Document:

EXHIBIT 10.24  

	Deed of Assignment
	

	Dated:        [24] November 2004

Parties

	1.
	ARUBA INTERNATIONAL PTY LIMITED (ACN 067 390 783) of Rocklea, Queensland, Australia (Aruba Aust)

	2.
	ARUBA INTERNATIONAL BV (18075034) of Jacob van Lennep Kade tegenover 63, 1054 ZH, Amsterdam, Netherlands (Aruba
BV) 

Recitals  

	A.
	Aruba
Aust is the owner of all of the right, title and interest in certain Licensed Patents and Licensed Inventions relating to the alterations in the lipid structure of biological
material.

	B.
	In
December 1999, Aruba Aust entered, as Licensor, into an Intellectual Property License Agreement (Agreement) with Lipid
Sciences, Inc. of California, United States of America (Lipid), as Licensee.

	C.
	Under
the Agreement, Aruba Aust granted to Lipid an exclusive licence under the Licensed Patents, and to the Licensed Invention, to make, use, import, offer to sell, and sell
compositions of matter, methods and processes which are covered under the Licensed Patents, and\or which are encompassed by the Licensed Invention, in any and all Fields of Use, with the right to
grant sublicenses.

	D.
	Aruba
Aust now wishes to assign to Aruba BV all rights, title, interest and obligations in the intellectual property licensed to Lipid under the Agreement in accordance with the terms
of this Deed.

	E.
	Under
the Agreement, notice of the assignment must be given to Lipid. 

Operative Part  

	1.
	All
definitions contained in the Agreement and not defined herein are incorporated into this Deed as if they were fully recited herein.

	2.
	Aruba
Aust assigns and transfers absolutely and without reservation to Aruba BV all right, title, interest and obligations in the intellectual property licensed to Lipid under the
Agreement, including its entire right, title and interest in the:

	(a)
	United
States Patents and any continuation, continuation-in-part, divisional, reexamined, or reissued patent related thereto;

	(b)
	Australian
Patent and any continuation, continuation-in-part, divisional, reexamined, or reissued patent related thereto;

	(c)
	Other
Patent Applications and any continuation, continuation-in-part, divisional, reexamined, or reissued patent related thereto;

	(d)
	Licensed
Patents and any continuation, continuation-in-part, divisional, reexamined, or reissued patent related thereto;

	(e)
	Licensed
Invention; and 

1

 

	(f)
	Licence
granted by Aruba Aust to Lipid under the Agreement and subject to the assignment and transfer of this Section 2. Exhibit A to this Deed lists each patent and
patent application licensed to Lipid under the Agreement.

	3.
	Aruba
Aust warrants that at the date of this Deed:

	(a)
	it
is not in breach of any of its obligations under the Agreement;

	(b)
	so
far as it is aware, there is no basis for a third party to make a claim against it in the terms set out in clause 7.3 of the Agreement;

	(c)
	Aruba
Aust is the exclusive owner of the entire and unencumbered right, title and interest in and to the intellectual property assigned and transferred to Aruba BV pursuant to this
Deed, other than such right of Lipid pursuant to the Agreement; and

	(d)
	there
is no basis for any third party to make a claim against any of the intellectual property assigned and transferred to Aruba BV pursuant to this Deed, including any such claim
that may arise as a result of any dissolution of Aruba Aust.

	4.
	Aruba
BV covenants and agrees that it:

	(a)
	hereby
assumes all obligations, duties and liabilities of Aruba Aust under the Agreement; and

	(b)
	will
perform, comply with and be bound by, from the date of this Deed, all of the terms, covenants, agreements and provisions of the Agreement made in favour of Lipid. By way of
example and not limitation, Aruba BV acknowledges that it is obliged to:

	i.
	give
notice to Lipid under clause 12.2 of the Agreement; and

	ii.
	comply
with the provisions as to waiver and modification of the Agreement in clause 12.5 of the Agreement.

	5.
	Aruba
Aust covenants and agrees that it shall remain liable for any and all claims arising under the Agreement irrespective of whether such claim or claims arise prior to, upon or
after the assignment effected hereby. Aruba Aust covenants and agrees that it will guarantee the performance of Aruba BV under the Agreement.

	6.
	Aruba
Aust agrees to do all things necessary to comply with the laws of California in order to give notice of the assignment to Lipid.

