Document:

Transcript of April 24, 2008 Senetek Shareholder Conference Call

 Exhibit 10.1 
 SENETEK PLC 
 Moderator: Frank Massino 
 April 24, 2008 
 11:00 am CT 
  

			
	Operator:	  	Good morning. My name is Chris and I will be your conference operator today. At this time, I would like to welcome everyone to the Senetek PLC Shareholders teleconference.
		
		  	All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question and answer session. If you would like to ask a question during
this time, simply press star then the number 1 on your telephone keypad.
		
		  	If you have already done so, please press the pound sign now. Then press star 1 again to ensure your question is registered.
		
		  	This conference call is being provided for informational and discussion purposes, and is not intended to provide and should not be relied up as investment advice or an opinion regarding the
appropriateness or suitability of any investment. Nothing herein should be construed to be an offer to sell or a solicitation of an offer to buy any securities. This discussion will contain forward-looking statements regarding future
events.
		
		  	These statements are just predictions and are subject to risks and uncertainties that could cause the actual events or results to differ materially. These risks and uncertainties include
failure to get regulatory approval for our product candidates, market acceptance for approved products, management of rapid growth, risks of regulatory review and clinical trials, intellectual property risks and the need to acquire additional
products. We would like to refer our audience to the documents that Senetek files from time to time with the Securities and Exchange Commission.

			
	 	  	I would now like to turn it over to Frank Massino, Chairman and Chief Executive Officer of Senetek PLC.
		
	Frank Massino:	  	Thank you, Chris. Good morning and welcome Senetek shareholders.
		
		  	2007 was a banner year for Senetek, a year in which we completely did away with our debt, developed and readied two new compounds for commercialization, Pyratine-6TM and 4HBAP,
significantly increased our technology portfolio with the addition of RNAi for glia blastoma and two new and exciting skincare compounds, Furfuryl Cytosine and PA102.
		
		  	Having commented on 2007, we come together today to discuss our prospects for 2008, and in particular the status of Pyratine-6TM. I would first like to comment on the Triax matter by
stating that the buck stops with me. I brought Triax to the party and it was a mistake. We had done our due diligence as far back as February of 2007. Everything turned up roses, but what a difference a year makes. During the initial months of the
launch, we consistently heard from a large number of shareholders who voiced concerns and disappointment with the quietness of the launch -- most notably, the lack of a PR and media campaign, we have listened.
		
		  	In a nutshell, we have terminated the contract with Triax and along the way Triax has abandoned Pyratine-6TM, disbanding their Pyratine-6TM sales force which we learned early on was
not solely promoting Pyratine-6TM and a major reason for the initial dispute notice. In principle, we have reached a most favorable settlement with Triax and Behrman Communications, the terms of which will be shared once fully executed. Having
stated this, let me say that it spells opportunity. I have always recognized the advantages of taking our product to market ourselves. The sales reach for this market is short and

			
		  	direct and we can therefore address it expeditiously with a relatively small sales force. In addition, Senetek will realize higher revenues by taking control of Pyratine-6TM sales. Well
today, let me say that this is our new strategic direction and I, the other members of the executive management team and the Board believe it to be the right course of action.
		
		  	This course of action is validated through Wall Street. Over the past several years, investment analysts have always been quick to point out that a key element which Senetek lacks is ownership
of its own distribution network. Of course at the time, we did not have the financial resources to take this course of action. While licensing for various channels and geographical territories is necessary, and even ideal in certain cases, we must
take control of our destiny, building our own sales and marketing infrastructure. This is the true way of creating shareholder value. We have looked to the guidance from the best and brightest professionals in the business. In earlier releases, we
have announced the hiring of Phillip Rose, former CEO of Obagi Medical Products and a key individual responsible for the success of Kinerase. And just recently, we announced our collaboration with the Riley-Nacht group, who brings with them
substantial key competencies in dermatological marketing and product development. In the next 30 days, we will complete our revised marketing plan for Pyratine-6TM and other skincare technology. We will present this plan along with financial
guidance at our next shareholder teleconference scheduled for the release of First Quarter, 2008 Financials in late May, early June.
		
		  	Through all of this, we must not lose sight of the excellent product that Pyratine-6TM is proving to be. Patient and physician acceptance is excellent. We have stepped in to nurture and
cultivate the existing Pyratine-6TM users and thought leaders.

			
		  	We are pleased to announce the Pyratine-6TM 12-week clinical trial results in patients having acne rosacea at the University of California is complete. The study results are most
favorable and will be released in the coming week. Acne rosacea is a disease affecting in excess of 14 million people in the US alone. Pyratine-6TM performed so well that the patients and physicians asked that we extend the study and we have
agreed to continue for another nine months. The study has been accepted by the International Investigative Congress of Dermatology for presentation at the May 2008 meeting.
		
		  	Recently you were notified of the successful financing round by our Invicorp® partner, Plethora Solutions. This is a significant
development as it provides Plethora with the funds to accelerate the final development of Invicorp® for the US market. On another Invicorp® front, we have been advised by Plethora that the FDA has accepted the European study data and will allow a fast tracking in the approval process for certain difficult conditions associated with erectile dysfunction.

		
		  	We have notified Ardana, our European licensee for Invicorp® that we are terminating their rights due to non-performance. We remain
excited about Invicorp’s® prospects in Europe and we’ll keep you posted as we learn more.
		
		  	Our collaborators in Poland continue to report continual success with their RNAi treatment sequence for glia blastoma. All patients are alive, with the cancer in remission. There are ongoing
refinements in the treatment sequence which creates added value. Of course, for this particular technology, we look to our partnership for development and commercialization.
		
		  	At this time, I will turn the call over to Bill O’Kelly for a brief financial update. Bill?

			
	Bill O’Kelly:	  	Thanks, Frank. Our operating results for the fourth quarter of 2007 were in line with our previously set expectations.
		
		  	Revenues for the year 2007 were $26,471,000 compared to $8,431,000 in 2006. The increase was primarily attributable to the monetization of the Valeant Kinetin and Zeatin license agreement in
March 2007.
		
		  	For the full year 2007, our net income was $18,632,000 or $2.41 per share compared to 2006 net income of $1,883,000 or $0.25 per share. The comparative increase was primarily attributable to
the monetization of the Valeant Kinetin and Zeatin license agreement in March of 2007.
		
		  	On November 6, 2007, we filed an 8-K which included base financial projections for 2008 and 2009. These projection incorporated estimates related to the terminated Triax sales and marketing
agreement which are no longer valid and are therefore rescinded. Once we have completed our revised sales and marketing plan that Frank mentioned earlier, we will consider reissuing our projections.
		
		  	In January of this year, we filed for listing on the American Stock Exchange. Our average daily share price currently does not meet AMEX listing requirements thus our application is currently
pending.
		
		  	We ended the fourth quarter of 2007 with $20.0 million in cash and we ended the first quarter of 2008 with $17.8 million in cash. Our cash position will be bolstered by amounts we receive
from Triax Aesthetics and Behrman Communications once we finalize our settlement. We are currently debt free and our cash position will remain very strong in 2008. We will continue to be financially well positioned as we execute our
strategy.
		
		  	We will now take a few questions. Chris - Hello? Operator?

			
	Operator:	  	Yes, sir. At this time I would like to remind everyone if you would like to ask a question, press star then the number 1 on your telephone keypad. We’ll pause for just a moment to
compile the Q&A roster.
		
