Document:

Exhibit 10.5

                          REGISTRATION RIGHTS AGREEMENT

       THIS REGISTRATION  RIGHTS AGREEMENT (this "Agreement") is entered into as
of  the  ____  day  of  ______,  2005,  by and  among  Pharmamatrix  Acquisition
Corporation, a Delaware corporation (the "Company"), and the undersigned parties
listed under  Investor on the  signature  page hereto (each,  an "Investor"  and
collectively, the "Investors").

       WHEREAS,  the Investors  currently hold all of the issued and outstanding
securities of the Company;

       WHEREAS,  the  Investors  and the  Company  desire  to  enter  into  this
Agreement  to  provide  the  Investors  with  certain  rights  relating  to  the
registration of shares of Common Stock held by them;

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

       1.     DEFINITIONS.  The following capitalized terms used herein have the
following meanings:

       "Agreement" means this Agreement, as amended, restated,  supplemented, or
otherwise modified from time to time.

       "Commission" means the Securities and Exchange  Commission,  or any other
federal agency then administering the Securities Act or the Exchange Act.

       "Common  Stock" means the common stock,  par value $0.0001 per share,  of
the Company.

       "Company" is defined in the preamble to this Agreement.

       "Demand Registration" is defined in Section 2.1.1.

       "Demanding Holder" is defined in Section 2.1.1.

       "Exchange Act" means the Securities Exchange Act of 1934, as amended, and
the rules and regulations of the Commission promulgated  thereunder,  all as the
same shall be in effect at the time.

       "Form S-3" is defined in Section 2.3.

       "Indemnified Party" is defined in Section 4.3.

       "Indemnifying Party" is defined in Section 4.3.

       "Investor" is defined in the preamble to this Agreement.

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       "Investor Indemnified Party" is defined in Section 4.1.

       "Maximum Number of Shares" is defined in Section 2.1.4.

       "Notices" is defined in Section 6.3.

       "Piggy-Back Registration" is defined in Section 2.2.1.

       "Register,"  "registered" and "registration" mean a registration effected
by  preparing  and  filing a  registration  statement  or  similar  document  in
compliance with the requirements of the Securities Act, and the applicable rules
and regulations promulgated thereunder, and such registration statement becoming
effective.

       "Registrable  Securities" mean all of the shares of Common Stock owned or
held by  Investors.  Registrable  Securities  include  any  warrants,  shares of
capital stock or other  securities of the Company  issued as a dividend or other
distribution with respect to or in exchange for or in replacement of such shares
of Common Stock. As to any particular  Registrable  Securities,  such securities
shall cease to be Registrable Securities when: (a) a Registration Statement with
respect to the sale of such  securities  shall have become  effective  under the
Securities Act and such securities shall have been sold,  transferred,  disposed
of or  exchanged  in  accordance  with  such  Registration  Statement;  (b) such
securities shall have been otherwise transferred,  new certificates for them not
bearing a legend  restricting  further transfer shall have been delivered by the
Company  and  subsequent   public   distribution   of  them  shall  not  require
registration  under the Securities Act; (c) such securities shall have ceased to
be outstanding, or (d) the Securities and Exchange Commission makes a definitive
determination  to the Company that the Registrable  Securities are salable under
Rule 144(k).

       "Registration  Statement"  means a  registration  statement  filed by the
Company with the Commission in compliance  with the Securities Act and the rules
and regulations  promulgated thereunder for a public offering and sale of Common
Stock  (other than a  registration  statement  on Form S-4 or Form S-8, or their
successors,  or any registration  statement covering only securities proposed to
be issued in exchange for securities or assets of another entity).

       "Release  Date"  means  the date on which  shares  of  Common  Stock  are
disbursed  from  escrow  pursuant  to  Section 3 of that  certain  Stock  Escrow
Agreement  dated as of  _____________,  2005 by and among the parties hereto and
Continental Stock Transfer & Trust Company.

       "Securities  Act" means the Securities  Act of 1933, as amended,  and the
rules and regulations of the Commission promulgated thereunder,  all as the same
shall be in effect at the time.

       "Underwriter"  means a securities  dealer who purchases  any  Registrable
Securities  as  principal  in an  underwritten  offering and not as part of such
dealer's market-making activities.

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       2.     REGISTRATION RIGHTS.

              2.1.   Demand Registration.

                     2.1.1. REQUEST FOR REGISTRATION.  At any time and from time
to time on or after the  Release  Date,  the  holders of at least a majority  in
interest of the Registrable  Securities held by the Investors or the transferees
of  the  Investors,  may  make a  written  demand  for  registration  under  the
Securities  Act of all or  part  of  their  Registrable  Securities  (a  "Demand
Registration"). Any demand for a Demand Registration shall specify the number of
shares of Registrable  Securities proposed to be sold and the intended method(s)
of  distribution  thereof.  The Company  will notify all holders of  Registrable
Securities of the demand,  and each holder of Registrable  Securities who wishes
to  include  all or a portion of such  holder's  Registrable  Securities  in the
Demand Registration (each such holder including shares of Registrable Securities
in such registration,  a "Demanding  Holder") shall so notify the Company within
fifteen  (15) days  after the  receipt  by the  holder  of the  notice  from the
Company.  Upon any such request, the Demanding Holders shall be entitled to have
their Registrable  Securities  included in the Demand  Registration,  subject to
Section 2.1.4 and the provisos set forth in Section 3.1.1. The Company shall not
be obligated  to effect more than an  aggregate of two (2) Demand  Registrations
under this Section 2.1.1 in respect of Registrable Securities.

                     2.1.2. EFFECTIVE  REGISTRATION.  A  registration  will  not
count as a Demand  Registration until the Registration  Statement filed with the
Commission with respect to such Demand  Registration has been declared effective
and the Company has complied with all of its  obligations  under this  Agreement
with  respect  thereto;  provided,  however,  that if,  after such  Registration
Statement has been declared  effective,  the offering of Registrable  Securities
pursuant  to a Demand  Registration  is  interfered  with by any  stop  order or
injunction of the  Commission  or any other  governmental  agency or court,  the
Registration  Statement with respect to such Demand  Registration will be deemed
not to have been declared  effective,  unless and until,  (i) such stop order or
injunction  is  removed,   rescinded  or  otherwise   terminated,   and  (ii)  a
majority-in-interest  of the Demanding Holders  thereafter elect to continue the
offering;  provided,  further, that the Company shall not be obligated to file a
second Registration Statement until a Registration Statement that has been filed
is counted as a Demand Registration or is terminated.

                     2.1.3. UNDERWRITTEN OFFERING. If a majority-in-interest  of
the Demanding Holders so elect and such holders so advise the Company as part of
their written demand for a Demand Registration, the offering of such Registrable
Securities  pursuant  to such  Demand  Registration  shall  be in the form of an
underwritten  offering.  In such  event,  the right of any holder to include its
Registrable  Securities  in such  registration  shall be  conditioned  upon such
holder's  participation in such  underwriting and the inclusion of such holder's
Registrable  Securities in the underwriting to the extent provided  herein.  All
Demanding  Holders  proposing  to  distribute  their  securities   through  such
underwriting  shall enter into an underwriting  agreement in customary form with
the   Underwriter  or   Underwriters   selected  for  such   underwriting  by  a
majority-in-interest of the holders initiating the Demand Registration.

