Document:

Unassociated Document

    INVESTMENT
      MANAGEMENT TRUST AGREEMENT

     

    This
      Agreement is made as of _________, 2006, by and between Apex Bioventures
      Acquisition Corporation (the “Company”)
      and
      Continental Stock Transfer & Trust Company (the “Trustee”).

     

    WHEREAS,
      the Company’s Registration Statement on Form S-1, as amended No. 333-135755 (the
“Registration
      Statement”),
      for
      its initial public offering of securities (“IPO”)
      has
      been declared effective as of the date hereof by the Securities and Exchange
      Commission (the “Effective
      Date”);
      

     

    WHEREAS,
      CRT Capital Group LLC (“CRT”)
      is
      acting as the underwriter in the IPO; 

     

    WHEREAS,
      the Company has agreed to issue securities in a private placement that will
      occur immediately prior to the IPO (the “Placement”);

     

    WHEREAS,
      as described in the Registration Statement, and in accordance with the Company’s
      Certificate of Incorporation, an aggregate of $71,250,000 (or $81,937,500,
      if
      CRT’s over-allotment option is exercised in full), which is comprised of (i) the
      net proceeds of the IPO (except as provided in the Registration Statement);
      (ii)
      the $1,250,000 received by the Company in exchange for its securities pursuant
      to the Placement; and (iii) an additional $1,500,000 (or $1,725,000, if CRT’s
      over-allotment option is exercised in full) of the proceeds of the IPO,
      representing deferred underwriting discounts and commissions (the “Deferred
      Discount”)
      which
      CRT has agreed to deposit in the Trust Account (as defined below), will be
      delivered to the Trustee to be deposited and held in the Trust Account for
      the
      benefit of the Company, and the holders of shares of the Company’s common stock,
      par value $0.0001 per share (“Common
      Stock”),
      that
      form a part of the units of the Company’s securities issued in the IPO (the
“Units”)
      and
      CRT. The amount to be delivered to the Trustee will be referred to herein as
      the
“Property,”
the
      stockholders for whose benefit the Trustee shall hold the Property will be
      referred to as the “Public
      Stockholders,”
and
      the Public Stockholders, CRT and the Company will be referred to collectively
      as
      the “Beneficiaries;”
      and

     

    WHEREAS,
      in the event that securities offered in the IPO are registered in Colorado
      pursuant to Section 11-51-302(6) of the Colorado Revised Statutes (the
“CRS”),
      a
      copy of which is attached hereto, the provisions thereof are made a part hereof;
      

     

    WHEREAS,
      the Company and the Trustee desire to enter into this Agreement to set forth
      the
      terms and conditions pursuant to which the Trustee shall hold the Property;
      and

     

    NOW,
      THEREFORE, in consideration of the foregoing and the mutual covenants and
      agreements herein contained, the parties hereto agree as follows:

     

    1.  Agreements
      and Covenants of Trustee.
      The
      Trustee hereby agrees and covenants to:

     

    (a)  hold
      the
      Property in trust for the Beneficiaries in accordance with the terms of this
      Agreement, including, without limitation, with respect to the Public
      Stockholders, the terms of Section 11-51-302(6) of the CRS, in a segregated
      trust account (“Trust
      Account”)
      established by the Trustee at a branch of JPMorgan Chase NY Bank selected by
      the
      Trustee;

     

    (b)  manage,
      supervise and administer the Trust Account subject to the terms and conditions
      set forth herein;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (c)  in
      a
      timely manner, upon the instruction of the Company, to invest and reinvest
      the
      Property (through Morgan Stanley or other intermediary) in “government
      securities,” within the meaning of Section 2(a)(16) of the Investment Company
      Act of 1940, as amended (the “1940 Act”), having a maturity of 180 days or less
      or in any open ended investment company registered under the 1940 Act that
      holds
      itself out as a money market fund meeting the conditions of paragraphs (c)(2),
      (c)(3) and (c)(4) under Rule 2a-7 promulgated under the 1940 Act;

     

    (d)  collect
      and receive, when due, all principal and income arising from the Property,
      which
      shall become part of the “Property,” as such term is used herein;

     

    (e)  notify
      the Company and CRT of all communications received by it with respect to any
      Property requiring action by the Company;

     

    (f)  supply
      any necessary information or documents as may be requested by the Company in
      connection with the Company’s preparation of the tax returns for the Trust
      Account;

     

    (g)  participate
      in any plan or proceeding for protecting or enforcing any right or interest
      arising from the Property if, as and when instructed by the Company and/or
      CRT
      to do so; and

     

    (h)  render
      to
      the Company and to CRT, and to such other persons as the Company may instruct,
      monthly written statements of the activities of and amounts in the Trust Account
      reflecting all receipts and disbursements of the Trust Account, which
      information will be based in part upon information provided by Morgan
      Stanley.

     

    2.  Limited
      Distributions of Income on Property.

     

    (a)  If
      there
      is any income tax obligation relating to the income from the Property in the
      Trust Account, then, at the written instruction of the Company, the Trustee
      shall make available in cash from the Property in the Trust Account an amount
      specified by the Company as owing to the applicable taxing authority, which
      amount shall be paid directly to the taxing authority (and not through the
      Company) by electronic funds transfer, account debit or other method of payment;
      provided,
      however,
      that if
      a taxing authority will not accept payment in such manner, then any payment
      which would have been made directly to the taxing authority may be made to
      the
      Company, and the Company shall forward such payment to the taxing
      authority.

     

    (b)  Upon
      one
      or more written requests from the Company, which shall be made no more
      frequently than once in any calendar month, the Trustee shall distribute to
      the
      Company interest earned on the Trust Account; provided, that, (i) any amount
      so
      disbursed to the Company shall be net of accrued income taxes with respect
      thereto, and (ii) the aggregate amount of all such distributions shall not
      exceed an amount equal to one-half of the aggregate interest accrued on the
      Property since the date of this Agreement, less the amount of any income taxes
      accrued thereon (without double counting taxes which have already been accounted
      for pursuant to Section 2(a) above).

     

    (c)  Except
      as
      provided in Sections 2(a) and 2(b) above and as provided in Section 3 and 8(a)
      below, no other distributions from the Trust Account shall be
      permitted.