		  	Your first question comes from Richard Sandefer.
		
	Richard Sandefer:	  	Good morning.
		
	Frank Massino:	  	Good morning, Richard.
		
	Richard Sandefer:	  	I wanted to ask a clarifying question about Invicorp® in Europe, and I know that the plan had been for Ardana to work with Denmark
and to get us approved in the UK and Germany. Now that Ardana will no longer be in the picture, what about the mutual recognition process for Invicorp® using Denmark to get approval in
countries such as the UK and Germany?
		
	Frank Massino:	  	Let me summarize, Richard, the situation in Europe. You should know that in Denmark, Invicorp® is being sold by Ardana through a
distributor who we have contact with. And the success of Invicorp® is really excellent. Part of the issue that we have is that we’re not seeing production of new units for sale, which
is a breach of the contract. We have a dispute with Ardana which we cannot delve into deeper. We definitely do believe that the Invicorp® needs are not being met.
		
		  	We have several different companies, quite frankly, that are interested in Invicorp®, not to exclude Plethora, for example. So we
feel we are in a very, very good position. If Ardana were to step back up, we would obviously talk to them. But I think we all know that Ardana is for sale. They’ve had a lot of issues during the past several months. We are extremely bullish on
Invicorp®, and as management, we have a fiduciary responsibility to protect the assets at Senetek and this is the reason that we have taken the position that we have.

			
		  	It’s one of the things that you have to do when you are a licensor of products, you have to make sure you manage the process.
		
	Richard Sandefer:	  	Would we still like to have approval in the UK and Germany?
		
	Frank Massino:	  	We definitely would like to and we are assessing the situation as we speak. The fact is that the we have been informed by Ardana that the MRP is still underway. But we definitely have to make
sure that it is underway in an accelerated manner.
		
	Richard Sandefer:	  	When you say it’s underway, do you mean that it has been filed or not filed?
		
	Frank Massino:	  	Well based on the fact that we’re not the sponsor of the filing, you lose that right to know the exact status directly from the regulatory body, in this case the Danish Medicines Agency.
This is what happens when you turn the product over to another company during licensing.
		
	Richard Sandefer:	  	Okay.
		
	Frank Massino:	  	We’re at the mercy of Ardana as far as what has taken effect. But we also have a lot of information coming from companies that are looking at the acquisition of Ardana who have come back
to us and said that there are hiccups and delays.
		
	Richard Sandefer:	  	Yeah.
		
	Frank Massino:	  	So there’s not a lot I can say, Richard. The only thing I can really tell you at this point in time is that we are extremely bullish on Europe, without question.

			
		  	Based on the facts - yes, I think that there will be a delay. I’m not going to say that there isn’t. But the fact of the matter is, the market is tremendous. I think the good news,
and the market that is most important, is the United States where the process is shaping up nicely. We have many partners that would like to engage the European process.
		
	Richard Sandefer:	  	Okay. Do you think we’ll have some good announcements with respect to Europe and Invicorp® in the near
future?
		
	Frank Massino:	  	I think it will be very positive. As to whether there will be media announcements, I can’t really say that. At this point in time, I cannot predict. I will tell you that Invicorp® in Europe, as well as Invicorp® anywhere in the world, is a much valued product.
		
		  	When we deal with regulatory bodies, we have to keep in mind that there are always uncertainties. And when you do out licensing; that’s why we will talk about the new business model, you
do lose control of your product in the process. The fact of the matter is, I assure you, Richard, that there is not a shortage of companies that have an interest in Invicorp®, for Europe or
for any other part of the world. In fact, we do have indications that there are companies that are willing to pay a cash buyout for Invicorp® for Europe.
		
	Richard Sandefer:	  	Okay, good. Thank you.
		
	Frank Massino:	  	Sure. Thank you, Richard.
		
	Operator:	  	Your next question comes from Thomas Treichler.
		
	Thomas Treichler:	  	Hi Frank.
		
	Frank Massino:	  	Hi Tom.

			
	Thomas Treichler:	  	I have a question regarding Pyratine-6TM.
		
	Frank Massino:	  	Yes?
		
	Thomas Treichler):	  	Is it being sold currently in the markets?
		
	Frank Massino:	  	Yes it is. We do have Marjorie Hays and Michael Campagnoli who have been calling on the existing accounts and calling on those doctors who are thought leaders. In addition, we have the
Riley-Nacht group making some calls along with myself. So we are definitely seeing sales continue with Pyratine-6TM. And not to jump the gun, but I will tell you that the feedback from
patients and physicians is extremely strong.
		
		  	The fact is that there are doctors out there who are using this product themselves; it’s the first product that they have actually used personally that’s been offered in their
practice.
		
		  	Also there is a commitment to the product. So we will see increasing sales with Pyratine-6TM.
		
		  	Thomas Treichler: I’d also like to ask you how it is being sold. I understand that the main distribution channels for Pyratine-6TM is the ethical market or dermatology
market.
		
	Frank Massino:	  	Yes.
		
	Thomas Treichler:	  	This is, of course, a limited market that can be serviced with a limited sales force. You don’t need a lot of people and you don’t need a lot of capital to service this channel of
distribution.

			
		  	So is this Senetek’s aim at handling this marketing independently from anybody else? Because if that is the case, I think you would have much more control over your destiny but you also
would have higher margins. And I don’t think the risk is higher than if you choose a partner and share the revenues, as this deal with Triax has confirmed.
		
	Frank Massino:	  	Yes, Tom, I think you’re correct and let me state that the very first market that we’re going to compete in and look at is the physician market, the ethical channel. We do have some
of the best and brightest people in the industry working with us . I mentioned Phil Rose, and as you know, Phil Rose was the General Manager, Vice President of ICN Pharmaceuticals during the launch of Kinerase, which is still the most successful
product in the physician market for anti-aging.
		
		  	Les Riley has a great background, he established Renova, and was the President of Advanced Polymer System – which was sold to Cardinal Health. He was responsible for the enormous success
at NeoStrata. Les is a member of the American Academy of Dermatology. His partner, Sergio Nacht, is a lifetime member. We definitely have a who’s-who and we plan to leverage these people in the dermatological marketplace.
		
		  	By going to the physician first, you establish scientific credibility. Before we move Pyratine-6TM over to any other channel of distribution, we will have advanced products for the
dermatologists.
		
		  	The fact of the matter is that Pyratine-6TM is being received extremely well and right now we are putting together a marketing plan. That marketing plan, by the way, besides hiring a
sales force for the dermatology community, will be an extensive and massive PR campaign that will not only sell Pyratine-6TM, but will sell Senetek as a household name.

			
		  	We do believe that media events are extremely important in progressing the success of Pyratine-6TM. Pyratine-6TM is a more successful and better product than Kinerase and doctors are
already giving us feedback to this extent.
		
	Thomas Treichler:	  	Okay.
		
	Frank Massino:	  	I hope that answers your question. If not, I’d be glad to address specific elements.
		
	Thomas Treichler:	  	Yes, if that’s the answer to the question, I think this is a very interesting situation and actually, the change from the licensing business model to the direct marketing business model is
a very attractive as an investor in Senetek because of the higher margins and the lower risk.
		
	Frank Massino:	  	I think you do have to have control. Keep in mind that we will only tackle markets by ourselves that we can definitely handle. When we speak of the RNAi interference compound for glia blastoma,
which is an unbelievable product at this point in time, we will definitely look at licensing.
		