                     2.1.4. REDUCTION OF OFFERING.  If the managing  Underwriter
or Underwriters for a Demand Registration that is to be an underwritten offering
advises the Company and the Demanding  Holders in writing that the dollar amount
or number of shares of

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Registrable  Securities  which  the  Demanding  Holders  desire  to sell,  taken
together  with all other  shares of Common Stock or other  securities  which the
Company  desires to sell and the  shares of Common  Stock,  if any,  as to which
registration  has been  requested  pursuant  to written  contractual  piggy-back
registration  rights  held by other  stockholders  of the  Company who desire to
sell,  exceeds the maximum dollar amount or maximum number of shares that can be
sold in such offering without  adversely  affecting the proposed offering price,
the timing,  the  distribution  method,  or the  probability  of success of such
offering (such maximum dollar amount or maximum number of shares, as applicable,
the  "Maximum  Number  of  Shares"),  then the  Company  shall  include  in such
registration:   (i)  first,  the  Registrable  Securities  as  to  which  Demand
Registration has been requested by the Demanding Holders (pro rata in accordance
with the number of shares  that each such  person has  requested  be included in
such  registration,  regardless of the number of shares held by each such person
(such  proportion is referred to herein as "Pro Rata")) that can be sold without
exceeding  the Maximum  Number of Shares;  (ii)  second,  to the extent that the
Maximum  Number of Shares has not been reached under the  foregoing  clause (i),
the shares of Common Stock or other  securities that the Company desires to sell
that can be sold without exceeding the Maximum Number of Shares; (iii) third, to
the extent  that the  Maximum  Number of Shares has not been  reached  under the
foregoing clauses (i) and (ii), the shares of Common Stock registrable  pursuant
to the terms of the Unit  Purchase  Option issued to Morgan Joseph & Co. Inc. in
connection  with the  Company's  initial  public  offering  (the "Unit  Purchase
Option" and such registrable shares of Common Stock, the "Option Securities") as
to which  "piggy-back"  registration  has been requested by the holders thereof,
Pro Rata, that can be sold without  exceeding the Maximum Number of Shares;  and
(iv)  fourth,  to the extent  that the  Maximum  Number of Shares  have not been
reached under the foregoing  clauses (i), (ii), and (iii),  the shares of Common
Stock or other  securities  for the account of other persons that the Company is
obligated to register  pursuant to written  contractual  arrangements  with such
persons and that can be sold without exceeding the Maximum Number of Shares.

                     2.1.5. WITHDRAWAL.   If  a   majority-in-interest   of  the
Demanding  Holders  disapprove  of the  terms  of any  underwriting  or are  not
entitled to include all of their  Registrable  Securities in any offering,  such
majority-in-interest  of the  Demanding  Holders may elect to withdraw from such
offering  by  giving  written  notice  to the  Company  and the  Underwriter  or
Underwriters  of their  request to withdraw  prior to the  effectiveness  of the
Registration  Statement  filed with the  Commission  with respect to such Demand
Registration.  If the  majority-in-interest  of the Demanding  Holders withdraws
from  a  proposed  offering  relating  to  a  Demand  Registration,   then  such
registration  shall not count as a Demand  Registration  provided for in Section
2.1.1.

              2.2.   PIGGY-BACK REGISTRATION.

                     2.2.1. PIGGY-BACK  RIGHTS.  If at any time on or after  the
Release Date the Company  proposes to file a  Registration  Statement  under the
Securities Act with respect to an offering of equity  securities,  or securities
or other  obligations  exercisable or  exchangeable  for, or  convertible  into,
equity securities, by the Company for its own account or for stockholders of the
Company for their account (or by the Company and by  stockholders of the Company
including,   without  limitation,   pursuant  to  Section  2.1),  other  than  a
Registration  Statement (i) filed on Form S-4 or in connection with any employee
stock option or other  benefit plan,  (ii) for an exchange  offer or offering of
securities solely to the Company's existing stockholders,  (iii) for an offering

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of debt that is convertible into equity  securities of the Company or (iv) for a
dividend  reinvestment  plan,  then the Company shall (x) give written notice of
such  proposed  filing  to the  holders  of  Registrable  Securities  as soon as
practicable  but in no event  less than ten (10)  days  before  the  anticipated
filing date, which notice shall describe the amount and type of securities to be
included in such offering, the intended method(s) of distribution,  and the name
of the proposed managing  Underwriter or Underwriters,  if any, of the offering,
and (y) offer to the  holders  of  Registrable  Securities  in such  notice  the
opportunity  to  register  the sale of such  number  of  shares  of  Registrable
Securities as such holders may request in writing within five (5) days following
receipt of such notice (a  "Piggy-Back  Registration").  The Company shall cause
such  Registrable  Securities to be included in such  registration and shall use
its best efforts to cause the managing Underwriter or Underwriters of a proposed
underwritten  offering  to permit the  Registrable  Securities  requested  to be
included  in a  Piggy-Back  Registration  to be  included  on the same terms and
conditions  as any similar  securities  of the Company and to permit the sale or
other disposition of such Registrable Securities in accordance with the intended
method(s)  of  distribution  thereof.  All  holders  of  Registrable  Securities
proposing to distribute their securities through a Piggy-Back  Registration that
involves  an  Underwriter  or  Underwriters  shall  enter  into an  underwriting
agreement in customary form with the  Underwriter or  Underwriters  selected for
such Piggy-Back Registration.

                     2.2.2. REDUCTION OF OFFERING.  If the managing  Underwriter
or  Underwriters  for a Piggy-Back  Registration  that is to be an  underwritten
offering  advises  the  Company and the  holders of  Registrable  Securities  in
writing  that the dollar  amount or number of shares of Common  Stock  which the
Company desires to sell,  taken together with shares of Common Stock, if any, as
to  which  registration  has  been  demanded  pursuant  to  written  contractual
arrangements  with  persons  other than the  holders of  Registrable  Securities
hereunder,  the  Registrable  Securities  as  to  which  registration  has  been
requested  under this Section 2.2, and the shares of Common Stock, if any, as to
which  registration  has been  requested  pursuant  to the  written  contractual
piggy-back registration rights of other stockholders of the Company, exceeds the
Maximum  Number  of  Shares,   then  the  Company  shall  include  in  any  such
registration:

                            (i)    If the  registration  is  undertaken  for the
Company's  account:  (A) first,  the shares of Common Stock or other  securities
that the Company desires to sell that can be sold without  exceeding the Maximum
Number of Shares;  (B) second,  to the extent that the Maximum  Number of Shares
has not been reached under the foregoing clause (A), the shares of Common Stock,
if any, comprised of Registrable  Securities and Option Securities,  as to which
registration has been requested pursuant to the applicable  written  contractual
piggy-back  registration rights of such security holders,  Pro Rata, that can be
sold  without  exceeding  the Maximum  Number of Shares;  and (C) third,  to the
extent  that the  Maximum  Number  of  shares  has not been  reached  under  the
foregoing  clauses (A) and (B), the shares of Common  Stock or other  securities
for the  account of other  persons  that the  Company is  obligated  to register
pursuant to written contractual piggy-back registration rights with such persons
and that can be sold without exceeding the Maximum Number of Shares;

                            (ii)   If   the    registration    is   a   "demand"
registration  undertaken  at the  demand of holders  of Option  Securities,  (A)
first, the shares of Option Securities for the account of the demanding persons,
Pro Rata, that can be sold without  exceeding the Maximum Number of Shares;  (B)
second,  to the extent  that the Maximum  Number of Shares has not been

