Document:

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                                  Certified Translation from the German language

                                                                  EXHIBIT 10.15

                              INVESTMENT AGREEMENT

                                    APL, INC.

                                    AGREEMENT

              ON THE ESTABLISHMENT OF A SILENT PARTNERSHIP BETWEEN

                                PHARMED LABS GMBH

                       SCHLIERSEESTRASSE 73, 81539 MUNICH

               - hereinafter referred to as "Technology Company" -

                           AMERICAN PHARMED LABS, INC.

                                270 SYLVAN AVENUE

                           ENGLEWOOD CLIFFS, NJ 07632

                                       USA

                    - hereinafter referred to as "APL, Inc."

                                       and

                  TBG TECHNOLOGIE-BETEILIGUNGS-GESELLSCHAFT MBH

                          DER DEUTSCHEN AUSGLEICHSBANK

                       LUDWIG-ERHARD-PLATZ 1-3, 53179 BONN

              - silent partner, hereinafter referred to as "tbg" -

                                in the amount of

                                  DM 4,000,000

          for the financing of the project described in Sec. 1 para. 2

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                                    PREAMBLE

1.    Within the scope of the DtA Technology Program TBG will make an investment
      to finance projects in the early phase, innovation projects and exit
      financing projects as defined in the investment principles of said program
      which form part of this Agreement.

2.    Following the investment of TBG in the Technology Company, APL, Inc. holds
      a share of 91.41% in the share capital of the Technology Company through
      assumption of new shares issued in a capital increase.

      APL, Inc. and TBG have entered into a separate agreement that inter alia
      grants TBG the right to acquire shares in APL, Inc. for assignment of its
      claim to repayment of the contribution to which it is entitled on the
      basis of this Investment Agreement. This separate agreement further grants
      APL, Inc. the right to demand from TBG the termination of the silent
      partnership established with this Agreement and the transfer of the claim
      to repayment of the contribution made by TBG under this Agreement for
      shares in APL, Inc. (the "Option Agreement"). The Option Agreement is
      attached to this Agreement as APPENDIX I.

                                    SECTION 1
                              OBJECT OF THE COMPANY

1.    The Technology Company, registered in the Commercial Register of the Local
      Court Munich under HRB 117575, operates a business with the following
      object pursuant to the Articles of Association in the version of August
      25, 1997:

      Research, development, production and distribution of pharmaceutical
      products as well as the performance of all transactions serving this
      purpose.

2.    Within the scope of this object, the Technology Company deals with:

                                       2
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      Extended development program for innovative pain therapy systems (topical
      and systematic) for the treatment of medium and severe pain with local
      analytics and endogeneous morphins.

                                    SECTION 2
                                  CONTRIBUTION

1.    tbg assumes a contribution in the amount of DM 4,000,000 exclusively for
      the promotion of the innovation project described in Sec. 1 para. 2 and on
      the basis of the information provided by the Technology Company in the
      application for investment of October 1997.

2.    The Technology Company can call in the contribution after the commencement
      of the silent partnership (cf. Sec. 4 para. 1) to the extent its immediate
      use according to its purpose is guaranteed.

      The notice of call in of funds must be accompanied by a confirmation of
      the requirements by APL, Inc.

4.    This Agreement terminates if the contribution has not been called in at
      least in part by June 30, 1998 at the latest.

5.    At the time of the first partial call TBG shall retain a processing fee in
      the amount of 1% of the total contribution agreed in this Agreement.

6.    The contribution of TBG must be kept by the Technology Company on a
      separate contribution account. Any withdrawals of TBG from this account
      are excluded.

                                    SECTION 3
                 COMMENCEMENT AND TERM OF THE SILENT PARTNERSHIP

1.    The silent partnership begins as soon as both parties have signed this
      Agreement, however, not before the Option Agreement between APL, Inc. and
      TBG has been entered into.

                                       3
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2.    The term of the silent partnership is limited until December 31, 2007
      subject to the termination of the Agreement pursuant to Sec. 12 or 13.

3.    Upon termination of the silent partnership the contribution of TBG and any
      share in profits not yet distributed are due for payment to TBG.

