Document:

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                                                                   Exhibit 10.51

THIS WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD, TRANSFERRED OR
OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR
EXEMPTION FROM REGISTRATION UNDER THE FOREGOING LAWS.

SUBJECT TO THE PROVISIONS OF SECTION 10 HEREOF, THIS WARRANT SHALL BE VOID AFTER
5:00 P.M. EASTERN TIME ON JULY 7, 2008 (THE "EXPIRATION DATE").

No. _____

                               ANTARES PHARMA, INC

                      WARRANT TO PURCHASE _______ SHARES OF
                     COMMON STOCK, PAR VALUE $0.01 PER SHARE

        FOR VALUE RECEIVED, SDS MERCHANT FUND, L.P. ("Warrantholder"), is
entitled to purchase, subject to the provisions of this Warrant, from Antares
Pharma, Inc. a Minnesota corporation ("Company"), at any time not later than
5:00 P.M., Eastern time, on the Expiration Date (as defined above), at an
exercise price per share equal to $1.25 (the exercise price in effect being
herein called the "Warrant Price"), _______ shares ("Warrant Shares") of the
Company's Common Stock, par value $0.01 per share ("Common Stock"). The number
of Warrant Shares purchasable upon exercise of this Warrant and the Warrant
Price shall be subject to adjustment from time to time as described herein.

        Section 1.      Registration. The Company shall maintain books for the
transfer and registration of the Warrant. Upon the initial issuance of this
Warrant, the Company shall issue and register the Warrant in the name of the
Warrantholder.

        Section 2.      Transfers. As provided herein, this Warrant may be
transferred only pursuant to a registration statement filed under the Securities
Act of 1933, as amended ("Securities Act"), or an exemption from such
registration. Subject to such restrictions, the Company shall transfer this
Warrant from time to time upon the books to be maintained by the Company for
that purpose, upon surrender thereof for transfer properly endorsed or
accompanied by appropriate instructions for transfer and such other documents as
may be reasonably required by the Company, including, if required by the
Company, an opinion of its counsel to the effect that such transfer is exempt
from the registration requirements of the Securities Act, to establish that such
transfer is being made in accordance with the terms hereof, and a new Warrant
shall be issued to the transferee and the surrendered Warrant shall be canceled
by the Company.

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        Section 3.      Exercise of Warrant.

                (a)     Subject to the provisions hereof, the Warrantholder may
exercise this Warrant in whole or in part at any time prior to its expiration
upon surrender of the Warrant, together with delivery of the duly executed
Warrant exercise form attached hereto as Appendix A (the "Exercise Agreement")
and payment by cash, certified check or wire transfer of funds for the aggregate
Warrant Price for that number of Warrant Shares then being purchased, to the
Company during normal business hours on any business day at the Company's
principal executive offices (or such other office or agency of the Company as it
may designate by notice to the holder hereof). The Warrant Shares so purchased
shall be deemed to be issued to the holder hereof or such holder's designee, as
the record owner of such shares, as of the close of business on the date on
which this Warrant shall have been surrendered (or evidence of loss, theft or
destruction thereof and security or indemnity satisfactory to the Company), the
Warrant Price shall have been paid and the completed Exercise Agreement shall
have been delivered. Certificates for the Warrant Shares so purchased,
representing the aggregate number of shares specified in the Exercise Agreement,
shall be delivered to the holder hereof within a reasonable time, not exceeding
three (3) business days, after this Warrant shall have been so exercised. The
certificates so delivered shall be in such denominations as may be requested by
the holder hereof and shall be registered in the name of such holder or such
other name as shall be designated by such holder. If this Warrant shall have
been exercised only in part, then, unless this Warrant has expired, the Company
shall, at its expense, at the time of delivery of such certificates, deliver to
the holder a new Warrant representing the number of shares with respect to which
this Warrant shall not then have been exercised. As used herein, "business day"
means a day, other than a Saturday or Sunday, on which banks in New York City
are open for the general transaction of business.

                (b)     Unless and until permitted by the applicable rules and
regulations of the principal securities market on which the Common Stock is then
listed or traded, in no event shall the Company issue upon exercise of this
Warrant more than the maximum number of shares of Common Stock that the Company
can issue pursuant to any rule of the principal securities market on which the
Common Stock is then traded, which, as of the date hereof shall be _______
shares (the "Maximum Share Amount") (which is 19.99% of the total shares
outstanding on the date hereof, less the number of shares of Common Stock issued
to Xmark and SDS pursuant to that certain Purchase Agreement, of even date
herewith, by and among the Company and the Investors named therein, the
"Purchase Agreement"), subject to equitable adjustment from time to time for
stock splits, stock dividends, combinations, capital reorganizations and similar
events relating to the Common Stock occurring after the date hereof; provided,
however, the foregoing limitation shall terminate if, as and when Shareholder
Approval (as defined below) shall have occurred. The Company will use its best
efforts to seek and obtain Shareholder Approval (or obtain such other relief as
will allow conversions hereunder in excess of the Maximum Share Amount) as soon
as possible (but in any event within ninety (90) days from the date of issuance
of this Warrant). As used herein, "Shareholder Approval" means approval by the
shareholders of the Company to authorize the issuance of the full number of
shares of Common Stock which would be issuable upon full exercise or conversion
of this Warrant and the other warrants issued in connection herewith but for the
Maximum Share Amount limitation herein.

