Document:

EX-4.9

 

Exhibit 4.9

THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE BEEN ACQUIRED FOR
INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
OR ANY STATE SECURITIES LAW. THIS WARRANT AND SUCH SECURITIES MAY NOT BE OFFERED, SOLD OR
OTHERWISE PLEDGED, TRANSFERRED OR HYPOTHECATED IN THE ABSENCE OF SUCH REGISTRATION OR DELIVERY OF
AN OPINION OF COUNSEL IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH OFFER,
SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS IN COMPLIANCE WITH THE ACT OR UNLESS SOLD IN FULL
COMPLIANCE WITH RULE 144 UNDER THE ACT.

INNOVIVE PHARMACEUTICALS, INC.

Warrant for the Purchase of Shares of

Common Stock

			
	 	 	 
	No. 2007-[___]
	 	                     Shares

     FOR VALUE RECEIVED, INNOVIVE PHARMACEUTICALS, INC., a Delaware corporation (the “Company”),
hereby certifies that [___], its designee or its permitted assigns is entitled to
purchase from the Company, at any time or from time to time
commencing on April 24, 2007 and
prior to 5:00 P.M., New York City time, on April 24, 2012 (the “Exercise Period”),
[___] fully paid and non-assessable shares of common stock of the Company for a
purchase price per share of $3.75. Hereinafter, (i) said common stock of the Company, is referred
to as the “Common Stock”; (ii) the shares of the Common Stock (subject to adjustment as set forth
herein) purchasable hereunder or under any other Warrant (as hereinafter defined) are referred to
as the “Warrant Shares”; (iii) the aggregate purchase price payable for the Warrant Shares
purchasable hereunder is referred to as the “Aggregate Warrant Price”; (iv) the price payable for
each of the Warrant Shares hereunder is referred to as the “Per Share Warrant Price”; (v) this
Warrant, all similar Warrants issued on the date hereof and all warrants hereafter issued in
exchange or substitution for this Warrant or such similar Warrants are referred to as the
“Warrants”; and (vi) the holder of this Warrant is referred to as the “Holder” and the holders of
this Warrant and all other Warrants and Warrant Shares are referred to as the “Holders” and Holders
of more than fifty percent (50%) of the Warrant Shares then issuable upon exercise of then
outstanding Warrants are referred to as the “Majority of the Holders”.

     This Warrant is one in a series of related warrants constituting in the aggregate Warrants to
purchase 2,747,287 Warrant Shares, which were originally issued pursuant to Subscription
Agreements (the “Subscription Agreements”) between the Company and the investors named therein in
connection with a private placement by the Company of its securities,

 

 

on April 24, 2007. By acceptance of this Warrant, the Holder agrees to comply with all
applicable provisions of the applicable Subscription Agreement.

1. Exercise of Warrant.

     (a) This Warrant may be exercised in whole at any time, or in part from time to time, by the
Holder during the Exercise Period by the surrender of this Warrant (with the subscription form at
the end hereof duly executed) at the address set forth in subsection 9(a) hereof, together with
proper payment of the Aggregate Warrant Price, or the proportionate part thereof if this Warrant is
exercised in part, with payment for the Warrant Shares made by certified or official bank check
payable to the order of, or wire transfer of immediately available funds to, the Company.

     (b) If this Warrant is exercised in part, this Warrant must be exercised for a number of whole
shares of the Common Stock and the Holder is entitled to receive a new Warrant covering the Warrant
Shares that have not been exercised and setting forth the proportionate part of the Aggregate
Warrant Price applicable to such Warrant Shares. Upon surrender of this Warrant in connection with
the exercise of this Warrant pursuant to the terms hereof, the Company will (i) issue a certificate
or certificates in the name of the Holder for the largest number of whole shares of the Common
Stock to which the Holder shall be entitled upon such exercise and, if this Warrant is exercised in
whole, in lieu of any fractional share of the Common Stock to which the Holder shall be entitled,
pay to the Holder cash in an amount equal to the fair value of such fractional share (determined in
such reasonable manner as the Board of Directors of the Company shall determine), and (ii) deliver
the other securities and properties receivable upon the exercise of this Warrant, or the
proportionate part thereof, if this Warrant is exercised in part, pursuant to the provisions of
this Warrant.

2. Reservation of Warrant Shares; Listing. The Company agrees that, prior to the expiration
of this Warrant, the Company shall at all times (a) have authorized and in reserve, and shall keep
available, solely for issuance and delivery upon the exercise of this Warrant, the shares of the
Common Stock and other securities and properties as from time to time shall be receivable upon the
exercise of this Warrant, free and clear of all restrictions on sale or transfer, other than under
Federal or state securities laws, and free and clear of all preemptive rights and rights of first
refusal and (b) if the Company hereafter lists its Common Stock on any national securities
exchange, use its commercially reasonable efforts to keep the Warrant Shares authorized for listing
on such exchange upon notice of issuance.

