Company, the Warrant Agent and the
      holders of the Warrants; and

     

    WHEREAS,
      all acts and things have been done and performed which are necessary to make
      the
      Warrants, when executed on behalf of the Company and countersigned by or on
      behalf of the Warrant Agent, as provided herein, the legally valid and binding
      obligations of the Company, and to authorize the execution and delivery of
      this
      Warrant Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    NOW,
      THEREFORE, in consideration of the mutual agreements herein contained, the
      parties hereto agree as follows:

     

    1.  Appointment
      of Warrant Agent.
      The
      Company hereby appoints the Warrant Agent to act as agent
      for the
      Company for the Warrants, and the Warrant Agent hereby accepts such appointment
      and agrees to perform the same in accordance with the terms and conditions
      set
      forth in this Agreement.

     

    2.  Warrants.

     

    2.1  Form
      of Warrant. Each Public Warrant, Private Warrant and Underwriters’ Warrants
      shall be (a) issued in registered form only, (b) in substantially the forms
      of
Exhibit A-1, Exhibit A-2 and Exhibit A-3 hereto,
      respectively, the provisions of which are incorporated herein, (c) signed by,
      or
      bear the facsimile signature of, the Chairman of the Board or, the Chief
      Executive Officer or the President, and the Treasurer, Secretary or Assistant
      Secretary of the Company, and (d) shall bear a facsimile of the Company’s seal.
      In the event the person whose facsimile signature has been placed upon any
      Warrant shall have ceased to serve in the capacity in which such person signed
      the Warrant before such Warrant is issued, it may be issued with the same effect
      as if he or she had not ceased to be such at the date of issuance.

     

    2.2  Effect
      of Countersignature.
      Unless
      and until countersigned by the Warrant Agent pursuant to this Agreement, a
      Warrant shall be invalid and of no effect and may not be exercised by the holder
      thereof.

     

    2.3  Registration.

     

    2.3.1  Warrant
      Register.
      The
      Warrant Agent shall maintain books (“Warrant
      Register”),
      for
      the registration of the original issuance and transfers of the Warrants. Upon
      the initial issuance of the Warrants, the Warrant Agent shall issue and register
      the Warrants in the names of the respective holders thereof in such
      denominations and otherwise in accordance with instructions delivered to the
      Warrant Agent by the Company.

     

    2.3.2  Registered
      Holder.
      Prior
      to due presentment for registration of transfer of any Warrant, the Company
      and
      the Warrant Agent may deem and treat the person in whose name such Warrant
      shall
      be registered upon the Warrant Register (“registered
      holder”),
      as the
      absolute owner of such Warrant and of each Warrant represented thereby
      (notwithstanding any notation of ownership or other writing on the warrant
      certificate made by anyone other than the Company or the Warrant Agent), for
      the
      purpose of any exercise thereof, and for all other purposes, and neither the
      Company nor the Warrant Agent shall be affected by any notice to the
      contrary.

     

    2.4  Detachability
      of Warrants.
      The
      securities comprising the Units will not be separately transferable until after
      the earlier to occur of the expiration or termination of the underwriter’s
      over-allotment option (the “Detachment
      Date”),
      but in
      no event will separate trading of the securities comprising the Units begin
      until the Company files a Current Report on Form 8-K which includes an audited
      balance sheet reflecting the receipt by the Company of the gross proceeds of
      the
      Public Offering, including the proceeds received by the Company from the
      exercise of the Underwriters’ over-allotment option, if the over-allotment
      option is exercised prior to the filing of the Form 8-K.

     

    3.  Terms
      and Exercise of Warrants.

     

    3.1  Warrant
      Price.
      Each
      Warrant shall, when countersigned by the Warrant Agent, entitle the registered
      holder thereof, subject to the provisions of such Warrant and of this Warrant
      Agreement, to purchase from the Company the number of shares of Common Stock
      stated therein, at the price of $6.00 per whole share, subject to the
      adjustments provided in Section 4 hereof and in the last sentence of this
      Section 3.1. The term “Warrant
      Price”
as
      used
      in this Warrant Agreement refers to the price per share at which Common Stock
      may be purchased at the time a Warrant is exercised. The Company, in its sole
      discretion, may lower the Warrant Price at any time prior to the Expiration
      Date
      (as defined below); provided, that any such reduction shall be identical in
      percentage terms among all of the Warrants, except that any amendment to the
      terms of the Underwriter’s Warrants shall be subject to any limitations and
      conditions that may be imposed by NASD Corporate Financing Rule 2710.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    3.2  Duration
      of Warrants.
      A
      Warrant may be exercised only during the period (“Exercise
      Period”)
      commencing on the later of (a) the consummation by the Company of a merger,
      capital stock exchange, asset acquisition, stock purchase or other similar
      business combination, as described more fully in the Company’s Registration
      Statement (“Business
      Combination”),
      or
      (b) [one
      year from the date of the prospectus] 2008,
      and
      terminating at 5:00 p.m., New York City time, on the earlier to occur of (i)
      [four
      years from the date of the prospectus],
      2011,
      or (ii) the date fixed for redemption of the Warrants as provided in
      Section 6 of this Agreement (“Expiration
      Date”).
      Except with respect to the right to receive the Redemption Price (as set forth
      in Section 6 hereunder), each Warrant not exercised on or before the
      Expiration Date shall become void, and all rights thereunder and all rights
      in
      respect thereof under this Agreement shall cease at the close of business on
      the
      Expiration Date. The Company may extend the duration of the Warrants by delaying
      the Expiration Date.

     

    3.3  Exercise
      of Warrants.

     

    3.3.1  Payment.
      Subject
      to the provisions of the Warrant and this Warrant Agreement, a Warrant, when
      countersigned by the Warrant Agent, may be exercised by the registered holder
      thereof by surrendering it, at the office of the Warrant Agent, or at the office
      of its successor as Warrant Agent, in the Borough of Manhattan, City and State
      of New York, with the subscription form, as set forth in the Warrant, duly
      executed, and by paying in full, in lawful money of the United States, in cash,
      good certified check or good bank draft payable to the order of the Company
      (or
      as otherwise agreed to by the Company), the Warrant Price for each full share
      of
      Common Stock as to which the Warrant is exercised and any and all applicable
      taxes due in connection with the exercise of the Warrant, the exchange of the
      Warrant for the Common Stock, and the issuance of the Common Stock; provided,
      however, that the holder of a Private Warrant may, in lieu of payment of the
      Exercise Price, surrender its Private Warrant for that number of shares of
      Common Stock equal to the quotient obtained by dividing (x) the product of
      (1)
      the number of shares of Common Stock underlying the surrendered Private Warrant
      and (2) the difference between the Fair Market Value (defined below) and the
      Exercise Price, by (y) the Fair Market Value. The “Fair
      Market Value” shall
      mean (i) if the Common Stock is listed on a national securities exchange
      (including, without limitation, the American Stock Exchange and the Nasdaq
      Stock
      Market) or quoted on the OTC Bulletin Board (or any successor electronic
      inter-dealer quotation system), the average closing price of a share of Common
      Stock for the thirty (30) trading days immediately preceding the date of
      determination of the Fair Market Value in the principal trading market for
      the
      Common Stock as reported by the exchange or the quotation system, as the case
      may be; (ii) if the Common Stock is not listed on a national securities exchange
      or quoted on the OTC Bulletin Board (or any successor electronic inter-dealer
      quotation system), but is traded in the residual over-the-counter market, the
      closing bid price for a share of Common Stock on the last trading day preceding
      the date in question for which such quotations are reported by the Pink Sheets,
      LLC or similar publisher of such quotations; and (iii) if the fair market value
      of the Common Stock cannot be determined pursuant to clause (i) or (ii) above,
      such price as the Board of Directors of the Company shall determine, in good
      faith.

     

    3.3.2  Issuance
      of Certificates.
      As soon
      as practicable after the exercise of any Warrant and the clearance of the funds
      in payment of the Warrant Price or upon surrender of the Private Warrant (or
      portion thereof) as set forth in Section 3.3.1(b), the Company shall issue
      to
      the registered holder of such Warrant a certificate or certificates representing
      the number of full shares of Common Stock to which he, she or it is entitled,
      registered in such name or names as may be directed by him, her or it, and,
      if
      such Warrant shall not have been exercised or surrendered in full, a new
      countersigned Warrant for the number of shares as to which such Warrant shall
      not have been exercised or surrendered. Notwithstanding the foregoing, the
      Company shall not be obligated to deliver any securities pursuant to the
      exercise of a Warrant unless (a) a registration statement under the Act with
      respect to the Common Stock issuable upon exercise of such Warrants is effective
      and a current prospectus relating to the shares of Common Stock issuable upon
      exercise of the Warrants is available for delivery to the Warrant holders or
      (b)
      in the opinion of counsel to the Company, the exercise of the Warrants is exempt
      from the registration requirements of the Act and such securities are qualified
      for sale or exempt from qualification under applicable securities laws of the
      states or other jurisdictions in which the registered holder resides. Warrants
      may not be exercised by, or securities issued to, any registered holder in
      any
      state in which such exercise or issuance would be unlawful. In the event a
      registration statement under the Act with respect to the Common Stock underlying
      the Warrants is not effective or a prospectus is not available, or because
      such
      exercise would be unlawful with respect to a registered holder in any state,
      the
      registered holder shall not be entitled to exercise such Warrants and such
      Warrants may have no value and expire worthless. In no event will the Company be
      obligated to pay such registered holder any cash consideration upon exercise
      (unless pursuant to Section 4.5) or otherwise “net cash settle” the Warrant.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    3.3.3  Valid
      Issuance.
      All
      shares of Common Stock issued upon the proper exercise or surrender of a Warrant
      in conformity with this Agreement shall be validly issued, fully paid and
      nonassessable.

     

    3.3.4  Date
      of Issuance.
      Each
      person or entity in whose name any such certificate for shares of Common Stock
      is issued shall, for all purposes, be deemed to have become the holder of record
      of such shares on the date on which the Warrant was surrendered and payment
      of
      the Warrant Price was made, irrespective of the date of delivery of such
      certificate, except that, if the date of such surrender and payment is a date
      when the stock transfer books of the Company are closed, such person shall
      be
      deemed to have become the holder of such shares at the close of business on
      the
      next succeeding date on which the stock transfer books are open.

     

    4.  Adjustments.

     

    4.1  Stock
      Dividends - Split-Ups.
      If,
      after the date hereof, and subject to the provisions of Section 4.6 below,
      the number of outstanding shares of Common Stock is increased by a stock
      dividend payable in shares of Common Stock, or by a split-up of shares of Common
      Stock, or other similar event, then, on the effective date of such stock
      dividend, split-up or similar event, the number of shares of Common Stock
      issuable on exercise of each Warrant shall be increased in proportion to such
      increase in outstanding shares of Common Stock.

     

    4.2  Aggregation
      of Shares.
      If
      after the date hereof, and subject to the provisions of Section 4.6, the
      number of outstanding shares of Common Stock is decreased by a consolidation,
      combination, reverse stock split or reclassification of shares of Common Stock
      or other similar event, then, on the effective date of such consolidation,
      combination, reverse stock split, reclassification or similar event, the number
      of shares of Common Stock issuable on exercise of each Warrant shall be
      decreased in proportion to such decrease in outstanding shares of Common
      Stock.

     

    4.3  Adjustments
      in Exercise Price.
      Whenever the number of shares of Common Stock purchasable upon the exercise
      of
      the Warrants is adjusted, as provided in Sections 4.1 and 4.2 above, the
      Warrant Price shall be adjusted (to the nearest cent) by multiplying such
      Warrant Price, immediately prior to such adjustment, by a fraction, (a) the
      numerator of which shall be the number of shares of Common Stock purchasable
      upon the exercise of the Warrants immediately prior to such adjustment, and
      (b)
      the denominator of which shall be the number of shares of Common Stock so
      purchasable immediately thereafter.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    4.4  Extraordinary
      Dividends.
      If the
      Company, at any time during the Exercise Period, shall pay a dividend in cash,
      securities or other assets to the holders of Common Stock (or other shares
      of
      the Company’s capital stock into which the Warrants are convertible), other than
      (w) as described in Sections 4.1, 4.2 or 4.5, (x) regular quarterly or other
      periodic dividends, (y) in connection with the conversion rights of the holders
      of Common Stock upon consummation of the Company’s initial Business Combination
      (as such term is used in the Registration Statement) or (z) in connection with
      the Company’s liquidation and the distribution of its assets upon its failure to
      consummate a Business Combination (any such non-excluded event being referred
      to
      herein as an “Extraordinary
      Dividend”),
      then
      the Warrant Price shall be decreased, effective immediately after the effective
      date of such Extraordinary Dividend, by the amount of cash and/or the fair
      market value (as determined by the Company’s Board of Directors, in good faith)
      of any securities or other assets paid on each share of Common Stock in respect
      of such Extraordinary Dividend.