                (c) Notwithstanding anything herein to the contrary, in no event
shall the Warrantholder be entitled to exercise any portion of this Warrant in
excess of that portion of this Warrant upon exercise of which the sum of (1) the
number of shares of Common Stock beneficially owned by the Warrantholder and its
Affiliates (other than shares of Common Stock which may be deemed beneficially
owned through the ownership of the unexercised portion of the Warrant or the
unexercised or unconverted portion of any other security of the Warrantholder
subject to a limitation on conversion analogous to the limitations contained
herein) and (2) the number of shares of Common Stock issuable upon the exercise
of the portion of this Warrant with respect to which the determination of this
proviso is being made, would result in beneficial ownership by the Warrantholder
and its Affiliates of more than 9.99% of the then outstanding shares of Common
Stock. As used herein, the term "Affiliate" means any person or entity that,
directly or indirectly through one or more intermediaries, controls or is
controlled by or is under common control with a person or entity, as such terms
are used in and construed under Rule 144 under the Securities Act. For purposes
of the proviso to the immediately preceding sentence, beneficial ownership shall
be determined in accordance with Section 13(d) of the Securities Exchange Act of
1934, as amended, and Regulations 13D-G thereunder, except as otherwise provided
in clause (1) of such proviso. The Warrantholder may waive the limitations set
forth herein by sixty-one (61) days written notice to the Company.

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        Section 4.      Compliance with the Securities Act of 1933. The Company
may cause the legend set forth on the first page of this Warrant to be set forth
on each Warrant or similar legend on any security issued or issuable upon
exercise of this Warrant, unless counsel for the Company is of the opinion as to
any such security that such legend is unnecessary.

        Section 5.      Payment of Taxes. The Company will pay any documentary
stamp taxes attributable to the initial issuance of Warrant Shares issuable upon
the exercise of the Warrant; provided, however, that the Company shall not be
required to pay any tax or taxes which may be payable in respect of any transfer
involved in the issuance or delivery of any certificates for Warrant Shares in a
name other than that of the registered holder of this Warrant in respect of
which such shares are issued, and in such case, the Company shall not be
required to issue or deliver any certificate for Warrant Shares or any Warrant
until the person requesting the same has paid to the Company the amount of such
tax or has established to the Company's reasonable satisfaction that such tax
has been paid. The holder shall be responsible for income taxes due under
federal, state or other law, if any such tax is due.

        Section 6.      Mutilated or Missing Warrants. In case this Warrant
shall be mutilated, lost, stolen, or destroyed, the Company shall issue in
exchange and substitution of and upon cancellation of the mutilated Warrant, or
in lieu of and substitution for the Warrant lost, stolen or destroyed, a new
Warrant of like tenor and for the purchase of a like number of Warrant Shares,
but only upon receipt of evidence reasonably satisfactory to the Company of such
loss, theft or destruction of the Warrant, and with respect to a lost, stolen or
destroyed Warrant, reasonable indemnity or bond with respect thereto, if
requested by the Company.

        Section 7.      Reservation of Common Stock. The Company hereby
represents and warrants that there have been reserved, and the Company shall at
all applicable times keep reserved until issued (if necessary) as contemplated
by this Section 7, out of the authorized and unissued shares of Common Stock,
sufficient shares to provide for the exercise of the rights of purchase
represented by this Warrant. The Company agrees that all Warrant Shares issued
upon due exercise of the Warrant shall be, at the time of delivery of the
certificates for such Warrant Shares, duly authorized, validly issued, fully
paid and non-assessable shares of Common Stock of the Company.

        Section 8.      Adjustments. Subject and pursuant to the provisions of
this Section 8, the Warrant Price and number of Warrant Shares subject to this
Warrant shall be subject to adjustment from time to time as set forth
hereinafter.

                (a)     If the Company shall, at any time or from time to time
while this Warrant is outstanding, pay a dividend or make a distribution on its
Common Stock in shares of Common Stock, subdivide its outstanding shares of
Common Stock into a greater number of shares or combine its outstanding shares
of Common Stock into a smaller number of shares or issue by reclassification of
its outstanding shares of Common Stock any shares of its capital stock
(including any such reclassification in connection with a consolidation or
merger in which the Company is the continuing corporation), then the number of
Warrant Shares purchasable upon exercise of the Warrant and the Warrant Price in
effect immediately prior to the date upon which

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such change shall become effective, shall be adjusted by the Company so that the
Warrantholder thereafter exercising the Warrant shall be entitled to receive the
number of shares of Common Stock or other capital stock which the Warrantholder
would have received if the Warrant had been fully exercised immediately prior to
such event upon payment of a Warrant Price that has been adjusted to reflect a
fair allocation of the economics of such event to the Warrantholder. Such
adjustments shall be made successively whenever any event listed above shall
occur.

