Document:

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                                                                     Exhibit 4.5

THIS WARRANT AND THE SHARES OF CAPITAL STOCK ISSUED UPON ANY EXERCISE HEREOF
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
"SECURITIES ACT"), OR ANY APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE SOLD
OR OTHERWISE TRANSFERRED BY ANY PERSON, INCLUDING A PLEDGEE, UNLESS (1) EITHER
(A) A REGISTRATION WITH RESPECT TO THERETO SHALL BE EFFECTIVE UNDER THE
SECURITIES ACT, OR (B) THE COMPANY SHALL HAVE RECEIVED AN OPINION OF COUNSEL
SATISFACTORY TO THE COMPANY THAT AN EXEMPTION FROM REGISTRATION UNDER THE
SECURITIES ACT IS AVAILABLE, AND (2) THERE SHALL HAVE BEEN COMPLIANCE WITH ALL
APPLICABLE STATE SECURITIES OR "BLUE SKY" LAWS.

                                                               ___________, 2006

                            WARRANT TO PURCHASE STOCK

                                       OF

                          INTELLECT NEUROSCIENCES, INC.
                            (A DELAWARE CORPORATION)

     INTELLECT NEUROSCIENCES, INC., a Delaware corporation (the "Company"), for
value received, hereby certifies that ___________ (the "Holder"), is entitled,
subject to the terms set forth below, to purchase from the Company, at any time
or from time to time at or before the earlier of 5:00 p.m. New York City time on
___________, 2011 (the "Expiration Date") and the termination of this Warrant as
provided in Section 8 hereof, up to ___________ shares of Common Stock, par
value $0.001 per share, of the Company (the "Common Stock"), at a purchase price
(the "Exercise Price") equal to $___________ per share, as adjusted upon the
occurrence of certain events as set forth in Section 3 of this Warrant. The
shares of stock issuable upon exercise of this Warrant are hereinafter referred
to as the "Warrant Stock".

     1.   Exercise.

          1.1 Manner of Exercise: Payment in Cash. This Warrant may be exercised
     by the Holder, in whole or in part, by surrendering this Warrant, with the
     purchase form appended hereto as Exhibit A duly executed by the Holder, at
     the principal office of the Company, or at such other place as the Company
     may designate, accompanied by payment in full of the Exercise Price payable
     in respect of the number of shares of Warrant Stock purchased upon such
     exercise. Payment of the Exercise Price shall be in cash or by certified or
     official bank check payable to the order of the Company.

          1.2 Effectiveness. Each exercise of this Warrant shall be deemed to
     have been effected immediately prior to the close of business on the day on
     which this Warrant shall have been surrendered to the Company as provided
     in Section 1.1 above. At such

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     time, the person or persons in whose name or names any certificates for
     Warrant Stock shall be issuable upon such exercise as provided in Section
     1.5 below shall be deemed to have become the holder or holders of record of
     the Warrant Stock represented by such certificates.

          1.3. Delivery of Certificates. As soon as practicable after the
     exercise of this Warrant in full or in part, and in any event within ten
     (10) business days thereafter, the Company at its sole expense will cause
     to be issued in the name of, and delivered to, the Holder, or, subject to
     the terms and conditions hereof, such person as such Holder (upon payment
     by such Holder of any applicable transfer taxes) may direct:

               (a) A certificate or certificates for the number of full shares
          of Warrant Stock to which such Holder shall be entitled upon such
          exercise plus, in lieu of any fractional share to which such Holder
          would otherwise be entitled, cash in an amount determined pursuant to
          Section 2 hereof, and

               (b) In case such exercise is in part only, a new warrant or
          warrants (dated the date hereof) of like tenor, calling in the
          aggregate on the face or faces thereof for the number of shares of
          Warrant Stock (without giving effect to any adjustment therein) equal
          to the number of such shares called for on the face of this Warrant
          minus the number of such shares purchased by the Holder upon such
          exercise as provided in Section 1.1 above.

     2. Fractional Shares. The Company shall not be required upon the exercise
     of this Warrant to issue any fractional shares. As to any fraction of a
     share which the Holder would otherwise be entitled to purchase upon such
     exercise, the Company shall pay a cash adjustment in respect of such final
     fraction in an amount equal to such fraction multiplied by the Exercise
     Price.

     3. Certain Adjustments.

          3.1 Changes in Common Stock. If the Company shall (i) combine the
     outstanding shares of Common Stock into a lesser number of shares, (ii)
     subdivide the outstanding shares of Common Stock into a greater number of
     shares, or (iii) issue additional shares of Common Stock as a dividend or
     other distribution with respect to the Common Stock, the number of shares
     of Warrant Stock shall be equal to the number of shares which the Holder
     would have been entitled to receive after the happening of any of the
     events described above if such shares had been issued immediately prior to
     the happening of such event, such adjustment to become effective
     concurrently with the effectiveness of such event. The Exercise Price in
     effect immediately prior to any such combination of Common Stock shall,
     upon the effectiveness of such combination, be proportionately increased.
     The Exercise Price in effect immediately prior to any such subdivision of
     Common Stock or at the record date of such dividend shall upon the
     effectiveness of such subdivision or immediately after the record date of
     such dividend be proportionately reduced.

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          3.2 Reorganizations and Reclassifications. If there shall occur any
     capital reorganization or reclassification of the Common Stock (other than
     a change in par value or a subdivision or combination as provided for in
     Section 3.1), then, as part of any such reorganization or reclassification,
     lawful provision shall be made so that the Holder shall have the right
     thereafter to receive upon the exercise hereof the kind and amount of
     shares of stock or other securities or property which such Holder would
     have been entitled to receive if, immediately prior to any such
     reorganization or reclassification, such Holder had held the number of
     shares of Common Stock which were then purchasable upon the exercise of
     this Warrant. In any such case, appropriate adjustment (as reasonably
     determined by the Board of Directors of the Company) shall be made in the
     application of the provisions set forth herein with respect to the rights
     and interests thereafter of the Holder such that the provisions set forth
     in this Section 3 (including provisions with respect to adjustment of the
     Exercise Price) shall thereafter be applicable, as nearly as is reasonably
     practicable, in relation to any shares of stock or other securities or
     property thereafter deliverable upon the exercise of this Warrant.

          3.3 Merger, Consolidation or Sale of Assets. If there shall be a
     merger or consolidation of the Company with or into another corporation
     (other than a merger or reorganization involving only a change in the state
     of incorporation of the Company or the acquisition by the Company of other
     businesses where the Company survives as a going concern), or the sale of
     all or substantially all of the Company's capital stock or assets to any
     other person, then as a part of such transaction, provision shall be made
     so that the Holder shall thereafter be entitled to receive the number of
     shares of stock or other securities or property of the Company, or of the
     successor corporation resulting from the merger, consolidation or sale (and
     at a total purchase price not to exceed that payable upon the exercise in
     full of this Warrant), to which the Holder would have been entitled if the
     Holder had exercised its rights pursuant to the Warrant immediately prior
     thereto. In any such case, appropriate adjustment shall be made in the
     application of the provisions of this Section 3 to the end that the
     provisions of this Section 3 shall be applicable after that event in as
     nearly equivalent a manner as may be practicable.

          3.4 Certain Anti-Dilution Adjustments. If during the time while any
     portion of this Warrant remains outstanding, the Company shall issue shares
     of Common Stock (or rights, warrants, or other securities convertible into
     or exchangeable for shares of Common Stock), other than issuances covered
     by Sections 3.1, 3.2 or 3.3 above, at a price per share (or having an
     exercise, conversion, or exchange price per share) less than the Exercise
     Price in effect as of the date of issuance of such shares or of such
     rights, warrants, or other convertible or exchangeable securities, then,
     and in each such case, the Exercise Price shall be reduced to a price equal
     to the issuance, conversion, exchange or exercise price, as applicable, of
     any such securities so issued. Notwithstanding anything contrary in this
     Section, there shall be no reduction to the Exercise Price pursuant to this
     Section with respect to (i) the issuance or sale of options to purchase
     shares of Common Stock to employees, consultants and directors, (ii)
     securities issued in connection with the Company's initial public offering
     of its securities pursuant to a registration statement declared effective
     by the Securities and Exchange Commission which raises gross proceeds to
     the Company of at least Ten Million Dollars ($10,000,000) or any securities

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     issued by the Company thereafter, (iii) the issuance of securities pursuant
     to the conversion or exercise of convertible or exercisable securities as
     of the date of this Warrant, (as adjusted for recapitalizations, stock
     splits, and the like) which are currently outstanding as of the date of
     this Warrant or (iv) the issuance of securities as consideration for a bona
     fide business acquisition of or by the Company, whether by merger,
     consolidation, sale of assets, sale or exchange of stock or otherwise,
     which involves a third party which is not affiliated with the Company or
     its current stockholders or in a strategic allowance.

