Document:

Exhibit 10.3

 

NEITHER THIS SECURITY NOR THE SECURITY INTO WHICH
THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND
EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON
AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN
AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO
SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE
COMPANY.

 

	
  Warrant No. W-May07-1

  	
   

  	
  250,000 Warrants

  

 

Void after 5:00 p.m.,
Eastern Standard Time on May 30, 2012

 

COMMON STOCK

PURCHASE WARRANT

 

OF

 

VIRIUM
PHARMACEUTICALS INC.

 

VIRIUM PHARMACEUTICALS INC., a New
York corporation (the “Company”), hereby certifies that, for value received, Strategic
Capital Resources, Inc. (the
“Warrant Holder”) is the owner of the number of common stock purchase
warrants (“Warrants”) specified above, each of which entitles the holder
thereof to purchase, at any time during the period commencing on the
Commencement Date (as defined herein) and ending on the Expiration Date (as
defined herein), one fully paid and non-assessable share of common stock, par
value $0.001 per share, of the Company (the “Common Stock”) at a
purchase price equal to the Exercise Price (as defined below) in lawful money
of the United States of America in cash, subject to adjustment as hereinafter
provided.

 

1.             WARRANT; EXERCISE PRICE.

 

1.1           This Warrant is issued pursuant to a Subscription Agreement
dated as of the date hereof, by and among the Company and the Subscribers set
forth therein (the “Subscription Agreement”).

 

1.2           Each Warrant shall entitle the Warrant Holder to purchase
one share of Common Stock of the Company (individually, a “Warrant Share”
severally, the “Warrant Shares”).

 

 

1.3           The purchase price payable upon exercise of each Warrant (“Exercise
Price”) shall initially be $1.00. The Exercise Price and number of Warrant
Shares purchasable pursuant to each Warrant are subject to adjustment as
provided in Section 8.

 

2.             EXERCISE OF  WARRANT; EXPIRATION DATE.

 

2.1           This Warrant is exercisable at any time and from time to
time commencing the date hereof (“Commencement Date”) and ending at 5:00 p.m.,
Eastern Time on May 30, 2012 (the “Expiration Date”), in whole or
from time to time in part, at the option of the Warrant Holder, upon surrender
of this Warrant to the Company together with a duly completed Notice of
Exercise in the form attached hereto and payment of an amount equal to the then
applicable Exercise Price multiplied by the number of Warrant Shares then being
purchased upon such exercise.

 

2.2           Each exercise of this Warrant shall be deemed to have been
effected immediately prior to the close of business on the day on which this
Warrant shall have been surrendered to the Company as provided in Section 2.1.  At such time, the person or persons in whose
name or names any certificates for Warrant Shares shall be issuable upon such
exercise as provided in Section 2.3 below shall be deemed to have become
the holder or holders of record of the Warrant Shares represented by such
certificates.

 

2.3           Within three business days after the exercise of the
purchase right represented by this Warrant, the Company at its expense will use
its reasonable best efforts to cause to be issued in the name of, and delivered
to, the Warrant Holder, or, subject to the terms and conditions hereof, to such
other individual or entity as such Warrant Holder (upon payment by such Warrant
Holder of any applicable transfer taxes) may direct:

 

(a)           a certificate or certificates for the number of full Warrant
Shares to which such Warrant Holder shall be entitled upon such exercise plus,
in lieu of any fractional share to which such Warrant Holder would otherwise be
entitled, cash in an amount determined pursuant to Section 2.4 hereof, and

 

(b)           in case such exercise is in part only, a new Warrant or
Warrants (dated the date hereof) of like tenor, stating on the face or faces
thereof the number of shares currently stated on the face of this Warrant minus
the number of such shares purchased by the Warrant Holder upon such exercise as
provided in Section 2.2 (in each case prior to any adjustments made
thereto pursuant to the provisions of this Warrant).