		  	When we look at different parts of the world for Pyratine-6TM, obviously we don’t have the capability for international marketing, we will look at licensing for those territories. But
when it comes to the domestic dermatology community, when it comes to the domestic esthetician community, we will definitely market there ourselves.
		
		  	We know we can do this. We have the right people in place and we know it’s a reach that we can maintain. It’s very important to be able to control your own destiny.
		
		  	I will tell you that every year that I talk to analysts on Wall Street, the first thing they say is “this is terrific, Frank”. But, there isn’t a company that has

			
		  	only been out-licensing that had a very good increase in share price. If you look at companies that started in the way in which we did, which we had to because we didn’t have the money
at the time, companies like Biogen and Alza did, they all eventually went to their own sales organization. We are at that point at this time, that we must do this and that’s what we’re going to do.
		
	Thomas Treichler:	  	Okay. Thanks very much, Frank.
		
	Frank Massino:	  	Thank you, Tom.
		
	Operator:	  	Your next question comes from Tom Seymour.
		
	Tom Seymour:	  	Morning Frank. How are you doing today?
		
	Frank Massino:	  	Pretty good. How are you doing, Tom?
		
	Tom Seymour:	  	Okay. I got a question, but first I wanted to say I thought it was excellent that we brought this Riley-Nacht Group in. I was impressed by Mr. Riley’s experience at Johnson & Johnson.
It looks very much like the kind of guy we need.
		
		  	On the Triax settlement, I know you can’t get into all specifics, but I wonder if you could expand a little on the terms of the settlement or anything more that you could tell us about
that?
		
	Frank Massino:	  	Yes, I can say a few things. I can say that we have an agreement in principle. We are looking to receive cash back and the right to sell the existing inventory. That is predominantly where we
are at this point in time. Hopefully we will get this done quickly. If we don’t, then we’ll have to pursue it through the courts.

  

			
	Tom Seymour:	  	So you’re optimistic that everything is going to work out on that?
		
	Frank Massino:	  	Yes. I am optimistic.
		
	Tom Seymour:	  	Great. Okay, that’s all I had today. Thanks, Frank.
		
	Frank Massino:	  	Thanks, Tom.
		
	Operator:	  	Your next question comes from Hayes Martin.
		
	Hayes Martin:	  	Frank?
		
	Frank Massino:	  	Yes, Hayes.
		
	Hayes Martin:	  	Hi. How are you doing?
		
	Frank Massino:	  	Good, thank you.
		
	Hayes Martin:	  	I got into the call late because your conferencing center blocked me out in five attempts, so I didn’t hear all of your initial presentation. So a question I ask here may have been covered
in part, in that.
		
		  	A couple things, on the Invicorp®. Are you looking, and I’m sure you are, at the rest of the world beyond Europe? At potential
markets like India where you already have a tie-in with Ranbaxy which sounds very logical?
		
	Frank Massino:	  	Yes. That is unequivocally a yes. It’s one of the biggest faults that I have, Hayes, I’m probably a little bit too enthusiastic but normally what I say always happens. But sometimes it
takes awhile longer. I can tell you that we are in heavy negotiations for the other parts of the world. We are extremely excited about Invicorp®.

  

			
		  	It’s interesting that I think shareholders are discounting Invicorp®. The time for Invicorp® has come and it probably couldn’t be at a better time. It’s when erectile dysfunction is at the forefront and people are not afraid to say that they have this disease state. They are not afraid to go to the
physician for treatment. So yes, we are looking at the world, without question.
		
	Hayes Martin:	  	Right. In terms of the deal with Plethora and the Phase III in this study, in this country, I’ve seen various releases talking about getting the Phase III going.
		
		  	At what point, or are you already there, where you can say that the Phase III with Invicorp® in the USA is officially
launched?
		
	Frank Massino:	  	That will be very soon. But I will tell you that Plethora has some of the most incredible people on the project. Mike Wyllie, who was really responsible for Viagra’s success regulatory
wise, has negotiated with the FDA. Early on I had mentioned that on certain disease states associated with erectile dysfunction, you’ll have a fast-tracking with the FDA and be able to use the European study data.
		
		  	So I think that the targeted timeline in which Plethora has mentioned for introducing Invicorp® in the market is actually a very sound
target. Historically I’ve been the one to say that was probably a little aggressive.
		
	Hayes Martin:	  	Do you still believe, with your not having formally launched Phase III fully, that by the latter part of 2009, marketing Invicorp® in
this country is a reasonable expectation?
		
	Frank Massino:	  	Today, I say yes. And Hayes, if you’ve listened to me prior I’ve always been very hesitant to say yes.

  

			
	Hayes Martin:	  	So it sounds like a lot of fast-tracking will be involved there.
		
	Frank Massino:	  	There are a lot of great things that are taking place at Senetek. It’s hard because we had limited resources. But we’re changing that. You can tell from the people that we are bringing
on, currently they are tapped as consultants, but they are also in a position to take over, either as employees or in other capacities.
		
		  	The fact of the matter is that are doing is we’re diversifying and making sure that we can execute on all the terrific technology that we have.
		
	Hayes Martin:	  	Right, Frank. And what I meant in my term fast-tracking was FDA fast-tracking.
		
	Frank Massino:	  	Yes.
		
	Hayes Martin:	  	If you’re going to be in Phase III by mid-2008 and launching the product in 2009, it sounds like that would require an FDA fast track on Invicorp®.
		
	Frank Massino:	  	Well, yes. I did mention for certain organic disease states that you have associated with erectile dysfunction, we will be fast-tracked through the FDA. The okay has already been gotten by
Plethora, along with being able to use the European study data...
		
	Hayes Martin:	  	Right.
		
	Frank Massino:	  	That is why I’m confident we will have success and have the product in the market near the year end of 2009.
		
	Hayes Martin:	  	Right. Now one PRK type of question, with your new marketing setup, and you used the term that you want to market yourselves essentially domestically

  

			
		  	in the world through licensing, and you used the aesthetician community, does that mean prestige and does that mean that you’re now substituting the deal you were going for with the
household name prestige for doing it in-house?
		
	Frank Massino:	  	No, we are not. Prestige is not going to be our market, Hayes. That is just too expensive of a proposition. We are a science based company. It’s –our intent to highlight and focus on
the physician channel. That’s first and foremost.
		
		  	When we’re ready to move over Pyratine-6TM t to the other channels of distribution and we have something that is really unique and better for the physician, we’ll look at direct
response. .
		
		  	I can’t divulge our complete strategy at this point in time. We definitely have one that I think is really excellent. We will not do to the physician what other companies have done where
they’ve actually got the physician to endorse their product and then all of a sudden made it available widely through mass channels.
		
		  	We are going to be true to the dermatologists and to the plastic surgeons. That does not mean that Pyratine-6TM itself will not move over into direct response, television commercials, and
distribution channels of that nature. But when we do, we will have another compound or better Pyratine-6TM products in place for the dermatologists, exclusively for the physicians.
		
	Hayes Martin:	  	And Frank, just one last question on the PRK and the 4HBAP pipeline, you’ve had the article already, I think, in the Journal of Drugs and Dermatology.
		
	Frank Massino:	  	Yes.
		
