Document:

Exhibit 4.1

NEITHER THE SECURITIES  REPRESENTED HEREBY NOR THE SECURITIES  ISSUABLE UPON THE
EXERCISE  HEREOF  HAVE BEEN  REGISTERED  UNDER THE  SECURITIES  ACT OF 1933,  AS
AMENDED (THE  "SECURITIES  ACT"),  OR ANY STATE  SECURITIES  LAWS AND MAY NOT BE
OFFERED,  SOLD,  PLEDGED,  ASSIGNED,  OR  OTHERWISE  TRANSFERRED  UNLESS  (1)  A
REGISTRATION  STATEMENT WITH RESPECT  THERETO IS EFFECTIVE  UNDER THE SECURITIES
ACT AND ANY APPLICABLE  STATE  SECURITIES  LAWS, OR (2) THE COMPANY  RECEIVES AN
OPINION  OF COUNSEL TO THE  HOLDER OF THIS  WARRANT  OR SUCH  SECURITIES,  WHICH
COUNSEL  AND OPINION  ARE  REASONABLY  SATISFACTORY  TO THE  COMPANY,  THAT THIS
WARRANT OR SUCH  SECURITIES,  AS  APPLICABLE,  MAY BE  OFFERED,  SOLD,  PLEDGED,
ASSIGNED,  OR  OTHERWISE  TRANSFERRED  IN THE  MANNER  CONTEMPLATED  WITHOUT  AN
EFFECTIVE  REGISTRATION  STATEMENT UNDER THE SECURITIES ACT OR APPLICABLE  STATE
SECURITIES LAWS.

         THE TRANSFER OF THIS WARRANT IS RESTRICTED AS DESCRIBED HEREIN.

                         SYNOVICS PHARMACEUTICALS, INC.

                          WARRANTS FOR THE PURCHASE OF
               SHARES OF COMMON STOCK, PAR VALUE $0.001 PER SHARE

NO.

        THIS CERTIFIES that, for  consideration,  the receipt and sufficiency of
which    are    hereby     acknowledged,     and    other    value     received,
_______________________,  a  ____________________  (the "HOLDER") is entitled to
subscribe  for,  and purchase  from,  SYNOVICS  PHARMACEUTICALS,  INC., a Nevada
corporation (the "COMPANY"),  upon the terms and conditions set forth herein, at
any time or from time to time on or after ________ (the "EFFECTIVE  TIME") until
5:00 P.M.  New York City local time on the third  anniversary  of the  Effective
Time (the "EXERCISE  PERIOD"),  up to an aggregate of  ______________  shares of
common stock, par value $0.001 per share (the "COMMON  STOCK"),  of the Company.
This Warrant is initially  exercisable  at $3.00 per share;  provided,  however,
that upon the occurrence of any of the events specified in Section 9 hereof, the
rights  granted by this Warrant,  including the exercise price and the number of
shares of Common Stock to be received upon such  exercise,  shall be adjusted as
therein  specified.  The term  "EXERCISE  PRICE"  shall mean,  depending  on the
context,  the  initial  exercise  price  (as set forth  above)  or the  adjusted
exercise price per share.

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        As used  herein,  the term "THIS  WARRANT"  shall mean and include  this
Warrant and any Warrant or Warrants  hereafter  issued as a  consequence  of the
exercise or transfer of this  Warrant in whole or in part.  Each share of Common
Stock issuable upon the exercise  hereof shall be  hereinafter  referred to as a
"WARRANT SHARE".

        1.      (a)     Subject to the terms of this  Warrant,  this Warrant may
be exercised  at any time in whole and from time to time in part,  at the option
of the Holder,  on or after the Effective Time and on or prior to the end of the
Exercise Period. This Warrant shall initially be exercisable in whole or in part
for an aggregate of ________fully paid and nonassessable  shares of Common Stock
for an exercise price per share equal to the Exercise  Price, by delivery to the
Company at its office at 2575 East  Camelback Road Suite 450,  Phoenix,  Arizona
85016, or at such other place as is designated in writing by the Company, of:

                (i)     a completed Election to Purchase,  in the form set forth
        in  EXHIBIT I,  executed  by the  Holder  exercising  all or part of the
        purchase rights represented by this Warrant;

                (ii)    this Warrant;

                (iii)   if this  Warrant  is not  registered  in the name of the
        initial  registered  Holder,  an  assignment  in the form  set  forth in
        EXHIBIT  II hereto  evidencing  the  assignment  of this  Warrant to the
        current Holder; and

                (iv)    payment  of an  amount  equal  to  the  product  of  the
        Exercise Price  multiplied by the number of shares of Common Stock being
        purchased upon such exercise in the form of, at the Holder's option, (A)
        a certified or bank  cashier's  check  payable to the Company,  or (B) a
        wire transfer of funds to an account designated by the Company.

        (b)     As used herein "FAIR MARKET VALUE" of a security  shall mean, on
any given day, the average of the closing prices of such security's sales on all
securities  exchanges  on which such  security may at the time be listed on such
day,  or,  if there  has been no sales on any such  exchange  on such  day,  the
average of the highest bid and lowest asked prices on all such  exchanges at the
end of such day, or, if on such day such security is not so listed,  the average
of the  representative  bid and  asked  prices  quoted  on the  over-the-counter
bulletin  board (the "OTCBB") as of 4:00 P.M., New York time, or, if on such day
such  security  is not quoted on the OTCBB,  the  average of the highest bid and
lowest  asked  prices  on such day in the  domestic  over-the-counter  market as
reported by the PinkSheet, LLC, or any similar successor organization. If at any
time such  security  is not listed on any  securities  exchange or quoted on the
OTCBB or the  over-the-counter  market,  the  "Fair  Market  Value"  shall be as
determined by the Board of Directors in good faith, absent manifest error.

        (c)     Upon the exercise of this  Warrant,  the Company shall issue and
cause  promptly to be delivered upon such exercise to, or upon the written order
of,  the  Holder  and in such  name or  names as the  Holder  may  designate,  a
certificate or certificates  for the number of full Warrant Shares to which such
Holder  shall be  entitled,  together  with  cash in lieu of any

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fraction of a Warrant Share  otherwise  issuable upon such exercise in an amount
equal to the  product of (i) such  fraction  multiplied  by (ii) the Fair Market
Value on the date of exercise.  Such certificate or certificates shall be deemed
to have been issued,  and any person so  designated  to be the person or persons
entitled to receive the Warrant  Shares  issuable  upon exercise of this Warrant
shall be deemed to have become a holder of record of such Warrant Shares for all
purposes,  as of the  close of  business  on the date of the  surrender  of this
Warrant and full payment of the Exercise Price.

        (d)     If this  Warrant is exercised in respect of less than all of the
Warrant  Shares  evidenced  by this  Warrant at any time prior to the end of the
Exercise Period, a new Warrant  evidencing the remaining Warrant Shares shall be
issued to the Holder, or its nominee(s), without charge therefor.

        2.      (a)     This  Warrant  may  be  redeemed  at the  option  of the
Company,  at any  time  after  the  first  anniversary  of the  Effective  Time,
following  a period of any twenty (20) of the thirty  (30)  consecutive  trading
days (which 30 trading day period shall not have commenced until after the first
anniversary of the Effective  Time) in which the Fair Market Value of the Common
Stock equals or exceeds an amount that is twice the Exercise Price, on notice as
set forth in Section 2(b) hereof, and at a redemption price equal to $0.001 (the
"REDEMPTION  PRICE") for each  Warrant  Share  purchasable  under this  Warrant;
PROVIDED,  HOWEVER,  that this Warrant may not be redeemed by the Company unless
the resale of the Warrant Shares purchasable hereunder has been registered under
the Securities Act of 1933, as amended (the  "SECURITIES  ACT") or are otherwise
freely tradable.

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

        (c)     If notice of  redemption  shall have been given as  provided  in
Section 2(b),  the  Redemption  Price shall,  unless the Warrant is  theretofore
exercised  pursuant to the terms hereof,  become due and payable on the date and
at the place stated in such notice.  On and after such date of  redemption,  the
exercise  rights of this Warrant shall expire and this Warrant shall be null and
void on presentation and upon surrender of this Warrant at such place of payment
in such  notice  specified,  this  Warrant  shall  be paid and  redeemed  at the
Redemption Price per Warrant Share within ten (10) days thereafter.

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        3.      Upon each  exercise of the Holder's  rights to purchase  Warrant
Shares,  the Holder  shall be deemed to be the  holder of record of the  Warrant
Shares,  notwithstanding  that the transfer  books of the Company  shall then be
closed or  certificates  representing  the Warrant  Shares with respect to which
this Warrant was exercised  shall not then have been  actually  delivered to the
Holder.  As soon as  practicable  after each such exercise of this Warrant,  the
Company  shall issue and  deliver to the Holder a  certificate  or  certificates
representing  the Warrant Shares issuable upon such exercise,  registered in the
name of the Holder or its designee.  If this Warrant should be exercised in part
only,  the Company  shall,  upon  surrender  of this  Warrant for  cancellation,
execute and deliver a Warrant evidencing the right of the Holder to purchase the
balance of the aggregate  number of Warrant Shares  purchasable  hereunder as to
which this Warrant has not been exercised or assigned.

        4.      Any  Warrants  issued  upon the  transfer or exercise in part of
this Warrant  shall be numbered and shall be  registered  in a warrant  register
(the "WARRANT  REGISTER")  as they are issued.  The Company shall be entitled to
treat the registered  holder of any Warrant on the Warrant Register as the owner
in fact  thereof  for all  purposes,  and  shall not be bound to  recognize  any
equitable  or other  claim to, or interest  in, such  Warrant on the part of any
other  person,  and shall not be liable  for any  registration  of  transfer  of
Warrants  which are registered or to be registered in the name of a fiduciary or
the  nominee  of a  fiduciary  unless  made  with the  actual  knowledge  that a
fiduciary  or  nominee  is  committing  a breach  of trust  in  requesting  such
registration  or  transfer,  or with  the  knowledge  of  such  facts  that  its
participation  therein amounts to bad faith.  This Warrant shall be transferable
on the books of the Company  only upon  delivery  thereof  duly  endorsed by the
Holder or by his duly authorized  attorney or representative,  or accompanied by
proper  evidence of  succession,  assignment,  or authority to transfer.  In all
cases of transfer by an attorney,  executor,  administrator,  guardian, or other
legal representative,  duly authenticated evidence of his, her, or its authority
shall be produced.  Upon any registration of transfer, the Company shall deliver
a new Warrant or Warrants to the person  entitled  thereto.  This Warrant may be
exchanged,  at the option of the Holder thereof,  for another Warrant,  or other
Warrants  of  different  denominations,  of like tenor and  representing  in the
aggregate  the right to  purchase a like number of Warrant  Shares (or  portions
thereof),   upon  surrender  to  the  Company  or  its  duly  authorized  agent.
Notwithstanding  the  foregoing,  the Company  shall have no obligation to cause
Warrants  to be  transferred  on its books to any person  if, in the  opinion of
counsel to the Company, such transfer does not comply with the provisions of the
Securities Act, and the rules and regulations thereunder.

        5.      The Company  shall pay all  federal and state taxes  (other than
taxes on income of the Holder),  documentary  taxes,  stamp  taxes,  if any, and
other governmental  charges that may be imposed upon the issuance or delivery of
this  Warrant  or upon the  issuance  or  delivery  of Warrant  Shares  upon the
exercise of this  Warrant,  PROVIDED,  HOWEVER,  that the  Company  shall not be
required to pay any taxes  payable in connection  with any transfer  involved in
the issuance or delivery of any Warrants or Warrant  Shares in a name other than
that of the  Holder in  respect of which such  Warrant  Shares are  issued.  The
Company may refuse to deliver the  certificates  representing the Warrant Shares
being issued in a name other than the Holder's name until the

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Company  receives a sum  sufficient to pay any tax that will be due because such
shares are to be issued in a name other than the Holder's name.

        6.      (a)     The  Company   shall  at  all  times  reserve  and  keep
available  out of its  authorized  and  unissued  Common  Stock,  solely for the
purpose of providing for the exercise of the Warrants,  such number of shares of
Common Stock as shall,  from time to time, be sufficient  therefor.  The Company
covenants  that all Warrant  Shares which may be issued upon the exercise of the
purchase rights  represented by this Warrant will, upon exercise of the purchase
rights represented by this Warrant,  be duly authorized,  validly issued,  fully
paid and nonassessable and free from all taxes,  liens and charges in respect of
the issue  thereof  (other  than  taxes in  respect  of any  transfer  occurring
contemporaneously  with such issue), without any personal liability attaching to
the ownership  thereof and will not be issued in violation of any  preemptive or
similar rights of stockholders.  The Company further covenants that its issuance
of this Warrant shall  constitute full authority to its officers who are charged
with the duty of executing stock certificates to execute and issue the necessary
certificates  for the Warrant  Shares upon the exercise of the  purchase  rights
under this Warrant.  The Company will take all such reasonable  action as may be
necessary  to assure that such Warrant  Shares may be issued as provided  herein
without violation of any applicable law or regulation, or of any requirements of
the trading market upon which the Common Stock may be listed.

        (b)     The  transfer  agent for the Common  Stock and every  subsequent
transfer agent for any of the Company's securities issuable upon the exercise of
this  Warrant  shall be  irrevocably  authorized  and  directed  at all times to
reserve  such number of  authorized  securities  as shall be  required  for such
purpose. The Company shall keep a copy of this Warrant on file with the transfer
agent for the Common Stock and with every  subsequent  transfer agent for shares
of the Company's  securities  issuable  upon the exercise of this  Warrant.  The
Company  shall  supply  such  transfer  agent  with duly  executed  certificates
representing  the Common Stock or other  securities  for such purposes and shall
provide or otherwise  make available any cash that may be payable as provided in
Section 11 hereof.

        (c)     The  Company  shall  not  by  any  action   including,   without
limitation,   amending  its   certificate  of   incorporation   or  through  any
reorganization, transfer of assets, consolidation, merger, dissolution, issue or
sale of securities  or any other  voluntary  action,  avoid or seek to avoid the
observance or performance  of any of the terms of this Warrant;  but will at all
times in good  faith  assist in the  carrying  out of all such  terms and in the
taking of all such  actions as may be necessary  or  appropriate  to protect the
rights of the Holder against impairment.  Without limiting the generality of the
foregoing,  the  Company  will (a) not  increase  the par value of any shares of
Common  Stock  receivable  upon the  exercise of this  Warrant  above the amount
payable  therefor upon such exercise  immediately  prior to such increase in par
value,  and (b) take all such action as may be necessary or appropriate in order
that the Company may  validly  and  legally  issue fully paid and  nonassessable
shares of Common Stock upon the exercise of this Warrant.

        7.      The  Company  will (i)  obtain  and keep  effective  any and all
permits,  consents and approvals of Federal or state  governmental  agencies and
authorities and make all filings under Federal and state  securities  laws, that
are required in connection  with the issuance and delivery of

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this Warrant, the exercise of this Warrant, and the issuance and delivery of the
Warrant  Shares issued upon exercise of this Warrant,  and (ii) have the Warrant
Shares,  upon their issuance,  listed on each  securities  exchange on which the
Common  Stock (or any other  securities  included  in Warrant  Shares)  are then
listed.

        8.      If the Company purchases or otherwise acquires this Warrant, the
Company shall cancel this  Warrant,  and any Warrant  surrendered  for exchange,
substitution, transfer or exercise in whole or in part.

        9.      The Exercise Price for the Warrants in effect from time to time,
and the number of Warrant Shares  issuable upon exercise of the Warrants,  shall
be subject to adjustment as follows:

        (a)     If the Company,  at any time while this Warrant is  outstanding:
(A) pays a stock dividend or otherwise make a distribution or  distributions  on
shares of its Common Stock or any other equity or equity  equivalent  securities
payable in shares of Common Stock  (which,  for  avoidance  of doubt,  shall not
include  any  shares of Common  Stock  issued by the  Company  pursuant  to this
Warrant), (B) subdivides outstanding shares of Common Stock into a larger number
of shares,  (C) combines  (including by way of reverse stock split)  outstanding
shares of  Common  Stock  into a smaller  number  of  shares,  or (D)  issues by
reclassification  of shares of the Common  Stock any shares of capital  stock of
the  Company,  then in each case the  Exercise  Price shall be  multiplied  by a
fraction of which the  numerator  shall be the number of shares of Common  Stock
(excluding  treasury shares, if any) outstanding  immediately  before such event
and of which the  denominator  shall be the  number  of  shares of Common  Stock
outstanding  immediately  after such event. Any adjustment made pursuant to this
Section 9(a) shall become  effective  immediately  after the record date for the
determination of stockholders  entitled to receive such dividend or distribution
and shall become effective immediately after the effective date in the case of a
subdivision, combination or re-classification.

        (b)     If at any time or from time to time after the original  issuance
date of this Warrant,  shall  distribute to all holders of Common Stock (and not
to Holder of the Warrants)  evidences of its  indebtedness or assets  (including
cash and cash  dividends) or rights or warrants to subscribe for or purchase any
security  other than the Common Stock (which shall be subject to Section  9(a)),
then in each such case the Exercise Price shall be adjusted by  multiplying  the
Exercise  Price  in  effect  immediately  prior to the  record  date  fixed  for
determination  of  stockholders  entitled  to  receive  such  distribution  by a
fraction of which the denominator  shall be the Fair Market Value  determined as
of the record date  mentioned  above,  and of which the numerator  shall be such
Fair Market  Value on such record date less the then per share Fair Market Value
at such record date of the portion of such assets or evidence of indebtedness so
distributed  applicable  to  one  outstanding  share  of  the  Common  Stock  as
determined  by the Board of  Directors  of the Company in good faith.  In either
case, the adjustments  shall be described in a statement  provided to the Holder
of the portion of assets or evidences of  indebtedness  so  distributed  or such
subscription  rights  applicable to one share of Common Stock.  Such  adjustment
shall be made whenever any such  distribution is made and shall become effective
immediately after the record date mentioned above.