     

    4.5  Replacement
      of Securities upon Reorganization, etc.
      In case
      of any reclassification or reorganization of the outstanding shares of Common
      Stock (other than a change covered by Sections 4.1 or 4.2 hereof or one
      that solely affects the par value of such shares of Common Stock), or, in the
      case of any merger or consolidation of the Company with or into another
      corporation (other than a consolidation or merger in which the Company is the
      continuing corporation and that does not result in any reclassification or
      reorganization of the outstanding shares of Common Stock), or, in the case
      of
      any sale or conveyance to another corporation or entity of the assets or other
      property of the Company as an entirety or substantially as an entirety, in
      connection with which the Company is dissolved, the Warrant holders shall
      thereafter have the right to purchase and receive, upon the basis and upon
      the
      terms and conditions specified in the Warrants and in lieu of the shares of
      Common Stock of the Company immediately theretofore purchasable and receivable
      upon the exercise of the rights represented thereby, the kind and amount of
      shares of stock or other securities or property (including cash) receivable
      upon
      such reclassification, reorganization, merger or consolidation, or upon a
      dissolution following any such sale or transfer, that the Warrant holder would
      have received if such Warrant holder had exercised his, her or its Warrant(s)
      immediately prior to such event; and if any reclassification also results in
      a
      change in shares of Common Stock covered by Sections 4.1 or 4.2, then such
      adjustment shall be made pursuant to Sections 4.1, 4.2, 4.3 and this
      Section 4.5. The provisions of this Section 4.5 shall similarly apply
      to successive reclassifications, reorganizations, mergers or consolidations,
      sales or other transfers.

     

    4.6  Notices
      of Changes in Warrant.
      Upon
      every adjustment of the Warrant Price or the number of shares issuable upon
      exercise of a Warrant, the Company shall give written notice thereof to the
      Warrant Agent, which notice shall state the Warrant Price resulting from such
      adjustment and the increase or decrease, if any, in the number of shares
      purchasable at such price upon the exercise of a Warrant, setting forth in
      reasonable detail the method of calculation and the facts upon which such
      calculation is based. Upon the occurrence of any event specified in Sections
      4.1, 4.2, 4.3, 4.4 or 4.5 the Company shall give written notice to each Warrant
      holder, at the last address set forth for such holder in the Warrant Register,
      of the record date or the effective date of the event. Failure to give such
      notice, or any defect therein, shall not affect the legality or validity of
      such
      event.

     

    4.7  No
      Fractional Shares.
      Notwithstanding any provision contained in this Warrant Agreement to the
      contrary, the Company shall not issue fractional shares upon exercise of
      Warrants. If, by reason of any adjustment made pursuant to this Section 4,
      the holder of any Warrant would be entitled, upon the exercise of such Warrant,
      to receive a fractional interest in a share, the Company shall, upon such
      exercise, round up to the nearest whole number the number of the shares of
      Common Stock to be issued to the Warrant holder.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    4.8  Form
      of Warrant.
      The
      form of Warrant need not be changed because of any adjustment pursuant to this
      Section 4, and Warrants issued after such adjustment may state the same
      Warrant Price and the same number of shares as is stated in the Warrants
      initially issued pursuant to this Agreement. However, the Company may, at any
      time, in its sole discretion, make any change in the form of Warrant that the
      Company may deem appropriate and that does not affect the substance thereof,
      and
      any Warrant thereafter issued or countersigned, whether in exchange or
      substitution for an outstanding Warrant or otherwise, may be in the form as
      so
      changed.

     

    5.  Transfer
      and Exchange of Warrants.

     

    5.1  Transfer
      of Warrants.
      Prior
      to the Detachment Date, the Public Warrants may be transferred or exchanged
      only
      together with the Unit in which such Warrant is included, and only for the
      purpose of effecting, or in conjunction with, a transfer or exchange of such
      Unit. Furthermore, each transfer of a Public Unit on the register relating
      to
      such Units shall operate also to transfer the Warrants included in such Unit.
      From and after the Detachment Date this Section 5.1 will have no further force
      and effect.

     

    5.2  Registration
      of Transfer.
      The
      Warrant Agent shall register the transfer, from time to time, of any outstanding
      Warrant into the Warrant Register, upon surrender of such Warrant for transfer,
      properly endorsed with signatures properly guaranteed and accompanied by
      appropriate instructions for transfer. Upon any such transfer, a new Warrant
      representing an equal aggregate number of Warrants shall be issued and the
      old
      Warrant shall be cancelled by the Warrant Agent. The Warrants so cancelled
      shall
      be delivered by the Warrant Agent to the Company from time to time upon the
      Company’s request.

     

    5.3  Procedure
      for Surrender of Warrants.
      Warrants may be surrendered to the Warrant Agent, together with a written
      request for exchange or transfer, and, thereupon, the Warrant Agent shall issue
      in exchange therefor one or more new Warrants as requested by the registered
      holder of the Warrants so surrendered, representing an equal aggregate number
      of
      Warrants; provided, however, that, in the event a Warrant surrendered for
      transfer bears a restrictive legend, the Warrant Agent shall not cancel such
      Warrant and shall issue new Warrants in exchange therefor until the Warrant
      Agent has received an opinion of counsel for the Company stating that such
      transfer may be made and indicating whether the new Warrants must also bear
      a
      restrictive legend.

     

    5.4  Fractional
      Warrants.
      The
      Warrant Agent shall not be required to effect any registration of transfer
      or
      exchange which will result in the issuance of a warrant certificate for a
      fraction of a warrant.

     

    5.5  Service
      Charges.
      No
      service charge shall be made for any exchange or registration of transfer of
      Warrants.

     

    5.6  Warrant
      Execution and Countersignature.
      The
      Warrant Agent is hereby authorized to countersign and to deliver, in accordance
      with the terms of this Agreement, the Warrants required to be issued pursuant
      to
      the provisions of this Section 5, and the Company, whenever required by the
      Warrant Agent, will supply the Warrant Agent with Warrants duly executed on
      behalf of the Company for such purpose.

     

    5.7  Private
      Warrants.
      Notwithstanding anything herein to the contrary, the Warrant Agent shall not
      register for transfer any Private Warrants until after the date that is six
      (6)
      months following the consummation of the Company’s initial business combination,
      except for (a) transfers of Private Warrants resulting from the death of
      any of the holders thereof, (b) transfers by operation of law, (c) any
      transfer for estate planning purposes to persons immediately related to the
      transferor by blood, marriage or adoption, or (d) transfers to any trust solely
      for the benefit of such transferor and/or the persons described in the preceding
      clause, on condition that prior to such registration for transfer, the Warrant
      Agent shall be presented with written documentation pursuant to which each
      permitted transferee or the trustee or legal guardian for each permitted
      transferee agrees to be bound by the terms of this Warrant
      Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    6. Redemption.

     

    6.1  Redemption.
      Subject
      to Section 6.4 hereof and the penultimate and final sentences of this
      Section 6.1, not less than all of the outstanding Warrants may be redeemed,
      at
      the option of the Company, at any time after they become exercisable and prior
      to their expiration, at the office of the Warrant Agent, upon the notice
      referred to in Section 6.2, at the price of $.01 per Warrant (“Redemption
      Price”),
      provided that the volume weighted average price of the Common Stock has been
      equal to or greater than $11.50 per share for any twenty (20) trading days
      within a thirty (30) trading day period ending on the third business day prior
      to the date on which notice of redemption is given. No Private Warrants shall
      be
      redeemable so long as such Private Warrant is held in the name of the original
      person or entity to which the Company issued such Private Warrant.
      Notwithstanding anything to the contrary contained herein, the Company shall
      not
      call the Warrants for redemption unless there is an effective registration
      statement under the Act relating to the shares of Common Stock issuable upon
      exercise of the Warrants and a prospectus is available.

     

    6.2  Date
      Fixed for, and Notice of, Redemption.
      In the
      event the Company shall elect to redeem all of the Warrants, the Company shall
      fix a date for the redemption. Notice of redemption shall be mailed by first
      class mail, postage prepaid, by the Company not less than 30 days prior to
      the
      date fixed for redemption to the registered holders of the Warrants to be
      redeemed at their last addresses as they shall appear on the Warrant Register.
      Any notice mailed in the manner herein provided shall be conclusively presumed
      to have been duly given, whether or not the registered holder received such
      notice.

     

    6.3  Exercise
      After Notice of Redemption.
      The
      Warrants may be exercised in accordance with Section 3 of this Warrant
      Agreement at any time after notice of redemption shall have been given by the
      Company pursuant to Section 6.2 hereof and prior to the time and date fixed
      for redemption. On and after the redemption date, the record holder of the
      Warrants shall have no further rights except to receive, upon surrender of
      the
      Warrants, the Redemption Price.

     

    6.4  Outstanding
      Warrants Only.
      The
      Company understands that the redemption rights provided for by this
      Section 6 apply only to outstanding Warrants. To the extent a person holds
      rights to purchase Warrants, such purchase rights shall not be extinguished
      by
      redemption. However, once such purchase rights are exercised, the Company may
      redeem the Warrants issued upon such exercise, provided that the criteria for
      redemption is met.

     

    6.5  Exclusion
      of Private Warrants.
      Notwithstanding anything in this Warrant Agreement to the contrary, the Private
      Warrants shall not be subject to redemption.

     

    7.  Other
      Provisions Relating to Rights of Holders of Warrants.

     

    7.1  No
      Rights as Stockholder.
      A
      Warrant does not entitle the registered holder thereof to any of the rights
      of a
      stockholder of the Company, including, without limitation, the right to receive
      dividends, or other distributions, exercise any preemptive rights to vote or
      to
      consent or to receive notice as stockholders in respect of the meetings of
      stockholders or the election of directors of the Company or any other
      matter.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    7.2  Lost,
      Stolen, Mutilated, or Destroyed Warrants.
      If any
      Warrant is lost, stolen, mutilated or destroyed, the Company and the Warrant
      Agent may, on such terms as to indemnity or otherwise as they may in their
      discretion impose (which terms shall, in the case of a mutilated Warrant,
      include the surrender thereof), issue a new Warrant of like denomination, tenor
      and date as the Warrant so lost, stolen, mutilated or destroyed. Any such new
      Warrant shall constitute a substitute contractual obligation of the Company,
      whether or not the allegedly lost, stolen, mutilated or destroyed Warrant shall
      be at any time enforceable by anyone.

     

    7.3  Reservation
      of Common Stock.
      The
      Company shall at all times reserve and keep available a number of its authorized
      but unissued shares of Common Stock that will be sufficient to permit the
      exercise in full of all outstanding Warrants issued pursuant to this Warrant
      Agreement.

     

    7.4  Registration
      of Common Stock.
      The
      Company agrees that prior to the commencement of the Exercise Period, it shall
      use its best efforts to prepare and file with the Securities and Exchange
      Commission a post-effective amendment to the Registration Statement, or a new
      registration statement, for the registration under the Act of the Common Stock
      issuable upon exercise of the Warrants, and it shall take such action as is
      necessary to qualify for sale, in those states in which the Warrants were
      initially offered by the Company, the Common Stock issuable upon exercise of
      the
      Warrants. In either case, the Company will use its best efforts to cause the
      same to become effective on or prior to the commencement of the Exercise Period
      and to maintain the effectiveness of such registration statement and ensure
      that
      a prospectus is available for delivery to the Warrant holders until the
      expiration of the Warrants in accordance with the provisions of this Warrant
      Agreement. In addition, the Company agrees to use its reasonable efforts to
      register such securities under the blue sky laws of the states of residence
      of
      exercising warrant holders, if permitted by the blue sky laws of such
      jurisdictions, in the event that an exemption is not available. In no event
      will
      the registered holder of a Warrant be entitled to receive a net-cash settlement
      in lieu of physical settlement in shares of Common Stock, regardless of whether
      the Company complies with this Section 7.4. 

     

    7.5  Limitation
      on Monetary Damages.
      In no
      event shall the registered holder of a Warrant be entitled to receive monetary
      damages for failure to settle any Warrant exercise if the Common Stock issuable
      upon exercise of the Warrants has not been registered with the Securities and
      Exchange Commission pursuant to an effective registration statement or if a
      current prospectus is not available for delivery by the Warrant Agent, provided
      the Company has fulfilled its obligations under Section 7.4 to use its best
      efforts to effect such registration and ensure a current prospectus is
      available.