     

    3.  Liquidation
      of the Trust Account.
      The
      Trustee agrees to commence liquidation of the Trust Account only after receipt
      of and only in accordance with the terms of a letter (“Termination
      Letter”),
      in a
      form substantially similar to that attached hereto as either Exhibit A or
      Exhibit B, signed on behalf of the Company by its (i) Chief Executive Officer
      or
      Chairman of the Board and (ii) Secretary, and complete the liquidation of the
      Trust Account and disburse the Property in the Trust Account (which disbursement
      shall include, in the event of a Business Combination, payment of the Deferred
      Discount to the Representative) only as directed in the Termination Letter
      and
      the other documents referred to therein. The Trustee understands and agrees
      that, except as provided in Sections 2 and 8(a) hereof and this Section 3,
      disbursements from the Trust Account shall be made only pursuant to a duly
      executed Termination Letter, together with the other documents referenced
      herein. As used in this Agreement, the term “Business Combination” means the
      acquisition by the Company, through a merger, capital stock exchange, asset
      acquisition, stock purchase or other similar business combination with, one
      or
      more operating businesses in the healthcare industry, as more fully described
      in
      the prospectus forming a part of the Registration Statement.

     

    
      
        
        

      

      
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    4.  Agreements
      and Covenants of the Company.
      The
      Company hereby agrees and covenants:

     

    (a)  to
      provide all instructions to the Trustee hereunder in writing, signed by the
      Company’s Chief Executive Officer. In addition, except with respect to its
      duties under Section 3 above, the Trustee shall be entitled to rely on, and
      shall be protected in relying on, any verbal or telephonic advice or instruction
      which it, in good faith, believes to be given by the Company’s Chief Executive
      Officer, provided that the Company and/or CRT shall promptly confirm such
      instructions in writing; and

     

    (b)  to
      hold
      the Trustee harmless and indemnify the Trustee from and against any and all
      expenses, including reasonable counsel fees and disbursements, or loss suffered
      by the Trustee in connection with any action, suit or other proceeding brought
      against the Trustee involving any claim, or in connection with any claim or
      demand which in any way arises out of or relates to this Agreement, the services
      of the Trustee hereunder, or the Property or any income earned from investment
      of the Property, except for expenses and losses resulting from the Trustee’s
      gross negligence or willful misconduct. Promptly after the receipt by the
      Trustee of notice of demand or claim or the commencement of any action, suit
      or
      proceeding, pursuant to which the Trustee intends to seek indemnification under
      this Section 4(b), it shall notify the Company in writing of such claim
      (hereinafter referred to as the “Indemnified
      Claim”).
      The
      Trustee shall have the right to conduct and manage the defense against such
      Indemnified Claim, provided that the Trustee shall obtain the consent of the
      Company with respect to the selection of counsel, which consent shall not be
      unreasonably withheld. The Trustee may not agree to settle any Indemnified
      Claim
      without the prior written consent of the Company. The Company may participate
      in
      such action with its own counsel; 

     

    (c)  to
      pay
      the Trustee an initial acceptance fee of $1,000 and an annual fee of $3,000
      (it
      being expressly understood that the Property shall not be used to pay any of
      such fees). The Company shall pay the Trustee the initial acceptance fee and
      first year’s fee at the consummation of the IPO and thereafter shall pay on each
      anniversary of the Effective Date, the $3,000 annual fee in respect of the
      coming year. The Trustee shall refund to the Company the pro rata portion of
      any
      annual fee attributable to any period after the liquidation of the Trust Fund.
      The Company shall not be responsible for any other fees or charges of the
      Trustee; and

     

    (d)  that,
      in
      connection with any vote of the Company’s stockholders regarding a Business
      Combination, the Trustee or another independent party designated by the Company
      shall act as the inspector of election to certify the results of the stockholder
      vote.

     

    5.  Limitations
      of Liability.
      The
      Trustee shall have no responsibility or liability to:

     

    (a)  take
      any
      action with respect to the Property, other than as directed in Sections 1 and
      2
      hereof, and the Trustee shall have no liability to any party except for
      liability arising out of its own gross negligence or willful
      misconduct;

     

    
      
        
        

      

      
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    (b)  institute
      any proceeding for the collection of any principal and income arising from,
      or
      institute, appear in or defend any proceeding of any kind with respect to,
      any
      of the Property, unless and until it shall have received written instructions
      from the Company given as provided herein to do so and the Company shall have
      advanced or guaranteed to it funds sufficient to pay any expenses incident
      thereto;

     

    (c)  change
      the investment of any Property, other than in compliance with Section
      1(c);

     

    (d)  refund
      any depreciation in principal of any Property;

     

    (e)  assume
      that the authority of any person designated by the Company and/or CRT to give
      written instructions hereunder shall not be continuing unless provided otherwise
      in such designation, or unless the Company and/or CRT shall have delivered
      a
      written revocation of such authority to the Trustee;

     

    (f)  the
      other
      parties hereto or to anyone else for any action taken or omitted by it, or
      any
      action suffered by it to be taken or omitted, in good faith and in the exercise
      of its own best judgment, except for its gross negligence or willful misconduct.
      The Trustee may rely conclusively on, and shall be protected in acting upon,
      any
      order, notice, demand, certificate, opinion or advice of counsel (including
      counsel chosen by the Trustee), statement, instrument, report or other paper
      or
      document (not only as to its due execution and the validity and effectiveness
      of
      its provisions, but also as to the truth and acceptability of any information
      therein contained) which is believed by the Trustee, in good faith, to be
      genuine and to be signed or presented by the proper person or persons. The
      Trustee shall not be bound by any notice or demand, or any waiver, modification,
      termination or rescission of this Agreement or any of the terms hereof, unless
      evidenced by a written instrument delivered to the Trustee signed by the proper
      party or parties and, if the duties or rights of the Trustee are affected,
      unless it shall give its prior written consent thereto;

     

    (g)  verify
      the correctness of the information set forth in the Registration Statement
      or to
      confirm or assure that any acquisition made by the Company or any other action
      taken by it is as contemplated by the Registration Statement; and

     

    (h)  pay
      any
      taxes on behalf of the Trust Account (it being expressly understood that the
      Trustee’s sole obligation with respect to taxes is as provided for by Section
      2(a) hereof).