 

2.4           The Company shall not be required upon the exercise of this
Warrant to issue any fractional shares, but shall make an adjustment thereof in
cash on the basis of the “last sale price” (as defined below) of the Company’s
Common Stock on the trading day immediately prior to the date of exercise.  For purposes of this Section 2.4, “last
sale price” shall mean (i) if the Common Stock is listed on an Exchange or
quoted on the Nasdaq markets or NASD OTC Bulletin Board (or successor such as
the Bulletin Board Exchange), the last sale price of the Common Stock in the
principal trading market for the Common Stock as reported by the Exchange,
Nasdaq or the NASD, as the case may be; (ii) if the Common Stock is not
listed on an 

 

2

 

Exchange or quoted on the Nasdaq markets, or
the NASD OTC Bulletin Board (or successor such as the Bulletin Board Exchange),
but is traded in the over-the-counter market, the closing bid price for the
Common Stock on the last trading day preceding the date in question for which
such quotations are reported by the Pink Sheets, LLC or similar publisher of
such quotations; and (iii) if the fair market value of the Common Stock
cannot be determined pursuant to clause (i) or (ii) above, such price
as the Board of Directors of the Company shall determine, in good faith, in the
Board’s sole discretion.

 

3.             REGISTRATION AND TRANSFER ON
COMPANY BOOKS.

 

3.1           The Company (or an agent of the Company) will maintain a
register containing the names and addresses of the Warrant Holders.  Any Warrant Holder may change its, his or her
address as shown on the warrant register by written notice to the Company
requesting such change.

 

3.2           The Company shall register upon its books any transfer of a
Warrant upon surrender of same as provided in Section 5.

 

4.             RESERVATION OF SHARES.  The Company will at all times reserve and
keep available, solely for issuance and delivery upon the exercise of this
Warrant, such Warrant Shares and other stock, securities and property, as from
time to time shall be issuable upon the exercise of this Warrant.  As long as the Warrant shall be
outstanding, the Company shall use its commercially reasonable efforts to cause
all Warrant Shares issuable upon exercise of the Warrants to be listed (subject
to official notice of issuance) on each Exchange (or, if applicable on Nasdaq, NASD
OTC Bulletin Board or Pink Sheets, LLC or any successor electronic quotation
service and trading market) on which the Common Stock is then listed and/or
quoted, if any.

 

5.             EXCHANGE,
TRANSFER, ASSIGNMENT OR LOSS OR MUTILATION OF 
WARRANTS.  This Warrant is
exchangeable, without expense, at the option of the Warrant Holder, upon
presentation and surrender hereof to the Company for other warrants of
different denominations entitling the holder thereof to purchase in the
aggregate the same number of shares of Common Stock purchasable hereunder.  Subject to the terms of Sections 6 and 7,
upon surrender of this Warrant to the Company at its principal office or at the
office of its transfer agent, if any, with the Assignment Form annexed
hereto duly executed and funds sufficient to pay any transfer tax, the Company
shall, without charge, execute and deliver a new Warrant in the name of the
assignee named in such instrument of assignment and this Warrant shall be
promptly canceled.  Subject to the terms
of Sections 6 and 7, this Warrant may be divided or combined with other
warrants which carry the same rights upon presentation hereof at the principal
office of the Company together with a written notice specifying the names and
denominations in which new Warrants are to be issued and signed by the Warrant
Holder hereof.  The term “Warrant” as
used herein includes any Warrants into which this Warrant may be divided or
exchanged.  Upon receipt by the Company
of reasonable evidence of the ownership of and the loss, theft, destruction or
mutilation of this Warrant and, in the case of loss, theft or destruction, of
indemnity reasonably satisfactory to the Company, or, in the case of
mutilation,

 

3

 

upon surrender and cancellation of the
mutilated Warrant, the Company shall execute and deliver in lieu thereof a new
Warrant of like tenor and date representing an equal number of Warrants.