3. Certain Adjustments.

     (a) In case the Company shall hereafter (i) pay a dividend or make a distribution on its
Common Stock in shares of Common Stock, (ii) subdivide its outstanding shares of Common Stock into
a greater number of shares or (iii) combine or reverse-split its outstanding shares of Common Stock
into a smaller number of shares, then the Per Share Warrant Price and the number of Warrant Shares
shall forthwith be proportionately decreased and increased, respectively, in the case of a
subdivision, distribution or stock dividend, or proportionately increased and decreased,
respectively, in the case of a combination or reverse

 

 

stock split. The Aggregate Warrant Price payable for the then total number of Warrant Shares
available for exercise under this Warrant shall remain the same. Adjustments made pursuant to this
subsection 3(a) shall become effective on the record date in the case of a dividend or
distribution, and shall become effective immediately after the effective date in the case of a
subdivision, combination or reclassification. If such dividend, distribution, subdivision or
combination is not consummated in full, the Per Share Warrant Price and Warrant Shares shall be
readjusted accordingly.

     (b) In case of any capital reorganization or reclassification, or any consolidation or merger,
or any sale, transfer or other disposition of all or substantially all of its property, assets or
shares to which the Company is a party, the Holder of this Warrant shall have the right thereafter
to receive on the exercise of this Warrant the kind and amount of securities, cash or other
property which the Holder would have owned or have been entitled to receive immediately after such
reorganization, reclassification, consolidation, merger or reorganization had this Warrant been
exercised immediately prior to the effective date of such transaction and in any such case, if
necessary, appropriate adjustment shall be made in the application of the provisions set forth in
this Section 3 with respect to the rights and interests thereafter of the Holder of this Warrant to
the end that the provisions set forth in this Section 3 shall thereafter correspondingly be made
applicable, as nearly as may reasonably be, in relation to any shares of stock or other securities
or property thereafter deliverable on the exercise of this Warrant. The above provisions of this
subsection 3(b) shall similarly apply to successive reorganizations, reclassifications,
consolidations, mergers or other dispositions. The Company shall require the issuer of any shares
of stock or other securities or property thereafter deliverable on the exercise of this Warrant to
be responsible for all of the agreements and obligations of the Company hereunder. Notice of any
such reorganization, reclassification, consolidation or merger, shall be mailed to the Holders of
Warrants not less than twenty (20) days prior to such event.

     (c) No adjustment in the Per Share Warrant Price shall be required unless such adjustment
would require an increase or decrease of at least $0.01 per share of Common Stock;
provided, however, that any adjustments which by reason of this subsection 3(c) are
not required to be made shall be carried forward and taken into account in any subsequent
adjustment; provided, further, however, that adjustments shall be required and made
in accordance with the provisions of this Section 3 (other than this subsection 3(c)) not later
than such time as may be required in order to preserve the tax-free nature of a distribution, if
any, to the Holder of this Warrant or Common Stock issuable upon the exercise hereof. All
calculations under this Section 3 shall be made to the nearest cent or to the nearest 1/100th of a
share, as the case may be. Anything in this Section 3 to the contrary notwithstanding, the Company
shall be entitled to make such reductions in the Per Share Warrant Price, in addition to those
required by this Section 3, as it in its discretion shall deem to be advisable in order that any
stock dividend, subdivision of shares or distribution of rights to purchase stock or securities
convertible or exchangeable for stock hereafter made by the Company to its stockholders shall not
be taxable.

     (d) Whenever the Per Share Warrant Price or the number of Warrant Shares is adjusted as
provided in this Section 3 and upon any modification of the rights of a Holder of Warrants in
accordance with this Section 3, the Company shall promptly prepare a brief

 

 

statement of the facts requiring such adjustment or modification and the manner of computing the
same and cause copies of such certificate to be mailed to the Holders of the Warrants. The Company
may, but shall not be obligated to unless requested by a Majority of the Holders, obtain, at its
expense, a certificate of a firm of independent public accountants of recognized standing selected
by the Board of Directors (who may be the regular auditors of the Company) setting forth the Per
Share Warrant Price and the number of Warrant Shares in effect after such adjustment or the effect
of such modification, a brief statement of the facts requiring such adjustment or modification and
the manner of computing the same and cause copies of such certificate to be mailed to the Holders
of the Warrants.

     (e) If the Board of Directors of the Company shall declare any dividend or other distribution
with respect to the Common Stock, the Company shall mail notice thereof to the Holders of the
Warrants not less than twenty (20) days prior to the record date fixed for determining stockholders
entitled to participate in such dividend or other distribution.

     (f) If, as a result of an adjustment made pursuant to this Section 3, the Holder of any
Warrant thereafter surrendered for exercise shall become entitled to receive shares of two or more
classes of capital stock or shares of Common Stock and other capital stock of the Company, the
Board of Directors (whose determination shall be conclusive and shall be described in a written
notice to the Holder of any Warrant promptly after such adjustment) shall determine, in good faith,
the allocation of the adjusted Per Share Warrant Price between or among shares or such classes of
capital stock or shares of Common Stock and other capital stock.

4. Fully Paid Stock; Taxes. The shares of the Common Stock represented by each and every
certificate for Warrant Shares delivered on the exercise of this Warrant shall, at the time of such
delivery, be duly authorized, validly issued and outstanding, fully paid and nonassessable, and not
subject to preemptive rights or rights of first refusal imposed by any agreement to which the
Company is a party, and the Company will take all such actions as may be necessary to assure that
the par value, if any, per share of the Common Stock is at all times equal to or less than the then
Per Share Warrant Price. The Company shall pay, when due and payable, any and all Federal and
state stamp, original issue or similar taxes which may be payable in respect of the issue of any
Warrant Share or any certificate thereof to the extent required because of the issuance by the
Company of such security.