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        (c)     In the  case of a Change  of  Control  (as  defined  below)  the
Exercise Price will be $1.00 per share.

        "CHANGE OF CONTROL" means any transaction or series of transactions that
result in a Person (as defined below) becoming an "ACQUIRING PERSON" (as defined
below).

        The terms "ACQUIRING PERSON",  "PERSON" and such other terms referred to
therein  and  referred  to in such other  terms  shall for the  purposes of this
section 8(c) bear such meanings as ascribed to them below:

        "ACQUIRING PERSON" shall mean any Person who or which, together with all
Affiliates  and  Associates  of such  Person,  shall  become,  at any time after
September 8, 2006 (the "DESIGNATED  DATE") (whether or not such status continues
for any period), the Beneficial Owner of shares of Common Stock representing 20%
or more of the  Common  Stock  then  outstanding,  other  than as a result  of a
Permitted  Offer, or any Person who or which, on the Designated  Date,  together
with all Affiliates and Associates of such Person, owns in excess of 20% or more
of the Common Stock outstanding as of the Designated Date, who or which becomes,
at any time after the Designated Date (whether or not such status  continues for
any  period),  the  Beneficial  Owner  of  additional  shares  of  Common  Stock
representing 1% or more of the Common Stock then  outstanding  above that number
of shares of Common Stock of which such Person, together with all Affiliates and
Associates of such Person,  was the  Beneficial  Owner on the  Designated  Date,
other than as a result of a Permitted Offer.  Notwithstanding the foregoing, (A)
the term "ACQUIRING PERSON" shall not include (i) the Company, any Subsidiary of
the Company,  or any employee  benefit plan of the Company or any  Subsidiary of
the  Company,  or (ii)  any  Person,  which  together  with all  Affiliates  and
Associates of such Person,  shall become the Beneficial  Owner of 20% or more of
the then  outstanding  Common Stock as a result of the  acquisition of shares of
Common Stock directly from the Company  following the Designated Date (provided,
however,  that if,  after such  acquisition,  such  Person,  or an  Affiliate or
Associate of such Person,  becomes the Beneficial Owner of any additional shares
of Common Stock in an acquisition not made directly from the Company,  then such
Person shall be deemed an Acquiring Person), or (iii) any Person, which together
with all Affiliates and Associates of such Person, owns in excess of 20% or more
of the Common Stock  outstanding  as of the  Designated  Date,  shall become the
Beneficial  Owner of an  additional  1% or more of the then  outstanding  Common
Stock as a result of the acquisition of shares of Common Stock directly from the
Company  following  the date  hereof  (provided,  however,  that if,  after such
acquisition,  such Person, or an Affiliate or Associate of such Person,  becomes
the Beneficial Owner of any additional  shares of Common Stock in an acquisition
not made  directly  from the  Company,  then  such  Person  shall be  deemed  an
Acquiring Person) and (B) no Person shall be deemed to be an "ACQUIRING  PERSON"
either  (X) as a result of the  acquisition  of  shares  of Common  Stock by the
Company  which,  by reducing the number of shares of Common  Stock  outstanding,
increases the proportional  number of shares  beneficially  owned by such Person
together with all Affiliates and Associates of such Person; except that if (i) a
Person would become an Acquiring Person (but for the operation of this subclause
(X)) as a result of the  acquisition  of shares of Common  Stock by the Company,
and (ii)  after  such share  acquisition  by the  Company,  such  Person,  or an
Affiliate  or  Associate of such  Person,  becomes the  Beneficial  Owner of any
additional shares of Common Stock, then such Person shall be deemed an Acquiring
Person,  or (Y)

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if  (x)  (i)  such  Person,   or  an  Affiliate  or  Associate  of  such  Person
inadvertently  becomes the  Beneficial  Owner of 20% or more of the  outstanding
Common Stock,  (ii) within eight days  thereafter such Person notifies the Board
of  Directors of the Company  that such Person did so  inadvertently,  and (iii)
within two days after such notification,  such Person is the Beneficial Owner of
less than 20% of the outstanding Common Stock, or (y) (i) such Person,  together
with all Affiliates and Associates of such Person, that owns in excess of 20% or
more  of  the  Common  Stock  outstanding  as  of  the  Designated  Date,  shall
inadvertently  become the  Beneficial  Owner of an  additional 1% or more of the
then  outstanding  Common Stock,  (ii) within eight days  thereafter such Person
notifies the Board of Directors that such Person did so inadvertently, and (iii)
within two days after such notification,  such Person is the Beneficial Owner of
less than that number of share of Common  Stock held as of the  Designated  Date
plus 1% of the then outstanding Common Stock.

        "AFFILIATE" and "ASSOCIATE" shall have the respective  meanings ascribed
to such  terms in Rule  12b-2 of the  General  Rules and  Regulations  under the
Securities Exchange Act of 1934, as amended ("EXCHANGE ACT").

        A Person shall be deemed the "BENEFICIAL  OWNER" of, and shall be deemed
to have  acquired  "beneficial  ownership"  of, or to  "beneficially  own",  any
securities  (i)  which  such  Person  or  any of  such  Person's  Affiliates  or
Associates beneficially owns, directly or indirectly,  as determined pursuant to
Rule 13d-3 of the General Rules and Regulations under the Exchange Act as of the
Designated  Date;  (ii) which such Person or any of such Person's  Affiliates or
Associates  has (A) the right to  acquire  (whether  such  right is  exercisable
immediately  or only  after the  passage  of time)  pursuant  to any  agreement,
arrangement,  or understanding (other than customary agreements with and between
underwriters  and  selling  group  members  with  respect to a bona fide  public
offering of  securities),  or upon the exercise of conversion  rights,  exchange
rights,  rights  (other than the  Rights),  warrants or options,  or  otherwise;
provided, however, that a Person shall not be deemed the Beneficial Owner of, or
to beneficially own,  securities tendered pursuant to a tender or exchange offer
made by, or on behalf of,  such  Person or any of such  Person's  Affiliates  or
Associates until such tendered securities are accepted for purchase or exchange;
or  (B)  the  right  to  vote  pursuant  to  any  agreement,   arrangement,   or
understanding;  provided,  however,  that  a  Person  shall  not be  deemed  the
Beneficial  Owner of, or to  beneficially  own, any  security if the  agreement,
arrangement,  or  understanding  to vote such  security (1) arises solely from a
revocable proxy or consent given to such Person in response to a public proxy or
consent  solicitation  made pursuant to, and in accordance  with, the applicable
rules and  regulations  promulgated  under the  Exchange Act and (2) is not also
then  reportable  on Schedule 13D under the Exchange Act (or any  comparable  or
successor  report);  or  (iii)  which  are  beneficially   owned,   directly  or
indirectly,  by any other Person with which such Person or any of such  Person's
Affiliates or Associates has any agreement, arrangement, or understanding (other
than  customary  agreements  with and between  underwriters  and  selling  group
members  with  respect to a bona fide  public  offering of  securities)  for the
acquiring,  holding, voting (except to the extent contemplated by the proviso to
Section 1(c)(ii)(B)) or disposing of any securities of the Company.

        Notwithstanding anything in this definition of "BENEFICIAL OWNER" to the
contrary, the phrase "THEN OUTSTANDING",  when used with reference to a Person's
beneficial ownership of

                                     - 8 -
<PAGE>

securities of the Company,  shall mean the number of such securities then issued
and  outstanding  together with the number of such  securities not then actually
issued and  outstanding  which such Person  would be deemed to own  beneficially
hereunder.

        "COMMON STOCK," when used with reference to the Company,  shall mean the
Company's  common  stock,  par value  $0.001 per share,  and any other  class or
classes or series of common stock of the Company resulting from any subdivision,
combination,  recapitalization,  or  reclassification  of shares of such  common
stock.  "COMMON  STOCK" when used with  reference  to any Person  other than the
Company  shall mean the capital  stock (or equity  interest)  with the  greatest
voting power of such other  Person or, if such other  Person is a Subsidiary  of
another  Person,  the  Person or Persons  which  ultimately  control  such first
mentioned Person.

        "PERMITTED  OFFER" shall mean a tender or exchange  offer or other offer
which is for all  outstanding  Common Stock at a price and on terms  determined,
prior to the purchase of shares under such tender or exchange offer, by at least
a majority of the members of the Board of  Directors  of the Company who are not
officers  of the  Company  and who are not (or would  not be, if the offer  were
consummated)   Acquiring  Persons  or  Affiliates,   Associates,   nominees,  or
representatives of an Acquiring Person, to be adequate and otherwise in the best
interest  of the  Company  and its  stockholders  (other  than the Person or any
Affiliate  or  Associate  thereof on whose  basis the offer is being  made).  In
determining whether an offer is adequate or in the best interests of the Company
and its  stockholders,  the  Board of  Directors  of the  Company  may take into
account all factors that it deems relevant including,  without  limitation,  (1)
the  consideration  being  offered in the  proposal  in  relation to the Board's
estimate of: (i) the current value of the Company in a freely negotiated sale of
either  the  Company  by  merger,   consolidation,   or  otherwise,  or  all  or
substantially all of the Company's assets, (ii) the current value of the Company
if orderly  liquidated,  and (iii) the future value of the Company over a period
of years as an independent entity discounted to current value; (2) then existing
political,  economic,  and other factors bearing on security prices generally or
the current market value of the Company's securities in particular;  (3) whether
the proposal  might violate  federal,  state,  or local laws;  (4) the financial
conditions and earnings  prospects of the person making the proposal,  including
the person's  ability to service its debt and other existing or likely financial
obligations;  and (5) the  competence,  experience,  and integrity of the person
making the acquisition proposal.

        "PERSON"  shall mean any  individual,  firm,  partnership,  corporation,
trust,  association,  joint  venture,  or other  entity,  and shall  include any
successor  (by merger or  otherwise)  of such entity.  Notwithstanding  anything
herein to the contrary,  when two or more Persons act as a partnership,  limited
partnership, syndicate, or other group for the purpose of acquiring, holding, or
disposing of shares of Common  Stock or other  securities  of the Company,  such
partnership, limited partnership, syndicate, or group shall be deemed a "PERSON"
for the purposes of this Agreement.

        "RIGHTS"  shall  mean the  rights to  purchase  shares  of Common  Stock
authorized by the Board of Directors of the Company after September __, 2006.

        "SUBSIDIARY" of any Person shall mean any corporation or other entity of
which a majority of the voting power of the voting  equity  securities or equity
interest is owned, directly or indirectly, by such Person.

                                     - 9 -
<PAGE>

        (d)     When any adjustment is required to be made in the Exercise Price
pursuant  to  subsections  9(a),  9(b) or 9(c),  the  number of  Warrant  Shares
purchasable  upon the  exercise of this  Warrant  shall be changed to the number
determined  by dividing  (i) an amount  equal to product of the number of shares
issuable upon the exercise of this Warrant  immediately prior to such adjustment
multiplied by the Exercise Price in effect immediately prior to such adjustment,
by (ii) the Exercise Price in effect immediately after such adjustment.

        (e)     Upon the occurrence of each  adjustment or  readjustment  of the
Exercise  Price  pursuant to this Section  9(a),  (b) or (c), the Company at its
expense shall, as promptly as reasonably  practicable but in any event not later
than fifteen (15) days  thereafter,  compute such  adjustment or readjustment in
accordance with the terms hereof and furnish to the Holder a certificate setting
forth  such  adjustment  or  readjustment  (including  the  kind and  amount  of
securities,  cash or other  property for which this Warrant shall be exercisable
and the  Exercise  Price)  and  showing  in detail  the facts  upon  which  such
adjustment  or  readjustment  is  based.  The  Company  shall,  as  promptly  as
reasonably  practicable after the written request at any time of the Holder (but
in any  event  not  later  than 15 days  thereafter),  furnish  or  cause  to be
furnished to the Holder a certificate  setting forth (i) the Exercise Price then
in effect  and (ii) the  number  and class or series of  Warrant  Shares and the
amount,  if any,  of other  securities,  cash or  property  which  then would be
received upon the exercise of this Warrant.

        (f)     All  calculations  under  this  Section  9 shall  be made to the
nearest cent or the nearest 1/100th of a share, as the case may be.

        (g)     The  Company  shall not be  required  upon the  exercise of this
Warrant to issue any fractional  shares,  but shall pay the value thereof to the
Holder  in cash on the basis of the Fair  Market  Value per  Warrant  Share,  as
determined pursuant to subsection 1(b) above.

        10.     Unless registered,  the Warrant Shares issued on exercise of the
Warrants  shall be  subject  to a stop  transfer  order and the  certificate  or
certificates representing the Warrant Shares shall bear the following legend:

        THE SECURITIES  REPRESENTED  HEREBY HAVE NOT BEEN  REGISTERED  UNDER THE
        SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES  ACT"), OR ANY STATE
        SECURITIES  LAWS AND MAY NOT BE OFFERED,  SOLD,  PLEDGED,  ASSIGNED,  OR
        OTHERWISE  TRANSFERRED UNLESS (1) A REGISTRATION  STATEMENT WITH RESPECT
        THERETO IS EFFECTIVE  UNDER THE SECURITIES ACT AND ANY APPLICABLE  STATE
        SECURITIES  LAWS,  OR (2) THE COMPANY  RECEIVES AN OPINION OF COUNSEL TO
        THE HOLDER OF SUCH SECURITIES,  WHICH COUNSEL AND OPINION ARE REASONABLY
        SATISFACTORY  TO THE  COMPANY,  THAT  SECURITIES  MAY BE OFFERED,  SOLD,
        PLEDGED,  ASSIGNED,  OR OTHERWISE TRANSFERRED IN THE MANNER CONTEMPLATED
        WITHOUT AN EFFECTIVE  REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR
        APPLICABLE STATE SECURITIES LAWS.

                                     - 10 -
<PAGE>

        11.     The  Company  covenants  that upon  receipt  by the  Company  of
evidence  reasonably  satisfactory  to it of the  loss,  theft,  destruction  or
mutilation  of this  Warrant or any stock  certificate  relating  to the Warrant
Shares,  and in case of loss,  theft or  destruction,  of  indemnity or security
reasonably  satisfactory  to it, and upon  surrender  and  cancellation  of such
Warrant or stock certificate,  if mutilated, the Company will make and deliver a
new Warrant or stock  certificate of like date, tenor and denomination , in lieu
of such Warrant or stock certificate

        12.     (a)     The  Holder of any  Warrant  shall  not have,  solely on
account of such status,  any rights of a stockholder  of the Company,  either at
law or in equity,  or to any notice of meetings of  stockholders or of any other
proceedings of the Company, except as provided in this Warrant.

                (b)     No  provision  hereof,  in the  absence  of  affirmative
action by Holder to Warrant Shares,  and no enumeration  herein of the rights or
privileges of Holder hereof, shall give rise to any liability of such Holder for
the purchase price of any Common Stock or as a stockholder  of Company,  whether
such liability is asserted by Company or by creditors of Company.

        13.     Promptly upon the  appointment of any subsequent  transfer agent
of the Common Stock, or any other securities  issuable upon the exercise of this
Warrant,  the Company will deliver to the Holder a statement  setting  forth the
name and address of such subsequent transfer agent.

        14.     All notices and other  communications  provided for or permitted
hereunder  shall be in writing and shall be deemed given (i) when made,  if made
by hand delivery,  (ii) upon confirmation,  if made by telecopier,  or (iii) one
business day after being deposited with a reputable  next-day  courier,  postage
prepaid, to the parties as follows:

                      if to the Company:

                      2575 East Camelback Road
                      Suite 450
                      Phoenix, Arizona   85016
                      Attention: Ronald H. Lane Ph.D.
                      Telecopy: (602) 508-0115

                      if to the Holder:

                      As set forth in the Warrant Register of the Company.

                The  Company  or the  Holder by  notice  to the other  party may
designate  additional or different addresses as shall be furnished in writing by
such party. Any notice or communication  mailed to the Holder shall be mailed by
first class mail or other equivalent means at

                                     - 11 -
<PAGE>

such  Holder's  address  and shall be  sufficiently  given to such  Holder if so
mailed within the time prescribed.

        15.     The  Company  and the Holder  may from time to time  supplement,
modify or amend this Warrant, except, this Warrant may not be amended,  modified
or  supplemented,  and  waivers or consents to  departures  from the  provisions
hereof may not be given,  without  the  written  consent of the  Company and the
Holder.

        16.     All the covenants  and  provisions of this Warrant by or for the
benefit of the  Company or the Holder  shall be binding  upon and shall inure to
the benefit of their respective permitted successors and assigns hereunder.

        17.     The  Company  shall  not merge or  consolidate  with or into any
other entity unless the entity resulting from such merger or  consolidation  (if
not the Company) shall expressly assume, by supplemental  agreement satisfactory
in form to the Holder and  executed  and  delivered  to the Holder,  the due and
punctual  performance and observance of each and every covenant and condition of
this Warrant to be performed and observed by the Company.

        18.     The validity,  interpretation  and  performance  of this warrant
shall be governed by the laws of the State of New York,  as applied to contracts
made and performed within the state of New York, without regard to principles of
conflicts  of  law.  Each  of the  parties  hereto  irrevocably  submits  to the
exclusive  jurisdiction  of the  courts of the State of New York and the  United
States  District  Court for the  Southern  District  of New  York,  in each case
sitting in the Borough of  Manhattan,  City of New York,  for the purpose of any
suit,  action,  proceeding or judgment relating to or arising out of this letter
agreement.  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.  Each of
the parties hereto 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.
Each party hereto 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.

