Document:

TERM
        PROMISSORY NOTE

      Exhibit
        10.3

      Term
        Loan B

      $9,800,000

      San
        Juan, Puerto Rico

      
        	August 30, 2005	
                 Due:
                  March 31,
                  2008

              

      

            

      

      FOR
        VALUE
        RECEIVED, the undersigned (the “Borrowers”),hereby unconditionally, jointly and
        severally, primarily and unconditionally, promise to pay to the order of
        WESTERNBANK PUERTO RICO, a Puerto Rico banking corporation (the “Lender”), at
        the offices of Lender at Westernbank World Plaza, Suite 600, 268 Munoz Rivera
        Avenue, Hato Rey, Puerto Rico 00918, or at such other place as the Lender
        or any
        holder hereof may from time to time designate, the principal sum of Nine
        Million
        Eight Hundred Thousand Dollars ($9,800,000) in lawful money of the United
        States
        America and in immediately available funds, in twenty nine(29) consecutive
        monthly installments (or earlier as hereinafter provided), on the first day
        of
        each month commencing December 1, 2005, (a) of which the first twenty eight
        (28)
        payments shall be in the amount of $163,333.00 each and (b) with a final
        payment
        of $5,226,676.00 and interest due on March 31, 2008 (or earlier as hereinafter
        provided).

      

      Borrowers
        hereby further promise to pay interest to the order of Lender on the unpaid
        principal balance hereof at the Interest Rate (as hereinafter defined). Such
        interest shall be paid in like money at said office or place from the date
        hereof, monthly on the first day of each month until full and final payment
        of
        the indebtedness evidenced by this Note, commencing on the first day of the
        month following the date on which this Note is executed and delivered by
        Borrowers to Lender and on the first day of each month thereafter. Interest
        payable upon and after an Event of Default or termination or non-renewal
        of the
        Loan And Security Agreement, between the Lender and the Borrowers, dated
        as of
        the date hereof (the “Loan Agreement”) shall be payable upon
        demand.

      

      For
        purposes hereof, the term “Interest Rate” shall mean (a) two percent (2.00%) per
        annum over the Prime Rate subject to adjustment under the circumstances and
        as
        provided in the Loan Agreement and (b) such rate as may be so adjusted, from
        time to time. The interest rate charged hereunder shall increase or decrease
        by
        an amount equal to each increase or decrease respectively, in said Prime
        Rate,
        effective on the first day of the month after any change in the Prime Rate
        shall
        occur. The increase or decrease shall be based on the Prime Rate in effect
        on
        the last day of the month in which any such change occurs. Interest shall
        be
        calculated on the basis of a three hundred and sixty (360) day year and actual
        days elapsed. At no time will the Interest Rate be less than seven and one
        half
        percent (7.50%) per annum. In no event shall interest charged hereunder exceed
        the maximum permitted under the laws of the Commonwealth of Puerto Rico or
        other
        applicable law.

      

      Interest
        shall be payable at Lender’s option, without notice, at the rate of four percent
        (4.00%) per annum in excess of the Prime Rate, from and after the maturity
        hereof or after the date of the occurrence of an Event of Default, and for
        so
        long as such Event of Default is continuing as determined by Lender and until
        such time as Lender has received full and final payment of all Obligations
        (notwithstanding the entry of any judgment against a Borrower).

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

          
          

        

      

      Lender’s
        charges shall be included in each monthly statement of Borrowers’ loan account.
        Lender shall have the right, at Lender’s option, to charge all such interest
        charges and fees (including, without limitation, any retroactive interest
        as
        provided in the Loan Agreement) to Borrowers’ loan account on the first day of
        each month, and such interest charges shall be deemed to be paid by the first
        amounts subsequently credited thereto.

      

      This
        Note
        is issued pursuant to the terms and provisions of the Loan Agreement to evidence
        the Term Loan B by Lender to Borrowers. This Note is secured by the Collateral
        described in the Loan Agreement and all notes, guarantees, security agreements
        and other agreements, documents and instruments now or at any time hereafter
        executed and/or delivered by a Borrower or any other party in connection
        therewith (all of the foregoing, together with the Loan Agreement, as the
        same
        now exist or may hereafter be amended, modified, supplemented, renewed,
        extended, restated or replaced, being collectively referred to herein as
        the
“Financing Agreements”), and is entitled to all of the benefits and rights
        thereof and of the other Financing Agreements. Capitalized terms used herein,
        not otherwise defined herein, shall have the respective meanings prescribed
        in
        the Loan Agreement. At the time any payment is due hereunder (including,
        without
        limitation, any retroactive interest as provided in the Loan Agreement),
        at its
        option, Lender may charge the amount thereof to any account of any Borrower
        maintained by Lender.