                                    SECTION 4
                                   MANAGEMENT

1.    Unless provided otherwise below, TBG does not participate in the
      management of the Technology Company.

2.    The Technology Company requires the consent of TBG for

      a)    any amendment of the Articles of Association, in particular an
            amendment of the object of the company, the admission of new
            shareholders or the agreement of new participations;

      b)    the appointment and removal of managing directors of the Technology
            Company or amendments to the managing director service agreements;

      c)    conclusion, amendment and termination of agreements regarding the
            granting or acquisition of licenses, trademarks or know-how (except
            in the daily software business), patents, utility models or designs
            to the extent these concern the innovation project promoted by the
            investment of TBG;

      d)    conclusion, amendment and termination of material distribution
            agreements;

      e)    relocation, lease, sale or discontinuance of business operations in
            whole or in part;

      f)    conclusion and termination of domination and profit and loss
            transfer agreements;

                                       4
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      g)    abandonment or material change of the innovation project described
            in Sec. 1 para. 2;

      h)    to the extent these are not included in the project financing by
            TBG, assumption of obligations for investments that exceed an amount
            of DM 100,000 or in case of leasing, rent or usufructuary lease
            agreements that exceed an amount of DM 10,000 per month.

3.    Any consents pursuant to Sec. 4 para. 2 must be obtained directly from
      TBG. Unless TBG declares its refusal to grant consent in writing within a
      period of 14 days following receipt of the notice on the measures
      requiring consent pursuant to Sec. 4 para. 2, the consent shall be deemed
      given.

4.    The provisions of this Sec. 4 shall apply only to the extent TBG does not
      hold a participation in the Technology Company on the basis of other
      investment agreements that grant TBG the same or more extensive rights
      than the above.

                                    SECTION 5
                         INFORMATION AND CONTROL RIGHTS

1.    Unless TBG waives submission thereof, the Technology Company must report
      to TBG every six months, as of March 31 and September 30 of each year, on
      the economic situation of the Technology Company and the status of the
      innovation project described in Sec. 1 para. 2. In addition, TBG shall
      receive from the Technology Company a short monthly status report pursuant
      to the attached APPENDIX II and at the end of the fiscal year an updated
      business plan for the respective subsequent year.

2.    The Technology Company must directly inform TBG in due time of all
      measures that exceed the scope of the normal course of business.

3.    In addition, TBG has the control rights set out in Sec. 716 German Civil
      Code. This shall continue to apply following termination of the company in
      the scope required to review the settlement amount.

                                       5
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      TBG may engage third persons for the exercise of its control rights.

4.    The German Federal Audit Office is entitled to an audit right pursuant to
      Sec. 91 German Federal Budget Act vis-a-vis the Technology Company and
      APL. The Technology Company shall make available to the German Federal
      Audit Office and TBG for audit purposes all documents that the German
      Federal Audit Office considers necessary and furnish the corresponding
      information, which the German Federal Audit Office and TBG shall treat
      confidential.

5.    Sec. 4 para. 4 shall apply mutatis mutandis.

                                    SECTION 6
                    FISCAL YEAR, ANNUAL FINANCIAL STATEMENTS

1.    The fiscal year of the silent partnership corresponds to that of the
      Technology Company ("Investment Year"). The fiscal year of the Technology
      Company ends on December 31 of each calendar year.

2.    The Technology Company must prepare its annual financial statements
      (balance sheet, profit and loss statement, notes) in compliance with Sec.
      238 - 239 German Commercial Code within six months following the end of
      the previous fiscal year and submit these to TBG in the original with
      signature and certified by an auditor.

                                    SECTION 7
                             PROFIT AND LOSS SHARING

1.    TBG does not receive a minimum compensation independent of the annual
      result of the Technology Company for its contribution. Under the Option
      Agreement, TBG is granted the right to demand the exchange of the silent
      partnership interest for shares of APL, Inc. on the basis of the terms
      determined in the Option Agreement.

2.    TBG receives a variable compensation of 6% of the annual profit realized
      as from the calling in of the contribution.