     

    8.  Concerning
      the Warrant Agent and Other Matters.

     

    8.1  Payment
      of Taxes.
      The
      Company will, from time to time, promptly pay all taxes and charges that may
      be
      imposed upon the Company or the Warrant Agent in respect of the issuance or
      delivery of shares of Common Stock upon the exercise of Warrants, but the
      Company shall not be obligated to pay any transfer taxes in respect of the
      Warrants or such shares.

     

    8.2  Resignation,
      Consolidation, or Merger of Warrant Agent.

     

    8.2.1  Appointment
      of Successor Warrant Agent.
      The
      Warrant Agent, or any successor to it hereafter appointed, may resign its duties
      and be discharged from all further duties and liabilities hereunder after giving
      sixty (60) days’ notice in writing to the Company. If the office of the Warrant
      Agent becomes vacant by resignation or incapacity to act or otherwise, the
      Company shall appoint, in writing, a successor Warrant Agent in place of the
      Warrant Agent. If the Company shall fail to make such appointment within a
      period of 30 days after it has been notified in writing of such resignation
      or
      incapacity by the Warrant Agent or by the holder of the Warrant (who shall,
      with
      such notice, submit his, her or its Warrant for inspection by the Company),
      then
      the holder of any Warrant may apply to the Supreme Court of the State of New
      York for the County of New York for the appointment of a successor Warrant
      Agent. Any successor Warrant Agent, whether appointed by the Company or by
      such
      court, shall be a corporation organized and existing under the laws of the
      State
      of New York, in good standing and have its principal office in the Borough
      of
      Manhattan, City and State of New York, and be authorized under such laws to
      exercise corporate trust powers and subject to supervision or examination by
      federal or state authorities. After appointment, any successor Warrant Agent
      shall be vested with all the authority, powers, rights, immunities, duties
      and
      obligations of its predecessor Warrant Agent with like effect as if originally
      named as Warrant Agent hereunder, without any further act or deed; but, if
      for
      any reason it becomes necessary or appropriate, the predecessor Warrant Agent
      shall execute and deliver, at the expense of the Company, an instrument
      transferring to such successor Warrant Agent all the authority, powers, and
      rights of such predecessor Warrant Agent hereunder; and, upon request of any
      successor Warrant Agent, the Company shall make, execute, acknowledge, and
      deliver any and all instruments in writing for more fully and effectually
      vesting in and confirming to such successor Warrant Agent all such authority,
      powers, rights, immunities, duties and obligations.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    8.2.2  Notice
      of Successor Warrant Agent.
      In the
      event a successor Warrant Agent shall be appointed, the Company shall give
      notice thereof to the predecessor Warrant Agent and the transfer agent for
      the
      Common Stock not later than the effective date of any such
      appointment.

     

    8.2.3  Merger
      or Consolidation of Warrant Agent.
      Any
      corporation into which the Warrant Agent may be merged or with which it may
      be
      consolidated or any corporation resulting from any merger or consolidation
      to
      which the Warrant Agent shall be a party shall be the successor Warrant Agent
      under this Warrant Agreement without any further act on the part of the Company
      or the Warrant Agent.

     

    8.3  Fees
      and Expenses of Warrant Agent.

     

    8.3.1  Remuneration.
      The
      Company agrees to pay the Warrant Agent reasonable remuneration for its services
      as Warrant Agent hereunder as set forth on Exhibit
      B
      hereto
      and will reimburse the Warrant Agent upon demand for all expenditures that
      the
      Warrant Agent may reasonably incur in the execution of its duties
      hereunder.

     

    8.3.2  Further
      Assurances.
      The
      Company agrees to perform, execute, acknowledge and deliver, or cause to be
      performed, executed, acknowledged and delivered, all such further and other
      acts, instruments and assurances as may reasonably be required by the Warrant
      Agent for the carrying out or performing of the provisions of this Warrant
      Agreement.

     

    8.4  Liability
      of Warrant Agent.

     

    8.4.1  Reliance
      on Company Statement.
      Whenever, in the performance of its duties under this Warrant Agreement, the
      Warrant Agent shall deem it necessary or desirable that any fact or matter
      be
      proved or established by the Company prior to taking or suffering any action
      hereunder, such fact or matter (unless other evidence in respect thereof be
      herein specifically prescribed) may be deemed to be conclusively proved and
      established by a statement signed by the Chief Executive Officer, Chief
      Financial Officer or Chairman of the Board of the Company and delivered to
      the
      Warrant Agent. The Warrant Agent may rely upon such statement for any action
      taken or suffered in good faith by it pursuant to the provisions of this Warrant
      Agreement.

     

    8.4.2  Indemnity.
      The
      Warrant Agent shall be liable hereunder only for its own negligence, willful
      misconduct or bad faith. The Company agrees to indemnify the Warrant Agent
      and
      save it harmless against any and all liabilities, including judgments, costs
      and
      reasonable counsel fees, for anything done or omitted by the Warrant Agent
      in
      the execution of this Warrant Agreement, except as a result of the Warrant
      Agent’s negligence, willful misconduct or bad faith.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    8.4.3  Exclusions.
      The
      Warrant Agent shall have no responsibility with respect to the validity of
      this
      Warrant Agreement or with respect to the validity or execution of any Warrant
      (except its countersignature thereof); nor shall it be responsible for any
      breach by the Company of any covenant or condition contained in this Warrant
      Agreement or in any Warrant; nor shall it be responsible to make any adjustments
      required under the provisions of Section 4 hereof or responsible for the
      manner, method or amount of any such adjustment or the ascertaining of the
      existence of facts that would require any such adjustment; nor shall it, by
      any
      act hereunder, be deemed to make any representation or warranty as to the
      authorization or reservation of any shares of Common Stock to be issued pursuant
      to this Warrant Agreement or any Warrant or as to whether any shares of Common
      Stock will when issued be valid and fully paid and nonassessable.

     

    8.5  Acceptance
      of Agency.
      The
      Warrant Agent hereby accepts the agency established by this Warrant Agreement
      and agrees to perform the same upon the terms and conditions herein set forth
      and, among other things, shall account promptly to the Company with respect
      to
      Warrants exercised and concurrently account for, and pay to the Company, all
      moneys received by the Warrant Agent for the purchase of shares of the Company’s
      Common Stock through the exercise of Warrants.

     

    8.6  Waiver.
      The
      Warrant Agent hereby waives any and all right, title, interest or claim of
      any
      kind (“Claim”) in
      or to any distribution of the Trust Account (as defined in that certain
      Investment Management Trust Agreement, dated as of the date hereof, by and
      between the Company and the Warrant Agent as trustee thereunder), and hereby
      agrees not to seek recourse, reimbursement, payment or satisfaction for any
      Claim against the Trust Account for any reason whatsoever.

     

    9.  Miscellaneous
      Provisions.

     

    9.1  Successors.
      All the
      covenants and provisions of this Warrant Agreement by or for the benefit of
      the
      Company or the Warrant Agent shall bind and inure to the benefit of their
      respective successors and assigns.

     

    9.2  Notices.
      Any
      notice, statement or demand authorized by this Warrant Agreement to be given
      or
      made by the Warrant Agent or by the holder of any Warrant to or on the Company
      shall be delivered by hand or sent by registered or certified mail or overnight
      courier service, addressed (until another address is filed in writing by the
      Company with the Warrant Agent) as follows:

     

    Apex
      Bioventures Acquisition Corporation

    18
      Farm
      Lane

    Hillsborough,
      California 94010

    Attn:
      Chief Executive Officer

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Any
      notice, statement or demand authorized by this Warrant Agreement to be given
      or
      made by the holder of any Warrant or by the Company to or on the Warrant Agent
      shall be delivered by hand or sent by registered or certified mail or overnight
      courier service, addressed (until another address is filed in writing by the
      Warrant Agent with the Company), as follows:

     

    Continental
      Stock Transfer & Trust Company

    17
      Battery Place

    New
      York,
      New York 10004

    Attn:
      Compliance Department

     

    with
      a
      copy in each case to (which shall not constitute notice):

     

    Mintz,
      Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

    666
      Third
      Avenue

    New
      York,
      New York 10017

    Attn:
      Joel I. Papernik, Esq.

    

    Lazard
      Capital Markets LLC

    30
      Rockefeller Plaza

    New
      York,
      New York 10112

    Attn:
      General Counsel

    

    Ladenburg
      & Thalmann Co. Inc. 

    153
      East
      53rd
      Street,
      49th
      Floor

    New
      York,
      New York 10022

    Attn:
      General Counsel 

    

    Any
      notice, sent pursuant to this Warrant Agreement shall be effective, if delivered
      by hand, upon receipt thereof by the party to whom it is addressed, if sent
      by
      overnight courier, on the next business day of the delivery to the courier,
      and
      if sent by registered or certified mail on the third day after registration
      or
      certification thereof. 

     

    9.3  Applicable
      Law.
      The
      validity, interpretation, and performance of this Warrant Agreement and of
      the
      Warrants shall be governed in all respects by the laws of the State of New
      York,
      without giving effect to conflict of laws. The Company hereby agrees that any
      action, proceeding or claim against it arising out of or relating in any way
      to
      this Warrant Agreement shall be brought and enforced in the courts of the State
      of New York or the United States District Court for the Southern District of
      New
      York, and irrevocably submits to such jurisdiction, which jurisdiction shall
      be
      exclusive. The Company hereby waives any objection to such exclusive
      jurisdiction and that such courts represent an inconvenient forum. Any such
      process or summons to be served upon the Company may be served by transmitting
      a
      copy thereof by registered or certified mail, return receipt requested, postage
      prepaid, addressed to it at the address set forth in Section 9.2 hereof. Such
      mailing shall be deemed personal service and shall be legal and binding upon
      the
      Company in any action, proceeding or claim.

     

    9.4  Persons
      Having Rights under this Warrant Agreement.
      Nothing
      in this Warrant Agreement expressed and nothing that may be implied from any
      of
      the provisions hereof is intended, or shall be construed, to confer upon, or
      give to, any person or corporation other than the parties hereto and the
      registered holders of the Warrants and, for the purposes of Sections 6.1, 6.4,
      7.4, 9.2 and 9.8 hereof, the Underwriters, any right, remedy, or claim under
      or
      by reason of this Warrant Agreement or of any covenant, condition, stipulation,
      promise, or agreement hereof. Each Underwriter shall be deemed to be a
      third-party beneficiary of this Agreement with respect to Sections 6.1, 6.4,
      7.4, 9.2 and 9.8 hereof. All covenants, conditions, stipulations, promises,
      and
      agreements contained in this Agreement shall be for the sole and exclusive
      benefit of the parties hereto (and the Underwriters with respect to the Sections
      6.1, 6.4, 7.4, 9.2 and 9.8 hereof) and their successors and assigns and of
      the
      registered holders of the Warrants.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    9.5  Examination
      of the Warrant Agreement.
      A copy
      of this Warrant Agreement shall be available at all reasonable times at the
      office of the Warrant Agent in the Borough of Manhattan, City and State of
      New
      York, for inspection by the registered holder of any Warrant. The Warrant Agent
      may require any such holder to submit his, her or its Warrant for
      inspection.

     

    9.6  Counterparts;
      Facsimile Signatures.
      This
      Warrant Agreement may be executed in any number of counterparts, and each of
      such counterparts shall, for all purposes, be deemed to be an original, and
      all
      such counterparts shall together constitute one and the same instrument.
      Facsimile signatures shall constitute original signatures for all purposes
      of
      this Warrant Agreement.

     

    9.7  Effect
      of Headings.
      The
      section headings herein are for convenience only and are not part of this
      Warrant Agreement and shall not affect the interpretation thereof.

     

    9.8  Amendments.

     

    9.8.1  This
      Agreement and any Warrant certificate may be amended by the parties hereto
      by
      executing a supplemental warrant agreement (a “Supplemental Agreement”), without
      the consent of any of the Warrant holders, for the purpose of (i) curing
      any ambiguity, or curing, correcting or supplementing any defective provision
      contained herein, or making any other provisions with respect to matters or
      questions arising under this agreement that is not inconsistent with the
      provisions of this agreement or the Warrant certificates, (ii) evidencing
      the succession of another corporation to the Company and the assumption by
      any
      such successor of the covenants of the Company contained in this agreement
      and
      the Warrants, (iii) evidencing and providing for the acceptance of
      appointment by a successor Warrant Agent with respect to the Warrants,
      (iv) adding to the covenants of the Company for the benefit of the Holders
      or surrendering any right or power conferred upon the Company under this
      Agreement, or (viii) amending this agreement and the Warrants in any manner
      that the Company may deem to be necessary or desirable and that will not
      adversely affect the interests of the Warrant holders in any material
      respect.

