Document:

Exhibit
      10.16

     

    REGISTRATION
      RIGHTS AGREEMENT

     

    This
      Registration Rights Agreement (this “Agreement”)
      is
      made and entered into as of February 11, 2008, by and between Lifesciences
      Opportunities Incorporated, a Florida corporation (the “Company”),
      and
      the investor that has executed the signature page of this Agreement (the
“Investor”).

     

    Preliminary
      Statements

     

    The
      Investor has received shares of Series A Preferred Stock (the “Shares”) and
      attached warrants to purchase shares of Common Stock of the Company (the
“Warrants”) pursuant to an agreement and plan of merger dated September 7, 2007
      by and among the Company and DRTATTOFF, LLC, a California limited liability
      company. The Company has agreed to grant the Investor certain registration
      rights in accordance with the terms of this Agreement. Therefore, in
      consideration of the mutual promises and covenants set forth herein, the parties
      agree as follows: 

     

    1. Definitions.
      As used
      in this Agreement, the following terms shall have the following
      meanings:

     

    “Commission”
means
      the Securities and Exchange Commission. 

     

    “Common
      Stock”
      means
      the common stock, par value $0.0001 of the Company.

     

    “Exchange
      Act”
means
      the Securities Exchange Act of 1934, as amended, and any successor statute.
      

     

    “Filing
      Date”
      means,
      with respect to the Registration Statement required to be filed to cover the
      resale by the Holders of the Registrable Securities, April 30, 2008.

     

    “Holder”
or
      “Holders”
means
      the Investor or Investors or any of their affiliates or transferees to the
      extent any of them hold Registrable Securities. 

     

    “Indemnified
      Party”
shall
      have the meaning set forth in Section 5(b). 

     

    “Indemnifying
      Party”
shall
      have the meaning set forth in Section 5(b). 

     

    “Proceeding”
means
      an action, claim, suit, investigation or proceeding (including, without
      limitation, an investigation or partial proceeding, such as a deposition),
      whether commenced or threatened. 

     

    “Prospectus”
means
      the prospectus included in the Registration Statement (including, without
      limitation, a prospectus that includes any information previously omitted from
      a
      prospectus filed as part of an effective registration statement in reliance
      upon
      Rule 430A promulgated under the Securities Act), as amended or supplemented
      by
      any prospectus supplement, with respect to the terms of the offering of any
      portion of the Registrable Securities covered by the Registration Statement,
      and
      all other amendments and supplements to the Prospectus, including post-effective
      amendments, and all material incorporated by reference or deemed to be
      incorporated by reference in such Prospectus. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    “Registrable
      Securities”
means
      the shares of Common Stock purchased through conversion of the Shares or
      purchased upon exercise of the Warrants, or other securities of the Company
      or
      any other issuer or issuable in respect of such shares of Common Stock (because
      of stock splits, stock dividends, reclassifications, recapitalizations, mergers,
      combinations or similar events, if applicable); provided, however, that the
      shares of Common Stock which are Registrable Securities shall cease to be
      Registrable Securities upon any sale or transfer of such shares pursuant to
      a
      Registration Statement, Section 4(1) of the Securities Act, Rule 144 under
      the
      Securities Act or otherwise. 

     

    “Registration
      Statement”
means
      a
      registration statement filed by the Company with the Commission on any
      registration form prescribed by the Commission permitting a secondary offering
      or distribution, other than on Form S-4, Form S-8 or similar forms.
      \

     

    “Rule
      144”
means
      Rule 144 promulgated by the Commission pursuant to the Securities Act, as such
      Rule may be amended from time to time, or any similar rule or regulation
      hereafter adopted by the Commission having substantially the same effect as
      such
      Rule. 

     

    “Securities
      Act”
means
      the Securities Act of 1933, as amended, and any successor statute. 

     

    “Trading
      Market”
means
      any of the Pink Sheets LLC electronic quotation service, NASD OTC Bulletin
      Board, NASDAQ Global Select Market, NASDAQ Global Market, NASDAQ Capital Market,
      American Stock Exchange or the New York Stock Exchange. 

     

    “Shares”
means
      the shares of Series A Preferred Stock of the Company. 

     

    “Warrants”
means
      the Common Stock purchase warrants issued by the Company in connection with
      the
      issuance of the Series A Preferred Stock.