                                       6
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      For any period in which TBG holds more than one participation in the
      Technology Company, TBG, in addition to the respective minimum
      compensation, shall receive only a total variable compensation of 9% of
      the annual profits for all participations, however, at maximum 7% p.a. of
      the aggregate of the contributions actually made.

      Should further capital be injected into the Technology Company in further
      financing rounds, the contracting parties shall adjust the profit share of
      TBG to the then applicable capital structure.

      Such share in profits is payable within two weeks following approval of
      the annual financial statements (Sec. 6 para. 2).

3.    The annual financial statements exclusive of the profit share of TBG is
      decisive for the calculation pursuant to para. 2.

      a)    To be added to the annual profit are

            -     corporate income tax as well as bonus payments to the managing
                  directors, if any, to the extent these have reduced the annual
                  profit shown;

            -     extraordinary expenses to the extent these result from
                  business transactions prior to commencement of the silent
                  partnership;

            -     losses and sales or destruction of fixed assets to the extent
                  such assets existed at the time of commencement of the silent
                  partnership.

      b)    To be deducted from the annual profit are

            -     any amounts from the release of tax-free reserves set up prior
                  to the commencement of the silent partnership;

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            -     extraordinary income to the extent it results from business
                  transactions prior to commencement of the silent partnership;

            -     public grants, subsidies and allowances to the extent these
                  affected net income;

            -     income from the sale of fixed assets to the extent such assets
                  existed at the time of commencement of the silent partnership.

      c)    In the year of the calling in of the investment the annual profit
            shall be deemed to have been realized evenly throughout the year for
            the purposes of calculating the profit share pursuant to para. 2.

4.    TBG does not participate in the losses of the Technology Company.

                                    SECTION 8
                                  SUBORDINATION

The contribution of TBG must be paid back using only funds from future annual
proftis, any excess liquidation proceeds or any funds in excess of all other
debt of the Technology Company vis-a-vis creditors that are not shareholders of
the Technology Company or APL, Inc. The subordination does not apply to claims
of all types to which the shareholders of the Technology Company or APL, Inc.
are entitled or which they asserted in another function.

Rather, such claims of the shareholders of the Technology Company or APL, Inc.
including any initial contributions and premium payments made by them and the
contribution of TBG under this Agreement have equal rank and must be satisfied
pro rata in the proportion of the amounts of the respective claims to each
other.

TBG shall in particular not assert its claims if and to the extent their
existence would cause grounds for bankruptcy or composition for the Technology
Company; rather, the claims of TBG under this Agreement shall not be treated as
bankruptcy or composition claims in bankruptcy or composition proceedings.

                                       8
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                                    SECTION 9
                                      TAXES

The Technology Company shall ensure payment of the statutory capital gains tax
including solidarity surcharge with regard to the compensation for the silent
participation and withhold capital gains tax including solidarity surcharge from
the respective payments to TBG and pay such tax immediately after it becomes due
directly to the competent tax office. Following payment, the Technology Company
shall issue to TBG within two months after payment becomes due confirmations
within the meaning of Sec. 45a para. 2 German Income Tax Act on the forms
provided by TBG.

                                   SECTION 10
                        DISSOLUTION OF SILENT PARTNERSHIP

In the event of the dissolution of the Technology Company, the silent
partnership shall also be dissolved. The silent participation must be repaid in
this case.

                                   SECTION 11
                                   TERMINATION

1.    The Technology Company is entitled to repay the investment of TBG in whole
      or in part observing a notice period of three months to June 30 or
      December 31 of each year. In the event that TBG exercises the right set
      out in Sec. 12 lit. a) pursuant to the Option Agreement and informs the
      Technology Company thereof within four weeks as from receipt by TBG of the
      declaration of the Technology Company pursuant to sentence 1, the
      termination pursuant to sentence 1 shall become effective only at the
      point in time set out in Sec. 12 sentence 2.

2.    In addition, the silent partnership can be terminated for cause without
      notice by written declaration of each of its partners. To the extent the
      contribution has not been paid or has not been paid in full, TBG is
      released from its contribution obligation upon the declaration of
      termination.