 

6.             LIMITATION
ON EXERCISE AND SALES.

 

(a)           Each holder of this Warrant
acknowledges that this Warrant and the Warrant Shares have not been registered
under the Securities Act, as of the date of issuance hereof.  This Warrant only may be transferred in
compliance with this Section 6 and Section 7. The Company shall be
under no obligation to issue the shares covered by such exercise unless and
until the Warrant Holder shall have executed the form of exercise annexed
hereto that states that at the time of such exercise that it is then an “accredited
investor” within the meaning of Rule 501 of Regulation D, is acquiring
such shares for its own account, and will not transfer the Warrant Shares
unless pursuant to an effective and current registration statement under the
Securities Act or an exemption from the registration requirements of the
Securities Act and any other applicable restrictions, in which event the
Warrant Holder shall be bound by the provisions of a legend or legends to such
effect that shall be endorsed upon the certificate(s) representing the
Warrant Shares issued pursuant to such exercise.  In such event, the Warrant Shares issued upon
exercise hereof shall be imprinted with a legend in substantially the form
provided in Section 7(b).

 

(b)           Warrant Holder
represents and warrants that it is acquiring this Warrant for its own account,
for purposes of investment, and not with a view to, or for sale in connection
with, any distribution thereof within the meaning of the Securities Act and the
rules and regulations promulgated thereunder.  Warrant Holder represents, warrants and
agrees that it will not sell, exercise, transfer or otherwise dispose of this
Warrant (or any interest therein) or any of the Common Stock purchasable upon
exercise hereof, except pursuant to (i) an effective registration
statement under the Securities Act and applicable state securities laws or (ii) an
opinion of counsel, satisfactory to Company, that an exemption from
registration under the Securities Act and such laws is available.  Warrant Holder further acknowledges and
agrees that Company is not required, legally or contractually, so to register
or qualify the Warrant or such Common Stock or to take any action to make such
an exemption available.  Warrant Holder
understands that Company will be relying upon the truth and accuracy of the
representations and warranties contained in this Section 6 in issuing this
Warrant and such Common Stock without first registering the issuance thereof
under the Securities Act or qualifying or registering the issuance thereof
under any state securities laws that may be applicable.

 

(c)           Warrant Holder
acknowledges that (i) there is not now, and there may not be in the
future, any public market for the Warrant, (ii) although there currently
is not a public trading market for the Common Stock, there can be no assurance
that any such market will be created and sustained, and (iii) there can be
no assurance that Warrant Holder will be able to liquidate its investment in
Company.  Warrant Holder represents and
warrants that it is familiar with and understands the terms and conditions of Rule 144
promulgated under the Securities Act.

 

(d)           Warrant Holder
represents and warrants to Company that (i) it has such knowledge and
experience in financial and business matters as is necessary to enable it to
evaluate the merits and risks of any investments in Company and is not
utilizing any other person to be a purchaser representative in connection with
evaluation of such merits and risks; and (ii) it

 

4

 

has no need for liquidity
in an investment in Company and is able to bear the risk of that investment for
an indefinite period and to afford a complete loss thereof.

 

(e)           Warrant Holder
represents and warrants that it has had access to, and has been furnished with,
all of the information it has requested from Company and has had an opportunity
to review the books and records of Company and to discuss with management and
members of the board of directors of Company the business and financial affairs
of Company.

 

(f)            Warrant Holder agrees
that at the time of each exercise of this Warrant, unless the issuance of
shares of Common Stock issuable thereupon is pursuant to an effective
registration statement under the Securities Act and under applicable state blue
sky laws, Warrant Holder will provide Company with a letter embodying the
representations and warranties set forth in subsections (b) through (e),
in form and substance satisfactory to Company, and agrees that the certificate(s) representing
any shares issued to it upon any exercise of this Warrant may bear such
restrictive legend as Company may deem necessary to reflect the restricted
status of such shares under the Securities Act unless Company shall have
received from Warrant Holder an opinion of counsel to Warrant Holder,
reasonably satisfactory in form and substance to Company and its counsel, that
such restrictive legend is not required.