      

      If
        any
        payment of principal or interest is not made when due hereunder, or if any
        other
        Event of Default shall occur for any reason, or if the Loan Agreement shall
        be
        terminated or not renewed for any reason whatsoever, then and in any such
        event,
        in addition to all rights and remedies of Lender under the Financing Agreements,
        applicable law or otherwise, all such rights and remedies being cumulative,
        not
        exclusive and enforceable alternatively, successively and concurrently, Lender
        may, at its option, declare any or all of Borrowers’ obligations, liabilities
        and indebtedness owing to Lender under the Loan Agreement and the other
        Financing Agreements (the “Obligations”), including, without limitation, all
        amounts owing under this Note, to be due and payable, whereupon the then
        unpaid
        balance hereof, together with all interest accrued thereon, shall forthwith
        become due and payable, together with interest accruing thereafter at the
        then
        applicable Interest Rate stated above until the indebtedness evidenced by
        this
        Note is paid in full, plus the costs and expenses of collection hereof,
        including, but not limited to, attorneys’ fees and legal expenses.

      

      Borrowers
        (a) waive diligence, demand, presentment, protest and notice of any kind,
        (b)
        agrees that it will not be necessary for Lender to first institute suit in
        order
        to enforce payment of this Note and (c) consents to any one or more extensions
        or postponements of time of payment, release, surrender or substitution of
        collateral security, or forbearance or other indulgence, without notice or
        consent. The pleading of any statute of limitations as a defense to any demand
        against Borrowers is expressly hereby waived by Borrowers. Upon any Event
        of
        Default or termination or non-renewal of the Loan Agreement, Lender shall
        have
        the right, but not the obligation, to setoff against this Note all money
        owed by
        Lender to any Borrower.

      

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      Lender
        shall not be required to resort to any Collateral for payment, but may proceed
        against Borrowers and any guarantors or endorsers hereof in such order and
        manner as Lender may choose. None of the rights of Lender shall be waived
        or
        diminished by any failure or delay in the exercise thereof.

       

      The
        validity, interpretation and enforcement of this Note and the other Financing
        Agreements and any dispute arising in connection herewith or therewith shall
        be
        governed by the internal laws of the Commonwealth of Puerto Rico (without
        giving
        effect to principles of conflicts of law).

      

      Borrowers
        irrevocably consent and submits to the non-exclusive jurisdiction of the
        Superior Court of San Juan and/or the United States District Court for the
        District of Puerto Rico and waives any objection based on venue or forum non conveniens
        with
        respect to any action instituted therein arising under this Note or any of
        the
        other Financing Agreements or in any way connected with or related or incidental
        to the dealings of Borrowers and Lender in respect of this Note or any of
        the
        other Financing Agreements or the transactions related hereto or thereto,
        in
        each case whether now existing or hereafter arising, and whether in contract,
        tort, equity or otherwise, and agrees that any dispute arising out of the
        relationship between Borrowers and Lender or the conduct of such persons
        in
        connection with this Note or otherwise shall be heard only in the courts
        described above (except that Lender shall have the right to bring any action
        or
        proceeding against any Borrower or its property in the courts of any other
        jurisdiction which Lender deems necessary or appropriate in order to realize
        on
        the Collateral or to otherwise enforce its rights against such Borrower or
        its
        property).

      

      Borrowers
        hereby waive personal service of any and all process upon it and consents
        that
        all such service of process may be made by certified mail (return receipt
        requested) directed to it and service so made shall be deemed to be completed
        five(5) days
        after the same shall have been so deposited in the U.S. mails, or , at Lender’s
        option, by service upon Borrowers in any other manner provided under the
        rules
        of any such courts. Within thirty (30) days after such service, Borrowers
        shall
        appear in answer to such process, failing which Borrowers shall be deemed
        in
        default and judgment may be entered by Lender against Borrowers for the amount
        of the claim and other relief requested.

      

      BORROWERS
        HEREBY WAIVE ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE
        OF
        ACTION (a) ARISING UNDER THIS NOTE OR (b) IN ANY WAY CONNECTED WITH OR RELATED
        OR RELATED OR INCIDENTAL TO THE DEALINGS BETWEEN BORROWER AND LENDER IN RESPECT
        OF THIS NOTE OR ANY OF THE OTHER FINANCING AGREEMENTS OR THE TRANSACTIONS
        RELATED HERETO OR THERETO IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER
        ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY OR OTHERWISE. BORROWERS AGREE
        AND
        CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE
        DECIDED
        BY COURT TRIAL WITHOUT A JURY.

