Document:

Unassociated Document

    Exhibit
      4.1

     

    
      	
              NUMBER

            	
              Incorporated
                Under the Laws of

            	
              SHARES

            
	 	
              the
                State of Delaware

            	 

    

    

    INNOVIVE
      PHARMACEUTICALS, INC.

    TOTAL
      AUTHORIZED ISSUE 30,000,000 SHARES

    

    
      	
              25,000,000
                SHARES PAR VALUE $.001 EACH

            	 	
              5,000,000
                SHARES PAR VALUE $.001 EACH

            
	
              COMMON
                STOCK

            	 	
              PREFERRED
                STOCK

            

    

    

    This
      is to Certify that
      ______________________________________________ is
      the owner of ________________________________________________________________

    

    FULLY
      PAID AND NON-ASSESSABLE SHARES OF COMMON STOCK OF

    INNOVIVE
      PHARMACEUTICALS, INC.

    

    transferable
      on the books of the Corporation by the holder hereof in person or by duly
      authorized Attorney upon surrender of this Certificate properly endorsed.

    Witness,
      the
      seal of the Corporation and the signatures of its duly authorized
      officers.

    

    Dated

     

     

    
      	 	 	 
	
              
                Secretary
                  

              

            	 	
              President

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    The
      following abbreviations, when used in the inscription on the face of this
      certificate, shall be construed as though they were written out in full
      according to applicable laws or regulations: 

     

    
      

        
          	
                  TEN
                    COM

                	
                  -

                	
                  as
                    tenants in common

                	 	
                  UNIF
                    TRANSFERS MIN ACT -

                	
                  .
                    .
                    . . . . . Custodian . . . . . . .

                
	
                  TEN
                    ENT

                	
                  -

                	
                  as
                    tenants by the entireties

                	 	 	
                  (Cust)

                	
                  (Minor)

                
	
                  JT
                    TEN

                	
                  -

                	
                  as
                    joint tenants with right of survivorship
                    and not as tenants in
                    common

                	 	
                  under
                    uniform Transfers to Minors

                    Act.................................

                                           
                        (State)

                    

                  

                	 	 
	 	 	 	 	 	 	 
	 	 	 Additional
                  abbreviations may also be used though not in the above
                  list 

        

      

    

     

        
      

    For
      value
      received ______________ hereby sell, assign and transfer unto

    

    PLEASE
      INSERT SOCIAL SECURITY OR OTHER

    IDENTIFIYING
      NUMBER OF ASSIGNEE 

    

      
        	
                 

              

      

      
        
          

        

      

      
         

        
          

        

         

      

    

    
      
        

      

    

    (PLEASE
      PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE)
      

    
       

      
        

      

    

    
       

      
        

      

    

     

    
      
        

      
Shares
      represented by the within Certificate, and do hereby irrevocably constitute
      and
      appoint ___________________________________________ Attorney
      to transfer the said Shares on the books of the within named Corporation with
      full power of substitution in the premises. 

    Dated
      ________________________________ 

                                 
      In presence of 

     

    
 

    _____________________________________
      

     

    
      _____________________________________Exhibit
        4.2

      Warrant
        No. CS2005-___

    

     

    

      INNOVIVE
        PHARMACEUTICALS, INC.

      COMMON
        STOCK WARRANT

      

      THIS
        WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
        (THE “ACT”),
        OR
        UNDER THE SECURITIES LAWS OF ANY STATE. THIS WARRANT IS SUBJECT TO RESTRICTIONS
        ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT
        AS
        PERMITTED UNDER THE ACT AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT
        TO
        REGISTRATION OR EXEMPTION THEREFROM. THE ISSUER OF THIS WARRANT MAY REQUIRE
        AN
        OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE
        EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT
        AND
        ANY APPLICABLE STATE SECURITIES LAWS. 