     

    2. Registration.
      

     

    (a) On
      or
      prior to the Filing Date, the Company shall prepare and file with the Commission
      a Registration Statement covering the resale of all Registrable Securities
      for
      an offering to be made on a continuous basis pursuant to Rule 415. The
      Registration Statement shall be on Form SB-2 (except if the Company is eligible
      to register for resale the Registrable Securities on Form S-3 in the future,
      the
      Company shall file a post effective amendment to the registration statement
      on
      Form S-3 covering the Registrable Securities and shall use its commercially
      reasonable efforts to cause such Registration Statement to be declared effective
      as promptly as practicable thereafter). 

     

    
      
        
        

      

      
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    (b) The
      Company shall use its reasonable best efforts to cause the Registration
      Statement to be declared effective by the Commission as soon as practicable
      (including filing with the Commission a request for acceleration of
      effectiveness in accordance with Rule 461 promulgated under the Securities
      Act
      within five (5) Business Days after the date that the Company is notified
      (orally or in writing, whichever is earlier) by the Commission that a
      Registration Statement will not be “reviewed,” or not be subject to further
      review and the effectiveness of the Registration Statement may be accelerated)
      and shall use its commercially reasonable efforts to keep the Registration
      Statement continuously effective under the Securities Act until the earlier
      of:
      (i) the date that all Registrable Securities covered by the Registration
      Statement have been sold or may be sold by non-affiliates without volume
      restrictions pursuant to Rule 144(k) as determined by the counsel to the Company
      pursuant to a written opinion letter to such effect, addressed and acceptable
      to
      the Company's transfer agent and the affected Holders and (ii) the date which
      is
      the second anniversary of the date in which the Registration Statement was
      declared effective by the Commission (the “Effectiveness
      Period”).
      Such
      Registration Statement shall also cover, to the extent allowable under the
      Securities Act and the rules promulgated thereunder (including Rule 416), such
      indeterminate number of additional shares of Common Stock resulting from stock
      splits, stock dividends or similar transactions with respect to the Registrable
      Securities. It is agreed and understood that the Company shall, from time to
      time, be obligated to file an additional Registration Statement to cover any
      Registrable Securities which are not registered for resale pursuant to a
      pre-existing Registration Statement. 

     

    (c) If:
      (i)
      the Registration Statement is not filed on or prior to the Filing Date (if
      the
      Company files a Registration Statement without affording the Holders the
      opportunity to review and comment on the same as required by Section 3(a)
      hereof, the Company shall not be deemed to have satisfied this clause (i)),
      (ii)
      after its Effective Date such Registration Statement ceases for any reason
      to be
      effective and available to the Holders as to all Registrable Securities to
      which
      it is required to cover at any time prior to the expiration of its Effectiveness
      Period for more than 20 consecutive Trading Days or an aggregate of 50 Trading
      Days (which need not be consecutive)(any such failure or breach being referred
      to as an “Event,”
      and for
      purposes of clause (i) the date on which such Event occurs, or for purposes
      of
      clause (ii) the date which such 20 consecutive or 50 Trading Day period (as
      applicable) is exceeded, being referred to as “Event
      Date”),
      then
      in addition to any other rights available to the Holders: (x) on such Event
      Date
      the Company shall pay to each Holder an amount in cash, as partial liquidated
      damages and not as a penalty, equal to .5% of the aggregate Subscription Amount
      paid by such Holder pursuant to the Purchase Agreement (which remedy shall
      not
      be exclusive of any other remedies available under this Agreement); and (y)
      on
      each monthly anniversary of each such Event Date thereof (if the applicable
      Event shall not have been cured by such date) until the applicable Event is
      cured, the Company shall pay to each Holder an amount in cash, as partial
      liquidated damages and not as a penalty, equal to .5% of the aggregate
      Subscription Amount paid by such Holder pursuant to the Purchase Agreement.
      The
      parties agree that the Company will not be liable for liquidated damages under
      this Section 2(c) in respect of any consideration paid by the Investors upon
      exercise of the Warrants. If the Company fails to pay any partial liquidated
      damages pursuant to this Section in full within ten days after the date payable,
      the Company will pay interest thereon at a rate of 10% per annum (or such lesser
      maximum amount that is permitted to be paid by applicable law) to the Holder,
      accruing daily from the date such partial liquidated damages are due until
      such
      amounts, plus all such interest thereon, are paid in full. The partial
      liquidated damages pursuant to the terms hereof shall apply on a pro-rata basis
      for any portion of a month prior to the cure of an Event, except in the case
      of
      the first Event Date. Notwithstanding the foregoing, the maximum amount of
      payment to a Holder associated with any and all Events shall not exceed 10%
      of
      the aggregate Subscription Amount paid by such Holder pursuant to the Purchase
      Agreement. 