5. Registration Under Act.

     (a) The Holder shall have the right to participate in the registration rights granted to
purchasers of the securities of the Company pursuant to Article 5 of the Subscription Agreement
with respect to any Warrant Shares held by the Holder. By acceptance of this Warrant, the Holder
agrees to comply with the provisions in Article 5 of the Subscription Agreement to same extent as
if it were a party thereto.

     (b) Until all of the Warrant Shares have been sold under a Registration Statement or pursuant
to an exemption from registration under the Act, including pursuant to Rule 144, so long as the
Company’s Common Stock remains registered under the Act, the Company shall use its commercially
reasonable efforts to file with the Securities and Exchange

 

 

Commission all current reports and the information as may be necessary to enable the Holder to
effect sales of its shares in reliance upon Rule 144 promulgated under the Act.

6. Investment Intent; Limited Transferability.

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

     (b) The Holder, by its acceptance of this Warrant, represents to the Company that it is
acquiring this Warrant and will acquire any securities obtainable upon exercise of this Warrant for
its own account for investment and not with a view to, or for sale in connection with, any
distribution thereof in violation of the Act. The Holder agrees, by acceptance of this Warrant,
that this Warrant and any such securities issuable under this Warrant will not be sold or otherwise
transferred unless (i) a registration statement with respect to such transfer is effective under
the Act and any applicable state securities laws or (ii) such sale or transfer is made pursuant to
one or more exemptions from the registration requirements of the Act.

     (c) In addition to the limitations set forth in Section 1 and in accordance with the legend on
the first page hereof, this Warrant may not be sold, transferred, assigned or hypothecated by the
Holder except in compliance with the provisions of the Act and the applicable state securities
“blue sky” laws, and is so transferable only upon the books of the Company which it shall cause to
be maintained for such purpose. The Company may treat the registered Holder of this Warrant as it
appears on the Company’s books at any time as the Holder for all purposes. The Company shall
permit any Holder of a Warrant or its duly authorized attorney, upon written request during
ordinary business hours, to inspect and copy or make extracts from its books showing the registered
Holder of this Warrant. All Warrants issued upon the transfer or assignment of this Warrant will
be dated the same date as this Warrant, and all rights of the holder thereof shall be identical to
those of the Holder unless, in each case, otherwise prohibited by applicable law.

     (d) The Holder has been afforded (i) the opportunity to ask such questions as it has deemed
necessary of, and to receive answers from, representatives of the Company concerning the terms and
conditions of the Warrants or the exercise of the Warrants; and (ii) the opportunity to request
such additional information which the Company possesses or can acquire without unreasonable effort
or expense.

 

 

     (e) The Holder did not (i) receive or review any advertisement, article, notice or other
communication published in a newspaper or magazine or similar media or broadcast over television or
radio, whether closed circuit, or generally available; or (ii) attend any seminar, meeting or
investor or other conference to which the Holder was invited by any general solicitation or general
advertising.

     (f) The Holder is an “accredited investor” within the meaning of Regulation D under the Act.
Such Holder is acquiring the Warrants for its own account and not with a present view to, or for
sale in connection with, any distribution thereof in violation of the registration requirements of
the Act, without prejudice, however, to such Holder’s right, subject to the provisions of the
Subscription Agreement and this Warrant, at all times to sell or otherwise dispose of all or any
part of such Warrants and Warrant Shares.

     (g) Either by reason of such Holder’s business or financial experience or the business or
financial experience of its professional advisors (who are unaffiliated with and who are not
compensated by the Company or any affiliate, finder or selling agent of the Company, directly or
indirectly), such Holder has the capacity to protect such Holder’s interests in connection with the
transactions contemplated by this Warrant and the Subscription Agreement. The Holder, by its
acceptance of this Warrant, represents to the Company that it is able to fend for itself, can bear
the economic risk of its investment and has such knowledge and experience in financial or business
matters that it is capable of evaluating the merits and risks of the investment in this Warrant.
Holder also represents it has not been organized for the purpose of acquiring this Warrant.

7. Loss, etc., of Warrant. Upon receipt of evidence reasonably satisfactory to the Company
of the loss, theft, destruction or mutilation of this Warrant, and of indemnity reasonably
satisfactory to the Company, if lost, stolen or destroyed, and upon surrender and cancellation of
this Warrant, if mutilated, the Company shall execute and deliver to the Holder a new Warrant of
like date, tenor and denomination.

8. Warrant Holder Not Stockholder. This Warrant does not confer upon the Holder any right
to vote on or consent to or receive notice as a stockholder of the Company, as such, in respect of
any matters whatsoever, nor any other rights or liabilities as a stockholder, prior to the exercise
hereof; this Warrant does, however, require certain notices to Holders as set forth herein.

9. Communication. No notice or other communication under this Warrant shall be effective
or deemed to have been given unless, the same is in writing and is mailed by first-class mail,
postage prepaid, or via recognized overnight courier with confirmed receipt, addressed to:

     (a) the Company at Innovive Pharmaceuticals, Inc., 555 Madison Ave., 25th Floor,
NY, NY 10022, Attn: Chief Executive Officer, or other such address as the Company has designated in
writing to the Holder; or

     (b) the Holder at the address of the Holder set forth in the Subscription Agreement, or other
such address as the Holder has designated in writing to the Company.