	7.
	The
parties hereto agree that Lipid is a third party beneficiary to this Deed. 

Executed as a Deed:  

	Executed by	)	 
	ARUBA INTERNATIONAL	)	 
	PTY LTD in accordance with	)	 
	section 127 the Corporations Act	)	 
	

/s/  TANIA CHASE      
 Secretary	
 	

/s/  BILL CHAM      
 Director

2

 

	Executed by	 	)	 	 
	ARUBA INTERNATIONAL BV	 	)	 	 
	(18075034) in accordance with its	 	)	 	 
	constituent document	 	)	 	 
	

/s/  TANIA CHASE      
 Secretary	
 	

/s/  BILL CHAM      
 Director

3

 

	Acknowledged and Agreed:	)	 	 
	
LIPID SCIENCES, Inc	
)	

 	
 
	

/s/  S. LEWIS MEYER      
 Name: S. Lewis Meyer

Title: President/CEO	
 	

 	
 

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Exhibit A  

Australian
Patent No. 693458 entitled "A Plasma Delipidation System"; 

United
States Patent No. 5,744,038, entitled "Solvent Extraction Methods for Delipidating Plasma"; 

United
States Reissue Patent No. RE 37584 entitled "Solvent Extraction Methods for Delipidating Plasma"; 

Canadian
Patent Application No. 2,168,470 entitled "A Plasma Delipidation System"; 

European
Patent No. 0710126 entitled "A Plasma Delipidation System"; 

Japanese
Patent No. 3568953 entitled "A Plasma Delipidation System"; 

Japanese
Divisional Patent Application No. 2004-57809 entitled "A Plasma Delipidation System"; 

Australian
Patent No. 695826 entitled "Treatment for Cardiovascular and Related Diseases"; 

United
States Patent No. 5,911,698 entitled "Treatment for Cardiovascular and Related Diseases"; 

United
States Reissue Patent Application No. 09/879,002 entitled "Treatment for Cardiovascular and Related Diseases"; 

Canadian
Patent Application No. 2,208,059 entitled "Treatment for Cardiovascular and Related Diseases"; 

European
Patent Application No. 95941995.3 entitled "Treatment for Cardiovascular and Related Diseases"; 

Japanese
Patent Application No. 8-519368 entitled "Treatment for Cardiovascular and Related Diseases"; 

Australian
Patent No. 594964 entitled "Autologous Plasma Delipidation Using a Continuous Flow System"; 

United
States Patent No. 4,895,558 entitled "Autologous Plasma Delipidation Using a Continuous Flow System"; 

Australian
Patent Application No. 24930/01 entitled "A Method of Treating Infectious Diseases"; 

Canadian
Patent Application No. 2,395,125 entitled "A Method of Treating Infectious Diseases"; 

Indian
Patent Application No. PCT/2002847 entitled "A Method of Treating Infectious Diseases"; and 

South
African Patent No. 2002/5327 entitled "A Method of Treating Infectious Diseases". 

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Exhibit 4.16    
    

VOID AFTER 5:00 P.M., SAN DIEGO TIME, ON THE FIFTH ANNIVERSARY

OF THE DATE HEREOF  

        THIS WARRANT AND THE SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"),
OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER JURISDICTION. THE SECURITIES REPRESENTED HEREBY MAY NOT BE OFFERED, SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION STATEMENT FOR SUCH SECURITIES UNDER APPLICABLE SECURITIES LAWS UNLESS OFFERED, SOLD OR TRANSFERRED PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THOSE LAWS. 

	Date: December 6, 2004	 	50,000 Shares of Common Stock
	

 	
 	

Warrant Number: GEN — W3

 
 

GENETRONICS BIOMEDICAL CORPORATION    
    
    COMMON STOCK PURCHASE WARRANT    
    

        THIS CERTIFIES THAT, for value received, the persons listed on Exhibit "A", or their respective registered assigns, is entitled to purchase from GENETRONICS
BIOMEDICAL CORPORATION, a corporation organized under the laws of the State of Delaware (the "Company"), at any time or from time to time during the
period specified in Section 2 hereof, 50,000 fully paid and nonassessable shares of the Company's common stock, par value $0.001 per share ("Common
Stock"), at an exercise price per share equal to $5,00 (the "Exercise Price"). The number of shares of Common Stock purchasable
hereunder (the "Warrant Shares") and the Exercise Price are subject to adjustment as provided in Section 4 hereof. 