      

      This
        certifies that [        
        ]
(the
        “Holder”),
        or
        assigns, at any time or from time to time up to and including 5:00 p.m. (Eastern
        Time) on the date that is the seventh (7th) anniversary
        of the final closing of the sale of Bridge Notes (as defined in the Note
        (as
        defined below)) by the Company (the “Expiration
        Date”),
        for
        value received, is entitled to purchase from Innovive Pharmaceuticals, Inc.,
        a
        Delaware corporation (the “Company”),
        subject to the terms set forth below, that number of fully-paid and
        nonassessable shares (subject to adjustment as provided herein) (the
“Warrant
        Shares”)
        of the
        Company’s Common Stock, $0.001 par value per share (the “Common
        Stock”),
        equal
        to (i) (A) fifteen percent (15%) multiplied by (B) the principal amount of
        that
        certain Senior Convertible Promissory Note dated ______ 2005 issued by the
        Company to the Holder (the “Note”)
        pursuant to that certain Note and Warrant Purchase Agreement dated _____
        2005
        between the Company and the Holder (the “Purchase
        Agreement”),
        divided by (ii) the lowest price per share for securities (the “Next
        Round Price”)
        issued
        by the Company in the next Qualified Financing (as defined in the Note),
        upon
        surrender to the Company at its principal office (or at such other location
        as
        the Company may advise the Holder in writing) of this Warrant properly endorsed
        with the Form of Subscription attached hereto duly completed and signed and
        upon
        payment of the aggregate Exercise Price (as defined below) for the number
        of
        Warrant Shares for which this Warrant is being exercised determined in
        accordance with the provisions hereof. The per share exercise price (the
        “Exercise
        Price”)
        per
        Warrant Share issuable pursuant to this Common Stock Warrant shall be one
        hundred and ten percent (110%) of the Next Round Price, payable in cash.
        The
        Exercise Price is subject to adjustment as provided in Section 3 of this
        Warrant. In the event that a Qualified Financing does not occur by the first
        anniversary of the final closing of the sale of Bridge Notes by the Company,
        the
        Next Round Price, for purposes of determining the number of Warrant Shares
        for
        which this Warrant is exercisable and the applicable Exercise Price of this
        Warrant, shall be determined by dividing a $7,500,000 pre-money valuation
        of the
        Company by the number of shares of Common Stock of the Company then outstanding
        on a fully diluted basis. Notwithstanding the foregoing, the Company shall
        have
        the right to redeem this Warrant as described in Section 4 hereof. This Warrant
        is issued subject to the following terms and conditions:

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      1.   Exercise,
        Issuance of Certificates.   Subject
        to Section 4
        hereof, the Holder may exercise this Warrant at any time or from time to
        time
        after the earlier to occur of a Qualified Financing or the first anniversary
        of
        the final closing of the sale of Bridge Notes by the Company, and on or prior
        to
        the Expiration Date for all or any part of the Warrant Shares (but not for
        a
        fraction of a share) that may be purchased hereunder, as that number may
        be
        adjusted pursuant to Section 3 of this Warrant. The Company agrees that the
        Warrant Shares purchased under this Warrant shall be and are deemed to be
        issued
        to the Holder hereof as the record owner of such Warrant Shares as of the
        close
        of business on the date on which this Warrant shall have been surrendered,
        properly endorsed, the completed and executed Form of Subscription delivered,
        and payment made for such Warrant Shares (such date, a “Date
        of Exercise”).
        Certificates for the Warrant Shares so purchased, together with any other
        securities or property to which the Holder hereof is entitled upon such
        exercise, shall be delivered to the Holder hereof by the Company at the
        Company’s expense as soon as practicable after the rights represented by this
        Warrant have been so exercised, but in any event not later than ten days
        following the Date of Exercise. In case of a purchase of less than all the
        Warrant Shares which may be purchased under this Warrant, the Company shall
        cancel this Warrant and execute and deliver to the Holder hereof within a
        reasonable time a new Warrant or Warrants of like tenor for the balance of
        the
        Warrant Shares purchasable under the Warrant surrendered upon such purchase.
        Each stock certificate so delivered shall be registered in the name of such
        Holder and issued with a legend in substantially the form of the legend placed
        on the front of this Warrant. 