          3.5 No Impairment. The Company will not, by amendment of its Articles
     of Incorporation or any other organizational or shareholder rights
     documents of the Company, or through any reorganization, recapitalization,
     transfer of assets, consolidation, merger, dissolution, issue or sale of
     securities or any other voluntary action, seek to avoid the observance or
     performance of any of the terms to be observed or performed hereunder by
     the Company, but will at all times in good faith assist in the carrying out
     of all the provisions of this Section 3 and in the taking of all such
     action as may be necessary or appropriate in order to protect the rights of
     the holder of this Warrant against impairment.

          3.6 Certificate of Adjustment. When any adjustment is required to be
     made in the Exercise Price, the Company shall promptly mail to the Holder a
     certificate setting forth the Exercise Price after such adjustment and
     setting forth a brief statement of the facts requiring such adjustment.
     Delivery of such certificate shall be deemed to be a final and binding
     determination with respect to such adjustment unless challenged by the
     Holder within ten (10) days of receipt thereof. Such certificate shall also
     set forth the kind and amount of stock or other securities or property into
     which this Warrant shall be exercisable following the occurrence of any of
     the events specified in this Section 3.

     4. Compliance with Securities Act.

          4.1 Unregistered Securities. The Holder acknowledges that this Warrant
     and the Warrant Stock have not been registered under the Securities Act of
     1933, as amended, and the rules and regulations thereunder, or any
     successor legislation, and agrees not to sell, pledge, distribute, offer
     for sale, transfer or otherwise dispose of this Warrant or any Warrant
     Stock in the absence of (i) an effective registration statement under the
     Securities Act covering this Warrant or such Warrant Stock and registration
     or qualification of this Warrant or such Warrant Stock under any applicable
     "blue sky" or state securities law then in effect, or (ii) an opinion of
     counsel, reasonably satisfactory to the Company, that such registration and
     qualification are not required. The Company may delay issuance of the
     Warrant Stock until completion of any action or obtaining of any consent,
     which the Company reasonably deems necessary under any applicable law
     (including without limitation state securities or "blue sky" laws);
     provided, that the Company will use reasonable best efforts to complete
     such action or obtain such consent as soon as practicable.

          4.2 Investment Letter. Without limiting the generality of Section 4.1,
     unless

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     the offer and sale of any shares of Warrant Stock shall have been
     effectively registered under the Securities Act, the Company shall be under
     no obligation to issue the Warrant Stock unless and until the Holder shall
     have executed a customary investment letter in form and substance
     reasonably satisfactory to the Company, including a warranty at the time of
     such exercise that the Holder is acquiring such shares for its own account,
     for investment and not with a view to, or for sale in connection with, the
     distribution of any such shares.

          4.3 Legend. Certificates delivered to the Holder pursuant to Section
     1.3 shall bear the following legend or a legend in substantially similar
     form:

     "THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE BEEN TAKEN FOR INVESTMENT
     AND THEY MAY NOT BE SOLD OR OTHERWISE TRANSFERRED BY ANY PERSON, INCLUDING
     A PLEDGEE, IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE
     SHARES UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"),
     OR AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY, THAT AN EXEMPTION
     FROM REGISTRATION IS THEN AVAILABLE."

     5. Registration Rights.

          5.1 Certain Definitions.

          As used in this Section 5, the following terms shall have the
     following respective meanings:

          "Holder" shall mean the record owner of Registrable Securities.

          The terms "Register" "Registered" and "Registration" refer to a
     registration effected by preparing and filing a registration statement in
     compliance with the Securities Act ("Registration Statement"), and the
     declaration or ordering of the effectiveness of such Registration
     Statement.

          "Registrable Securities" shall mean all Common Stock not previously
     sold to the public and issued to the Holder pursuant to the exercise of
     this Warrant, Common Stock issued to the Holder upon conversion of the
     Promissory Note issued to the Holder concurrent with the purchase of this
     Warrant or Common Stock issued with respect to such shares pursuant to
     stock splits, stock dividends and similar distributions with respect to
     such shares, provided, however, that shares of Common Stock which are
     Registrable Securities shall cease to be Registrable Securities at such
     time, and for so long as, such shares are eligible for sale pursuant to
     Rule 144(k) under the Securities Act.

          "Registration Expenses" shall mean all expenses incurred by the
     Company in complying with Section 5.2 of this Agreement, including, without
     limitation, all federal and state registration, qualification and filing
     fees, printing expenses, fees and disbursements of counsel for the Company,
     blue sky fees and the expense of any special

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     audits incident to or required by any such registration, but shall not
     include Selling Expenses.

          "Selling Expenses" shall mean all underwriting discounts and selling
     commissions applicable to the sale of Registrable Securities pursuant to
     this Agreement and all expenses of any special counsel for the Holder.

          5.2 Piggyback Registration.

               5.2.1 Notice of Piggyback Registration and Inclusion of
          Registrable Securities. Subject to the terms of this Agreement, in the
          event the Company decides to Register any of its Common Stock for cash
          (either for its own account or the account of a security holder),
          other than pursuant to a Registration Statement which exclusively
          relates to the Registration of securities under an employee stock
          option, purchase, bonus or other benefit plan, then for so long as the
          Holder holds Registrable Securities, the Company will: (1) promptly
          give the Holder written notice thereof (which shall include a list of
          the jurisdictions in which the Company intends to attempt to qualify
          such securities under the applicable Blue Sky or other state
          securities laws) and (2) include in such Registration (and any related
          qualification under Blue Sky laws or other compliance), and in any
          underwriting involved therein, all the Registrable Securities
          specified in a written request delivered to the Company by the Holder
          within 10 days after delivery of such written notice from the Company.
          The right of the Holder to have Registrable Securities included in any
          Registration Statement shall be conditioned upon the provision by the
          Holder of any information reasonably requested by the Company within
          ten (10) days of such request.

               5.2.2 Underwriting in Piggyback Registration. If the Registration
          of which the Company gives notice is a Registered public offering
          involving an underwriting, the Company shall so advise the Holder as a
          part of the written notice given pursuant to Subsection 5.2.1. In such
          event the right of the Holder to Registration shall be conditioned
          upon such underwriting. The Holder shall, together with the Company,
          enter into an underwriting agreement with the Underwriter's
          Representative for such offering. The Holder shall have no right to
          participate in the selection of the underwriters for an offering
          pursuant to this Section.

               5.2.3 Withdrawal in Piggyback Registration. If the Holder
          disapproves of the terms of any such underwriting, it may elect to
          withdraw therefrom by written notice to the Company and the
          underwriter delivered at least seven (7) days prior to the effective
          date of the Registration Statement. Any Registrable Securities or
          other securities excluded or withdrawn from such underwriting shall be
          withdrawn from such Registration.

          5.3 Obligations of the Company and the Holder.

               5.3.1 Underwriting Requirements. In connection with any offering
          involving an underwriting of shares pursuant to Section 5.2, the
          Company shall not be required to

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          include any of the Holder's Registrable Securities in such
          underwriting unless they accept the terms of the underwriting as
          agreed upon between the Company and the underwriters selected by it.

               5.3.2 Expenses of Registration. All Registration Expenses
          incurred in connection with all Registrations pursuant to Section 5.2
          shall be borne by the Company. Selling Expenses to be borne by the
          holders of the Registrable Securities Registered shall be borne pro
          rata on the basis of the number of Registrable Securities being
          Registered.

          5.4 Indemnification.

               5.4.1 Company's Indemnification of the Holder. The Company will
          indemnify the Holder, and each of its directors, officers,
          stockholders, partners or other beneficial owners, and each person
          controlling the Holder, with respect to which Registration,
          qualification or compliance of Registrable Securities has been
          effected pursuant to this Warrant, and each underwriter, if any, and
          each person who controls any underwriter against all claims, losses,
          damages or liabilities, including reasonable legal fees and expenses
          (or actions in respect thereof) to the extent such claims, losses,
          damages or liabilities arise out of or are based upon any untrue
          statement (or alleged untrue statement) of a material fact contained
          in any prospectus or other document (including any related
          Registration Statement) incident to any such Registration,
          qualification or compliance, or are based on any omission (or alleged
          omission) to state therein a material fact required to be stated
          therein or necessary to make the statements therein not misleading, or
          any violation by the Company of any rule or regulation promulgated
          under the Securities Act applicable to the Company and relating to
          action or inaction required of the Company in connection with any such
          Registration, qualification or compliance; and the Company will
          reimburse the Holder, each of its directors, officers, stockholders,
          partners or other beneficial owners, each such underwriter and each
          person who controls the Holder or underwriter for any legal and any
          other expenses reasonably incurred in connection with investigating or
          defending any such claim, loss, damage, liability or action; provided,
          however, that the indemnity contained in this Section 5.4 shall not
          apply to amounts paid in settlement of any such claim, loss, damage,
          liability or action if settlement is effected without the consent of
          the Company (which consent shall not unreasonably be withheld); and
          provided further, that the Company will not be liable in any such case
          to the extent that any such claim, loss, damage, liability or expense
          arises out of or is based upon any untrue statement or omission based
          upon written information furnished to the Company by the Holder,
          underwriter or controlling person and stated to be for use in
          connection with the offering of securities of the Company.