                (b)     If any capital reorganization, reclassification of the
capital stock of the Company, consolidation or merger of the Company with
another corporation in which the Company is not the survivor, or sale, transfer
or other disposition of all or substantially all of the Company's assets to
another corporation shall be effected, then, the Company shall use its best
efforts to ensure that lawful and adequate provision shall be made whereby each
Warrantholder shall thereafter have the right to purchase and receive upon the
basis and upon the terms and conditions herein specified and in lieu of the
Warrant Shares immediately theretofore issuable upon exercise of the Warrant,
such shares of stock, securities or assets as would have been issuable or
payable with respect to or in exchange for a number of Warrant Shares equal to
the number of Warrant Shares immediately theretofore issuable upon exercise of
the Warrant, had such reorganization, reclassification, consolidation, merger,
sale, transfer or other disposition not taken place, and in any such case
appropriate provision shall be made with respect to the rights and interests of
each Warrantholder to the end that the provisions hereof (including, without
limitation, provision for adjustment of the Warrant Price) shall thereafter be
applicable, as nearly equivalent as may be practicable in relation to any shares
of stock, securities or assets thereafter deliverable upon the exercise thereof.
The Company shall not effect any such consolidation, merger, sale, transfer or
other disposition unless prior to or simultaneously with the consummation
thereof the successor corporation (if other than the Company) resulting from
such consolidation or merger, or the corporation purchasing or otherwise
acquiring such assets or other appropriate corporation or entity shall assume
the obligation to deliver to the holder of the Warrant, at the last address of
such holder appearing on the books of the Company, such shares of stock,
securities or assets as, in accordance with the foregoing provisions, such
holder may be entitled to purchase, and the other obligations under this
Warrant. The provisions of this paragraph (b) shall similarly apply to
successive reorganizations, reclassifications, consolidations, mergers, sales,
transfers or other dispositions.

                (c)     In case the Company shall fix a payment date for the
making of a distribution to all holders of Common Stock (including any such
distribution made in connection with a consolidation or merger in which the
Company is the continuing corporation) of evidences of indebtedness or assets
(other than cash dividends or cash distributions payable out of consolidated
earnings or earned surplus or dividends or distributions referred to in Section
8(a)), or subscription rights or warrants, the Warrant Price to be in effect
after such payment date shall be determined by multiplying the Warrant Price in
effect immediately prior to such payment date by a fraction, the numerator of
which shall be the total number of shares of Common Stock outstanding multiplied
by the Market Price (as defined below) per share of Common Stock immediately
prior to such payment date, less the fair market value (as determined by the
Company's Board of Directors in good faith) of said assets or evidences of
indebtedness so distributed, or of such subscription rights or warrants, and the
denominator of which shall be the

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total number of shares of Common Stock outstanding multiplied by such Market
Price per share of Common Stock immediately prior to such payment date. "Market
Price" as of a particular date (the "Valuation Date") shall mean the following:
(a) if the Common Stock is then listed on a national stock exchange, the closing
sale price of one share of Common Stock on such exchange on the last trading day
prior to the Valuation Date; (b) if the Common Stock is then quoted on The
Nasdaq Stock Market, Inc. ("Nasdaq"), the closing sale price of one share of
Common Stock on Nasdaq on the last trading day prior to the Valuation Date or,
if no such closing sale price is available, the average of the high bid and the
low asked price quoted on Nasdaq on the last trading day prior to the Valuation
Date; or (c) if the Common Stock is not then listed on a national stock exchange
or quoted on Nasdaq, the fair market value of one share of Common Stock as of
the Valuation Date, shall be determined in good faith by the Board of Directors
of the Company. The Board of Directors of the Company shall respond promptly, in
writing, to an inquiry by the Warrantholder prior to the exercise hereunder as
to the Market Value of a share of Common Stock as determined by the Board of
Directors of the Company.

                (d)     For the term of this Warrant, in addition to the
provisions contained above, the Warrant Price shall be subject to adjustment as
provided below. An adjustment to the Warrant Price shall become effective
immediately after the payment date in the case of each dividend or distribution
and immediately after the effective date of each other event which requires an
adjustment.

                (e)     Except as provided in subsection (g) hereof, if and
whenever the Company shall issue or sell, or is, in accordance with any of
subsections (e)(l) through (e)(6) hereof, deemed to have issued or sold, any
shares of Common Stock for a consideration per share less than the Warrant Price
in effect immediately prior to the time of such issue or sale, then and in each
such case (a "Trigger Issuance"), effective as of the close of business on the
effective date of the Trigger Issuance the then-existing Warrant Price shall be
reduced to the lowest price per share at which any share of Common Stock was
issued or sold or deemed to be issued or sold in such Trigger Issuance.

                For purposes of this subsection (e), "Additional Shares of
Common Stock" shall mean all shares of Common Stock issued by the Company or
deemed to be issued pursuant to this subsection (e), other than those excluded
issuances set forth in subsection (f) hereof).

                For purposes of this subsection (e), the following subsections
(e)(l) to (e)(5) shall also be applicable (subject, in each such case, to the
provisions of subsection (f) hereof and to each other subsection contained in
this subsection (e)):

                        (e)(1)  Issuance of Convertible Securities; Issuance of
                Rights or Options. In case at any time after the date hereof the
                Company shall in any manner grant, issue or sell any stock or
                security convertible into or exchangeable for Common Stock
                ("Convertible Securities") or any warrants or other rights to
                subscribe for or to purchase, or any options for the purchase
                of, Common Stock or any Convertible Securities (such warrants,
                rights or options being called "Options"), whether or not the
                right to convert, exchange or exercise any such Convertible