        19.     The  provisions  hereof  have been and are made  solely  for the
benefit of the Company  and the  Holder,  and their  respective  successors  and
assigns,  and no other  person shall  acquire or have any right  hereunder or by
virtue hereof.

        20.     The headings in this Warrant are for convenience  only and shall
not limit or otherwise affect the meaning hereof.

        21.     If any term, provision,  covenant or restriction of this Warrant
is held by a court of competent  jurisdiction  to be invalid,  illegal,  void or
unenforceable,   the   remainder  of  the  terms,   provisions,   covenants  and
restrictions set forth herein shall remain in full force and effect and shall in
no way be affected,  impaired or  invalidated,  and the parties hereto shall use
their best efforts to find and employ an  alternative  means to achieve the same
or substantially the same result

                                     - 12 -
<PAGE>

as that  contemplated by such term,  provision,  covenant or restriction.  It is
hereby  stipulated  and  declared to be the  intention  of the parties that they
would have executed the remaining terms, provisions,  covenants and restrictions
without including any of such which may be hereafter declared invalid,  illegal,
void or unenforceable.

        22.     This Warrant is intended by the parties as a final expression of
their  agreement  and intended to be a complete and  exclusive  statement of the
agreement  and  understanding  of the  parties  hereto in respect of the subject
matter  contained  herein  and  therein.  There are no  restrictions,  promises,
warranties or undertakings, other than those set forth or referred to herein and
therein. This Warrant supersedes all prior agreements and understandings between
the parties with respect to such subject matter.  Notwithstanding the foregoing,
the Holder  shall be entitled to the  benefits  of the  registration  rights set
forth in that certain Subscription  Agreement between the Company and the Holder
with respect to the Warrant Shares.

        23.     In any action or proceeding  brought to enforce any provision of
this Warrant,  or where any provision  hereof is validly  asserted as a defense,
the prevailing  party, as determined by the court,  shall be entitled to recover
reasonable attorneys' fees in addition to any other available remedy.

        24.     Each party hereto agrees to use all reasonable efforts to obtain
all  consents  and  approvals,  and to do all other  things,  necessary  for the
transactions contemplated by this Warrant on or prior to the end of the Exercise
Period. The parties agree to take such further action and to deliver or cause to
be delivered to each other after the date hereof such  additional  agreements or
instruments  as any of them may  reasonably  request for the purpose of carrying
out this Warrant and the agreements  and  transactions  contemplated  hereby and
thereby.

        25.     Each party hereto acknowledges and agrees that irreparable harm,
for which there may be no adequate remedy at law and for which the ascertainment
of damages would be difficult, would occur in the event any of the provisions of
this Warrant were not  performed in accordance  with its specific  terms or were
otherwise  breached.  Each party hereto accordingly agrees that each other party
hereto shall be entitled to an injunction or injunctions to prevent  breaches of
the provisions of this Warrant, or any agreement contemplated hereunder,  and to
enforce  specifically the terms and provisions hereof or thereof in any court of
the United States or any state  thereof  having  jurisdiction,  in each instance
without  being  required to post bond or other  security and in addition to, and
without having to prove the inadequacy of, other remedies at law.

Dated: __________, 2006

                                        SYNOVICS PHARMACEUTICALS, INC.

                                        BY: _______________________________
                                            NAME:
                                            TITLE:
[Seal]

----------------------
Secretary

                                     - 13 -
<PAGE>

EXHIBIT I

                              ELECTION TO PURCHASE

                The undersigned  hereby  irrevocably elects to exercise Warrants
represented  by this Warrant and to purchase the shares of Common Stock or other
securities  issuable  upon the  exercise of said  Warrants,  and  requests  that
Certificates for such shares be issued and delivered as follows:

ISSUE TO:
                      ----------------------------------------------
                      (Name)

                      ----------------------------------------------
                      (Address, Including Zip Code)

                      ----------------------------------------------
                      (Social Security or Tax Identification Number)

DELIVER TO:
                      ----------------------------------------------
                      (Name)

                      ----------------------------------------------
                      (Address, Including Zip Code)

                In payment of the  purchase  price with  respect to this Warrant
exercised, the undersigned hereby tenders payment of $  by (i) certified or bank
cashiers  check payable to the order of the Company [_]; or (ii) a wire transfer
of such funds to an account  designated  by the  Company  [_] (CHECK  APPLICABLE
BOX). If the number of  Warrant  Shares  hereby  exercised is fewer than all the
Warrant Shares represented by this Warrant,  the undersigned requests that a new
Warrant  representing  the number of full  Warrant  Shares not  exercised  to be
issued and delivered as set forth below:

Name of Holder or Assignee:
                             ------------------------------------
                             (Please Print)

Address:
           ------------------------------------------------------

           ------------------------------------------------------

Signature:                                         DATED:               , 200__
           ---------------------------------              --------------
(Signature must conform in all respects to name of holder as specified on the
fact of this Warrant)

Signature Guaranteed:
                       ------------------------------------------

<PAGE>

EXHIBIT II

                                   ASSIGNMENT

               FOR VALUE  RECEIVED,  the undersigned  hereby sells,  assigns and
transfers  unto the  Assignee  named below all of the rights of the  undersigned
represented by the within Warrant,  with respect to the number of Warrant Shares
set forth below:

                                                                     Taxpayer
                                                   Number of      Identification
Name of Assignee          Address               Warrant Shares        Number
----------------          -------               --------------    --------------

and does hereby irrevocably constitute and appoint ___________________,
Attorney, to make such transfer on the Warrant Register maintained at the
principal office of the Company with full power of substitution in the premises.

Dated:  ____________________________200__                 ______________________
        Signature

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

Signature Guaranteed:

--------------------------------------------------------------------------------Exhibit 10.1

                                   DEFINITIVE
                             SUBSCRIPTION AGREEMENT
                    ----------------------------------------

                         SYNOVICS PHARMACEUTICALS, INC.

                    ----------------------------------------

To:     SYNOVICS PHARMACEUTICALS, INC.

        This  Subscription  Agreement is made between Synovics  Pharmaceuticals,
Inc., a Nevada  corporation  (the  "COMPANY"),  and the undersigned  prospective
purchaser who is subscribing for units (the "UNITS") each comprised of one share
of its common  stock,  par value $0.001 per share (the  "SHARES") and one common
stock  purchase  warrant (the  "WARRANTS")  exercisable  for an aggregate of one
share of common  stock,  par value $0.001 per share (the "COMMON  STOCK") of the
Company. The purchase price per Unit (the "PURCHASE PRICE") shall be US$1.00 per
Unit.  The  exercise  price of the  Warrant  shall be $3.00  per share of Common
Stock. This subscription is submitted to you in accordance with, and subject to,
the  terms and  conditions  described  in this  Subscription  Agreement  and the
Amended and Restated Confidential Private Placement  Memorandum,  dated December
11, 2006 (the "MEMORANDUM"),  and, together with this Subscription Agreement and
form of Warrant (the "DISCLOSURE MATERIALS"), provided to the undersigned.

A.      SUBSCRIPTION
        ------------

        (1)     The undersigned hereby irrevocably subscribes for, and agrees to
purchase,  the  number of Units  indicated  on the  signature  page  hereto at a
purchase price per Unit equal to the Purchase Price. Upon execution and delivery
hereof,  Purchaser  shall  deliver to the Company in  accordance  with the terms
hereof  either a check  payable to the Company or evidence  that a wire transfer
has been made to the Company in accordance with this Subscription  Agreement and
the instructions  hereto, in the full amount of the Purchase Price for which the
undersigned is subscribing or a check in such amount (the "PAYMENT").

        (2)     The  Payment  (or,  in the case of  rejection  of a  portion  of
Purchaser's  subscription,  the part of the Payment  relating  to such  rejected
portion) will be returned,  without  interest,  if Purchaser's  subscription  is
rejected  in whole or in part.  The  Company  and the  Placement  Agent  (if the
Company engages, in its sole discretion, a Placement Agent) will hold an initial
closing of the Offering (the "INITIAL  CLOSING") at such time as the Company and
the Placement  Agent,  if any, may together  determine  following the sale of at
least  the  minimum  number  of Units in this  Offering,  and from  time to time
thereafter (each an "ADDITIONAL CLOSING").  The Company and the Placement Agent,
if any, expect to hold  Additional  Closings from time to time after the Initial
Closing on the basis  described  herein.  The Offering will

                                       1
<PAGE>

terminate upon the earlier to occur of (i) the sale of all the Units, or (ii) at
any time following the  commencement  of the Offering in the sole  discretion of
the Company and the Placement Agent, if any (the "FINAL CLOSING").  Upon receipt
by the Company of the Payment for Units to be purchased hereunder by subscribers
whose subscriptions are accepted (each, a "PURCHASER") at the Initial Closing or
any  Additional  Closing (each a  "CLOSING"),  the  subscriber  for the Units so
purchased  will be  registered  on the warrant  registers  of the Company as the
record owner of the securities underlying the Units so purchased and the Company
shall deliver to the  Purchaser an executed  Warrant in the form included in the
Disclosure Materials.

        (3)     Purchaser  hereby  agrees to be bound upon the (i) execution and
delivery  to  the  Company  of  the  signature  page  to  Purchaser's  completed
questionnaire submitted by Purchaser (the "QUESTIONNAIRE") and this Subscription
Agreement and (ii)  acceptance by the Company of Purchaser's  subscription  (the
"SUBSCRIPTION").

        (4)     The undersigned agrees that the Company and the Placement Agent,
if any,  may, in their sole and absolute  discretion,  reduce the  undersigned's
subscription  to any number of Units that in the  aggregate  does not exceed the
number of Units  hereby  subscribed  for without any prior notice to, or further
consent by, the undersigned.  The undersigned hereby irrevocably constitutes and
appoints  the  Company,  and each  officer  of the  Company,  with full power of
substitution, the true and lawful agent and attorney-in-fact of the undersigned,
with full power and authority in the  undersigned's  name,  place, and stead, to
amend this Subscription Agreement and the Questionnaire,  including in each case
the  undersigned's  signature  page  thereto,  to  effect  any of the  foregoing
provisions of this Paragraph A(4).

B.      REGISTRATION RIGHTS
        -------------------

        The Purchaser shall be entitled to the registration  rights with respect
to the Shares and Common  Stock  underlying  the  Warrants  as set forth in this
Section B.

        (1)     As used herein the term "REGISTRABLE  SECURITY" means each Share
and each share of Common Stock  issuable  upon  exercise of the Warrants and any
securities  issued  upon any stock split or stock  dividend in respect  thereof;
provided,  however,  that with respect to any particular  Registrable  Security,
such security  shall cease to be a Registrable  Security when, as of the date of
determination;  (a) it has been effectively  registered under the Securities Act
of 1933, as amended (the "SECURITIES ACT") and disposed of pursuant thereto; (b)
registration  under the  Securities  Act is no longer  required  for  subsequent
public distribution of such security; or (c) it has ceased to be outstanding.

        (2)     As used herein the term  "REGISTRATION  STATEMENT"  means one or
more registration statements of the Company on Form S-3 under the Securities Act
registering  all of the  Registrable  Securities,  including  any  amendments or
supplements thereto.

        (3)     Within thirty (30) days  following  Final  Closing,  the Company
shall file with the SEC a Registration Statement on Form S-3 (or, if Form S-3 is
not available,  on such form of  Registration  Statement as is then available to
effect a registration of all of the Registrable  Securities;  PROVIDED, that the
Company  shall  convert  such  other  form to Form  S-3,  or file a  replacement
registration  statement  on Form S-3  promptly  after the first date on which it
meets  such  requirement),  to  enable  the  resale  of at  least  125%  of  the
Registrable Securities (the

                                       2
<PAGE>

"MANDATORY REGISTRATION STATEMENT").  The Mandatory Registration Statement shall
contain,  unless  otherwise  required by applicable law or the SEC, the "Selling
Shareholders"  and "Plan of  Distribution"  section of the  Prospectus in a form
customary  based upon  information  provided  by the  selling  shareholder.  The
Company shall file the Mandatory Registration Statement and use its best efforts
to cause all of the Registrable Securities to be registered under the Securities
Act, in connection  with the sale or other  disposition by the Purchasers of the
Registrable Securities so registered.  The Company shall use its best efforts to
cause the Mandatory Registration  Statement,  as amended, to become effective no
later than ninety (90) days after the Final Closing.

        (4)     If the Mandatory Registration Statement has not been declared or
ordered  effective  under the  Securities Act within one hundred and fifty (150)
days  following the Final Closing (such failure being  referred to as an "EVENT"
and the date on which the "Event"  takes  place  being  referred to as an "EVENT
DATE"), then the Company shall pay to each Purchaser,  as liquidated damages and
not as a  penalty,  an amount  equal to 1.5% of the  Payment  and then until the
Event is cured an amount equal to 1.0% of the Payment for each subsequent thirty
(30) day period  (prorated for partial  periods) but the foregoing not to exceed
an aggregate of 9% of the Payment.  While such Event continues,  such liquidated
damages  shall be paid not less often than each thirty (30) days on each monthly
anniversary  of the Event  Date (if the Event  shall not have been cured by such
date)  until the date on which the Event is cured.  The  Company  shall have the
option to pay any damages in cash or Common  Stock  valued at Fair Market  Value
(as defined in the Warrants).

        (5)     Expenses   incurred  by  the  Company  in   connection   with  a
registration of Registrable  Securities pursuant to Section B hereof,  including
without  limitation,  all registration,  qualification and filing fees, exchange
listing fees, printing expenses,  escrow fees, fees and disbursements of counsel
for the Company,  blue sky fees and expenses,  the expense of any special audits
incident to or required by any such  registration,  except as otherwise provided
herein or as may otherwise be prohibited  by applicable  law,  shall be borne by
the Company.  All selling  commissions  and stock  transfer taxes and the costs,
fees and expenses of any accountants, attorneys or other experts retained by the
Purchasers  relating to  securities  registered  on behalf of the  Purchasers of
Registrable Securities shall be borne by the Purchasers.

C.      REPRESENTATIONS AND WARRANTIES
        ------------------------------

        Purchaser  hereby  represents  and  warrants  to, and agrees  with,  the
Company as follows:

        (1)     The  undersigned  has read the Memorandum and fully  understands
the  Memorandum  and the terms of the Offering  (as defined in the  instructions
attached hereto). With respect to tax and other economic considerations involved
in this  investment,  the  undersigned  is not  relying  on the  Company  or the
Placement  Agent, if any. The  undersigned has carefully  considered and has, to
the extent the undersigned  believes such discussion  necessary,  discussed with
the undersigned's  professional legal, tax,  accounting,  and financial advisors
the suitability of an investment in the Units for the  undersigned's  particular
tax and financial  situation and has determined that the Units being  subscribed
for by the undersigned are a suitable investment for the undersigned.

                                       3
<PAGE>

        (2)     The undersigned  acknowledges that all documents,  records,  and
books  pertaining  to  this  investment  which  the  undersigned  has  requested
(including,  without  limitation,  the  Disclosure  Materials)  have  been  made
available  for  inspection  by  the  undersigned,  the  undersigned's  attorney,
accountant, or adviser(s).

        (3)     The undersigned and/or the undersigned's adviser(s) has/have had
a reasonable opportunity to ask questions of, and receive answers from, a person
or persons acting on behalf of the Company  concerning the Offering and all such
questions have been answered to the full satisfaction of the undersigned.

        (4)     The  undersigned is not subscribing for Units as a result of, or
subsequent  to,  any  advertisement,  article,  notice,  or other  communication
published  in any  newspaper,  magazine,  or  similar  media or  broadcast  over
television or radio or presented at any seminar or meeting.

        (5)     The undersigned:  (i) has a pre-existing  business  relationship
with  the  Company,  the  Placement  Agent,  if  any,  or one of its  respective
officers,  directors,  or  controlling  persons;  AND  (ii)  by  reason  of  the
undersigned's  business or  financial  experience  or the  business or financial
experience of the undersigned's professional advisors who are unaffiliated with,
and who are not compensated by, the Company, the Placement Agent, if any, or any
of its respective affiliates,  directly or indirectly, can be reasonably assumed
to have the capacity to protect the  undersigned's  interests in connection with
the investment in the Units.

        (6)     If the  undersigned is a natural  person,  the  undersigned  has
reached the age of majority in the state in which the undersigned  resides,  has
adequate means of providing for the  undersigned's  current  financial needs and
contingencies,  is able to bear the substantial  economic risks of an investment
in the Units for an indefinite period of time, has no need for liquidity in such
investment,  and,  at the present  time,  could  afford a complete  loss of such
investment.

        (7)     The undersigned or the undersigned's  purchaser  representative,
as the case may be, has such  knowledge and  experience  in financial,  tax, and
business matters so as to enable the undersigned to utilize the information made
available to the  undersigned  in  connection  with the Offering to evaluate the
merits  and  risks  of an  investment  in the  Units  and to  make  an  informed
investment decision with respect thereto.

        (8)     The  undersigned  will not sell or otherwise  transfer the Units
without  registration  under  the  Securities  Act  of  1933,  as  amended  (the
"SECURITIES   ACT"),  or  applicable  state  securities  laws  or  an  exemption
therefrom.  The Units have not been registered under the Securities Act or under
the  securities  laws  of  any  states.  The  undersigned  represents  that  the
undersigned  is  purchasing  the Units for the  undersigned's  own account,  for
investment, and not with a view to resale or distribution,  except in compliance
with the Securities  Act. The undersigned has not offered or sold any portion of
the Units being acquired nor does the undersigned have any present  intention of
dividing  such Units  with  others or of  selling,  distributing,  or  otherwise
disposing of any portion of such Units either  currently or after the passage of
a fixed or determinable  period of time or upon the occurrence or non-occurrence
of any  predetermined  event or circumstance in violation of the Securities Act.
Except as otherwise  provided in the  Disclosure  Materials,  the Company has no
obligation to register the Units.