               5.4.2 The Holder's Indemnification of Company. The Holder will,
          if Registrable Securities held by the Holder are included in the
          securities as to which such Registration, qualification or compliance
          is being effected pursuant to this Warrant, indemnify the Company,
          each of its directors and officers, each legal counsel and independent
          accountant of the Company, each underwriter, if any, of the Company's
          securities covered by such a Registration Statement, and each person
          who controls the Company or such underwriter within the meaning of the
          Securities Act against all claims, losses,

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          damages or liabilities, including reasonable legal fees and expenses
          (or actions in respect thereof), to the extent such claims, losses,
          damages or liabilities arise out of or based upon any untrue statement
          (or alleged untrue statement) of a material fact furnished in writing
          by the Holder or on the Holder's behalf expressly for use in any such
          Registration Statement, prospectus, offering circular or other
          document, or any omission (or alleged omission) to state therein a
          material fact required to be stated therein or necessary to make the
          statements therein not misleading, or any violation by the Holder of
          any rule or regulation promulgated under the Securities Act applicable
          to the Holder and relating to action or inaction required of the
          Holder in connection with any such Registration, qualification or
          compliance; and will reimburse the Company, such directors, officers,
          partners, persons, law and accounting firms, underwriters or control
          persons for any legal and any other expenses reasonably incurred in
          connection with investigating or defending any such claim, loss,
          damage, liability or action, in each case to the extent, but only to
          the extent, that such untrue statement (or alleged untrue statement)
          or omission (or alleged omission) is made in such Registration
          Statement, prospectus, offering circular or other document in reliance
          upon and in conformity with written information furnished to the
          Company by the Holder and stated to be specifically for use in
          connection with the offering of securities of the Company; provided,
          however, that the Holders' liability under this Section 5.4 shall not
          exceed the Holder's proceeds from the offering of securities made in
          connection with such Registration.

               5.4.3 Indemnification Procedure. Promptly after receipt by an
          indemnified party under this Section 5.4 of notice of the commencement
          of any action, such indemnified party will, if a claim in respect
          thereof is to be made against an indemnifying party under this Section
          5.4, notify the indemnifying party in writing of the commencement
          thereof and generally summarize such action. The indemnifying party
          shall have the right to participate in and to assume the defense of
          such claim; provided, however, that the indemnifying party shall be
          entitled to select counsel for the defense of such claim with the
          approval of any parties entitled to indemnification, which approval
          shall not be unreasonably withheld; provided further, however, that if
          either party reasonably determines that there may be a conflict
          between the position of the Company and the Holders in conducting the
          defense of such action, suit or proceeding by reason of recognized
          claims for indemnity under this Section 5.4, then counsel for such
          party shall be entitled to conduct the defense to the extent
          reasonably determined by such counsel to be necessary to protect the
          interest of such party. The failure to notify an indemnifying party
          promptly of the commencement of any such action, if prejudicial to the
          ability of the indemnifying party to defend such action, shall relieve
          such indemnifying party, to the extent so prejudiced, of any liability
          to the indemnified party under this Section 5.4, but the omission so
          to notify the indemnifying party will not relieve such party of any
          liability that such party may have to any indemnified party otherwise
          other than under this Section 5.4.

               5.4.4 Subsequent Transferees. The provisions of this Section 5.4
          applicable to the Holder shall apply with equal force and effect to
          each subsequent transferee to whom any of the Registrable Securities
          are transferred with the consent of the Company.

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     6. Reservation of Stock. The Company will at all times thereafter reserve
and keep available, solely for issuance and delivery upon the exercise of this
Warrant, such shares of Warrant Stock and other stock, securities and property,
as from time to time shall be issuable upon the exercise of this Warrant. The
Company covenants that all shares of Warrant Stock so issuable will, when
issued, be duly and validly issued and fully paid and nonassessable.

     7. Replacement of Warrants. Upon receipt of evidence reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of
this Warrant and (in the case of loss, theft or destruction) upon delivery of an
indemnity agreement (with surety if reasonably required) in an amount reasonably
satisfactory to the Company, or (in the case of mutilation) upon surrender and
cancellation of this Warrant, the Company will issue, in lieu thereof, a new
Warrant of like tenor.

     8. Termination upon Certain Events. If there shall be a merger or
consolidation of the Company with or into another corporation (other than a
merger or reorganization involving only a change in the state of incorporation
of the Company or the acquisition by the Company of other businesses where the
Company survives as a going concern), or the sale of all or substantially all of
the Company's capital stock or assets to any other person, or the liquidation or
dissolution of the Company, then as a part of such transaction, at the Company's
option, either:

          (a) provision shall be made so that the Holder shall thereafter be
     entitled to receive the number of shares of stock or other securities or
     property of the Company, or of the successor corporation resulting from the
     merger, consolidation or sale, to which the Holder would have been entitled
     if the Holder had exercised its rights pursuant to the Warrant immediately
     prior thereto (and, in such case, appropriate adjustment shall be made in
     the application of the provisions of this Section 8(a) to the end that the
     provisions of Section 3 shall be applicable after that event in as nearly
     equivalent a manner as may be practicable); or

          (b) this Warrant shall terminate on the effective date of such merger,
     consolidation or sale (the "Termination Date") and become null and void,
     provided that if this Warrant shall not have otherwise terminated or
     expired, (1) the Company shall have given the Holder written notice of such
     Termination Date at least ten (10) business days prior to the occurrence
     thereof and (2) the Holder shall have the right until 5:00 p.m., Eastern
     Standard Time, on the day immediately prior to the Termination Date to
     exercise its rights hereunder to the extent not previously exercised.

     9. Transferability. Without the prior written consent of the Company, which
consent shall not be unreasonably withheld or delayed, the Warrant shall not be
assigned, pledged or hypothecated in any way (whether by operation of law or
otherwise) and shall not be subject to execution, attachment or similar process.
Any attempted transfer, assignment, pledge, hypothecation or other disposition
of the Warrant or of any rights granted hereunder contrary to the provisions of
this Section 8, or the levy of any attachment or similar process upon the
Warrant or such rights, shall be null and void.

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     10. No Rights as Stockholder. Until the exercise of this Warrant, the
Holder shall not have or exercise any rights by virtue hereof as a stockholder
of the Company.

     11. Company's Representations.

     As a material inducement to the Holder to purchase this Warrant, the
Company hereby represents and warrants that:

          (a) The Company shall have made all filings under applicable federal
     and state securities laws necessary to consummate the issuance of this
     Warrant pursuant to this Agreement in compliance with such laws, except for
     such filings as may be made properly after the Grant Date.

          (b) If there are parties to any stock purchase agreements whose
     consent or approval is required prior to the execution and delivery of this
     Warrant, the Company and any such parties shall have entered into an
     amendment to each such stock purchase agreement to provide for such consent
     and any required waivers, in such form and substance acceptable to the
     Holder, and such amendment shall be in full force and effect as of the date
     hereof.

          (c) If there are parties to any investor's rights agreements whose
     consent or approval is required prior to the execution and delivery of this
     Warrant, the Company and any such parties shall have entered into an
     amendment to each such investor's rights agreement providing for such
     consent and any required waivers, in such form and substance acceptable to
     Holder, and such amendment shall be in full force and effect as of the date
     hereof.

          (d) The copies of any existing stock purchase agreements and
     investor's rights agreements and the Company's charter documents and bylaws
     which have been furnished to Holder or the Holder's counsel reflect all
     amendments made thereto at any time prior to the date hereof and are
     correct and complete.

          (e) As of the date hereof, all of the outstanding shares of the
     Company's capital stock shall be validly issued, fully paid and
     nonassessable.

          (f) With respect to the issuance of this Warrant or the issuance of
     the Common Stock upon exercise of the Warrant, there are no statutory or
     contractual stockholders preemptive rights or rights of refusal, except for
     any such rights contained in any stock purchase agreement and/or investor's
     rights agreements which have been waived. The Company has not violated any
     applicable federal or state securities laws in connection with the offer,
     sale or issuance of any of its capital stock, and the offer, sale and
     issuance of this Warrant does not require registration under the Securities
     Act or any applicable state securities laws. To the best of the Company's
     knowledge, there are no agreements between the Company's stockholders with
     respect to the voting or transfer of the Company's capital stock or with
     respect to any other aspect of the Company's affairs.