	Hayes Martin:	  	Will you have, from now on, some very solid scientific evidence coming out as to the uniqueness of these products in various areas of dermatology to

  

			
		  	clearly make them stand out from the ocean of other products that are out there - backed by leading dermatologists around the country who will put their name to it?
		
	Frank Massino:	  	Yes, absolutely, Hayes. First and foremost, our charter is to have a product that is proprietary and with differential advantages. We won’t be associated with something that is not
superior. And keep in mind that when we go to the dermatology community, it will not only be just for Pyratine-6TM, but we will have other compounds in place.
		
		  	It’s interesting, I don’t think that Senetek is given enough credit for having the capability to amass tremendous technologies and a vast array of technology. It’s unbelievable
that a company such as Senetek, for example, can get the RNAi treatment sequence for glia blastoma without any money up front and having studies being conducted, not at our expense.
		
		  	We have, and I don’t want you to take it that we’re going to get this - but we are negotiating for a permanent hair removal product which would really be a tremendous asset to and
contributor to the dermatology community. Anything that we do will have differentiating benefits.
		
	Hayes Martin:	  	I’m sorry. Why I just brought this up is when I see programs on these news magazine shows on occasion, on TV, on what’s new in dermatology products and they review them. And they
invariably go to a professor from NYU or some other major university who essentially debunks them all and says they all essentially work by being moisturizers.
		
		  	And that you’d do just as well going to Duane Reed with a $10.00 product as the $500.00 product. It strikes me that if you can really present scientific evidence that PRK and 4HBAP for
certain skin conditions stand out from the

  

			
		  	rest and have science behind it, and then use your mass media exposure program to communicate that - that you could make a breakthrough on these kind of programs where they could - where your
compounds could start to filter to the top as standing out from all the rest.
		
		  	I feel that that’s absolutely essential to break out in a major marketing program with these compounds.
		
	Frank Massino:	  	Hayes, we definitely agree and that’s really been our philosophy. We were the first to conduct clinical trials of a cosmeceutical with drug protocols. We will continue to conduct ongoing
trials with our products. That is why we have gone to the likes of UC Irvine with Dr. Jerry McCullough and Dr. Gerald Weinstein. Dr. Weinstein is the guru in developing antiaging protocols and is most respected for his work related to photo damaged
skin. That is our plan and we will never get away from it. We are not going to put products out that do not have proven differential advantages. We are willing to have our products challenged by thought leaders.
		
		  	I can tell you that the data with regards to Pyratine-6TMis outstanding. We had 24 patients in the very first 12-week study for patients with acne rosacea with Pyratine-6TM where we
evaluated symptoms such as erythema. Every one of the subjects came to their physicians and said look, we want to continue to use and buy the product. We did not have commercially available product at the time and so they asked if they could
continue in the study.
		
		  	And that’s what we’re doing, extending the trial for another 9 months, that’s a strong endorsement. 4HBAP has different attributes. 4HBAP in many respects has major
differential advantages over the Pyratine-6TM for certain symptoms.

  

			
		  	I have to tell you, we have not talked about PA102. We haven’t talked about Furfuryl Cytosine. We haven’t talked about amino 8 Kinetin. We have a very strong technology portfolio.

		
	Hayes Martin:	  	Right, Frank. Just why I brought that up is I understand what you’re doing and it all makes sense to me. But when I see these programs or these articles in the mass media on what’s
new, so far I haven’t seen a single program in which Pyratine-6TM or 4HBAP, or anything else is discussed as rising to the top.
		
		  	So I assume we - your goal is to have that kind of situation - that kind of breakout of these compounds in the public image clearly happen - hopefully some time this year.
		
	Frank Massino:	  	You’re correct. That is the idea. That is the beauty of taking control of the sales and marketing of your product, and to make sure it happens. You have seen what has taken place thus far.
Pyratine-6TM has not received the attention that it really deserves.
		
	Hayes Martin:	  	Well good luck to you, Frank.
		
	Frank Massino:	  	Thanks, Hayes.
		
	Operator:	  	Your next question comes from George Aaron.
		
	George Aaron:	  	Hello, Frank. How are you?
		
	Frank Massino:	  	Great.
		
	George Aaron:	  	I’ve been a shareholder for eight years. I’m interested in finding out what is happening and where are we with the program to buy back the Senetek shares?

  

			
	Frank Massino:	  	I will let Bill O’Kelly, our Chief Financial Officer, explain the situation of share buybacks. Bill?
		
	George Aaron:	  	Thank you.
		
	Bill O’Kelly:	  	Sure, any distribution of equity that we do, either through a share buyback or a dividend, would involve a capital restructure. The reason for that is because we have a deficit in equity, a
historical deficit in equity.
		
		  	We are dealing with, as a PLC and a UK company, rules with respect to that particular venue. So the actual process that we would have to undertake would be to go to the UK courts and solicit for
approval for a restructuring of our capital.
		
		  	We have had preliminary discussions with our solicitors in the UK and we don’t anticipate that that’s going to be an issue with respect to getting that approval.
		
		  	That would be approximately a 10 to 12 week process. In addition to that, we also would require shareholder approval. We would need to put that out to a general vote of the
shareholders.
		
		  	At the present time, that’s the situation. The Board, as a matter of fact, has covered that recently. The Board is currently considering the matter for inclusion in the 2008 proxy with
respect to the shareholder approval.
		
		  	That’s where the situation is at this point in time.
		
	George Aaron:	  	So we should know something about it soon?

  

			
	Bill O’Kelly:	  	Correct, yes.
		
	George Aaron:	  	Okay. Also, pertaining to the migration of this company to the US, what’s the current situation?
		
	Bill O’Kelly:	  	We’ve talked about this in the past. It’s an expensive proposition. The current thinking is that we don’t feel that there’s a cost benefit related to the amount of money and
time it would take to do it.
		
	George Aaron:	  	Okay. Thank you so very much.
		
	Bill O’Kelly:	  	That’s all the time that we have today to answer questions, so I’ll turn the call back to Chris. We appreciate your support your continuing support and we look forward to our next
shareholder teleconference. Chris?
		
	Operator:	  	This concludes today’s Senetek PLC Shareholders teleconference call. You may now disconnect.

 ENDIntelGenx Technologies Corp. - Exhibit 10.21 - Prepared by TNT Filings
Inc.

 

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THE SECURITIES REPRESENTED HEREBY SHALL NOT TRADE SUCH SECURITIES BEFORE JULY 28, 2008.  RIGHTS TO TRANSFER AND ASSIGN THE SECURITIES REPRESENTED HEREBY ARE FURTHER RESTRICTED BY THE TERMS HEREOF.

THIS CERTIFICATE, AND THE COMMON SHARE PURCHASE WARRANTS EVIDENCED HEREBY, WILL BE VOID AND OF NO VALUE UNLESS EXERCISED ON OR BEFORE 5:00 P.M.  (TORONTO TIME) ON MARCH 27,  2010.

THE SECURITIES REPRESENTED BY THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”), AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT PROVIDED BY REGULATION S PROMULGATED UNDER THE ACT.  SUCH SECURITIES MAY NOT BE REOFFERED FOR SALE OR RESOLD OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S, PURSUANT TO AN EFFECTIVE REGISTRATION UNDER THE ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE ACT.  HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE ACT.