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                Securities or such Options are immediately exercisable, and the
                price per share for which Common Stock is issuable upon the
                conversion or exchange of such Convertible Securities or upon
                the exercise of such Options (determined by dividing (i) the sum
                of (x) the total amount, if any, received or receivable by the
                Company as consideration for the issue or sale of such
                Convertible Securities or the granting of such Options, plus (y)
                the aggregate amount of additional consideration, if any,
                payable to the Company upon the conversion or exchange of all
                such Convertible Securities or the exercise of all such Options,
                plus (z), in the case of such Options to purchase Convertible
                Securities, the aggregate amount of additional consideration, if
                any, payable upon the conversion or exchange of such Convertible
                Securities, by (ii) the maximum number of shares of Common Stock
                issuable upon the conversion or exchange of all such Convertible
                Securities, or upon the exercise of such Options, or upon the
                conversion or exchange of all such Convertible Securities
                issuable upon the exercise of such Options) shall be less than
                the Warrant Price in effect immediately prior to the time of the
                issue or sale of such Convertible Securities or the granting of
                such Options, then the total number of shares of Common Stock
                issuable upon the conversion or exchange of such Convertible
                Securities, or the exercise of such Options, or upon the
                conversion or exchange of the maximum amount of such Convertible
                Securities issuable upon the exercise of such Options shall be
                deemed to have been issued for such price per share as of the
                date of the issuance or sale of such Convertible Securities or
                the granting of such Options (including Options to purchase
                Convertible Securities) and thereafter shall be deemed to be
                outstanding for purposes of adjusting the Warrant Price. Except
                as otherwise provided in subsection 8(e)(2), no additional
                adjustment of the Warrant Price shall be made upon the actual
                issue of such Common Stock upon conversion or exchange of such
                Convertible Securities or upon exercise of such Options.

                        (e)(2)  Change in Option Price or Conversion Rate. Upon
                the happening of any of the following events, namely, if the
                purchase price provided for in any Option referred to in
                subsection 8(e)(l) hereof, the additional consideration, if any,
                payable upon the conversion or exchange of any Convertible
                Securities referred to in subsection 8(e)(l), or the rate at
                which Convertible Securities referred to in subsection 8(e)(l)
                are convertible into or exchangeable for Common Stock shall
                change at any time (including, but not limited to, changes under
                or by reason of provisions designed to protect against
                dilution), the Warrant Price in effect at the time of such event
                shall forthwith be readjusted to the Warrant Price which would
                have been in effect at such time had such Options or Convertible
                Securities still outstanding provided for such changed purchase
                price, additional consideration or conversion rate, as the case
                may be, at the time initially granted, issued or sold, but only
                if as a result of such adjustment the Warrant Price then in
                effect hereunder is thereby reduced. On the termination of any
                Option for which any adjustment was made pursuant to this
                subsection 8(e) or any right to convert or exchange Convertible
                Securities for which any adjustment was made pursuant to this
                subsection 8(e), the Warrant Price then in effect hereunder
                shall forthwith be changed to the Warrant Price which would have
                been in effect at the time of such

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                termination had such Option or Convertible Securities, to the
                extent outstanding immediately prior to such termination, never
                been issued.

                        (e)(3)  Consideration for Stock. In case any shares of
                Common Stock, Options or Convertible Securities shall be issued
                or sold for cash, the consideration received therefor shall be
                deemed to be the gross amount received by the Company therefor,
                before deduction therefrom of any expenses incurred or any
                underwriting commissions or concessions paid or allowed by the
                Company in connection therewith. In case any shares of Common
                Stock, Options or Convertible Securities shall be issued or sold
                for a consideration other than cash, the amount of the
                consideration other than cash received by the Company shall be
                deemed to be the fair value of such consideration as determined
                in good faith by the Board of Directors of the Company, before
                deduction of any expenses incurred or any underwriting
                commissions or concessions paid or allowed by the Company in
                connection therewith. In case any Options shall be issued in
                connection with the issue and sale of other securities of the
                Company, together comprising one integral transaction in which
                no specific consideration is allocated to such Options by the
                parties thereto, such Options shall be deemed to have been
                issued for such consideration as determined in good faith by the
                Board of Directors of the Company.

                        (e)(4)  Record Date. In case the Company shall take a
                record of the holders of its Common Stock for the purpose of
                entitling them (i) to receive a dividend or other distribution
                payable in Common Stock, Options or Convertible Securities or
                (ii) to subscribe for or purchase Common Stock, Options or
                Convertible Securities, then such record date shall be deemed to
                be the date of the issue or sale of the shares of Common Stock
                deemed to have been issued or sold upon the declaration of such
                dividend or the making of such other distribution or the date of
                the granting of such right of subscription or purchase, as the
                case may be. Notwithstanding the foregoing, no anti-dilution
                adjustment shall be effected with respect to any transaction for
                which a record date is set by the Company if the transaction is
                abandoned by the Company prior to the time such transaction
                becomes effective.

                        (e)(5)  Treasury Shares. The number of shares of Common
                Stock outstanding at any given time shall not include shares
                owned or held by or for the account of the Company or any of its
                Subsidiaries (as defined in the Purchase Agreement pursuant to
                which this Warrant was issued), and the disposition of any such
                shares (other than the cancellation or retirement thereof) shall
                be considered an issue or sale of Common Stock for the purpose
                of this subsection (e).