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          (g) The execution, delivery and performance of this Warrant has been
     duly authorized by the Company. This Warrant constitutes a valid and
     binding obligation of the Company, enforceable in accordance with its
     terms. The execution and delivery by the Company of this Warrant, the
     issuance of the Common Stock upon exercise of the Warrant, and the
     fulfillment of and compliance with the respective terms hereof and thereof
     by the Company, do not and shall not (i) conflict with or result in a
     breach of the terms, conditions or provisions of, (ii) constitute a default
     under, (iii) result in the creation of any lien, security interest, charge
     or encumbrance upon the Company's capital stock or assets pursuant to, (iv)
     give any third party the right to modify, terminate or accelerate any
     obligation under, (v) result in a violation of, or (vi) require any
     authorization, consent, approval, exemption or other action by or notice or
     declaration to, or filing with, any court or administrative or governmental
     body or agency pursuant to, the charter or bylaws of the Company or any
     subsidiary, or any law, statute, rule or regulation to which the Company or
     any subsidiary is subject, or any agreement, instrument, order, judgment or
     decree to which the Company or any subsidiary is subject, except for any
     such filings required under applicable "blue sky" or state securities laws
     or required under Regulation D promulgated under the Securities Act.

     12. Notices. All notices, requests and other communications hereunder shall
be in writing, shall be (i) delivered by hand, (ii) made by telex, telecopy or
facsimile transmission, (iii) sent by overnight courier, or (iv) sent by
registered mail, postage prepaid, return receipt requested. In the case of
notices from the Company to the Holder, they shall be sent to the address
furnished to the Company in writing by the last Holder who shall have furnished
an address to the Company in writing. All notices from the Holder to the Company
shall be delivered to the Company at its offices at 7 West 18th Street, New
York, New York 10011 or such other address as the Company shall so notify the
Holder. All notices, requests and other communications hereunder shall be deemed
to have been given (i) by hand, at the time of the delivery thereof to the
receiving party at the address of such party described above, (ii) if made by
telex, telecopy or facsimile transmission, at the time that receipt thereof has
been acknowledged by electronic confirmation or otherwise, (iii) if sent by
overnight courier, on the next business day following the day such notices is
delivered to the courier service, or (iv) if sent by registered mail, on the
fifth business day following the day such mailing is made.

     13. Waivers and Modifications. Any term or provision of this Warrant may be
waived only by written document executed by the party entitled to the benefits
of such terms or provisions. The terms and provisions of this Warrant may be
modified or amended only by written agreement executed by the parties hereto.

     14. Headings. The headings in this Warrant are for convenience of reference
only and shall in no way modify or affect the meaning or construction of any of
the terms or provisions of this Warrant.

     15. Governing Law. This Warrant will be governed by and construed in
accordance with and governed by the laws of the State of New York, without
giving effect to the conflict of law principles thereof.

                                       11

<PAGE>

     16. Consent to Jurisdiction. Each party hereto hereby irrevocably and
unconditionally submits to the jurisdiction of any federal or state court
sitting in the County of New York in the State of New York and irrevocably
agrees that all actions or proceedings arising out of or relating to this Note
shall be litigated exclusively in such court. Each party hereto agrees not to
commence any legal proceeding related hereto or thereto except in such courts.
Each party hereto irrevocably waives any objection which it may now or hereafter
have to the laying of the venue of any such proceeding in any such court and
hereby further irrevocably and unconditionally waives and agrees not to plead or
claim in any such court that any such action, suit or proceeding brought in any
such court has been brought in an inconvenient forum. Each party hereto consents
to process being served in any such action or proceeding by mailing a copy
thereof by registered or certified mail.

     17. Waiver of Jury Trial. Each party hereto hereby waives, to the fullest
extent permitted by applicable law, any right it may have to a trial by jury in
respect of any litigation directly or indirectly arising out of, under or in
connection with this Note. Each party hereto (1) certifies that no
representative, agent or attorney of any of the other parties has represented,
expressly or otherwise, that any of the other parties would not, in the event of
litigation, seek to enforce the foregoing waiver and (2) acknowledges that it
and the other parties hereto have been induced to enter into this agreement, by,
among other things, the mutual waivers and certifications in this Section 17.

     18. Severability. If any term, provision, covenant or restriction of this
Warrant is held by a court of competent jurisdiction to be invalid, void or
unenforceable, it shall be deemed replaced with a valid and enforceable
provision that comes as close as possible to the economic purpose of the
invalid, void or unenforceable provision, and the remainder of the terms,
provisions, covenants and restrictions of this Warrant shall remain in full
force and effect and shall in no way be affected, impaired or invalidated.

            [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK.]

                                       12

<PAGE>

     IN WITNESS WHEREOF, this Warrant has been executed and delivered on the
date first written above by the duly authorized representative of the Company.

                                        INTELLECT NEUROSCIENCES, INC.

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                       13

<PAGE>

                                    EXHIBIT A

                                  PURCHASE FORM

To: INTELLECT NEUROSCIENCES, INC.

     The undersigned pursuant to the provisions set forth in the attached
Warrant (No.__) hereby irrevocably elects to purchase shares of the Common
Stock, par value $0.01 per share, of INTELLECT NEUROSCIENCES, INC. (the "COMMON
STOCK"), covered by such Warrant and herewith makes payment of $_____,
representing the full purchase price for such shares at the price per share
provided for in such Warrant.

     The Common Stock for which the Warrant may be exercised or converted shall
be known herein as the "Warrant Stock".

     The undersigned is aware that the Warrant Stock has not been and will not
be registered under the Securities Act of 1933, as amended (the "SECURITIES
ACT") or any state securities laws. The undersigned understands that reliance by
the Company on exemptions under the Securities Act is predicated in part upon
the truth and accuracy of the statements of the undersigned in this Purchase
Form.

     The undersigned represents and warrants that (1) it has been furnished with
all information which it deems necessary to evaluate the merits and risks of the
purchase of the Warrant Stock, (2) it has had the opportunity to ask questions
concerning the Warrant Stock and the Company and all questions posed have been
answered to its satisfaction, (3) it has been given the opportunity to obtain
any additional information it deems necessary to verify the accuracy of any
information obtained concerning the Warrant Stock and the Company and (4) it has
such knowledge and experience in financial and business matters that it is able
to evaluate the merits and risks of purchasing the Warrant Stock and to make an
informed investment decision relating thereto.

     The undersigned hereby represents and warrant that it is purchasing the
Warrant Stock for its own account for investment and not with a view to the sale
or distribution of all or any part of the Warrant Stock.

     The undersigned understands that because the Warrant Stock has not been
registered under the Securities Act, it must continue to bear the economic risk
of the investment for an indefinite period of time and the Warrant Stock cannot
be sold unless it is subsequently registered under applicable federal and state
securities laws or an exemption from such registration is available.

     The undersigned agrees that it will in no event sell or distribute or
otherwise dispose of

                                       14

<PAGE>

all or any part of the Warrant Stock unless (1) there is an effective
registration statement under the Securities Act and applicable state securities
laws covering any such transaction involving the Warrant Stock, or (2) the
Company receives an opinion satisfactory to the Company of the undersigned's
legal counsel stating that such transaction is exempt from registration. The
undersigned consents to the placing of a legend on its certificate for the
Warrant Stock stating that the Warrant Stock has not been registered and setting
forth the restriction on transfer contemplated hereby and to the placing of a
stop transfer order on the books of the Company and with any transfer agents
against the Warrant Stock until the Warrant Stock may be legally resold or
distributed without restriction.

     The undersigned has considered the federal and state income tax
implications of the exercise of the Warrant and the purchase and subsequent sale
of the Warrant Stock.

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                       15<PAGE>

                                                                     Exhibit 4.6

THIS WARRANT AND THE SHARES OF CAPITAL STOCK ISSUED UPON ANY EXERCISE HEREOF
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
"SECURITIES ACT"), OR ANY APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE SOLD
OR OTHERWISE TRANSFERRED BY ANY PERSON, INCLUDING A PLEDGEE, UNLESS (1) EITHER
(A) A REGISTRATION WITH RESPECT TO THERETO SHALL BE EFFECTIVE UNDER THE
SECURITIES ACT, OR (B) THE COMPANY SHALL HAVE RECEIVED AN OPINION OF COUNSEL
SATISFACTORY TO THE COMPANY THAT AN EXEMPTION FROM REGISTRATION UNDER THE
SECURITIES ACT IS AVAILABLE, AND (2) THERE SHALL HAVE BEEN COMPLIANCE WITH ALL
APPLICABLE STATE SECURITIES OR "BLUE SKY" LAWS.

No. __________                                                  __________, 2006

                          WARRANT TO PURCHASE STOCK

                                       OF

                          INTELLECT NEUROSCIENCES, INC.
                            (A DELAWARE CORPORATION)

     INTELLECT NEUROSCIENCES, INC., a Delaware corporation (the "Company"), for
value received, hereby certifies that ____________________________________ (the
"Holder"), is entitled, subject to the terms set forth below, to purchase from
the Company, at any time or from time to time at or before the earlier of 5:00
p.m. New York City time on __________, 2011 (the "Expiration Date") and the
termination of this Warrant as provided in Section 8 hereof, up to __________
shares of Common Stock, par value $0.001 per share, of the Company (the "Common
Stock"), at a purchase price (the "Exercise Price") equal to $__________ per
share, as adjusted upon the occurrence of certain events as set forth in Section
3 of this Warrant. The shares of stock issuable upon exercise of this Warrant is
hereinafter referred to as the "Warrant Stock".

