Document:

EXHIBIT
      4.2

     

    COUGAR
      BIOTECHNOLOGY, INC.

    COMMON
      STOCK WARRANT

     

    THIS
      WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
      (THE “ACT”),
      OR
      UNDER THE SECURITIES LAWS OF ANY STATE. THIS WARRANT IS SUBJECT TO RESTRICTIONS
      ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS
      PERMITTED UNDER THE ACT AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT
      TO
      REGISTRATION OR EXEMPTION THEREFROM. THE ISSUER OF THIS WARRANT MAY REQUIRE
      AN
      OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE
      EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND
      ANY APPLICABLE STATE SECURITIES LAWS. 

     

    This
      certifies that «Investor» (the
      “Holder”),
      or
      assigns, at any time or from time to time up to and including 5:00 p.m. (Eastern
      Time) on the date that is the fifth (5th) anniversary
      of the final closing of the sale of Bridge Notes (as defined in the Note (as
      defined below)) by the Company (the “Expiration
      Date”),
      for
      value received, is entitled to purchase from Cougar Biotechnology, Inc., a
      Delaware corporation (the “Company”),
      subject to the terms set forth below, that number of fully-paid and
      nonassessable shares (subject to adjustment as provided herein) (the
“Warrant
      Shares”)
      of the
      Company’s Common Stock, $0.001 par value per share (the “Common
      Stock”),
      equal
      to (i) either (A) «Warrants__90_days»,
      if a
      Qualified Financing (as defined in that certain Senior Convertible Promissory
      Note dated January 24, 2006 issued by the Company to the Holder (the
“Note”)
      pursuant to that certain Note and Warrant Purchase Agreement dated January
      24,
      2006 between the Company and the Holder (the “Purchase
      Agreement”))
      is
      consummated within ninety (90) days after the final
      closing of the Company’s sale of Bridge Notes (the “Qualified
      Financing Date”),
      or
      (B) «Warrants__90_days1»,
      if a
      Qualified Financing is not consummated on or before the Qualified Financing
      Date
      (ii)
      divided by $3.18, upon surrender to the Company at its principal office (or
      at
      such other location as the Company may advise the Holder in writing) of this
      Warrant properly endorsed with the Form of Subscription attached hereto duly
      completed and signed and upon payment of the aggregate Exercise Price (as
      defined below) for the number of Warrant Shares for which this Warrant is being
      exercised determined in accordance with the provisions hereof. The per share
      exercise price (the “Exercise
      Price”)
      per
      Warrant Share issuable pursuant to this Common Stock Warrant shall be $3.18,
      payable in accordance with Section 1(b)
      hereof.
      The Exercise Price is subject to adjustment as provided in Section 3
      of this
      Warrant. Notwithstanding the foregoing, the Company shall have the right to
      redeem this Warrant as described in Section 4
      hereof.
      This Warrant is issued subject to the following terms and
      conditions:

     

    1.  Exercise,
      Issuance of Certificates.
      Subject
      to Section 4
      hereof,
      the Holder may exercise this Warrant at any time or from time to time after
      the
      earlier to occur of a Qualified Financing or the Due Date (or the expiration
      of
      the Extended Term, if applicable) (each as defined in the Note), and on or
      prior
      to the Expiration Date for all or any part of the Warrant Shares (but not for
      a
      fraction of a share) that may be purchased hereunder, as that number may be
      adjusted pursuant to Section 3
      of this
      Warrant. The Company agrees that the Warrant Shares purchased under this Warrant
      shall be and are deemed to be issued to the Holder hereof as the record owner
      of
      such Warrant Shares as of the close of business on the date on which this
      Warrant shall have been surrendered, properly endorsed, the completed and
      executed Form of Subscription delivered, and payment made for such Warrant
      Shares (such date, a “Date
      of Exercise”).
      Certificates for the Warrant Shares so purchased, together with any other
      securities or property to which the Holder hereof is entitled upon such
      exercise, shall be delivered to the Holder hereof by the Company at the
      Company’s expense as soon as practicable after the rights represented by this
      Warrant have been so exercised, but in any event not later than ten days
      following the Date of Exercise. In case of a purchase of less than all the
      Warrant Shares which may be purchased under this Warrant, the Company shall
      cancel this Warrant and execute and deliver to the Holder hereof within a
      reasonable time a new Warrant or Warrants of like tenor for the balance of
      the
      Warrant Shares purchasable under the Warrant surrendered upon such purchase.
      Each stock certificate so delivered shall be registered in the name of such
      Holder and issued with a legend in substantially the form of the legend placed
      on the front of this Warrant. 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (a)  The
      Company’s obligations to issue and deliver Warrant Shares in accordance with the
      terms hereof are absolute and unconditional, irrespective of any action or
      inaction by the Holder to enforce the same. Nothing herein shall limit a
      Holder’s right to pursue any other remedies available to it hereunder, at law or
      in equity including, without limitation, a decree of specific performance and/or
      injunctive relief with respect to the Company’s failure to timely deliver
      certificates representing shares of Common Stock upon exercise of the Warrant
      as
      required pursuant to the terms hereof.