     

    6.  Certain
      Rights Of Trustee.

     

    (a)  Before
      the Trustee acts or refrains from acting, it may require a certificate from
      the
      Company’s Chief Executive Officer or an opinion of counsel or both. The Trustee
      shall not be liable for any action it takes or omits to take in good faith
      in
      reliance on such officer’s certificate or opinion of counsel. The Trustee may
      consult with counsel and the advice of such counsel or any opinion of counsel
      shall be full and complete authorization and protection from liability in
      respect of any action taken, suffered or omitted by it hereunder in good faith
      and in reliance thereon.

     

    (b)  The
      Trustee may act through its attorneys and agents and shall not be responsible
      for the misconduct or negligence of any agent appointed with due
      care.

     

    (c)  The
      Trustee shall not be liable for any action it takes or omits to take in good
      faith that it believes to be authorized or within the rights or powers conferred
      upon it by this Agreement.

     

    
      
        
        

      

      
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    (d)  The
      Trustee shall not be responsible for and makes no representation as to the
      validity or adequacy of this Agreement, and it shall not be accountable for
      the
      Company’s use of the proceeds from the Trust Account. Notwithstanding the
      effective date of this Agreement or anything to the contrary contained in this
      Agreement, the Trustee shall have no liability or responsibility for any act
      or
      event relating to this Agreement or the transactions related thereto which
      occurs prior to the date of this Agreement, and shall have no contractual
      obligations to the Beneficiaries until the date of this Agreement.

     

    7.  No
      Right of Set-Off.
      The
      Trustee waives any right of set-off or any right, title, interest or claim
      of
      any kind that the Trustee may have against the Property held in the Trust
      Account. In the event that the Trustee has a claim against the Company under
      this Agreement, the Trustee will pursue such claim solely against the Company
      and not against the Property held in the Trust Account.

     

    8.  Termination.
      This
      Agreement shall terminate as follows:

     

    (a)  if
      the
      Trustee gives written notice to the Company that it desires to resign under
      this
      Agreement, the Company shall use its reasonable efforts to locate a successor
      trustee during which time the Trustee shall continue to act in accordance with
      the terms of this Agreement. At such time that the Company notifies the Trustee
      that a successor trustee has been appointed by the Company and has agreed to
      become subject to the terms of this Agreement, the Trustee shall transfer the
      management of the Trust Account to the successor trustee, including, but not
      limited, the transfer of copies of the reports and statements relating to the
      Trust Account and the investment of the Property with Morgan Stanley, whereupon
      this Agreement shall terminate; provided, however, that, in the event the
      Company does not locate a successor trustee within 90 days of receipt of the
      resignation notice from the Trustee, the Trustee may submit an application
      to
      have the Property (and such reports and statements) deposited with the United
      States District Court for the Southern District of New York and, upon such
      deposit, the Trustee shall be immune from any liability whatsoever that arises
      due to any actions or omissions to act by any party after such deposit;
      or

     

    (b)  at
      such
      time that the Trustee has completed the liquidation of the Trust Account in
      accordance with the provisions of Section 1(i) hereof, and distributed the
      Property in accordance with the provisions of the Termination Letter, this
      Agreement shall terminate.

     

    9.  Miscellaneous.

     

    (a)  This
      Agreement shall be binding upon and inure to the benefit of the parties hereto
      and each of their respective successors and permitted assigns; provided, that,
      except as provided in Section 7 hereof, no party hereto may assign any of its
      rights or obligations hereunder to any other party without the express written
      consent of the other party hereto. 

     

    (b)  The
      Company and the Trustee each acknowledge that the Trustee will follow the
      security procedures set forth below with respect to funds transferred from
      the
      Trust Account. Upon receipt of written instructions, the Trustee will confirm
      such instructions with an “Authorized Individual” at an “Authorized Telephone
      Number” listed on the attached Exhibit
      C.
      The
      Company and the Trustee will each restrict access to confidential information
      relating to such security procedures to authorized persons. Each party must
      notify the other party immediately if it has reason to believe unauthorized
      persons may have obtained access to such information or of any change in its
      authorized personnel. In executing funds transfers, the Trustee will rely upon
      account numbers or other identifying numbers of a beneficiary, beneficiary’s
      bank or intermediary bank, rather than names. The Trustee shall not be liable
      for any loss, liability or expense resulting from any error in an account number
      or other identifying number, provided it has accurately transmitted the numbers
      provided.

     

    
      
        
        

      

      
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    (c)  This
      Agreement shall be governed by and construed and enforced in accordance with
      the
      laws of the State of New York, without giving effect to conflict of laws. The
      parties hereto consent to the jurisdiction and venue of any state or federal
      court located in the State and County of New York for purposes of resolving
      any
      disputes hereunder. The parties hereto irrevocably submit to such jurisdiction,
      which jurisdiction shall be exclusive, and hereby waive any objection to such
      exclusive jurisdiction and that such courts represent an inconvenient forum.
      Each of the parties hereto waives any right to trial by jury with respect to
      any
      action related to or arising out of this Agreement or the subject matter hereof.
      

     

    (d)  This
      Agreement contains the entire agreement and understanding of the parties hereto
      with respect to the subject matter hereof. This Agreement or any provision
      hereof may only be changed, amended or modified by a writing signed by each
      of
      the parties hereto; provided, however, that no such change, amendment or
      modification (other than to correct a typographical error or similar technical
      error) may be made to Sections 2 and 3 hereof without the consent of 95% of
      the
      Public Stockholders, it being the specific intention of the parties hereto
      that
      each Public Stockholder is and shall be a third-party beneficiary of this
      Section 9(d) with the same right and power to enforce this Section 7(d) as
      either of the parties hereto. For purposes of this Section 7(d), the “consent of
      95% of the Public Stockholders” shall mean receipt by the Trustee of a
      certificate from an entity certifying that (i) such entity regularly engages
      in
      the business of serving as inspector of elections for companies whose securities
      are publicly traded, and (ii) either (A) 95% of the Public Stockholders of
      record as of a record date established in accordance with Section 213(a) of
      the
      Delaware General Corporation Law, as amended (the “DGCL”), have voted in favor
      of such amendment or modification, or (B) 95% of the Public Stockholders of
      record as of a record date established in accordance with Section 213(b) of
      the
      DGCL has delivered to such entity a signed writing approving such amendment
      or
      modification. 