        This
Warrant is subject to the following terms, provisions and conditions: 

        1.    Manner of Exercise; Issuance of Certificates; Payment for Shares.    Subject to the provisions hereof, this
Warrant may be exercised by the holder hereof, in whole or in part, by the surrender of this Warrant, together with a completed Notice of Exercise in the form attached hereto (the
"Notice of Exercise"), to the Company during normal business hours on any business day at the Company's principal executive offices (or such other
office or agency of the Company as it may designate by notice to the holder hereof), and payment to the Company in cash, by certified or official bank check or by wire transfer to the account of the
Company, of the Exercise Price for the Warrant Shares specified in the Notice of Exercise. The Warrant Shares so purchased shall be deemed to be issued to the holder hereof, as the record owner of
such shares, as of the close of business on the date on which this Warrant shall have been surrendered, the completed Notice of Exercise shall have been delivered, and payment shall have been made for
such shares as set forth above or, if such date is not a business day, on the next succeeding business day. Physical certificates representing the number of Warrant Shares so purchased, as specified
in the Notice of Exercise, shall (by the Company or through its transfer agent) be delivered (i.e., deposited with a nationally-recognized overnight courier service postage prepaid) to the holder
hereof within a reasonable time, not exceeding two business days, after this Warrant shall have been so exercised (the "Delivery Period"). Any
certificates so delivered shall be in such denominations as may be reasonably requested by the holder hereof, shall be registered in the name of such holder or such other name as shall be designated
by such holder and, following the date on which the resale of the Warrant Shares has been registered under the Securities Act or the Warrant Shares otherwise may be sold by the holder pursuant to
Rule 144 promulgated under the Securities Act (or a 

1

 

successor
rule), shall not bear any restrictive legend. If this Warrant shall have been exercised only in part, then the Company shall, at its expense, at the time of delivery of such certificates,
deliver to the holder a new Warrant representing the number of shares with respect to which this Warrant shall not then have been exercised. 

        2.    Period of Exercise.    This Warrant shall be exercisable at any time and from time to time during the period
beginning on the date of initial issuance of this Warrant (the "Issue Date") and ending at 5:00 p.m., Los Angeles time, on the fifth anniversary
of the Issue Date (the "Exercise Period"). The Exercise Period shall automatically be extended by one (1) day for each day on which the Company
does not have a number of shares of Common Stock reserved for issuance upon exercise hereof at least equal to the number of shares of Common Stock issuable upon exercise hereof. 

        3.    Certain Agreements of the Company.    The Company hereby covenants and agrees as follows: 

        (a)    Shares to be Fully Paid.    All Warrant Shares shall, upon issuance in accordance with the terms of this
Warrant, be validly issued, fully paid and nonassessable and free from all taxes, liens, claims and encumbrances. 

        (b)    Reservation of Shares.    During the Exercise Period, the Company shall at all times have authorized, and
reserved for the purpose of issuance upon exercise of this Warrant, a sufficient number of shares of Common Stock to provide for the exercise in full of this Warrant. 

        (c)    Certain Actions Prohibited.    The Company shall not, by amendment of its charter or through any
reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the
terms to be observed or performed by it hereunder. Without limiting the generality of the foregoing, the Company (i) shall not increase the par value of any shares of Common Stock receivable
upon the exercise of this Warrant above the Exercise Price then in effect, and (ii) shall take all such actions as may be necessary or appropriate in order that the Company may validly and
legally issue fully paid and nonassessable shares of Common Stock upon the exercise of this Warrant. 

        (d)    Successors and Assigns.    This Warrant shall be binding upon any entity succeeding to the Company by merger,
consolidation or acquisition of all or substantially all of the Company's assets. 

        (e)    Blue Sky Laws.    The Company shall, on or before the date of issuance of any Warrant Shares, take such actions
as the Company shall reasonably determine are necessary to qualify the Warrant Shares for, or obtain exemption for the Warrant Shares for, sale to the holder of this Warrant upon the exercise hereof
under applicable securities or "blue sky" laws of the states of the United States, and shall provide evidence of any such action so taken to the holder of this Warrant prior to such date;  provided, however, that the Company shall not be required in connection therewith or as a condition thereto to (i) qualify to do business in any
jurisdiction where it would not otherwise be required to qualify but for this Section 3(e), (ii) subject itself to taxation in any such jurisdiction or (iii) file a consent
to service of process in any such jurisdiction. 