     

    
      
        
        

      

      
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    (d) Each
      Holder shall furnish to the Company a completed Questionnaire in the form as
      provided by the Company (a “Selling
      Holder Questionnaire”).
      The
      Company shall not be required to include the Registrable Securities of a Holder
      in a Registration Statement and shall not be required to pay any liquidated
      or
      other damages under Section 2(c) to any Holder who fails to furnish to the
      Company a fully completed Selling Holder Questionnaire at least two Trading
      Days
      prior to the Filing Date (subject to the requirements set forth in Section
      3(a)). 

     

    3. Registration
      Procedures.
      When
      the Company proposes to effect the registration of any of the Registrable
      Securities under the Securities Act, the Company shall: 

     

    (a) furnish
      to the Investor such number of copies of the Registration Statement and the
      Prospectus included therein (including each preliminary Prospectus) as the
      Investor reasonably may request to facilitate the public sale or disposition
      of
      the Registrable Securities covered by the Registration Statement;

     

    (b) use
      its
      commercially reasonable efforts to register or qualify the Investor’s
      Registrable Securities covered by the Registration Statement under the
      securities or “blue sky” laws of such jurisdictions within the United States as
      the Investor may reasonably request, provided, however, that the Company shall
      not for any such purpose be required to qualify generally to transact business
      as a foreign Entity in any jurisdiction where it is not so qualified or to
      consent to general service of process in any such jurisdiction; and

     

    (c) list
      the
      Registrable Securities covered by the Registration Statement with any Trading
      Market on which the Common Stock of the Company is then listed. 

     

    4. Registration
      Expenses.
      All
      expenses relating to the Company’s compliance with Sections 2 and 3 hereof,
      including, without limitation, all registration and filing fees, printing
      expenses, fees and disbursements of counsel and independent public accountants
      for the Company, fees and expenses (including reasonable counsel fees) incurred
      in connection with complying with state securities or “blue sky” laws, fees of
      the NASD, transfer taxes, fees of transfer agents and registrars are called
      “Registration Expenses”. All selling commissions applicable to the sale of
      Registrable Securities, including any fees and disbursements of any counsel
      to
      the Holders, are called “Selling Expenses” and shall be the responsibility of
      the Investors. The Company shall only be responsible for all Registration
      Expenses.

     

    
      
        
        

      

      
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    5. Indemnification.

     

    (a) In
      the
      event of a registration of the Registrable Securities, the Holder (subject
      to
      the provisions of Section 5(b)) will indemnify and hold harmless the Company,
      and its officers, directors and each other person, if any, who controls the
      Company within the meaning of the Securities Act, against all losses, claims,
      damages or liabilities, joint or several, to which the Company or such persons
      may become subject under the Securities Act, the Exchange Act or otherwise,
      insofar as such losses, claims, damages or liabilities (or actions in respect
      thereof) arise out of or are based upon: (i) any untrue statement or
      alleged untrue statement of any material fact which was furnished in writing
      by
      the Holder to the Company expressly for use in (and such information is
      contained in) the Registration Statement under which such Registrable Securities
      were registered under the Securities Act pursuant to this Agreement, any
      preliminary Prospectus or final Prospectus contained therein, or any amendment
      or supplement thereof, or arise out of or are based upon the omission or alleged
      omission to state therein a material fact required to be stated therein or
      necessary to make the statements therein not misleading, and will reimburse
      the
      Company and each such person for any reasonable legal or other expenses incurred
      by them in connection with investigating or defending any such loss, claim,
      damage, liability or action, provided, however, that such Holder will be liable
      in any such case if and only to the extent that any such loss, claim, damage
      or
      liability arises out of or is based upon said Holder’s untrue statement or
      alleged untrue statement or omission or alleged omission so made in conformity
      with information furnished in writing to the Company by or on behalf of said
      Holder specifically for use in any such document, or (ii) in connection
      with a Holder’s sale of Registrable Securities, including without limitation
      alleged violations of Regulation M. Notwithstanding the provisions of this
      paragraph, no Holder shall be required to indemnify any person or entity in
      excess of the amount of the aggregate net proceeds received by said Holder
      in
      respect of Registrable Securities in connection with any such registration
      under
      the Securities Act.