     

    (b)  Payment
      of Exercise Price.
      The
      Holder shall pay the Exercise Price by delivering immediately available funds
      to
      the Company.

     

    2.  Shares
      to be Fully Paid; Reservation of Shares.
      The
      Company covenants and agrees that all Warrant Shares, will, upon issuance and
      payment of the applicable Exercise Price, be duly authorized, validly issued,
      fully paid and nonassessable, and free of all preemptive rights, liens and
      encumbrances, except for restrictions on transfer provided for herein. 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 rights to purchase all Warrant Shares granted pursuant to this Warrant,
      such
      number of shares of Common Stock as shall, from time to time, be sufficient
      therefor.

     

    3.  Adjustment
      of Exercise Price and Number of Shares.
      The
      Exercise Price and the total number of Warrant Shares shall be subject to
      adjustment from time to time upon the occurrence of certain events described
      in
      this Section 3.

     

    (a)  Subdivision
      or Combination of Stock.
      In the
      event the outstanding shares of the Company’s Common Stock shall be increased by
      a stock dividend payable in Common Stock, stock split, subdivision, or other
      similar transaction occurring after the date hereof into a greater number of
      shares of Common Stock, the Exercise Price in effect immediately prior to such
      subdivision shall be proportionately reduced and the number of Warrant Shares
      issuable hereunder proportionately increased. Conversely, in the event the
      outstanding shares of the Company’s Common Stock shall be decreased by reverse
      stock split, combination, consolidation, or other similar transaction occurring
      after the date hereof into a lesser number of shares of Common Stock, the
      Exercise Price in effect immediately prior to such combination shall be
      proportionately increased and the number of Warrant Shares issuable hereunder
      proportionately decreased.

     

    (b)  Reclassification.
      If any
      reclassification of the capital stock of the Company or any reorganization,
      consolidation, merger, or any sale, lease, license, exchange or other transfer
      (in one transaction or a series of related transactions) of all or substantially
      all, of the business and/or assets of the Company (the “Reclassification
      Events”)
      shall
      be effected in such a way that holders of Common Stock shall be entitled to
      receive stock, securities, or other assets or property, then, as a condition
      of
      such Reclassification Event, lawful and adequate provisions shall be made
      whereby the Holder hereof shall thereafter have the right to purchase and
      receive (in lieu of the shares of Common Stock of the Company immediately
      theretofore purchasable and receivable upon the exercise of the rights
      represented hereby) such shares of stock, securities, or other assets or
      property as may be issued or payable with respect to or in exchange for a number
      of outstanding shares of such Common Stock equal to the number of shares of
      such
      stock immediately theretofore purchasable and receivable upon the exercise
      of
      the rights represented hereby. In any Reclassification Event, appropriate
      provision shall be made with respect to the rights and interests of the Holder
      of this Warrant to the end that the provisions hereof (including, without
      limitation, provisions for adjustments of the Exercise Price and of the number
      of Warrant Shares), shall thereafter be applicable, as nearly as may be, in
      relation to any shares of stock, securities, or assets thereafter deliverable
      upon the exercise hereof.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (c)  Notice
      of Adjustment.
      Upon
      any adjustment of the Exercise Price or any increase or decrease in the number
      of Warrant Shares, the Company shall give written notice thereof, by first
      class
      mail postage prepaid, addressed to the registered Holder of this Warrant at
      the
      address of such Holder as shown on the books of the Company. The notice shall
      be
      prepared and signed by the Company’s Chief Financial Officer and shall state the
      Exercise Price resulting from such adjustment and the increase or decrease,
      if
      any, in the number of shares purchasable at such price upon the exercise of
      this
      Warrant, setting forth in reasonable detail the method of calculation and the
      facts upon which such calculation is based.