MARCH 27, 2008

INTELGENX TECHNOLOGIES CORP.

a corporation incorporated under the laws of Delaware

and having its principal office at

6425 Abrams

Ville St-Laurent, Quebec

H4S 1X9

	NO.  BW-1

	320,080 BROKER WARRANTS

	 	Each entitling the holder to acquire one (1) Unit (as defined herein) of IntelGenx Technologies Corp., subject to adjustment in certain circumstances.

BROKER WARRANTS

THIS IS TO CERTIFY THAT for value received PARADIGM CAPITAL INC. (the “Holder”) is the registered holder of the number of Broker Warrants stated above and is entitled, for each whole Broker Warrant represented hereby, to purchase one unit (“Unit”) comprised of a common share (“Share”) of IntelGenx Technologies Corp. (the “Corporation”) and one common share purchase warrant (“Warrant”) at any time from the date of issue hereof up to and including 5:00 p.m. (Toronto Time) on March 27, 2010 (the “Expiry Time”) at a price per Unit equal to US$0.70.  Each Warrant shall entitle the holder thereof to acquire one Common Share from the date of issue hereof up to and including the Expiry Time at a price per share equal to US$1.02.  However, in the event that the Liquidity Conditions (as herein defined) are not met on or before the Penalty Date (as hereinafter defined), each Warrant shall entitle the holder thereof to purchase one Share on the same terms but at a price per share equal to US$0.93 subject to adjustment as hereinafter provided (the “Exercise Price”), upon and subject to the following terms and conditions.

Capitalized terms used herein without definition have the meanings ascribed thereto in the Agency Agreement.

1.

The Broker Warrants represented by this Broker Warrant Certificate may not be exercised in the United States or by or on behalf of a U.S. Person nor will the Units issuable upon exercise of these Broker Warrants be registered or delivered to an address in the United States, unless an exemption from registration under the U.S. Securities Act or the securities laws of any U.S. state is available, and the Corporation receives an opinion of counsel to such effect in form and substance satisfactory to it.  As used herein, the terms “United States” and “U.S. Person” have the meanings ascribed to them in Regulation S under the U.S. Securities Act.

 

-2-

The Broker Warrants represented by this Broker Warrant Certificate and the Units issuable upon exercise of these Broker Warrants are subject to certain resale restrictions under applicable securities legislation and unless permitted under securities legislation and subject to Section 15 hereof, the Broker Warrants and the Units may not be traded before July 28, 2008.  The Holder is advised to seek professional advice as to applicable resale restrictions.

Certificates representing the Units issuable upon the exercise of these Broker Warrants shall bear a legend until the expiration of the hold period indicating that they may not be traded before July 28, 2008.

2.

At any time, or from time to time, at or prior to the Expiry Time (the “Exercise Period”), the Holder may exercise all or any number of whole Broker Warrants represented hereby, upon delivering to the Corporation at its principal office noted above this Broker Warrant Certificate, together with a duly completed and executed subscription notice in the form attached hereto (the “Subscription Notice”) evidencing the election (which on delivery to the Corporation shall be irrevocable) of the Holder to exercise the number of Broker Warrants set forth in the Subscription Notice (which shall not be greater than the number of Broker Warrants represented by this Broker Warrant Certificate as adjusted from time to time pursuant to Sections 5 and 6 of this Broker Warrant Certificate) and a certified cheque or bank draft payable to the Corporation for the aggregate Exercise Price of all Broker Warrants being exercised.  If the Holder is not exercising all Broker Warrants represented by this Broker Warrant Certificate, the Holder shall be entitled to receive, without charge, a new Broker Warrant Certificate representing the number of Broker Warrants which is the difference between the number of Broker Warrants represented by the then original Broker Warrant Certificate and the number of Broker Warrants being so exercised.

3.

The Holder shall be deemed to have become the holder of record of Units on the date (the “Exercise Date”) on which the Corporation has received a duly completed Subscription Notice, delivery of the Broker Warrant Certificate and payment in full in respect of the Units by way of a certified cheque, bank draft or money order in lawful money of the United States payable to the order of IntelGenx Technologies Corp. or its successor corporation; provided, however, that if such date is not a business day in the City of Toronto, Ontario (a “Business Day”) then the Units shall be deemed to have been issued and the Holder shall be deemed to have become the holder of record of the Units on the next following Business Day.  Within three (3)  Business Days of the Exercise Date, the Corporation shall issue and deliver (or cause to be delivered) to the Holder, by registered mail or pre-paid courier to his, her or its address specified in the register of the Corporation, one or more certificates for the appropriate number of issued and outstanding Units.

4.

The Corporation covenants and agrees that, until the Expiry Time, while any of the Broker Warrants represented by this Broker Warrant Certificate shall be outstanding; (a)  it shall reserve and there shall remain unissued out of its authorized capital a sufficient number of Units to satisfy the right of purchase herein provided, as such right of purchase may be adjusted pursuant to Sections 5 and 6 of this Broker Warrant Certificate; (b) all Units which shall be issued upon the exercise of the right to purchase herein provided for, upon payment therefor of the amount at which such Units may at the time be purchased pursuant to the provisions hereof, shall be issued as fully paid and non-assessable shares and the holders thereof shall not be liable to the Corporation or its creditors in respect thereof; (c) the Corporation shall make all requisite filings under the Securities Act (Ontario) and the regulations made thereunder including those necessary to remain a reporting issuer not in default of any requirement of such act and regulations; and (d) the Corporation shall use all reasonable efforts to preserve and maintain its corporate existence.

5.

The Liquidity Conditions shall be satisfied upon the satisfaction of the latest of the following conditions (the “Liquidity Conditions”): (i) the Shares being listed and commence trading on either the Toronto Stock Exchange or the TSX Venture Exchange; and (ii) the effectiveness of a resale registration statement filed with the U.S. Securities and Exchange Commission with respect to the resale in the United States of the Units.

-3-

6.

If the Liquidity Conditions are not satisfied by July 28, 2008 (the “Penalty Date”), the Warrants shall be exercisable for Shares on the terms and conditions per the Broker Warrant Certificate, but that the Exercise Price shall be US$0.93.

7.

The Exercise Price and the number of Units purchasable upon exercise shall be subject to adjustment from time to time in the events and in the manner provided as follows:

(a)

Share Reorganization.  If during the Exercise Period the Corporation shall:

(i)

issue Shares or securities exchangeable for or convertible into Shares to holders of all or substantially all of its then outstanding Shares by way of stock dividend or other distribution, or

(ii)

subdivide, redivide or change its outstanding Shares into a greater number of Shares, or

(iii)

consolidate, reduce or combine its outstanding Shares into a lesser number of Shares,

(any of such events in these paragraphs (i), (ii) and (iii) being a “Share Reorganization”), then the Exercise Price shall be adjusted as of the effective date or record date, as the case may be, at which the holders of Shares are determined for the purpose of the Share Reorganization by multiplying the Exercise Price in effect immediately prior to such effective date or record date by a fraction, the numerator of which shall be the number of Shares outstanding on such effective date or record date before giving effect to such Share Reorganization and the denominator of which shall be the number of Shares outstanding as of the effective date or record date after giving effect to such Share Reorganization (including, in the case where securities exchangeable for or convertible into Shares are distributed, the number of Shares that would have been outstanding had such securities been fully exchanged for or converted into Shares on such record date or effective date).  From and after any adjustment of the Exercise Price pursuant to this Section 7(a), the number of Units purchasable pursuant to this Broker Warrant Certificate shall be adjusted contemporaneously with the adjustment of the Exercise Price by multiplying the number of Units then otherwise purchasable on the exercise thereof by a fraction, the numerator of which shall be the Exercise Price in effect immediately prior to the adjustment and the denominator of which shall be the Exercise Price resulting from such adjustment.