     

    (e)  Any
      notice, consent or request to be given in connection with any of the terms
      or
      provisions of this Agreement shall be in writing and shall be sent by express
      mail or similar private courier service, by certified mail (return receipt
      requested), by hand delivery or by facsimile transmission:

     

    if
      to the
      Trustee, to:

     

    Continental
      Stock Transfer & Trust Company 

    17
      Battery Place

    New
      York,
      New York 10004

    Attn: Steven
      G.
      Nelson

    Fax
      No.:
      (212) 509-5150

     

    if
      to the
      Company, to:

    

    Apex
      Bioventures Acquisition Corporation

    18
      Farm
      Lane

    Hillsborough,
      California 94010

    Attn:
      Chief Executive Officer

    Fax
      No.:
      (650) 342-8440

     

    in
      either
      case with a copy (which shall not constitute notice) to:

    

    CRT
      Capital Group LLC

    262
      Harbor Drive

    Stamford,
      Connecticut 06902

    Attn:
      George Brickerstaff, Managing Director

    Fax
      No.:
      (203) 569-6890

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    and

     

    Mintz
      Levin Cohn Ferris Glovsky and Popeo, P.C. 

    666
      Third
      Avenue, 25th Floor 

    New
      York,
      New York 10017 

    Attn:
      Joel I. Papernik, Esq. and Jeffrey P. Schultz, Esq.

    Fax
      No.:
      (212) 983-3115

     

    and

    

    Bingham
      McCutchen LLP

    399
      Park
      Avenue

    New
      York,
      New York 10022

    Attn:
      Floyd I. Wittlin, Esq. 

    Fax
      No.:
      (212) 752-5378

     

    (f)  Each
      of
      the Trustee and the Company hereby represents that it has the full right and
      power and has been duly authorized to enter into this Agreement and to perform
      its respective obligations as contemplated hereunder. The Trustee acknowledges
      and agrees that it shall not make any claims or proceed against the Trust
      Account, including by way of set-off, and shall not be entitled to any funds
      in
      the Trust Account under any circumstance.

     

    (g)  This
      Agreement may be executed in two or more counterparts, any one of which need
      not
      contain the signatures of all parties, but all of which together will constitute
      one and the same agreement. Facsimile signatures shall be deemed originals
      for
      all purposes hereunder. 

     

    (h)  If,
      at
      any time during the term hereof, the Company’s Chief Executive Officer is
      unavailable or inaccessible, then the provisions hereof shall be deemed to
      provide, in the alternative, for the signature or action, as applicable, of
      the
      Company’s Chief Operating Officer or Chief Financial Officer.

     

    (i)  The
      Trustee hereby consents to the inclusion of Continental Stock Transfer &
Trust Company in the Registration Statement and other materials relating to
      the
      IPO.

     

     

    (Remainder
      of page intentionally left blank. Signature page(s) to
      follow.)

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties have duly executed this Investment Management
      Trust
      Agreement as of the date first written above.

     

    
      	 	 	 
	 	CONTINENTAL
              STOCK
              TRANSFER & TRUST COMPANY, as Trustee
	 
 	 
 	 
 
	 	By:  	 
	 	
              
                

              

              Name: 

              Title:

            

    

     

    
      	 	 	 
	 	APEX
              BIOVENTURES
              ACQUISITION CORPORATION
	 
 	 
 	 
 
	 	By:  	 
	 	
              
                

              

              K. Michael Forrest,

              Chief Executive
                Officer

            

    

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

    

    [Letterhead
      of Company]

     

    

     

    [Insert
      date]

     

    Continental
      Stock Transfer & Trust Company 

    17
      Battery Place

    New
      York,
      New York 10004

    Attn: [______________]

     

    Re: Trust
      Account No. [ ] Termination Letter

     

    Gentlemen:

     

    Pursuant
      to Section 3 of the Investment Management Trust Agreement between Apex
      Bioventures Acquisition Corporation (the “Company”)
      and
      Continental Stock Transfer & Trust Company (the “Trustee”),
      dated
      as of [__________], 2006 (the “Trust
      Agreement”),
      this
      is to advise you that the Company has entered into an agreement (the
“Business
      Agreement”)
      with
      [___________] (“Target
      Business”)
      to
      consummate a business combination with Target Business (the “Business
      Combination”)
      on or
      about [insert date], which Business Combination is consistent with the
      requirements set forth in the Company’s Registration Statement on Form S-1, as
      amended, No. 333-135755. The Company shall notify you at least 48 hours in
      advance of the actual date of the consummation of the Business Combination
      (the
“Consummation
      Date”).
      Capitalized terms used herein and not otherwise define shall have the meaning
      ascribed to them in the Trust Agreement.

     

    In
      accordance with the terms of the Trust Agreement, we hereby authorize you to
      commence liquidation of the Trust Account to the effect that, on the
      Consummation Date, all of funds held in the Trust Account will be immediately
      available for transfer to the account or accounts that the Company and CRT
      shall
      direct in writing on the Consummation Date.

     

    On
      the
      Consummation Date, (i) counsel for the Company shall deliver to you written
      notification that (a) all of the conditions to closing of the Business
      Combination have been satisfied and the closing date for such Business
      Combination has been scheduled pursuant to the terms of the Business Agreement,
      and (b) the provisions of Section 11-51-302(6) and Rule 51-3.4 of the CRS have
      been met, to the extent applicable; (ii) the Company shall deliver an oath
      and
      report of the inspector of election certifying the approval of the Business
      Combination by the Company’s stockholders (which may be further certified by an
      independent inspector which may be the Trustee or as otherwise appointed by
      the
      Company) (collectively, the “Report”);
      and
      (iii) the Company shall deliver to you written instructions with respect to
      the
      transfer of the funds, including the Deferred Discount, held in the Trust
      Account (“Instructions”).
      Upon
      your receipt of the foregoing, you are hereby directed and authorized to
      transfer the funds held in the Trust Account in accordance with the terms of
      the
      Instructions. Notwithstanding the foregoing, upon verification of receipt by
      you
      of the Instructions, we hereby agree and acknowledge that the Property in the
      Trust Account shall be distributed as follows: (1) first, to CRT by wire
      transfer (or as otherwise directed by CRT) in immediately available funds,
      the
      aggregate amount of $1,500,000 (or up to $1,725,000, if CRT’s over-allotment
      option has been exercised), plus any interest accrued thereon; and (2)
      thereafter, to any other Beneficiary in accordance with the terms of the
      Instructions. In the event that certain deposits held in the Trust Account
      may
      not be liquidated by the Consummation Date without penalty, you will notify
      the
      Company of the same and, if the amount set forth in sub-clause (1) shall not
      have been paid in full, the Company shall issue written instructions directing
      you as to whether such funds should remain in the Trust Account and be
      distributed after the Consummation Date to the Company and/or CRT. 