      

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      The
        execution and delivery of this Note has been authorized by the Board of
        Directors and by any necessary vote or consent of the stockholders of Borrowers.
        Borrowers hereby authorize Lender to complete this Note in any particulars
        according to the terms of the loan evidenced hereby.

      

      This
        Note
        shall be binding upon the successors and assigns of Borrowers and inure to
        the
        benefit of Lender and its successors, endorsees and assigns. Whenever used
        herein, the term “Borrowers” shall be deemed to include their respective
        successors and assigns and the term “Lender” shall be deemed to include its
        successors, endorsees and assigns. If any term or provision of this Note
        shall
        be held invalid, illegal or unenforceable, the validity of all other terms
        and
        provisions hereof shall in no way be affected thereby.

      

      

      

      

      Inyx
        Europe Limited

      

      

      By:
        /s/
        Jack Kachkar

      Name:
        Jack Kachkar

      Title:
        Director

      

      

      By:/s/
        Jay M. Green

      Name:
        Jay
        M. Green

      Title:
        Director

      

      

      Celltech
        Manufacturing Services Limited

      

      

      By:
        /s/
        Jack Kachkar

      Name:
        Jack Kachkar

      Title:
        Director

      

      

      By:
        /s/
        Jay
        M. Green

      Name:
        Jay
        M. Green

      Title:
        Director

      

      

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      Signed
        before me Emma
        Warne
        on
31
        August
        2005, a
        Solicitor of England And Wales by Jack
        Kachkar,
        personally known to me or who has produced a driver’s license or passport as
        identification, at Allen & Overy, One New Change, London, EC4M 9QQ,
        England.

      

      

       Emma
        Warne

      Solicitor

      

      

      

      Signed
        before me Emma
        Warne
        on
31
        August
        2005, a
        Solicitor of England And Wales by Jay
        Green,
        personally known to me or who has produced a driver’s license or passport as
        identification, at Allen & Overy, One New Change, London, EC4M 9QQ,
        England.

      

      

       Emma
        Warne

      Solicitor

      

      

      
        
          
          

        

        
          5TERM
        PROMISSORY NOTE

      Exhibit
        10.4

      Term
        Loan C

      $3,000,000

      San
        Juan, Puerto Rico

      
        	August 30, 2005	
                 Due:
                  March 31,
                  2008

              

      

            

      

      FOR
        VALUE
        RECEIVED, the undersigned (the “Borrowers”),hereby unconditionally, jointly and
        severally, primarily and unconditionally, promise to pay to the order of
        WESTERNBANK PUERTO RICO, a Puerto Rico banking corporation (the “Lender”), at
        the offices of Lender at Westernbank World Plaza, Suite 600, 268 Munoz Rivera
        Avenue, Hato Rey, Puerto Rico 00918, or at such other place as the Lender
        or any
        holder hereof may from time to time designate, the principal sum of Three
        Million Dollars ($3,000,000) in lawful money of the United States America
        and in
        immediately available funds, in twenty nine(29) consecutive monthly installments
        (or earlier as hereinafter provided), on the first day of each month commencing
        December 1, 2005, (a) of which the first twenty eight (28) payments shall
        be in
        the amount of $50,000.00 each and (b) with a final payment of $1,6000,000
        and
        interest due on March 31, 2008 (or earlier as hereinafter
        provided).

      

      Borrowers
        hereby further promise to pay interest to the order of Lender on the unpaid
        principal balance hereof at the Interest Rate (as hereinafter defined). Such
        interest shall be paid in like money at said office or place from the date
        hereof, monthly on the first day of each month until full and final payment
        of
        the indebtedness evidenced by this Note, commencing on the first day of the
        month following the date on which this Note is executed and delivered by
        Borrowers to Lender and on the first day of each month thereafter. Interest
        payable upon and after an Event of Default or termination or non-renewal
        of the
        Loan And Security Agreement, between the Lender and the Borrowers, dated
        as of
        the date hereof (the “Loan Agreement”) shall be payable upon
        demand.