(b)

Rights Offering.  If and whenever during the Exercise Period the Corporation shall fix a record date for the issue of rights, options or warrants to all or substantially all of the holders of Shares under which such holders are entitled, during a period expiring not more than 45 days after the record date for such issue (“Rights Period”), to subscribe for or purchase Shares or securities exchangeable for or convertible into Shares at a price per share to the holder (or having a conversion price or exchange price per Share) of less than 95% of the Current Market Price (as defined in Section 8 hereof) for the Shares on such record date (any of such events being called a “Rights Offering”), then the Exercise Price shall be adjusted effective immediately after the end of the Rights Period to a price determined by multiplying the Exercise Price in effect immediately prior to the end of the Rights Period by a fraction:

(i)

the numerator of which shall be the aggregate of:

(A)

the number of Shares outstanding as of the record date for the Rights Offering, and

(B)

a number determined by dividing either

I.

the product of the number of Shares issued or subscribed for during the Rights Period and the price at which such Shares are offered,

or, as the case may be,

-4-

II.

the product of the exchange or conversion price per share of such securities offered and the number of Shares for or into which the securities so offered pursuant to the Rights Offering have been exchanged or converted during the Rights Period,

by the Current Market Price of the Shares as of the record date for the Rights Offering; and

(ii)

the denominator of which shall be the number of Shares outstanding after giving effect to the Rights Offering and including the number of Shares actually issued or subscribed for during the Rights Period upon exercise of the rights, warrants or options under the Rights Offering or upon the exercise of the exchange or conversion rights contained in such exchangeable or convertible securities under the Rights Offering.

If the Holder has exercised any of the Broker Warrants during the period beginning immediately after the record date for a Rights Offering and ending on the last day of the Rights Period, the Holder shall, in addition to the Units to which the Holder is otherwise entitled upon such exercise in accordance with Section 2 hereof, be entitled to that number of additional Units equal to the result obtained when the difference, if any, resulting from the subtraction of the Exercise Price as adjusted for such Rights Offering pursuant to this Section 7(b) from the Exercise Price in effect immediately prior to the end of such Rights Offering is multiplied by the number of Units purchased upon exercise of the Broker Warrants held by such Holder during such period, and the resulting product is divided by the Exercise Price as adjusted for such Rights Offering pursuant to this Section 7(b); provided that the provisions of Section 11 shall be applicable to any fractional interest in a Share to which such Holder might otherwise be entitled under the foregoing provisions of this Section 7(b).  Such additional Units shall be deemed to have been issued to the Holder immediately following the end of the Rights Period and a certificate for such additional Units shall be delivered to such Holder within three (3) Business Days following the end of the Rights Period.

(c)

Special Distribution.  If and whenever during the Exercise Period the Corporation shall issue or distribute to all or to substantially all the holders of the Shares:

(i)

securities of the Corporation including shares, rights, options or warrants to acquire shares of any class or securities exchangeable for or convertible into or exchangeable into any such shares or cash, property or assets and including evidences of its indebtedness, or

(ii)

any cash, property or other assets,

and if such issuance or distribution does not constitute dividends paid in the ordinary course, a Share Reorganization or a Rights Offering (any of such non-excluded events being herein called a “Special Distribution”), the number of Units to be issued by the Corporation under the Broker Warrants shall, at the time of exercise, be appropriately adjusted and the Holder shall receive, in lieu of the number of Units in respect of which the right is then being exercised, the aggregate number of Units or other securities or property that the Holder would have been entitled to receive as a result of such event if, on the record date therefor, the Holder had been the registered holder of the number of Units to which the Holder was theretofore entitled upon the exercise of the Broker Warrants.

(d)

Capital Reorganization.  If and whenever during the Exercise Period there shall be a reclassification of Shares at any time outstanding or a change of the Shares into other shares or into other securities (other than a Share Reorganization), or a consolidation, amalgamation, arrangement or merger of the Corporation with or into any other corporation or other entity (other than a consolidation, amalgamation, arrangement or merger which does not result in any reclassification of the outstanding Units or a change of the Units into other securities), or a transfer of the undertaking or assets of the Corporation as an entirety or substantially as an entirety to another corporation or other entity (any of such events being herein called a “Capital Reorganization”), the Holder, where he has not exercised the right of subscription and purchase under this Broker Warrant Certificate prior to the effective date or record date, as the case may be, of such Capital Reorganization, shall be entitled to receive, and shall accept upon the exercise of such right for the same aggregate consideration, in lieu of the number of Units to which such holder was theretofore entitled upon such exercise, the aggregate number of shares, other securities or other property which such holder would have been entitled to receive as a result of such Capital Reorganization if, on the effective date thereof, he had been the registered holder of the number of Units to which such holder was theretofore entitled to subscribe for and purchase; provided however, that no such Capital Reorganization shall be carried into effect unless all necessary steps shall have been taken to so entitle the Holder.  If determined appropriate by the board of directors of the Corporation, acting reasonably and in good faith, and subject to the prior written approval of the principal Canadian stock exchange or over-the-counter market on which the Units are then listed or quoted for trading, appropriate adjustments shall be made as a result of any such Capital Reorganization in the application of the provisions set forth in this Section 7 with respect to the rights and interests thereafter of the Holder to the end that the provisions set forth in this Section 7 shall thereafter correspondingly be made applicable as nearly as may reasonably be in relation to any shares, other securities or other property thereafter deliverable upon the exercise of any Warrant.  Any such adjustments shall be made by and set forth in terms and conditions supplemental hereto approved by the board of directors of the Corporation, acting reasonably and in good faith.

-5-

(e)

If and whenever at any time after the date hereof and prior to the Expiry Time, the Corporation takes any action affecting its Units to which the foregoing provisions of this Section 7, in the opinion of the board of directors of the Corporation, acting reasonably and in good faith, are not strictly applicable, or if strictly applicable would not fairly adjust the rights of the Holder against dilution in accordance with the intent and purposes thereof, or would otherwise materially affect the rights of the Holder hereunder, then the Corporation shall execute and deliver to the Holder an amendment hereto providing for an adjustment in the application of such provisions so as to adjust such rights as aforesaid in such a manner as the board of directors of the Corporation may determine to be equitable in the circumstances, acting reasonably and in good faith.  The failure of the taking of action by the board of directors of the Corporation to so provide for any adjustment on or prior to the effective date of any action or occurrence giving rise to such state of facts will be conclusive evidence that the board of directors has determined that it is equitable to make no adjustment in the circumstances.

8.

The following rules and procedures shall be applicable to the adjustments made pursuant to Section 7:

(a)

The adjustments provided for in Section 7 are cumulative, and shall, in the case of adjustments to the Exercise Price be computed to the nearest one-tenth of one cent and shall be made successively whenever an event referred to therein shall occur, subject to the following paragraphs of this Section 8.

(b)

No adjustment in the Exercise Price shall be required unless such adjustment would result in a change of at least 1% in the prevailing Exercise Price and no adjustment shall be made in the number of Units purchasable upon exercise of this Warrant unless it would result in a change of at least one one-hundredth of a Share; provided, however, that any adjustments which, except for the provisions of this Section 8(b) would otherwise have been required to be made, shall be carried forward and taken into account in any subsequent adjustment.