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    Upon
      the
      distribution of all the funds in the Trust Account pursuant to the terms hereof,
      the Trust Agreement shall be terminated.

     

    In
      the
      event that the Business Combination is not consummated on the Consummation
      Date
      described in the notice thereof and we have not notified you on or before the
      original Consummation Date of a new Consummation Date, then the funds held
      in
      the Trust Account shall be reinvested as provided in the Trust Agreement on
      the
      business day immediately following the Consummation Date, as set forth in the
      notice.

     

    
      	 	 	 
	 	Very truly yours,
	 	 
	 	APEX
              BIOVENTURES
              ACQUISITION CORPORATION
	 
 	 
 	 
 
	 	By:  	 
	 	
              
                

              

              Name:

              Title:

            

    

         

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B

     

    [Letterhead
      of Company]

     

    [Insert
      date]

     

    Continental
      Stock Transfer & Trust Company 

    17
      Battery Place

    New
      York,
      New York 10004

    Attn: [______________]

     

    Re: Trust
      Account No. [ ] Termination Letter

     

    Gentlemen:

     

    Pursuant
      to Section 3 of the Investment Management Trust Agreement between Apex
      Bioventures Acquisition Corporation (the “Company”)
      and
      Continental Stock Transfer & Trust Company (the “Trustee”),
      dated
      as of [__________], 2006 (the “Trust
      Agreement”),
      this
      is to advise you that the Board of Directors of the Company has voted to
      dissolve the Company and liquidate the Trust Account (as defined in the Trust
      Agreement). Attached hereto is a copy of the minutes of the meeting of the
      Board
      of Directors of the Company relating thereto, certified by the Secretary of
      the
      Company as true and correct and in full force and effect.

     

    In
      accordance with the terms of the Trust Agreement, we hereby (a) certify to
      you
      that the provisions of Section 11-51-302(6) and Rule 51-3.4 of the Colorado
      Revised Statutes have been met, and (b) authorize you to commence liquidation
      of
      the Trust Account as a part of the Company’s plan of dissolution and
      distribution. In connection with this liquidation, you are hereby authorized
      to
      establish a record date for the purposes of determining the stockholders of
      record entitled to receive their per share portion of the Trust Account. The
      record date shall be within ten (10) days of the liquidation date, or as soon
      as
      thereafter as is practicable. You will notify the Company and _______________
      (“Designated
      Paying Agent”)
      in
      writing as to when all of the funds in the Trust Account will be available
      for
      immediate transfer (“Transfer
      Date”).
      The
      Designated Paying Agent shall thereafter notify you as to the account or
      accounts of the Designated Paying Agent that the funds in the Trust Account
      should be transferred to on the Transfer Date so that the Designated Paying
      Agent may commence distribution of such funds in accordance with terms of the
      Trust Agreement and the Company’s Certificate of Incorporation, as amended. Upon
      the payment of all the funds in the Trust Account, the Trust Agreement shall
      be
      terminated and the Trust Account closed.

    
       

      
        	 	 	 
	 	Very truly yours,
	 	 
	 	APEX
                BIOVENTURES
                ACQUISITION CORPORATION
	 
 	 
 	 
 
	 	By:  	 
	 	
                
                  

                

                Name:

                Title:

              

      

       

          

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

    

    EXHIBIT
      C

     

    

    
      	
              AUTHORIZED
                INDIVIDUAL(S)

              FOR
                TELEPHONE CALL BACK

            	 	
              AUTHORIZED

              TELEPHONE
                NUMBER(S)

            
	 	 	 
	
              Company:

            	 	 
	 	 	 
	
              Apex
                Bioventures Acquisition Corporation

              18
                Farm Lane

              Hillsborough,
                California 94010

              Attention:
                K. Michael Forrest, CEO

            	 	
              (650)
                344-3029

            
	 	 	 
	
              Trustee:

            	 	 
	 	 	 
	
              Continental
                Stock Transfer & Trust Company

              17
                Battery Place

              New
                York, New York 10004

              Attn:
                Frank DiPaolo

            	 	
              (212)
                845-3270

            

    

     

    
      
        
        

      

      
        12STOCK
      ESCROW AGREEMENT

     

    THIS
      STOCK ESCROW AGREEMENT, dated as of                 ,
      2006
      (the “Agreement”),
      by
      and among APEX BIOVENTURES ACQUISITION CORPORATION, a Delaware corporation
      (the
“Company”),
      the
      undersigned parties listed under Initial Stockholders on the signature page
      hereto (collectively, the “Initial
      Stockholders”)
      and
      CONTINENTAL STOCK TRANSFER & TRUST COMPANY, a New York corporation (the
“Escrow
      Agent”).

     

    WHEREAS,
      the Company has entered into an Underwriting Agreement, dated
      _________,
      2006
      (“Underwriting
      Agreement”),
      with
      CRT CAPITAL GROUP, LLC (“CRT”),
      acting as underwriter, pursuant to which, among other matters, CRT has agreed
      to
      purchase 9,375,000 units (the “Units”)
      of the
      Company’s securities.  Each Unit consists of one share of the Company’s
      common stock, par value $0.0001 per share (“Common
      Stock”),
      and
      one Warrant, each Warrant to purchase one share of Common Stock, all as more
      fully described in the Company’s final Prospectus, dated                ,
      2006
      (the “Prospectus”),
      comprising part of the Company’s Registration Statement on Form S-1, as amended
      (File No. 333-135755) under the Securities Act of 1933, as amended
      (the “Registration
      Statement”),
      which
      was declared effective on                     ,
      2006
      (the “Effective
      Date”); 

     