     1.   Exercise.

          1.1 Manner of Exercise; Payment in Cash. This Warrant may be exercised
     by the Holder, in whole or in part, by surrendering this Warrant, with the
     purchase form appended hereto as Exhibit A duly executed by the Holder, at
     the principal office of the Company, or at such other place as the Company
     may designate, accompanied by payment in full of the Exercise Price payable
     in respect of the number of shares of Warrant Stock purchased upon such
     exercise. Payment of the Exercise Price shall be in cash or by certified or
     official bank check payable to the order of the Company.

          1.2 Effectiveness. Each exercise of this Warrant shall be deemed to
     have been effected immediately prior to the close of business on the day on
     which this Warrant shall have been surrendered to the Company as provided
     in Section 1.1 above. At such time, the person or persons in whose name or
     names any certificates for Warrant Stock shall be issuable upon such
     exercise as provided in Section 1.3 below shall be deemed to have become
     the holder or holders of record of the Warrant Stock represented by such
     certificates.

<PAGE>

          1.3. Delivery of Certificates. As soon as practicable after the
     exercise of this Warrant in full or in part, and in any event within ten
     (10) business days thereafter, the Company at its sole expense will cause
     to be issued in the name of, and delivered to, the Holder, or, subject to
     the terms and conditions hereof, as such Holder (upon payment by such
     Holder of any applicable transfer taxes) may direct:

               (a) A certificate or certificates for the number of full shares
          of Warrant Stock to which such Holder shall be entitled upon such
          exercise plus, in lieu of any fractional share to which such Holder
          would otherwise be entitled, cash in an amount determined pursuant to
          Section 2 hereof, and

               (b) In case such exercise is in part only, a new warrant or
          warrants (dated the date hereof) of like tenor, calling in the
          aggregate on the face or faces thereof for the number of shares of
          Warrant Stock (without giving effect to any adjustment therein) equal
          to the number of such shares called for on the face of this Warrant
          minus the number of such shares purchased by the Holder upon such
          exercise as provided in Section 1.1 above.

          1.4 Right to Convert Warrant into Stock: Net Issuance.

          1.4.1 Right to Convert. Notwithstanding anything contained herein to
     the contrary, at any time beginning on the first anniversary of the date of
     this Warrant, provided that a Registration Statement (as herein defined)
     covering the Warrant Stock that is the subject of the purchase form
     attached as Exhibit A hereto is not available for the resale of such
     Warrant Stock, in addition to and without limiting the rights of the Holder
     under the terms of this Warrant, the Holder shall have the right to convert
     this Warrant or any portion thereof (the "Conversion Right") into shares of
     Common Stock as provided in this Section 1.4 at any time or from time to
     time during the term of this Warrant. Upon exercise of the Conversion Right
     with respect to a particular number of shares subject to this Warrant (the
     "Converted Warrant Shares"), the Company shall deliver to the Holder
     (without payment by the Holder of any Purchase Price or any cash or other
     consideration) that number of shares of fully paid and nonassessable Common
     Stock equal to the quotient obtained by dividing (X) the value of this
     Warrant (or the specified portion hereof) on the Conversion Date (as
     defined in section 1.4.2 hereof), which value shall be determined by
     subtracting (A) the aggregate Exercise Price of the Converted Warrant
     Shares immediately prior to the exercise of the Conversion Right from (B)
     the aggregate fair market value of the Converted Warrant Shares issuable
     upon exercise of this Warrant (or the specified portion hereof) on the
     Conversion Date (as herein defined) by (Y) the fair market value of one
     share of Common Stock on the Conversion Date.

     Expressed as a formula, such conversion shall be computed as follows:

     X = B-A
         ---
          Y

     where: X = the number of shares of Common Stock that may be issued to
                Holder

                                       -2-

<PAGE>

            Y = the fair market value (FMV) of one share of Common Stock

            A = the aggregate Warrant Price (Converted Warrant Shares x Purchase
                Price)

            B = the aggregate FMV (i.e., FMV x Converted Warrant Shares)

     No fractional shares shall be issuable upon exercise of the Conversion
     Right, and, if the number of shares to be issued determined in accordance
     with the foregoing formula is other than a whole number, the Company shall
     pay to the Holder an amount in cash equal to the fair market value of the
     resulting fractional share of the Conversation Date.

          1.4.2 Method of Exercise. The Conversion Right may be exercised by the
     Holder by the surrender of this Warrant at the principal office of the
     Company together with the purchase form attached hereto as Exhibit A duly
     completed and executed and indicating the number of shares subject to this
     Warrant which are being surrendered (referred to in Section 1.4.1 hereof as
     the Converted Warrant Shares) in exercise of the Conversion Right. Such
     conversion shall be effective upon receipt by the Company of this Warrant
     together with the aforesaid written statement, or on such later date as is
     specified therein (the "Conversion Date"), and, at the election of the
     Holder hereof, may be made contingent upon the occurrence of any of the
     events specified in Section 8. Certificates for the shares issuable upon
     exercise of the Conversion Right and, if applicable, a new Warrant
     evidencing the balance of the shares remaining subject to this Warrant,
     shall be issued as of the Conversion Date and shall be delivered to the
     Holder within thirty (30) days following the Conversion Date.

          1.4.3 Determination of Fair Market Value. For purposes of this Section
     1.4, "Fair market value" of a share of Common Stock as of a particular date
     (the "Determination Date") shall mean:

               (i) If the Conversion Right is exercised in connection with and
     contingent upon a public offering, and if the Company's Registration
     Statement relating to such public offering has been declared effective by
     the SEC, then the initial "Price to Public" specified in the final
     prospectus with respect to such offering.

               (ii) If the Conversion Right is not exercised in connection with
     and contingent upon a public offering, then as follows:

               (1) If traded on a securities exchange, the fair market value of
               the Common Stock shall be deemed to be the average of the closing
               prices of the Common Stock on such exchange over the five-day
               period ending one business day prior to the Determination Date
               or, if less, such number of days as the Common Stock has been
               traded on such exchange;

                                       -3-
<PAGE>

          (2) If traded over-the-counter, the fair market value of the Common
          Stock shall be deemed to be the average of the closing bid prices of
          the Common Stock over the five-day period ending one business day
          prior to the Determination Date or, if less, such number of days as
          the Common Stock has been traded over-the-counter; and

          (3) If there is no public market for the Common Stock, then fair
          market value shall be determined in good faith by the Board of
          Directors of the Company.

          1.5 Certain Exercise Restrictions. Notwithstanding anything to the
     contrary contained herein, the number of shares of Common Stock that may be
     acquired by the Holder upon exercise of this Warrant shall be limited to
     the extent necessary to insure that, following such exercise, the total
     number of shares of Common Stock then beneficially owned by the Holder and
     its affiliates and any other entity or person whose beneficial ownership of
     Common Stock would be aggregated with the Holder's for purposes of Section
     13(d) of the Securities Exchange Act of 1934, as amended (the "Exchange
     Act"), does not exceed 4.999% of the total number of issued and outstanding
     shares of Common Stock (including for such purpose the shares of Common
     Stock issuable upon the exercise of this Warrant). For such purposes,
     beneficial ownership shall be determined in accordance with Section 13(d)
     of the Exchange Act and the rules and regulations promulgated thereunder.
     This provision shall not restrict the number of shares of Common Stock
     which the Holder may receive or beneficially own in order to determine the
     amount of securities or other consideration that such holder may receive in
     the event of the occurrence of any transaction described in Sections 3.1,
     3.2 and 3.3 hereof. By written notice to the Company, the Holder may waive
     the provisions of this Section 1.5 as to itself but any such waiver will
     not be effective until the 61st day after delivery thereof.

     2. Fractional Shares. The Company shall not be required upon the exercise
of this Warrant to issue any fractional shares. As to any fraction of a share
which the Holder would otherwise be entitled to purchase upon such exercise, the
Company shall pay a cash adjustment in respect of such final fraction in an
amount equal to such fraction multiplied by the Exercise Price.

     3. Certain Adjustments.

          3.1 Changes in Common Stock. If the Company shall (i) combine the
     outstanding shares of Common Stock into a lesser number of shares, (ii)
     subdivide the outstanding shares of Common Stock into a greater number of
     shares, or (iii) issue additional shares of Common Stock as a dividend or
     other distribution with respect to the Common Stock, the number of shares
     of Warrant Stock shall be equal to the number of shares which the Holder
     would have been entitled to receive after the happening of any of the
     events described above if such shares had been issued immediately prior to
     the happening of such event, such adjustment to become effective
     concurrently with the effectiveness of such event. The Exercise Price in
     effect immediately prior to any such combination of Common Stock shall,
     upon the effectiveness of such combination, be proportionately increased.
     The Exercise Price in effect immediately prior to any such

                                       -4-

<PAGE>

     subdivision of Common Stock or at the record date of such dividend shall
     upon the effectiveness of such subdivision or immediately after the record
     date of such dividend be proportionately reduced.