      TBG is in particular entitled to termination for cause if

                                       9
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      a)    the Technology Company has provided incorrect information in its
            investment application;

      b)    bills of exchange accepted by the Technology Company or APL, Inc.
            are being protested, the Technology Company or APL, Inc. have
            stopped payments, an application for bankruptcy or the institution
            of court composition proceedings is filed or insolvency is
            determined in another way;

      c)    the individuals with know-how in management positions with the
            Technology Company or APL, Inc. at the time of the signing of the
            Agreement on the Silent Partnership are no longer full-time managers
            of the Technology Company or APL, Inc.;

      d)    one of the measures listed in Sec. 5 para 2 was performed without
            the prior consent of TBG;

      e)    in case of Sec. 12.

Para. 1 sentence 2 shall apply accordingly unless the silent partnership is
terminated for cause by the Technology Company.

                                   SECTION 12
                     TERMINATION THROUGH EXERCISE OF OPTION

The investment of TBG on the basis of this Agreement can also be terminated for
cause by TBG if

a)    tbg exercises its right under the Option Agreement to demand the transfer
      of shares in APL, Inc. for transfer of its claim to repayment of the
      contribution;

      or

                                       10
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b)    APL, Inc. exercises its right under the Option Agreement and demands the
      termination of this Investment Agreement from TBG and transfers to TBG
      shares in APL, Inc. for transfer of the claims of TBG for repayment of the
      contribution.

The termination of the silent partnership shall become effective upon the
acquisition of shares in APL, Inc. by TBG.

                                   SECTION 13
                                  DUE PAYMENTS

Due payments shall bear interest at a rate of 4% p.a. from the occurrence of
default until receipt by TBG.

                                   SECTION 14
                               GENERAL PROVISIONS

1.    Any amendments of or additions to this Agreement require the written form.
      There are no oral side agreements to this Agreement.

2.    Should any provision of this Agreement be legally invalid, the remaining
      provisions shall not be affected thereby. The Technology Company and TBG
      are obligated to replace any invalid contractual provisions with legally
      valid provisions that come as close as possible to the meaning and purpose
      of the legally invalid provision.

3.    Place of jurisdiction for all legal disputes arising from this Agreement
      or its performance is Bonn.

Munich, February 17, 1998

(illegible signature)                   (illegible signature), Managing Director
--------------------------------        ----------------------------------------
tbg Technologie-Beteiligungs            Pharmed Labs GmbH
Gesellschaft mbH der
Deutschen Ausgleichsbank

(illegible signature), Chairman
-------------------------------
American Pharmed Labs, Inc.

                                       11
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I, Martina Bohmfeldt, in my capacity as a sworn translator for the English
language, hereby certify that the above is a correct and complete translation of
the German text presented to me in electronic form.

Frankfurt am Main, November 12, 2004

/s/ MARTINA BOHMFELDT
-------------------------------
Martina Bohmfeldt

                                       12<PAGE>

                                                                   EXHIBIT 10.16

                                  Certified translation from the German language

DUPLICATE

                                                 March 31, 1998

Pharmed Labs GmbH                                Your reference  KD 189767
- Management -                                   Our reference   zic/him
P.O. Box 306                                     Phone           0211/8221-4785
                                                 Fax             0211/8221-2785
82027 Grunwald

DM 10 MILLION IKB SUBORDINATED CAPITAL [NACHRANGKAPITAL]

Ladies and Gentlemen:

With reference to the discussions held we are pleased to offer you IKB
subordinated capital in the total amount of DM 10 million - hereinafter
"Investment" - in 2 tranches on the following terms and conditions:

Tranche 1

Nominal amount of Investment:   DM 5,000,000.--, payable on April 30, 1998

Purpose of Investment:          The Investment serves exclusively for
                                financing purposes pursuant to our
                                application including Annexes dated February
                                25, 1998 filed with KfW, which is known to
                                you.

Payment rate:                   100.0%

Interest rate:                  9.0% p.a. until April 30, 2003 on the nominal
                                amount of the Investment

Additional remuneration:        Further, we shall receive a performance-related
                                remuneration in the amount of 3% p.a. on the
                                respective nominal amount of the Investment,
                                which shall only become due if and to the
                                extent it is covered by the profit generated
                                by the APL Group (maximum amount).