     

    4.  Redemption
      of Warrants.

     

    (a)  Redemption.
      This
      Warrant may be redeemed at the option of the Company, at any time after the
      date
      the Common Stock (or securities received in exchange for the Common Stock)
      is
      traded on the Over-the-Counter Bulletin Board (the “OTCBB”),
      Nasdaq National Market, Small Cap Market System or on a national securities
      exchange, following a period of thirty (30) consecutive calendar days in which
      the per share average closing sale price of the Common Stock (or securities
      received in exchange for the Common Stock) equals or exceeds an amount that
      is
      twice the Exercise Price, on notice as set forth in Section 4(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 “Act”)
      or are
      otherwise freely tradable. For purposes of this Section, the closing sale price
      of the Common Stock shall be determined by the closing price as reported by
      the
      OTCBB so long as the Common Stock is quoted on the OTCBB, and if the Common
      Stock is hereafter listed or quoted on the Nasdaq National Market or SmallCap
      Market Systems or a national securities exchange, shall be determined by the
      last reported sale price on the primary exchange or market on which the Common
      Stock is traded. 

     

    (b)  Notice
      of Redemption.
      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 4(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, 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)  Payment
      of Redemption Price.
      If
      notice of redemption shall have been given as provided in Section 4(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
      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.

     

    5.  No
      Voting or Dividend Rights.
      Nothing
      contained in this Warrant shall be construed as conferring upon the holder
      hereof the right to vote or to consent to receive notice as a stockholder of
      the
      Company on any other matters or any rights whatsoever as a shareholder of the
      Company. No dividends or interest shall be payable or accrued in respect of
      this
      Warrant or the interest represented hereby or the shares purchasable hereunder
      until, and only to the extent that, this Warrant shall have been
      exercised.

     

    6.  Compliance
      with Securities Act.
      The
      Holder of this Warrant, by acceptance hereof, agrees that this Warrant is being
      acquired for its own account and not for any other person or persons, for
      investment purposes and that it will not offer, sell, or otherwise dispose
      of
      this Warrant except under circumstances which will not result in a violation
      of
      the Act or any applicable state securities laws. 

     

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

     

    8.  Modification
      and Waiver.
      This
      Warrant and any provision hereof may be changed, waived, discharged, or
      terminated only by an instrument in writing signed by the party against whom
      enforcement of the same is sought. 

     

    9.  Notices.
      Any
      notice, request, or other document required or permitted to be given or
      delivered to the Holder hereof or the Company shall be delivered as set forth
      in
      the Purchase Agreement.

     

    10.  Governing
      Law.
      This
      Warrant shall be construed and enforced in accordance with, and the rights
      of
      the parties shall be governed by, the laws of the State of New
      York.

     

    11.  Lost
      or Stolen Warrant.
      Upon
      receipt of evidence reasonably satisfactory to the Company of the loss, theft,
      destruction, or mutilation of this Warrant and, in the case of any such loss,
      theft or destruction, upon receipt of an indemnity reasonably satisfactory
      to
      the Company, or in the case of any such mutilation, upon surrender and
      cancellation of such Warrant, the Company, at its expense, will make and deliver
      a new Warrant, of like tenor, in lieu of the lost, stolen, destroyed or
      mutilated Warrant.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    12.  Fractional
      Shares.
      No
      fractional shares shall be issued upon exercise of this Warrant. The Company
      shall, in lieu of issuing any fractional share, pay the Holder entitled to
      such
      fraction a sum in cash equal to such fraction (calculated to the nearest 1/100th
      of a share) multiplied by the then effective Exercise Price on the date the
      Form
      of Subscription is received by the Company.

     

    13.  Successors
      and Assigns.
      This
      Warrant and the rights evidenced hereby shall inure to the benefit of and be
      binding upon the successors of the Company and the successors and assigns of
      the
      Holder. The provisions of this Warrant are intended to be for the benefit of
      all
      Holders from time to time of this Warrant, and shall be enforceable by any
      such
      Holder.