 

 

10. Headings. The headings of this Warrant have been inserted as a matter of convenience
and shall not affect the construction hereof.

11. Applicable Law. This Warrant shall be governed by and construed in accordance with the
law of the State of New York without giving effect to the principles of conflicts of law thereof.

12. Amendment, Waiver, etc. Except as expressly provided herein, neither this Warrant nor
any term hereof may be amended, waived, discharged or terminated other than by a written instrument
signed by the party against whom enforcement of any such amendment, waiver, discharge or
termination is sought; provided, however, that any provisions hereof may be amended, waived,
discharged or terminated upon the written consent of the Company and the Majority of the Holders.

* * * * *

 

 

     IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by the undersigned duly
authorized officer, this 24th day of April 2007.

	 	 	 	 	 
	 	 	INNOVIVE PHARMACEUTICALS, INC.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:
	 	Steven Kelly
	 

	 	Title:
	 	President and CEO

 

 

SUBSCRIPTION

     The undersigned, _________, pursuant to the provisions of the foregoing Warrant,
hereby agrees to subscribe for and purchase
_________ shares of the Common Stock of
Innovive Pharmaceuticals, Inc. covered by said Warrant, and makes payment therefor in full at the
price per share provided by said Warrant.

	 	 	 	 	 	 	 	 	 	 	 
	Dated:

	 	 	 	 	 	Signature:
	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 
	 

	 	 	 	 	 	Address:	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 

 

 

ASSIGNMENT

     FOR
VALUE RECEIVED _________ (“Assignor”) hereby sells, assigns and transfers unto
_________ (“Transferee”) the foregoing Warrant and all rights evidenced thereby, and
does irrevocably constitute and appoint _________, attorney, to transfer said Warrant
on the books of Innovive Pharmaceuticals, Inc. By acceptance of the foregoing Warrant, Transferee
shall become a Holder under said Warrant and subject to the rights, obligations and representations
of Holder set forth in said Warrant.

ASSIGNOR:

	 	 	 	 	 	 	 	 	 	 	 
	Dated:

	 	 	 	 	 	Signature:
	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Address:	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	TRANSFEREE:
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Dated:

	 	 	 	 	 	Signature:	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Address:	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 

PARTIAL ASSIGNMENT

     FOR
VALUE RECEIVED _________ (“Assignor”) hereby assigns and transfers unto
_________
(“Transferee”) the right to purchase _________ shares of Common Stock of
Innovive Pharmaceuticals, Inc. covered by the foregoing Warrant, and a proportionate part of said
Warrant and the rights evidenced thereby, and does irrevocably constitute and appoint
_________, attorney, to transfer such part of said Warrant on the books of Innovive
Pharmaceuticals, Inc. By acceptance of the proportionate part of foregoing Warrant, Transferee
shall become a Holder under said proportionate part of said Warrant and subject to the rights,
obligations and representations of Holder set forth in said Warrant.

ASSIGNOR:

	 	 	 	 	 	 	 	 	 	 	 
	Dated:

	 	 	 	 	 	Signature:
	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Address:	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	TRANSFEREE:
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Dated:

	 	 	 	 	 	Signature:	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Address:EX-4.10

 

Exhibit 4.10

THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE BEEN ACQUIRED FOR
INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
OR ANY STATE SECURITIES LAW. THIS WARRANT AND SUCH SECURITIES MAY NOT BE OFFERED, SOLD OR
OTHERWISE PLEDGED, TRANSFERRED OR HYPOTHECATED IN THE ABSENCE OF SUCH REGISTRATION OR DELIVERY OF
AN OPINION OF COUNSEL IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH OFFER,
SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS IN COMPLIANCE WITH THE ACT OR UNLESS SOLD IN FULL
COMPLIANCE WITH RULE 144 UNDER THE ACT.

Innovive Pharmaceuticals, Inc.

Warrant for the Purchase of Shares of

Common Stock

			
	 	 	 
	No. 2007-[___]
	 	274,726 Shares

     FOR VALUE RECEIVED, Innovive Pharmaceuticals, Inc., a Delaware corporation (the “Company”),
hereby certifies that Paramount BioCapital, Inc., its designee or its permitted assigns is entitled
to purchase from the Company, at any time or from time to time
commencing on April 24, 2007 and
prior to 5:00 P.M., New York City time, on April 24, 2007 (the “Exercise Period”),
274,726 fully paid and non-assessable shares of common stock of the Company for a purchase
price per share of $3.75. Hereinafter, (i) said common stock of the Company, is referred to as the
“Common Stock”; (ii) the shares of the Common Stock (subject to adjustment as set forth herein)
purchasable hereunder or under any other Warrant (as hereinafter defined) are referred to as the
“Warrant Shares”; (iii) the aggregate purchase price payable for the Warrant Shares purchasable
hereunder is referred to as the “Aggregate Warrant Price”; (iv) the price payable for each of the
Warrant Shares hereunder is referred to as the “Per Share Warrant Price”; (v) this Warrant, any
similar Warrants issued on the date hereof and any warrants hereafter issued in exchange or
substitution for this Warrant or such similar Warrants are referred to as the “Warrants”; (vi) the
holder of this Warrant is referred to as the “Holder” and the holder of this Warrant and all other
Warrants and Warrant Shares are referred to as the “Holders” and Holders of more than fifty percent
(50%) of the Warrant Shares then issuable upon exercise of then outstanding Warrants are referred
to as the “Majority of the Holders”; and (vii) the then “Current Market Price” per share of the
Common Stock shall be deemed to be the volume weighted average closing sale price of the Common
Stock for the ten (10) Trading Days (as defined below) immediately prior to such date on the
principal national securities exchange on which the Common Stock is admitted to trading or listed,
or if not listed or admitted to trading on any such exchange, the representative closing sale price
of the Common Stock as reported by the National Association of