 

7.             TRANSFER
RESTRICTIONS.

 

(a)           If, at the time of the
surrender of this Warrant in connection with any transfer of this Warrant, the
transfer of this Warrant shall not be registered pursuant to an effective
registration statement under the Securities Act and under applicable state
securities or blue sky laws, the Company may require, as a condition of
allowing such transfer (i) that the Warrant Holder or transferee of this
Warrant, as the case may be, furnish to the Company a written opinion of
counsel (which opinion shall be in form, substance and scope customary for
opinions of counsel in comparable transactions and reasonably satisfactory to
counsel for the Company) to the effect that such transfer may be made without
registration under the Securities Act and under applicable state securities or
blue sky laws, (ii) that the holder or transferee execute and deliver to
the Company an investment letter in form and substance acceptable to the
Company, (iii) that transferee agree in writing with the Company to be
bound by the terms and conditions of this Warrant applicable to the Warrant
Holder and (iv) that the transferee be an “accredited investor” as defined
in Regulation D promulgated under the Securities Act.

 

(b)           The Common Stock
issuable on the exercise of the Warrant shall bear the following legend:

 

THESE
SECURITIES HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION,
OR THE SECURITIES COMMISSION OF ANY STATE, IN RELIANCE UPON AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN
AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT 

 

5

 

AND IN
ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL
OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH
SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.

 

(c)           The Holder acknowledges
that the Warrant Shares acquired upon the exercise of this Warrant, if not
registered, will have restrictions upon resale imposed by state and federal
securities laws.

 

8.             ADJUSTMENT OF EXERCISE PRICE AND
NUMBER OF SHARES DELIVERABLE.
 The Exercise Price and the number of
Warrant Shares purchasable pursuant to each Warrant shall be subject to
adjustment from time to time as hereinafter set forth in this Section 8:

 

(a)           In case, prior to the expiration
of this Warrant by exercise or by its terms, the Company shall issue any shares
of its Common Stock as a stock dividend or subdivide the number of outstanding
shares of its Common Stock into a greater number of shares, then in either of
such cases, the then applicable Exercise Price per Warrant Share purchasable
pursuant to this Warrant in effect at the time of such action shall be
proportionately reduced and the number of Warrant Shares at that time
purchasable pursuant to this Warrant shall be proportionately increased; and
conversely, in the event the Company shall reduce the number of outstanding
shares of Common Stock by combining such shares into a smaller number of
shares, then, in such case, the then applicable Exercise Price per Warrant
Share purchasable pursuant to this Warrant in effect at the time of such action
shall be proportionately increased and the number of Warrant Shares at that
time purchasable pursuant to this Warrant shall be proportionately
decreased.  If the Company shall, at any
time during the life of this Warrant, declare a dividend payable in cash on its
Common Stock and shall at substantially the same time offer to its stockholders
a right to purchase new Common Stock from the proceeds of such dividend or for
an amount substantially equal to the dividend, all Common Stock so issued
shall, for the purpose of this Warrant, be deemed to have been issued as a
stock dividend.  Any dividend paid or
distributed upon the Common Stock in stock of any other class of securities
convertible into shares of Common Stock shall be treated as a dividend paid in
Common Stock to the extent that shares of Common Stock are issuable upon
conversion thereof.

 

(b)           In case, prior to the expiration
of this Warrant by exercise or by its terms, the Company shall be recapitalized
by reclassifying its outstanding Common Stock, (other than a change in par
value to no par value), or the corporation or a successor corporation shall
consolidate or merge with or convey all or substantially all of its or of any
successor corporation’s property and assets to any other corporation or
corporations (any such other corporations being included within the meaning of
the term “successor corporation” hereinbefore used in the event of any
consolidation or merger of any such other corporation with, or the sale of all
or substantially all of the property of any such other corporation to, another
corporation or corporations), then, as a condition of such recapitalization,
consolidation, merger or conveyance, lawful and adequate provision shall be
made whereby the holder of this Warrant shall thereafter have the right to
purchase, upon the basis and on the terms and conditions specified in this
Warrant, in lieu of the Warrant Shares theretofore purchasable upon the
exercise of this Warrant, 