        4.    Adjustment Provisions.    During the Exercise Period, the Exercise Price and the number of Warrant Shares
issuable hereunder shall be subject to adjustment from time to time as provided in this Section 4. 

        (a)    Subdivision or Combination of Common Stock.    If the Company, at any time during the Exercise Period,
subdivides (by any stock split, stock dividend, recapitalization, reorganization, reclassification or otherwise) its shares of Common Stock into a greater number of shares, then, after the date of
record for effecting such subdivision, the Exercise Price in effect immediately prior to such subdivision shall be proportionately reduced. If the Company, at any time during the Exercise Period,
combines (by reverse stock split, recapitalization, reorganization, reclassification or 

2

 

otherwise)
its shares of Common Stock into a smaller number of shares, then, after the date of record for effecting such combination, the Exercise Price in effect immediately prior to such combination
shall be proportionately increased. 

        (b)    Consolidation, Merger or Sale.    In case of any consolidation of the Company with, or merger of the Company
into, any other corporation or other entity, or in case of any sale or conveyance of all or substantially all of the assets of the Company other than in connection with a plan of complete liquidation
of the Company at any time during the Exercise Period, then as a condition of such consolidation, merger or sale or conveyance, adequate provision shall be made whereby the holder hereof shall have
the right to acquire and receive upon exercise of this Warrant in lieu of the shares of Common Stock immediately theretofore acquirable upon the exercise of this Warrant, such shares of stock,
securities, cash or assets as may be issued or payable with respect to or in exchange for the number of shares of Common Stock immediately theretofore acquirable and receivable upon exercise of this
Warrant had this Warrant been exercised immediately prior to such consolidation, merger or sale or conveyance. In any such case, the Company shall make appropriate provision to ensure that the
provisions of this Section 4 will thereafter be applicable as nearly as may be in relation to any shares of stock or securities thereafter deliverable upon the exercise of this Warrant. The
Company shall not effect any consolidation, merger or sale or conveyance unless prior to the consummation thereof, the successor or acquiring entity (if other than the Company) and, if an entity
different from the successor or acquiring entity, the entity whose securities into which the Common Stock shall become convertible or exchangeable in such transaction, assumes by written instrument
the obligations under this Warrant and the obligations to deliver to the holder hereof such shares of stock, securities, cash or assets as, in accordance with the foregoing provisions, the holder may
be entitled to acquire. Notwithstanding the foregoing, in the event of any consolidation of the Company with, or merger of the Company into, any other corporation or other entity, or the sale or
conveyance of all or substantially all of the assets of the Company, at any time during the Exercise Period, the holder hereof shall, at its option, have the right to receive, in connection with such
transaction, cash consideration equal to the fair market value of this Warrant as determined in accordance with customary valuation methodology used in the investment banking industry. 

        (c)    Adjustment in Number of Shares.    Upon each adjustment of the Exercise Price pursuant to the provisions of
this Section 4, the number of shares of Common Stock issuable upon exercise of this Warrant at each such Exercise Price shall be adjusted by multiplying a number equal to the Exercise
Price in effect immediately prior to such adjustment by the number of shares of Common Stock issuable upon exercise of this Warrant at such Exercise Price immediately prior to such adjustment and
dividing the product so obtained by the adjusted Exercise Price. 

        (d)    Additional Adjustment Provisions.    The following provisions shall be applicable to the making of adjustments
in the Exercise Price and the number of Warrant Shares pursuant to this Section 4: 

	(i)
	In
the event that all or any part of the consideration received or paid by the Company in connection with any of the transactions described in this Section 4
consists of property other than cash, such consideration shall be deemed to have a fair market value as is reasonably determined in good faith by the Board of Directors of the Company in a manner
reasonably acceptable to the holder of this Warrant.

	(ii)
	All
calculations under this Section 4 shall be made to the nearest 1/l00th of a cent or 1/10,000th of a share of Common Stock, as the case may be. No adjustment
to the Exercise Price (and, correspondingly, to the number of Warrant Shares) shall be required unless such adjustment (plus any adjustments not previously made by reason of this
Section 4(f)(v)) would require an increase or decrease of at least 1% in such Exercise 

3

 

Price;  provided, however, that any adjustment(s) that by reason of this Section 4(f)(v) are not required to be made shall be carried
forward and taken into account upon the earlier of (A) any subsequent adjustment or (B) any exercise of this Warrant. 