      

      For
        purposes hereof, the term “Interest Rate” shall mean (a) two percent (2.00%) per
        annum over the Prime Rate subject to adjustment under the circumstances and
        as
        provided in the Loan Agreement and (b) such rate as may be so adjusted, from
        time to time. The interest rate charged hereunder shall increase or decrease
        by
        an amount equal to each increase or decrease respectively, in said Prime
        Rate,
        effective on the first day of the month after any change in the Prime Rate
        shall
        occur. The increase or decrease shall be based on the Prime Rate in effect
        on
        the last day of the month in which any such change occurs. Interest shall
        be
        calculated on the basis of a three hundred and sixty (360) day year and actual
        days elapsed. At no time will the Interest Rate be less than seven and one
        half
        percent (7.50%) per annum. In no event shall interest charged hereunder exceed
        the maximum permitted under the laws of the Commonwealth of Puerto Rico or
        other
        applicable law.

      

      Interest
        shall be payable at Lender’s option, without notice, at the rate of four percent
        (4.00%) per annum in excess of the Prime Rate, from and after the maturity
        hereof or after the date of the occurrence of an Event of Default, and for
        so
        long as such Event of Default is continuing as determined by Lender and until
        such time as Lender has received full and final payment of all Obligations
        (notwithstanding the entry of any judgment against a Borrower).

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

          
          

        

      

      Lender’s
        charges shall be included in each monthly statement of Borrowers’ loan account.
        Lender shall have the right, at Lender’s option, to charge all such interest
        charges and fees (including, without limitation, any retroactive interest
        as
        provided in the Loan Agreement) to Borrowers’ loan account on the first day of
        each month, and such interest charges shall be deemed to be paid by the first
        amounts subsequently credited thereto.

      

      This
        Note
        is issued pursuant to the terms and provisions of the Loan Agreement to evidence
        the Term Loan B by Lender to Borrowers. This Note is secured by the Collateral
        described in the Loan Agreement and all notes, guarantees, security agreements
        and other agreements, documents and instruments now or at any time hereafter
        executed and/or delivered by a Borrower or any other party in connection
        therewith (all of the foregoing, together with the Loan Agreement, as the
        same
        now exist or may hereafter be amended, modified, supplemented, renewed,
        extended, restated or replaced, being collectively referred to herein as
        the
“Financing Agreements”), and is entitled to all of the benefits and rights
        thereof and of the other Financing Agreements. Capitalized terms used herein,
        not otherwise defined herein, shall have the respective meanings prescribed
        in
        the Loan Agreement. At the time any payment is due hereunder (including,
        without
        limitation, any retroactive interest as provided in the Loan Agreement),
        at its
        option, Lender may charge the amount thereof to any account of any Borrower
        maintained by Lender.

      

      If
        any
        payment of principal or interest is not made when due hereunder, or if any
        other
        Event of Default shall occur for any reason, or if the Loan Agreement shall
        be
        terminated or not renewed for any reason whatsoever, then and in any such
        event,
        in addition to all rights and remedies of Lender under the Financing Agreements,
        applicable law or otherwise, all such rights and remedies being cumulative,
        not
        exclusive and enforceable alternatively, successively and concurrently, Lender
        may, at its option, declare any or all of Borrowers’ obligations, liabilities
        and indebtedness owing to Lender under the Loan Agreement and the other
        Financing Agreements (the “Obligations”), including, without limitation, all
        amounts owing under this Note, to be due and payable, whereupon the then
        unpaid
        balance hereof, together with all interest accrued thereon, shall forthwith
        become due and payable, together with interest accruing thereafter at the
        then
        applicable Interest Rate stated above until the indebtedness evidenced by
        this
        Note is paid in full, plus the costs and expenses of collection hereof,
        including, but not limited to, attorneys’ fees and legal expenses.

      

      Borrowers
        (a) waive diligence, demand, presentment, protest and notice of any kind,
        (b)
        agrees that it will not be necessary for Lender to first institute suit in
        order
        to enforce payment of this Note and (c) consents to any one or more extensions
        or postponements of time of payment, release, surrender or substitution of
        collateral security, or forbearance or other indulgence, without notice or
        consent. The pleading of any statute of limitations as a defense to any demand
        against Borrowers is expressly hereby waived by Borrowers. Upon any Event
        of
        Default or termination or non-renewal of the Loan Agreement, Lender shall
        have
        the right, but not the obligation, to setoff against this Note all money
        owed by
        Lender to any Borrower.

      

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      Lender
        shall not be required to resort to any Collateral for payment, but may proceed
        against Borrowers and any guarantors or endorsers hereof in such order and
        manner as Lender may choose. None of the rights of Lender shall be waived
        or
        diminished by any failure or delay in the exercise thereof.