     

    14.  Severability
      of Provisions.
      In case
      any one or more of the provisions of this Warrant shall be invalid or
      unenforceable in any respect, the validity and enforceability of the remaining
      terms and provisions of this Warrant shall not in any way be affected or
      impaired thereby and the parties will attempt in good faith to agree upon a
      valid and enforceable provision which shall be a commercially reasonable
      substitute therefor, and upon so agreeing, shall incorporate such substitute
      provision in this Warrant.

     

    [Signature
      Page Follows]

     

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    IN
      WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by
      its
      officer, thereunto duly authorized as of this 24th
      day of
      January, 2006.

     

    

    Cougar
      Biotechnology, Inc.

    

    

    By:
      ______________________________

    

    Name: Alan
      H. Auerbach

    

    Title: President
      and Chief Executive Officer

    

     

    Signature
      Page—Common Stock Warrant

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    FORM
      OF SUBSCRIPTION

     

    (To
      be
      signed only upon exercise of Warrant)

     

    To: Cougar
      Biotechnology, Inc.

     

    The
      undersigned, the holder of the attached Common Stock Warrant, hereby elects
      to
      exercise the purchase right represented by such Warrant for, and to purchase
      thereunder,                                    1 
      shares
      of Common Stock of Cougar Biotechnology, Inc. and
      such
      holder herewith
      makes payment of $_________ therefor.

     

    

     

    

     

    

     

    The
      undersigned requests that certificates for such shares be issued in the name
      of,
      and delivered to:
      ________________________________________________________________ whose
      address is:
      __________________________________________________________________________________________.

     

    DATED:
      __________________

     

    ___________________________________________________________________________

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

    

    Name:
      _________________________________________________

    

    Title:
      __________________________________________________

    

    ___________

      
        1
          Insert
          here the number of shares called for on the face of the Warrant (or, in
          the case
          of a partial exercise, the portion thereof as to which the Warrant is being
          exercised), in either case without making any adjustment for any stock
          or other
          securities or property or cash which, pursuant to the adjustment provisions
          of
          the Warrant, may be deliverable upon exercise.

         

        

        Signature
          Page—Common Stock WarrantExhibit
      4.3

    WARRANT
      

    

    To
      Purchase ______ Shares of Common Stock

    of

    COUGAR
      BIOTECHNOLOGY, INC.

    

    This
      Warrant and the Securities issuable upon exercise of this Warrant have not
      been
      registered under the Securities Act of 1933 (the “1933 Act”) or under any state
      securities or “Blue Sky” laws (“Blue Sky Laws”). No transfer, sale, assignment,
      pledge, hypothecation or other disposition of this Warrant or the Securities
      issuable upon exercise of this Warrant or any interest therein may be made
      except (a) pursuant to an effective registration statement under the 1933
      Act and any applicable Blue Sky Laws or (b) if the Corporation has been
      furnished with an opinion of counsel for the holder, which opinion and counsel
      shall be reasonably satisfactory to the Corporation, to the effect that no
      registration is required because of the availability of an exemption from
      registration under the 1933 Act and applicable Blue Sky laws.

    

    THIS
      CERTIFIES THAT,
      for good
      and valuable consideration [____________]
      (the
“Holder”), or the Holder’s registered assigns, is entitled to subscribe for and
      purchase from Cougar Biotechnology, Inc., a Delaware corporation (the
“Corporation”), at any time on or after __________, 2006, to and including
      __________, 2011, ________________ (_____) fully paid and nonassessable shares
      of the Common Stock of the Corporation at the price of $3.18 per share (the
      “Warrant Exercise Price”), subject to the provisions in Section 5, of this
      Warrant.

    

    The
      shares which may be acquired upon exercise of this Warrant are referred to
      herein as the “Warrant Shares.” As used herein, the term “Holder” means the
      Holder, any party who acquires all or a part of this Warrant as a registered
      transferee of the Holder, or any record holder or holders of the Warrant Shares
      issued upon exercise, whether in whole or in part, of the Warrant. The term
      “Common Stock” means the common stock, $0.001 par value per share, of the
      Corporation.

    

    This
      Warrant is subject to the following provisions, terms and
      conditions:

    

    1. Exercise;
      Transferability.

    

    (a) The
      rights represented by this Warrant may be exercised by the Holder hereof, in
      whole or in part (but not as to a fractional share of Common Stock), by written
      notice of exercise (in the form attached hereto) delivered to the Corporation
      at
      the principal office of the Corporation prior to the expiration of this Warrant
      and accompanied or preceded by the surrender of this Warrant along with a check
      in payment of the Warrant Exercise Price for such Warrant Shares.