     

    9.8.2  The
      Company and the Warrant Agent may amend this Warrant Agreement and the Warrants
      by executing a Supplemental Agreement with the consent of the Holders of not
      fewer than a majority of the unexercised Warrants affected by such amendment,
      for the purpose of adding any provisions to or changing in any manner or
      eliminating any of the provisions of this Agreement or of modifying in any
      manner the rights of the Holders under this Warrant Agreement; provided,
      however,
      that,
      without the consent of each of the Warrant holders affected thereby, no such
      amendment may be made that (i) changes the Warrants so as to reduce the
      number of Shares purchasable upon exercise of the Warrants or so as to increase
      the Exercise Price (other than as provided by Section 4),
      (ii) shortens the period of time during which the Warrants may be
      exercised, (iii) otherwise adversely affects the exercise rights of the
      Holders in any material respect, or (iv) reduces the number of unexercised
      Warrants the holders of which must consent for amendment of this agreement
      or
      the Warrants. Notwithstanding anything contained herein to the contrary, Section
      9 may be amended only by the parties hereto with the consent of the
      Underwriters. 

     

    9.8.3  The
      parties hereto acknowledge that each Underwriters shall be an intended third
      party beneficiary of this Section 9.8.

     

    9.9  Severability.
      This
      Warrant Agreement shall be deemed severable, and the invalidity or
      unenforceability of any term or provision hereof shall not affect the validity
      or enforceability of this Warrant Agreement or of any other term or provision
      hereof. Furthermore, in lieu of any such invalid or unenforceable term or
      provision, the parties hereto intend that there shall be added as a part of
      this
      Warrant Agreement a provision as similar in terms to such invalid or
      unenforceable provision as may be possible and be valid and
      enforceable.

     

    (Remainder
      of page intentionally left blank. Signature page immediately
      follows.)

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, this Warrant Agreement has been duly executed by the parties
      hereto as of the day and year first above written.

     

    
      	 	 	 
	 	APEX
              BIOVENTURES ACQUISITION CORPORATION
	 
 	 
 	 
 
	 	By:  	/s/ 
	 	
              
Darrell
              J. Elliott, Chairman and Chief Executive Officer 
	 	 

    

     

    
      	 	 	 
	 	
              CONTINENTAL
                STOCK TRANSFER

                &
                TRUST COMPANY

            
	 
 	 
 	 
 
	 	By:  	/s/ 
	 	
              
Steven
              Nelson, Chairman 
	 	 

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-1

     

    Form
      of Public Warrant

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-2

     

    Form
      of Private Warrant

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-3

     

    Form
      of Underwriters’ Warrant

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B

     

    Warrant
      Agent FeesTHE
      REGISTERED HOLDER OF THIS PURCHASE OPTION BY ITS ACCEPTANCE HEREOF, AGREES
      THAT
      IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE OPTION EXCEPT AS HEREIN
      PROVIDED AND THE REGISTERED HOLDER OF THIS PURCHASE OPTION AGREES THAT IT WILL
      NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE OPTION FOR
      A
      PERIOD OF ONE YEAR FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW) TO ANYONE OTHER
      THAN (I) [LAZARD CAPITAL MARKETS LLC] [LADENBURG THALMANN &
CO. INC.] (THE "INITIAL HOLDER") OR AN UNDERWRITER OR A SELECTED DEALER IN
      CONNECTION WITH THE OFFERING, OR (II) A BONA FIDE OFFICER OR PARTNER OF THE
      INITIAL HOLDER OR OF ANY SUCH UNDERWRITER OR SELECTED DEALER;
      PROVIDED, HOWEVER, THAT THE REGISTERED HOLDER OF THIS PURCHASE OPTION MAY SELL,
      TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE OPTION WITHOUT LIMITATION,
      SUBJECT TO COMPLIANCE WITH APPLICABLE SECURITIES LAWS, PRIOR TO ONE YEAR AT
      ANY
      TIME
      AFTER SIX MONTHS FROM THE CONSUMMATION OF A BUSINESS COMBINATION IF THE VOLUME
      WEIGHTED AVERAGE PRICE OF THE COMPANY’S COMMON STOCK EQUALS OR EXCEEDS $11.50
      PER SHARE FOR ANY 20 TRADING DAYS WITHIN ANY 30 TRADING DAY PERIOD FOLLOWING
      THE
      CONSUMMATION OF SUCH BUSINESS COMBINATION.

     

    THIS
      PURCHASE OPTION IS NOT EXERCISABLE PRIOR TO THE 90TH DAY FOLLOWING THE
      CONSUMMATION BY APEX BIOVENTURES ACQUISITION CORPORATION (THE “COMPANY”) OF A
      MERGER, CAPITAL STOCK EXCHANGE, ASSET ACQUISITION, STOCK PURCHASE OR OTHER
      SIMILAR BUSINESS COMBINATION (“BUSINESS COMBINATION”) ASSUMING SHARES OF COMMON
      STOCK ARE COVERED BY AN EFFECTIVE REGISTRATION STATEMENT AND CURRENT AVAILABLE
      PROSPECTUS. (AS DESCRIBED MORE FULLY IN THE COMPANY’S REGISTRATION STATEMENT
      (DEFINED HEREIN)). THIS PURCHASE OPTION SHALL BE VOID AFTER 5:00 P.M EASTERN
      TIME, _____________, 2012.

     

    UNIT
      PURCHASE OPTION

     

    FOR
      THE
      PURCHASE OF

     

    [450,000]
      UNITS

     

    OF

     

    APEX
      BIOVENTURES ACQUISITION CORPORATION

     

    1.  Purchase
      Option.

     

    THIS
      CERTIFIES THAT, in consideration of $[100.00] duly paid by or on behalf of
      [LAZARD CAPITAL MARKETS LLC] [LADENBURG THALMANN & CO. INC.] (the "Initial
      Holder"), as registered owner of this Purchase Option (this “Purchase Option”),
      to APEX BIOVENTURES ACQUISITION CORPORATION (“Company”), the Initial
      Holder is entitled, at any time or from time to time on and after the
      90th day following the consummation of a Business Combination
      (“Commencement Date”), and at or before 5:00 p.m., Eastern Time, _____________,
      2012 (“Expiration Date”), but not thereafter, to subscribe for, purchase and
      receive, in whole or in part, up to [450,000] units (“Units”) of the Company,
      each Unit consisting of one share of common stock of the Company, par value
      $.0001 per share (“Common Stock”), and one warrant (“Warrant(s)”) expiring four
      years from the effective date (“Effective Date”) of the registration statement
      (“Registration Statement”) pursuant to which Units are offered for sale to the
      public (“Offering”). Each Warrant is the same as the warrants included in the
      Units being registered for sale to the public by way of the Registration
      Statement (“Public Warrants”). If the Expiration Date is not a Business Day (as
      defined below), then this Purchase Option may be exercised on the next
      succeeding Business Day in accordance with the terms herein. During the period
      ending on the Expiration Date, the Company agrees not to take any action that
      would terminate the Purchase Option. This Purchase Option is initially
      exercisable at $10.00 per Unit so purchased; provided, however, that upon the
      occurrence of any of the events specified in Section 6 hereof, the rights
      granted by this Purchase Option, including the exercise price per Unit and
      the
      number of Units (and shares of Common Stock and Warrants) to be received upon
      such exercise, shall be adjusted as therein specified. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    The
      term
“Exercise Price” shall mean the initial exercise price or the adjusted exercise
      price, depending on the context. 

     

    The
      term
“Holder” shall mean, as of any date, Initial Holder and/or any
      transferee who acquires this Purchase Option (in whole or in part) in accordance
      with Section 3.1 hereof.

     

    The
      term
“Business Day” shall mean any day, except a Saturday, Sunday or legal holiday on
      which the banking institutions in the State of New York are
      authorized or obligated by law or executive order to close.

     

    2.  Exercise.

     

    2.1  Exercise
      Form.
      In
      order to exercise this Purchase Option, the exercise form attached hereto must
      be duly executed and completed and delivered to the Company, together with
      this
      Purchase Option and payment of the Exercise Price for the Units being purchased
      (payable in cash or by certified check or official bank check). If the
      subscription rights represented hereby shall not be exercised at or before
      5:00
      p.m., Eastern time, on the Expiration Date, this Purchase Option shall become
      null and void, without further force or effect, and all rights represented
      hereby shall cease and expire.

     

    2.2  Legend.
      Each
      certificate for the securities purchased under this Purchase Option shall bear
      a
      legend as follows unless such securities have been registered under the
      Securities Act of 1933, as amended (“Act”):

     

    “The
      securities represented by this certificate have not been registered under the
      Securities Act of 1933, as amended (“Act”), or applicable state law. The
      securities may not be offered for sale, sold or otherwise transferred except
      pursuant to an effective registration statement under the Act, or pursuant
      to an
      exemption from registration under the Act and applicable state
      law.”

     

    2.3  Cashless
      Exercise.

    
       

      2.3.1  Determination
        of
        Amount.
        In lieu
        of the payment of the Exercise Price multiplied by the number of Units for
        which
        this Purchase Option is exercisable and in lieu of being entitled to receive
        Units in the manner required by Section 2.1, the Holder shall have the
        right (but not the obligation) to convert any exercisable but unexercised
        portion of this Purchase Option into Units (“Conversion
        Right”)
        as
        follows: upon exercise of the Conversion Right, the Company shall deliver
        to the
        Holder (without payment by the Holder of any of the Exercise Price in cash)
        that
        number of Units equal to the quotient obtained by dividing (x) the “Value”
(as defined below) of the portion of this Purchase Option being converted
        by
        (y) the “Current Market Price” (as defined below) of a Unit. The “Value” of
        the portion of this Purchase Option being converted shall equal the remainder
        derived from subtracting (a) the product of (i) the Exercise Price
        multiplied by (ii) the number of Units underlying the portion of this
        Purchase Option being converted from (b) the product of (i) Current
        Market Price of a Unit multiplied by (ii) the number of Units underlying
        the portion of this Purchase Option being converted. The “Current Market Price”
of a Unit at any day shall mean (i) if the Units are listed on a national
        securities exchange (including, without limitation, the American Stock Exchange
        and the Nasdaq Stock Market) or quoted on the OTC Bulletin Board (or any
        successor electronic inter-dealer quotation system), the average closing
        price
        of a Unit for the thirty (30) trading days immediately preceding the date
        of determination of the Current Market Price in the principal trading market
        for
        the Units as reported by the exchange or the quotation system, as the case
        may
        be; (ii) if Units are not listed on a national securities exchange or
        quoted on OTC Bulletin Board (or any successor electronic inter-dealer quotation
        system), but is traded in the residual over-the-counter market, the closing
        bid
        price for a Unit on the last trading day preceding the date in question for
        which such quotations are reported by the Pink Sheets, LLC or similar publisher
        of such quotations; and (iii) if the fair market value of the Units cannot
        be determined pursuant to clause (i) or (ii) above, such price as the
        Board of Directors of the Company shall determine, in good faith.

       

      2.3.2  Mechanics
        of Cashless Exercise.
        The
        cashless exercise right described in this Section 2.3 (the “Cashless
        Exercise Right”)
        may be
        exercised by the Holder on any business day on or after the Commencement
        Date
        and not later than the Expiration Date by delivering this Purchase Option
        with
        the duly executed exercise form attached hereto with the cashless exercise
        section completed to the Company, exercising the Cashless Exercise Right
        and
        specifying the total number of Units the Holder will purchase pursuant to
        such
        Cashless Exercise Right.

       

    

     

    2.4  Warrant
      Exercise.
      Any
      Warrants underlying the Units shall be issued pursuant and subject to the terms
      and conditions set forth in the Warrant Agreement, entered into by and between
      the Company and Continental Stock Transfer & Trust Company, dated as of
      _____, 2007.