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reached  under the  foregoing  clause (A),  the shares of Common  Stock or other
securities that the Company  desires to sell that can be sold without  exceeding
the Maximum Number of Shares;  (C) third,  to the extent that the Maximum Number
of Shares has not been  reached  under the  foregoing  clauses (A) and (B),  the
shares of Registrable  Securities,  Pro Rata, as to which  registration has been
requested  pursuant to the terms hereof,  that can be sold without exceeding the
Maximum Number of Shares;  and (D) fourth, to the extent that the Maximum Number
of Shares has not been reached under the foregoing clauses (A), (B) and (C), the
shares of Common Stock or other securities for the account of other persons that
the  Company  is   obligated  to  register   pursuant  to  written   contractual
arrangements  with such persons,  that can be sold without exceeding the Maximum
Number of Shares; and

                            (iii)  If   the    registration    is   a   "demand"
registration  undertaken  at the demand of persons other than either the holders
of  Registrable  Securities or of Option  Securities,  (A) first,  the shares of
Common Stock or other  securities for the account of the demanding  persons that
can be sold without  exceeding the Maximum Number of Shares;  (B) second, to the
extent  that the  Maximum  Number  of  Shares  has not been  reached  under  the
foregoing  clause (A), the shares of Common Stock or other  securities  that the
Company desires to sell that can be sold without exceeding the Maximum Number of
Shares;  (C) third, to the extent that the Maximum Number of Shares has not been
reached  under the  foregoing  clauses (A) and (B),  collectively  the shares of
Common Stock  comprised of  Registrable  Securities and Option  Securities,  Pro
Rata, as to which  registration has been requested  pursuant to the terms hereof
and of the  Unit  Purchase  Option,  as  applicable,  that  can be sold  without
exceeding the Maximum Number of Shares;  and (D) fourth,  to the extent that the
Maximum  Number of Shares has not been reached under the foregoing  clauses (A),
(B) and (C), the shares of Common Stock or other  securities  for the account of
other  persons  that the Company is  obligated  to register  pursuant to written
contractual  arrangements with such persons,  that can be sold without exceeding
the Maximum Number of Shares.

                     2.2.3. WITHDRAWAL. Any holder of Registrable Securities may
elect to withdraw such holder's request for inclusion of Registrable  Securities
in any Piggy-Back  Registration  by giving written notice to the Company of such
request to withdraw prior to the  effectiveness of the  Registration  Statement.
The Company  (whether on its own  determination or as the result of a withdrawal
by persons making a demand pursuant to written contractual obligations) may also
elect  to  withdraw  a   registration   statement  at  any  time  prior  to  the
effectiveness  of  the   Registration   Statement.   Notwithstanding   any  such
withdrawal,  the  Company  shall pay all  expenses  incurred  by the  holders of
Registrable  Securities  in  connection  with such  Piggy-Back  Registration  as
provided in Section 3.3.

              2.3.   REGISTRATIONS  ON FORM  S-3.  The  holders  of  Registrable
Securities  may at any time and from time to time,  request in writing  that the
Company register the resale of any or all of such Registrable Securities on Form
S-3 or any similar  short-form  registration which may be available at such time
("Form  S-3");  provided,  however,  that the Company  shall not be obligated to
effect such  request  through an  underwritten  offering.  Upon  receipt of such
written  request,  the Company will promptly give written notice of the proposed
registration  to all other holders of  Registrable  Securities,  and, as soon as
practicable  thereafter,  effect the registration of all or such portion of such
holder's or holders'  Registrable  Securities  as are specified in such request,
together  with all or such portion of the  Registrable  Securities  of any other
holder or

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holders  joining in such  request as are  specified in a written  request  given
within  fifteen (15) days after receipt of such written notice from the Company;
provided,  however,  that the Company  shall not be obligated to effect any such
registration  pursuant to this Section 2.3: (i) if Form S-3 is not available for
such offering;  or (ii) if the holders of the Registrable  Securities,  together
with the holders of any other securities of the Company entitled to inclusion in
such  registration,  propose  to sell  Registrable  Securities  and  such  other
securities (if any) at any aggregate  price to the public of less than $500,000.
Registrations  effected  pursuant  to this  Section  2.3 shall not be counted as
Demand Registrations effected pursuant to Section 2.1.

       3.     REGISTRATION PROCEDURES.

              3.1.   FILINGS;  INFORMATION.  Whenever the Company is required to
effect the registration of any Registrable Securities pursuant to Section 2, the
Company shall use its best efforts to effect the  registration  and sale of such
Registrable Securities in accordance with the intended method(s) of distribution
thereof  as  expeditiously  as  practicable,  and in  connection  with  any such
request:

                     3.1.1. FILING REGISTRATION STATEMENT. The Company shall, as
expeditiously  as possible and in any event within sixty (60) days after receipt
of a request for a Demand Registration pursuant to Section 2.1, prepare and file
with the Commission a  Registration  Statement on any form for which the Company
then qualifies or which counsel for the Company shall deem appropriate and which
form  shall  be  available  for the  sale of all  Registrable  Securities  to be
registered  thereunder in accordance with the intended method(s) of distribution
thereof, and shall use its best efforts to cause such Registration  Statement to
become and remain effective for the period required by Section 3.1.3;  provided,
however,  that the Company shall have the right to defer any Demand Registration
for up to thirty (30) days, and any Piggy-Back  Registration  for such period as
may be  applicable  to  deferment  of any  demand  registration  to  which  such
Piggy-Back  Registration  relates,  in each case if the Company shall furnish to
the holders a certificate  signed by the Chief Executive  Officer of the Company
stating  that,  in the good  faith  judgment  of the Board of  Directors  of the
Company, it would be materially  detrimental to the Company and its stockholders
for such Registration  Statement to be effected at such time;  provided further,
however,  that the Company  shall not have the right to  exercise  the right set
forth in the immediately  preceding proviso more than once in any 365-day period
in respect of a Demand Registration hereunder.

                     3.1.2. COPIES.   The  Company  shall,  prior  to  filing  a
Registration  Statement or prospectus,  or any amendment or supplement  thereto,
furnish without charge to the holders of Registrable Securities included in such
registration,  and such  holders'  legal  counsel,  copies of such  Registration
Statement  as  proposed  to be filed,  each  amendment  and  supplement  to such
Registration  Statement  (in  each  case  including  all  exhibits  thereto  and
documents  incorporated by reference  therein),  the prospectus included in such
Registration Statement (including each preliminary  prospectus),  and such other
documents as the holders of Registrable Securities included in such registration
or legal  counsel for any such  holders may request in order to  facilitate  the
disposition of the Registrable Securities owned by such holders.

                     3.1.3. AMENDMENTS  AND   SUPPLEMENTS.   The  Company  shall
prepare and file with the Commission such amendments,  including  post-effective
amendments,  and

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supplements to such Registration Statement and the prospectus used in connection
therewith as may be necessary to keep such Registration  Statement effective and
in compliance  with the provisions of the  Securities Act until all  Registrable
Securities and other securities covered by such Registration Statement have been
disposed of in accordance with the intended  method(s) of distribution set forth
in such  Registration  Statement  (which  period shall not exceed the sum of one
hundred  eighty (180) days plus any period during which any such  disposition is
interfered  with by any  stop  order  or  injunction  of the  Commission  or any
governmental agency or court) or such securities have been withdrawn.