	(iii)
	Notwithstanding
any other provision of this Warrant, no adjustment to the Exercise Price shall be made to the extent such adjustment would reduce the Exercise Price
below the par value of the Common Stock. 

        (e)    Notice of Adjustment.    Upon the occurrence of any event which requires any adjustment of the Exercise Price,
then, and in each such case, the Company shall give notice thereof to the holder hereof, which notice shall state the Exercise Price resulting from such adjustment and the increase or decrease in the
number of Warrant Shares purchasable at such price upon exercise, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Such calculation
shall be certified by the chief financial officer of the Company. 

        (f)    Other Notices.    In case at any time: 

	(i)
	there
shall be any capital reorganization of the Company, or reclassification of the Common Stock, or consolidation or merger of the Company with or into, or sale of all
or substantially all of its assets to, another corporation or entity; or

	(ii)
	there
shall be a voluntary or involuntary dissolution, liquidation or winding up of the Company; 

then,
in each such case, the Company shall give to the holder of this Warrant (A) notice of the date or estimated date on which the books of the Company shall close or a record shall be taken
for determining the holders of Common Stock entitled to receive any such dividend, distribution, or subscription rights or for determining the holders of Common Stock entitled to vote in respect of
any such reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation or winding-up and (B) in the case of any such reorganization, reclassification,
consolidation, merger, sale, dissolution, liquidation or winding-up, notice of the date (or, if not then known, a reasonable estimate thereof by the Company) when the same shall take
place. Such notice shall also specify the date on which the holders of Common Stock shall be entitled to receive such dividend, distribution, or subscription rights or to exchange their Common Stock
for stock or other securities or property deliverable upon such reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation, or winding-up, as the case may be.
Such notice shall be given at least fifteen (15) days prior to the record date or the date on which the Company's books are closed in respect thereto. Failure to give any such notice or any
defect therein shall not affect the validity of the proceedings referred to in clauses (i), (ii), (iii) and (iv) above. Notwithstanding the foregoing, the Company shall publicly disclose
the substance of any notice delivered hereunder prior to delivery of such notice to the holder hereof. 

        (g)    Certain Events.    If, at any time during the Exercise Period, any event occurs of the type contemplated by the
adjustment provisions of this Section 4 but not expressly provided for by such provisions, the Company shall give notice of such event as provided in Section 4(g) hereof, and an
appropriate adjustment in the Exercise Price and the number of Warrant Shares shall be made so that the rights of the holder shall be neither enhanced nor diminished by such event. 

        (h)    Definition of Common Stock.    "Common Stock" shall include,
for purposes of this Section 4, the Common Stock and any additional class of stock of the Company having no preference as to dividends or distributions on liquidation, provided that the shares
purchasable pursuant to this Warrant shall include only Common Stock in respect of which this Warrant is exercisable, or shares resulting from any subdivision or combination of such Common Stock, or
in the case of any reorganization, reclassification, consolidation, merger, or sale of the character 

4

 

referred
to in Section 4(c) hereof, the stock or other securities or property provided for in such Section. 

        5.    Issue Tax.    The issuance of certificates for Warrant Shares upon the exercise of this Warrant shall be made
without charge to the holder of this Warrant or such shares for any issuance tax or other costs in respect thereof, provided that the Company shall not be required to pay any tax which may be payable
in respect of any transfer involved in the issuance and delivery of any certificate in a name other than the holder of this Warrant. 

        6.    No Rights on Liabilities as a Stockholder.    This Warrant shall not entitle the holder hereof to any voting
rights or other rights as a stockholder of the Company. No provision of this Warrant, in the absence of affirmative action by the holder hereof to purchase Warrant Shares, and no mere enumeration
herein of the rights or privileges of the holder hereof, shall give rise to any liability of such holder for the Exercise Price or as a stockholder of the Company, whether such liability is asserted
by the Company or by creditors of the Company. 