                                       4
<PAGE>

        (9)     The undersigned recognizes that investment in the Units involves
substantial  risks,  including  loss of the  entire  amount of such  investment.
Further, the undersigned has carefully read and considered the matters set forth
in the Disclosure  Materials,  and has taken full cognizance of, and understands
all of, the risks related to the purchase of the Units.

        (10)    The undersigned acknowledges that the certificates  representing
the Units shall be stamped or otherwise imprinted with a legend substantially in
the following form and that the Company may issue stop transfer  instructions to
the transfer agent of such securities:

        "THE  SECURITIES  REPRESENTED  HEREBY AND ISSUABLE UPON EXERCISE
        HEREOF HAVE NOT BEEN  REGISTERED  UNDER UNITED STATES FEDERAL OR
        STATE  SECURITIES LAWS AND MAY NOT BE OFFERED FOR SALE, SOLD, OR
        OTHERWISE  DISPOSED  OF  OR  ASSIGNED  FOR  VALUE,  DIRECTLY  OR
        INDIRECTLY,  NOR MAY SUCH SECURITIES BE TRANSFERRED ON THE BOOKS
        OF THE  CORPORATION,  WITHOUT  REGISTRATION  OF SUCH  SECURITIES
        UNDER ALL APPLICABLE  UNITED STATES FEDERAL AND STATE SECURITIES
        LAWS OR COMPLIANCE WITH AN APPLICABLE EXEMPTION THEREFROM,  SUCH
        COMPLIANCE, AT THE OPTION OF THE CORPORATION, TO BE EVIDENCED BY
        AN  OPINION  OF  STOCKHOLDER'S  COUNSEL,  IN FORM AND  SUBSTANCE
        ACCEPTABLE  TO  THE  CORPORATION,  THAT  NO  VIOLATION  OF  SUCH
        REGISTRATION  PROVISIONS WOULD RESULT FROM ANY PROPOSED TRANSFER
        OR ASSIGNMENT."

        (11)    The  undersigned  acknowledges  and agrees  that it shall not be
entitled to seek any remedies  with respect to the Offering from any party other
than the Company and the Placement Agent, if any.

        (12)    If this  Subscription  Agreement  is executed  and  delivered on
behalf of a partnership,  corporation,  trust, or estate:  (i) such partnership,
corporation,  trust,  or  estate  has the full  legal  right  and  power and all
authority  and approval  required (a) to execute and deliver,  or authorize  the
execution and delivery of, this Subscription Agreement and all other instruments
executed  and  delivered  by, or on behalf of,  such  partnership,  corporation,
trust, or estate in connection  with the purchase of its Units,  (b) to delegate
authority  pursuant to a power of  attorney,  and (c) to purchase  and hold such
Units;  (ii) the signature of the party  signing on behalf of such  partnership,
corporation,  trust,  or estate is binding upon such  partnership,  corporation,
trust, or estate; and (iii) such partnership, corporation, or trust has not been
formed for the specific purpose of acquiring such Units,  unless each beneficial
owner of such entity is qualified as an "ACCREDITED INVESTOR" within the meaning
of Rule 501(a) of Regulation D promulgated under the Securities Act ("REGULATION
D") and has submitted information substantiating such individual qualification.

        (13)    If the  undersigned  is a  retirement  plan or is  investing  on
behalf of a retirement plan, the undersigned acknowledges that investment in the
Units poses additional risks, including the inability to use losses generated by
an investment in the Units to offset taxable income.

                                       5
<PAGE>

        (14)    The  undersigned is an accredited  investor,  as defined in Rule
501(a) of  Regulation  D and under  state  securities  of "blue  sky"  laws,  as
indicated in the applicable Questionnaire attached hereto and hereby made a part
hereof.

        (15)    The  undersigned  shall indemnify and hold harmless the Company,
the Placement Agent, if any, and each respective  officer,  director,  employee,
agent, representative or control person thereof, who is or may be a party to, or
is or may be  threatened  to be made a party to,  any  threatened,  pending,  or
completed action, suit, or proceeding, whether civil, criminal,  administrative,
or  investigative,  by reason  of,  or  arising  from,  any  actual  or  alleged
misrepresentation  or  misstatement  of facts or omission to  represent or state
facts  made or  alleged  to have been made by the  undersigned,  or  omitted  or
alleged to have been omitted by the  undersigned,  concerning the undersigned or
the undersigned's  authority to invest or financial  position in connection with
the  Offering,   including,  without  limitation,  any  such  misrepresentation,
misstatement,  or omission  contained in the Questionnaire or any other document
submitted  by  the  undersigned,   against  losses,  liabilities,  and  expenses
(including  reasonable  attorneys' fees,  judgments,  fines, and amounts paid in
settlement)  actually  and  reasonably  incurred by the Company,  the  Placement
Agent,  if  any,  and  each  respective  officer,  director,   employee,  agent,
representative or control person thereof, in connection with such action,  suit,
or proceeding.

D.      UNDERSTANDINGS
        --------------

        The undersigned understands,  acknowledges,  and agrees with the Company
and the Placement Agent, if any, as follows:

        (1)     This  Subscription may be rejected,  in whole or in part, by the
Company and the Placement Agent, if any, in its sole and absolute discretion, at
any time  before the  relevant  Closing,  notwithstanding  prior  receipt by the
undersigned of notice of acceptance of the undersigned's Subscription.

        (2)     Except as set forth in  paragraph  D(1) above,  the  undersigned
hereby acknowledges and agrees that the subscription hereunder is irrevocable by
the  undersigned,  that,  except as may be provided under  applicable  laws, the
undersigned is not entitled to cancel,  terminate,  or revoke this  Subscription
Agreement  or  any  agreements  of  the  undersigned  hereunder  and  that  this
Subscription  Agreement  and such other  agreements  shall  survive the death or
disability of the undersigned and shall be binding upon and inure to the benefit
of the parties and their heirs,  executors,  administrators,  successors,  legal
representatives,  and permitted  assigns.  If the  undersigned  is more than one
person, the obligations of the undersigned  hereunder shall be joint and several
and the agreements,  representations,  warranties,  and  acknowledgments  herein
contained  shall be deemed to be made by, and be binding upon,  each such person
and his/her heirs, executors, administrators, successors, legal representatives,
and permitted assigns.

        (3)     No federal or state agency has made any finding or determination
as to the accuracy or adequacy of the Disclosure Materials or as to the fairness
of the  terms  of  this  Offering  for  investment  nor  any  recommendation  or
endorsement of the Units.

        (4)     The  Offering is intended to be exempt from  registration  under
the  Securities  Act by virtue of  Section  4(2) of the  Securities  Act and the
provisions of Regulation D thereunder,

                                       6
<PAGE>

which is in part  dependent  upon the truth,  completeness,  and accuracy of the
statements made by the undersigned herein and in the Questionnaire.

        (5)     It is understood  that in order not to jeopardize the Offering's
exempt status under  Section 4(2) of the  Securities  Act and  Regulation D, any
transferee will, at a minimum,  be required to fulfill the investor  suitability
requirements thereunder.

        (6)     If engaged by the  Company,  the  Placement  Agent will  receive
compensation  in  connection  with  the  Offering,  but is not  guaranteeing  or
assuming  responsibility for the operation or possible liability of the Company,
including,  without  limitation,  compliance by the Company with the  agreements
entered  into in  connection  with  the  Offering,  and will  not  supervise  or
participate in the operation or management of the Company.

        (7)     The undersigned  acknowledges that the information  contained in
the Disclosure Materials is confidential and non-public and agrees that all such
information  shall be kept in confidence by the  undersigned and neither used by
the undersigned for the undersigned's personal benefit (other than in connection
with  this  Subscription)  nor  disclosed  to any third  party  for any  reason;
provided,  however, that this obligation shall not apply to any such information
that (i) is part of the public knowledge or literature and readily accessible at
the date hereof,  (ii) becomes part of the public  knowledge or  literature  and
readily  accessible  by  publication  (except  as a result  of a breach  of this
provision),  or (iii) is received from third  parties  (except third parties who
disclose  such  information  in violation of any  confidentiality  agreements or
obligations,  including,  without limitation, any Subscription Agreement entered
into with the Company and/or the Placement Agent, if any).

        (8)     The   representations,   warranties,   and   agreements  of  the
undersigned  contained  herein and in any other writing  delivered in connection
with the  transactions  contemplated  hereby  shall be true and  correct  in all
respects  on and as of the date of the Closing as if made on and as of such date
and shall survive the execution and delivery of this Subscription  Agreement and
the purchase of the Units.

        (9)     Insofar as indemnification  for liabilities under the Securities
Act may be permitted  to  directors,  officers,  or  controlling  persons of the
Company,  the Company has been informed  that, in the opinion of the  Securities
and  Exchange  Commission,  such  indemnification  is against  public  policy as
expressed in the Securities Act and is therefore unenforceable to such extent.

        (10)    IN MAKING AN INVESTMENT DECISION,  PURCHASERS MUST RELY ON THEIR
OWN  EXAMINATION  OF THE COMPANY AND THE TERMS OF THE  OFFERING,  INCLUDING  THE
MERITS AND RISKS  INVOLVED.  THE  SECURITIES  HAVE NOT BEEN  RECOMMENDED  BY ANY
FEDERAL OR STATE SECURITIES COMMISSION OR REGULATORY AUTHORITY. FURTHERMORE, THE
FOREGOING AUTHORITIES HAVE NOT CONFIRMED THE ACCURACY OR DETERMINED THE ADEQUACY
OF THE DISCLOSURE MATERIALS OR THIS DOCUMENT. ANY REPRESENTATION TO THE CONTRARY
IS A CRIMINAL OFFENSE.

        (11)    THE UNITS MAY NOT BE TRANSFERRED,  RESOLD, OR OTHERWISE DISPOSED
OF, EXCEPT AS PERMITTED UNDER THE SECURITIES

                                       7
<PAGE>

ACT AND APPLICABLE STATE SECURITIES LAWS,  PURSUANT TO REGISTRATION OR EXEMPTION
THEREFROM.  PURCHASERS  SHOULD BE AWARE THAT THEY WILL BE  REQUIRED  TO BEAR THE
FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.

        (12)    SECURITIES LEGENDS:

NASAA UNIFORM LEGEND:

        IN  MAKING  AN  INVESTMENT  DECISION  INVESTORS  MUST  RELY ON THEIR OWN
EXAMINATION  OF THE ISSUER AND THE TERMS OF THE  OFFERING,  INCLUDING THE MERITS
AND RISKS INVOLVED. THESE SECURITIES HAVE NOT BEEN RECOMMENDED BY ANY FEDERAL OR
STATE SECURITIES COMMISSION OR REGULATORY AUTHORITY.  FURTHERMORE, THE FOREGOING
AUTHORITIES  HAVE NOT CONFIRMED THE ACCURACY OR DETERMINED  THE ADEQUACY OF THIS
DOCUMENT.  ANY  REPRESENTATION  TO THE  CONTRARY  IS A CRIMINAL  OFFENSE.  THESE
SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT
BE TRANSFERRED  OR RESOLD EXCEPT AS PERMITTED  UNDER THE SECURITIES ACT OF 1933,
AS AMENDED,  AND THE APPLICABLE STATE SECURITIES LAWS,  PURSUANT TO REGISTRATION
OR EXEMPTION  THEREFROM.  INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO
BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.

FOR RESIDENTS OF ALABAMA, IDAHO, INDIANA,  MISSISSIPPI,  NORTH CAROLINA, OREGON,
SOUTH CAROLINA, SOUTH DAKOTA, OR TENNESSEE:

        IN  MAKING  AN  INVESTMENT  DECISION  INVESTORS  MUST  RELY ON THEIR OWN
EXAMINATION OF THE COMPANY AND THE TERMS OF THIS OFFERING,  INCLUDING THE MERITS
AND RISKS  INVOLVED.  THE  SECURITIES  OFFERED HEREBY AND ISSUABLE UPON EXERCISE
HEREOF HAVE NOT BEEN RECOMMENDED BY ANY FEDERAL OR STATE  SECURITIES  COMMISSION
OR  REGULATORY  AUTHORITY.  FURTHERMORE,  THE  FOREGOING  AUTHORITIES  HAVE  NOT
CONFIRMED  THE  ACCURACY  OR  DETERMINED  THE  ADEQUACY  OF THIS  DOCUMENT.  ANY
REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

        THE  SECURITIES  OFFERED  HEREBY AND ISSUABLE UPON  EXERCISE  HEREOF ARE
SUBJECT TO SIGNIFICANT RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE
TRANSFERRED  OR RESOLD  EXCEPT  AS  PERMITTED,  AMONG  OTHER  THINGS,  UNDER THE
SECURITIES ACT AND APPLICABLE  STATE SECURITIES LAWS PURSUANT TO REGISTRATION OR
EXEMPTION  THEREFROM.  INVESTORS  SHOULD BE AWARE THAT THEY WILL BE  REQUIRED TO
BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.

                                       8
<PAGE>

FOR RESIDENTS OF ARKANSAS:

        THE  SECURITIES  OFFERED  HEREBY AND ISSUABLE UPON  EXERCISE  HEREOF ARE
OFFERED PURSUANT TO A CLAIM OF EXEMPTION UNDER SECTION  23-42-504(a)(14)  OF THE
ARKANSAS  SECURITIES ACT AND SECTION 4(2) OF THE SECURITIES  ACT. A REGISTRATION
STATEMENT  RELATING TO THE SECURITIES OFFERED HEREBY HAS NOT BEEN FILED WITH THE
ARKANSAS SECURITIES  DEPARTMENT OR WITH THE SECURITIES AND EXCHANGE  COMMISSION.
NEITHER THE DEPARTMENT  NOR THE  SECURITIES  AND EXCHANGE  COMMISSION HAS PASSED
UPON THE VALUE OF THE  SECURITIES  OFFERED  HEREBY  OR  ISSUABLE  UPON  EXERCISE
HEREOF, MADE ANY  RECOMMENDATIONS AS TO THEIR PURCHASE,  APPROVED OR DISAPPROVED
THE OFFERING,  OR PASSED UPON THE ADEQUACY OR ACCURACY OF THIS  AGREEMENT OR THE
DISCLOSURE MATERIALS. ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL.

FOR RESIDENTS OF CALIFORNIA:

        THE  COMMISSIONER  OF  CORPORATIONS  OF THE STATE OF CALIFORNIA DOES NOT
RECOMMEND  OR ENDORSE  THE  PURCHASE  OF THESE  SECURITIES.  IT IS  UNLAWFUL  TO
CONSUMMATE A SALE OR TRANSFER OF THE  SECURITIES  OR ANY INTEREST  THEREIN OR TO
RECEIVE ANY CONSIDERATION THEREFOR WITHOUT THE PRIOR CONSENT OF THE COMMISSIONER
OF  CORPORATIONS  OF  THE  STATE  OF  CALIFORNIA  EXCEPT  AS  PERMITTED  IN  THE
COMMISSIONER'S RULES.

        THE SALE OF THE  SECURITIES  OFFERED  HEREBY AND ISSUABLE  UPON EXERCISE
HEREOF HAVE NOT BEEN  QUALIFIED WITH THE  COMMISSIONER  OF  CORPORATIONS  OF THE
STATE OF  CALIFORNIA,  AND THE  ISSUANCE  OF SUCH  SECURITIES  OR THE PAYMENT OR
RECEIPT OF ANY PART OF THE CONSIDERATION THEREFOR PRIOR TO SUCH QUALIFICATION IS
UNLAWFUL,  UNLESS THE SALE OF SUCH  SECURITIES IS EXEMPT FROM  QUALIFICATION  BY
SECTIONS 25100, 25102, OR 25105 OF THE CALIFORNIA CORPORATIONS CODE.

FOR RESIDENTS OF CONNECTICUT:

        THE  SECURITIES  OFFERED  HEREBY AND ISSUABLE UPON  EXERCISE  HEREOF ARE
OFFERED  PURSUANT TO A CLAIM OF  EXEMPTION  AND HAVE NOT BEEN  REGISTERED  UNDER
SECTION 36-485 OF THE CONNECTICUT UNIFORM SECURITIES ACT. THE SECURITIES OFFERED
HEREBY  AND  ISSUABLE  UPON  EXERCISE  HEREOF  CANNOT,  THEREFORE,  BE RESOLD OR
TRANSFERRED  UNLESS THEY ARE  REGISTERED  UNDER THAT ACT OR UNLESS AN  EXEMPTION
FROM REGISTRATION IS AVAILABLE.

                                       9
<PAGE>

FOR RESIDENTS OF FLORIDA:

        PURSUANT TO SECTION  517.061(11)(a)(5)  OF THE FLORIDA  SECURITIES  ACT,
FLORIDA INVESTORS HAVE A RIGHT TO RESCIND THEIR  SUBSCRIPTION  AGREEMENTS WITHIN
THREE BUSINESS DAYS AFTER THE DELIVERY OF ANY  CONSIDERATION FOR THE SECURITIES.
YOUR WITHDRAWAL WILL BE WITHOUT ANY FURTHER LIABILITY TO YOU. TO ACCOMPLISH SUCH
WITHDRAWAL, YOU NEED ONLY TELEPHONE OR SEND A TELEGRAM (WITHIN SUCH TIME PERIOD)
TO SYNOVICS PHARMACEUTICALS, INC., 2575 EAST CAMELBACK ROAD, SUITE 450, PHOENIX,
ARIZONA 85016,  ATTENTION:  PRESIDENT.  SHOULD YOU MAKE THIS REQUEST ORALLY, YOU
MUST ALSO SEND A TELEGRAM CONFIRMING YOUR REQUEST.