     

    3.  Transfer.

     

    3.1  General
      Restrictions.
      The
      registered Holder of this Purchase Option, by its acceptance hereof, agrees
      that
      it will not sell, transfer, assign, pledge or hypothecate this Purchase Option
      (in whole or in part) or any interest herein for a period of 180
      days following the Effective Date to anyone other than (i) the Initial
      Holder or an underwriter or a selected dealer in connection with the
      Offering, or (ii) a bona fide officer, partner, subsidiary or other affiliate
      of the Initial Holder or of any such underwriter or selected dealer
      (collectively,
      a “Permitted
      Transferee”);
      provided, however that the registered Holder of this Purchase Option may sell,
      transfer, assign, pledge or hypothecate this Purchase Option without limitation,
      subject to compliance with applicable securities laws, prior to 180
      days following the Effective Date, at any time after six months from the
      consummation of a business combination if the volume weighted average price
      of
      the Company’s common stock equals or exceeds $11.50 per share for any 20 trading
      days within any 30 trading day period following the consummation of such
      business combination (any such time a “Lock-Up
      Release Event”).
      On and after the first anniversary of the Effective Date, or during any
      Lock-up Release Event, this Purchase Option may be sold, transferred, assigned,
      pledged, hypothecated or otherwise disposed of, in whole or in part, subject
      to
      compliance with, or exemptions from, applicable securities laws. In order to
      make any permitted assignment, the Holder must deliver to the Company the
      assignment form attached hereto duly executed and completed, together with
      the
      Purchase Option and payment of all transfer taxes, if any, payable in connection
      therewith. The Company shall within five Business Days following receipt thereof
      transfer this Purchase Option on the books of the Company and shall execute
      and
      deliver a new Purchase Option or Purchase Options of like tenor to the
      appropriate assignee(s) expressly evidencing the right to purchase the aggregate
      number of Units purchasable hereunder or such portion of such number as shall
      be
      contemplated by any such assignment.

     

    
      
        
        

      

      
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    3.2  Restrictions
      Imposed by the Act.
      The
      securities evidenced by this Purchase Option shall not be transferred unless
      and
      until (a) the Company has received a written opinion of counsel for the Holder
      that the securities may be transferred pursuant to an exemption from
      registration under the Act and applicable state securities laws, the
      availability of which is established to the reasonable satisfaction of the
      Company (the Company hereby agreeing that the opinion of Kramer Levin
      Naftalis & Frankel LLP shall be deemed satisfactory evidence of the
      availability of an exemption), or (b) a registration statement or a
      post-effective amendment to the Registration Statement relating to such
      securities has been filed by the Company and declared effective by the
      Securities and Exchange Commission (the “Commission”) and a current prospectus
      is available, and compliance with applicable state securities laws has been
      established.

     

    4.  New
      Purchase Options to be Issued.

     

    4.1  Partial
      Exercise or Transfer.
      Subject
      to the restrictions in Section 3 hereof, this Purchase Option may be exercised
      or assigned in whole or in part. In the event of the exercise or assignment
      hereof in part only, upon surrender of this Purchase Option for cancellation,
      together with the duly executed exercise or assignment form and funds sufficient
      to pay any Exercise Price and/or transfer tax, the Company shall cause to be
      delivered to the Holder without charge a new Purchase Option of like tenor
      to
      this Purchase Option in the name of the Holder evidencing the right of the
      Holder to purchase the number of Units purchasable hereunder as to which this
      Purchase Option has not been exercised or assigned. In addition, the Company
      shall cause to be delivered to any permitted transferee without charge a new
      Purchase Option of like tenor to this Purchase Option in the name of such
      transferee evidencing the right of such transferee to purchase the number of
      Units purchasable hereunder as to which this Purchase Option has been
      transferred to such transferee.

     

    4.2  Lost
      Certificate.
      Upon
      receipt by the Company of evidence satisfactory to it of the loss, theft,
      destruction or mutilation of this Purchase Option and of reasonably satisfactory
      indemnification or the posting of a bond, the Company shall execute and deliver
      a new Purchase Option of like tenor and date. Any such new Purchase Option
      executed and delivered as a result of such loss, theft, mutilation or
      destruction shall constitute a substitute contractual obligation on the part
      of
      the Company.

     

    5.  Registration
      Rights.

     

    5.1  General.
      As used
      in this Section 5, the term “Registrable Securities” means Purchase Options,
      including the Units, Common Stock, Warrants and shares of Common Stock
      underlying the Warrants; provided, that, any such securities shall cease to
      be
      Registrable Securities when:  (a) a registration statement with
      respect to the sale of such securities shall have become effective under the
      Act
      and such securities shall have been sold, transferred, disposed of or exchanged
      in accordance with such registration statement; (b) such securities shall
      have been transferred pursuant to Rule 144 of the Act (but not Rule 144A),
      new
      certificates for them not bearing a legend restricting further transfer shall
      have been delivered by the Company and subsequent public distribution of them
      shall not require registration under the Act; (c) such securities may be
      sold under Rule 144 by the Holder without volume limitation restrictions, or
      (d)
      such securities shall have ceased to be outstanding.

     

    5.2  Demand
      Registration.

     

    5.2.1  Grant
      of Right.
      At any
      one time (and not more than one time) during the five year period following
      the
      Effective Date, the Holders of at least 51% of the Registrable Securities
      (“Majority Holders”) may make a written demand for registration under the Act of
      all or part of their Registrable Securities (a “Demand Registration”).  Any
      request for a Demand Registration (a “Demand Request”) shall specify the number
      and type of Registrable Securities proposed to be sold and the intended
      method(s) of distribution thereof.  The Company will notify all Holders of
      Registrable Securities of the demand, and any Holder of Registrable Securities
      who wishes to include all or a portion of such Holder’s Registrable Securities
      in the Demand Registration shall so notify the Company within fifteen (15)
      days
      following delivery of the notice from the Company (such Holders who timely
      deliver notice together with the Majority Holders, the “Demanding
      Holders”). The Company will then use its reasonable best efforts to (a)
      prepare and file within 60 days a registration statement or a post-effective
      amendment to the Registration Statement covering the resale of the Registrable
      Securities which the Demanding Holders have requested to be registered, and
      (b)
      to have such registration statement declared effective as soon as possible
      thereafter, subject to Section 5.2.4. 

     

    
      
        
        

      

      
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    5.2.2  Terms.
      The Company shall bear all fees and expenses attendant to registering the
      Registrable Securities, including the fees and expenses of one legal counsel
      selected by the Majority Holders to represent them in connection with the sale
      of the Registrable Securities, except that the Company shall not be required
      to
      pay any underwriting commissions (which commissions, if any, shall be borne
      by
      the Demanding Holders participating in the registration). The Company agrees
      to
      use its reasonable best efforts to qualify or register the Registrable
      Securities in such States as are reasonably requested by the Majority Holder(s);
      provided, however, that in no event shall the Company be required to register
      the Registrable Securities in a State in which such registration would cause
      (a)
      the Company to be obligated to qualify to do business in such State, or would
      subject the Company to taxation as a foreign corporation doing business in
      such
      jurisdiction or (b) the principal stockholders of the Company to be obligated
      to
      escrow their shares of capital stock of the Company. The Company shall cause
      any
      registration statement or post-effective amendment filed pursuant to the demand
      rights granted under Section 5.2.1 to remain effective until all Registrable
      Securities covered thereby have been sold or, if longer, for a period of nine
      months from the date that the Holders of the Registrable Securities are first
      given the opportunity to sell their Registrable Securities thereunder plus
      any
      period during which disposition of securities thereunder is interfered with
      by
      any stop order or injunction of the Commission or any governmental agency or
      court. 

     

    5.2.3      Effective
      Registration. A registration will not count as a Demand Registration until
      the registration statement filed with the Commission with respect to such Demand
      Registration has been declared effective and the Company has complied with
      all
      of its obligations under this Agreement with respect thereto; provided, however,
      that if, after such registration statement has been declared effective, the
      offering of Registrable Securities pursuant to a Demand Registration is
      interfered with by any stop order or injunction of the Commission or any other
      governmental agency or court, the registration statement with respect to such
      Demand Registration will be deemed not to have been declared effective, unless
      and until, (i) such stop order or injunction is removed, rescinded or otherwise
      terminated, and (ii) a majority-in-interest of the Demanding Holders thereafter
      elect to continue the offering.

     

    5.2.4  Underwritten
      Offerings.
      If a
      majority-in-interest (based on the number of Registrable Securities being
      registered) of the Demanding Holders so elect and such holders so advise the
      Company in writing, the offering of such Registrable Securities pursuant to
      such
      Demand Registration shall be in the form of an underwritten offering. In such
      event, the right of any Holder of Registrable Securities to include its
      Registrable Securities in such registration shall be conditioned upon such
      Holder’s participation in such underwriting and the inclusion of such Holder’s
      Registrable Securities in the underwriting to the extent provided herein. 
All Demanding Holders proposing to distribute their securities through such
      underwriting shall enter into an underwriting agreement in customary form with
      the underwriter or underwriters selected for such underwriting by the
      majority-in-interest of the Demanding Holders. If the managing underwriter
      or
      underwriters for a Demand Registration that is to be an underwritten offering
      advises the Company and the Demanding Holders in writing that the dollar amount
      or number of Registrable Securities which the Demanding Holders desire to sell,
      taken together with all other shares of Common Stock or other securities which
      the Company desires to sell and the shares of Common Stock or other securities,
      if any, as to which registration has been requested pursuant to written
      contractual piggy-back registration rights held by other securityholders of
      the
      Company who desire to sell, exceeds the maximum dollar amount or maximum number
      of securities that can be sold in such offering without adversely affecting
      the
      proposed offering price, the timing, the distribution method, or the probability
      of success of such offering (such maximum dollar amount or maximum number of
      securities, as applicable, the “Maximum Registration Amount”), then the Company
      shall include in such registration:  (a) first, the Registrable Securities
      as to which Demand Registration has been requested by the Demanding Holders
      (pro
      rata
      in
      accordance with the number of shares of Registrable Securities which such
      Demanding Holders have requested be included in such registration, regardless
      of
      the number of Registrable Securities held by each Demanding Holder) that can
      be
      sold without exceeding the Maximum Registration Amount; (b) second, the shares
      of Common Stock or other securities that the Company desires to sell that can
      be
      sold without exceeding the Maximum Registration Amount; (c) third, to the extent
      that the Maximum Registration Amount has not been reached under the foregoing
      clauses (a) and (b), the shares of Common Stock or other securities for the
      account of other persons that the Company is obligated to register pursuant
      to
      written contractual arrangements with such persons and that can be sold without
      exceeding the Maximum Registration Amount; and (d) fourth, to the extent that
      the Maximum Registration Amount has not been reached under the foregoing clauses
      (a), (b), and (c), the shares of Common Stock or other securities that other
      securityholders desire to sell that can be sold without exceeding the Maximum
      Registration Amount.

     

    
      5.2.5   
        Withdrawal. If a majority-in-interest of the Demanding Holders disapprove
        of the terms of any underwriting or are not entitled to include all of their
        Registrable Securities in any offering, such majority-in-interest of the
        Demanding Holders may elect to withdraw from such offering by giving written
        notice to the Company and the underwriter or underwriters of their request
        to
        withdraw prior to the effectiveness of the registration statement filed with
        the
        Commission with respect to such Demand Registration. If the majority-in-interest
        of the Demanding Holders withdraws from a proposed offering relating to a
        Demand
        Registration, then such registration shall not count as a Demand Registration
        provided for in Section 5.2.

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    5.2.6  Permitted
      Delays. The Company shall be entitled to postpone, for up to 60 days from
      the date of receipt of a Demand Request, the filing of any registration
      statement under this Section 5.2, if (a) at any time prior to the filing of
      such
      registration statement the Company’s Board of Directors determines, in its good
      faith business judgment, that such registration and offering would materially
      and adversely affect any financing, acquisition, corporate reorganization,
      or
      other material transaction involving the Company, and (b) the Company delivers
      to the Demanding Holders written notice thereof within five (5) business days
      from the date of receipt of a Demand Request; provided, that the Company may
      not
      exercise this postponement right more than once during any twelve-month
      period.

     

    5.3  “Piggy-Back”
      Registration.

     

    5.3.1  Grant
      of Right.
      If at
      any time during the first seven years following the Effective Date the Company
      proposes to file a Registration Statement under the Act with respect to an
      offering of equity securities, or securities or other obligations exercisable
      or
      exchangeable for, or convertible into, equity securities, by the Company for
      its
      own account or for securityholders of the Company for their accounts (or by
      the
      Company and by securityholders of the Company including, without limitation,
      pursuant to Section 5.2.1), other than a registration statement (a) filed
      in connection with any employee stock option or other benefit plan, (b) for
      an
      exchange offer or offering of securities solely to the Company’s existing
      securityholders, (c) for an offering of debt that is convertible into equity
      securities of the Company, or (d) for a dividend reinvestment plan, then
      the Company shall (i) give written notice of such proposed filing to the holders
      of Registrable Securities as soon as practicable but in no event less than
      ten
      (10) days before the anticipated filing date, which notice shall describe the
      amount and type of securities to be included in such offering, the intended
      method(s) of distribution, and the name of the proposed managing underwriter
      or
      underwriters, if any, of the offering, and (ii) offer to the holders of
      Registrable Securities in such notice the opportunity to register the sale
      of
      such number of shares of Registrable Securities as such holders may request
      in
      writing within five (5) days following receipt of such notice (a “Piggy-Back
      Registration”).  The Company shall cause such Registrable Securities to be
      included in such registration and shall use its reasonable best efforts to
      cause
      the managing underwriter or underwriters of a proposed underwritten offering
      to
      permit the Registrable Securities requested to be included in a Piggy-Back
      Registration to be included on the same terms and conditions as any similar
      securities of the Company and to permit the sale or other disposition of such
      Registrable Securities in accordance with the intended method(s) of distribution
      thereof.  All holders of Registrable Securities proposing to distribute
      their securities through a Piggy-Back Registration that involves an underwriter
      or underwriters shall enter into an underwriting agreement in customary form
      with the underwriter or underwriters selected for such Piggy-Back
      Registration.