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Page 2 of the letter of
March 31, 1998

                                The profit generated shall be determined as
                                follows:

                                The calculation basis is the EBT (earnings
                                before taxes) reported in the consolidated
                                financial statements of the parent company
                                American Pharmed Labs, Inc., Eaglewood
                                Cliffs, New Jersey/USA prepared pursuant to
                                GAAP and certified by an auditor; in this
                                connection, the abovementioned
                                performance-related additional remuneration
                                due to us - just as any corresponding
                                performance-related remuneration components
                                due to tbg
                                Technologiebeteiligungsgesellschafl mbH der
                                Deutschen Ausgleichsbank - shall not be
                                treated as expenses. The same shall apply to
                                any extraordinary factors reducing profits
                                such as special tax depreciations, expenses
                                for profit shares paid to employed managing
                                directors and managing shareholders as well
                                as other expenses incurred at the
                                shareholder level (e.g. interest on
                                shareholder loans) as well as interest on
                                other subordinated capital (subordinated
                                loans, silent participations, capital
                                represented by participation certificates,
                                or similar).

                                The performance-related remuneration may not
                                exceed 50% of the EBT adjusted as specified
                                above, if applicable.

Deferred payment claim:         If the remaining profit of a financial year
                                and/or the 50% share thereof is not
                                sufficient or not sufficient in full for the
                                performance-related remuneration component,
                                our claim to the unpaid remuneration
                                component shall be deferred to the
                                respective following financial year and/or
                                until it has been satisfied. The
                                satisfaction of the deferred payment claim
                                in a subsequent year may also be effected
                                only from an adjusted EBT determined
                                pursuant to the above provisions (and/or 50%
                                thereof).

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Page 3 of the letter of
March 31, 1998

                                To the extent that a deferred payment claim
                                exists or results upon termination of this
                                Agreement, such claim shall be satisfied
                                from profits of the three financial years
                                following the year of termination; the
                                deferred payment claim shall expire if and
                                to the extent no sufficient profit is
                                generated in these three years either.

Due date of interest and        The fixed interest shall be paid
additional remuneration:        subsequently each quarter as of March 31,
                                June 30, September 30 and December 30.

                                The variable additional remuneration shall
                                be due subsequently as of March 31 each year
                                for the respective past financial year. If
                                the approved relevant consolidated financial
                                statements are not available by March 31 of
                                a year, the abovementioned maximum amount
                                shall become due as advance payment. Such
                                amount shall be reimbursed to the extent
                                that an overpayment results on the basis of
                                the approved annual financial statements.

Term of Investment:             until April 30, 2003; repayment in one
                                amount

Prepayment of Investment:       possible cost-free in whole or in part
                                as of April 30, 1999 at 110.0%
                                as of April 30, 2000 at 107.5%
                                as of April 30, 2001 at 105.0%
                                as of April 30, 2002 at 102.5% of the
                                nominal amount of the Investment plus any
                                interest in arrears (fixed and/or
                                performance-related).
Tranche 2

Nominal amount of Investment:   DM 5,000,000.--,payable on June 30, 1998

Purpose of Investment:          cf. Tranche 1.

Payment rate:                   100.0%

<PAGE>

Page 4 of the letter of
March 31, 1998

Interest rate:                  8.0% p.a. until June 30, 1999, thereafter
                                8.5% p.a. until June 30, 2000
                                on the nominal amount of the Investment,
                                thereafter re-determination according to
                                market situation

Additional remuneration:        performance-related remuneration in the
                                amount of 4% p.a. on the respective nominal
                                amount of the Investment; otherwise cf.
                                Tranche.

Deferred payment claim:         cf. Tranche 1.

Due date of interest and
additional remuneration:        cf. Tranche 1.

Term of Investment:             until June 30, 2003; repayment in one amount

Prepayment of Investment:       possible cost-free as of June 30, 1999 and
                                June 30, 2000.