    

    (b) Except
      as
      provided in Section 7 hereof, this Warrant may not be sold, transferred,
      assigned, hypothecated or divided into two or more Warrants of smaller
      denominations, nor may any Warrant Shares issued pursuant to exercise of this
      Warrant be transferred. In no event may this Warrant be transferred and divided
      (without any exercise hereof) into any denomination(s) of less than 100 Warrant
      Shares.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    2. Exchange
      and Replacement.
      Subject
      to Sections 1 and 7 hereof, this Warrant is exchangeable upon the surrender
      hereof by the Holder to the Corporation at its office for new Warrants of like
      tenor and date representing in the aggregate the right to purchase the number
      of
      Warrant Shares purchasable hereunder, each of such new Warrants to represent
      the
      right to purchase such number of Warrant Shares (not to exceed the aggregate
      total number purchasable hereunder) as shall be designated by the Holder at
      the
      time of such surrender. Upon receipt by the Corporation of evidence reasonably
      satisfactory to it of the loss, theft, destruction or mutilation of this
      Warrant, and, in case of loss, theft or destruction, of indemnity or security
      reasonably satisfactory to it, and upon surrender and cancellation of this
      Warrant, if mutilated, the Corporation will make and deliver a new Warrant
      of
      like tenor, in lieu of this Warrant. This Warrant shall be promptly canceled
      by
      the Corporation upon the surrender hereof in connection with any exchange or
      replacement. The Corporation shall pay all expenses, taxes (other than stock
      transfer taxes), and other charges payable in connection with the preparation,
      execution, and delivery of Warrants pursuant to this
      Section 2.

    

    3. Issuance
      of the Warrant Shares.

    

    (a) The
      Corporation agrees that the Warrant Shares shall be and are deemed to be issued
      to the Holder as of the close of business on the date on which this Warrant
      shall have been surrendered and the payment made for such Warrant Shares as
      aforesaid. Subject to the provisions of paragraph (b) of this Section 3,
      certificates for the Warrant Shares so purchased shall be delivered to the
      Holder within a reasonable time after the rights represented by this Warrant
      shall have been so exercised, and, unless this Warrant has expired, a new
      Warrant representing the right to purchase the number of Warrant Shares, if
      any,
      with respect to which this Warrant shall not then have been exercised shall
      also
      be delivered to the Holder.

    

    (b) Notwithstanding
      the foregoing, however, the Corporation shall not be required to deliver any
      certificate for Warrant Shares upon exercise of this Warrant except in
      accordance with exemptions from the applicable securities registration
      requirements or registrations under applicable securities laws. Except as
      described in Section 9, nothing herein shall obligate the Corporation to effect
      registrations under federal or state securities laws. If registrations are
      not
      in effect and if exemptions are not available when the Holder seeks to exercise
      the Warrant, the Warrant exercise period will be extended, if need be, to
      prevent the Warrant from expiring, until such time as either registrations
      become effective or exemptions are available, and the Warrant shall then remain
      exercisable for a period of at least 30 calendar days from the date the
      Corporation delivers to the Holder written notice of the availability of such
      registrations or exemptions. The Holder agrees to execute such documents and
      make such representations, warranties and agreements as may be required solely
      to comply with the exemptions relied upon by the Corporation, or the
      registrations made, for the issuance of the Warrant Shares.

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    4. Covenants
      of the Corporation.
      The
      Corporation covenants and agrees that all Warrant Shares will, upon issuance,
      be
      duly authorized and issued, fully paid, non-assessable and free from all taxes,
      liens and charges with respect to the issue thereof. The Corporation further
      covenants and agrees that during the period within which the rights represented
      by this Warrant may be exercised, the Corporation will at all times have
      authorized and reserved for the purpose of issue or transfer upon exercise
      of
      the subscription rights evidenced by this Warrant a sufficient number of shares
      of Common Stock to provide for the exercise of the rights represented by this
      Warrant.

    

    5. Anti-dilution
      Adjustments.
      The
      provisions of this Warrant are subject to adjustment as provided in this
      Section 5.