     

    5.3.2  Terms.
The
      Company shall bear all fees and expenses attendant to registering the
      Registrable Securities, including the expenses of any legal counsel selected
      by
      the Holders to represent them in connection with the sale of the Registrable
      Securities, but the Holders shall pay any and all underwriting commissions.
      The
      Company agrees to use its reasonable best efforts to qualify or register the
      Registrable Securities in such states as are reasonably requested by the
      Majority Holder(s); provided, however, that in no event shall the Company be
      required to register the Registrable Securities in a state in which such
      registration would cause (a) the Company to be obligated to qualify to do
      business in such state, or would subject the Company to taxation as a foreign
      corporation doing business in such jurisdiction or (b) the principal
      shareholders of the Company to be obligated to escrow their shares of share
      capital of the Company. The Company shall cause any registration statement
      or
      post-effective amendment filed pursuant to the demand rights granted under
      Section 5.2 to remain effective for a period of nine consecutive months from
      the
      effective date of such registration statement or post-effective amendment.
      

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    5.3.3  Underwritten
      Offerings.
      If the
      managing underwriter or underwriters for a Piggy-Back Registration that is
      to be
      an underwritten offering advises the Company and the Holders of Registrable
      Securities in writing that the dollar amount or number of shares of Common
      Stock
      or other securities which the Company desires to sell, taken together with
      shares of Common Stock or other securities, if any, as to which registration
      has
      been demanded pursuant to written contractual arrangements with persons other
      than the Holders of Registrable Securities hereunder, the Registrable Securities
      as to which registration has been requested under this Section 5.3, and the
      shares of Common Stock or other securities, if any, as to which registration
      has
      been requested pursuant to the written contractual piggy-back registration
      rights of other securityholders of the Company, exceeds the Maximum Registration
      Amount, then the Company shall include in any such registration:

     

    (a) If
      the
      registration is undertaken for the Company’s account: (i) first, the shares of
      Common Stock or other securities that the Company desires to sell that can
      be
      sold without exceeding the Maximum Registration Amount; (ii) second, to the
      extent that the Maximum Registration Amount has not been reached under the
      foregoing clause (i), the Registrable Securities as to which registration has
      been requested under Section 5.3 above and, to the extent that any other
      security holders have written contractual piggy-back registration rights which
      are on parity with the rights of Holders of Registrable Securities hereunder,
      shares of Common Stock and other securities, if any, as to which registration
      has been requested pursuant to such other piggy-back registration rights by
      such
      other security holders (pro rata in accordance with the number of shares of
      Common Stock and other securities which each such person has actually requested
      to be included in such registration, regardless of the number of shares of
      Common Stock and other securities with respect to which such persons have the
      right to request such inclusion) that can be sold without exceeding the Maximum
      Registration Amount; and (iii) third, to the extent that the Maximum
      Registration Amount has not been reached under the foregoing clauses (i) and
      (ii), shares of Common Stock and other securities, if any, as to which
      registration has been requested pursuant to written contractual piggy-back
      registration rights which are subordinate to the rights of Holders of
      Registrable Securities hereunder (pro rata in accordance with the number of
      shares of Common Stock and other securities which each such person has actually
      requested to be included in such registration, regardless of the number of
      shares of Common Stock and other securities with respect to which such persons
      have the right to request such inclusion) that can be sold without exceeding
      the
      Maximum Registration Amount.

     

    (b) 
      If the
      registration is a “demand” registration undertaken at the demand of persons
      other than the Holders of Registrable Securities pursuant to written contractual
      arrangements with such persons, (i) first, the shares of Common Stock and other
      securities for the account of the demanding persons that can be sold without
      exceeding the Maximum Registration Amount; (ii) second, to the extent that
      the
      Maximum Registration Amount has not been reached under the foregoing clause
      (i),
      the Registrable Securities as to which registration has been requested under
      Section 5.3 above and, to the extent that any other security holders have
      written contractual piggy-back registration rights which are on parity with
      the
      rights of Holders of Registrable Securities hereunder, shares of Common Stock
      and other securities, if any, as to which registration has been requested
      pursuant to such other piggy-back registration rights by such other security
      holders (pro rata in accordance with the number of shares of Common Stock and
      other securities which each such person has actually requested to be included
      in
      such registration, regardless of the number of shares of Common Stock and other
      securities with respect to which such persons have the right to request such
      inclusion) that can be sold without exceeding the Maximum Registration Amount;
      (iii) third, to the extent that the Maximum Registration Amount has not been
      reached under the foregoing clauses (i) and (ii), the shares of Common Stock
      or
      other securities that the Company desires to sell that can be sold without
      exceeding the Maximum Registration Amount; and (iii) fourth, to the extent
      that
      the Maximum Registration Amount has not been reached under the foregoing clauses
      (i), (ii) and (iii), shares of Common Stock and other securities, if any, as
      to
      which registration has been requested pursuant to written contractual piggy-back
      registration rights which are subordinate to the rights of Holders of
      Registrable Securities hereunder (pro
      rata
      in
      accordance with the number of shares of Common Stock and other securities which
      each such person has actually requested to be included in such registration,
      regardless of the number of shares of Common Stock and other securities with
      respect to which such persons have the right to request such inclusion) that
      can
      be sold without exceeding the Maximum Registration Amount.

     

    
      
        
        

      

      
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    5.3.4  Maintenance
      of Priority. So long as there are Registrable Securities hereunder, the
      Company shall not grant to any person piggy-back rights superior to or on parity
      with the rights of the Holders of Registrable Securities hereunder; provided,
      however, that the piggy-back rights granted pursuant to that certain
      Registration Rights Agreement, dated ________, 2007, between the Company and
      the
“Investors” thereunder, substantially in the form filed as Exhibit 10.9 to
      the Registration Statement, may be on parity with (but not superior to) the
      piggy-back rights granted to the Holders of Registrable Securities
      hereunder.

     

    5.3.5  Withdrawal.
      Any
      Holder of Registrable Securities may elect to withdraw such Holder’s request for
      inclusion of Registrable Securities in any Piggy-Back Registration by giving
      written notice to the Company of such request to withdraw at least five Business
      Days prior to the effectiveness of the Registration Statement.  The Company
      may also elect to withdraw a registration statement at any time prior to the
      effectiveness of the Registration Statement. Notwithstanding any such
      withdrawal, the Company shall pay all expenses incurred in connection with
      the
      withdrawn registration statement in accordance with Section 5.3.2
      above.

     

    5.4  Pre-Commencement
      Date Registration.
      The
      Company agrees that prior to the Commencement Date, it shall file with the
      Commission a post-effective amendment to the Registration Statement, or a new
      registration statement, for the registration, under the Act of (a) the Common
      Stock issuable upon exercise of this Purchase Option, and (b) the Common Stock
      issuable upon exercise of the Warrants (all of such shares of Common Stock,
      the
“Underlying Common Stock”), and it shall take such action as is necessary to
      qualify for sale, in those states in which the Units were initially offered
      by
      the Company, the Underlying Common Stock. In either case, the Company will
      use
      its reasonable best efforts to cause the same to become effective on or prior
      to
      the Commencement Date and to maintain the effectiveness of such registration
      statement and ensure that a current prospectus is available for delivery until
      the expiration of this Purchase Option and the Warrants in accordance with
      the
      provisions hereof and thereof. In addition, the Company agrees to use its
      reasonable best efforts to register such securities under the blue sky laws
      of
      the states of residence of exercising Holders, if permitted by the blue sky
      laws
      of such jurisdictions, in the event that an exemption is not available. In
      no
      event will the Holder hereof or a holder of a Warrant be entitled to receive
      a
      net-cash settlement, shares of Common Stock or other consideration in lieu
      of
      physical settlement in shares of Common Stock (subject to Section 6), regardless
      of whether the Company complies with this Section 5.4. The provisions of this
      Section 5.4 may not be modified, amended or deleted without the prior
      written consent of the Initial Holder.

     

    5.5  General
      Terms.

     

    5.5.1  Indemnification.
      The
      Company shall indemnify the holder(s) of the Registrable Securities to be sold
      pursuant to any registration statement hereunder and each person, if any, who
      controls any such holder within the meaning of Section 15 of the Act or Section
      20(a) of the Securities Exchange Act of 1934, as amended (“Exchange Act”),
      against all loss, claim, damage, expense or liability (including all reasonable
      attorneys’ fees and other expenses reasonably incurred in investigating,
      preparing or defending against litigation, commenced or threatened, or any
      claim
      whatsoever whether arising out of any action between the underwriter and the
      Company or between the underwriter and any third party or otherwise) to which
      any of them may become subject under the Act, the Exchange Act or otherwise,
      arising from such registration statement but only to the same extent and with
      the same effect as the provisions pursuant to which the Company has agreed
      to
      indemnify the Initial Holder contained in Section 5 of the
      Underwriting Agreement among the Company, the Initial Holder and
      __________ dated the Effective Date. The Holder(s) of the Registrable
      Securities to be sold pursuant to such registration statement, and their
      successors and assigns, shall severally, and not jointly, indemnify the Company,
      its officers and directors and each person, if any, who controls the Company
      within the meaning of Section 15 of the Act or Section 20(a) of the Exchange
      Act, against all loss, claim, damage, expense or liability (including all
      reasonable attorneys’ fees and other expenses reasonably incurred in
      investigating, preparing or defending against any claim whatsoever) to which
      they may become subject under the Act, the Exchange Act or otherwise, arising
      from information furnished by or on behalf of such Holders, or their successors
      or assigns, in writing, for specific inclusion in such registration statement
      to
      the same extent and with the same effect as the provisions contained in Section
      5 of the Underwriting Agreement pursuant to which the underwriters have agreed
      to indemnify the Company.

     

    
      
        
        

      

      
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    5.5.2  Exercise
      of Purchase Options.
      Nothing
      contained in this Purchase Option shall be construed as requiring the Holder(s)
      to exercise this Purchase Option or Warrants underlying this Purchase Option
      prior to or after the initial filing of any registration statement or the
      effectiveness thereof.

     

    5.5.3  Documents
      Delivered to Holders.
      The
      Company shall furnish to the Initial Holder, as representative of the Holders
      participating in any of the foregoing offerings, a signed copy, addressed to
      the
      participating Holders, of (i) an opinion of counsel to the Company, dated the
      effective date of such registration statement (and, if such registration
      includes an underwritten public offering, an opinion dated the date of the
      closing under any underwriting agreement related thereto), and (ii) a “cold
      comfort” letter dated the effective date of such registration statement (and, if
      such registration includes an underwritten public offering, a letter dated
      the
      date of the closing under the underwriting agreement) signed by the independent
      public accountants who have issued a report on the Company’s financial
      statements included in such registration statement, in each case covering
      substantially the same matters with respect to such registration statement
      (and
      the prospectus included therein) and, in the case of such accountants’ letter,
      with respect to events subsequent to the date of such financial statements,
      as
      are customarily covered in opinions of issuer’s counsel and in accountants’
letters delivered to underwriters in underwritten public offerings of
      securities. The Company shall also deliver promptly to the Initial Holder,
      as
      representative of the Holders participating in the offering, the correspondence
      and memoranda described below and copies of all correspondence between the
      Commission, on the one hand, and the Company, its counsel and/or auditors,
      on
      the other hand, and all memoranda relating to discussions with the Commission
      or
      its staff with respect to the registration statement and permit the Initial
      Holder, as representative of the Holders, to do such investigation, upon
      reasonable advance notice, with respect to information contained in or omitted
      from the registration statement as it deems reasonably necessary to comply
      with
      applicable securities laws or rules of the National Association of Securities
      Dealers, Inc. (“NASD”). Such investigation shall include access to books,
      records and properties and opportunities to discuss the business of the Company
      with its officers and independent auditors, all to such reasonable extent and
      at
      such reasonable times and as often as the Initial Holder, as representative
      of
      the Holders, shall reasonably request. The Company shall not be required to
      disclose any confidential information or other records to the Initial
      Holder, as representative of the Holders, or to any other person, until and
      unless such persons shall have entered into reasonable confidentiality
      agreements (in form and substance reasonably satisfactory to the Company),
      with
      the Company with respect thereto.