    WHEREAS,
      the Initial Stockholders have agreed as a condition of the sale of the Units
      to
      deposit (a) those shares of Common Stock of the Company purchased by each of
      them as set forth opposite their respective names under the heading “Number of
      Founder Shares” in Exhibit
      A
      attached
      hereto (collectively, the “Founder
      Shares”),
      and
      (b) those shares of Common Stock of the Company issued as a stock dividend
      to
      each of them as set forth opposite their respective names under the heading
      “Number of Dividend Shares” in Exhibit
      A
      attached
      hereto (collectively the “Dividend
      Shares” and collectively,
      with the Founder Shares, plus such additional shares as may be hereafter
      deposited into escrow pursuant to Section 4.2 or otherwise, less such Dividend
      Shares which may be released in accordance with the Dividend Share Repurchase
      Agreement (defined below) and Section 3 below, the “Escrow
      Shares”),
      in
      escrow as hereinafter provided; 

    

    WHEREAS,
      the Company and each of the Initial Stockholders have entered into a letter
      agreement, dated as of _______, 2006 (the “Dividend
      Share Repurchase Agreement”),
      pursuant to which each of the Initial Stockholders has granted the Company
      the
      right to repurchase the Dividend Shares under certain circumstances;
      and

    

    WHEREAS,
      the Company and the Initial Stockholders desire that the Escrow Agent accept
      the
      Escrow Shares, in escrow, to be held and disbursed as hereinafter
      provided.

    

    NOW,
      THEREFORE, in consideration of the premises and the mutual covenants,
      representations and warranties contained herein and intending to be legally
      bound hereby, the parties hereto agree as follows:

     

    1. Appointment
      of Escrow Agent. 
      The Company and the Initial Stockholders hereby appoint the Escrow Agent to
      act
      in accordance with and subject to the terms of this Agreement, and the Escrow
      Agent hereby accepts such appointment and agrees to act in accordance with
      and
      subject to such terms.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    2. Deposit
      of Escrow Shares. 
      On or before the Effective Date, each of the Initial Stockholders shall deliver
      to the Escrow Agent certificates representing his or her respective Escrow
      Shares, to be held and disbursed subject to the terms and conditions of this
      Agreement.  Each Initial Stockholder acknowledges that the certificate
      representing his or her Escrow Shares is legended to reflect the deposit of
      such
      Escrow Shares under this Agreement.

     

    3. Disbursement
      of the Escrow Shares. 
      The Escrow Agent shall hold the Escrow Shares until (a) the expiration of one
      year from consummation of the Company’s initial Business Combination (as such
      term is defined in the Certificate of Incorporation of the Company), or (b)
      any
      time after six months from consummation of a Business Combination if the volume
      weighted average price of the Common Stock equals or exceeds $11.50 per share
      for any 20 trading days within any 30 trading day period (the “Escrow
      Period”),
      on
      which date it shall, upon written instructions from each Initial Stockholder,
      disburse each of the Initial Stockholder’s Escrow Shares to such Initial
      Stockholder; provided, however, that (i) upon receipt of joint written notice
      from the Company and the Initial Stockholders that the Company has exercised
      its
      right to repurchase some or all of the Dividend Shares pursuant to the Dividend
      Repurchase Agreement, the Escrow Agent will release to the Company all of the
      stock certificates evidencing Dividend Shares (it being understood that, if
      the
      Company has elected to purchase less than all of the Dividend Shares, it shall
      (A) issue new stock certificates, registered to each of the Initial
      Stockholders, representing the Dividend Shares held by each Initial Stockholder
      which have not be so purchased, and (B) deliver such new stock certificates
      to
      the Escrow Agent to hold pursuant to this Agreement), (ii) if the Escrow Agent
      is notified by the Company pursuant to Section 6.7 hereof that the Company
      is being liquidated at any time during the Escrow Period, then immediately
      prior
      to the effectiveness of such liquidation, the Escrow Agent shall promptly
      destroy the certificates representing the Escrow Shares and the Escrow Shares
      shall no longer be considered to be issued and outstanding securities of the
      Company, and (iii) if, after the Company consummates a Business Combination
      (as
      such term is defined in the Registration Statement), it (or the surviving
      entity) subsequently consummates a liquidation, merger, stock exchange or other
      similar transaction which results in all of the stockholders of such entity
      having the right to exchange their shares of Common stock for cash, securities
      or other property, then the Escrow Agent will, upon receipt of a certificate,
      executed by the Chairman, Chief Executive Officer or Vice President of the
      Company, in form reasonably acceptable to the Escrow Agent, that such
      transaction is then being consummated, release the Escrow Shares to the Initial
      Stockholders upon consummation of the transaction so that they can similarly
      participate. The Escrow Agent shall have no further duties hereunder after
      the
      disbursement or destruction of the Escrow Shares in accordance with this
      Section 3.

     

    4. Rights
      of Initial Stockholders in Escrow Shares.

     

    4.1 Voting
      Rights as a Stockholder. 
      Subject to the terms of the Insider Letter described in Section 4.4 hereof,
      and except as herein provided, the Initial Stockholders shall retain all of
      their rights as stockholders of the Company during the Escrow Period, including,
      without limitation, the right to vote their Escrow Shares.

     

    4.2 Dividends
      and Other Distributions in Respect of the Escrow Shares. 
      During the Escrow Period, all dividends payable in cash with respect to the
      Escrow Shares shall be paid to the Initial Stockholders, but all dividends
      payable in stock or other non-cash property (the “Non-Cash
      Dividends”)
      shall
      be delivered to the Escrow Agent to hold in accordance with the terms
      hereof.  As used herein, the term “Escrow Shares” shall be deemed to
      include the Non-Cash Dividends distributed thereon, if any.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    4.3 Restrictions
      on Transfer. 
      During the Escrow Period, no sale, transfer or other disposition may be made
      of
      any or all of the Escrow Shares except, with respect to (a) an Initial
      Stockholder that is an entity, a dividend, distribution or contribution to
      any
      individual or entity controlling, controlled by, or under common control with
      such Initial Stockholder, or any stockholder, member, partner or limited partner
      of such Initial Stockholder, for which no or nominal consideration is received,
      and (b) with respect to an Initial Stockholder who is an individual, (i) to
      a
      member of Initial Stockholder’s immediate family or to a trust, the beneficiary
      of which is an Initial Stockholder or a person related to an Initial Stockholder
      by blood, marriage or adoption, or (ii) by virtue of the laws of descent and
      distribution upon death of any Initial Stockholder; provided,
      however,
      that
      such permissive transfers may be implemented only upon the respective
      transferee’s written agreement to be bound by the terms and conditions of this
      Agreement and of the Insider Letter signed by the Initial Stockholder
      transferring the Escrow Shares.  During the Escrow Period, no Initial
      Stockholder shall pledge or grant a security interest in his, her or its Escrow
      Shares or grant a security interest in his, her or its rights under this
      Agreement.