(c)

No adjustment in the Exercise Price or in the number of Units purchasable upon exercise of Broker Warrants shall be made in respect of any event described in Section 7, other than the events referred to in Sections 7(a)(ii) and (iii), if the Holder is entitled to participate in such event on the same terms, mutatis mutandis, as if it had exercised its Broker Warrants prior to or on the effective date or record date of such event.  The terms of the participation of the Holder in such event shall be subject to the prior written approval of the principal Canadian stock exchange or over-the-counter market on which the Units are then listed or quoted for trading.

-6-

(d)

No adjustment in the Exercise Price shall be made pursuant to Section 7 in respect of the issue from time to time:

(i)

of Units purchasable on exercise of the Broker Warrants represented by or issued concurrently with this Broker Warrant Certificate;

(ii)

in respect of the issue from time to time as dividends paid in the ordinary course of Units to holders of Units who exercise an option or election to receive substantially equivalent dividends in Units in lieu of receiving a cash dividend pursuant to a dividend reinvestment plan or similar plan adopted by the Corporation in accordance with the requirements of the principal Canadian stock exchange or over-the-counter market on which the Units are then listed or quoted for trading and applicable securities laws;
 

(iii)

of Units pursuant to any stock option plan, stock purchase plan or benefit plan in force at the date hereof for directors, officers, employees, advisers or consultants of the Corporation, as such option or plan is amended or superseded from time to time in accordance with the requirements of the principal Canadian stock exchange or over-the-counter market on which the Units are then listed or quoted for trading and applicable securities laws, and such other stock option plan, stock purchase plan or benefit plan as may be adopted by the Corporation in accordance with the requirements of the principal Canadian stock exchange or over-the-counter market on which the Units are then listed or quoted for trading and applicable securities laws;

(iv)

the payment of interest on any outstanding notes;

(v)

the issuance of securities in connection with strategic license agreements and other partnering arrangements; or

(vi)

full or partial consideration in connection with a strategic merger, consolidation or purchase of substantially all of the securities or assets of a corporation or other entity;

and any such issue shall be deemed not to be a Share Reorganization or Capital Reorganization.

(e)

If the Corporation shall set a record date to determine the holders of the Units for the purpose of entitling them to receive any dividend or distribution or any subscription or purchase rights and shall, thereafter and before the distribution to such shareholders of any such dividend, distribution or subscription or purchase rights, legally abandon its plan to pay or deliver such dividend, distribution or subscription or purchase rights, then no adjustment in the Exercise Price or the number of Units purchasable upon exercise of any Warrant shall be required by reason of the setting of such record date.

(f)

As a condition precedent to the taking of any action which would require any adjustment in any of the subscription rights pursuant to this Broker Warrant Certificate, including the Exercise Price and the number or class of shares or other securities which are to be received upon the exercise thereof, the Corporation shall take any corporate action which may be necessary in order that the Corporation have unissued and reserved in its authorized capital and may validly and legally issue as fully paid and non-assessable all the shares or other securities which the holder of such Broker Warrant Certificate is entitled to receive on the full exercise thereof in accordance with the provisions hereof.

-7-

(g)

For the purposes of this Broker Warrant Certificate, “Current Market Price” of a Share at any date shall be calculated as the price per Share equal to the weighted average price at which the Units have traded in the principal Canadian stock exchange or, if the Units are not listed, the over-the-counter market, on which the Units are then listed or posted for trading during the 20 consecutive trading days (on each of which at least 500 Units are traded in board lots) ending on the fifth trading day immediately prior to such date as reported by such market or exchange in which the Units are then trading or quoted.  If the Units are not then traded in the over-the-counter market or on a recognized Canadian stock exchange, the Current Market Price of the Units shall be fair market value of the Units as determined by a nationally or internationally recognized investment dealer or investment banker.

(h)

In the absence of a resolution of the board of directors of the Corporation fixing a record date for any dividend or distribution referred to in Section 7(a)(i) or any Rights Offering or Special Distribution, the Corporation shall be deemed to have fixed as the record date therefor the date on which such dividend or distribution is effected.

(i)

Any question or dispute that at any time or from time to time arises with respect to the amount of any adjustment to the Exercise Price or other adjustments pursuant to Section 7 shall be conclusively determined by a firm of independent chartered accountants (who may be the Corporation’s auditors) and shall be binding upon the Corporation and the Holder.  Notwithstanding the foregoing, such determination shall be subject to the prior written approval of the principal Canadian stock exchange or over-the-counter market on which the Units are then listed or quoted for trading.  In the event that any such determination is made, the Corporation shall notify the Holder in the manner contemplated in Section 21 describing such determination.

9.

On the happening of each and every such event set out in Section 7, the applicable provisions of this Broker Warrant Certificate, including the Exercise Price, shall, ipso facto, be deemed to be amended accordingly and the Corporation shall take all necessary action so as to comply with such provisions as so amended.

10.

In any case in which Section 7 shall require that an adjustment shall be effective immediately after a record date for an event referred to herein, the Corporation may defer, until the occurrence of such an event:

(a)

issuing to the holder of any Warrant exercised after such record date and before the occurrence of such event, the additional Units issuable upon such exercise by reason of the adjustment required by such event, and

(b)

delivering to such holder any distributions declared with respect to such additional Units after such Exercise Date and before such event;

provided, however, that the Corporation shall deliver or cause to be delivered to such holder, an appropriate instrument evidencing such holder’s right, upon the occurrence of the event requiring the adjustment, to an adjustment in the Exercise Price or the number of Units purchasable on the exercise of any Warrant and to such distributions declared with respect to any additional Units issuable on the exercise of any Warrant.

11.

At least 10 Business Days prior to the effective date or record date, as the case may be, of any event which requires or might require adjustment in any of the subscription rights pursuant to this Broker Warrant Certificate, including the Exercise Price and the number of Units which are purchasable upon the exercise thereof, or such longer period of notice as the Corporation shall be required to provide holders of Units in respect of any such event, the Corporation shall notify the Holder of the particulars of such event and, if determinable, the required adjustment and the computation of such adjustment.  In case any adjustment for which such notice has been given is not then determinable, the Corporation shall promptly after such adjustment is determinable notify the Holder of the adjustment and the computation of such adjustment.

12.

The Corporation shall maintain at its principal office a register of holders in which shall be entered the names and addresses of the holders of the Broker Warrants and of the number of Broker Warrants held by them.  Such register shall be open at all reasonable times for inspection by the Holder.  The Corporation shall notify the Holder forthwith of any change of address of the principal office of the Corporation.

-8-

13.

The Corporation shall not be required to issue fractional Units in satisfaction of its obligations hereunder.  If any fractional interest in a Share would, except for the provisions of this Section 13, be deliverable upon the exercise of a Warrant, the Corporation shall in lieu of delivering the fractional Units therefor satisfy the right to receive such fractional interest by payment to the holder of such Warrant of an amount in cash equal (computed in the case of a fraction of a cent to the next lower cent) to the value of the right to acquire such fractional interest on the basis of the Current Market Price at the Exercise Date.

14.

Subject as herein provided, all or any of the rights conferred upon the Holder by the terms hereof may be enforced by the Holder by appropriate legal proceedings.

15.