        7.    Transfer, Exchange and Replacement of Warrant    

        (a)    Restriction on Transfer.    This Warrant and the rights granted to the holder hereof are transferable, in whole
or in part, in accordance with the requirements of state and federal securities laws, upon surrender of this Warrant, together with a properly executed assignment in the form attached hereto, at the
office or agency of the Company referred to in Section 7(e) below, provided, however, that any transfer or assignment shall be subject to the
conditions set forth in Section 7(f) hereof. Until due presentment for registration of transfer on the books of the Company, the Company may treat the registered holder hereof as the owner and
holder hereof for all purposes, and the Company shall not be affected by any notice to the contrary. 

        (b)    Warrant Exchangeable for Different Denominations.    This Warrant is exchangeable, upon the surrender hereof by
the holder at the office or agency of the Company referred to in Section 7(e) below, for new warrants of like tenor of different denominations representing in the aggregate the right to
purchase the number of shares of Common Stock which may be purchased hereunder, each of such new warrants to represent the right to purchase such number of shares (at the Exercise Price therefor) as
shall be designated by the holder hereof at the time of such surrender, and all such warrants thereafter constituting the Warrant referenced herein. 

        (c)    Replacement of Warrant.    Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft,
destruction, or mutilation of this Warrant and, in the case of any such loss, theft, or destruction, upon delivery of an indemnity agreement reasonably satisfactory in form and amount to the Company,
or, in the case of any such mutilation, upon surrender and cancellation of this Warrant, the Company, at its expense, shall execute and deliver, in lieu thereof, a new Warrant of like tenor. 

        (d)    Cancellation; Payment of Expenses.    Upon the surrender of this Warrant in connection with any transfer,
exchange, or replacement as provided in this Section 7, this Warrant shall be promptly canceled by the Company. The Company shall pay all taxes (other than securities transfer taxes) and all
other expenses (other than legal expenses, if any, incurred by the Holder or transferees) and charges payable in connection with the preparation, execution, and delivery of any Warrant pursuant to
this Section 7. 

        (e)    Warrant Register.    The Company shall maintain, at its principal executive offices (or such other office or
agency of the Company as it may designate by notice to the holder hereof), a register for this Warrant, in which the Company shall record the name and address of the person in whose name this Warrant
has been issued, as well as the name and address of each transferee and each prior owner of this Warrant. 

5

 

        (f)    Exercise or Transfer Without Registration.    If, at the time of the surrender of this Warrant in connection
with any exercise, transfer, or exchange of this Warrant, this Warrant (or, in the case of any exercise, the Warrant Shares issuable hereunder), shall not be registered under the Securities Act and
under applicable state securities or blue sky laws, the Company may require, as a condition of allowing such exercise, transfer, or exchange, (i) that the holder or transferee of this Warrant,
as the case may be, furnish to the Company a written opinion of counsel (which opinion shall be in form, substance and scope customary for opinions of counsel in comparable transactions) to the effect
that such exercise, transfer, or exchange may be made without registration under the Securities Act and under applicable state securities or blue sky laws (the cost of which shall be borne by the
Company if the Company's counsel renders such an opinion, (ii) that the holder or transferee execute and deliver to the Company an investment letter in form and substance acceptable to the
Company and (iii) that the transferee be an "accredited investor" as defined in Rule 501 (a) promulgated under the Securities Act; provided,
however,, that no such opinion, letter, or status as an "accredited investor" shall be required in connection with a transfer pursuant to Rule 144 under the Securities
Act.\ 

        8.    Registration Rights.    By April 30, 2005, the Issuer shall include all of the shares of Common Stock
purchased or purchasable upon the exercise of this Warrant (the "Registrable Shares") within a registration statement filed by the Company covering shares of its Common Stock. 

        9.    No Fractional Shares.    No fractional shares of Common Stock are to be issued upon the exercise of this
Warrant, but the Company shall pay a cash adjustment in respect of any fractional share which would otherwise be issuable in an amount equal to the same fraction of the Market Price (as determined by
reference to the last price reported by Bloomberg Financial Markets or, if not available, another recognized price reporting service) of a share of Common Stock on the date of such exercise. 