			
	 	 	 

 

 

Securities Dealers, Inc. Automated Quotations System (“NASDAQ”), or other similar organization if
NASDAQ is no longer reporting such information, or, if the Common Stock is not reported on NASDAQ,
the closing share price for the Common Stock in the over-the-counter market as reported by the
National Quotation Bureau or similar organization, or if not so available, the fair market value of
the Common Stock as determined in good faith by the Company’s Board of Directors. A “Trading Day”
shall mean any day on which shares of the Company’s Common Stock are sold, or eligible for sale, on
the respective exchange, quotation system or over-the-counter market. The Aggregate Warrant Price
is not subject to adjustment.

     This Warrant was originally issued pursuant to a letter agreement dated
as of March 13, 2007, as amended (the “Agency Agreement”) between the Company and Paramount
BioCapital, Inc.

1. Exercise of Warrant.

     (a) This Warrant may be exercised in whole at any time, or in part from time to time, by the
Holder during the Exercise Period:

     (i) by the surrender of this Warrant (with the subscription form at the end hereof duly
executed) at the address set forth in subsection 9(a) hereof, together with proper payment of the
Aggregate Warrant Price, or the proportionate part thereof if this Warrant is exercised in part,
with payment for the Warrant Shares made by certified or official bank check payable to the order
of, or wire transfer of immediately available funds to, the Company; or

     (ii) by the surrender of this Warrant (with the cashless exercise form at the end hereof duly
executed) (a “Cashless Exercise”) at the address set forth in subsection 9(a) hereof. Such
presentation and surrender shall extinguish the Holder’s obligation to pay the Aggregate Warrant
Price, or the proportionate part thereof if this Warrant is exercised in part. In the event of a
Cashless Exercise, the Holder shall exchange its Warrant for that number of Warrant Shares subject
to such Cashless Exercise multiplied by a fraction, the numerator of which shall be the difference
between the then Current Market Price and the Per Share Warrant Price, and the denominator of which
shall be the then Current Market Price.

     (b) If this Warrant is exercised in part, this Warrant must be exercised for a number of whole
shares of the Common Stock and the Holder is entitled to receive a new Warrant covering the Warrant
Shares that have not been exercised and setting forth the proportionate part of the Aggregate
Warrant Price applicable to such Warrant Shares. Upon surrender of this Warrant in connection with
the exercise of this Warrant pursuant to the terms hereof, the Company will (i) issue a certificate
or certificates in the name of the Holder for the largest number of whole shares of the Common
Stock to which the Holder shall be entitled upon such exercise and, if this Warrant is exercised in
whole, in lieu of any fractional share of the Common Stock to which the Holder shall be entitled,
pay to the Holder cash in an amount equal to the fair value of such fractional share (determined in
such reasonable manner as the Board of Directors of the Company shall determine), and (ii) deliver
the other securities and properties receivable upon the exercise of this Warrant, or the
proportionate part thereof, if this Warrant is exercised in part, pursuant to the provisions of
this Warrant.

2

 

2. Reservation of Warrant Shares; Listing.

     The Company agrees that, prior to the expiration of this Warrant, the Company shall at all
times (a) have authorized and in reserve, and shall keep available, solely for issuance and
delivery upon the exercise of this Warrant, the shares of the Common Stock and other securities and
properties as from time to time shall be receivable upon the exercise of this Warrant, free and
clear of all restrictions on sale or transfer, other than under Federal or state securities laws,
and free and clear of all preemptive rights and rights of first refusal and (b) if the Company
hereafter lists its Common Stock on any national securities exchange, use its commercially
reasonable efforts to keep the Warrant Shares authorized for listing on such exchange upon notice
of issuance.

3. Certain Adjustments.

     (a) In case the Company shall hereafter (i) pay a dividend or make a distribution on its
Common Stock in shares of Common Stock, (ii) subdivide its outstanding shares of Common Stock into
a greater number of shares or (iii) combine or reverse-split its outstanding shares of Common Stock
into a smaller number of shares, then the Per Share Warrant Price and the number of Warrant Shares
shall forthwith be proportionately decreased and increased, respectively, in the case of a
subdivision, distribution or stock dividend, or proportionately increased and decreased,
respectively, in the case of a combination or reverse stock split. The Aggregate Warrant Price
payable for the then total number of Warrant Shares available for exercise under this Warrant shall
remain the same. Adjustments made pursuant to this subsection 3(a) shall become effective on the
record date in the case of a dividend or distribution, and shall become effective immediately after
the effective date in the case of a subdivision, combination or reclassification. If such
dividend, distribution, subdivision or combination is not consummated in full, the Per Share
Warrant Price and Warrant Shares shall be readjusted accordingly.