 

6

 

such shares of
stock, securities or assets as may be issued or payable with respect to, or in
exchange for, the number of Warrant Shares theretofore purchasable upon the
exercise of this Warrant had such recapitalization, consolidation, merger, or
conveyance not taken place; and in any such event, the rights of the Warrant
Holder to any adjustment in the number of Warrant Shares purchasable upon the
exercise of this Warrant, as herein provided, shall continue and be preserved
in respect of any stock which the Warrant Holder becomes entitled to purchase.

 

(c)           In case the Company at any time
while this Warrant shall remain unexpired and unexercised shall sell all or
substantially all of its property or dissolve, liquidate, or wind up its
affairs, lawful provision shall be made as part of the terms of any such sale, dissolution,
liquidation or winding up, so that the holder of this Warrant may thereafter
receive upon exercise hereof in lieu of each Warrant Share that it would have
been entitled to receive, the same kind and amount of any securities or assets
as may be issuable, distributable or payable upon any such sale, dissolution,
liquidation or winding up with respect to each share of Common Stock of the
Company, provided, however, that in any case of any such sale or of
dissolution, liquidation or winding up, the right to exercise this Warrant
shall terminate on a date fixed by the Company; such date so fixed to be not
earlier than 5:00 p.m., Eastern Time, on the forty-fifth day next
succeeding the date on which notice of such termination of the right to
exercise this Warrant has been given by mail to the registered holder of this
Warrant at its address as it appears on the books of the Company.

 

9.             VOLUNTARY ADJUSTMENT BY THE
COMPANY.  The Company may, at its option, at any time
during the term of the Warrants, reduce the then current Exercise Price to any
amount deemed appropriate by the Board of Directors of the Company and/or
extend the date of the expiration of the Warrants.

 

10.           RIGHTS OF THE HOLDER. The Warrant Holder shall not,
by virtue hereof, be entitled to any rights of a stockholder in the Company,
either at law or equity, and the rights of the Warrant Holder are limited to
those expressed in this Warrant and are not enforceable against the Company
except to the extent set forth herein. This Warrant does not entitle the Holder
to any voting rights or other rights as a shareholder of the Company prior to
the Exercise Date and then only with respect to the Warrant Shares to be issued
with respect thereto.

 

11.           NOTICES OF RECORD DATE.  In case:

 

(a)           the Company shall take a record
of the holders of its Common Stock (or other stock or securities at the time
deliverable upon the exercise of this Warrant) for the purpose of entitling or
enabling them to receive any dividend or other distribution, or to receive any
right to subscribe for or purchase any shares of any class or any other
securities, or to receive any other right, or

 

(b)           of any capital reorganization of
the Company, any reclassification of the capital stock of the Company, any
consolidation or merger of the Company with or into another corporation (other
than a consolidation or merger in which the Company is the surviving entity),
or any transfer of all or substantially all of the assets of the Company, or

 

7

 

(c)           of the voluntary or involuntary
dissolution, liquidation or winding-up of the Company,

 

then, and in each such case, the Company will
mail or cause to be mailed to the Warrant Holder a notice specifying, as the
case may be, (i) the date on which a record is to be taken for the purpose
of such dividend, distribution or right, and stating the amount and character
of such dividend, distribution or right, or (ii) the effective date on
which such reorganization, reclassification, consolidation, merger, transfer,
dissolution, liquidation or winding-up is to take place, and the time, if any
is to be fixed, as of which the holders of record of Common Stock (or such
other stock or securities at the time deliverable upon the exercise of this  Warrant) shall be entitled to exchange their
shares of Common Stock (or such other stock or securities) for securities or
other property deliverable upon such reorganization, reclassification,
consolidation, merger, transfer, dissolution, liquidation or winding-up.  Such notice shall be mailed at least ten days
prior to the record date or effective date for the event specified in such
notice, provided that the failure to mail such notice shall not affect the
legality or validity of any such action. 
The Company shall not be required to deliver any such notice with
respect to the transactions contemplated by the Agreement and Plan of Merger,
dated as of the date hereof, by and among the Company, REIT Americas, Inc.,
a Maryland Corporation, Virium Pharmaceuticals, Inc., a Delaware
corporation and Virium Merger Sub, Inc., a Delaware corporation.