        10.    Notices.    Any notices required or permitted to be given under the terms of this Warrant shall be sent by
certified or registered mail (return receipt requested) or delivered personally or by courier or by confirmed telecopy, and shall be effective five days after being placed in the mail, if mailed, or
upon receipt or refusal of receipt, if delivered personally or by courier, or by confirmed telecopy, in each case addressed to a party. The initial addresses for such communications shall be as
follows, and each party shall provide notice to the other parties of any change in such party's address: 

If
to the Company: 

Genetronics Biomedical Corporation

11494 Sorrento Valley Road

San Diego, California 92121

Facsimile:          

Attention: Chief Executive Officer 

If
to the holder: 

Sorrento Center, a Tenancy in Common

c/o Collins Development Company, Manager

11750 Sorrento Valley Road, Suite 209

San Diego, California 92121

Facsimile: (858) 259-5694

Attention: President, Asset Management Group 

        11.    Indemnification by Company.    The Company shall hold harmless and indemnify the holder of this Warrant from
and against, and shall compensate and reimburse such holder for, any damages which are directly or indirectly suffered or incurred by such holder or to which such holder may otherwise become subject
(regardless of whether or not such damages relate to any third party claim) and which arise from or as a result of, or are directly or indirectly connected with any breach of any of 

6

 

the
Company's covenants set forth herein. In the event of the assertion or commencement by any person of any claim or legal proceeding with respect to which the holder may have indemnification rights
pursuant to this Section 11, the holder shall promptly notify the Company thereof in writing, but the failure to so notify the Company shall not limit the holder's rights to indemnification
hereunder, except to the extent the Company demonstrates that the defense of such action is prejudiced by the failure to so give such notice. 

        12.    Miscellaneous    

        (a)    Governing Law; Jurisdiction.    This Warrant shall be governed by and construed in accordance with the laws of
the State of California. The Company irrevocably consents to the exclusive jurisdiction of the United States federal courts and state courts located in the State of California, County of San Diego in
any suit or proceeding based on or arising under this Warrant and irrevocably agrees that all claims in respect of such suit or proceeding may be determined in such courts. The Company irrevocably
waives any objection to the laying of venue and the defense of an inconvenient forum to the maintenance of such suit or proceeding. The Company further agrees that service of process upon the Company
mailed by certified or registered mail shall be deemed in every respect effective service of process upon the Company in any such suit or proceeding. Nothing herein shall affect the holder's right to
serve process in any other manner permitted by law. The Company agrees that a final non-appealable judgment in any such suit or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on such judgment or in any other lawful manner. 

        (b)    Amendment and Waiver.    This Warrant and any provision hereof may only be amended by an instrument in writing
signed by the Company and the holder hereof. The failure of any party to enforce any of the provisions of this Warrant shall in no way be construed as a waiver of such provisions and shall not affect
the right of such party thereafter to enforce each and every provision of this Warrant in accordance with its terms. 

        (c)    Prevailing Party's Costs and Expenses.    The prevailing party in any mediation, arbitration or legal action to
enforce or interpret this Warrant shall be entitled to recover from the non-prevailing party all costs and expenses, including reasonable attorneys' fees, incurred in such action or
proceeding. 

        (d)    Construction.    Whenever the context requires, the gender of any word used in this Warrant includes the
masculine, feminine or neuter, and the number of any word includes the singular or plural. Unless
the context otherwise requires, all references to articles and sections refer to articles and sections of this Warrant, and all references to schedules are to schedules attached hereto, each of which
is made a part hereof for all purposes. The descriptive headings of the several Sections of this Warrant are inserted for purposes of reference only, and shall not affect the meaning or construction
of any of the provisions hereof. 

        13.    Issuance of Shares Via Exercise of the Warrant.    The Company acknowledges that it is issuing this Warrant to
acquire 50,000 shares to Sorrento Center, a tenancy in common, composed of individuals, trusts and corporations. If this Warrant is exercised, the Shares shall be issued to the individual tenants in
common in such percentages set forth on Exhibit "A". 

7

 

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

	 	 	 	 	GENETRONICS, BIOMEDICAL CORPORATION
	

 	
 	

 	
 	

By:	
 	

/s/  PETER KIES      
 Name: Peter Kies

Title: Chief Financial Officer
	

Attest:	
 	

 	
 	

 
	

By:	
 	

/s/  DOUGLAS MURDOCK      
 Name: Douglas Murdock

Title: Secretary	
 	

 	
 	

 

8

 
 
 

NOTICE OF EXERCISE    
    

	To:
	Genetronics
Biomedical Corporation

[ADDRESS]

Attention: Chief Executive Officer 

        (1)   The
undersigned holder hereby irrevocably exercises the right to purchase            shares of the Common Stock of Genetronics Biomedical Corporation, a corporation
organized under the laws of the State of Delaware (the "Company"), evidenced by the attached Warrant, and herewith makes payment of the Exercise Price
with respect to such shares in full. 