       

      (a)   The
        Company’s obligations to issue and deliver Warrant Shares in accordance with the
        terms hereof are absolute and unconditional, irrespective of any action or
        inaction by the Holder to enforce the same. Nothing herein shall limit a
        Holder’s right to pursue any other remedies available to it hereunder, at law or
        in equity including, without limitation, a decree of specific performance
        and/or
        injunctive relief with respect to the Company’s failure to timely deliver
        certificates representing shares of Common Stock upon exercise of the Warrant
        as
        required pursuant to the terms hereof.

       

      (b)   Payment
        of Exercise Price.   The
        Holder shall pay the
        Exercise Price by delivering immediately available funds to the
        Company.

       

      2.   Shares
        to be Fully Paid; Reservation of Shares.   The
        Company covenants and
        agrees that all Warrant Shares, will, upon issuance and payment of the
        applicable Exercise Price, be duly authorized, validly issued, fully paid
        and
        nonassessable, and free of all preemptive rights, liens and encumbrances,
        except
        for restrictions on transfer provided for herein. The Company shall at all
        times
        reserve and keep available out of its authorized and unissued Common Stock,
        solely for the purpose of providing for the exercise of the rights to purchase
        all Warrant Shares granted pursuant to this Warrant, such number of shares
        of
        Common Stock as shall, from time to time, be sufficient therefor.

       

      3.   Adjustment
        of Exercise Price and Number of Shares.   The
        Exercise Price and
        the total number of Warrant Shares shall be subject to adjustment from time
        to
        time upon the occurrence of certain events described in this Section
        3.

       

      (a)   Subdivision
        or Combination of Stock.   In
        the event the
        outstanding shares of the Company’s Common Stock shall be increased by a stock
        dividend payable in Common Stock, stock split, subdivision, or other similar
        transaction occurring after the date hereof into a greater number of shares
        of
        Common Stock, the Exercise Price in effect immediately prior to such subdivision
        shall be proportionately reduced and the number of Warrant Shares issuable
        hereunder proportionately increased. Conversely, in the event the outstanding
        shares of the Company’s Common Stock shall be decreased by reverse stock split,
        combination, consolidation, or other similar transaction occurring after
        the
        date hereof into a lesser number of shares of Common Stock, the Exercise
        Price
        in effect immediately prior to such combination shall be proportionately
        increased and the number of Warrant Shares issuable hereunder proportionately
        decreased.

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

         

      

      (b)   Reclassification.   If
        any reclassification
        of the capital stock of the Company or any reorganization, consolidation,
        merger, or any sale, lease, license, exchange or other transfer (in one
        transaction or a series of related transactions) of all or substantially
        all, of
        the business and/or assets of the Company (the “Reclassification
        Events”)
        shall be effected in such a way that holders of Common Stock shall be entitled
        to receive stock, securities, or other assets or property, then, as a condition
        of such Reclassification Event, lawful and adequate provisions shall be made
        whereby the Holder hereof shall thereafter have the right to purchase and
        receive (in lieu of the shares of Common Stock of the Company immediately
        theretofore purchasable and receivable upon the exercise of the rights
        represented hereby) such shares of stock, securities, or other assets or
        property as may be issued or payable with respect to or in exchange for a
        number
        of outstanding shares of such Common Stock equal to the number of shares
        of such
        stock immediately theretofore purchasable and receivable upon the exercise
        of
        the rights represented hereby. In any Reclassification Event, appropriate
        provision shall be made with respect to the rights and interests of the Holder
        of this Warrant to the end that the provisions hereof (including, without
        limitation, provisions for adjustments of the Exercise Price and of the number
        of Warrant Shares), shall thereafter be applicable, as nearly as may be,
        in
        relation to any shares of stock, securities, or assets thereafter deliverable
        upon the exercise hereof.

       

      (c)   Notice
        of Adjustment.   Upon
        any adjustment of
        the Exercise Price or any increase or decrease in the number of Warrant Shares,
        the Company shall give written notice thereof, by first class mail postage
        prepaid, addressed to the registered Holder of this Warrant at the address
        of
        such Holder as shown on the books of the Company. The notice shall be prepared
        and signed by the Company’s Chief Financial Officer and shall state the Exercise
        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 this
        Warrant, setting forth in reasonable detail the method of calculation and
        the
        facts upon which such calculation is based. 