 

12.           SUCCESSORS.  The rights and obligations of the parties to
this Warrant will inure to the benefit of and be binding upon the parties
hereto and their respective heirs, successors, assigns, pledgees, transferees
and purchasers.

 

13.           CHANGE OR WAIVER.  Any term of this Warrant may be changed or
waived only by an instrument in writing signed by the party against whom
enforcement of the change or waiver is sought.

 

14.           HEADINGS.  The headings in this Warrant are for purposes
of reference only and shall not limit or otherwise affect the meaning of any
provision of this Warrant. Wherever possible, each provision of this Warrant
shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Warrant shall be prohibited by or
invalid under applicable law, such provision shall be ineffective to the extent
of such prohibition or invalidity, without invalidating the remainder of such
provisions or the remaining provisions of this Warrant.

 

15.           GOVERNING LAW.  This Note shall be governed by and construed
in accordance with the laws of the State of New York.  Any action brought by either party against
the other concerning the transactions contemplated by this Note shall be
brought only in the state courts of Florida or in the federal courts located in
the state of Florida.  The prevailing
party shall be entitled to recover from the other party its reasonable attorney’s
fees and costs.

 

16.           MAILING OF NOTICES, ETC.  All
notices and other communications required or permitted hereunder shall be in
writing and shall be deemed to have been duly given one (1) business day
after delivery to an overnight carrier with instructions to deliver to the
applicable

 

8

 

address set forth below, or, if
sent by facsimile, upon receipt of a confirmation of delivery:

 

	
   

  	
  Registered Holder:

  	
  To his or her last known address as
  indicated on the Company’s books and records.

  
	
   

  	
   

  	
   

  
	
   

  	
  The Company:

  	
  Virium Pharmaceuticals Inc.

  
	
   

  	
   

  	
  116 Village Blvd.

  
	
   

  	
   

  	
  Suite 200

  
	
   

  	
   

  	
  Princeton, NJ 08540

  
	
   

  	
   

  	
  Attention:  President

  
	
   

  	
   

  	
  Fax: (908) 292-1096

  

 

[Signature Page Follows]

 

9

 

IN WITNESS WHEREOF, the Company has
caused this Warrant to be signed by its duly authorized officer as of May 30,
2007

 

 

	
   

  	
  VIRIUM PHARMACEUTICALS INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  James M. Pachence

  
	
   

  	
  Name:  
  James M. Pachence

  
	
   

  	
  Title:
    President and Chief Executive Officer

  

 

10

 

Notice of Exercise

To Be Executed by the Warrant
Holder

In Order to Exercise Warrants

 

TO:
  Virium Pharmaceuticals Inc.

 

The undersigned hereby: (1) irrevocably
subscribes for and offers to purchase               
shares of the common stock, par value $.001 per share (“Common Stock”),
of Virium Pharmaceuticals Inc., pursuant to Warrant No.       
heretofore issued to                                       
on May 30, 2007 and (2) encloses a cash payment of $                    
representing the aggregate exercise price for such shares.