        (2)   The
undersigned holder hereby confirms, acknowledges and agrees that (a) the shares of Common Stock are being acquired solely for the account of the undersigned
and not as a nominee for any other party, (b) the holder will not offer, sell, transfer or otherwise dispose of any Common Stock obtained upon exercise of the Warrant, except under
circumstances that will not result in a violation of the Securities Act of 1933, as amended, or any state securities laws, and (c) the holder is an "accredited investor" as that term is defined
in Rule 50l(a) of Regulation D under the Securities Act of 1933, as amended. 

        (3)   Please
issue a certificate or certificates representing such shares of Common Stock in the name of the undersigned holder or such other name as is specified below: 

	     	 	
 (Name)

	 	 

        (4)   Please
issue a new Warrant for the unexercised portion of the attached Warrant in the name of the undersigned holder and delivered to the holder at the address set forth
below: 

	 	 	
 Printed Name of Holder
	

 	
 	

 Signature of Holder
	

 	
 	

 Date
	

 	
 	

Address:	

 
	 	 	 	

	 	 	 	

	 	 	 	

9

 
 
 

ASSIGNMENT FORM    
    

        FOR VALUE RECEIVED, the undersigned registered owner of this Warrant hereby sells, assigns and transfers unto the Assignee named below all of the rights of the
undersigned under the attached Warrant, with respect to the number of shares of Common Stock set forth below: 

	Name of Assignee
	 	Address
	 	No. of Shares

	

    	
 	

 	
 	

 
	

 
 	
 	

 	
 	

 

and
does hereby irrevocably constitute and appoint the Secretary of Genetronics Biomedical Corporation, a corporation organized under the laws of the State of Delaware (the
"Company") as its true and lawful attorney-in-fact to make such transfer on the books of the Company, maintained for that
purpose, with full power of substitution in the premises. 

	 	 	
 Printed Name of Holder (must correspond exactly to the name on the face of the Warrant)
	

 	
 	

 Signature of Holder
	

 	
 	

 Title of Signing Officer or Agent if Holder is Not an Individual
	

 	
 	

 Date

        The
undersigned Assignee represents and warrants to the Company that this Warrant and the shares of stock to be issued upon exercise hereof are being acquired for investment and that the
Assignee will not offer, sell or otherwise dispose of the Warrant or any shares of stock to be issued upon exercise hereof except under circumstances which will not result in a violation of the
Securities Act of 1933, as amended, or any state securities laws. Further, the undersigned Assignee represents and warrants that upon exercise of this Warrant, the Assignee shall, if requested by the
Company, confirm in writing, in a form satisfactory to the Company, that the shares of stock so purchased are being acquired for investment and not with a view toward distribution or resale. 

	 	 	
 Printed Name of Assignee
	

 	
 	

 Signature of Assignee
	

 	
 	

 Date

10

 
 
 

EXHIBIT A    
    
    Names of Owners; Percentage Interests    
    

	Name of Owners
 
	 	Percentage Interests
	 
	Collins Development Company	 	15.742	%
	

Arlin Miller Multiples, a California limited partnership	
 	

26.3395	
%
	

Roger R. and Sally J. Post, Trustees of the Roger R. Post Family Trust dated January 7, 1983	
 	

26.3395	
%
	

Tatiana Lansche, Trustee of the Lansche Trust A of the Lansche Family Trust dated March 31, 2000	
 	

7.89475	
%
	

Tatiana Lansche, Trustee of the Lansche Trust C of the Lansche Family Trust dated March 31, 2000	
 	

7.89475	
%
	

Kent M. Scudder, Trustee of the Kent M. Scudder Family Trust dated January 11, 1985	
 	

15.7895	
%
	 	 	
	 
	

TOTAL	
 	

100	
%

11

QuickLinks

Exhibit 4.16

GENETRONICS BIOMEDICAL CORPORATION COMMON STOCK PURCHASE WARRANT

NOTICE OF EXERCISE

ASSIGNMENT FORM

EXHIBIT A Names of Owners; Percentage Interests

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