    

    (a) Stock
      Splits, Dividends and Combinations.
      The
      Warrant Exercise Price shall be adjusted from time to time such that in case
      the
      Corporation shall hereafter:

    

    (i)
      pay any
      dividends on any class of stock of the Corporation payable in Common Stock
      or
      securities convertible into Common Stock;

    

    (ii)
      subdivide its then outstanding shares of Common Stock into a greater number
      of
      shares; or

    

    (iii)
      combine
      outstanding shares of Common Stock, by reclassification or
      otherwise;

    

    then,
      in
      any such event, the Warrant Exercise Price in effect immediately prior to such
      event shall (until adjusted again pursuant hereto) be adjusted immediately
      after
      such event to a price (calculated to the nearest full cent) determined by
      dividing (A) the number of shares of Common Stock outstanding immediately
      prior to such event, multiplied by the then existing Warrant Exercise Price,
      by
      (B) the total number of shares of Common Stock outstanding immediately
      after such event (including in each case the maximum number of shares of Common
      Stock issuable in respect of any securities convertible into Common Stock),
      and
      the resulting quotient shall be the adjusted Warrant Exercise Price per share.
      An adjustment made pursuant to this Subsection shall become effective
      immediately after the record date in the case of a dividend or distribution
      and
      shall become effective immediately after the effective date in the case of
      a
      subdivision, combination or reclassification. If, as a result of an adjustment
      made pursuant to this Subsection, the Holder of any Warrant thereafter
      surrendered for exercise shall become entitled to receive shares of two or
      more
      classes of capital stock or shares of Common Stock and other capital stock
      of
      the Corporation, the Board of Directors (whose determination shall be
      conclusive) shall determine the allocation of the adjusted Warrant Exercise
      Price between or among shares of such classes of capital stock or shares of
      Common Stock and other capital stock. All calculations under this Subsection
      shall be made to the nearest cent or to the nearest 1/100 of a share, as the
      case may be. In the event that at any time as a result of an adjustment made
      pursuant to this Subsection, the holder of any Warrant thereafter surrendered
      for exercise shall become entitled to receive any shares of the Corporation
      other than shares of Common Stock, thereafter the Warrant Exercise Price of
      such
      other shares so receivable upon exercise of any Warrant shall be subject to
      adjustment from time to time in a manner and on terms as nearly equivalent
      as
      practicable to the provisions with respect to Common Stock contained in this
      Section.

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    (b) Mechanics
      of Adjustment for Stock Splits, Dividends and Combinations.
      Upon
      each adjustment of the Warrant Exercise Price pursuant to Section 5(a)
      above, the Holder of each Warrant shall thereafter (until another such
      adjustment) be entitled to purchase at the adjusted Warrant Exercise Price
      the
      number of shares, calculated to the nearest full share, obtained by multiplying
      the number of shares specified in such Warrant (as adjusted as a result of
      all
      adjustments in the Warrant Exercise Price in effect prior to such adjustment)
      by
      the Warrant Exercise Price in effect prior to such adjustment and dividing
      the
      product so obtained by the adjusted Warrant Exercise Price.

    

    (c) Consolidations,
      Mergers and Reorganization Events.
      In case
      of any consolidation or merger to which the Corporation is a party other than
      a
      merger or consolidation in which the Corporation is the continuing corporation,
      or in case of any sale or conveyance to another corporation of the property
      of
      the Corporation as an entirety or substantially as an entirety, or in the case
      of any statutory exchange of securities with another corporation (including
      any
      exchange effected in connection with a merger of a third corporation into the
      Corporation), there shall be no adjustment under Subsection (a) of this
      Section 5; but the Holder of each Warrant then outstanding shall have the right
      thereafter to convert such Warrant into the kind and amount of shares of stock
      and other securities and property which he would have owned or have been
      entitled to receive immediately after such consolidation, merger, statutory
      exchange, sale or conveyance had such Warrant been converted immediately prior
      to the effective date of such consolidation, merger, statutory exchange, sale
      or
      conveyance and, in any such case, if necessary, appropriate adjustment shall
      be
      made in the application of the provisions set forth in this Section with respect
      to the rights and interests thereafter of any Holders of the Warrant, to the
      end
      that the provisions set forth in this Section shall thereafter correspondingly
      be made applicable, as nearly as may reasonably be, in relation to any shares
      of
      stock and other securities and property thereafter deliverable on the exercise
      of the Warrant. The provisions of this Subsection shall similarly apply to
      successive consolidations, mergers, statutory exchanges, sales or
      conveyances.