                     3.1.4. NOTIFICATION.  After the  filing  of a  Registration
Statement,  the  Company  shall  promptly,  and in no  event  more  than two (2)
business days after such filing,  notify the holders of  Registrable  Securities
included in such Registration Statement of such filing, and shall further notify
such holders  promptly  and confirm such advice in writing in all events  within
two (2) business days of the occurrence of any of the  following:  (i) when such
Registration Statement becomes effective; (ii) when any post-effective amendment
to  such  Registration  Statement  becomes  effective;  (iii)  the  issuance  or
threatened  issuance by the  Commission of any stop order (and the Company shall
take all  actions  required to prevent the entry of such stop order or to remove
it if  entered);  and (iv) any request by the  Commission  for any  amendment or
supplement to such Registration  Statement or any prospectus relating thereto or
for  additional  information  or of the  occurrence  of an event  requiring  the
preparation  of a  supplement  or  amendment  to such  prospectus  so  that,  as
thereafter  delivered  to the  purchasers  of the  securities  covered  by  such
Registration Statement,  such prospectus will not contain an untrue statement of
a material fact or omit to state any material fact required to be stated therein
or necessary to make the statements  therein not  misleading,  and promptly make
available to the holders of Registrable Securities included in such Registration
Statement any such  supplement or amendment;  except that before filing with the
Commission a Registration Statement or prospectus or any amendment or supplement
thereto,  including  documents  incorporated  by  reference,  the Company  shall
furnish to the holders of Registrable  Securities  included in such Registration
Statement  and to the legal  counsel  for any such  holders,  copies of all such
documents proposed to be filed sufficiently in advance of filing to provide such
holders and legal counsel with a reasonable opportunity to review such documents
and comment thereon,  and the Company shall not file any Registration  Statement
or  prospectus  or  amendment  or  supplement   thereto,   including   documents
incorporated  by  reference,  to which such holders or their legal counsel shall
object.

                     3.1.5. STATE SECURITIES LAWS COMPLIANCE.  The Company shall
use its best  efforts to (i)  register  or qualify  the  Registrable  Securities
covered by the  Registration  Statement under such securities or "blue sky" laws
of such  jurisdictions  in the  United  States  as the  holders  of  Registrable
Securities  included in such Registration  Statement (in light of their intended
plan of  distribution)  may request and (ii) take such action necessary to cause
such  Registrable  Securities  covered  by  the  Registration  Statement  to  be
registered  with or approved by such other  Governmental  Authorities  as may be
necessary by virtue of the business and operations of the Company and do any and
all other acts and  things  that may be  necessary  or  advisable  to enable the
holders of Registrable  Securities  included in such  Registration  Statement to
consummate the disposition of such Registrable Securities in such jurisdictions;
provided,  however,  that the Company shall not be required to qualify generally
to do business in any  jurisdiction  where it

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would not  otherwise  be required to qualify but for this  paragraph  or subject
itself to taxation in any such jurisdiction.

                     3.1.6. AGREEMENTS FOR DISPOSITION.  The Company shall enter
into customary agreements (including,  if applicable,  an underwriting agreement
in customary  form) and take such other  actions as are  reasonably  required in
order to expedite or facilitate the disposition of such Registrable  Securities.
The representations, warranties and covenants of the Company in any underwriting
agreement  which  are made to or for the  benefit  of any  Underwriters,  to the
extent  applicable,  shall also be made to and for the benefit of the holders of
Registrable  Securities  included in such registration  statement.  No holder of
Registrable Securities included in such registration statement shall be required
to make any representations or warranties in the underwriting  agreement except,
if  applicable,  with  respect to such  holder's  organization,  good  standing,
authority,  title to Registrable Securities,  lack of conflict of such sale with
such holder's material agreements and organizational documents, and with respect
to written information relating to such holder that such holder has furnished in
writing expressly for inclusion in such Registration Statement.

                     3.1.7. COOPERATION.  The principal executive officer of the
Company,   the  principal  financial  officer  of  the  Company,  the  principal
accounting  officer of the  Company  and all other  officers  and members of the
management of the Company shall  cooperate  fully in any offering of Registrable
Securities hereunder,  which cooperation shall include, without limitation,  the
preparation of the Registration  Statement with respect to such offering and all
other offering  materials and related  documents,  and participation in meetings
with Underwriters, attorneys, accountants and potential investors.

                     3.1.8. The Company shall make  available for  inspection by
the holders of Registrable  Securities included in such Registration  Statement,
any Underwriter  participating in any disposition  pursuant to such registration
statement and any attorney,  accountant  or other  professional  retained by any
holder of Registrable  Securities included in such Registration Statement or any
Underwriter,  all financial and other records, pertinent corporate documents and
properties  of the  Company,  as shall be  necessary  to enable them to exercise
their due diligence responsibility,  and cause the Company's officers, directors
and employees to supply all  information  requested by any of them in connection
with such Registration Statement.

                     3.1.9. OPINIONS  AND COMFORT  LETTERS.  The  Company  shall
furnish to each holder of Registrable  Securities  included in any  Registration
Statement a signed counterpart,  addressed to such holder, of (i) any opinion of
counsel to the Company  delivered to any Underwriter and (ii) any comfort letter
from the Company's  independent public accountants delivered to any Underwriter.
In the event no legal opinion is delivered to any Underwriter, the Company shall
furnish to each holder of Registrable  Securities  included in such Registration
Statement,  at any time that such holder elects to use a prospectus,  an opinion
of  counsel  to the  Company  to the  effect  that  the  Registration  Statement
containing such prospectus has been declared effective and that no stop order is
in effect.

                     3.1.10. EARNINGS STATEMENT.  The Company  shall comply with
all applicable  rules and  regulations of the Commission and the Securities Act,
and make  available to its  stockholders,  as soon as  practicable,  an earnings
statement  covering a period of twelve (12)

                                       9
<PAGE>

months,  beginning  within  three (3)  months  after the  effective  date of the
registration statement, which earnings statement shall satisfy the provisions of
Section 11(a) of the Securities Act and Rule 158 thereunder.

                     3.1.11. LISTING. The Company  shall use its best efforts to
cause all Registrable  Securities  included in any  registration to be listed on
such exchanges or otherwise designated for trading in the same manner as similar
securities  issued by the Company are then listed or  designated  or, if no such
similar  securities are then listed or designated,  in a manner  satisfactory to
the  holders  of a  majority  of the  Registrable  Securities  included  in such
registration.

              3.2.   OBLIGATION  TO SUSPEND  DISTRIBUTION.  Upon  receipt of any
notice from the Company of the  happening of any event of the kind  described in
Section 3.1.4(iv), or, in the case of a resale registration on Form S-3 pursuant
to Section 2.3 hereof, upon any suspension by the Company, pursuant to a written
insider trading  compliance program adopted by the Company's Board of Directors,
of the  ability of all  "insiders"  covered by such  program to  transact in the
Company's   securities   because  of  the   existence  of  material   non-public
information,  each holder of Registrable Securities included in any registration
shall  immediately   discontinue  disposition  of  such  Registrable  Securities
pursuant to the  Registration  Statement  covering such  Registrable  Securities
until such holder receives the supplemented or amended  prospectus  contemplated
by Section 3.1.4(iv) or the restriction on the ability of "insiders" to transact
in the Company's  securities is removed,  as applicable,  and, if so directed by
the Company, each such holder will deliver to the Company all copies, other than
permanent  file  copies  then in such  holder's  possession,  of the most recent
prospectus  covering such Registrable  Securities at the time of receipt of such
notice.