                (f)     Anything herein to the contrary notwithstanding, the
Company shall not be required to make any adjustment to the Warrant Price or the
number of Warrant Shares subject to this Warrant in the case of the following
issuances of shares of Common Stock from

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and after the date of this Warrant: (i) issuances upon the exercise of any
warrants, options or convertible securities granted, issued and outstanding on
the date of issuance of this Warrant; (ii) issuances upon the grant or exercise
of any stock or options which may hereafter be granted or exercised under any
employee benefit plan, stock option plan or restricted stock plan of the Company
in existence on the date of this Warrant, so long as the issuance of such stock
or options is approved by a majority of the independent members of the Board of
Directors of the Company or a majority of the members of a committee of
independent directors established for such purpose; (iii) issuances of
securities as compensation to marketing or investor relations firms that are not
Affiliates of the Company (the primary purpose of which is not to raise equity
capital); or (iv) issuances of securities as consideration for a merger or
consolidation with, or purchase of assets from, a non-Affiliated third party or
in connection with any strategic partnership or joint venture with a
non-Affiliated third party with which the Company will enter into technology
agreements (the primary purpose of any such action is not to raise equity
capital).

                (g)     In the event that, as a result of an adjustment made
pursuant to this Section 8, the holder of this Warrant shall become entitled to
receive any shares of capital stock of the Company other than shares of Common
Stock, the number of such other shares so receivable upon exercise of this
Warrant shall be subject thereafter to adjustment from time to time in a manner
and on terms as nearly equivalent as practicable to the provisions with respect
to the Warrant Shares contained in this Warrant.

        Section 9.      Fractional Interest. The Company shall not be required
to issue fractions of Warrant Shares upon the exercise of this Warrant. If any
fractional share of Common Stock would, except for the provisions of the first
sentence of this Section 9, be deliverable upon such exercise, the Company, in
lieu of delivering such fractional share, shall pay to the exercising holder of
this Warrant an amount in cash equal to the Market Price of such fractional
share of Common Stock on the date of exercise.

        Section 10.     Extension of Expiration Date. If the Company fails to
cause any Registration Statement covering Registrable Securities (unless
otherwise defined herein, capitalized terms are as defined in the Registration
Rights Agreement relating to the Warrant Shares (the "Registration Rights
Agreement")) to be declared effective prior to the applicable dates set forth
therein, or if any of the events specified in Section 2(c)(ii) of the
Registration Rights Agreement occurs, and the Blackout Period (whether alone, or
in combination with any other Blackout Period) continues for more than 30 days
in any 12 month period, or for more than a total of 90 days, then the Expiration
Date of this Warrant shall be extended one day for each day beyond the 30-day or
90-day limits, as the case may be, that the Blackout Period continues.

        Section 11.     Benefits. Nothing in this Warrant shall be construed to
give any person, firm or corporation (other than the Company and the
Warrantholder) any legal or equitable right, remedy or claim, it being agreed
that this Warrant shall be for the sole and exclusive benefit of the Company and
the Warrantholder.

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        Section 12.     Notices to Warrantholder. Upon the happening of any
event requiring an adjustment of the Warrant Price, the Company shall promptly
give written notice thereof to the Warrantholder at the address appearing in the
records of the Company, stating the adjusted Warrant Price and the adjusted
number of Warrant Shares resulting from such event and setting forth in
reasonable detail the method of calculation and the facts upon which such
calculation is based. Failure to give such notice to the Warrantholder or any
defect therein shall not affect the legality or validity of the subject
adjustment.

        Section 13.     Identity of Transfer Agent. The Transfer Agent for the
Common Stock is Wells Fargo Shareowner Services. Upon the appointment of any
subsequent transfer agent for the Common Stock or other shares of the Company's
capital stock issuable upon the exercise of the rights of purchase represented
by the Warrant, the Company will mail to the Warrantholder a statement setting
forth the name and address of such transfer agent.

        Section 14.     Notices. Unless otherwise provided, any notice required
or permitted under this Warrant shall be given in writing and shall be deemed
effectively given as hereinafter described (i) if given by personal delivery,
then such notice shall be deemed given upon such delivery, (ii) if given by
telex or facsimile, then such notice shall be deemed given upon receipt of
confirmation of complete transmittal, (iii) if given by mail, then such notice
shall be deemed given upon the earlier of (A) receipt of such notice by the
recipient or (B) three days after such notice is deposited in first class mail,
postage prepaid, and (iv) if given by an internationally recognized overnight
air courier, then such notice shall be deemed given one day after delivery to
such carrier. All notices shall be addressed as follows: if to the
Warrantholder, at its address as set forth in the Company's books and records
and, if to the Company, at the address as follows, or at such other address as
the Warrantholder or the Company may designate by ten days' advance written
notice to the other:

                If to the Company:

                        Antares Pharma, Inc.
                        707 Eagleview Boulevard, Suite 414
                        Exton, Pennsylvania 19314
                        Attention: Roger G. Harrison
                        Fax: 610-458-0756

                With a copy to:

                        Leonard, Street and Deinard Professional Association
                        150 South Fifth Street, Suite 2300
                        Minneapolis, Minnesota 55402
                        Attention: Morris M. Sherman, Esq.
                        Fax: 612-335-1657

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        Section 15.     Registration Rights. The initial holder of this Warrant
is entitled to the benefit of certain registration rights with respect to the
shares of Common Stock issuable upon the exercise of this Warrant as provided in
the Registration Rights Agreement, and any subsequent holder hereof may be
entitled to such rights.

        Section 16.     Successors. All the covenants and provisions hereof by
or for the benefit of the Warrantholder shall bind and inure to the benefit of
its respective successors and assigns hereunder.