          3.2 Reorganizations and Reclassifications. If there shall occur any
     capital reorganization or reclassification of the Common Stock (other than
     a change in par value or a subdivision or combination as provided for in
     Section 3.1), then, as part of any such reorganization or reclassification,
     lawful provision shall be made so that the Holder shall have the right
     thereafter to receive upon the exercise hereof the kind and amount of
     shares of stock or other securities or property which such Holder would
     have been entitled to receive if, immediately prior to any such
     reorganization or reclassification, such Holder had held the number of
     shares of Common Stock which were then purchasable upon the exercise of
     this Warrant. In any such case, appropriate adjustment (as reasonably
     determined by the Board of Directors of the Company) shall be made in the
     application of the provisions set forth herein with respect to the rights
     and interests thereafter of the Holder such that the provisions set forth
     in this Section 3 (including provisions with respect to adjustment of the
     Exercise Price) shall thereafter be applicable, as nearly as is reasonably
     practicable, in relation to any shares of stock or other securities or
     property thereafter deliverable upon the exercise of this Warrant.

          3.3 Merger, Consolidation or Sale of Assets. Subject to the provisions
     of Section 8, if there shall be a merger or consolidation of the Company
     with or into another corporation (other than a merger or reorganization
     involving only a change in the state of incorporation of the Company or the
     acquisition by the Company of other businesses where the Company survives
     as a going concern), or the sale of all or substantially all of the
     Company's capital stock or assets to any other person, then as a part of
     such transaction, provision shall be made so that the Holder shall
     thereafter be entitled to receive the number of shares of stock or other
     securities or property of the Company, or of the successor corporation
     resulting from the merger, consolidation or sale, to which the Holder would
     have been entitled if the Holder had exercised its rights pursuant to the
     Warrant immediately prior thereto. In any such case, appropriate adjustment
     shall be made in the application of the provisions of this Section 3 to the
     end that the provisions of this Section 3 shall be applicable after that
     event in as nearly equivalent a manner as may be practicable.

          3.4 Certain Anti-Dilution Adjustments. If the Corporation shall, at
     any time or from time to time after the date hereof, issue any shares its
     capital stock, other than (x) issuances covered by Sections 3.1, 3.2 or 3.3
     above or (y) Excluded Stock, without consideration or for a consideration
     per share less than the applicable Exercise Price, then, in the case of the
     issuance of capital stock, the Exercise Price shall be lowered (but not
     raised) to a price equal to 142% of the Conversion Price (as such term is
     defined in the Certificate of Designations, Preferences and Rights of
     Series B Convertible Preferred Stock of the Company) in effect on the date
     the adjustment described in this Section 3.4 is made and in the case of the
     issuance of rights, warrants, or convertible or exchangeable securities,
     the Exercise Price shall be lowered (but not raised) to a price equal to
     the conversion, exercise, or exchange price, as the case may be, of any
     such rights, warrants or convertible securities. For the purposes of this
     Warrant, "Excluded Stock" shall mean (i) the issuance or sale of options to
     purchase shares of Common Stock pursuant to a

                                       -5-

<PAGE>

     stock option plan approved by the Board, (ii) shares of Common Stock issued
     upon conversion of shares of any of the Corporation's Series A Convertible
     Preferred Stock or Series B Convertible Preferred Stock, (iii) securities
     issued in connection with any underwritten primary public offering of the
     Company's securities pursuant to a registration statement declared
     effective by the Securities and Exchange Commission, (iv) the issuance of
     securities pursuant to the conversion or exercise of convertible or
     exercisable securities outstanding as of the date of this Warrant (as
     adjusted for recapitalizations, stock splits and the like), including
     without limitation, the warrant for 100,000 shares of Common Stock, at an
     exercise price of $0.001 per share, issued to Goulston & Storrs - A
     Professional Corporation, which are currently outstanding as of the date of
     this Certificate, (v) the issuance of securities as consideration for a
     bonafide business acquisition of or by the Company, whether by merger,
     consolidation, sale of assets, sale or exchange of stock or otherwise,
     which involves a third party which is not affiliated with the Company or
     its current stockholders or in a strategic alliance or as equity kickers in
     lease and financing transactions, the primary purpose of which is not to
     raise equity capital; or (vi) in the case of (i), (ii), (iii), (iv) and (v)
     any additional shares of Common Stock as may be issued by virtue of
     antidilution provisions, if any, applicable to such options or securities.

          3.5 Certificate of Adjustment. When any adjustment is required to be
     made in the Exercise Price, the Company shall promptly mail to the Holder a
     certificate setting forth the Exercise Price after such adjustment and
     setting forth a brief statement of the facts requiring such adjustment.
     Delivery of such certificate shall be deemed to be a final and binding
     determination with respect to such adjustment unless challenged by the
     Holder within ten (10) days of receipt thereof. Such certificate shall also
     set forth the kind and amount of stock or other securities or property into
     which this Warrant shall be exercisable following the occurrence of any of
     the events specified in this Section 3.

     4. Compliance with Securities Act.

          4.1 Unregistered Securities. The Holder acknowledges that this Warrant
     and the Warrant Stock have not been registered under the Securities Act of
     1933, as amended, and the rules and regulations thereunder, or any
     successor legislation, and agrees not to sell, pledge, distribute, offer
     for sale, transfer or otherwise dispose of this Warrant or any Warrant
     Stock in the absence of (i) an effective registration statement under the
     Securities Act covering this Warrant or such Warrant Stock and registration
     or qualification of this Warrant or such Warrant Stock under any applicable
     "blue sky" or state securities law then in effect, or (ii) an opinion of
     counsel, satisfactory to the Company, that such registration and
     qualification are not required. The Company may delay issuance of the
     Warrant Stock until completion of any action or obtaining of any consent,
     which the Company deems necessary under any applicable law (including
     without limitation state securities or "blue sky" laws).

          4.2 Investment Letter. Without limiting the generality of Section 4.1,
     unless the offer and sale of any shares of Warrant Stock shall have been
     effectively registered under the Securities Act, the Company shall be under
     no obligation to issue the Warrant Stock unless and until the Holder shall
     have executed an investment letter in form and substance

                                       -6-
<PAGE>

     satisfactory to the Company, including a warranty at the time of such
     exercise that the Holder is acquiring such shares for its own account, for
     investment and not with a view to, or for sale in connection with, the
     distribution of any such shares.

          4.3 Legend. Certificates delivered to the Holder pursuant to Section
     1.3 shall bear the following legend or a legend in substantially similar
     form:

          "THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE BEEN TAKEN FOR
          INVESTMENT AND THEY MAY NOT BE SOLD OR OTHERWISE TRANSFERRED BY ANY
          PERSON, INCLUDING A PLEDGEE, IN THE ABSENCE OF AN EFFECTIVE
          REGISTRATION STATEMENT FOR THE SHARES UNDER THE SECURITIES ACT OF
          1933, AS AMENDED, OR AN OPINION OF COUNSEL, SATISFACTORY TO THE
          COMPANY, THAT AN EXEMPTION FROM REGISTRATION IS THEN AVAILABLE."

          5. Registration Rights.

          5.1 Certain Definitions.

          As used in this Section 5, the following terms shall have the
     following respective meanings:

     "Commission" shall mean the United States Securities and Exchange
     Commission.

     "Holder" shall mean the record owner of Registrable Securities.

     The terms "Register" "Registered" and "Registration" refer to a
     registration effected by preparing and filing a registration statement in
     compliance with the Securities Act ("Registration Statement"), and the
     declaration or ordering of the effectiveness of such Registration
     Statement.

     "Registrable Securities" shall mean all Common Stock not previously sold to
     the public and issued to the Holder pursuant to the exercise of this
     Warrant, or Common Stock issued with respect to such shares pursuant to
     stock splits, stock dividends and similar distributions with respect to
     such shares, provided, however, that shares of Common Stock which are
     Registrable Securities shall cease to be Registrable Securities at such
     time, and for so long as, such shares are eligible for sale pursuant to
     Rule 144(k) under the Securities Act.

     "Registration Expenses" shall mean all expenses incurred by the Company in
     complying with Section 5.2 of this Agreement, including, without
     limitation, all federal and state registration, qualification and filing
     fees, printing expenses, fees and disbursements of counsel for the Company,
     blue sky fees and the expense of any special audits incident to or required
     by any such registration, but shall not include Selling Expenses.

                                       -7-

<PAGE>

     "Securities Act" shall mean the Securities Act of 1933, as amended from
     time to time, or any similar successor federal statute, and the rules and
     regulations of the Commission thereunder, all as the same shall be in
     effect at the time.

     "Selling Expenses" shall mean all underwriting discounts and selling
     commissions applicable to the sale of Registrable Securities pursuant to
     this Agreement and all expenses of any special counsel for the Holder.