       

      The
        validity, interpretation and enforcement of this Note and the other Financing
        Agreements and any dispute arising in connection herewith or therewith shall
        be
        governed by the internal laws of the Commonwealth of Puerto Rico (without
        giving
        effect to principles of conflicts of law).

      

      Borrowers
        irrevocably consent and submits to the non-exclusive jurisdiction of the
        Superior Court of San Juan and/or the United States District Court for the
        District of Puerto Rico and waives any objection based on venue or forum non conveniens
        with
        respect to any action instituted therein arising under this Note or any of
        the
        other Financing Agreements or in any way connected with or related or incidental
        to the dealings of Borrowers and Lender in respect of this Note or any of
        the
        other Financing Agreements or the transactions related hereto or thereto,
        in
        each case whether now existing or hereafter arising, and whether in contract,
        tort, equity or otherwise, and agrees that any dispute arising out of the
        relationship between Borrowers and Lender or the conduct of such persons
        in
        connection with this Note or otherwise shall be heard only in the courts
        described above (except that Lender shall have the right to bring any action
        or
        proceeding against any Borrower or its property in the courts of any other
        jurisdiction which Lender deems necessary or appropriate in order to realize
        on
        the Collateral or to otherwise enforce its rights against such Borrower or
        its
        property).

      

      Borrowers
        hereby waive personal service of any and all process upon it and consents
        that
        all such service of process may be made by certified mail (return receipt
        requested) directed to it and service so made shall be deemed to be completed
        five(5) days
        after the same shall have been so deposited in the U.S. mails, or , at Lender’s
        option, by service upon Borrowers in any other manner provided under the
        rules
        of any such courts. Within thirty (30) days after such service, Borrowers
        shall
        appear in answer to such process, failing which Borrowers shall be deemed
        in
        default and judgment may be entered by Lender against Borrowers for the amount
        of the claim and other relief requested.

      

      BORROWERS
        HEREBY WAIVE ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE
        OF
        ACTION (a) ARISING UNDER THIS NOTE OR (b) IN ANY WAY CONNECTED WITH OR RELATED
        OR RELATED OR INCIDENTAL TO THE DEALINGS BETWEEN BORROWER AND LENDER IN RESPECT
        OF THIS NOTE OR ANY OF THE OTHER FINANCING AGREEMENTS OR THE TRANSACTIONS
        RELATED HERETO OR THERETO IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER
        ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY OR OTHERWISE. BORROWERS AGREE
        AND
        CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE
        DECIDED
        BY COURT TRIAL WITHOUT A JURY.

      

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      The
        execution and delivery of this Note has been authorized by the Board of
        Directors and by any necessary vote or consent of the stockholders of Borrowers.
        Borrowers hereby authorize Lender to complete this Note in any particulars
        according to the terms of the loan evidenced hereby.

      

      This
        Note
        shall be binding upon the successors and assigns of Borrowers and inure to
        the
        benefit of Lender and its successors, endorsees and assigns. Whenever used
        herein, the term “Borrowers” shall be deemed to include their respective
        successors and assigns and the term “Lender” shall be deemed to include its
        successors, endorsees and assigns. If any term or provision of this Note
        shall
        be held invalid, illegal or unenforceable, the validity of all other terms
        and
        provisions hereof shall in no way be affected thereby.

      

      Inyx
        Europe Limited

      

      

      By:
        /s/
        Jack Kachkar

      Name:
        Jack Kachkar

      Title:
        Director

      

      

      By:/s/
        Jay M. Green

      Name:
        Jay
        M. Green

      Title:
        Director

      

      

      Celltech
        Manufacturing Services Limited

      

      

      By:
        /s/
        Jack Kachkar

      Name:
        Jack Kachkar

      Title:
        Director

      

      

      By:
        /s/
        Jay
        M. Green

      Name:
        Jay
        M. Green

      Title:
        Director

      

      

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      Signed
        before me Emma
        Warne
        on
31
        August
        2005, a
        Solicitor of England And Wales by Jack
        Kachkar,
        personally known to me or who has produced a driver’s license or passport as
        identification, at Allen & Overy, One New Change, London, EC4M 9QQ,
        England.

      

      

       Emma
        Warne

      Solicitor

      

      

      

      Signed
        before me Emma
        Warne
        on
31
        August
        2005, a
        Solicitor of England And Wales by Jay
        Green,
        personally known to me or who has produced a driver’s license or passport as
        identification, at Allen & Overy, One New Change, London, EC4M 9QQ,
        England.

      

      

       Emma
        Warne

      Solicitor

      

      

      
        
          
          

        

        
          5

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