        THE FLORIDA  DEPARTMENT  OF BANKING AND  FINANCE  HAS NOT  REVIEWED  THE
OFFERING  OR  THESE  DISCLOSURE  MATERIALS  AND THE  SECURITIES  HAVE  NOT  BEEN
REGISTERED  UNDER THE  FLORIDA  SECURITIES  ACT.  UNLESS  THESE  SECURITIES  ARE
REGISTERED,  THEY  MAY  NOT BE SOLD  OR  TRANSFERRED  IN  FLORIDA,  EXCEPT  IN A
TRANSACTION THAT IS EXEMPT UNDER SAID ACT.

FOR RESIDENTS OF ILLINOIS:

        THESE  SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECRETARY
OF STATE  OF THE  STATE  OF  ILLINOIS  OR THE  STATE  OF  ILLINOIS,  NOR HAS THE
SECRETARY OF STATE OF THE STATE OF ILLINOIS PASSED UPON THE ACCURACY OR ADEQUACY
OF THIS  OFFERING  DOCUMENT.  ANY  REPRESENTATION  TO THE CONTRARY IS A CRIMINAL
OFFENSE.

FOR RESIDENTS OF MAINE:

        THESE   SECURITIES   ARE  BEING  SOLD  PURSUANT  TO  AN  EXEMPTION  FROM
REGISTRATION  WITH THE BANK  SUPERINTENDENT  OF THE STATE OF MAINE UNDER SECTION
10502(2)(R) OF TITLE 32 OF THE MAINE REVISED  STATUTES.  THESE SECURITIES MAY BE
DEEMED  RESTRICTED  AND AS  SUCH  THE  HOLDER  MAY NOT BE  ABLE  TO  RESELL  THE
SECURITIES  UNLESS  PURSUANT TO REGISTRATION  UNDER STATE OR FEDERAL  SECURITIES
LAWS OR UNLESS AN EXEMPTION UNDER SUCH LAWS EXISTS.

FOR RESIDENTS OF MASSACHUSETTS:

        THE SECURITIES OFFERED HEREBY AND ISSUABLE UPON EXERCISE HEREOF HAVE NOT
BEEN  REGISTERED  UNDER  THE  SECURITIES  LAWS OF  MASSACHUSETTS  AND MAY NOT BE
TRANSFERRED  OR  SOLD  EXCEPT  IN  TRANSACTIONS   WHICH  ARE  EXEMPT  UNDER  THE
MASSACHUSETTS   SECURITIES  LAWS  OR  PURSUANT  TO  AN  EFFECTIVE   REGISTRATION
STATEMENT.

                                       10
<PAGE>

FOR RESIDENTS OF MISSOURI:

        THE SECURITIES OFFERED HEREBY AND ISSUABLE UPON EXERCISE HEREOF HAVE NOT
BEEN  REGISTERED  UNDER  THE  MISSOURI  UNIFORM  SECURITIES  ACT AND MAY ONLY BE
DISPOSED  OF  THROUGH  A  REGISTERED  BROKER-DEALER.  IT  IS A  FELONY  TO  SELL
SECURITIES IN VIOLATION OF THE MISSOURI SECURITIES ACT.

FOR RESIDENTS OF NEW HAMPSHIRE:

        NEITHER THE FACT THAT A REGISTRATION  STATEMENT OR AN APPLICATION  FOR A
LICENSE  HAS BEEN  FILED  WITH THE  STATE OF NEW  HAMPSHIRE  NOR THE FACT THAT A
SECURITY IS  EFFECTIVELY  REGISTERED OR A PERSON IS LICENSED IN THE STATE OF NEW
HAMPSHIRE  CONSTITUTES  A FINDING BY THE  SECRETARY  OF STATE THAT ANY  DOCUMENT
FILED UNDER RSA 421-B IS TRUE,  COMPLETE,  AND NOT MISLEADING.  NEITHER ANY SUCH
FACT NOR THE FACT THAT AN EXEMPTION OR EXCEPTION IS AVAILABLE  FOR A SECURITY OR
A  TRANSACTION  MEANS THAT THE SECRETARY OF STATE HAS PASSED IN ANY WAY UPON THE
MERITS OR  QUALIFICATIONS  OF, OR  RECOMMENDED OR GIVEN APPROVAL TO, ANY PERSON,
SECURITY,  OR  TRANSACTION.  IT IS UNLAWFUL TO MAKE, OR CAUSE TO BE MADE, TO ANY
PROSPECTIVE PURCHASER,  CUSTOMER, OR CLIENT ANY REPRESENTATION INCONSISTENT WITH
THE PROVISIONS OF THIS PARAGRAPH.

FOR NEW JERSEY RESIDENTS:

        THE  ATTORNEY  GENERAL OF THE STATE OF NEW JERSEY HAS NOT PASSED UPON OR
ENDORSED  THE  MERITS OF THIS  OFFERING.  THE FILING OF THIS  OFFERING  WITH THE
BUREAU  OF  SECURITIES  DOES NOT  CONSTITUTE  APPROVAL  OF THE ISSUE OR THE SALE
THEREOF BY THE BUREAU OF SECURITIES  OR THE  DEPARTMENT OF LAW AND PUBLIC SAFETY
OF THE STATE OF NEW JERSEY. ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL.

FOR NEW YORK RESIDENTS:

        NEITHER THIS AGREEMENT NOR THE DISCLOSURE MATERIALS HAS BEEN REVIEWED BY
THE ATTORNEY GENERAL OF THE STATE OF NEW YORK PRIOR TO ITS ISSUANCE AND USE. THE
ATTORNEY  GENERAL OF THE STATE OF NEW YORK HAS NOT PASSED UPON OR  ENDORSED  THE
MERITS OF THIS OFFERING. ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL.

        NEITHER THIS AGREEMENT NOR THE DISCLOSURE  MATERIALS  CONTAINS AN UNTRUE
STATEMENT OF A MATERIAL FACT OR OMITS TO STATE A MATERIAL FACT NECESSARY TO MAKE
THE STATEMENTS MADE, IN LIGHT OF THE  CIRCUMSTANCES  UNDER WHICH THEY WERE MADE,
NOT MISLEADING. THIS AGREEMENT AND THE DISCLOSURE MATERIALS

                                       11
<PAGE>

CONTAIN A FAIR  SUMMARY OF THE  MATERIAL  TERMS AND  DOCUMENTS  PURPORTED  TO BE
SUMMARIZED HEREIN.

FOR RESIDENTS OF PENNSYLVANIA:

        THESE  SECURITIES  HAVE  NOT  BEEN  REGISTERED  UNDER  THE  PENNSYLVANIA
SECURITIES  ACT. THE  SECURITIES  PURCHASED  HEREBY AND ISSUABLE  UPON  EXERCISE
HEREOF  CANNOT  BE  SOLD  OR  OTHERWISE   TRANSFERRED,   EXCEPT  PURSUANT  TO  A
REGISTRATION UNDER THE PENNSYLVANIA  SECURITIES ACT OR UNDER THE SECURITIES ACT.
THE SECURITIES  REGULATORY AUTHORITY OF THE COMMONWEALTH OF PENNSYLVANIA HAS NOT
APPROVED  OR  DISAPPROVED  THESE  SECURITIES  NOR PASSED UPON THE MERITS OF THIS
OFFERING OR THE  ACCURACY OR ADEQUACY  OF THESE  DISCLOSURE  MATERIALS,  AND ANY
REPRESENTATION TO THE CONTRARY IS UNLAWFUL.

        SALES  OF  THESE   SECURITIES  TO  RESIDENTS  OF  THE   COMMONWEALTH  OF
PENNSYLVANIA ARE SUBJECT TO THE FOLLOWING CONDITIONS:

                (1)     EACH  PENNSYLVANIA  RESIDENT  WHO  SUBSCRIBES  FOR THESE
        SECURITIES  MUST  AGREE  IN  WRITING  NOT  TO  SELL  OR  TRANSFER  THESE
        SECURITIES FOR A PERIOD OF 12 MONTHS FROM THE DATE OF THE CLOSING OF THE
        SALE OF THE  SECURITIES  OFFERED  HEREBY IF SUCH SALE OR TRANSFER  WOULD
        VIOLATE  SECTION  203(D)  OF  THE  PENNSYLVANIA  SECURITIES  ACT  OR THE
        REGULATIONS THEREUNDER; AND

                (2)     EACH PENNSYLVANIA RESIDENT WHO SUBSCRIBES FOR SECURITIES
        HAS THE RIGHT, PURSUANT TO SECTION 207(M) OF THE PENNSYLVANIA SECURITIES
        ACT OF 1972, TO WITHDRAW HIS SUBSCRIPTION,  AND RECEIVE A FULL REFUND OF
        ALL MONIES PAID,  WITHIN TWO BUSINESS  DAYS AFTER THE DATE OF RECEIPT BY
        THE ISSUER OF THE INVESTOR'S EXECUTED SUBSCRIPTION AGREEMENT. WITHDRAWAL
        WILL BE WITHOUT ANY FURTHER  LIABILITY TO ANY PERSON. TO ACCOMPLISH THIS
        WITHDRAWAL,  A SUBSCRIBER NEED ONLY SEND A LETTER OR TELEGRAM INDICATING
        HIS INTENTION TO WITHDRAW TO: SYNOVICS PHARMACEUTICALS,  INC., 2575 EAST
        CAMELBACK ROAD, SUITE 450, PHOENIX, ARIZONA 85016, ATTENTION: PRESIDENT.
        SUCH LETTER OR TELEGRAM  SHOULD BE SENT AND POSTMARKED  PRIOR TO THE END
        OF THE  AFOREMENTIONED  SECOND  BUSINESS DAY. IT IS PRUDENT TO SEND SUCH
        LETTER BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO INSURE THAT IT IS
        RECEIVED  AND ALSO TO  EVIDENCE  THE  TIME  WHEN IT WAS  MAILED.  IF THE
        REQUEST IS MADE ORALLY,  YOU MUST ALSO SEND A TELEGRAM  CONFIRMING  YOUR
        REQUEST.

                                       12
<PAGE>

FOR RESIDENTS OF SOUTH CAROLINA:

        IN  MAKING  AN  INVESTMENT  DECISION  INVESTORS  MUST  RELY ON THEIR OWN
EXAMINATION OF THE COMPANY AND THE TERMS OF THIS OFFERING,  INCLUDING THE MERITS
AND RISKS  INVOLVED.  THE  SECURITIES  OFFERED HEREBY AND ISSUABLE UPON EXERCISE
HEREOF HAVE NOT BEEN RECOMMENDED BY ANY FEDERAL OR STATE  SECURITIES  COMMISSION
OR  REGULATORY  AUTHORITY.  FURTHERMORE,  THE  FOREGOING  AUTHORITIES  HAVE  NOT
CONFIRMED THE ACCURACY OR DETERMINED  THE ADEQUACY THESE  DISCLOSURE  MATERIALS.
ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

        THE  SECURITIES  OFFERED  HEREBY AND ISSUABLE UPON  EXERCISE  HEREOF ARE
SUBJECT TO SIGNIFICANT RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE
TRANSFERRED  OR RESOLD  EXCEPT  AS  PERMITTED,  AMONG  OTHER  THINGS,  UNDER THE
SECURITIES ACT AND APPLICABLE  STATE SECURITIES LAWS PURSUANT TO REGISTRATION OR
EXEMPTION  THEREFROM.  INVESTORS  SHOULD BE AWARE THAT THEY WILL BE  REQUIRED TO
BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.

FOR RESIDENTS OF UTAH:

        THE SECURITIES OFFERED HEREBY AND ISSUABLE UPON EXERCISE HEREOF HAVE NOT
BEEN REGISTERED  UNDER THE UTAH UNIFORM  SECURITIES ACT AND CANNOT  THEREFORE BE
SOLD UNLESS THEY ARE SUBSEQUENTLY REGISTERED UNDER THAT ACT OR AN EXEMPTION FROM
SUCH REGISTRATION IS AVAILABLE.

FOR RESIDENTS OF ALL STATES:

        THE SECURITIES OFFERED HEREBY AND ISSUABLE UPON EXERCISE HEREOF HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,  OR THE SECURITIES
LAWS OF CERTAIN  STATES AND ARE BEING OFFERED AND SOLD IN RELIANCE ON EXEMPTIONS
FROM THE REGISTRATION  REQUIREMENTS OF SAID ACT AND SUCH LAWS. THE INTERESTS ARE
SUBJECT IN VARIOUS STATES TO RESTRICTIONS ON TRANSFERABILITY  AND RESALE AND MAY
NOT BE  TRANSFERRED  OR RESOLD EXCEPT AS PERMITTED  UNDER SAID ACT AND SUCH LAWS
PURSUANT TO REGISTRATION OR EXEMPTION  THEREFROM.  THE SECURITIES OFFERED HEREBY
AND ISSUABLE UPON EXERCISE  HEREOF HAVE NOT BEEN APPROVED OR  DISAPPROVED BY THE
SECURITIES AND EXCHANGE  COMMISSION,  ANY STATE  SECURITIES  COMMISSION OR OTHER
REGULATORY  AUTHORITY,  NOR HAVE ANY OF THE FOREGOING AUTHORITIES PASSED UPON OR
ENDORSED  THE  MERITS  OF THIS  OFFERING  OR THE  ACCURACY  OF  ADEQUACY  OF THE
CONFIDENTIAL TERM SHEET. ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL.

                                       13
<PAGE>

FOR FOREIGN INVESTORS:

        THE  SECURITIES  BEING OFFERED  HEREBY AND ISSUABLE UPON EXERCISE  HEROF
HAVE NOT BEEN  REGISTERED  UNDER THE  SECURITIES  ACT, AND MAY NOT BE OFFERED OR
SOLD IN THE UNITED  STATES (AS DEFINED UNDER  REGULATION S UNDER THE  SECURITIES
ACT)  OR TO,  OR FOR THE  ACCOUNT  OR  BENEFIT  OF,  A U.S.  PERSON  UNLESS  THE
SECURITIES  ARE  REGISTERED  UNDER THE  SECURITIES  ACT OR AN EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT IS AVAILABLE.

        PROSPECTIVE  INVESTORS  WILL BE REQUIRED TO REPRESENT  THAT THEY ARE NOT
U.S.  PERSONS AND ARE NOT ACQUIRING THE SECURITIES FOR THE ACCOUNT OR BENEFIT OF
A U.S. PERSON.

E.      MISCELLANEOUS

        (1)     Capitalized  terms used in this Subscription  Agreement,  if not
otherwise defined herein,  shall have the respective meanings attributed to such
terms in the Disclosure Materials.  All pronouns and any variations thereof used
herein  shall  be  deemed  to  refer  to the  masculine,  feminine,  impersonal,
singular, or plural, as the identity of the person or persons may require.

        (2)     Except as set forth in Section A(4) herein, no provision of this
Subscription  Agreement  shall  be  waived,   modified,   changed,   discharged,
terminated,  revoked, or canceled,  except by an instrument in writing signed by
the party effecting the same against whom any change,  discharge, or termination
is sought.

        (3)     Unless otherwise required herein,  notices required or permitted
to be given hereunder shall be in writing and shall be deemed to be sufficiently
given when  personally  delivered or sent by  registered  mail,  return  receipt
requested,  addressed:  (i) if to the Company, at 2575 East Camelback Road Suite
450, Phoenix, Arizona 85016, Attention:  President, with a copy to the Placement
Agent, if any or (ii) if to the undersigned,  at the address for  correspondence
set  forth in the  Questionnaire,  or at such  other  address  as may have  been
specified by written notice given in accordance with this paragraph E(3).

        (4)     Failure of the  Company to  exercise  any right or remedy  under
this  Subscription  Agreement or any other agreement between the Company and the
undersigned,  or otherwise,  or delay by the Company in exercising such right or
remedy,  will not operate as a waiver thereof.  No waiver by the Company will be
effective unless and until it is in writing and signed by the Company.

        (5)     This Subscription  Agreement and the Disclosure  Materials shall
be governed by, and enforced and construed in all respects in  accordance  with,
the laws of the New  York,  as such  laws are  applied  by New  York  courts  to
agreements  entered  into,  and to be  performed  in,  New  York by and  between
residents  of  New  York,  and  shall  be  binding  upon  the  undersigned,  the
undersigned's heirs, estate, legal representatives,  successors, and assigns and
shall inure to the benefit of the Company,  its successors  and assigns.  If any
provision of this Subscription  Agreement is invalid or unenforceable  under any
applicable statute or rule of law, then such

                                       14
<PAGE>

provision  shall  be  deemed  inoperative  to the  extent  that it may  conflict
therewith and shall be deemed modified to the minimum extent required to conform
with such statute or rule of law. Any provision hereof that may prove invalid or
unenforceable  under any law shall not affect the validity or  enforceability of
any other provision hereof.

        (6)     This  Subscription  Agreement  constitutes the entire  agreement
between the parties  hereto with respect to the subject matter hereof and may be
amended only by a writing executed by both parties hereto.

F.      EXECUTION OF AGREEMENT BY POWER OF ATTORNEY
        -------------------------------------------

        THE  UNDERSIGNED  ACKNOWLEDGES  THAT THE  UNDERSIGNED  HAS  SIGNED  THIS
SUBSCRIPTION  AGREEMENT  ON THE  UNDERSIGNED'S  OWN BEHALF,  AND NOT BY POWER OF
ATTORNEY,  OR,  IN  THE  EVENT  THAT  THIS  AGREEMENT  HAS  BEEN  SIGNED  ON THE
UNDERSIGNED'S BEHALF BY POWER OF ATTORNEY,  THAT THE UNDERSIGNED REPRESENTS THAT
ATTACHED HERETO IS A TRUE AND COMPLETE COPY OF SUCH POWER OF ATTORNEY.

G.      SIGNATURE
        ---------

        The signature of this Subscription Agreement is contained as part of the
applicable Subscription Package, entitled "Signature Page".