     

    (d) Certificate
      as to Adjustments.
      Upon
      the occurrence of each adjustment or readjustment of the Warrant Exercise Price
      or the number of Warrants covered hereby pursuant to this Section, the
      Corporation, at its expense, shall promptly compute such adjustment or
      readjustment in accordance with the terms hereof and furnish to the Holder
      a
      certificate setting forth such adjustment or readjustment and showing in detail
      the facts upon which such adjustment or readjustment is based. The Corporation
      shall, upon the written request at any time of the Holder, furnish or cause
      to
      be furnished to the Holder a like certificate setting forth (i) such
      adjustments and readjustments, (ii) the Warrant Exercise Price at the time
      in effect, and (iii) the number of shares of Common Stock and the amount,
      if any, of other property which at the time would be received upon the exercise
      of this Warrant. 

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    6. No
      Voting Rights.
      This
      Warrant shall not entitle the Holder to any voting rights or other rights as
      a
      stockholder of the Corporation.

    

    7. Notice
      of Transfer of Warrant or Resale of the Warrant Shares.

    

    (a) Subject
      to the sale, assignment, hypothecation or other transfer restrictions set forth
      in Section 1 hereof, the Holder, by acceptance hereof, agrees to give
      written notice to the Corporation before transferring this Warrant or
      transferring any Warrant Shares of such Holder's intention to do so, describing
      briefly the manner of any proposed transfer. Promptly upon receiving such
      written notice, the Corporation shall present copies thereof to the
      Corporation's counsel. If in the opinion of such counsel the proposed transfer
      may be effected without registration or qualification (under any federal or
      state securities laws), the Corporation, as promptly as practicable, shall
      notify the Holder of such opinion, whereupon the Holder shall be entitled to
      transfer this Warrant or to dispose of Warrant Shares received upon the previous
      exercise of this Warrant, all in accordance with the terms of the notice
      delivered by the Holder to the Corporation; provided that an appropriate legend
      may be endorsed on this Warrant or the certificates for such Warrant Shares
      respecting restrictions upon transfer thereof necessary or advisable in the
      opinion of counsel and satisfactory to the Corporation to prevent further
      transfers which would be in violation of Section 5 of the 1933 Act and
      applicable state securities laws; and provided further that the prospective
      transferee or purchaser shall execute such documents and make such
      representations, warranties and agreements as may be required solely to comply
      with the exemptions relied upon by the Corporation for the transfer or
      disposition of the Warrant or Warrant Shares.

    

    (b) If,
      in
      the opinion of the Corporation’s counsel, the proposed transfer or disposition
      of this Warrant or such Warrant Shares described in the written notice given
      pursuant to this Section 7 may not be effected without registration or
      qualification of this Warrant or such Warrant Shares, the Corporation shall
      promptly give written notice thereof to the Holder, and the Holder will limit
      its activities in respect to such transfer or disposition as, in the opinion
      of
      such counsel, are permitted by law.

    

    8. Fractional
      Shares.
      Fractional shares shall not be issued upon the exercise of this Warrant, but
      in
      any case where the holder would, except for the provisions of this Section,
      be
      entitled under the terms hereof to receive a fractional share, the Corporation
      shall, upon the exercise of this Warrant for the largest number of whole shares
      then called for, pay a sum in cash equal to the sum of (a) the excess, if
      any, of the Market Price of such fractional share over the proportional part
      of
      the Warrant Exercise Price represented by such fractional share, plus
      (b) the proportional part of the Warrant Exercise Price represented by such
      fractional share. For purposes of this Section, the term “Market Price” with
      respect to shares of Common Stock of any class or series means the last reported
      sale price or, if none, the average of the last reported closing bid and asked
      prices on any national or regional securities exchange or quoted in the National
      Association of Securities Dealers, Inc.'s Automated Quotations System
      (“Nasdaq”), or if not listed on a national or regional securities exchange or
      quoted in Nasdaq, the average of the last reported closing bid and asked prices
      as reported by the OTC Bulletin Board from quotations by market makers in such
      Common Stock, or if no quotations in such Common Stock are available, the fair
      market value of the shares as determined in good faith by the Board of Directors
      of the Corporation.