     

    (b) Promptly
      after receipt by a party entitled to claim indemnification hereunder (an
“Indemnified Party”) of notice of the commencement of any action, such
      Indemnified Party shall, if a claim for indemnification in respect thereof
      is to
      be made against a party hereto obligated to indemnify such Indemnified Party
      (an
“Indemnifying Party”), notify the Indemnifying Party in writing thereof, but the
      omission so to notify the Indemnifying Party shall not relieve it from any
      liability which it may have to such Indemnified Party other than under this
      Section 5(b) and shall only relieve it from any liability which it may have
      to
      such Indemnified Party under this Section 5(b) if and to the extent the
      Indemnifying Party is prejudiced by such omission. In case any such action
      shall
      be brought against any Indemnified Party and it shall notify the Indemnifying
      Party of the commencement thereof, the Indemnifying Party shall be entitled
      to
      participate in and, to the extent it shall wish, to assume and undertake the
      defense thereof with counsel reasonably satisfactory to such Indemnified Party,
      and, after notice from the Indemnifying Party to such Indemnified Party of
      its
      election so to assume and undertake the defense thereof, the Indemnifying Party
      shall not be liable to such Indemnified Party under this Section 5(b) for any
      legal expenses subsequently incurred by such Indemnified Party in connection
      with the defense thereof; if the Indemnified Party retains its own counsel,
      then
      the Indemnified Party shall pay all fees, costs and expenses of such counsel,
      provided, however, that, if the defendants in any such action include both
      the
      Indemnified Party and the Indemnifying Party and if counsel shall have
      reasonably concluded that there may be reasonable defenses available to the
      Indemnified Party which are different from or additional to those available
      to
      the Indemnifying Party or if the interests of the Indemnified Party reasonably
      may be deemed to conflict with the interests of the Indemnifying Party in either
      case which would prohibit such counsel from representing both parties under
      applicable conflicts of interest rules of professional ethics, the Indemnified
      Party shall have the right to select one separate counsel and to assume such
      legal defenses and otherwise to participate in the defense of such action,
      with
      the reasonable expenses and fees of such separate counsel and other expenses
      related to such participation to be reimbursed by the Indemnifying Party as
      incurred. Neither party shall settle any proceeding for which indemnification
      is
      sought without the written consent of the other party, which shall not be
      unreasonably withheld. 

     

    
      
        
        

      

      
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    (c) Notwithstanding
      any provision of this Agreement to the contrary, each Holder shall be treated
      individually and separately from all other Holders under this Section 5, and
      will not become the subject of any obligation under this Section 5 as a result
      of any action, failure to act, statement, omission, or otherwise of any other
      Holder hereunder.

     

    6. Miscellaneous.

     

    (a) Remedies.
      In the
      event of a breach by the Company or by a Holder, of any of their respective
      obligations under this Agreement, each Holder or the Company, as the case may
      be, in addition to being entitled to exercise all rights granted by law and
      under this Agreement, including recovery of damages, will be entitled to
      specific performance of its rights under this Agreement. 

     

    (b) Compliance.
      The
      Investor covenants and agrees that it (i) will comply with the prospectus
      delivery requirements of the Securities Act as applicable to it in connection
      with sales of Registrable Securities pursuant to the Registration Statement
      and
      (ii) promptly furnish to the Company all information required to be disclosed
      in
      the Registration Statement and Prospectus concerning the Investor (including
      information in order to make the information previously furnished to the Company
      by such Investor not misleading) and any other information regarding such
      Investor and the distribution of such Registrable Securities as the Company
      may
      from time to time reasonably request.

     