                                       15
<PAGE>

                        A. SYNOVICS PHARMACEUTICALS, INC.
                        INDIVIDUAL INVESTOR QUESTIONNAIRE

Investor Name: _______________

To:     Synovics Pharmaceuticals, Inc.

        The information contained in this Questionnaire is being furnished in
order to determine whether the undersigned's subscription to purchase the Units
described in the Subscription Booklet may be accepted.

        ALL INFORMATION CONTAINED IN THIS QUESTIONNAIRE WILL BE TREATED
CONFIDENTIALLY. The undersigned understands, however, that the Company may
present this Questionnaire to such parties as it deems appropriate if called
upon to establish that the proposed offer and sale of the Units is exempt from
registration under the Securities Act of 1933, as amended, or meets the
requirements of applicable state securities or "blue sky" laws. Further, the
undersigned understands that the offering is required to be reported to the
Securities and Exchange Commission and to various state securities or "blue sky"
regulators.

        IF YOU ARE PURCHASING SECURITIES WITH YOUR SPOUSE, YOU MUST BOTH SIGN
THE SIGNATURE PAGE TO THIS QUESTIONNAIRE.

I.      PLEASE INDICATE DESIRED TYPE OF OWNERSHIP OF UNITS.

        [_]  Individual

        [_]  Joint Tenants (rights of survivorship)

        [_]  Tenants in Common (no rights of survivorship)

    II. PLEASE CHECK ANY OF THE STATEMENTS 1-5 BELOW THAT APPLIES TO YOU.

        [_]  1.   I have an individual net worth* or joint net worth with my
                  spouse in excess of $1,000,000.

        [_]  2.   I have had an individual income* in excess of $200,000 in each
                  of the last two calendar years, and I reasonably expect an
                  individual income in excess of $200,000 in the current
                  calendar year. NOTE: IF YOU ARE BUYING JOINTLY WITH YOUR
                  SPOUSE, YOU MUST EACH HAVE AN

----------
*   For purposes of this Questionnaire, the term "net worth" means the excess of
    total assets over total liabilities. In determining income, an investor
    should add to his or her adjusted gross income any amounts attributable to
    tax-exempt income received, losses claimed as a limited partner in any
    limited partnership, deductions claimed for depletion, contributions to IRA
    or Keogh retirement plan, alimony payments, and any amount by which income
    from long-term capital gains has been reduced in arriving at adjusted gross
    income.

                                      A-1
<PAGE>

                  INDIVIDUAL INCOME IN EXCESS OF $200,000 IN EACH OF THESE YEARS
                  IN ORDER TO CHECK THIS BOX.

        [_]  3.   My spouse and I have had a joint income in excess of $300,000
                  in each of the last two calendar years, and I reasonably
                  expect a joint income in excess of $300,000 for the current
                  calendar year, and I am a resident of Alabama, Arizona,
                  California, Colorado, Connecticut, Delaware, the District of
                  Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana,
                  Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland,
                  Massachusetts, Michigan, Minnesota, Mississippi, Missouri,
                  Montana, Nebraska, Nevada, New Hampshire, New Jersey, New
                  Mexico, New York, North Carolina, North Dakota, Ohio,
                  Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island,
                  South Carolina, South Dakota, Tennessee, Texas, Vermont,
                  Virginia, Washington, West Virginia, Wisconsin, or Wyoming, or
                  a country other than the United States of America.

        [_]  4.   I am a resident of the Commonwealth of Massachusetts, and my
                  investment in the Units does not exceed 25% of my net worth
                  or, if I am married, 25% of the combined net worth of my
                  spouse and me, excluding principal residence and home
                  furnishings.

        [_]  5.   I am a director or executive officer of Synovics
                  Pharmaceuticals, Inc.

III.    OTHER CERTIFICATIONS.

        By signing the Signature Page, I certify the following (or, if I am
purchasing Units with my spouse as co-owner, each of us certifies the
following):

        (a)  that I am at least 21 years of age;

        (b)  that my purchase of Units will be solely for my own account and not
             for the account of any other person (other than my spouse, if
             co-owner); and

        (c)  that the name, residence address, and social security or taxpayer
             identification number as set forth in this Questionnaire are true,
             correct, and complete.

IV.     GENERAL INFORMATION.

        (a)  PURCHASER.

Name:

--------------------------------------------------------------------------------

Social Security or Taxpayer Identification Number:

--------------------------------------------------------------------------------

                                      A-2
<PAGE>

Residence Address:

--------------------------------------------------------------------------------
                               (Number and Street)

--------------------------------------------------------------------------------
        (City)                      (State)                  (Zip Code)

Residence Telephone Number:

--------------------------------------------------------------------------------
             (Area Code)            (Number)

Business Name and Address:

--------------------------------------------------------------------------------
                               (Name of Business)

--------------------------------------------------------------------------------
                               (Number and Street)

--------------------------------------------------------------------------------
        (City)                      (State)                  (Zip Code)

Business Telephone Number:

--------------------------------------------------------------------------------
               (Area Code)          (Number)

I prefer to have correspondence sent to: [_]  Residence [_]  Business

        (b)  SPOUSE, IF CO-OWNER.

Name:

--------------------------------------------------------------------------------

Social Security or Taxpayer Identification Number:

--------------------------------------------------------------------------------

                                      A-3
<PAGE>

Residence Address
(if different from Purchaser's):

--------------------------------------------------------------------------------
                               (Number and Street)

--------------------------------------------------------------------------------
        (City)                      (State)                  (Zip Code)

Residence Telephone Number
(if different from
Purchaser's):
             -------------------------------------------------------------------
               (Area Code)          (Number)

Business Name and Address
(if different from
Purchaser's):
              ------------------------------------------------------------------
                                 (Business Name)

--------------------------------------------------------------------------------
                               (Number and Street)

--------------------------------------------------------------------------------
        (City)                      (State)                  (Zip Code)

Business Telephone Number
(if different from
Purchaser's):
              ------------------------------------------------------------------
                (Area Code)         (Number)

I prefer to have correspondence sent to: [_]  Residence [_]  Business

                                      A-4
<PAGE>

                         SYNOVICS PHARMACEUTICALS, INC.
                            INDIVIDUAL SIGNATURE PAGE

           Your signature on this Individual Signature Page evidences your
agreement to be bound by the QUESTIONNAIRE and the SUBSCRIPTION AGREEMENT.

           The undersigned represents that (a) he/she has read and understands
this Subscription Agreement, (b) the information contained in this Questionnaire
is complete and accurate and (c) he/she will telephone Robert Steven Brown, of
Reitler Brown & Rosenblatt LLC, counsel to the Company at (212) 209-3060
immediately if any material change in any of this information occurs before the
acceptance of his/her subscription and will promptly send the Company written
confirmation of such change.

---------------------------------------  ---------------------------------------
Number of Units applied for              Date

                                         ---------------------------------------
                                         Signature

                                         ---------------------------------------
                                         Name (Please Type or Print)

                                         ---------------------------------------
                                         Signature of Spouse if Co-Owner

                                         ---------------------------------------
                                         Name of Spouse if Co-Owner
                                         (Please Type or Print)

--------------------------------------------------------------------------------
     IF YOU ARE PURCHASING UNITS WITH YOUR SPOUSE, YOU MUST BOTH SIGN THIS
     SIGNATURE PAGE.
--------------------------------------------------------------------------------

THE UNITS HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE "SECURITIES ACT"), AND MAY NOT BE OFFERED, SOLD, OR OTHERWISE TRANSFERRED
OR DISPOSED OF UNLESS SUCH SECURITIES ARE INCLUDED IN AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL, CONCURRED IN BY
COUNSEL TO THE COMPANY, HAS BEEN DELIVERED TO THE EFFECT THAT REGISTRATION OF
SUCH SECURITIES IS NOT REQUIRED.

                                      A-5
<PAGE>

                        B. SYNOVICS PHARMACEUTICALS, INC.
                               TRUST QUESTIONNAIRE

Investor Name: _________________________________

To:     Synovics Pharmaceuticals, Inc.

        The information contained in this Questionnaire is being furnished in
order to determine whether the undersigned TRUST's subscription to purchase the
Units described in the Subscription Booklet may be accepted.

        ALL INFORMATION CONTAINED IN THIS QUESTIONNAIRE WILL BE TREATED
CONFIDENTIALLY. The undersigned TRUST understands, however, that the Company may
present this Questionnaire to such parties as it deems appropriate if called
upon to establish that the proposed offer and sale of the Units is exempt from
registration under the Securities Act of 1933, as amended, or meets the
requirements of applicable state securities or "blue sky" laws. Further, the
undersigned TRUST understands that the offering is required to be reported to
the Securities and Exchange Commission and to various state securities and "blue
sky" regulators.

        NOTE: RETIREMENT PLANS SHOULD COMPLETE THE QUESTIONNAIRE IN SECTION E OF
THIS SUBSCRIPTION PACKAGE.

I.      PLEASE CHECK STATEMENTS 1 OR 2 BELOW, AS APPLICABLE.

        [_]  1.   All of the trustees of the TRUST are residents of Alabama,
                  Arizona, California, Colorado, Connecticut, Delaware, the
                  District of Columbia, Florida, Georgia, Hawaii, Idaho,
                  Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland,
                  Massachusetts, Michigan, Minnesota, Mississippi, Missouri,
                  Montana, Nebraska, Nevada, New Hampshire, New Jersey, New
                  Mexico, New York, North Carolina, North Dakota, Pennsylvania,
                  Ohio, Oklahoma, Oregon, Puerto Rico, Rhode Island, South
                  Carolina, South Dakota, Tennessee, Texas, Vermont, Virginia,
                  Washington, West Virginia, Wisconsin, or Wyoming, or a country
                  other than the United States of America; and

                  a.  the TRUST has total assets in excess of $5,000,000; AND

                  b.  the TRUST was not formed for the specific purpose of
                      acquiring the Units; AND

                  c.  the purchase by the TRUST is directed by a person who has
                      such knowledge and experience in financial and business
                      matters that he/she is capable of evaluating the merits
                      and risks of an investment in the Units.

        [_]  2.   The TRUST is a revocable grantor TRUST which the grantor may
                  revoke at any time without the consent or approval of any
                  other person; the grantor retains sole investment control over
                  the assets of the trust; and

                                      B-1
<PAGE>

                  a.  the grantor is a natural person whose individual net
                      worth* or joint net worth with the grantor's spouse
                      exceeds $1,000,000; or

                  b.  the grantor is a natural person who had an individual
                      income* in excess of $200,000 in each of the last two
                      calendar years and who reasonably expects an individual
                      income in excess of $200,000 in the current calendar year;
                      or

                  c.  the grantor is a natural person who, together with his or
                      her spouse, has had a joint income in excess of $300,000
                      in each of the last two calendar years and who reasonably
                      expects a joint income in excess of $300,000 in the
                      current calendar year, and all of the trustees of the
                      TRUST are residents of Alabama, Arizona, California,
                      Colorado, Connecticut, Delaware, the District of Columbia,
                      Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa,
                      Kansas, Kentucky, Louisiana, Maine, Maryland,
                      Massachusetts, Michigan, Minnesota, Mississippi, Missouri,
                      Montana, Nebraska, Nevada, New Hampshire, New Jersey, New
                      Mexico, New York, North Carolina, North Dakota, Ohio,
                      Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island,
                      South Carolina, South Dakota, Tennessee, Texas, Vermont,
                      Virginia, Washington, West Virginia, Wisconsin, or
                      Wyoming, or a country other than the United States of
                      America; or

                  d.  the grantor is a director or executive officer of Synovics
                      Pharmaceuticals, Inc.

----------
*   For purposes of this Questionnaire, the term "net worth" means the excess of
    total assets over total liabilities. In determining income, an investor
    should add to his or her adjusted gross income any amounts attributable to
    tax-exempt income received, losses claimed as a limited partner in any
    limited partnership, deductions claimed for depletion, contributions to IRA
    or Keogh retirement plan, alimony payments, and any amount by which income
    from long-term capital gains has been reduced in arriving at adjusted gross
    income.

                                      B-2
<PAGE>

IF THE TRUST IS A REVOCABLE GRANTOR TRUST, EACH GRANTOR MUST PHOTOCOPY AND
COMPLETE SECTION II BELOW.

II.     FOR REVOCABLE GRANTOR TRUSTS ONLY: PLEASE CHECK ANY OF STATEMENTS 1-5
        BELOW THAT APPLY TO THE GRANTOR.

        [_]  1.   I have an individual net worth or joint net worth with my
                  spouse in excess of $1,000,000.

        [_]  2.   I have had an individual income in excess of $200,000 in each
                  of the last two calendar years, and I reasonably expect an
                  individual income in excess of $200,000 in the current
                  calendar year. NOTE: IF YOU ARE BUYING JOINTLY WITH YOUR
                  SPOUSE, YOU MUST EACH HAVE AN INDIVIDUAL INCOME IN EXCESS OF
                  $200,000 IN EACH OF THESE YEARS IN ORDER TO CHECK THIS BOX.

        [_]  3.   My spouse and I have had a joint income in excess of $300,000
                  in each of the last two calendar years, and I reasonably
                  expect a joint income in excess of $300,000 in the current
                  calendar year, and I am a resident of Alabama, Arizona,
                  California, Colorado, Connecticut, Delaware, the District of
                  Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana,
                  Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland,
                  Massachusetts, Michigan, Minnesota, Mississippi, Missouri,
                  Montana, Nebraska, Nevada, New Hampshire, New Jersey, New
                  Mexico, New York, North Carolina, North Dakota, Ohio,
                  Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island,
                  South Carolina, South Dakota, Tennessee, Texas, Vermont,
                  Virginia, Washington, West Virginia, Wisconsin, or Wyoming, or
                  a country other than the United States of America.

        [_]  4.   I am a resident of Massachusetts, and my investment in the
                  Units does not exceed 25% of my net worth or, if I am married,
                  25% of the combined net worth of my spouse and me, excluding
                  principal residence and home furnishings.

        [_]  5.   I am a director or executive officer of Synovics
                  Pharmaceuticals, Inc.

------------------------------------------     ---------------------------------
Print Name of Grantor(s)                        Signature of Grantor(s)

III.    OTHER CERTIFICATIONS.

        By signing the Signature Page, the undersigned certifies the following:

        (a) that the TRUST's purchase of the Units will be solely for the
            TRUST's own account and not for the account of any other person;

        (b) that the TRUST's purchase of the Units is within the investment
            powers and authority of the TRUST (as set forth in the declaration
            of trust or other governing instrument) and that all necessary
            consents, approvals, and authorizations for such purchase have been
            obtained and that each person who signs the Signature Page has

                                      B-3
<PAGE>

            all requisite power and authority as trustee to execute this
            Questionnaire and the Subscription Agreement on behalf of the TRUST;

        (c) that the TRUST has not been established in connection with either
            (i) an employee benefit plan (as defined in Section 3(3) of Employee
            Retirement Income Security Act of 1974, as amended ("ERISA")),
            whether or not subject to the provisions of Title I of ERISA, or
            (ii) a plan described in Section 4975(e) (i) of the Internal Revenue
            Code; and

        (d) that the TRUST's name, address, place of formation, and taxpayer
            identification number as set forth in this Questionnaire are true,
            correct, and complete.

IV.     GENERAL INFORMATION.

        (a) PROSPECTIVE PURCHASER (THE TRUST).

Name:
     ---------------------------------------------------------------------------

Address:
         -----------------------------------------------------------------------
                                  (Number and Street)

--------------------------------------------------------------------------------
        (City)                      (State)                  (Zip Code)

Address for Correspondence (if different):
                                          --------------------------------------
                                                   (Number and Street)

--------------------------------------------------------------------------------
        (City)                      (State)                  (Zip Code)

Telephone Number:
                  --------------------------------------------------------------
                                    (Area Code)                  (Number)

State in which Formed:
                       ---------------------------------------------------------

Date of Formation:
                   -------------------------------------------------------------

Taxpayer Identification Number:
                                ------------------------------------------------

        (b)     TRUSTEE(S) WHO ARE EXECUTING THIS QUESTIONNAIRE ON BEHALF OF THE
                TRUST.

                Name(s) of
                Trustee(s):
                           -----------------------------------------------------

                If Grantor Trust, Name(s) of Grantor(s):
                                                        ------------------------

                                      B-4
<PAGE>

V.      ADDITIONAL INFORMATION.

A TRUST MAY BE REQUIRED TO ATTACH A COPY OF THE TRUST AGREEMENT,  DECLARATION OF
TRUST, OR OTHER GOVERNING INSTRUMENT, AS AMENDED, AS WELL AS ALL OTHER DOCUMENTS
THAT  AUTHORIZE  THE TRUST TO INVEST IN THE  UNITS.  ALL  DOCUMENTATION  MUST BE
COMPLETE AND CORRECT.

                                      B-5
<PAGE>

                         SYNOVICS PHARMACEUTICALS, INC.
                              TRUST SIGNATURE PAGE

        Your signature on this TRUST Signature Page evidences the agreement by
the Trustee(s), on behalf of the TRUST, to be bound by the Questionnaire and the
Subscription Agreement.

        1.      The undersigned trustees represent that (a) the information
contained in this Questionnaire is complete and accurate and (b) the TRUST will
telephone Robert Steven Brown, of Reitler Brown & Rosenblatt LLC, counsel to the
Company at (212) 209-3060 immediately if any material change in any of this
information occurs before the acceptance of the TRUST's subscription and will
promptly send the Company written confirmation of such change.

        2.      The undersigned trustees hereby certify that they have read and
understand this Subscription Agreement.

        3.      The undersigned trustees hereby represent and warrant that the
persons signing this Subscription Agreement on behalf of the TRUST are duly
authorized to acquire the Units and sign this Subscription Agreement on behalf
of the TRUST and, further, that the undersigned TRUST has all requisite
authority to purchase such Units and enter into this Subscription Agreement.