                                Apart from the abovementioned right to
                                prepay the Investment, we will charge a
                                premium of 2.5% on the outstanding and/or
                                prepaid Investment amount for each year by
                                which the contractual term is reduced. In
                                addition, we will charge the reinvestment
                                costs incurred by us.

Common terms and conditions
for Tranches 1 and 2

Damages for late payment:       Interest in the amount of the respective
                                discount rate of the German Federal Bank
                                plus 5% p.a. will be charged on any amounts
                                not received by us in due time, however at
                                least the contractual interest rate.

Subordination clause:           In case that the assets of the investor are
                                subjected to insolvency proceedings
                                (settlement, bankruptcy or overall
                                execution), our claim to repayment of the
                                outstanding Investment amount is to be
                                satisfied only after

<PAGE>

Page 5 of the letter of
March 31, 1998

                                the other creditors, however prior to the
                                claims of the investor's shareholders and
                                their members/relatives.

Guarantee:                      The Kreditanstalt fur Wiederaufbau (KfW) in
                                Frankfurt am Main will assume a pro rata
                                guarantee for the Investment within the
                                scope of its venture capital program. The
                                guarantee commission will be assumed by us.

Requirements for the granting
of the Investment:              Promise of guarantee by KfW as well as your
                                consent to the following requirements/
                                conditions: provisions regarding the promise
                                of guarantee of KfW, if any;

                                fixing of own funds at the current level;

                                full joint liability of APL American Pharmed
                                Labs, Inc., Eaglewood Cliffs, New Jersey/
                                USA, for all obligations of the investor
                                under this Agreement;

                                at least quarterly provision of information
                                on the current course of business of the
                                companies of the APL Group (e.g. sales and
                                earnings figures/order situation, etc.)
                                including a comparison with the previous
                                year pursuant to the attached report form;

                                budgeted figures for the following financial
                                year updated until the end of December
                                (group and group companies);

Payment procedure:

                                If and when it is ensured that the funds
                                will be used for the project stated above as
                                purpose of the Investment, we will provide
                                you with the Investment amount as soon as
                                the following is available to us:

                                your call pursuant to the attached draft;

                                the consent of KfW regarding this Agreement;

<PAGE>

Page 6 of the letter of
March 31, 1998

                                current Commercial Register extracts of your
                                company;

                                the joint liability declaration of the
                                parent company APL American Pharmed Labs
                                Inc.;

                                copies of all company agreements of your
                                company;

Reservation:                    The payment obligation shall expire if the
                                payment requirements have not been fulfilled
                                by September 30, 1998.

Commitment commission:          0.5% per month on nominal amounts of the
                                Investment not made available [nicht
                                valutiert] as from May 15, 1998 (Tranche 1)
                                and/or July 15, 1998 (Tranche 2); payable
                                upon our request;

Further parts of the
Agreement:                      The "General Terms and Conditions for the
                                Provision of Guarantees for Investments by
                                KfW", attached in extracts, as well as our
                                own "General Terms and Conditions".

Please confirm your consent to this Agreement by means of the attached duplicate
within two weeks.

<PAGE>

Page 7 of the letter of March 31, 1998

We will be pleased to assist you in the implementation of your investment by
providing our IKB subordinated capital.

                                               Sincerely yours,

                                            IKB Nachrangkapital GmbH

                                       [signature]             [signature]
                                       Zickenrott             Christophersen

Annexes

Grunwald, [handwritten:]  April 13, 1998

We herewith agree to the contents of this letter.

                                                    [signature]
                                                ----------------------
                                                  Pharmed Labs GmbH
                                                    - Management -

I, Monika Kordt, in my capacity as a sworn translator for the English language,
hereby certify that the above is a correct and complete translation of the
German text presented to me in electronic form.

Frankfurt am Main, November 8, 2004

                                           /s/ Monika Kordt
                                           ------------------
                                             Monika Kordt

                                           Monika Kordt
                                           Dipl. -Ubers. (FH), MSC
                                           Allgemein
                                           vereidigte
                                           Dolmetscherin und
                                           ermochtigte Ubersetzerin
                                           der englischen Sprache
                                           fur die Gerichte und Notare im Lande
                                           Hessen

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