              3.3.   REGISTRATION EXPENSES. The Company shall bear all costs and
expenses incurred in connection with any Demand Registration pursuant to Section
2.1, any Piggy-Back  Registration  pursuant to Section 2.2, and any registration
on Form S-3  effected  pursuant to Section  2.3,  and all  expenses  incurred in
performing or complying with its other obligations under this Agreement, whether
or  not  the  Registration  Statement  becomes  effective,   including,  without
limitation:  (i) all  registration  and filing  fees;  (ii) fees and expenses of
compliance with securities or "blue sky" laws (including fees and  disbursements
of  counsel  in  connection  with  blue sky  qualifications  of the  Registrable
Securities);  (iii)  printing  expenses;  (iv) the Company's  internal  expenses
(including,  without  limitation,  all salaries and expenses of its officers and
employees); (v) the fees and expenses incurred in connection with the listing of
the  Registrable  Securities  as  required  by  Section  3.1.11;  (vi)  National
Association of Securities  Dealers,  Inc. fees; (vii) fees and  disbursements of
counsel for the Company and fees and expenses for independent  certified  public
accountants  retained by the Company (including the expenses or costs associated
with the  delivery of any  opinions  or comfort  letters  requested  pursuant to
Section 3.1.9);  (viii) the fees and expenses of any special experts retained by
the Company in connection with such  registration and (ix) the fees and expenses
of one legal counsel  selected by the holders of a  majority-in-interest  of the
Registrable Securities included in such registration.  The Company shall have no
obligation to pay any underwriting discounts or selling commissions attributable
to  the  Registrable  Securities  being  sold  by  the  holders  thereof,  which
underwriting  discounts or selling  commissions  shall be borne by such holders.
Additionally,  in an underwritten  offering,  all selling  stockholders  and the
Company shall bear the expenses of the

                                       10
<PAGE>

underwriter  pro rata in proportion to the  respective  amount of shares each is
selling in such offering.

              3.4.   INFORMATION.  The holders of Registrable  Securities  shall
provide such  information as may reasonably be requested by the Company,  or the
managing  Underwriter,  if  any,  in  connection  with  the  preparation  of any
Registration  Statement,  including amendments and supplements thereto, in order
to effect the  registration of any Registrable  Securities  under the Securities
Act pursuant to Section 2 and in  connection  with the  Company's  obligation to
comply with federal and applicable state securities laws.

       4.     INDEMNIFICATION AND CONTRIBUTION.

              4.1.   INDEMNIFICATION  BY THE  COMPANY.  The  Company  agrees  to
indemnify and hold  harmless each Investor and each other holder of  Registrable
Securities,  and  each of  their  respective  officers,  employees,  affiliates,
directors, partners, members, attorneys and agents, and each person, if any, who
controls an Investor and each other holder of Registrable Securities (within the
meaning of Section 15 of the  Securities  Act or Section 20 of the Exchange Act)
(each, an "Investor Indemnified Party"), from and against any expenses,  losses,
judgments, claims, damages or liabilities, whether joint or several, arising out
of or based upon any untrue  statement  (or  allegedly  untrue  statement)  of a
material fact contained in any  Registration  Statement  under which the sale of
such  Registrable  Securities  was  registered  under the  Securities  Act,  any
preliminary prospectus,  final prospectus or summary prospectus contained in the
Registration  Statement,  or any amendment or  supplement  to such  Registration
Statement, or arising out of or based upon any omission (or alleged omission) to
state a material  fact  required to be stated  therein or  necessary to make the
statements  therein  not  misleading,  or any  violation  by the  Company of the
Securities Act or any rule or regulation  promulgated  thereunder  applicable to
the  Company  and  relating  to action or  inaction  required  of the Company in
connection with any such registration;  and the Company shall promptly reimburse
the Investor  Indemnified Party for any legal and any other expenses  reasonably
incurred by such Investor Indemnified Party in connection with investigating and
defending any such expense, loss, judgment,  claim, damage, liability or action;
provided,  however,  that the Company will not be liable in any such case to the
extent that any such expense,  loss, claim, damage or liability arises out of or
is based upon any untrue  statement or allegedly untrue statement or omission or
alleged omission made in such Registration  Statement,  preliminary  prospectus,
final prospectus, or summary prospectus, or any such amendment or supplement, in
reliance upon and in conformity with  information  furnished to the Company,  in
writing,  by such selling  holder  expressly  for use therein.  The Company also
shall indemnify any Underwriter of the Registrable  Securities,  their officers,
affiliates, directors, partners, members and agents and each person who controls
such Underwriter on substantially the same basis as that of the  indemnification
provided above in this Section 4.1.

              4.2.   INDEMNIFICATION BY HOLDERS OF REGISTRABLE SECURITIES.  Each
selling  holder  of  Registrable   Securities   will,  in  the  event  that  any
registration  is being  effected  under  the  Securities  Act  pursuant  to this
Agreement of any Registrable  Securities held by such selling holder,  indemnify
and hold  harmless  the  Company,  each of its  directors  and officers and each
underwriter  (if any), and each other selling  holder and each other person,  if
any, who controls another selling holder or such underwriter  within the meaning
of the Securities Act, against any

                                       11
<PAGE>

losses,  claims,  judgments,  damages or liabilities,  whether joint or several,
insofar as such losses, claims, judgments, damages or liabilities (or actions in
respect  thereof)  arise  out of or are  based  upon  any  untrue  statement  or
allegedly  untrue  statement of a material  fact  contained in any  Registration
Statement  under which the sale of such  Registrable  Securities  was registered
under the  Securities  Act, any  preliminary  prospectus,  final  prospectus  or
summary prospectus contained in the Registration  Statement, or any amendment or
supplement to the Registration  Statement, or arise out of or are based upon any
omission or the alleged  omission to state a material fact required to be stated
therein or  necessary  to make the  statement  therein  not  misleading,  if the
statement  or  omission  was  made  in  reliance  upon  and in  conformity  with
information furnished in writing to the Company by such selling holder expressly
for use therein,  and shall  reimburse the Company,  its directors and officers,
and each  other  selling  holder or  controlling  person  for any legal or other
expenses  reasonably incurred by any of them in connection with investigation or
defending  any such loss,  claim,  damage,  liability  or action.  Each  selling
holder's  indemnification  obligations  hereunder shall be several and not joint
and shall be limited to the amount of any net proceeds actually received by such
selling holder.

              4.3.   CONDUCT  OF  INDEMNIFICATION  PROCEEDINGS.  Promptly  after
receipt by any person of any notice of any loss,  claim,  damage or liability or
any action in respect of which  indemnity may be sought  pursuant to Section 4.1
or 4.2,  such  person (the  "Indemnified  Party")  shall,  if a claim in respect
thereof is to be made  against any other person for  indemnification  hereunder,
notify  such other  person  (the  "Indemnifying  Party") in writing of the loss,
claim,  judgment,  damage,  liability  or action;  provided,  however,  that the
failure by the  Indemnified  Party to notify the  Indemnifying  Party  shall not
relieve the Indemnifying  Party from any liability which the Indemnifying  Party
may have to such Indemnified  Party  hereunder,  except and solely to the extent
the  Indemnifying  Party  is  actually   prejudiced  by  such  failure.  If  the
Indemnified Party is seeking indemnification with respect to any claim or action
brought  against the Indemnified  Party,  then the  Indemnifying  Party shall be
entitled  to  participate  in such claim or action,  and,  to the extent that it
wishes,  jointly with all other Indemnifying  Parties,  to assume control of the
defense thereof with counsel satisfactory to the Indemnified Party. After notice
from the Indemnifying  Party to the Indemnified  Party of its election to assume
control of the defense of such claim or action, the Indemnifying Party shall not
be liable to the Indemnified Party for any legal or other expenses  subsequently
incurred by the  Indemnified  Party in connection with the defense thereof other
than reasonable costs of investigation; provided, however, that in any action in
which  both the  Indemnified  Party  and the  Indemnifying  Party  are  named as
defendants,  the  Indemnified  Party  shall  have the right to  employ  separate
counsel  (but  no  more  than  one  such  separate  counsel)  to  represent  the
Indemnified  Party and its  controlling  persons who may be subject to liability
arising  out of any claim in  respect  of which  indemnity  may be sought by the
Indemnified Party against the Indemnifying  Party, with the fees and expenses of
such  counsel to be paid by such  Indemnifying  Party if, based upon the written
opinion of counsel of such Indemnified Party,  representation of both parties by
the same counsel  would be  inappropriate  due to actual or potential  differing
interests between them. No Indemnifying  Party shall,  without the prior written
consent of the  Indemnified  Party,  consent to entry of  judgment or effect any
settlement of any claim or pending or threatened  proceeding in respect of which
the  Indemnified  Party is or could have been a party and  indemnity  could have
been  sought  hereunder  by such  Indemnified  Party,  unless  such  judgment or
settlement includes an unconditional  release of such Indemnified Party from all
liability arising out of such claim or proceeding.