        Section 17.     Governing Law. This Warrant shall be governed by, and
construed in accordance with, the internal laws of the State of New York,
without reference to the choice of law provisions thereof. The Company and, by
accepting this Warrant, the Warrantholder, each irrevocably submits to the
exclusive jurisdiction of the courts of the State of New York located in New
York County and the United States District Court for the Southern District of
New York for the purpose of any suit, action, proceeding or judgment relating to
or arising out of this Warrant and the transactions contemplated hereby. Service
of process in connection with any such suit, action or proceeding may be served
on each party hereto anywhere in the world by the same methods as are specified
for the giving of notices under this Warrant. The Company and, by accepting this
Warrant, the Warrantholder, each irrevocably consents to the jurisdiction of any
such court in any such suit, action or proceeding and to the laying of venue in
such court. The Company and, by accepting this Warrant, the Warrantholder, each
irrevocably waives any objection to the laying of venue of any such suit, action
or proceeding brought in such courts and irrevocably waives any claim that any
such suit, action or proceeding brought in any such court has been brought in an
inconvenient forum.

        Section 18.     No Rights as Shareholder. Prior to the exercise of this
Warrant, the Warrantholder shall not have or exercise any rights as a
shareholder of the Company by virtue of its ownership of this Warrant.

        Section 19.     Amendment; Waiver. This Warrant is one of a series of
Warrants of like tenor issued by the Company pursuant to the Purchase Agreement
and initially covering an aggregate of 1,500,000 shares of Common Stock
(collectively, the "Company Warrants"). Any term of this Warrant may be amended
or waived (including the adjustment provisions included in Section 8 of this
Warrant) upon the written consent of the Company and the holders of Company
Warrants representing at least 51% of the number of shares of Common Stock then
subject to all outstanding Company Warrants (the "Majority Holders"); provided,
that (x) any such amendment or waiver must apply to all Company Warrants; and
(y) the number of Warrant Shares subject to this Warrant, the Warrant Price and
the Expiration Date may not be amended, and the right to exercise this Warrant
may not be altered or waived, without the written consent of the Warrantholder.

        Section 20.     Section Headings. The section headings in this Warrant
are for the convenience of the Company and the Warrantholder and in no way
alter, modify, amend, limit or restrict the provisions hereof.

                                      -10-

<PAGE>

        IN WITNESS WHEREOF, the Company has caused this Warrant to be duly
executed, as of the 7th day of July, 2003.

                                        ANTARES PHARMA, INC.

                                        By: /s/ Roger G. Harrison
                                           ---------------------------
                                        Name: Roger G. Harrison
                                        Title: Chief Executive Officer

                                      -11-

<PAGE>

                                   APPENDIX A
                              ANTARES PHARMA, INC.
                              WARRANT EXERCISE FORM

To: Antares Pharma, Inc.

        The undersigned hereby irrevocably elects to exercise the right of
purchase represented by the within Warrant ("Warrant") for, and to purchase
thereunder by the payment of the Warrant Price and surrender of the Warrant,
_______________ shares of Common Stock ("Warrant Shares") provided for therein,
and requests that certificates for the Warrant Shares be issued as follows:

                      ______________________________________
                      Name

                      ______________________________________
                      Address

                      ______________________________________

                      ______________________________________
                      Federal Tax ID or Social Security No.

        and delivered by

                    [ ]     certified mail to the above address, or
                    [ ]     electronically (provide DWAC Instructions:________),
                    or
                    [ ]     other (specify: __________________________________).

and, if the number of Warrant Shares shall not be all the Warrant Shares
purchasable upon exercise of the Warrant, that a new Warrant for the balance of
the Warrant Shares purchasable upon exercise of this Warrant be registered in
the name of the undersigned Warrantholder or the undersigned's Assignee as below
indicated and delivered to the address stated below.

Dated: ___________________, ____

Note: The signature must correspond with
the name of the registered holder as written     Signature:
on the first page of the Warrant in every                  ---------------------
particular, without alteration or enlargement    _______________________________
or any change whatever, unless the Warrant       Name (please print)
has been assigned.
                                                 _______________________________
                                                 _______________________________
                                                 Address

                                                 _______________________________
                                                 Federal Identification or
                                                 Social Security No.

<PAGE>

                                                 Assignee:
                                                 _______________________________
                                                 _______________________________
                                                 _______________________________
                                       13Employment Agreement between Registrant and Silvano Spinelli

 EXHIBIT 10.23 
 CELL THERAPEUTICS, INC. 
  
 EMPLOYMENT AGREEMENT 
  
 This employment agreement (the
“Agreement”) is entered into as of June 16, 2003, by and between Cell Therapeutics, Inc. (the “Company”) and Silvano Spinelli (“Employee”). 
  
 RECITALS 
  
 A. Concurrently with the execution of this Agreement, the Company and Novuspharma S.p.A. (“Novuspharma”) have entered into an Agreement and Plan of
Merger dated as of the date hereof (the “Reorganization Agreement”) pursuant to which Novuspharma will merge with and into the Company. 
  
 B. The Company and Employee wish to enter into an employment relationship on the terms and conditions contained in this Agreement. 
  
 C. Employee is a key employee of Novuspharma and as a condition and mutual inducement
to the Merger, and to preserve the value of the business being acquired by the Company after the Merger, the Reorganization Agreement contemplates, among other things, that Employee will enter into this Agreement which will become effective on the
Effective Date (as defined below), provided that the Employee is still employed by Novuspharma. 
  