     

    5.5.4  Underwriting
      Agreement.
      The
      Company shall enter into an underwriting agreement with the managing
      underwriter(s), if any, selected by any Holders pursuant to Section 5.2.4 or
      Section 5.3.3, which managing underwriter shall be reasonably acceptable to
      the
      Company. Such agreement shall be reasonably satisfactory in form and substance
      to the Company, each Holder and such managing underwriters, and shall contain
      such representations, warranties and covenants by the Company and such other
      terms as are customarily contained in agreements of that type used by the
      managing underwriter. The Holders shall be parties to any underwriting agreement
      relating to an underwritten sale of their Registrable Securities and shall
      agree
      to such covenants and indemnification and contribution obligations of selling
      stockholders as are customarily contained in agreements of that type used by
      the
      managing underwriter. Further, such Holders shall execute appropriate custody
      agreements and otherwise cooperate fully in the preparation of the registration
      statement and other documents relating to any offering in which they include
      Registrable Securities pursuant to this Section 5. Each Holder shall also
      furnish to the Company such information regarding itself, the Registrable
      Securities held by it, and the intended method of disposition of such securities
      as shall be reasonably required to effect the registration of the Registrable
      Securities.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    5.5.5  Supplemental
      Prospectus.
      The
      Holder agrees, that upon receipt of any notice from the Company of the happening
      of any event as a result of which the prospectus included in the Registration
      Statement, as then in effect, includes an untrue statement of a material fact
      or
      omits to state a material fact required to be stated therein or necessary to
      make the statements therein not misleading in light of the circumstances then
      existing, such Holder will immediately discontinue disposition of Registrable
      Securities pursuant to the Registration Statement covering such Registrable
      Securities until such Holder’s receipt of the copies of a supplemental or
      amended prospectus, and, if so desired by the Company, such Holder shall deliver
      to the Company (at the expense of the Company) or destroy (and deliver to the
      Company a certificate of such destruction) all copies, other than permanent
      file
      copies then in such Holder’s possession, of the prospectus covering such
      Registrable Securities current at the time of receipt of such
      notice.

     

    6.  Adjustments.

     

    6.1  Adjustments
      to Exercise Price and Number of Securities.
      The
      Exercise Price and the number of Units underlying the Purchase Option shall
      be
      subject to adjustment from time to time as hereinafter set forth:

     

    6.1.1  Stock
      Dividends - Split-Ups.
      If
      after the date hereof, and subject to the provisions of Section 6.4 below,
      the
      number of outstanding shares of Common Stock is increased by a stock dividend
      payable in shares of Common Stock or by a split-up of shares of Common Stock
      or
      other similar event, then, on the effective date thereof, the number of shares
      of Common Stock underlying each of the Units purchasable hereunder shall be
      increased in proportion to such increase in outstanding shares. In such case,
      the number of shares of Common Stock, and the exercise price applicable thereto,
      underlying the Warrants underlying each of the Units purchasable hereunder
      shall
      be adjusted in accordance with the terms of the Warrants. For example, if the
      Company declares a two-for-one stock dividend and at the time of such dividend
      this Purchase Option is for the purchase of one Unit at $10.00 per whole Unit
      (each Warrant underlying the Units is exercisable for $6.00 per share), upon
      effectiveness of the dividend, this Purchase Option will be adjusted to allow
      for the purchase of one Unit at $10.00 per Unit, each Unit entitling the Holder
      to receive two shares of Common Stock and two Warrants (each Warrant exercisable
      for $3.00 per share).

     

    6.1.2  Aggregation
      of Shares.
      If
      after the date hereof, and subject to the provisions of Section 6.3, the number
      of outstanding shares of Common Stock is decreased by a consolidation,
      combination or reclassification of shares of Common Stock or other similar
      event, then, on the effective date thereof, the number of shares of Common
      Stock
      underlying each of the Units purchasable hereunder shall be decreased in
      proportion to such decrease in outstanding shares. In such case, the number
      of
      shares of Common Stock, and the exercise price applicable thereto, underlying
      the Warrants underlying each of the Units purchasable hereunder shall be
      adjusted in accordance with the terms of the Warrants.

     

    6.1.3  Extraordinary
      Dividends.
      If the
      Company, at any time while this Purchase Option is outstanding and unexpired,
      shall pay a dividend in cash, securities or other assets to the holders of
      Common Stock (or other shares of the Company’s capital stock into which the
      Warrants are convertible), other than (w) as described in Sections 6.1.1, (x)
      regular quarterly or other periodic dividends, (y) in connection with the
      conversion rights of the holders of Common Stock upon consummation of the
      Company’s initial Business Combination (as such term is used in the Registration
      Statement) or (z) in connection with the Company’s liquidation and the
      distribution of its assets upon its failure to consummate a Business Combination
      (any such non-excluded event being referred to herein as an "Extraordinary
      Dividend"), then (i) the Exercise Price shall be decreased, effective
      immediately after the effective date of such Extraordinary Dividend, by the
      amount of cash or the fair market value (as determined by the Company’s Board of
      Directors, in good faith) of any securities or other assets paid on each share
      of Common Stock in respect of such Extraordinary Dividend and (ii) the Warrants
      issuable upon exercise of this Purchase Option shall be adjusted in the same
      manner as the Public Warrants pursuant to the Warrant Agreement, dated _______,
      between the Company and the “Warrant Agent” thereunder.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    6.1.4  Replacement
      of Securities upon Reorganization, etc.
      In case
      of any reclassification or reorganization of the outstanding shares of Common
      Stock other than a change covered by Section 6.1.1, 6.1.2 or 6.1.3 hereof or
      that solely affects the par value of such shares of Common Stock, or in the
      case
      of any merger or consolidation of the Company with or into another corporation
      (other than a consolidation or merger in which the Company is the continuing
      corporation and that does not result in any reclassification or reorganization
      of the outstanding shares of Common Stock), or in the case of any sale or
      conveyance to another corporation or entity of the property of the Company
      as an
      entirety or substantially as an entirety in connection with which the Company
      is
      dissolved, the Holder of this Purchase Option shall have the right thereafter
      (until the expiration of the right of exercise of this Purchase Option) to
      receive upon the exercise hereof, for the same aggregate Exercise Price payable
      hereunder immediately prior to such event, the kind and amount of shares of
      stock or other securities or property (including cash) receivable upon such
      reclassification, reorganization, merger or consolidation, or upon a dissolution
      following any such sale or transfer, by a holder of the number of shares of
      Common Stock of the Company obtainable upon exercise of this Purchase Option
      and
      the underlying Warrants immediately prior to such event; and if any
      reclassification also results in a change in shares of Common Stock covered
      by
      Section 6.1.1 or 6.1.2, then such adjustment shall be made pursuant to
      Sections 6.1.1, 6.1.2 and this Section 6.1.4. The provisions of this Section
      6.1.4 shall similarly apply to successive reclassifications, reorganizations,
      mergers or consolidations, sales or other transfers.

     

    6.1.5  Changes
      in Form of Purchase Option.
      This
      form of Purchase Option need not be changed because of any change pursuant
      to
      this Section, and Purchase Options issued after such change may state the same
      Exercise Price and the same number of Units as are stated in the Purchase
      Options initially issued pursuant to this Agreement. The acceptance by any
      Holder of the issuance of new Purchase Options reflecting a required or
      permissive change shall not be deemed to waive any rights to an adjustment
      occurring after the Commencement Date or the computation thereof.

     

    
      6.1.6      
        Adjustments
        of Warrants.
        To the
        extent the price of the Warrants are lowered pursuant to Section 3.1 of the
        Warrant Agreement, dated _____________, 2007, between the
        Company and Continental Stock Transfer & Trust Company (the "Warrant
        Agreement"), the price of the Warrants underlying the Purchase Option shall
        be
        reduced on identical percentage terms. To the extent the duration of the
        Warrants is extended pursuant to Section 3.2 of the Warrant Agreement, the
        duration of the Warrants underlying the Purchase Option shall be extended
        on
        identical terms. 

       

    

    6.2  Substitute
      Purchase Option.
      In case
      of any consolidation of the Company with, or merger of the Company with, or
      merger of the Company into, another corporation (other than a consolidation
      or
      merger which does not result in any reclassification or change of the
      outstanding Common Stock), the corporation formed by such consolidation or
      merger shall execute and deliver to the Holder a supplemental Purchase Option
      providing that the holder of each Purchase Option then outstanding or to be
      outstanding shall have the right thereafter (until the stated expiration of
      such
      Purchase Option) to receive, upon exercise of such Purchase Option, the kind
      and
      amount of shares of stock and other securities and property receivable upon
      such
      consolidation or merger, by a holder of the number of shares of Common Stock
      of
      the Company for which such Purchase Option might have been exercised immediately
      prior to such consolidation, merger, sale or transfer. Such supplemental
      Purchase Option shall provide for adjustments which shall be identical to the
      adjustments provided in Section 6. The above provision of this Section shall
      similarly apply to successive consolidations or mergers.

     

    6.3  Elimination
      of Fractional Interests.
      The
      Company shall not be required to issue certificates representing fractions
      of
      shares of Common Stock or Warrants upon the exercise of this Purchase Option,
      nor shall it be required to issue scrip or pay cash in lieu of any fractional
      interests, it being the intent of the parties that all fractional interests
      shall be eliminated by rounding any fraction up to the nearest whole number
      of
      Warrants, shares of Common Stock or other securities, properties or
      rights.

     

    6.4  Limitations
      on Monetary Damages.
      In
      no
      event shall the registered holder of this Purchase Option be entitled to receive
      any monetary damages if the securities underlying this Purchase Option have
      not
      been registered by the Company pursuant to an effective registration statement
      or a current prospectus is not available, provided the Company has fulfilled
      its
      obligation to use reasonable best efforts to effect such registration and to
      make such prospectus available.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    7.  Reservation
      and Listing.
      The
      Company shall at all times reserve and keep available out of its authorized
      shares of Common Stock, solely for the purpose of issuance upon exercise of
      this
      Purchase Option or the Warrants underlying this Purchase Option, such number
      of
      shares of Common Stock or other securities, properties or rights as shall be
      issuable upon the exercise thereof. The Company covenants and agrees that,
      upon
      exercise of this Purchase Option and payment of the Exercise Price therefor,
      all
      shares of Common Stock and other securities issuable upon such exercise shall
      be
      duly and validly issued, fully paid and non-assessable. The Company further
      covenants and agrees that upon exercise of the Warrants underlying this Purchase
      Option and payment of the Warrant exercise price therefor, all shares of Common
      Stock and other securities issuable upon such exercise shall be duly and validly
      issued, fully paid and non-assessable. As long as this Purchase Option shall
      be
      outstanding, the Company shall use its reasonable best efforts to cause all
      (a)
      Units and shares of Common Stock issuable upon exercise of this Purchase Option,
      (b) Warrants issuable upon exercise of this Purchase Option, and (c) shares
      of
      Common Stock issuable upon exercise of the Warrants included in the Units
      issuable upon exercise of this Purchase Option to be listed (subject to official
      notice of issuance) on all securities exchanges (or, if applicable on the Nasdaq
      National Market, SmallCap Market, NASD OTC Bulletin Board or any successor
      trading market) on which the Units, the Common Stock or the Public Warrants
      issued to the public in connection herewith may then be listed and/or
      quoted.

     

    8.  Certain
      Notice Requirements.

     

    8.1  Holder’s
      Right to Receive Notice.
      Nothing
      herein shall be construed as conferring upon the Holder the right to vote or
      consent as a stockholder for the election of directors or any other matter,
      or
      as having any rights whatsoever as a stockholder of the Company. If, however,
      at
      any time prior to the expiration of this Purchase Option and its exercise,
      any
      of the events described in Section 8.2 shall occur, then, in one or more of
      said
      events, the Company shall give written notice of such event at least ten days
      prior to the date fixed as a record date or the date of closing the transfer
      books for the determination of the stockholders entitled to such dividend,
      distribution, conversion or exchange of securities or subscription rights,
      or
      entitled to vote on such proposed dissolution, liquidation, winding up or sale.
      Such notice shall specify such record date or the date of the closing of the
      transfer books, as the case may be. Notwithstanding the foregoing, the Company
      shall deliver to each holder a copy of each notice given to the other
      stockholders of the Company at the same time and in the same manner that such
      notice is given to the stockholders.