       

      4.   Redemption
        of Warrants.

      

      (a)  Redemption.   This
        Warrant may be
        redeemed at the option of the Company, at any time after the date the Common
        Stock is traded on the Over-the-Counter Bulletin Board (the “OTCBB”),
        Nasdaq National Market, Small Cap Market System or on a national securities
        exchange, following a period of thirty (30) consecutive calendar days in
        which
        the per share average closing sale price of the Common Stock equals or exceeds
        an amount that is twice the Exercise Price, on notice as set forth in Section
        4(b) hereof, and at a redemption price equal to four hundred percent (400%)
        of
        the Exercise Price (the “Redemption
        Price”)
        for
        each Warrant Share purchasable under this Warrant; provided,
        however,
        that
        this Warrant may not be redeemed by the Company unless the resale of the
        Warrant
        Shares purchasable hereunder has been registered under the Securities Act
        of
        1933, as amended (the “Act”)
        or are
        otherwise freely tradable. For purposes of this Section, the closing sale
        price
        of the Common Stock shall be determined by the closing price as reported
        by the
        OTCBB so long as the Common Stock is quoted on the OTCBB, and if the Common
        Stock is hereafter listed or quoted on the Nasdaq National Market or SmallCap
        Market Systems or a national securities exchange, shall be determined by
        the
        last reported sale price on the primary exchange or market on which the Common
        Stock is traded. 

      

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

         

      

      (b)  Notice
        of Redemption.   In
        the case of any
        redemption of this Warrant, the Company shall give notice of such redemption
        to
        the Holder hereof as provided in this Section 4(b). Notice of redemption
        to the
        Holder of this Warrant shall be given in person, by recognized overnight
        courier, mailed by certified or registered mail, return receipt requested,
        or by
        confirmed facsimile transmission, to the Holder’s last address and/or facsimile
        of record with the Company not less than thirty (30) days prior to the date
        fixed for redemption. Any notice which is given in the manner herein provided
        shall be conclusively presumed to have been duly given, whether or not the
        Holder receives the notice. Each such notice shall specify the date fixed
        for
        redemption, the place of redemption and the aggregate Redemption Price, and
        shall state that payment of the Redemption Price will be made upon surrender
        of
        this Warrant at such place of redemption, and that if not exercised by the
        close
        of business on the date fixed for redemption, the exercise rights of the
        Warrant
        shall expire unless extended by the Company. Such notice shall also state
        the
        current Exercise Price and the date on which the right to exercise the Warrant
        will expire unless extended by the Company.

      

      (c)   Payment
        of Redemption Price.   If
        notice of redemption
        shall have been given as provided in Section 4(b), the Redemption Price shall,
        unless the Warrant is theretofore exercised pursuant to the terms hereof,
        become
        due and payable on the date and at the place stated in such notice. On and
        after
        such date of redemption, the exercise rights of this Warrant shall expire
        and
        this Warrant shall be null and void on presentation and surrender of this
        Warrant at such place of payment in such notice specified, this Warrant shall
        be
        paid and redeemed at the Redemption Price per Warrant Share within ten (10)
        days
        thereafter.

       

      5.   No
        Voting or Dividend Rights.   Nothing
        contained in this
        Warrant shall be construed as conferring upon the holder hereof the right
        to
        vote or to consent to receive notice as a stockholder of the Company on any
        other matters or any rights whatsoever as a shareholder of the Company. No
        dividends or interest shall be payable or accrued in respect of this Warrant
        or
        the interest represented hereby or the shares purchasable hereunder until,
        and
        only to the extent that, this Warrant shall have been exercised.

       

      6.   Compliance
        with Securities Act.   The
        Holder of this
        Warrant, by acceptance hereof, agrees that this Warrant is being acquired
        for
        its own account and not for any other person or persons, for investment purposes
        and that it will not offer, sell, or otherwise dispose of this Warrant except
        under circumstances which will not result in a violation of the Act or any
        applicable state securities laws. 