     

    4.4 Insider
      Letters. 
      Each of the Initial Stockholders has executed a letter agreement with CRT and
      the Company, dated as indicated on Exhibit A
      hereto,
      and which is filed as an exhibit to the Registration Statement (“Insider
      Letter”),
      respecting the rights and obligations of such Initial Stockholder in certain
      events, including, but not limited to, the liquidation of the
      Company.

     

    5. Concerning
      the Escrow Agent.

     

    5.1 Good
      Faith Reliance. 
      The Escrow Agent shall not be liable for any action taken or omitted by it
      in
      good faith and in the exercise of its own best judgment, and may rely
      conclusively and shall be protected in acting upon any order, notice, demand,
      certificate, opinion or advice of counsel (including counsel chosen by the
      Escrow Agent), statement, instrument, report or other paper or document (not
      only as to its due execution and the validity and effectiveness of its
      provisions, but also as to the truth and acceptability of any information
      therein contained) which is believed by the Escrow Agent to be genuine and
      to be
      signed or presented by the proper person or persons.  The Escrow Agent
      shall not be bound by any notice or demand, or any waiver, modification,
      termination or rescission of this Agreement unless evidenced by a writing
      delivered to the Escrow Agent signed by the proper party or parties and, if
      the
      duties or rights of the Escrow Agent are affected, unless it shall have given
      its prior written consent thereto.

     

    5.2 Indemnification. 
      The Escrow Agent shall be indemnified and held harmless by the Company from
      and
      against any expenses, including counsel fees and disbursements, or loss suffered
      by the Escrow Agent in connection with any action, suit or other proceeding
      involving any claim which in any way, directly or indirectly, arises out of
      or
      relates to this Agreement, the services of the Escrow Agent hereunder, or the
      Escrow Shares held by it hereunder, other than expenses or losses arising from
      the gross negligence or willful misconduct of the Escrow Agent.  Promptly
      after the receipt by the Escrow Agent of notice of any demand or claim or the
      commencement of any action, suit or proceeding, the Escrow Agent shall notify
      the other parties hereto in writing.  In the event of the receipt of such
      notice, the Escrow Agent, in its sole discretion, may commence an action in
      the
      nature of interpleader in an appropriate court to determine ownership or
      disposition of the Escrow Shares or it may deposit the Escrow Shares with the
      clerk of any appropriate court or it may retain the Escrow Shares pending
      receipt of a final, non-appealable order of a court having jurisdiction over
      all
      of the parties hereto directing to whom and under what circumstances the Escrow
      Shares are to be disbursed and delivered.  The provisions of this
      Section 5.2 shall survive in the event the Escrow Agent resigns or is
      discharged pursuant to Sections 5.5 or 5.6 below.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    5.3 Compensation. 
      The Escrow Agent shall be entitled to reasonable compensation from the Company
      for all services rendered by it hereunder.  The Escrow Agent shall also be
      entitled to reimbursement from the Company for all expenses paid or incurred
      by
      it in the administration of its duties hereunder including, but not limited
      to,
      all legal counsel and agents’ fees and disbursements and all taxes or other
      governmental charges.

     

    5.4 Further
      Assurances. 
      From time to time, on and after the date hereof, the Company and the Initial
      Stockholders shall deliver, or cause to be delivered, to the Escrow Agent such
      further documents and instruments and shall do or cause to be done such further
      acts as the Escrow Agent shall reasonably request to carry out more effectively
      the provisions and purposes of this Agreement, to evidence compliance herewith
      or to assure itself that it is protected in acting hereunder.

     

    5.5 Resignation. 
      The Escrow Agent may resign at any time and be discharged from its duties as
      escrow agent hereunder by its giving the other parties hereto written notice
      and
      such resignation shall become effective as hereinafter provided.  Such
      resignation shall become effective at such time that the Escrow Agent shall
      turn
      over to a successor escrow agent appointed by the Company, the Escrow Shares
      held hereunder.  If no new escrow agent is so appointed within the sixty
      (60) day period following the giving of such notice of resignation, the Escrow
      Agent may deposit the Escrow Shares with any court it reasonably deems
      appropriate.

     

    5.6 Discharge
      of Escrow Agent. 
      The Escrow Agent shall resign and be discharged from its duties as escrow agent
      hereunder if so requested in writing at any time by the Company and a majority
      of the Initial Stockholders, jointly; provided, however, that such resignation
      shall become effective only upon acceptance of appointment by a successor escrow
      agent as provided in Section 5.5.

     

    5.7 Liability. 
      Notwithstanding anything herein to the contrary, the Escrow Agent shall not
      be
      relieved from liability hereunder for its own gross negligence or its own
      willful misconduct.

     

    6.  Miscellaneous.

     

    6.1 Governing
      Law. 
      This Agreement shall for all purposes be deemed to be made under and shall
      be
      construed in accordance with the laws of the Delaware.

     

    6.2 Third
      Party Beneficiaries. 
      Each of the Initial Stockholders hereby acknowledges that CRT is a third party
      beneficiary of this Agreement and this Agreement may not be modified or changed
      without the prior written consent of CRT.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    6.3 Entire
      Agreement. 
      This Agreement contains the entire agreement of the parties hereto with respect
      to the subject matter hereof and, except as expressly provided herein, may
      not
      be changed or modified except by an instrument in writing signed by the party
      to
      be charged and by CRT. 

     

    6.4  Headings. 
      The headings contained in this Agreement are for reference purposes only and
      shall not affect in any way the meaning or interpretation thereof.

     

    6.5 Binding
      Effect. 
      This Agreement shall be binding upon and inure to the benefit of the respective
      parties hereto and their legal representatives, successors and
      assigns.