 

The undersigned hereby represents and warrants to
the Company that it is an “Accredited Investor” within the meaning of Rule 501
of Regulation D promulgated under the Securities Act of 1933, as amended (the “Securities
Act”), and is acquiring these securities for its own account and not with a
view to, or for sale in connection with, any distribution thereof, nor with any
present intention of distributing or selling the same.  The undersigned further represents that it
does not have any contract, agreement, understanding or arrangement with any
person to sell, transfer or grant the shares of Common Stock issuable under
this Warrant.  The undersigned understands
that the shares it will be receiving are “restricted securities” under Federal
securities laws inasmuch as they are being acquired from Virium Pharmaceuticals
Inc., in transactions not including any public offering and that under such
laws, such shares may only be sold pursuant to an effective and current
registration statement under the Securities Act or an exemption from the
registration requirements of the Securities Act and any other applicable
restrictions, in which event a legend or legends will be placed upon the
certificate(s) representing the Common Stock issuable under this Warrant
denoting such restrictions.  The
undersigned understands and acknowledges that the Company will rely on the
accuracy of these representations and warranties in issuing the securities
underlying the Warrant.

 

[warrant notice of exercise
signature page to follow]

 

11

 

[warrant notice of exercise
signature page]

 

	
  Date:

  	
   

  
	
   

  
	
  Warrant Holder Name:

  	
   

  
	
   

  
	
  Taxpayer Identification Number:

  	
   

  
	
   

  
	
  By:

  	
   

  
	
   

  
	
  Printed Name:

  	
   

  
	
   

  
	
  Title:

  	
   

  
	
   

  
	
  Address:

  	
   

  
			

 

Note: The above signature should correspond exactly
with the name on the face of this Warrant or with the name of assignee
appearing in assignment form below.

 

AND,
if said number of shares shall be less than the total number of shares purchasable
under the Warrant, a new Warrant is to be issued in the name of said
undersigned for the balance remaining of the shares purchasable thereunder less
any fraction of a share paid in cash and delivered to the address stated above.

 

 

ASSIGNMENT FORM

To
be executed by the Warrant Holder

In
order to Assign Warrants

 

FOR
VALUE RECEIVED,                                                                        
hereby sell, assigns and transfer unto

 

PLEASE
INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER

 

	
   

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

  

(Please print or type name
and address)

 

                                            
of the Warrants represented by this Warrant, and hereby irrevocably constitutes
and appoints                                                 
Attorney to transfer this Warrant on the books of the Company, with full power
of substitution in the premises.

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  (Signature
  of Registered Holder)

  

 

 

In
addition to executing this Assignment Form, the Warrant Holder and the
transferee must comply with the other requirements for transfer set forth in
Sections 6 and 7 of the Warrant.

 

CERTIFICATION OF STATUS OF TRANSFEREE

TO BE EXECUTED BY THE TRANSFEREE OF THIS WARRANT

 

The
undersigned transferee hereby certifies to the registered holder of this
Warrant and to VIRIUM PHARMACEUTICALS INC. that the transferee is an “accredited
investor” within the meaning of Rule 501 of Regulation D promulgated under
the Securities Act of 1933, as amended.

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  (Signature of Transferee)

  

 

13Exhibit
10.4

 

AMENDMENT TO
CONVERTIBLE PROMISSORY NOTE

DUE NOVEMBER 26, 2007

 

This Amendment dated November 26,
2007 (the “Amendment”) amends certain provisions of the Convertible
Promissory Note in the original principal amount of $500,000.00, issued by Virium
Pharmaceuticals Inc., a New York corporation (the “Company”) (No. PN-May-1),
due November 26, 2007 (the “Note”), and is by and between the
Company and Strategic Capital Resources, Inc. (“Holder”).  Terms not otherwise defined herein which are
defined in the Note shall have the same respective meanings herein as therein.

 

WHEREAS, pursuant to that certain Subscription Agreement, dated as of May 30,
2007, by and between the Company and the Holder (the “Subscription Agreement”),
the Company issued to the Holder the Note and a common stock purchase warrant
(the “Prior Warrant”) representing the right to purchase up to 250,000
shares of the Company’s common stock, par value $0.001 per share (“Common
Stock”).

 

WHEREAS, the Company and Holder have agreed to modify certain terms and
conditions of the Note as specifically set forth in this Amendment.