       

      7.   Limited
        Transferability.   The
        Holder represents
        that by accepting this Warrant it understands that this Warrant and any
        securities obtainable upon exercise of this Warrant have not been registered
        for
        sale under Federal or state securities laws and are being offered and sold
        to
        the Holder pursuant to one or more exemptions from the registration requirements
        of such securities laws. In the absence of an effective registration of such
        securities or an exemption therefrom, any certificates for such securities
        shall
        bear the legend set forth on the first page hereof. The Holder understands
        that
        it must bear the economic risk of its investment in this Warrant and any
        securities obtainable upon exercise of this Warrant for an indefinite period
        of
        time, as this Warrant and such securities have not been registered under
        Federal
        or state securities laws and therefore cannot be sold unless subsequently
        registered under such laws, unless an exemption from such registration is
        available. 

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

         

      

      8.   Modification
        and Waiver.   This
        Warrant and any
        provision hereof may be changed, waived, discharged, or terminated only by
        an
        instrument in writing signed by the party against whom enforcement of the
        same
        is sought. 

       

      9.   Notices.   Any
        notice, request, or
        other document required or permitted to be given or delivered to the Holder
        hereof or the Company shall be delivered as set forth in the Purchase
        Agreement.

       

      10.   Governing
        Law.   This
        Warrant shall be
        construed and enforced in accordance with, and the rights of the parties
        shall
        be governed by, the laws of the State of New York.

       

      11.   Lost
        or Stolen 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 receipt of an indemnity reasonably satisfactory to the
        Company, or in the case of any such mutilation, upon surrender and cancellation
        of such Warrant, the Company, at its expense, will make and deliver a new
        Warrant, of like tenor, in lieu of the lost, stolen, destroyed or mutilated
        Warrant.

       

      12.   Fractional
        Shares.   No
        fractional shares
        shall be issued upon exercise of this Warrant. The Company shall, in lieu
        of
        issuing any fractional share, pay the Holder entitled to such fraction a
        sum in
        cash equal to such fraction (calculated to the nearest 1/100th of a share)
        multiplied by the then effective Exercise Price on the date the Form of
        Subscription is received by the Company.

       

      13.   Successors
        and Assigns.   This
        Warrant and the
        rights evidenced hereby shall inure to the benefit of and be binding upon
        the
        successors of the Company and the successors and assigns of the Holder. The
        provisions of this Warrant are intended to be for the benefit of all Holders
        from time to time of this Warrant, and shall be enforceable by any such
        Holder.

       

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

       

      [Signature
        Page Follows]

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Company has caused this Warrant to be duly executed
        by its
        officer, thereunto duly authorized as of this [   ]
        day of [    
        ],
        2005.

       

      

       

      Innovive
        Pharmaceuticals, Inc.

      

      

      By:_______________________________

      

      Name:_____________________________

      

      Title:______________________________

      

      

      

      

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

          
          

        

      

      FORM
        OF SUBSCRIPTION

       

      (To
        be signed only upon exercise of Warrant)

       

      To: Innovive
        Pharmaceuticals, Inc.

       

      The
        undersigned, the holder of the attached Common Stock Warrant, hereby elects
        to
        exercise the purchase right represented by such Warrant for, and to purchase
        thereunder,                                    1 
        shares of Common Stock of Innovive Pharmaceuticals, Inc. and
        such
        holder herewith
        makes payment of $_________ therefor.

      

       

      

      

      The
        undersigned requests that certificates for such shares be issued in the name
        of,
        and delivered to: __________________________________________________ whose
        address is:_____________________________________________

       

      DATED:_____________________________

       

      __________________________________________________________

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

      

      Name:__________________________________________________________

      

      Title:__________________________________________________________

       

      

       

      

      _______________________

        
          1 Insert
            here the number of shares called for on the face of the Warrant (or,
            in the case
            of a partial exercise, the portion thereof as to which the Warrant is
            being
            exercised), in either case without making any adjustment for any stock
            or other
            securities or property or cash which, pursuant to the adjustment provisions
            of
            the Warrant, may be deliverable upon exercise.

           

           

          
            
              
              

            

            
              7

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