          5.2 Piggyback Registration.

          5.2.1 Notice of Piggyback Registration and Inclusion of Registrable
     Securities. Subject to the terms of this Agreement, in the event the
     Company decides to Register any of its Common Stock for cash (either for
     its own account or the account of a security holder), other than pursuant
     to a Registration Statement which exclusively relates to the Registration
     of securities under an employee stock option, purchase, bonus or other
     benefit plan, then for so long as the Holder holds Registrable Securities,
     the Company will: (1) promptly give the Holder written notice thereof
     (which shall include a list of the jurisdictions in which the Company
     intends to attempt to qualify such securities under the applicable Blue Sky
     or other state securities laws) and (2) include in such Registration (and
     any related qualification under Blue Sky laws or other compliance), and in
     any underwriting involved therein, all the Registrable Securities specified
     in a written request delivered to the Company by the Holder within 10 days
     after delivery of such written notice from the Company. The right of the
     Holder to have Registrable Securities included in any Registration
     Statement shall be conditioned upon the provision by the Holder of any
     information reasonably requested by the Company within ten (10) days of
     such request.

          5.2.2 Underwriting in Piggyback Registration. If the Registration of
     which the Company gives notice is a Registered public offering involving an
     underwriting, the Company shall so advise the Holder as a part of the
     written notice given pursuant to Subsection 5.2.1. In such event the right
     of the Holder to Registration shall be conditioned upon such underwriting.
     The Holder shall, together with the Company, enter into an underwriting
     agreement with the Underwriter's Representative for such offering. The
     Holder shall have no right to participate in the selection of the
     underwriters for an offering pursuant to this Section.

          5.2.3 Withdrawal in Piggyback Registration. If the Holder disapproves
     of the terms of any such underwriting, it may elect to withdraw therefrom
     by written notice to the Company and the underwriter delivered at least
     seven (7) days prior to the effective date of the Registration Statement.
     Any Registrable Securities or other securities excluded or withdrawn from
     such underwriting shall be withdrawn from such Registration.

          5.3 Demand Registration.

          5.3.1 Demand Registration Procedure. At any time beginning on the one
year anniversary of this Warrant, the Holder may request that the Company
register under the

                                       -8-

<PAGE>

Securities Act all or a portion of the Registrable Securities held by such
requesting Holders (a "Form S-1 Demand Registration"). Such requests shall be in
writing and shall state the number of shares of Registrable Securities to be
disposed of and the intended method of disposition of such shares by such
requesting Holder; provided, however, that the Holder shall only be entitled to
request one (1) Form S-1 Demand Registrations pursuant to this Section 5.3.
Thereupon, the Company will use its best efforts to cause such of the
Registrable Securities as may be requested by the Holder to be registered under
the Securities Act in accordance with the terms of this Section 5.3.
Notwithstanding anything to the contrary contained herein, a registration will
not count as a Form S-1 Demand Registration under this Section 3(a) until the
registration statement relating to the Registrable Securities requested to be so
registered has been declared effective by the Commission at the request of the
requesting Holder and, if such method of disposition is a firm commitment
underwritten public offering, such shares shall have been sold pursuant thereto.

          5.3.2 Postponement. The Company may postpone the filing of a
registration statement requested by the Holder pursuant to Section 5.3 hereof
for a reasonable period of time, not to exceed ninety (90) days in the aggregate
during any twelve (12) month period, if the Company delivers to the Holder a
certificate signed by the Chief Executive Officer of the Company stating that
the Board of Directors determined in good faith that the filing of a
registration statement would be detrimental to the Company and would not be in
the Company's best interests at such time. The Company shall not be required to
cause a registration statement requested pursuant to Section 5.3 hereof to
become effective within one hundred eighty (180) days following the effective
date of a registration statement on Form S-1 initiated by the Company, provided
that the Company had received the Holder's request for registration after the
Company had given written notice, made in good faith, to the Holder that the
Company was commencing to prepare a Company-initiated registration statement
(other than a registration effected solely to implement an employee benefit plan
or a transaction to which Rule 145 or any other similar rule under the
Securities Act is applicable); provided further, however, that the Company shall
use its best efforts to achieve such effectiveness promptly following such
period.

          5.4 Obligations of the Company and the Holder.

          5.4.1 Underwriting Requirements. In connection with any offering
     involving an underwriting of shares pursuant to Section 5.2 the Company
     shall not be required to include any of the Holder's Registrable Securities
     in such underwriting unless they accept the terms of the underwriting as
     agreed upon between the Company and the underwriters selected by it.

          5.4.2 Expenses of Registration. All Registration Expenses incurred in
     connection with all Registrations pursuant to Section 5.2 and 5.3 shall be
     borne by the Company. Selling Expenses to be borne by the holders of the
     Registrable Securities Registered shall be borne pro rata on the basis of
     the number of Registrable Securities being Registered.

          5.5 Indemnification.

          5.5.1 Company's Indemnification of the Holder. The Company will
     indemnify the Holder, and each of its directors, officers, stockholders,
     partners or other beneficial

                                       -9-
<PAGE>

     owners, and each person controlling the Holder, with respect to which
     Registration, qualification or compliance of Registrable Securities has
     been effected pursuant to this Warrant, and each underwriter, if any, and
     each person who controls any underwriter against all claims, losses,
     damages or liabilities, including reasonable legal fees and expenses (or
     actions in respect thereof) to the extent such claims, losses, damages or
     liabilities arise out of or are based upon any untrue statement (or alleged
     untrue statement) of a material fact contained in any prospectus or other
     document (including any related Registration Statement) incident to any
     such Registration, qualification or compliance, or are based on any
     omission (or alleged omission) to state therein a material fact required to
     be stated therein or necessary to make the statements therein not
     misleading, or any violation by the Company of any rule or regulation
     promulgated under the Securities Act applicable to the Company and relating
     to action or inaction required of the Company in connection with any such
     Registration, qualification or compliance; and the Company will reimburse
     the Holder, each of its directors, officers, stockholders, partners or
     other beneficial owners, each such underwriter and each person who controls
     the Holder or underwriter for any legal and any other expenses reasonably
     incurred in connection with investigating or defending any such claim,
     loss, damage, liability or action; provided, however, that the indemnity
     contained in this Section 5.4 shall not apply to amounts paid in settlement
     of any such claim, loss, damage, liability or action if settlement is
     effected without the consent of the Company (which consent shall not
     unreasonably be withheld); and provided, further, that the Company will not
     be liable in any such case to the extent that any such claim, loss, damage,
     liability or expense arises out of or is based upon any untrue statement or
     omission based upon written information furnished to the Company by the
     Holder, underwriter or controlling person and stated to be for use in
     connection with the offering of securities of the Company.

          5.5.2 The Holder's Indemnification of Company. The Holder will, if
     Registrable Securities held by the Holder are included in the securities as
     to which such Registration, qualification or compliance is being effected
     pursuant to this Warrant, indemnify the Company, each of its directors and
     officers, each legal counsel and independent accountant of the Company,
     each underwriter, if any, of the Company's securities covered by such a
     Registration Statement, and each person who controls the Company or such
     underwriter within the meaning of the Securities Act against all claims,
     losses, damages and liabilities, including legal fees and expenses (or
     actions in respect thereof), arising out of or based upon any untrue
     statement (or alleged untrue statement) of a material fact contained in any
     such Registration Statement, prospectus, offering circular or other
     document, or any omission (or alleged omission) to state therein a material
     fact required to be stated therein or necessary to make the statements
     therein not misleading, or any violation by the Holder of any rule or
     regulation promulgated under the Securities Act applicable to the Holder
     and relating to action or inaction required of the Holder in connection
     with any such Registration, qualification or compliance; and will reimburse
     the Company, such directors, officers, partners, persons, law and
     accounting firms, underwriters or control persons for any legal and any
     other expenses reasonably incurred in connection with investigating or
     defending any such claim, loss, damage, liability or action, in each case
     to the extent, but only to the extent, that such untrue statement (or
     alleged untrue statement) or omission (or alleged omission) is made in such
     Registration

                                      -10-

<PAGE>

     Statement, prospectus, offering circular or other document in reliance upon
     and in conformity with written information furnished to the Company by the
     Holder and stated to be specifically for use in connection with the
     offering of securities of the Company; provided, however, that the Holders'
     liability under this Section 5.5 shall not exceed the Holder's proceeds
     from the offering of securities made in connection with such Registration.