---------------------------------------  ---------------------------------------
Number of Units applied for              Date

Please Type or Print the Exact Legal
Title of Trust as follows;  Trustee's    ---------------------------------------
name, as trustee for [Name of Grantor]   Title of Trust
under Agreement [or Declaration] of
Trust dated [Date of Trust Formation]

Name of                                  Name of
Trustee:___________________________      Trustee: ______________________________
             (Please Type or Print)               (Please Type or Print)
By:________________________________      By:____________________________________
      (Signature of Trustee)                      (Signature of Trustee)

                                      B-6
<PAGE>

        THE UNITS HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "SECURITIES ACT") AND MAY NOT BE OFFERED, SOLD, OR OTHERWISE
TRANSFERRED OR DISPOSED OF UNLESS SUCH SECURITIES ARE INCLUDED IN AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL,
CONCURRED IN BY COUNSEL TO THE COMPANY, HAS BEEN DELIVERED TO THE EFFECT THAT
REGISTRATION OF SUCH SECURITIES IS NOT REQUIRED.

                                      B-7
<PAGE>

                        C. SYNOVICS PHARMACEUTICALS, INC.
                            PARTNERSHIP QUESTIONNAIRE

Investor Name: _________________________________

To:     Synovics Pharmaceuticals, Inc.

        The information contained in this Questionnaire is being furnished in
order to determine whether the undersigned PARTNERSHIP's subscription to
purchase the Units described in the Subscription Booklet may be accepted.

        ALL INFORMATION CONTAINED IN THIS QUESTIONNAIRE WILL BE TREATED
CONFIDENTIALLY. The undersigned PARTNERSHIP understands, however, that the
Company may present this Questionnaire to such parties as it deems appropriate
if called upon to establish that the proposed offer and sale of the Units is
exempt from registration under the Securities Act of 1933, as amended, or meets
the requirements of applicable state securities or "blue sky" laws. Further, the
undersigned PARTNERSHIP understands that the offering is required to be reported
to the Securities and Exchange Commission and to various state securities and
"blue sky" regulators.

I. PLEASE CHECK ANY OF STATEMENTS 1-3 BELOW THAT APPLIES TO THE PARTNERSHIP.

        [_]  1.   The undersigned PARTNERSHIP: (a) has total assets in excess of
                  $5,000,000; (b) was not formed for the specific purpose of
                  acquiring the Units; and (c) has its principal place of
                  business in Alabama, Arizona, Colorado, Connecticut, Delaware,
                  the District of Columbia, Florida, Georgia, Hawaii, Idaho,
                  Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine,
                  Massachusetts, Michigan, Minnesota, Mississippi, Missouri,
                  Montana, Nebraska, Nevada, New Hampshire, New Jersey, New
                  Mexico, New York, North Carolina, North Dakota, Ohio,
                  Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island,
                  South Carolina, South Dakota, Tennessee, Vermont, Virginia,
                  Washington, West Virginia, Wisconsin, or Wyoming, or a country
                  other than the United States of America.

        [_]  2.   Each of the partners of the undersigned PARTNERSHIP is able to
                  certify that such partner meets at least one of the following
                  three conditions:

                  a.  the partner is a natural person whose individual net
                      worth* or joint net worth with his or her spouse exceeds
                      $1,000,000; or

----------

*   For purposes of this Questionnaire, the term "net worth" means the excess of
    total assets over total liabilities. In determining income, an investor
    should add to his or her adjusted gross income any amounts attributable to
    tax-exempt income received, losses claimed as a limited partner in any
    limited partnership, deductions claimed for depletion, contributions to IRA
    or Keogh retirement plan, alimony payments, and any amount by which income
    from long-term capital gains has been reduced in arriving at adjusted gross
    income.

                                      C-1
<PAGE>

                  b.  the partner is a natural person whose individual income*
                      was in excess of $200,000 in each of the last two calendar
                      years and who reasonably expects an individual income in
                      excess of $200,000 in the current calendar year; or

                  c.  the partner is a director or executive officer of Synovics
                      Pharmaceuticals, Inc.

        [_]  3.   Each of the partners of the undersigned PARTNERSHIP is able to
                  certify that such partner is a natural person who, together
                  with his or her spouse, has had a joint income in excess of
                  $300,000 in each of the last two calendar years and who
                  reasonably expects a joint income in excess of $300,000 in the
                  current calendar year, and the undersigned PARTNERSHIP has its
                  principal place of business in Alabama, Arizona, California,
                  Colorado, Connecticut, Delaware, the District of Columbia,
                  Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa,
                  Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts,
                  Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska,
                  Nevada, New Hampshire, New Jersey, New Mexico, New York, North
                  Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania,
                  Puerto Rico, Rhode Island, South Carolina, South Dakota,
                  Tennessee, Texas, Utah, Vermont, Virginia, Washington, West
                  Virginia, Wisconsin, or Wyoming, or a country other than the
                  United States of America.

--------------------------------------------------------------------------------
  IF YOU CHECKED STATEMENT 2 OR STATEMENT 3 IN SECTION I AND DID NOT CHECK
  STATEMENT 1, YOU MUST PROVIDE A LETTER SIGNED BY A GENERAL PARTNER OF THE
  UNDERSIGNED PARTNERSHIP LISTING THE NAME OF EACH PARTNER (WHETHER A GENERAL
  OR LIMITED PARTNER) AND THE REASON (UNDER STATEMENT 2 OR STATEMENT 3) SUCH
  PARTNER QUALIFIES AS AN ACCREDITED INVESTOR (ON THE BASIS OF NET WORTH,
  INDIVIDUAL INCOME, OR JOINT INCOME), OR EACH PARTNER MUST PHOTOCOPY AND
  COMPLETE SECTION II BELOW.
--------------------------------------------------------------------------------

                                      C-2
<PAGE>

II.     IF YOU CHECKED STATEMENT 2 OR STATEMENT 3 IN SECTION I ABOVE, EACH
        PARTNER MUST CHECK ANY OF THE STATEMENTS 1-5 BELOW THAT APPLIES TO SUCH
        PARTNER AND SIGN WHERE INDICATED.

        [_]  1.   I have an individual net worth or joint net worth with my
                  spouse in excess of $1,000,000.

        [_]  2.   I have had an individual income in excess of $200,000 in each
                  of the last two calendar years, and I reasonably expect an
                  individual income in excess of $200,000 in the current
                  calendar year. NOTE: IF YOU ARE BUYING JOINTLY WITH YOUR
                  SPOUSE, YOU MUST EACH HAVE AN INDIVIDUAL INCOME IN EXCESS OF
                  $200,000 IN EACH OF THESE YEARS IN ORDER TO CHECK THIS BOX.

        [_]  3.   My spouse and I have had a joint income in excess of $300,000
                  in each of the last two calendar years, and I reasonably
                  expect a joint income in excess of $300,000 in the current
                  calendar year, and I am a resident of Alabama, Arizona,
                  California, Colorado, Connecticut, Delaware, the District of
                  Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana,
                  Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland,
                  Massachusetts, Michigan, Minnesota, Mississippi, Missouri,
                  Montana, Nebraska, Nevada, New Hampshire, New Jersey, New
                  Mexico, New York, North Carolina, North Dakota, Ohio,
                  Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island,
                  South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont,
                  Virginia, Washington, West Virginia, Wisconsin, or Wyoming, or
                  a country other than the United States of America.

        [_]  4.   I am a Massachusetts resident, and my investment in the Units
                  does not exceed 25% of my net worth or, if I am married, 25%
                  of the combined net worth of my spouse and me, excluding
                  principal residence and home furnishings.

        [_]  5.   I am a director or executive officer of Synovics
                  Pharmaceuticals, Inc.

---------------------------------           -----------------------------------
Print Name of Partner(s)                    Signature of Partner(s)

III.    OTHER CERTIFICATIONS.

        By signing the Signature Page, the undersigned certifies the following:

                  (a) that the PARTNERSHIP's purchase of the Units will be
                      solely for the PARTNERSHIP's own account and not for the
                      account of any other person; and

                                      C-3
<PAGE>

                  (b) that the PARTNERSHIP's name, address of principal place of
                      business, place of formation, and taxpayer identification
                      number as set forth in this Questionnaire are true,
                      correct, and complete.

IV.     GENERAL INFORMATION.

        (a)     PROSPECTIVE PURCHASER (THE PARTNERSHIP)

Name:
     ---------------------------------------------------------------------------

Address:
         -----------------------------------------------------------------------
                                  (Number and Street)

--------------------------------------------------------------------------------
        (City)                      (State)                  (Zip Code)

Address for Correspondence (if different):
                                          --------------------------------------
                                                   (Number and Street)

--------------------------------------------------------------------------------
        (City)                      (State)                  (Zip Code)

Telephone Number:
                  --------------------------------------------------------------
                                    (Area Code)                  (Number)

State in which Formed:
                       ---------------------------------------------------------

Date of Formation:
                   -------------------------------------------------------------

Taxpayer Identification Number:
                                ------------------------------------------------

        (b)     THE PERSON WHO IS EXECUTING THIS QUESTIONNAIRE ON BEHALF OF THE
                PARTNERSHIP

Name:
     ---------------------------------------------------------------------------

Position or Title:
                   -------------------------------------------------------------

        (c)     IF SECTION II HAS BEEN COMPLETED, NAMES OF INDIVIDUAL PARTNERS
                WHOSE SIGNATURES MUST APPEAR ON THE SIGNATURE PAGE TO THIS
                QUESTIONNAIRE

Name(s) of Individual Partners:

                                      C-4
<PAGE>

                         SYNOVICS PHARMACEUTICALS, INC.
                           PARTNERSHIP SIGNATURE PAGE

        Your signature on this Partnership Signature Page evidences the
agreement by the PARTNERSHIP to be bound by the Questionnaire and the
Subscription Agreement.

        1.      The undersigned PARTNERSHIP hereby represents that (a) the
information contained in this Questionnaire is complete and accurate and (b) the
PARTNERSHIP will notify Robert Steven Brown, of Reitler Brown & Rosenblatt LLC,
counsel to the Company at (212) 209-3060 immediately if any material change in
any of this information occurs before the acceptance of the undersigned
PARTNERSHIP's subscription and will promptly send the Company written
confirmation of such change.

        2.      The undersigned PARTNERSHIP hereby certifies that it has read
and understands this Subscription Agreement.

        3.      The undersigned PARTNERSHIP hereby represents and warrants that
the person signing this Subscription Agreement on behalf of the PARTNERSHIP is a
general partner of the PARTNERSHIP, has been duly authorized by the PARTNERSHIP
to acquire the Units and sign this Subscription Agreement on behalf of the
PARTNERSHIP, and, further, that the undersigned PARTNERSHIP has all requisite
authority to purchase such Units and enter into this Subscription Agreement.

-----------------------------------         ------------------------------------
Number of Units applied for                 Date

                                            ------------------------------------
                                            Name of Partnership
                                            (Please Type or Print)

                                            By:
                                               ---------------------------------
                                               (Signature)

                                            Name:
                                                 -------------------------------
                                                     (Please Type or Print)

                                            Title:
                                                  ------------------------------

                                      C-5
<PAGE>

        THE UNITS HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "SECURITIES ACT"), AND MAY NOT BE OFFERED, SOLD, OR OTHERWISE
TRANSFERRED OR DISPOSED OF UNLESS SUCH SECURITIES ARE INCLUDED IN AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL,
CONCURRED IN BY COUNSEL TO THE COMPANY, HAS BEEN DELIVERED TO THE EFFECT THAT
REGISTRATION OF SUCH SECURITIES IS NOT REQUIRED.

                                      C-6
<PAGE>

                        D. SYNOVICS PHARMACEUTICALS, INC.
                            CORPORATION QUESTIONNAIRE

Investor Name: _________________________________

To:     Synovics Pharmaceuticals, Inc.

        The information contained in this Questionnaire is being furnished in
order to determine whether the undersigned CORPORATION'S subscription to
purchase the Units described in the Subscription Booklet may be accepted.

        ALL INFORMATION CONTAINED IN THIS QUESTIONNAIRE WILL BE TREATED
CONFIDENTIALLY. The undersigned CORPORATION understands, however, that the
Company may present this Questionnaire to such parties as it deems appropriate
if called upon to establish that the proposed offer and sale of the Units is
exempt from registration under the Securities Act of 1933, as amended, or meets
the requirements of applicable state securities or "blue sky" laws. Further, the
undersigned CORPORATION understands that the offering is required to be reported
to the Securities and Exchange Commission and to various state securities and
"blue sky" regulators.

        I.      PLEASE CHECK ANY OF STATEMENTS 1-5 BELOW THAT APPLIES TO THE
                CORPORATION.

       [_]  1.  The undersigned CORPORATION: (a) has total assets in excess of
                $5,000,000; (b) was not formed for the specific purpose of
                acquiring any Units; and (c) has its principal place of business
                in Alabama, Arizona, Colorado, Connecticut, Delaware, the
                District of Columbia, Florida, Georgia, Hawaii, Idaho, Indiana,
                Iowa, Kansas, Kentucky, Louisiana, Maine, Massachusetts,
                Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska,
                Nevada, New Hampshire, New Jersey, New Mexico, New York, North
                Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania,
                Puerto Rico, Rhode Island, South Carolina, South Dakota,
                Tennessee, Vermont, Virginia, Washington, West Virginia,
                Wisconsin, or Wyoming, or a country other than the United States
                of America.

       [_]  2.  The undersigned CORPORATION: (a) has total assets in excess of
                $14,000,000; (b) was not formed for the specific purpose of
                acquiring any Units; and (c) has its principal place of business
                in California.

                                      D-1
<PAGE>

       [_]  3.  Each of the stockholders of the undersigned CORPORATION is able
                to certify that such stockholder meets at least one of the
                following two conditions:

                a.  the stockholder is a natural person whose individual net
                    worth* or joint net worth with his or her spouse exceeds
                    $1,000,000; or

                b.  the stockholder is a natural person who had an individual
                    income* in excess of $200,000 in each of the last two
                    calendar years and who reasonably expects an individual
                    income in excess of $200,000 in the current calendar year.

       [_]  4.  Each of the stockholders of the undersigned CORPORATION is able
                to certify that such stockholder is a natural person who,
                together with his or her spouse, has had a joint income in
                excess of $300,000 in each of the last two calendar years and
                who reasonably expects a joint income in excess of $300,000 in
                the current calendar year, and the undersigned CORPORATION has
                its principal place of business in Alabama, Arizona, California,
                Colorado, Connecticut, Delaware, the District of Columbia,
                Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa,
                Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts,
                Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska,
                Nevada, New Hampshire, New Jersey, New Mexico, New York, North
                Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania,
                Puerto Rico, Rhode Island, South Carolina, South Dakota,
                Tennessee, Texas, Utah, Vermont, Virginia, Washington, West
                Virginia, Wisconsin, or Wyoming, or a country other than the
                United States of America.

       [_]  5.  The undersigned CORPORATION is:

                a.  a bank as defined in Section 3(a)(2) of the Securities Act;
                    or

                b.  a savings and loan association or other institution as
                    defined in Section 3(a)(5)(A) of the Securities Act whether
                    acting in its individual or fiduciary capacity; or

                c.  a broker or dealer registered pursuant to Section 15 of the
                    Securities Exchange Act of 1934, as amended; or

                d.  an insurance company as defined in Section 2(13) of the
                    Securities Act; or

                e.  an investment company registered under the Investment
                    Company Act of 1940, as amended, or a business development
                    company as defined in Section 2(a)(48) of the Investment
                    Company Act of 1940, as amended; or

----------
*   For purposes of this Questionnaire, the term "net worth" means the excess of
    total assets over total liabilities. In determining income, an Investor
    should add to his or her adjusted gross income any amounts attributable to
    tax-exempt income received, losses claimed as a limited partner in any
    limited partnership, deductions claimed for depletion, contributions to IRA
    or Keogh retirement plan, alimony payments, and any amount by which income
    from long-term capital gains has been reduced in arriving at adjusted gross
    income.

                                      D-2
<PAGE>

                f.  a small business investment company licensed by the U.S.
                    Small Business Administration under Section 301 (c) or (d)
                    of the Small Business Investment Act of 1958, as amended; or

                g.  a private business development company as defined in Section
                    202(a)(22) of the Investment Advisers Act of 1940, as
                    amended.

--------------------------------------------------------------------------------
  IF YOU CHECKED STATEMENT 3 OR STATEMENT 4 IN SECTION I AND DID NOT CHECK
  STATEMENT 1, YOU MUST PROVIDE A LETTER SIGNED BY AN OFFICER OF THE
  UNDERSIGNED CORPORATION LISTING THE NAME OF EACH STOCKHOLDER AND THE REASON
  (UNDER STATEMENT 3 OR STATEMENT 4) WHY SUCH STOCKHOLDER QUALIFIES AS AN
  ACCREDITED INVESTOR (ON THE BASIS OF NET WORTH, INDIVIDUAL INCOME, OR JOINT
  INCOME) OR EACH STOCKHOLDER MUST PHOTOCOPY AND COMPLETE SECTION II BELOW.
--------------------------------------------------------------------------------

II.     IF YOU CHECKED STATEMENT 3 OR STATEMENT 4 IN I ABOVE, EACH STOCKHOLDER
        MUST CHECK ANY OF THE STATEMENTS 1-5 BELOW THAT APPLIES TO SUCH
        STOCKHOLDER AND SIGN BELOW WHERE INDICATED.

        [_]  1.   I have an individual net worth or joint net worth with my
                  spouse in excess of $1,000,000.