     

    8.2  Events
      Requiring Notice.
      The
      Company shall be required to give the notice described in Section 8.1 above
      if:
      (a) the Company shall offer to all the holders of its Common Stock any
      additional shares of capital stock of the Company or securities convertible
      into
      or exchangeable for shares of capital stock of the Company, or any option,
      right
      or warrant to subscribe therefor, or (b)
      if
      the Company shall take a record of the holders of its Common Stock for the
      purpose of entitling them to receive a dividend or distribution payable
      otherwise than in cash, or a cash dividend or distribution payable otherwise
      than out of retained earnings, as indicated by the accounting treatment of
      such
      dividend or distribution on the books of the Company, or (c), a
      dissolution, liquidation or winding up of the Company (other than in connection
      with a consolidation or merger) or a sale of all or substantially all of its
      property, assets and business shall be proposed.

     

    8.3  Notice
      of Change in Exercise Price.
The
      Company shall, promptly after an event requiring a change in the Exercise Price
      pursuant to Section 6 hereof, send notice to the Holders of such event and
      change ("Price Notice"). The Price Notice shall describe the event causing
      the
      change and the method of calculating same and shall be certified as being true
      and accurate by the Company's President and Chief Financial
      Officer.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    8.4  Transmittal
      of Notices.
      All
      notices, requests, consents and other communications under this Purchase Option
      shall be in writing and shall be deemed to have been duly made when hand
      delivered, or mailed by express mail or private courier service: (a) if to
      the
      registered Holder of the Purchase Option, to the address of such Holder as
      shown
      on the books of the Company, or (b) if to the Company, to the following address
      or to such other address as the Company may designate by notice to the
      Holders:

     

    Apex
      Bioventures Acquisition Corporation

    18
      Farm
      Lane

    Hillsborough,
      California 94010

    Attention:
      Chief Executive Officer

    

    9.  Redemption.

     

    9.1  Redemption.
      Subject
      to Section 9.4 hereof and the penultimate sentence of this Section 9.1, not
      less than all of the outstanding Purchase Options may be redeemed, at the option
      of the Company, at any time after the Commencement Date and prior to the
      Expiration Date, at the Company’s corporate offices, upon the notice referred to
      in Section 9.2, at the Redemption Price (as defined below), provided that
      the volume weighted average price of the Common Stock has been equal to or
      greater than $11.50 per share for any twenty (20) trading days within a thirty
      (30) trading day period ending on the third business day prior to the date
      on
      which notice of redemption is given. The provisions of this Section 9.1 may
      not be modified, amended or deleted without the prior written consent of the
      Initial Holder. As used herein, the term “Redemption Price” means, (a) with
      respect to all then outstanding Purchase Options in the aggregate, the price
      determined by multiplying $100 by a fraction, the numerator of which is the
      total number of Purchase Options (after giving effect to any adjustments
      effected pursuant to Section 6 hereof and after deducting for any Purchase
      Options previously exercised and no longer outstanding), and the denominator
      of
      which is the total number of Purchase Options (after giving effect to any
      adjustments effected pursuant to Section 6 hereof, but without deducting for
      any
      Purchase Options previously exercised and no longer outstanding then
      outstanding), and (b) with respect to each then outstanding Purchase Option,
      means the price determined by dividing the price determined pursuant to
      subclause (a) above, by the number of then outstanding Purchase Options (after
      giving effect to any adjustments effected pursuant to Section 6 hereof and
      after
      deducting for any Purchase Options previously exercised and no longer
      outstanding). For the avoidance of doubt, assuming that no adjustment has been
      made pursuant to Section 6 and that no Purchase Options have been exercised,
      the
      initial aggregate Redemption Price for all Purchase Options is $100, and the
      per
      Purchase Option Redemption Price
      is
      approximately $0.0002222. 

     

    9.2  Date
      Fixed for, and Notice of, Redemption.
      In the
      event the Company shall elect to redeem all of the Purchase Options, the Company
      shall fix a date for the redemption. Notice of redemption shall be mailed by
      first class mail, postage prepaid, by the Company not less than 30 days prior
      to
      the date fixed for redemption to the registered Holders of the Purchase Options
      to be redeemed at their last addresses as they shall appear in the Company’s
      records. Any notice mailed in the manner herein provided shall be conclusively
      presumed to have been duly given, whether or not the registered Holder received
      such notice.

     

    9.3  Exercise
      After Notice of Redemption.
      Purchase Options may be exercised in accordance with Section 2 hereof at
      any time after notice of redemption shall have been given by the Company
      pursuant to Section 9.2 hereof and prior to the time and date fixed for
      redemption. On and after the redemption date, the record Holder of this Purchase
      Option shall have no further rights except to receive, upon surrender hereof,
      the applicable Redemption Price.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    9.4  No
      Redemption Without Effective Registration.
      Notwithstanding anything contained herein to the contrary, in no event shall
      the
      Company call the Purchase Options for redemption unless a registration statement
      covering the securities underlying this Purchase Option has been declared
      effective by the SEC and a current prospectus is available for
      delivery.

     

    10.  Miscellaneous.

     

    10.1  Amendments.
      The
      Company and the Initial Holder may from time to time supplement or
      amend this Purchase Option without the approval of any of the Holders in order
      to cure any ambiguity, to correct or supplement any provision contained herein
      that may be defective or inconsistent with any other provisions herein, or
      to
      make any other provisions in regard to matters or questions arising hereunder
      that the Company and the Initial Holder may deem necessary or
      desirable and that the Company and the Initial Holder deem shall not
      adversely affect the interest of the Holders. All other modifications or
      amendments to this Purchase Option shall require the written consent of and
      be
      signed by the Holder hereof.

     

    10.2  Headings.
      The
      headings contained herein are for the sole purpose of convenience of reference,
      and shall not in any way limit or affect the meaning or interpretation of any
      of
      the terms or provisions of this Purchase Option.

     

    10.3  Entire
      Agreement.
      This
      Purchase Option (together with the other agreements and documents being
      delivered pursuant to or in connection with this Purchase Option) constitute
      the
      entire agreement of the parties hereto with respect to the subject matter
      hereof, and supersedes all prior agreements and understandings of the parties,
      oral and written, with respect to the subject matter hereof.

     

    10.4  Binding
      Effect.
      This
      Purchase Option shall inure solely to the benefit of and shall be binding upon,
      the Holder and the Company and their respective successors, legal
      representatives and permitted assigns, and (except for the Initial
      Holder pursuant to Section 5.5.3, 10.1 and 10.5) no other person shall have
      or be construed to have any legal or equitable right, remedy or claim under
      or
      in respect of or by virtue of this Purchase Option or any provisions herein
      contained.

     

    10.5  Governing
      Law; Submission to Jurisdiction.
This
      Purchase Option shall be governed by and construed and enforced in accordance
      with the laws of the State of New York, without giving effect to conflict of
      laws. The Company hereby agrees that any action, proceeding or claim against
      it
      arising out of, or relating in any way to this Purchase Option shall be brought
      and enforced in the courts of the State of New York or of the United States
      of
      America for the Southern District of New York, and irrevocably submits to such
      jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives
      any objection to such exclusive jurisdiction and that such courts represent
      an
      inconvenient forum. Any process or summons to be served upon the Company may
      be
      served by transmitting a copy thereof by registered or certified mail, return
      receipt requested, postage prepaid, addressed to it at the address set forth
      in
      Section 8 hereof. Such mailing shall be deemed personal service and shall be
      legal and binding upon the Company in any action, proceeding or claim. The
      Company and the Holder agree that the prevailing party(ies) in any such action
      shall be entitled to recover from the other party(ies) all of its reasonable
      attorneys' fees and expenses relating to such action or proceeding and/or
      incurred in connection with the preparation therefor.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    10.6  Waiver,
      Etc.
      The
      failure of the Company, the Initial Holder or the Holder to at any
      time enforce any of the provisions of this Purchase Option shall not be deemed
      or construed to be a waiver of any such provision, nor to in any way affect
      the
      validity of this Purchase Option or any provision hereof or the right of the
      Company, the Initial Holder or any Holder to thereafter enforce each
      and every provision of this Purchase Option. No waiver of any breach,
      non-compliance or non-fulfillment of any of the provisions of this Purchase
      Option shall be effective unless set forth in a written instrument executed
      by
      the party or parties against whom or which enforcement of such waiver is sought;
      and no waiver of any such breach, non-compliance
      or non-fulfillment shall be construed or deemed to be a waiver of any other
      or
      subsequent breach, non-compliance or non-fulfillment.

     

    10.7  Exchange
      Agreement.
      As a
      condition of the Holder’s receipt and acceptance of this Purchase Option, the
      Holder agrees that, at any time prior to the complete exercise of this Purchase
      Option by the Holder, if the Company and the Initial Holder enter into
      an agreement (“Exchange Agreement”) pursuant to which they agree (subject to
      Section 6.4 above) that all outstanding Purchase Options will be exchanged
      for
      securities or cash or a combination of both, then the Holder shall agree to
      such
      exchange and become a party to the Exchange Agreement.

     

    {Remainder
      of this page left intentionally blank. Signature page to
      follow.}

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Company has caused this Purchase Option to be signed by
      its
      duly authorized officer as of the ____ day of                ,
      2007.

     

    
      	 	 	 
	 	APEX
              BIOVENTURES ACQUISITION CORPORATION
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Darrell
              J. Elliott,
Chairman
              and Chief Executive Officer

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Form
      to
      be used to exercise Purchase Option:

     

    Apex
      Bioventures Acquisition Corporation 

    18
      Farm
      Lane

    Hillsborough,
      California 94010

    

    Date:_________________,
      200__

     

    The
      undersigned hereby irrevocably elects to exercise all or a portion of the within
      Purchase Option and to purchase ____ Units of APEX BIOVENTURES ACQUISITION
      CORPORATION and hereby makes payment of $____________ (at the rate of $_________
      per Unit) in payment of the Exercise Price pursuant thereto. Please issue the
      Common Stock and Warrants as to which this Purchase Option is exercised in
      accordance with the instructions given below.

    
 

    
      or

      

      The
        undersigned hereby irrevocably elects to convert its right to purchase _____
        Units purchasable under the within Purchase Option by surrender of the
        unexercised portion of the attached Purchase Option (with a “Value” of
        $_________ based on a “Market Price” of $___________). Please issue the
        securities comprising the Units as to which this Purchase Option is exercised
        in
        accordance with the instructions given below.

    

     

    
      	 	 	
            
	 	 	Signature
	 	 	 
	 	 	 
	 	 	Signature
              Guaranteed

    

     

     

    INSTRUCTIONS
      FOR REGISTRATION OF SECURITIES

     

     

    
      
        	Name	                                                                                                                                                              
                	 
	 	
                (Print
                  in Block Letters)

              	 
	 	 	 
	Address	 	 

      

    

           

    NOTICE:
      THE SIGNATURE TO THIS FORM MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE
      FACE OF THE WITHIN PURCHASE OPTION IN EVERY PARTICULAR WITHOUT ALTERATION OR
      ENLARGEMENT OR ANY CHANGE WHATSOEVER, AND MUST BE GUARANTEED BY A BANK, OTHER
      THAN A SAVINGS BANK, OR BY A TRUST COMPANY OR BY A FIRM HAVING MEMBERSHIP ON
      A
      REGISTERED NATIONAL SECURITIES EXCHANGE.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Form
      to
      be used to assign Purchase Option:

     

    Apex
      Bioventures Acquisition Corporation 

    18
      Farm
      Lane

    Hillsborough,
      California 94010

    ASSIGNMENT

     

    (To
      be
      executed by the registered Holder to effect a transfer of the within Purchase
      Option):

     

    FOR
      VALUE
      RECEIVED,___________________________________________ does hereby sell, assign
      and transfer unto______________________________________ the right to purchase
      __________ Units of APEX BIOVENTURES ACQUISITION CORPORATION (“Company”)
      evidenced by the within Purchase Option and does hereby authorize the Company
      to
      transfer such right on the books of the Company.

     

     

    Dated:___________________,
      200_

     

    
       

      
        	 	 	
              
	 	 	Signature
	 	 	 
	 	 	 
	 	 	Signature
                Guaranteed

      

       

    

    NOTICE:
      THE SIGNATURE TO THIS FORM MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE
      FACE OF THE WITHIN PURCHASE OPTION IN EVERY PARTICULAR WITHOUT ALTERATION OR
      ENLARGEMENT OR ANY CHANGE WHATSOEVER, AND MUST BE GUARANTEED BY A BANK, OTHER
      THAN A SAVINGS BANK, OR BY A TRUST COMPANY OR BY A FIRM HAVING MEMBERSHIP ON
      A
      REGISTERED NATIONAL SECURITIES EXCHANGE.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00124-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00124-of-00352.parquet"}]]