 D. Employee’s employment will be regulated by the existing Italian statutes (Italian Civil Code and special statutes), by the National Collective Agreement for Executives of the Industrial Sector (CCNL
Dirigenti Aziende Industriali, hereinafter the “CBA”), by any internal agreements signed by Novuspharma with the trade unions (sindacati), by internal collective regulations for executives and by this individual contract. 
  
 AGREEMENT 
  
 NOW, THEREFORE, based on the foregoing premises and in consideration of the commitments set forth below, Employee and
the Company, intending to be legally bound, agree as follows: 
  

	1.	 	Duties and Scope Employment. 

  
         (a) Position and Duties. Employee’s employment will continue with the Company pursuant to the following terms
and conditions as set forth herein. Employee will serve as Executive Vice President of Development of CTI and Managing Director of European Operations of the Company. Employee will render such business and professional services in the performance of
Employee’s duties consistent with Employee’s position within the Company and as may be reasonably assigned to Employee. 
  
         (b) Obligations. During the Employment Term, Employee will devote Employee’s full business efforts and time to
the Company. For the duration of the Employment Term, Employee agrees not to actively engage in any other 

 employment, occupation or consulting activity for any direct or indirect remuneration without the prior approval of the
Board of the Directors of the Company. 
  
 (c) Term of Employment.

  
 The period of Employee’s employment under this Agreement shall be for an
indefinite period unless terminated sooner for the reasons and following the procedures set forth in the applicable Italian statutory provisions and the CBA (the “Employment Term”). 
  

	2.	 	Compensation. 

  
 (a) During the Employment Term, the Company will pay Employee as compensation for Employee’s services a yearly gross salary of 200,000.00 (Euro) (the “Salary”). The Salary will be paid through
payroll periods that are consistent with the Company’s normal payroll practice (but in no event less than monthly) and will be subject to standard withholding and other authorized and customary deductions. The Salary includes the 13°
monthly salary as well as all the other economic benefits provided by the applicable CBA. The Company may review the Employee’s Salary at least annually in accordance with any established Company policy. 
  
 (b) Annual Bonus. Employee’s annual bonus opportunity for each full calendar year
of employment with the Company shall be in accordance with the Company bonus program applicable to similarly-situated employees. 
  
 (c) Stock Options. The Employee will be eligible for any stock option awards in accordance with the Company’s general compensation policies. 
  
 (d) Restricted Stock. (i) Following the Effective Date, Employee shall have the right
to purchase 25,000 shares of the Company’s Common Stock (the “Restricted Stock”) at a purchase price per share equal to 1 cent (such number of shares to be adjusted to reflect stock splits, reverse stock splits, stock dividends, and
similar changes in capitalization of the Company) on the 2nd anniversary of the Effective Date, subject to
Employee’s continued employment with the Company through such grant date (or on such earlier date only as set forth in Section 2(d)(ii)). In all other respects, the Restricted Stock shall be subject to the terms, definitions and provisions of
the applicable equity compensation plan and a restricted stock purchase agreement by and between Employee and the Company (the “Restricted Stock Purchase Agreement”). 
  
 (ii) Treatment of Restricted Stock upon Termination. If during the Employment Term and prior to the 2nd anniversary of the Effective Date, Employee’s employment is terminated by the Company without Cause or if the Employee
resigns due to a change in the duties of the Employee with a reduction of responsibilities, then, subject to Employee’s compliance with the provisions of Section 2(d)(iii), the Company shall accelerate the grant to Employee of the Restricted
Stock so that such grant is effective on the date of termination and the Restricted Stock will thereafter be subject to the terms and conditions set forth in Section 2(d)(i). 
  
 (iii) Conditions to Receive Restricted Stock upon Termination. Notwithstanding the foregoing, the accelerated grant of Restricted
Stock provided for in 2(c)(ii) shall not occur unless Employee meets the following conditions: (1) Employee complies with all surviving provisions of the Inventions and Proprietary Information Agreement (or any 

 predecessor or successor thereto) signed by Employee and (2) Employee executes and does not revoke a full release in a
form acceptable to the Company. 
  
 (iv) Definitions. For purposes of this
Section 2(d), the terms below shall have the following meanings: 
  
 (1)
Cause. A termination for “Cause” shall mean termination of Employee’s employment with the Company because of Employee’s: (A) conviction for, or guilty plea to, a crime involving moral turpitude or a felony, which shall
include independently verified unremedied substance abuse involving drugs or alcohol; (B) action or inaction, which in the reasonable judgment of the Company, constitutes willful dishonesty, larceny, fraud or gross negligence by Employee in the
performance of Employee’s duties to the Company, or willful misrepresentation to shareholders, directors or officers of the Company; (C) material failure to comply with the terms of this Agreement; (D) willful and repeated failure to materially
follow the written policies of the Company; (E) repeated failure to correct materially unsatisfactory or unacceptable work performance (including, but not limited to, technical or managerial incompetence, misrepresentation or concealment, negligent
acts or omissions or willful misconduct); (F) failure after notice to materially meet such business objectives as shall be mutually agreed to by the parties due to unsatisfactory or unacceptable work performance; provided, however, that in the event
of the occurrence of a Change in Control following the Effective Date, (E) and (F) above, shall not constitute “for Cause” as a basis for termination. 
  