 

NOW, THEREFORE, in consideration of the mutual agreements contained
herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

 

1.             Amendments to the Note.  The Note is
hereby amended as follows:

 

(a)           All references to “November 26,
2007” in the Note are hereby deleted and replaced with “March 26, 2008.”

 

(b)           All interest on the
Note accruing after November 30, 2007 shall accrue at the rate of 15% per
annum, compounded monthly.

 

2.             Effectiveness.  This
Amendment shall be effective as of November 26, 2007.

 

3.             Payment of Interest. Upon consummation of its next bridge or any other
type of financing transaction, but not later than December 10, 2007, the
Company shall promptly pay to the Holder in cash the amount of $31,308.56,
representing all accrued and unpaid interest on the Note through November 30,
2007.  For avoidance of doubt, any
interest paid in cash shall not be eligible for conversion in accordance with
the terms of the Note.

 

4.             Issuance of Additional Warrant. 
Upon execution of this Amendment, the Company shall issue to the Holder
an additional warrant to purchase up to 250,000 shares of Common Stock (the “Additional
Warrant”).  The terms of the
Additional Warrant shall 

 

 

be identical in
all respects to the terms of the Prior Warrant and the Additional Warrant shall
be deemed to be a “Warrant” issued pursuant to the Subscription Agreement for
all purposes.  Notwithstanding the
issuance of the Additional Warrant or anything else in this Amendment, the
Prior Warrant shall remain unmodified and in full force and effect in accordance
with its terms.

 

5.             Ratification,
Etc.  Except as expressly amended
hereby, all terms and conditions of the Note, as amended, are hereby ratified
and confirmed in all respects and shall continue in full force and effect.  The obligations under the Note shall be
deemed to be continuously outstanding and shall not be deemed to have been
repaid and readvanced or refinanced hereunder or hereby.  The Note and this Amendment shall be read and
construed as a single agreement.  All
references to the Note shall hereafter refer to such Note, as amended hereby.

 

6.             No Novation.  THE COMPANY AND HOLDER HAVE ENTERED INTO THIS
AMENDMENT SOLELY TO AMEND CERTAIN OF THE TERMS OF THE NOTE.  THEY DO NOT INTEND THIS AMENDMENT NOR THE
TRANSACTIONS CONTEMPLATED HEREBY TO BE, AND THIS AMENDMENT AND THE TRANSACTION
CONTEMPLATED HEREBY SHALL NOT BE CONSTRUED TO BE, A NOVATION OF ANY OF THE
OBLIGATIONS OWING UNDER OR IN CONNECTION WITH THE NOTE.

 

7.             No Waiver.  Nothing contained herein shall constitute a
waiver of, impair or otherwise affect, any obligation of the Company under any
Note or any rights of any Holder consequent thereon.

 

8.             Counterparts.  This Amendment may be executed in two or more
counterparts, each of which shall be deemed an original but which together
shall constitute one and the same instrument. 
Any executed counterpart of this Amendment delivered by facsimile or
other means of electronic image transmission shall be valid and binding in all
respects and shall have the same force and effect as an original thereof.

 

9.             Governing  Law.  This Amendment shall be governed by, and
construed in accordance with, the laws of the State of New York (without
reference to conflict of laws).

 

[Signature
page follows]

 

2

 

IN WITNESS WHEREOF, the parties hereto have executed this Amendment as
a document under seal as of the date first above written.

 

	
   

  	
  Company:

  
	
   

  	
   

  
	
   

  	
  VIRIUM PHARMACEUTICALS INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ James M. Pachence

  
	
   

  	
   

  	
  Name: James M. Pachence

  
	
   

  	
   

  	
  Title: President & CEO

  
	
   

  	
   

  
	
   

  	
  Holder:

  
	
   

  	
   

  
	
   

  	
  STRATEGIC
  CAPITAL RESOURCES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David Miller

  
	
   

  	
   

  	
  Name: David Miller

  
	
   

  	
   

  	
  Title: Chairman & CEO

  

 

3

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