     

    6.6 Notices. 
      Any notice or other communication required or which may be given hereunder
      shall
      be in writing and either be delivered personally or be mailed, certified or
      registered mail, or by private national courier service, return receipt
      requested, postage prepaid, and shall be deemed given when so delivered
      personally or, if mailed, two days after the date of mailing, as
      follows:

     

    If
      to the
      Company, to:

    Apex
      Bioventures Acquisition Corporation

    18
      Farm
      Lane

    Hillsborough,
      California 94010

    Attention:
      Chief Executive Officer

     

    If
      to a
      an Initial Stockholder, to his, her or its address set forth in Exhibit
      A;

    

    and
      if to
      the Escrow Agent, to:

    

    Continental
      Stock Transfer & Trust Company 

    17
      Battery Place

    New
      York,
      New York 10004

    Attention:  Chairman

    

    A
      copy of
      any notice sent hereunder shall be sent (which shall not constitute notice)
      to:

     

    Mintz,
      Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

    666
      Third
      Avenue, 25th Floor

    New
      York,
      New York 10017

    Attention: Joel
      I.
      Papernik, Esq. and

    Jeffrey
      P. Schultz, Esq.

    and:

    CRT
      Capital Group, LLC 

       
      262 Harbor Drive

       
      Stamford, Connecticut 06902

       
      Attention: George Bickerstaff, Managing Director

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    The
      parties may change the persons and addresses to which the notices or other
      communications are to be sent by giving written notice to any such change in
      the
      manner provided herein for giving notice.

     

    6.7 Liquidation
      of Company.
      The
      Company shall give the Escrow Agent written notification of the liquidation
      and
      dissolution of the Company in the event that the Company fails to consummate
      a
      Business Combination within the time period(s) specified in the
      Prospectus.

     

    6.8 Counterparts.
      This
      Agreement may be executed in several counterparts, each one of which may be
      delivered by facsimile transmission and each of which shall constitute an
      original, and together shall constitute but one instrument.

     

    (Remainder
      of page intentionally left blank. Signature pages to follow.)

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the undersigned have executed this Stock Escrow Agreement
      as of
      the date first written above. 

     

    
      	
              COMPANY:

            	 	APEX
              BIOVENTURES
              ACQUISITION CORPORATION 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	
            	 	By: 	
            
	
            	 	 	
              
K.
              Michael Forrest, Chief Executive Officer
	 	 	 	 
	 	 	 	 

    

    
      
        	
                
                  INITIAL
                    STOCKHOLDERS:

                

              	 	
                
K.
                MICHAEL FORREST 
	 	 	 	 
	
              	 	
              	
              
	
              	 	
                
JOHN
                J. CHANDLER
	 	 	 	 

      

      
        
          	 	 	 	 
	 	 	
                  
NANCY
                  T. CHANG  
	 	 	 	 
	 	 	 	 
	 	 	EASTON ASSOCIATES,
                  LLC 
	 	 	 	 
	 	 	 	 
	
                	 	By: 	
                
	
                	 	 	
                  
Robert
                  J. Easton, Chairman
	 	 	 	 
	 	 	 	 
	 	 	INVIVOS LIMITED
                  PARTNERS 
	 	 	 	 
	 	 	By: 	Invivos Partners, Ltd., its general
                  partner 
	 	 	 	 
	 	 	By: 	 
	 	 	 	
                  
Darrell
                  J. Elliott, President  
	 	 	 	 
	 	 	 	 
	 	 	TREASURE ROAD PARTNERS,
                  LTD. 
	 	 	 	 
	 	 	By: 	 
	 	 	 	
                  

                  Gary E. Frashier, Manager 
	 	 	 	 
	 	 	
                  

                  ANTHONY J. SINSKEY 
	 	 	 	 
	 	 	 	 
	 	 	
                  
ROBERT
                  L. VAN
                  NOSTRAND  

        

        
           

        

      

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     EXHIBIT
      A

    TO

    STOCK
      PURCHASE AGREEMENT

     

    
      	
              Name
                and Address of

              Initial
                Stockholder 

            	 	 

              Number

              of
                Founder Shares

            	 	 

              Stock

              Certificate
                Number

            	 	 

              Number

              of
                Dividend Shares

            	 	 

              Stock

              Certificate
                Number

            	 	 

              Date
                of

              Insider
                Letter

            
	 	 	 	 	 	 	 	 	 	 	 
	
              K.
                Michael Forrest

              18
                Farm Lane

              Hillsborough,
                CA 94010

            	 	
               

              598,252

            	 	
               

              001

            	 	
               

              89,738

            	 	 	 	
               

              August
                __, 2006

            
	 	 	 	 	 	 	 	 	 	 	 
	
              John
                J. Chandler

              467
                Winged Foot Road

              Half
                Moon Bay, CA 94019

            	 	
               

              152,578

            	 	
               

              002

            	 	
               

              22,887

            	 	 	 	
               

              August
                __, 2006

            
	 	 	 	 	 	 	 	 	 	 	 
	
              Nancy
                T. Chang

              10301
                Stella Link

              Houston,
                TX 77025

            	 	
               

              141,797

            	 	
               

              003

            	 	
               

              21,270

            	 	 	 	
               

              August
                __, 2006

            
	 	 	 	 	 	 	 	 	 	 	 
	
              Easton
                Associates, LLC

              555
                Fifth Avenue

              New
                York, NY 10017

            	 	
               

              384,033

            	 	
               

              004

            	 	
               

              57,605

            	 	 	 	
               

              August
                __, 2006

            
	 	 	 	 	 	 	 	 	 	 	 
	
              Invivos
                Limited Partners

              1763
                Orkney Place

              North
                Vancouver, BC V7H 2Z1

            	 	
               

              353,760

            	 	
               

              005

            	 	
               

              53,064

            	 	 	 	
               

              August
                __, 2006

            
	 	 	 	 	 	 	 	 	 	 	 
	
              Treasure
                Road Partners, Ltd.

              215
                West Bandera Road, Suite 114

              Boerne,
                TX 78006

            	 	
               

              384,033

            	 	
               

              006

            	 	
               

              57,605

            	 	 	 	
               

              August
                __, 2006

            
	 	 	 	 	 	 	 	 	 	 	 
	
              Anthony
                J. Sinskey

              Department
                of Biology, Room 68-30A

              Massachusetts
                Institute of Technology

              Cambridge,
                MA 02139

            	 	
               

              141,797

            	 	
               

              007

            	 	
               

              21,270

            	 	 	 	
               

              August
                __, 2006

            
	 	 	 	 	 	 	 	 	 	 	 
	
              Robert
                L. Van Nostrand

              Mariners
                Circle

              West
                Islip, NY 11795

            	 	
               

              187,500

            	 	
               

              008

            	 	
               

              28,125

            	 	 	 	
               

              August
                __, 2006

            

    

     

     

    
      
         

      

      
        
          A-1

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