        [_]  2.   I have had an individual income in excess of $200,000 in each
                  of the last two calendar years, and I reasonably expect an
                  individual income in excess of $200,000 in the current
                  calendar year. NOTE: IF YOU ARE BUYING JOINTLY WITH YOUR
                  SPOUSE, YOU MUST EACH HAVE AN INDIVIDUAL INCOME IN EXCESS OF
                  $200,000 IN EACH OF THESE YEARS IN ORDER TO CHECK THIS BOX.

        [_]  3.   My spouse and I have had a joint income in excess of $300,000
                  in each of the last two calendar years, and I reasonably
                  expect a joint income in excess of $300,000 in the current
                  calendar year, and I am a resident of Alabama, Arizona,
                  California, Colorado, Connecticut, Delaware, the District of
                  Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana,
                  Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland,
                  Massachusetts, Michigan, Minnesota, Mississippi, Missouri,
                  Montana, Nebraska, Nevada, New Hampshire, New Jersey, New
                  Mexico, New York, North Carolina, North Dakota, Ohio,
                  Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island,
                  South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont,
                  Virginia, Washington, West Virginia, Wisconsin, or Wyoming, or
                  a country other than the United States of America.

                                      D-3
<PAGE>

        [_]  4.   I am a Massachusetts resident, and my investment in the Units
                  does not exceed 25% of my net worth or, if I am married, 25%
                  of the combined net worth of my spouse and me, excluding
                  principal residence and home furnishings.

        [_]  5.   I am a director or executive officer of Synovics
                  Pharmaceuticals, Inc.

--------------------------------------      ------------------------------------
Print Name of Unitholder(s)                 Signature of Unitholder(s)

III.    OTHER CERTIFICATIONS.

        By signing the Signature Page, the undersigned certifies the following:

        (a)    that the  CORPORATION's  purchase of Units will be solely for the
               CORPORATION's  own  account  and not for the account of any other
               person or entity; and

        (b)    that  the  CORPORATION's  name,  address  of  principal  place of
               business,  place of  incorporation,  and taxpayer  identification
               number as set forth in this Questionnaire are true, correct,  and
               complete.

                                      D-4
<PAGE>

IV.     GENERAL INFORMATION.

        (a)     PROSPECTIVE PURCHASER (THE CORPORATION)

Name:
     ---------------------------------------------------------------------------

Principal Place of Business:
                            ----------------------------------------------------
                                                (Number and Street)

--------------------------------------------------------------------------------
        (City)                      (State)                  (Zip Code)

Address for Correspondence (if different):
                                          --------------------------------------
                                                 (Number and Street)

--------------------------------------------------------------------------------
        (City)                      (State)                  (Zip Code)

Telephone Number:
                 ---------------------------------------------------------------
                                 (Area Code)                 (Number)

State of Incorporation:
                       ---------------------------------------------------------

Date of Formation:
                  --------------------------------------------------------------

Taxpayer Identification Number:
                               -------------------------------------------------

Number of Stockholders:
                       ---------------------------------------------------------

        (b)     INDIVIDUAL WHO IS EXECUTING THIS QUESTIONNAIRE ON BEHALF OF THE
                CORPORATION

Name:
     ---------------------------------------------------------------------------
Position or Title:
                  --------------------------------------------------------------

        (c)     IF SECTION II HAS BEEN COMPLETED, NAMES OF INDIVIDUAL
                STOCKHOLDERS WHOSE SIGNATURES MUST APPEAR ON THE SIGNATURE PAGE
                TO THIS QUESTIONNAIRE

Name(s) of Unitholders:
                       ---------------------------------------------------------

                                      D-5
<PAGE>

                         SYNOVICS PHARMACEUTICALS, INC.
                           CORPORATION SIGNATURE PAGE

        Your signature on this Corporation Signature Page evidences the
agreement by the CORPORATION to be bound by the Questionnaire and the
Subscription Agreement.

        1.      The undersigned CORPORATION hereby represents that (a) the
information contained in this Questionnaire is complete and accurate and (b) the
CORPORATION will notify Robert Steven Brown, of Reitler Brown & Rosenblatt LLC,
counsel to the Company at (212) 209-3060 immediately if any material change in
any of the information occurs prior to the acceptance of the undersigned
CORPORATION's subscription and will promptly send the Company written
confirmation of such change.

        2.      The undersigned CORPORATION hereby certifies that it has read
and understands this Subscription Agreement.

        3.      The undersigned CORPORATION hereby represents and warrants that
the person signing this Subscription Agreement on behalf of the CORPORATION has
been duly authorized by all requisite action on the part of the CORPORATION to
acquire the Units and sign this Subscription Agreement on behalf of the
CORPORATION and, further, that the undersigned CORPORATION has all requisite
authority to purchase the Units and enter into this Subscription Agreement.

-------------------------------------       ------------------------------------
Number of Units applied for                 Date

                                            ------------------------------------
                                            Name of Corporation
                                            (Please Type or Print)

                                            By:
                                               ---------------------------------
                                                   (Signature)

                                            Name:
                                                 -------------------------------
                                                   (Please Type or Print)

                                            Title:
                                                  ------------------------------
                                                     (Please Type or Print)

                                      D-6
<PAGE>

        THE UNITS HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "SECURITIES ACT"), AND MAY NOT BE OFFERED, SOLD, OR OTHERWISE
TRANSFERRED OR DISPOSED OF UNLESS SUCH SECURITIES ARE INCLUDED IN AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL,
CONCURRED BY COUNSEL TO THE COMPANY, HAS BEEN DELIVERED TO THE EFFECT THAT
REGISTRATION OF SUCH SECURITIES IS NOT REQUIRED.

                                      D-7
<PAGE>

                        E. SYNOVICS PHARMACEUTICALS, INC.
                          RETIREMENT PLAN QUESTIONNAIRE

Investor Name: _________________________________

To:     Synovics Pharmaceuticals, Inc.

        The information contained in this Questionnaire is being furnished in
order to determine whether the undersigned RETIREMENT PLAN's subscription to
purchase the Units described in the Subscription Booklet may be accepted.

        ALL INFORMATION CONTAINED IN THIS QUESTIONNAIRE WILL BE TREATED
CONFIDENTIALLY. The undersigned RETIREMENT PLAN understands, however, that the
Company may present this Questionnaire to such parties as it deems appropriate
if called upon to establish that the proposed offer and sale of the Units is
exempt from registration under the Securities Act of 1933, as amended, or meets
the requirements of applicable state securities or "blue sky" laws. Further, the
undersigned RETIREMENT PLAN understands that the offering is required to be
reported to the Securities and Exchange Commission and to various state
securities or "blue sky" regulators.

I.      PLEASE CHECK ANY OF THE FOLLOWING STATEMENTS, AS APPLICABLE.

        [_]  1.   The undersigned RETIREMENT PLAN certifies that it is a Keogh
                  plan or Individual Retirement Account in which each
                  participant satisfies at least one of the following
                  conditions:

                  a.  such person's individual net worth* or joint net worth
                      with his or her spouse exceeds $1,000,000; or

                  b.  such person had an individual income* in excess of
                      $200,000 in each of the last two calendar years and
                      reasonably expects an individual income in excess of
                      $200,000 in the current calendar year; or

                  c.  such person, together with his or her spouse, had a joint
                      income in excess of $300,000 in each of the last two
                      calendar years and reasonably expects a joint income in
                      excess of $300,000 in the current calendar year and is a
                      resident of

----------
*   For purposes of this Questionnaire, the term "net worth" means the excess of
    total assets over total liabilities. In determining income, an Investor
    should add to his or her adjusted gross income any amounts attributable to
    tax-exempt income received, losses claimed as a limited partner in any
    limited partnership, deductions claimed for depletion, contributions to IRA
    or Keogh retirement plan, alimony payments, and any amount by which income
    from long-term capital gains has been reduced in arriving at adjusted gross
    income.

                                      E-1
<PAGE>

                      Alabama, Arizona, Colorado, Connecticut, Delaware, the
                      District of Columbia, Florida, Georgia, Hawaii, Idaho,
                      Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana,
                      Maine, Massachusetts, Michigan, Minnesota, Mississippi,
                      Missouri, Montana, Nebraska, Nevada, New Hampshire, New
                      Mexico, New York, North Carolina, North Dakota, Ohio,
                      Oklahoma, Oregon, Pennsylvania, Puerto, Rico, Rhode
                      Island, South Carolina, South Dakota, Tennessee, Vermont,
                      Virginia, Washington, West Virginia, Wisconsin, or
                      Wyoming, or a country other than the United States of
                      America.

             2.   The undersigned RETIREMENT PLAN certifies that it is an
                  employee benefit plan within the meaning of the Employee
                  Retirement Income Security Act of 1974, as amended ("ERISA"),
                  and:

        [_]       a.  The undersigned RETIREMENT PLAN is self-directed, with
                      investment decisions made solely by persons that are NOT
                      residents of Alaska, Arkansas, California, Maryland, New
                      Jersey, Texas, or Utah, AND each such person directing his
                      account and for whom the investment is being made
                      satisfies at least one of the following conditions:

                  (1) such person's individual net worth or joint net worth with
                      his or her spouse exceeds $1,000,000; or

                  (2) such person had an individual income in excess of $200,000
                      in each of the last two calendar years and reasonably
                      expects an individual income in excess of $200,000 in the
                      current calendar year; or

                  (3) such person together with his or her spouse, had a joint
                      income in excess of $300,000 in each of the last two
                      calendar years and reasonably expects a joint income in
                      excess of $300,000 in the current calendar year and is a
                      resident of Alabama, Arizona, Colorado, Connecticut,
                      Delaware, the District of Columbia, Florida, Georgia,
                      Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky,
                      Louisiana, Maine, Massachusetts, Michigan, Minnesota,
                      Mississippi, Missouri, Montana, Nebraska, Nevada, New
                      Hampshire, New Mexico, New York, North Carolina, North
                      Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico,
                      Rhode Island, South Carolina, South Dakota, Tennessee,
                      Vermont, Virginia, Washington, West Virginia, Wisconsin,
                      or Wyoming, or a country other than the United States of
                      America.

                  (4) such person is a director or executive officer of Synovics
                      Pharmaceuticals, Inc.

                                      E-2
<PAGE>

           [_]    b.  The undersigned RETIREMENT PLAN has total assets in excess
                      of $5,000,000 and such Plan is not maintained in Alaska,
                      California, or New Jersey; or

           [_]    c.  The investment decisions are made by a plan fiduciary as
                      defined in Section 3(21) of ERISA that (1) is either a
                      bank, insurance company, or registered investment adviser
                      or (2) is located in jurisdictions OTHER THAN Alaska,
                      Arkansas, California, New Jersey, or Texas AND is a
                      savings and loan association.

--------------------------------------------------------------------------------
  IF YOU CHECKED STATEMENT 1 OR STATEMENT 2(a) IN SECTION I ABOVE, EACH
  RETIREMENT PLAN PARTICIPANT FOR WHOSE ACCOUNT THE INVESTMENT IS BEING MADE
  MUST PHOTOCOPY AND COMPLETE SECTION II BELOW.
--------------------------------------------------------------------------------

II.     IF YOU CHECKED STATEMENT 1 OR STATEMENT 2(A) IN SECTION I ABOVE, EACH
        RETIREMENT PLAN PARTICIPANT FOR WHOSE ACCOUNT THE INVESTMENT IS BEING
        MADE MUST CHECK ANY OF THE STATEMENTS 1-5 BELOW THAT APPLIES TO SUCH
        PARTICIPANT.

        [_]  1.   I have an individual net worth or joint net worth with my
                  spouse in excess of $1,000,000.

        [_]  2.   I have had an individual income in excess of $200,000 in each
                  of the last two calendar years, and I reasonably expect an
                  individual income in excess of $200,000 in the current
                  calendar year. NOTE: IF YOU ARE BUYING JOINTLY WITH YOUR
                  SPOUSE, YOU MUST EACH HAVE AN INDIVIDUAL INCOME IN EXCESS OF
                  $200,000 IN EACH OF THESE YEARS IN ORDER TO CHECK THIS BOX.

        [_]  3.   My spouse and I have had a joint income in excess of $300,000
                  in each of the last two calendar years, and I reasonably
                  expect a joint income excess of $300,000 in the current
                  calendar year, and I am a resident of Alabama, Arizona,
                  Colorado, Connecticut, Delaware, the District of Columbia,
                  Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa,
                  Kansas, Kentucky, Louisiana, Maine, Massachusetts, Michigan,
                  Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada,
                  New Hampshire, New Mexico, New York, North Carolina, North
                  Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico,
                  Rhode Island, South Carolina, South Dakota, Tennessee,
                  Vermont, Virginia, Washington, West Virginia, Wisconsin, or
                  Wyoming, or a country other than the United States of America.

                                      E-3
<PAGE>

        [_]  4.   I am a Massachusetts resident, and my investment in the Units
                  does not exceed 25% of my net worth or, if I am married, 25%
                  of the combined net worth of my spouse and me, excluding
                  principal residence and home furnishings.

        [_]  5.   I am a director or executive officer of Synovics
                  Pharmaceuticals, Inc.

-------------------------------------      -------------------------------------
Print Name of Participant                  Signature of Participant

III.    OTHER CERTIFICATIONS.

        By signing the Signature Page, the undersigned certifies the following:

             (a)  that the RETIREMENT PLAN's purchase of Units will be solely
                  for the RETIREMENT PLAN's own account and not for the account
                  of any other person or entity;

             (b)  that the RETIREMENT PLAN's governing documents duly authorize
                  the type of investment contemplated herein, and the
                  undersigned is authorized and empowered to make such
                  investment on behalf of the RETIREMENT PLAN; and

             (c)  that the RETIREMENT PLAN's name, address, place of formation,
                  and taxpayer identification number as set forth in this
                  Questionnaire are true, correct, and complete.

                                      E-4
<PAGE>

IV.     GENERAL INFORMATION.

        (a)     PROSPECTIVE PURCHASER (THE RETIREMENT PLAN).

Name:
     ---------------------------------------------------------------------------

Address:
        ------------------------------------------------------------------------
                               (Number and Street)

--------------------------------------------------------------------------------
        (City)                      (State)                  (Zip Code)

Address for Correspondence (if different):

--------------------------------------------------------------------------------
                               (Number and Street)

--------------------------------------------------------------------------------
        (City)                      (State)                  (Zip Code)

Telephone Number:

--------------------------------------------------------------------------------
                             (Area Code)                         (Number)

State in which Formed:
                      ----------------------------------------------------------

Date of Formation:
                  --------------------------------------------------------------

Taxpayer Identification Number:
                               -------------------------------------------------

        (b)     INDIVIDUAL WHO IS EXECUTING THIS QUESTIONNAIRE ON BEHALF OF THE
                RETIREMENT PLAN (TRUSTEE FOR AN EMPLOYEE BENEFIT PLAN; CUSTODIAN
                FOR AN IRA OR KEOGH).

Name:
     ---------------------------------------------------------------------------

Position or Title:
                  --------------------------------------------------------------

                                      E-5
<PAGE>

V.      ADDITIONAL INFORMATION.

--------------------------------------------------------------------------------
  THE RETIREMENT PLAN MAY BE REQUIRED TO ATTACH COPIES OF ALL DOCUMENTS
  GOVERNING THE PLAN AS WELL AS ALL OTHER DOCUMENTS AUTHORIZING THE RETIREMENT
  PLAN TO INVEST IN THE UNITS. INCLUDE, AS NECESSARY, THE TRUST AGREEMENT AND
  DOCUMENTS DEFINING PERMITTED INVESTMENTS BY THE RETIREMENT PLAN AND
  DEMONSTRATING AUTHORITY OF THE SIGNING INDIVIDUAL TO ACT ON BEHALF OF THE
  PLAN. ALL DOCUMENTATION MUST BE COMPLETE AND CORRECT.
--------------------------------------------------------------------------------

                                      E-6
<PAGE>

                         SYNOVICS PHARMACEUTICALS, INC.
                         RETIREMENT PLAN SIGNATURE PAGE

        Your signature on this RETIREMENT PLAN Signature Page evidences the
agreement by the RETIREMENT PLAN to be bound by the Questionnaire and the
Subscription Agreement.

        1.      The undersigned RETIREMENT PLAN hereby represents that (a) the
information contained in this Questionnaire is complete and accurate and (b) the
RETIREMENT PLAN will notify Robert Steven Brown, of Reitler Brown & Rosenblatt
LLC, counsel to the Company at (212) 209-3060 immediately if any material change
in any of the information occurs prior to the acceptance of the undersigned
RETIREMENT PLAN's subscription and will promptly send the Company written
confirmation of such change.

        2.      The undersigned RETIREMENT PLAN hereby certifies that it has
read and understands this Subscription Agreement.

        3.      The undersigned RETIREMENT PLAN hereby represents and warrants
that the person signing this Subscription Agreement on behalf of the RETIREMENT
PLAN has been duly authorized to acquire the Units and sign this Subscription
Agreement on behalf of the RETIREMENT PLAN and, further, that the undersigned
RETIREMENT PLAN has all requisite authority to purchase the Units and enter into
this Subscription Agreement.

-------------------------------------      -------------------------------------
Number of Units applied for                Date

                                           -------------------------------------
                                           Name of Retirement Plan
                                           (Please Type or Print)

                                           By:
                                              ----------------------------------
                                                  (Signature)

                                           Name:
                                                --------------------------------
                                                  (Please Type or Print)

                                           Title:
                                                 -------------------------------
                                                  (Please Type or Print)

                                      E-7
<PAGE>

THE UNITS HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE "SECURITIES ACT"), AND MAY NOT BE OFFERED, SOLD, OR OTHERWISE TRANSFERRED
OR DISPOSED OF UNLESS SUCH SECURITIES ARE INCLUDED IN AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL, CONCURRED IN BY
COUNSEL TO THE COMPANY, HAS BEEN DELIVERED TO THE EFFECT THAT REGISTRATION OF
SUCH SECURITIES IS NOT REQUIRED.

                                      E-8

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