     (b) In case of any capital reorganization or reclassification, any consolidation or merger, or
any sale, transfer or other disposition of all or substantially all of its property, assets or
shares to which the Company is a party, the Holder of this Warrant shall have the right thereafter
to receive upon the exercise of this Warrant the kind and amount of securities, cash or other
property which the Holder would have owned or have been entitled to receive immediately after such
reorganization, reclassification, consolidation, merger or reorganization had this Warrant been
exercised immediately prior to the effective date of such transaction and in any such case, if
necessary, appropriate adjustment shall be made in the application of the provisions set forth in
this Section 3 with respect to the rights and interests thereafter of the Holder of this Warrant to
the end that the provisions set forth in this Section 3 shall thereafter correspondingly be made
applicable, as nearly as may reasonably be, in relation to any shares of stock or other securities
or property thereafter deliverable on the exercise of this Warrant. The above provisions of this
subsection 3(b) shall similarly apply to successive reorganizations, reclassifications,
consolidations, mergers or other dispositions. The Company shall require the issuer of any shares
of stock or other securities or property thereafter deliverable on the exercise of this Warrant to
be responsible for all of the agreements and obligations of the Company

3

 

hereunder. Notice of any such reorganization, reclassification, consolidation or merger, shall be
mailed to the Holders of Warrants not less than twenty (20) days prior to such event.

     (c) No adjustment in the Per Share Warrant Price shall be required unless such adjustment
would require an increase or decrease of at least $0.01 per share of Common Stock;
provided, however, that any adjustments which by reason of this subsection 3(c) are
not required to be made shall be carried forward and taken into account in any subsequent
adjustment; provided, further, however, that adjustments shall be required and made
in accordance with the provisions of this Section 3 (other than this subsection 3(c)) not later
than such time as may be required in order to preserve the tax-free nature of a distribution, if
any, to the Holder of this Warrant or Common Stock issuable upon the exercise hereof. All
calculations under this Section 3 shall be made to the nearest cent or to the nearest 1/100th of a
share, as the case may be. Anything in this Section 3 to the contrary notwithstanding, the Company
shall be entitled to make such reductions in the Per Share Warrant Price, in addition to those
required by this Section 3, as it in its discretion shall deem to be advisable in order that any
stock dividend, subdivision of shares or distribution of rights to purchase stock or securities
convertible or exchangeable for stock hereafter made by the Company to its stockholders shall not
be taxable.

     (d) Whenever the Per Share Warrant Price or the number of Warrant Shares is adjusted as
provided in this Section 3 and upon any modification of the rights of a Holder of Warrants in
accordance with this Section 3, the Company shall promptly prepare a brief statement of the facts
requiring such adjustment or modification and the manner of computing the same and cause copies of
such certificate to be mailed to the Holders of the Warrants. The Company may, but shall not be
obligated to unless requested by a Majority of the Holders, obtain, at its expense, a certificate
of a firm of independent public accountants of recognized standing selected by the Board of
Directors (who may be the regular auditors of the Company) setting forth the Per Share Warrant
Price and the number of Warrant Shares in effect after such adjustment or the effect of such
modification, a brief statement of the facts requiring such adjustment or modification and the
manner of computing the same and cause copies of such certificate to be mailed to the Holders of
the Warrants.

     (e) If the Board of Directors of the Company shall declare any dividend or other distribution
with respect to the Common Stock, the Company shall mail notice thereof to the Holders of the
Warrants not less than twenty (20) days prior to the record date fixed for determining stockholders
entitled to participate in such dividend or other distribution.

     (f) If, as a result of an adjustment made pursuant to this Section 3, the Holder of any
Warrant thereafter surrendered for exercise shall become entitled to receive shares of two or more
classes of capital stock or shares of Common Stock and other capital stock of the Company, the
Board of Directors (whose determination shall be conclusive and shall be described in a written
notice to the Holder of any Warrant promptly after such adjustment) shall determine, in good faith,
the allocation of the adjusted Per Share Warrant Price between or among shares or such classes of
capital stock or shares of Common Stock and other capital stock.

4. Fully Paid Stock; Taxes. The shares of the Common Stock represented by each and every
certificate for Warrant Shares delivered on the exercise of this Warrant shall, at the time of

4

 

such delivery, be duly authorized, validly issued and outstanding, fully paid and nonassessable,
and not subject to preemptive rights or rights of first refusal imposed by any agreement to which
the Company is a party, and the Company will take all such actions as may be necessary to assure
that the par value, if any, per share of the Common Stock is at all times equal to or less than the
then Per Share Warrant Price. The Company shall pay, when due and payable, any and all Federal and
state stamp, original issue or similar taxes which may be payable in respect of the issue of any
Warrant Share or any certificate thereof to the extent required because of the issuance by the
Company of such security.

5. Registration Under Securities Act of 1933.

     (a) The Holder shall have the right to participate in the registration rights granted to
purchasers of the Common Stock of the Company pursuant to the Registration Rights Agreement (the
“Rights Agreement”) entered into between each such purchaser and the Company in connection with the
issuance and sale of the Common Stock on or about the date hereof, to the same extent as if the
Holder were a party thereto. The Company shall have the same obligations to the Holder as it has
under the Rights Agreement to the “Purchasers” thereunder, and the Holder shall be entitled to
enforce such obligations against the Company as if the Holder were a party thereto. By acceptance
of this Warrant, the Holder agrees to comply with the provisions of the Rights Agreement to the
same extent as if it were a party thereto; provided that the Holder will not be bound by any
amendment of the Rights Agreement unless it consents to such amendment.