The registered Holder of this Broker Warrant Certificate may at any time up to and including the Expiry Time, upon the surrender hereof to the Corporation at its principal office, exchange this Broker Warrant Certificate for one or more Broker Warrant Certificates entitling the Holder to subscribe in the aggregate for the same number of Units as is expressed in this Broker Warrant Certificate.  Any Broker Warrant Certificate tendered for exchange shall be surrendered to the Corporation and cancelled.

16.

If this Broker Warrant Certificate becomes stolen, lost, mutilated or destroyed, the Corporation shall, on such terms as it may in its discretion acting reasonably impose, issue and deliver to the Holder a new Broker Warrant Certificate of like denomination, tenor and date as the Broker Warrant Certificate so stolen, lost, mutilated or destroyed.

17.

This Broker Warrant Certificate and the Broker Warrants represented hereby are transferable subject to compliance with all applicable laws.

18.

No transfer of Broker Warrants shall be valid unless made by the Holder or its executors, administrators or other legal representatives or its attorney duly appointed by an instrument in writing in form and execution satisfactory to the Corporation upon compliance with such reasonable requirements as the Corporation may prescribe, including compliance with all applicable securities legislation, and recorded on the register of holders of BW Warrants maintained by the Corporation, nor until stamp or governmental or other charges arising by reason of such transfer have been paid.  The transferee of a Warrant shall, after a form of transfer, as annexed hereto as Schedule “A” is duly completed and the Warrant is lodged with the Corporation and upon compliance with all other reasonable requirements of the Corporation and the transferor or any previous holder of such Warrant, save in respect of equities of which the Corporation is required to take notice by statute or by order of a court of competent jurisdiction.  The Corporation may treat the registered holder of any Broker Warrant Certificate as the absolute owner of the Broker Warrants represented thereby for all purposes, and the Corporation shall not be affected by any notice or knowledge to the contrary except where the Corporation is required to take notice by statute or by order of a court of competent jurisdiction.  Nothing contained herein shall confer any right upon the registered holder hereof or any other person to subscribe for or purchase any shares of the Corporation at any time subsequent to the Expiry Time.  Nothing herein contained or done pursuant hereto shall obligate the Holder to purchase or pay for or the Corporation to issue any securities except those Units in respect of which the Holder shall have exercised its right to purchase hereunder in the manner provided herein.  All warrants of the Corporation shall rank pari passu, notwithstanding the actual date of the issue thereof.  After the Expiry Time this Broker Warrant Certificate and all rights hereunder shall be void and of no value.

19.

Except as expressly set out herein, the holding of this Broker Warrant Certificate or the Broker Warrants represented hereby shall not constitute a Holder hereof a holder of Units nor entitle it to any right of interest in respect thereof.

20.

If any one or more of the provisions or parts thereof contained in this Warrant should be or become invalid, illegal or unenforceable in any respect in any jurisdiction, the remaining provisions or parts thereof contained herein shall be and shall be conclusively deemed to be, as to such jurisdiction, severable therefrom and:

-9-

(a)

the validity, legality or enforceability of such remaining provisions or parts thereof shall not in any way be affected or impaired by the severance of the provisions or parts thereof severed; and

(b)

the invalidity, illegality or unenforceability of any provision or part thereof contained in this Warrant in any jurisdiction shall not affect or impair such provision or part thereof or any other provisions of this Warrant in any other jurisdiction.

21.

Any notice, document or communication required or permitted by this Warrant to be given by a party hereto shall be in writing and is sufficiently given if delivered personally, or if sent by prepaid registered mail, or if transmitted by any form of recorded telecommunication rested prior to transmission, to such party addressed as follows: :

(a)

to the Holder, in the register to be maintained pursuant to section 12 hereof; and

(b)

to the Corporation at:

IntelGenx Technologies Corp.

6425 Abrams

Ville St-Laurent, Quebec

H4S 1X9

Attention: 

President

Telecopier:

(514) 331-0436

22.

Time is of the essence hereof.

23.

This Broker Warrant Certificate shall enure to the benefit of the Holder and his heirs, executors, administrators, legal personal representatives, permitted assigns and successors is binding upon the Corporation and its successors and assigns.

24.

This Broker Warrant Certificate and the Broker Warrants represented hereby shall be governed by the laws of the State of Delaware and the federal laws of the United States of America applicable therein.

IN WITNESS WHEREOF this Broker Warrant Certificate has been executed on behalf of IntelGenx Technologies Corp. as of the 28th day of March, 2008.

	INTELGENX TECHNOLOGIES CORP.

	By:

	 
	 	Horst G. Zerbe

President and Chief Executive Officer

 

SCHEDULE “A”

FORM OF TRANSFER

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto (name) 

_______________(the "Transferee"),
_______________(residential) address) _______________Broker Warrants of
IntelGenx Technologies Corp. (the "Corporation") registered in the name of the
undersigned on the records of the Corporation represented by the within Broker
Warrant Certificate, and irrevocably appoints the Secretary of the Corporation
as the attorney of the undersigned to transfer the said securities on the books
or register of transfer, with full power of substitution. 

DATED the _______________day of _______________, 200___ . 

	 	 	 
	
    Signature Guaranteed	 	
    (Signature of Warrantholder, to be the
    same as appears on the
	 	 	fact of this Broker
    Warrant Certificate)

SUBSCRIPTION NOTICE

TO:

INTELGENX TECHNOLOGIES CORP.

6425 Abrams

Ville St-Laurent, Quebec

H4S 1X9

The undersigned registered Holder of the attached Broker Warrant Certificate, hereby:

(a)

subscribes for _________________________________ common shares (“Shares”) (or such number of Units or other securities or property to which such subscription entitles the undersigned in lieu thereof or in addition thereto under the Broker Warrant Certificate) of IntelGenx Technologies Corp. at the price per Share in United States funds equal to US$____ (or such adjusted price which may be in effect under the provisions of the Broker Warrant Certificate) and in payment of the exercise price encloses a certified cheque, bank draft or money order in lawful money of the United States payable to the order of IntelGenx Technologies Corp. or its successor corporation; and

(b)

delivers herewith the above-mentioned Broker Warrant Certificate entitling the undersigned to subscribe for the above-mentioned number of Units.

The undersigned hereby directs that the said Units be registered as follows:

	

Name(s) in full

	 	Address(es)

(including Postal Code)

	 	Number of

Units

	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	Total:________

(Please print full name in which share certificates are to be issued.  If any of the Units are to be issued to a person or persons other than the Holder, the Holder must pay to the Corporation all requisite taxes or other governmental charges.)

(c)

The Subscriber hereby certifies that the undersigned is not a U.S. Person or a person in the United States, and is not acquiring any of the Units hereby subscribed for the account or benefit of a U.S. Person or a person in the United States, and none of the persons listed in paragraph (b) above is a U.S. Person or a person in the United States, other than an Accredited Investor as defined in Rule 501(a) under the U.S. Securities Act of 1933, as amended.  For purposes hereof the terms “United States” and “U.S. Person” shall have the meanings ascribed to them in Regulation S under the U.S. Securities Act of 1933, as amended.

DATED this                      day of                              , 200  .

	 
	(Signature of Subscriber)

	 
	 
	(Print Name of Subscriber)

	 
	 
	(Address of Subscriber in full)

	 
	 
	 
	 

 

The certificates will be mailed by registered mail to the address appearing in this Subscription Notice.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00141-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00141-of-00352.parquet"}]]