          5.5.3 Indemnification Procedure. Promptly after receipt by an
     indemnified party under this Section 5.5 of notice of the commencement of
     any action, such indemnified party will, if a claim in respect thereof is
     to be made against an indemnifying party under this Section 5.5, notify the
     indemnifying party in writing of the commencement thereof and generally
     summarize such action. The indemnifying party shall have the right to
     participate in and to assume the defense of such claim; provided, however,
     that the indemnifying party shall be entitled to select counsel for the
     defense of such claim with the approval of any parties entitled to
     indemnification, which approval shall not be unreasonably withheld;
     provided further, however, that if either party reasonably determines that
     there may be a conflict between the position of the Company and the Holders
     in conducting the defense of such action, suit or proceeding by reason of
     recognized claims for indemnity under this Section 5.5, then counsel for
     such party shall be entitled to conduct the defense to the extent
     reasonably determined by such counsel to be necessary to protect the
     interest of such party. The failure to notify an indemnifying party
     promptly of the commencement of any such action, if prejudicial to the
     ability of the indemnifying party to defend such action, shall relieve such
     indemnifying party, to the extent so prejudiced, of any liability to the
     indemnified party under this Section 5.5, but the omission so to notify the
     indemnifying party will not relieve such party of any liability that such
     party may have to any indemnified party otherwise other than under this
     Section 5.5.

          5.4.4 Subsequent Transferees. The provisions of this Section 5.5
     applicable to the Holder shall apply with equal force and effect to each
     subsequent transferee to whom any of the Registrable Securities are
     transferred with the consent of the Company.

     6. Reservation of Stock. The Company will at all times thereafter reserve
and keep available, solely for issuance and delivery upon the exercise of this
Warrant, such shares of Warrant Stock and other stock, securities and property,
as from time to time shall be issuable upon the exercise of this Warrant. The
Company covenants that all shares of Warrant Stock so issuable will, when
issued, be duly and validly issued and fully paid and nonassessable.

     7. Replacement of Warrants. Upon receipt of evidence reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of
this Warrant and (in the case of loss, theft or destruction) upon delivery of an
indemnity agreement (with surety if reasonably required) in an amount reasonably
satisfactory to the Company, or (in the case of mutilation) upon surrender and
cancellation of this Warrant, the Company will issue, in lieu thereof, a new
Warrant of like tenor.

     8. Termination Upon Certain Events. If there shall be a merger or
consolidation of the Company with or into another corporation (other than a
merger or reorganization involving only a change in the state of incorporation
of the Company or the acquisition by the Company of other

                                      -11-

<PAGE>

businesses where the Company survives as a going concern), or the sale of all or
substantially all of the Company's capital stock or assets to any other person,
or the liquidation or dissolution of the Company, then as a part of such
transaction, at the Company's option, either:

          (a) provision shall be made so that the Holder shall thereafter be
     entitled to receive the number of shares of stock or other securities or
     property of the Company, or of the successor corporation resulting from the
     merger, consolidation or sale, to which the Holder would have been entitled
     if the Holder had exercised its rights pursuant to the Warrant immediately
     prior thereto (and, in such case, appropriate adjustment shall be made in
     the application of the provisions of this Section 8(a) to the end that the
     provisions of Section 3 shall be applicable after that event in as nearly
     equivalent a manner as may be practicable); or

          (b) this Warrant shall terminate on the effective date of such merger,
     consolidation or sale (the "Termination Date") and become null and void,
     provided that if this Warrant shall not have otherwise terminated or
     expired, (1) the Company shall have given the Holder written notice of such
     Termination Date at least ten (10) business days prior to the occurrence
     thereof and (2) the Holder shall have the right until 5:00 p.m., Eastern
     Standard Time, on the day immediately prior to the Termination Date to
     exercise its rights hereunder to the extent not previously exercised.

     9. Transferability. Without the prior written consent of the Company, the
Warrant shall not be assigned, pledged or hypothecated in any way (whether by
operation of law or otherwise) and shall not be subject to execution, attachment
or similar process. Any attempted transfer, assignment, pledge, hypothecation or
other disposition of the Warrant or of any rights granted hereunder contrary to
the provisions of this Section 8, or the levy of any attachment or similar
process upon the Warrant or such rights, shall be null and void.

     10. No Rights as Stock-holder. Until the exercise of this Warrant, the
Holder shall not have or exercise any rights by virtue hereof as a stockholder
of the Company.

     11. Notices. All notices, requests and other communications hereunder shall
be in writing, shall be either (i) delivered by hand, (ii) made by telecopy or
facsimile transmission, (iii) sent by overnight courier, or (iv) sent by
registered mail, postage prepaid, return receipt requested. In the case of
notices from the Company to the Holder, they shall be sent to the address
furnished to the Company in writing by the last Holder who shall have furnished
an address to the Company in writing. All notices from the Holder to the Company
shall be delivered to the Company at its offices at 7-9 West 18th Street, 9th
Floor, New York, New York 10011 or such other address as the Company shall so
notify the Holder. All notices, requests and other communications hereunder
shall be deemed to have been given (i) by hand, at the time of the delivery
thereof to the receiving party at the address of such party described above,
(ii) if made by telex, telecopy or facsimile transmission, at the time that
receipt thereof has been acknowledged by electronic confirmation or otherwise,
(iii) if sent by overnight courier, on the next business day following the day
such notices is delivered to the courier service, or (iv) if sent by registered
mail, on the fifth business day following the day such mailing is made.

                                      -12-
<PAGE>

     12. Waivers and Modifications. Any term or provision of this Warrant may be
waived only by written document executed by the party entitled to the benefits
of such terms or provisions. The terms and provisions of this Warrant may be
modified or amended only by written agreement executed by the parties hereto.

     13. Headings. The headings in this Warrant are for convenience of reference
only and shall in no way modify or affect the meaning or construction of any of
the terms or provisions of this Warrant.

     14. Governing Law. This Warrant will be governed by and construed in
accordance with and governed by the laws of the State of New York, without
giving effect to the conflict of law principles thereof.

            [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK.]

                                      -13-

<PAGE>

     IN WITNESS WHEREOF, this Warrant has been executed and delivered as a
sealed instrument on the date first written above by the duly authorized
representative of the Company.

                                        INTELLECT NEUROSCIENCES, INC.

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

<PAGE>

                                    EXHIBIT A

                                  PURCHASE FORM

To: INTELLECT NEUROSCIENCES, INC.

     The undersigned pursuant to the provisions set forth in the attached
Warrant (No. B1-______), hereby irrevocably elects to (check one):

     [ ]  (A) purchase ____ shares of the Common Stock, par value $______ per
          share, of INTELLECT NEUROSCIENCES, INC. (the "COMMON STOCK"), covered
          by such Warrant and herewith makes payment of $_______, representing
          the full purchase price for such shares at the price per share
          provided for in such Warrant; or

     [ ]  (B) convert ____ Converted Warrant Shares into that number of shares
          of fully paid and nonassessable shares of Common Stock, determined
          pursuant to the provisions of Section 1.4 of the Warrant.

     The Common Stock for which the Warrant may be exercised or converted shall
be known herein as the "Warrant Stock".

     The undersigned is aware that the Warrant Stock has not been and will not
be registered under the Securities Act of 1933, as amended (the "SECURITIES
ACT") or any state securities laws. The undersigned understands that reliance by
the Company on exemptions under the Securities Act is predicated in part upon
the truth and accuracy of the statements of the undersigned in this Purchase
Form.

     The undersigned represents that it is an "accredited investor" as such term
is defined in Rule 501 of Regulation D promulgated under the Securities Act.

     The undersigned represents and warrants that (1) it has been furnished with
all information which it deems necessary to evaluate the merits and risks of the
purchase of the Warrant Stock, (2) it has had the opportunity to ask questions
concerning the Warrant Stock and the Company and all questions posed have been
answered to its satisfaction, (3) it has been given the opportunity to obtain
any additional information it deems necessary to verify the accuracy of any
information obtained concerning the Warrant Stock and the Company and (4) it has
such knowledge and experience in financial and business matters that it is able
to evaluate the merits and risks of purchasing the Warrant Stock and to make an
informed investment decision relating thereto.

     The undersigned hereby represents and warrant that it is purchasing the
Warrant Stock for its own account for investment and not with a view to the sale
or distribution of all or any part of the Warrant Stock.

                                       -1-

<PAGE>

     The undersigned understands that because the Warrant Stock has not been
registered under the Securities Act, it must continue to bear the economic risk
of the investment for an indefinite period of time and the Warrant Stock cannot
be sold unless it is subsequently registered under applicable federal and state
securities laws or an exemption from such registration is available.

     The undersigned agrees that it will in no event sell or distribute or
otherwise dispose of all or any part of the Warrant Stock unless (1) there is an
effective registration statement under the Securities Act and applicable state
securities laws covering any such transaction involving the Warrant Stock, or
(2) the Company receives an opinion satisfactory to the Company of the
undersigned's legal counsel stating that such transaction is exempt from
registration. The undersigned consents to the placing of a legend on its
certificate for the Warrant Stock stating that the Warrant Stock has not been
registered and setting forth the restriction on transfer contemplated hereby and
to the placing of a stop transfer order on the books of the Company and with any
transfer agents against the Warrant Stock until the Warrant Stock may be legally
resold or distributed without restriction.

     The undersigned has considered the federal and state income tax
implications of the exercise of the Warrant and the purchase and subsequent sale
of the Warrant Stock.

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                       -2-

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