     (b) Until all of the Warrant Shares have been sold under a Registration Statement or pursuant
to an exemption from registration under the Act, including pursuant to Rule 144, so long as the
Company’s Common Stock remains registered under the Act, the Company shall use its commercially
reasonable efforts to file with the Securities and Exchange Commission all current reports and the
information as may be necessary to enable the Holder to effect sales of its shares in reliance upon
Rule 144 promulgated under the Act.

6. Investment Intent; Limited Transferability.

     (a) By accepting this Warrant, the Holder represents to the Company that it understands that
this Warrant and any securities obtainable upon exercise of this Warrant have not been registered
for sale under Federal or state securities laws and are being offered and sold to the Holder
pursuant to one or more exemptions from the registration requirements of such securities laws. In
the absence of an effective registration of such securities or an exemption therefrom, any
certificates for such securities shall bear the legend set forth on the first page hereof; provided
however, that following the effective date of the Registration Statement (as such term is defined
in the Rights Agreement), such legend may, at the request of the Holder, be removed from the
certificates evidencing such Warrant Shares prior to the resale thereof and the Company will
rescind any stop transfer orders with respect to such shares given to the Company’s transfer agent,
provided that the Holder represents and covenants to the Company in writing (in a form reasonably
acceptable to the Company and its counsel) that (1) such Holder will sell such Warrant Shares only
pursuant to and in the manner contemplated by the Registration Statement, including the Plan of
Distribution section contained therein, and otherwise in compliance with the Act, including the
prospectus delivery requirements of such

5

 

Act and (2) such other agreements or covenants as the Company or its counsel may reasonably
request. Subject to the foregoing, at such time and to the extent a legend is no longer required
for the Warrant Shares, the Company will use its best efforts to, no later than three (3) trading
days following the delivery to the Company or the Company’s transfer agent by the holder of such
Warrant Shares of a legended certificate representing such Warrant Shares (together with such
accompanying documentation or representations as reasonably required by counsel to the Company),
deliver or cause to be delivered a certificate representing such Warrant Shares that is free from
the foregoing legend. The Holder understands that it must bear the economic risk of its investment
in this Warrant and any securities obtainable upon exercise of this Warrant for an indefinite
period of time, as this Warrant and such securities have not been registered under Federal or state
securities laws and therefore cannot be sold unless subsequently registered under such laws, unless
an exemption from such registration is available. The Holder further represents to the Company, by
accepting this Warrant, that it has full power and authority to accept this Warrant and make the
representations set forth herein.

     (b) The Holder, by its acceptance of this Warrant, represents to the Company that it is
acquiring this Warrant and will acquire any securities obtainable upon exercise of this Warrant for
its own account for investment and not with a view to, or for sale in connection with, any
distribution thereof in violation of the Act. The Holder agrees, by acceptance of this Warrant,
that this Warrant and any such securities issuable under this Warrant will not be sold or otherwise
transferred unless (i) a registration statement with respect to such transfer is effective under
the Act and any applicable state securities laws or (ii) such sale or transfer is made pursuant to
one or more exemptions from the Act.

     (c) In addition to the limitations set forth in Section 1 and in accordance with the legend on
the first page hereof, this Warrant may not be sold, transferred, assigned or hypothecated by the
Holder except in compliance with the provisions of the Act and the applicable state securities
“blue sky” laws, and is so transferable only upon the books of the Company which it shall cause to
be maintained for such purpose. The Company may treat the registered Holder of this Warrant as it
appears on the Company’s books at any time as the Holder for all purposes. The Company shall
permit any Holder of a Warrant or its duly authorized attorney, upon written request during
ordinary business hours, to inspect and copy or make extracts from its books showing the registered
Holders of Warrants. All Warrants issued upon the transfer or assignment of this Warrant will be
dated the same date as this Warrant, and all rights of the holder thereof shall be identical to
those of the Holder unless, in each case, otherwise prohibited by applicable law.

     (d) The Holder has been afforded (i) the opportunity to ask such questions as it has deemed
necessary of, and to receive answers from, representatives of the Company concerning the terms and
conditions of the Warrants or the exercise of the Warrants; and (ii) the opportunity to request
such additional information which the Company possesses or can acquire without unreasonable effort
or expense.

     (e) The Holder did not (i) receive or review any advertisement, article, notice or other
communication published in a newspaper or magazine or similar media or broadcast over television or
radio, whether closed circuit, or generally available; or (ii) attend any seminar,

6

 

meeting or investor or other conference whose attendees were, to such Holder’s knowledge, invited
by any general solicitation or general advertising.

     (f) The Holder is an “accredited investor” within the meaning of Regulation D under the Act.
Such Holder is acquiring the Warrants for its own account and not with a present view to, or for
sale in connection with, any distribution thereof in violation of the registration requirements of
the Act, without prejudice, however, to such Holder’s right, subject to the provisions of the
Placement Agency Agreement and this Warrant, at all times to sell or otherwise dispose of all or
any part of such Warrants and Warrant Shares.