(2) Change in Control. A “Change in Control” shall mean, after the Effective Date, directly or indirectly, by any individual, entity or group
(within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1933 (the “Exchange Act”) of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of securities representing 50.1
percent or more of either (a) the then outstanding shares of Common Stock (the Outstanding Common Stock) or (b) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of
directors (the “Outstanding Company Voting Securities”); provided, however, that the following acquisitions shall not constitute a Change in Control: (A) any acquisition directly from the Company (excluding an acquisition by virtue of the
exercise of a conversion privilege), (B) any acquisition by the Company, (C) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company or (D) any acquisition
by any corporation pursuant to a reorganization, merger or consolidation which does not substantially change the proportional ownership in the Outstanding Company Common Stock and Outstanding Company Voting Securities prior to the reorganization.

  
 3. Place of work. 
  
 Employee’s place of work will mainly be at the Company’s plant in Bresso, Milan,
Italy. Employee also agrees to be available for frequent travel to Seattle (USA) or elsewhere as is necessary and requested in the interest of the Company. 
  
 4. Expenses. 

 Employee shall be entitled to receive reimbursement for the reasonable and documented employment expenses incurred by the
Employee in the performance of his duties hereunder in accordance with the expense reimbursement policies and procedures of the Company, as they may change from time to time, to the extent such expenses are reimbursed by the Company for other
Company executives at Employee’s level. 
  
 5. Vacation. 

 
 Employee will be eligible for vacation in accordance with what is provided for by the
applicable CBA with timing, duration and other terms that are reasonably acceptable to the Company in accordance with its vacation policy. 
  
 6. Company Car. 
  
 During the Employment Term, the Company will provide Employee with a company car (with the model equivalent to what Employee currently is entitled to). The use of the company car, provided for job-related reasons, may
be extended by the Employee for reasonable personal use that does not materially interfere with Employee’s duties hereunder during the Employment Term. As a consequence, this benefit will be recognised as “remuneration in kind” at any
effect provided by the applicable statutory law. In accordance with current regulations, the monthly value of the benefit will be determined pursuant to the parameters of the “ACI calculations,” and in compliance with applicable Italian
law.  
  
 7. Severance. 
  
 Each of the parties may terminate the contract for the reasons and following the procedures
set forth in statutory provisions and in the applicable CBA. 
  
 It is expressly
agreed and understood that upon termination for any reason including resignation with just cause (“giusta causa”, to be defined pursuant to applicable Italian laws including, among others, resignation following an extraordinary
transaction (for example, a merger with a third party or an acquisition of the Company by a third party), except for Employee’s voluntary termination of employment from the Company or the case of dismissal for just cause, upon or before
December 31, 2005, the Employee shall be entitled to receive in addition to TFR (statutory severance indemnity), and any other statutory amount as accrued upon the date of termination of the employment the greater of (1) the severance payment
provided by law and by the CBA or (2) an amount equal to a severance payment equal to 18 months of the Salary, as defined under Section 2 (a) above. 
  
 The Company may also, in its discretion, accelerate the vesting of all stock options and any unvested equity awards issued under any stock option or stock incentive plan
of the Company. 
  
 8. Acknowledgement Regarding (Novuspharma) Option
Grants. Employee waives any and all rights Employee has with respect to outstanding options to purchase the Common Stock of Novuspharma and expressly consents to the treatment of such options as provided for in the Reorganization Agreement.

 9. Confidential Information. Employee has signed and agrees to be bound by the terms and conditions set forth in
the Company’s Inventions and Proprietary Information Agreement. 
  
 10.
Notices. All notices, requests, demands and other communications called for hereunder will be in writing and will be deemed given (i) on the date of delivery if delivered personally, (ii) one (1) day after being sent by a well established
commercial overnight service, or (iii) four (4) days after being mailed by registered or certified mail, return receipt requested, prepaid and addressed to the parties or their successors at the following addresses, or at such other addresses as the
parties may later designate in writing: 
  
 If to the Company: 
  
 201 Elliot Avenue West #400 
  
 Seattle, Washington 98119-4240 
  
 Attn: James Canfield 
  
 If to the Employee: 
  
 at the last residential
address known by the Company. 
  
 11. Severability. In the event that any
provision hereof becomes or is declared by a court of competent jurisdiction, to be illegal, unenforceable or void, this Agreement will continue in full force and effect without said provision. 
  
 12. No Oral Modification, Cancellation or Discharge. This Agreement may be modified or
terminated only in writing (signed by Employee and the Company). 
  
 13.
Withholding. The Company is authorized to withhold, or cause to be withheld, from any payment or benefit under this Agreement the full amount of any withholdings due under applicable Italian law. 
  
 14. Governing Law. This Agreement will be governed by Italian law and the CBA.

  
 15. Effective Date. The Closing Date (as defined in the Reorganization
Agreement) will be the “Effective Date” of this Agreement and this Agreement will be null and void and have no effect unless (a) the Merger contemplated by the Reorganization Agreement is consummated and (b) Employee remains an employee of
Novuspharma through the Closing Date. 
  
 (Signature appear on
following page(s)) 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement on the respective dates set forth below: 
  

	 EMPLOYEE
	 	 
		
	 /s/ Silvano Spinelli

 Silvano Spinelli
	 	 Date: As of 16 June 2003

	  
  
  
 COMPANY
	 	 
		
	 /s/ James A. Bianco

 Print Name: James A. Bianco
 Title: President and Chief Executive Officer
	 	 Date: As of 16 June 2003

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