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    9. Registration
      Rights. If
      at any
      time prior to the expiration of this Warrant the Corporation shall propose
      to
      file any registration statement (other than any registration on Form S-4, S-8
      or
      any other similarly inappropriate form, or any successor forms thereto) under
      the 1933 Act covering a public offering of the Common Stock (a “Registration
      Statement”), it will notify the Holder hereof at least twenty (20) days prior to
      each such filing and will use its best efforts to include in the Registration
      Statement (to the extent permitted by applicable regulation), the Warrant Shares
      to the extent requested by the Holder hereof within ten (10) days after receipt
      of notice of such filing (which request shall specify the interest in this
      Warrant or the Warrant Shares intended to be sold or disposed of by such Holder
      and describe the nature of any proposed sale or other disposition thereof);
      provided,
      however,
      that if
      a greater number of Warrant Shares is offered for participation in the proposed
      offering than in the reasonable opinion of the managing underwriter of the
      proposed offering can be accommodated without adversely affecting the proposed
      offering, then the amount of Warrant Shares proposed to be offered by such
      Holders for registration, as well as the number of securities of any other
      selling shareholders participating in the registration, shall be proportionately
      reduced to a number deemed satisfactory by the managing underwriter. The
      Corporation shall bear all expenses and fees incurred in connection with the
      preparation, filing, and amendment of the Registration Statement, except that
      the Holder shall pay all fees, disbursements and expenses of any counsel or
      expert retained by the Holder and all underwriting discounts and commissions,
      filing fees and any transfer or other taxes relating to the Warrant Shares
      included in the Registration Statement. As a condition precedent to the
      Corporation’s obligations under this Section 9, the Holder agrees to cooperate
      with the Corporation in the preparation and filing of any Registration
      Statement, and in the furnishing of information concerning the Holder for
      inclusion therein, or in any efforts by the Corporation to establish that the
      proposed sale is exempt under the 1933 Act as to any proposed
      distribution. 

    

     

    Signature
      page follows.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF,
      Cougar
      Biotechnology, Inc. has caused this Warrant to be signed by its duly authorized
      officer and this Warrant to be dated _______, 2006.

     

    
      	 	 	 
	 	COUGAR
              BIOTECHNOLOGY, INC.
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Alan
              H. Auerbach
	 	Its:
              Chief Executive Officer

    

    
 

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    TO: COUGAR
      BIOTECHNOLOGY, INC.

    

    NOTICE
      OF EXERCISE OF WARRANT
      -- To
      Be
      Executed by the Registered Holder in Order to Exercise the Warrant

    

    

    The
      undersigned hereby irrevocably elects to exercise the attached Warrant to
      purchase for cash, __________________
      of the
      shares issuable upon the exercise of such Warrant, and requests that
      certificates for such shares (together with a new Warrant to purchase the number
      of shares, if any, with respect to which this Warrant is not exercised) shall
      be
      issued in the name of

    

    
 

    
      	 	__________________________________________
	 	(Print Name)
	 	 
	 	 
	
              Please
                insert social security

              or
                other identifying number

              of
                registered Holder of

              certificate
                (_____________)

            	Address:
	 	 
	 	__________________________________________
	 	__________________________________________
	 	 
	 	 
	Dated: ____________	__________________________________________
	 	
              Signature*

            

    

     

     

    *The
      signature on the Notice of Exercise of Warrant must correspond to the name
      as
      written upon the face of the Warrant in every particular without alteration
      or
      enlargement or any change whatsoever. When signing on behalf of a corporation,
      partnership, trust or other entity, PLEASE indicate your position(s) and
      title(s) with such entity.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    ASSIGNMENT
      FORM

    

    

    To
      be
      signed only upon authorized transfer of Warrants.

    

    

    

    FOR
      VALUE
      RECEIVED, the undersigned hereby sells, assigns, and transfers unto
      _______________________________ the right to purchase the securities of Cougar
      Biotechnology, Inc. to which the within Warrant relates and appoints
      ______________________, attorney, to transfer said right on the books of Cougar
      Biotechnology, Inc. with full power of substitution in the
      premises.

     

     

    
      	Dated: ____________	__________________________________________
	 	
              (Signature)

            
	 	 
	 	
              Address:

            
	 	__________________________________________
	 	__________________________________________

    

     

     

    
      
        
        

      

      
        9

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