     (g) Either by reason of such Holder’s business or financial experience or the business or
financial experience of its professional advisors (who are unaffiliated with and who are not
compensated by the Company or any affiliate, finder or selling agent of the Company, directly or
indirectly), such Holder has the capacity to protect such Holder’s interests in connection with the
transactions contemplated by this Warrant and the Placement Agency Agreement. The Holder, by its
acceptance of this Warrant, represents to the Company that it is able to fend for itself, can bear
the economic risk of its investment and has such knowledge and experience in financial or business
matters that it is capable of evaluating the merits and risks of the investment in this Warrant.
Holder also represents it has not been organized for the purpose of acquiring this Warrant.

7. Loss, etc., of Warrant. Upon receipt of evidence reasonably satisfactory to the Company
of the loss, theft, destruction or mutilation of this Warrant, and of indemnity reasonably
satisfactory to the Company, if lost, stolen or destroyed, and upon surrender and cancellation of
this Warrant, if mutilated, the Company shall execute and deliver to the Holder a new Warrant of
like date, tenor and denomination.

8. Warrant Holder Not Stockholder. This Warrant does not confer upon the Holder any right
to vote on or consent to or receive notice as a stockholder of the Company, as such, in respect of
any matters whatsoever, nor any other rights or liabilities as a stockholder, prior to the exercise
hereof; this Warrant does, however, require certain notices to Holders as set forth herein.

9. Communication. No notice or other communication under this Warrant shall be effective
or deemed to have been given unless, the same is in writing and is mailed by first-class mail,
postage prepaid, or via recognized overnight courier with confirmed receipt, addressed to:

     (a) the Company at Innovive Pharmaceuticals, Inc., 555 Madison Ave., 25th Floor,
NY, NY 10022, Attn: Chief Executive Officer, or other such address as the Company has designated in
writing to the Holder; or

     (b) the Holder at the address in the Agency Agreement, or other such address as the Holder has
designated in writing to the Company.

10. Headings. The headings of this Warrant have been inserted as a matter of convenience
and shall not affect the construction hereof.

7

 

11. Applicable Law. This Warrant shall be governed by and construed in accordance with the
law of the State of New York without giving effect to the principles of conflicts of law thereof.

12. Amendment, Waiver, etc. Except as expressly provided herein, neither this Warrant nor
any term hereof may be amended, waived, discharged or terminated other than by a written instrument
signed by the party against whom enforcement of any such amendment, waiver, discharge or
termination is sought; provided, however, that any provisions hereof may be amended, waived,
discharged or terminated upon the written consent of the Company and the Majority of the Holders.

* * * * *

8

 

     IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by the undersigned duly
authorized officer as of April
24, 2007.

	 	 	 	 	 	 	 
	 	 	Innovive Pharmaceuticals, Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Steven Kellly	 	 
	 	 	Title: President and CEO	 	 

9

 

SUBSCRIPTION (cash)

     The undersigned, _________, pursuant to the provisions of the foregoing Warrant,
hereby agrees to subscribe for and purchase
_________ shares of the Common Stock of
Innovive Pharmaceuticals, Inc. covered by said Warrant, and makes payment therefor in full at the
price per share provided by said Warrant.

	 	 	 	 	 	 	 	 	 	 	 
	Dated:

	 	 	 	 	 	Signature:
	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 
	 

	 	 	 	 	 	Address:	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 

CASHLESS EXERCISE

     The undersigned _________, pursuant to the provisions of the foregoing Warrant, hereby
elects to exchange its Warrant for
_________ shares of Common Stock of Innovive
Pharmaceuticals, Inc. pursuant to the Cashless Exercise provisions of the Warrant.

	 	 	 	 	 	 	 	 	 	 	 
	Dated:

	 	 	 	 	 	Signature:
	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 
	 

	 	 	 	 	 	Address:	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 

10

 

ASSIGNMENT

     FOR VALUE RECEIVED _________ (“Assignor”) hereby sells, assigns and transfers unto
_________ (“Transferee”) the foregoing Warrant and all rights evidenced thereby, and
does irrevocably constitute and appoint _________, attorney, to transfer said Warrant
on the books of Innovive Pharmaceuticals, Inc. By acceptance of the foregoing Warrant, Transferee
shall become a Holder under said Warrant and subject to the rights, obligations and representations
of Holder set forth in said Warrant.

ASSIGNOR:

	 	 	 	 	 	 	 	 	 	 	 
	Dated:

	 	 	 	 	 	Signature:
	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Address:	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	TRANSFEREE:
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Dated:

	 	 	 	 	 	Signature:	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Address:	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 

PARTIAL ASSIGNMENT

     FOR VALUE RECEIVED _________ (“Assignor”) hereby assigns and transfers unto
_________ (“Transferee”) the right to purchase _________ shares of Common Stock of
Innovive Pharmaceuticals, Inc. covered by the foregoing Warrant, and a proportionate part of said
Warrant and the rights evidenced thereby, and does irrevocably constitute and appoint
_________, attorney, to transfer such part of said Warrant on the books of Innovive
Pharmaceuticals, Inc. By acceptance of the proportionate part of foregoing Warrant, Transferee
shall become a Holder under said proportionate part of said Warrant and subject to the rights,
obligations and representations of Holder set forth in said Warrant.

ASSIGNOR:

	 	 	 	 	 	 	 	 	 	 	 
	Dated:

	 	 	 	 	 	Signature:
	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Address:	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	TRANSFEREE:
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Dated:

	 	 	 	 	 	Signature:	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Address:	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 

11

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