                                       12
<PAGE>

              4.4.   CONTRIBUTION.

                     4.4.1. If the indemnification provided for in the foregoing
Sections 4.1, 4.2 and 4.3 is unavailable to any Indemnified  Party in respect of
any loss, claim, damage,  liability or action referred to herein, then each such
Indemnifying  Party,  in lieu of  indemnifying  such  Indemnified  Party,  shall
contribute to the amount paid or payable by such  Indemnified  Party as a result
of such  loss,  claim,  damage,  liability  or action in such  proportion  as is
appropriate  to reflect the relative  fault of the  Indemnified  Parties and the
Indemnifying  Parties in connection with the actions or omissions which resulted
in such loss, claim, damage,  liability or action, as well as any other relevant
equitable  considerations.  The relative fault of any Indemnified  Party and any
Indemnifying  Party shall be  determined  by reference  to, among other  things,
whether  the  untrue or  alleged  untrue  statement  of a  material  fact or the
omission or alleged  omission to state a material  fact  relates to  information
supplied by such Indemnified Party or such  Indemnifying  Party and the parties'
relative intent, knowledge,  access to information and opportunity to correct or
prevent such statement or omission.

                     4.4.2. The parties  hereto  agree that it would not be just
and equitable if  contribution  pursuant to this Section 4.4 were  determined by
pro rata  allocation  or by any other method of  allocation  which does not take
account of the equitable considerations referred to in the immediately preceding
Section 4.4.1. The amount paid or payable by an Indemnified Party as a result of
any loss,  claim,  damage,  liability or action  referred to in the  immediately
preceding  paragraph shall be deemed to include,  subject to the limitations set
forth above, any legal or other expenses  incurred by such Indemnified  Party in
connection   with   investigating   or  defending  any  such  action  or  claim.
Notwithstanding  the  provisions  of this Section 4.4, no holder of  Registrable
Securities  shall be required to  contribute  any amount in excess of the dollar
amount of the net proceeds (after payment of any underwriting  fees,  discounts,
commissions  or  taxes)  actually  received  by such  holder  from  the  sale of
Registrable  Securities  which  gave rise to such  contribution  obligation.  No
person  guilty of  fraudulent  misrepresentation  (within the meaning of Section
11(f) of the Securities Act) shall be entitled to  contribution  from any person
who was not guilty of such fraudulent misrepresentation.

       5.     UNDERWRITING AND DISTRIBUTION.

              5.1.   RULE 144.  The  Company  covenants  that it shall  file any
reports required to be filed by it under the Securities Act and the Exchange Act
and shall take such further action as the holders of Registrable  Securities may
reasonably request,  all to the extent required from time to time to enable such
holders to sell Registrable Securities without registration under the Securities
Act within  the  limitation  of the  exemptions  provided  by Rule 144 under the
Securities  Act, as such Rules may be amended from time to time,  or any similar
Rule or regulation hereafter adopted by the Commission.

       6.     MISCELLANEOUS.

              6.1.   OTHER  REGISTRATION  RIGHTS.  Except with  respect to those
securities issued or issuable upon exercise of that certain Unit Purchase Option
to be  issued  to Jesup &  Lamont  Securities  Corporation  or its  designee  in
connection with the Company's  initial public offering,  the Company  represents
and warrants that no person, other than a holder of the Registrable

                                       13
<PAGE>

Securities,  has any right to require the Company to register  any shares of the
Company's  capital stock for sale or to include shares of the Company's  capital
stock in any registration filed by the Company for the sale of shares of capital
stock for its own account or for the account of any other person.

              6.2.   ASSIGNMENT;  NO THIRD PARTY  BENEFICIARIES.  This Agreement
and the  rights,  duties and  obligations  of the Company  hereunder  may not be
assigned or delegated by the Company in whole or in part. This Agreement and the
rights,  duties  and  obligations  of  the  holders  of  Registrable  Securities
hereunder  may be freely  assigned or  delegated  by such holder of  Registrable
Securities in conjunction  with and to the extent of any transfer of Registrable
Securities by any such holder. This Agreement and the provisions hereof shall be
binding  upon and shall  inure to the  benefit of each of the  parties and their
respective  successors  and the  permitted  assigns of the Investor or holder of
Registrable  Securities  or of  any  assignee  of  the  Investor  or  holder  of
Registrable  Securities.  This Agreement is not intended to confer any rights or
benefits on any persons that are not party  hereto  other than as expressly  set
forth in Article 4 and this Section 6.2.

              6.3.   NOTICES.   All  notices,   demands,   requests,   consents,
approvals  or  other  communications   (collectively,   "Notices")  required  or
permitted  to be given  hereunder  or  which  are  given  with  respect  to this
Agreement  shall be in writing  and shall be  personally  served,  delivered  by
reputable  air courier  service with charges  prepaid,  or  transmitted  by hand
delivery, telegram, telex or facsimile, addressed as set forth below, or to such
other  address  as such party  shall have  specified  most  recently  by written
notice.  Notice shall be deemed given on the date of service or  transmission if
personally served or transmitted by telegram, telex or facsimile; provided, that
if such  service or  transmission  is not on a business  day or is after  normal
business hours, then such notice shall be deemed given on the next business day.
Notice  otherwise  sent as  provided  herein  shall be deemed  given on the next
business day following timely delivery of such notice to a reputable air courier
service with an order for next-day delivery.

              To the Company:

              Pharmamatrix Acquisition Corporation
              934 S. Southlake Drive
              Hollywood, Florida 33019
              Attn:    Norman M. Meier, Chief Executive Officer

              with a copy to:

              Greenberg Traurig LLP
              MetLife Building
              200 Park Avenue
              New York, New York 10166
              Attn:    Alan I. Annex, Esq.

              and

                                       14
<PAGE>

              Thelen Reid & Priest LLP
              875 Third Avenue
              New York, New York 10022
              Attn:    Robert S. Matlin, Esq.

              To an Investor, to:

              c/o Pharmamatrix Acquisition Corporation
              934 S. Southlake Drive
              Hollywood, Florida 33019

              with a copy to:

              Thelen Reid & Priest LLP
              875 Third Avenue
              New York, New York 10022
              Attn:    Robert S. Matlin, Esq.

              6.4.   SEVERABILITY. This Agreement shall be deemed severable, and
the  invalidity or  unenforceability  of any term or provision  hereof shall not
affect the validity or  enforceability of this Agreement or of any other term or
provision hereof. Furthermore, in lieu of any such invalid or unenforceable term
or provision,  the parties  hereto intend that there shall be added as a part of
this Agreement a provision as similar in terms to such invalid or  unenforceable
provision as may be possible that is valid and enforceable.

              6.5.   COUNTERPARTS.  This  Agreement  may be executed in multiple
counterparts,  each of which shall be deemed an original, and all of which taken
together shall constitute one and the same instrument.

              6.6.   ENTIRE AGREEMENT.  This Agreement (including all agreements
entered into pursuant  hereto and all  certificates  and  instruments  delivered
pursuant hereto and thereto) constitute the entire agreement of the parties with
respect to the subject matter hereof and supersede all prior and contemporaneous
agreements,  representations,   understandings,   negotiations  and  discussions
between the parties, whether oral or written.

              6.7.   MODIFICATIONS AND AMENDMENTS. No amendment, modification or
termination of this Agreement shall be binding upon any party unless executed in
writing by such party.

              6.8.   TITLES AND  HEADINGS.  Titles and  headings  of sections of
this Agreement are for convenience only and shall not affect the construction of
any provision of this Agreement.

              6.9.   WAIVERS AND  EXTENSIONS.  Any party to this  Agreement  may
waive any  right,  breach or  default  which  such party has the right to waive,
provided that such waiver will not be effective against the waiving party unless
it is in  writing,  is signed by such  party,  and  specifically  refers to this
Agreement.  Waivers may be made in advance or after the right  waived has arisen
or the breach or default waived has occurred. Any waiver may be conditional.  No
waiver of any breach of any  agreement or provision  herein  contained  shall be
deemed a waiver

                                       15
<PAGE>

of any  preceding or  succeeding  breach  thereof nor of any other  agreement or
provision  herein  contained.  No waiver or extension of time for performance of
any  obligations  or acts shall be deemed a waiver or  extension of the time for
performance of any other obligations or acts.

              6.10.  REMEDIES CUMULATIVE. In the event that the Company fails to
observe or perform any covenant or  agreement to be observed or performed  under
this Agreement,  the Investor or any other holder of Registrable  Securities may
proceed to protect  and  enforce  its rights by suit in equity or action at law,
whether for specific  performance of any term contained in this Agreement or for
an  injunction  against the breach of any such term or in aid of the exercise of
any power  granted in this  Agreement or to enforce any other legal or equitable
right,  or to take any one or more of such actions,  without  being  required to
post a bond.  None of the  rights,  powers  or  remedies  conferred  under  this
Agreement  shall be mutually  exclusive,  and each such  right,  power or remedy
shall be cumulative and in addition to any other right, power or remedy, whether
conferred by this Agreement or now or hereafter  available at law, in equity, by
statute or otherwise.

              6.11.  GOVERNING  LAW.  This  Agreement   shall  be  governed  by,
interpreted  under,  and construed in  accordance  with the internal laws of the
State of New York applicable to agreements  made and to be performed  within the
State of New York, without giving effect to any choice-of-law provisions thereof
that  would  compel  the  application  of the  substantive  laws  of  any  other
jurisdiction.

              6.12.  WAIVER OF TRIAL BY JURY. Each party hereby  irrevocably and
unconditionally  waives  the  right  to a trial  by jury  in any  action,  suit,
counterclaim or other proceeding (whether based on contract,  tort or otherwise)
arising out of,  connected with or relating to this Agreement,  the transactions
contemplated  hereby,  or the  actions  of  the  Investor  in  the  negotiation,
administration, performance or enforcement hereof.

                                       16
<PAGE>

       IN WITNESS  WHEREOF,  the parties  have caused this  Registration  Rights
Agreement to be executed and delivered by their duly authorized  representatives
as of the date first written above.

                                        PHARMAMATRIX ACQUISITION CORPORATION

                                        By: ____________________________________
                                        Norman M. Meier, Chief Executive Officer

                                        INVESTORS:

                                        ___________________________________
                                        Harold S. Blue

                                        ___________________________________
                                        Steven Girgenti

                                        ___________________________________
                                        Norman M. Meier

                                        ___________________________________
                                        Shephard Lane

                                        ___________________________________
                                        Michael A. PietrangeloExhibit 10.6

                      PHARMAMATRIX ACQUISITION CORPORATION

                             STOCK OPTION AGREEMENT

       AGREEMENT (this  "Agreement")  dated as of the 13th day of May, 2005 (the
"Date  of  Grant"),  by and  between  PHARMAMATRIX  ACQUISITION  CORPORATION,  a
Delaware  corporation  having  offices  at 934 S.  Southlake  Drive,  Hollywood,
Florida 33019 (the  "Company"),  and  ____________,  an  individual  residing at
_________________ (the "Optionee");

                              W I T N E S S E T H:

       WHEREAS,  simultaneous with the execution and delivery of this Agreement,
the  Optionee has agreed to serve on the Board of Directors of the Company as an
"independent" director; and

       WHEREAS,  in order to  incentivize  the  Optionee  by  providing  him the
opportunity to participate in any future growth of the Company,  the Company has
determined to grant to the Optionee an option to purchase shares of common stock
of the Company,  par value $.0001 per share ("Common Stock"),  subject to and in
accordance with the terms and conditions of this Agreement;

       NOW,  THEREFORE,  in  consideration  of the premises and mutual covenants
herein contained, the parties hereby agree as follows:

       1.     GRANT OF STOCK OPTION.

              Subject to the terms and conditions of this Agreement, the Company
hereby grants to the Optionee the right and option (the "Option") to purchase up
to thirty-four thousand (34,000) shares of Common Stock (the "Option Shares") at
a price of $6.00 per share (the "Exercise Price").

       2.     VESTING OF OPTION.

              (a)    The  Option  may not be  exercised  unless it has vested in
accordance with the provisions of this Section 2.

              (b)    The Option shall vest (i) as to the first  one-third of the
Option Shares, on May 13, 2006,  provided and on condition that the Optionee has
remained as a director of the Company  throughout  the twelve (12) month  period
ending May 13, 2006,  (iii) as to an additional  one-third of the Option Shares,
on May 13, 2007,  provided and on condition  that the Optionee has remained as a
director of the Company  throughout the twenty-four (24) month period ending May
13, 2007, and (iv) as to the final  one-third of the Option  Shares,  on May 13,
2008,  provided and on condition that the Optionee has remained as a director of
the Company throughout the thirty-six (36) month period ending May 13, 2008.

<PAGE>

       3.     DURATION OF OPTION.

              The Option shall expire and all rights to purchase shares pursuant
hereto (to the extent not  previously  exercised)  shall cease and  terminate on
that date  which is the day before the fifth  (5th)  anniversary  of the Date of
Grant set forth above (the "Expiration Date").

       4.     EXERCISE OF OPTION.

              A person  entitled to exercise  the Option may exercise the Option
(if and to the extent then vested in  accordance  with Section 2 above) in whole
at any time,  or in part from time to time,  by delivering to the Company at its
office first set forth above (or any other office  hereafter  designated  by the
Company for the  purpose),  directed  to the  attention  of the Chief  Financial
Officer of the Company (or any other officer hereafter designated by the Company
for the purpose), written notice specifying the number of shares of Common Stock
with respect to which the Option (if and to the extent then vested in accordance
with Section 2 above) is being  exercised,  together with payment in full of the
Exercise  Price  for  such  shares.  Such  payment  shall  be made in cash or by
certified  check or bank draft to the order of the Company;  PROVIDED,  HOWEVER,
that the Company may, in its sole discretion, authorize and permit such payment,
in whole or in part, in any other form,  including  payment by personal check or
by the exchange of shares of Common Stock of the Company then owned of record by
the person entitled to exercise the Option and having a fair market value on the
date of exercise  equal to the price for which the shares of Common Stock may be
purchased pursuant to the Option.

       5.     ADJUSTMENTS.

              (a)    The number of shares of Common Stock covered by the Option,
and the Exercise Price,  shall be  proportionately  adjusted for any increase or
decrease  in the  number of issued  and/or  outstanding  shares of Common  Stock
resulting from a stock split,  combination of shares,  recapitalization or other
subdivision  or  consolidation  of shares or other  capital  adjustment,  or the
payment of a stock dividend in respect of the Common Stock;  PROVIDED,  HOWEVER,
that  any  fractional  shares  resulting  from  any  such  adjustment  shall  be
eliminated.

              (b)    From  time to  time  as and  when  any  adjustments  may be
required  pursuant to this Section 5, the Company shall endeavor to give written
notice to the  Optionee of the event  requiring  such  adjustment,  which notice
shall further set forth the Company's  calculation of the required adjustment to
the number of shares of Common  Stock  covered by the Option,  and the  Exercise
Price therefor.

                                       2
<PAGE>

       6.     MERGER, CONSOLIDATION, ETC.

              In the event that the  Company  shall,  pursuant  to action by its
Board of Directors, at any time propose to merge into, consolidate with, or sell
or otherwise transfer all of its assets to, another corporation and provision is
not made pursuant to the terms of such transaction for (a) the assumption by the
surviving,   resulting  or  acquiring   corporation  of  the  Option,   (b)  the
substitution  of a new  option  therefor,  or (c) the  payment  of cash or other
consideration in respect thereof,  then the Company shall give written notice of
the proposed transaction to the Optionee not less than thirty (30) days prior to
the anticipated effective date of the proposed transaction.  On a date which the
Company shall specify in such notice, which date shall not be less than ten (10)
days prior to the anticipated  effective date of the proposed  transaction,  the
Option shall (to the extent then in effect)  become fully (100%)  vested and the
Optionee  shall have the right to  exercise  the Option to  purchase  any or all
shares  then  subject  to  the  Option;  and  if  the  proposed  transaction  is
consummated,  the Option,  to the extent not previously  exercised  prior to the
effective date of the  transaction,  shall  terminate on such effective date. If
the proposed transaction is abandoned or otherwise not consummated,  then to the
extent that the portion of the Option not  exercised  prior to such  abandonment
shall have vested  solely by operation of this Section 6, such vesting  shall be
annulled and be of no further force or effect and the vesting  periods set forth
in Section 2 above  shall be  reinstituted  as of the date of such  abandonment;
PROVIDED,   HOWEVER,   that  nothing  herein   contained   shall  be  deemed  to
retroactively  affect or impair any exercise of any such vested  Option prior to
the date of such abandonment.

       7.     NON-TRANSFERABILITY.

              (a)    The Option shall not be transferable  other than (i) to any
transferee who is a member of the immediate family (i.e., spouse, child, natural
parent,  brother or sister) of the original Optionee hereunder,  or (ii) by will
or the laws of descent and distribution.

              (b)    In no event and under no  circumstances  shall the Optionee
or any other person  entitled to exercise  the Option  pledge,  hypothecate,  or
grant a lien upon or security  interest in any interest in this Agreement or the
Option.

       8.     NO RIGHTS AS STOCKHOLDER.

              The  Optionee  shall not have any rights as a  stockholder  of the
Company  with  respect to any shares  covered by the Option prior to the date of
issuance to the Optionee of the certificate or certificates for such shares.

                                       3
<PAGE>

       9.     ISSUANCE OF SHARES; RESTRICTIONS.

              (a)    Subject   to  the   conditions,   restrictions   and  other
qualifications provided in this Section 9, the Company shall, within thirty (30)
business  days  after the Option  has been duly  exercised  in whole or in part,
deliver  to the  person  who  exercised  the  Option  one or more  certificates,
registered in the name of such person,  for the number of shares of Common Stock
with respect to which the Option has been exercised.  The Company may legend any
stock certificate  issued hereunder to reflect any restrictions  provided for in
this Section 9, including but not limited to a "stop  transfer"  legend pursuant
to Section 9(b) below.

              (b)    Unless  the  shares   subject  to  the  Option   have  been
registered under the Securities Act of 1933, as amended (the "Act") (and, if the
person exercising the Option may be deemed an "affiliate" of the Company as such
term is  defined in Rule 405 under the Act,  such  shares  have been  registered
under the Act for resale by such person),  or the Company has determined that an
exemption from registration under the Act is available,  (i) any exercise of the
Option shall be deemed a confirmation by the person effecting such exercise that
he or she is acquiring the subject  Option Shares for his or her own account for
investment, and not with a view to the resale or distribution of all or any part
thereof,  and (ii) the Company may  require,  prior to and as a condition of the
issuance  of any shares of Common  Stock  pursuant  to such  exercise,  that the
person  exercising  the  Option  furnish  the  Company  with a  further  written
representation  in a form  prescribed by the Company to the effect that (A) such
person is  acquiring  such  shares  solely  with a view to  investment  for such
person's own account and not with a view to the resale or distribution of all or
any part  thereof,  and (B) such  person  will not dispose of any of such shares
otherwise  than in  accordance  with the  provisions  of Rule 144  under the Act
unless and until either the sale or  distribution  of such shares is  registered
under  the  Act  or the  Company  is  satisfied  that  an  exemption  from  such
registration is available.

              (c)    Anything herein contained to the contrary  notwithstanding,
the  Company  shall not be obliged  to sell or issue any shares of Common  Stock
pursuant to the exercise of the Option unless and until the Company is satisfied
that such sale or issuance  complies with all  applicable  provisions of the Act
and all other laws and/or  regulations by which the Company is bound or to which
the Company or such shares are  subject;  and the Company  reserves the right to
delay the  delivery of Option  Shares for such period of time as may be required
in order to effect compliance with the applicable  provisions of the Act and all
other applicable laws and/or regulations as aforesaid.

       10.    RESERVATION OF COMMON STOCK.

              The  Company  shall at all times  reserve and keep  available  for
issuance  upon the  exercise of the Option such number of shares of Common Stock
(whether unissued or treasury or both) as shall be sufficient to permit the full
exercise of the Option.

                                       4
<PAGE>

       11.    EXPENSES.

              The Company  shall pay any and all  expenses,  transfer  taxes and
other charges, including all costs associated with the preparation, issuance and
delivery of stock certificates,  that may be incurred in respect of the issuance
or delivery of Option Shares upon any exercise of the Option.

       12.    MISCELLANEOUS.

              (a)    No provision hereof,  in the absence of affirmative  action
by the Optionee  (or other person  entitled to exercise the Option at such time)
to effect  any  exercise  hereunder,  shall  give rise to any  liability  of the
Optionee (or any such other  person) for the Exercise  Price or as a stockholder
of the Company,  regardless of whether such liability is asserted by the Company
or by any creditor or creditors of the Company.

              (b)    Neither this  Agreement  nor any of the terms or conditions
hereof may be waived,  amended or modified,  except with the written  consent of
the Company and the Optionee.

              (c)    This  Agreement  shall  be  governed  by and  construed  in
accordance with the laws of the State of Delaware.

              (d)    The captions and Section  headings  used in this  Agreement
are for convenience of reference only, and shall not affect or be referred to in
connection with any interpretation or construction hereof.

       IN WITNESS  WHEREOF,  the parties have executed this  Agreement as of the
Date of Grant first set forth above.

                                       PHARMAMATRIX ACQUISITION CORPORATION

                                       By: _____________________________________

                                       _________________________________________
                                       [                 ]

                                       Optionee Social Security No.: ___________

                                       5

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