    (c) Discontinued
      Disposition.
      The
      Holder agrees by its acquisition of such Registrable Securities that, upon
      receipt of a notice from the Company of the occurrence of a Discontinuation
      Event (as defined below), it will forthwith discontinue disposition of such
      Registrable Securities under the applicable Registration Statement until such
      Holder’s receipt of the copies of the supplemented Prospectus and/or amended
      Registration Statement or until it is advised in writing (the “Advice”) by the
      Company that the use of the applicable Prospectus may be resumed, and, in either
      case, has received copies of any additional or supplemental filings that are
      incorporated or deemed to be incorporated by reference in such Prospectus or
      Registration Statement. The Company may provide appropriate stop orders to
      enforce the provisions of this paragraph. For purposes of this Section 6(c),
      a
“Discontinuation Event” shall mean (i) when the Commission notifies the Company
      whether there will be a “review” of such Registration Statement and whenever the
      Commission comments in writing on such Registration Statement (the Company
      shall
      provide true and complete copies thereof and all written responses thereto
      to
      each of the Holders); (ii) any request by the Commission or any other Federal
      or
      state governmental authority for amendments or supplements to such Registration
      Statement or Prospectus or for additional information; (iii) the issuance by
      the
      Commission of any stop order suspending the effectiveness of such Registration
      Statement covering any or all of the Registrable Securities or the initiation
      of
      any Proceedings for that purpose; (iv) the receipt by the Company of any
      notification with respect to the suspension of the qualification or exemption
      from qualification of any of the Registrable Securities for sale in any
      jurisdiction, or the initiation or threatening of any Proceeding for such
      purpose; (v) the occurrence of any event or passage of time that makes the
      financial statements included in such Registration Statement ineligible for
      inclusion therein or any statement made in such Registration Statement or
      Prospectus or any document incorporated or deemed to be incorporated therein
      by
      reference untrue in any material respect or that requires any revisions to
      such
      Registration Statement, Prospectus or other documents so that, in the case
      of
      such Registration Statement or Prospectus, as the case may be, it will not
      contain any 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,
      in light of the circumstances under which they were made, not misleading; and/or
      (vi) the occurrence or existence of any pending corporate development that,
      in the reasonable discretion of the Board of Directors of the Company, makes
      it
      appropriate to suspend the availability of the Registration Statement and the
      related Prospectus.

     

    
      
        
        

      

      
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    (d) Amendments
      and Waivers.
      The
      provisions of this Agreement, including the provisions of this sentence, may
      not
      be amended, modified or supplemented, and waivers or consents to departures
      from
      the provisions hereof may not be given, unless the same shall be in writing
      and
      signed by the Company and the Holders of a majority of the then outstanding
      Registrable Securities. Notwithstanding the foregoing, a waiver or consent
      to
      depart from the provisions hereof with respect to a matter that relates
      exclusively to the rights of certain Holders and that does not directly or
      indirectly affect the rights of other Holders may be given by Holders of at
      least a majority of the Registrable Securities to which such waiver or consent
      relates; provided, however, that the provisions of this sentence may not be
      amended, modified, or supplemented except in accordance with the provisions
      of
      the immediately preceding sentence.

     

    7. Notices.
      All
      notices and other communications required or permitted hereunder shall be in
      writing and shall be deemed to have been duly given one (1) business day after
      delivery to an overnight carrier with instructions to deliver to the applicable
      address set forth below, or, if sent by facsimile, upon receipt of a
      confirmation of delivery: 

     

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

     

    9. The
      Company:  Lifesciences
      Opportunities Incorporated

    

      
        	
                 
                  8447 Wilshire Blvd., Suite 102

              
	
                 
                  Beverly Hills CA 90211

              
	
                 
                  Facsimile No.: (323) 653-2661

              
	
                 
                  Attention: James
                  Morel, CEO

              

      

    

     

    
      	
              If
                to any other Person who is

            	 
	
              then
                the registered Holder:

            	
              To
                the address of such Holder as it appears in the stock transfer books
                of
                the Company

            

    

     

    10. Successors
      and Assigns.
      This
      Agreement shall inure to the benefit of and be binding upon the successors
      and
      permitted assigns of each of the parties and shall inure to the benefit of
      and
      be binding upon the Holders. Except as it relates to assignments to affiliates
      of the Company, the Company may not assign its rights or obligations hereunder
      without the prior written consent of each Holder. Each Holder may assign their
      respective rights hereunder in the manner and to the Persons as permitted under
      the Warrants and the Certificate of Designation of the Shares with the prior
      written consent of the Company. No person shall have the rights of the Holder
      hereunder unless they have executed a joinder to the Agreement in a form
      reasonably acceptable to the Company.

     

    
      
        
        

      

      
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    11. Execution
      in Counterparts.
      This
      Agreement may be executed in any number of counterparts, each of which when
      so
      executed shall be deemed to be an original and, all of which taken together
      shall constitute one and the same Agreement. In the event that any signature
      is
      delivered by facsimile transmission, such signature shall create a valid binding
      obligation of the party executing (or on whose behalf such signature is
      executed) the same with the same force and effect as if such facsimile signature
      were the original thereof.

     

    12. Governing
      Law.
      All
      questions concerning the construction, validity, enforcement and interpretation
      of this Agreement shall be governed by and construed and enforced in accordance
      with the internal laws of the State of Florida, without regard to the principles
      of conflicts of law thereof. Each party agrees that all proceedings concerning
      the interpretations, enforcement and defense of the transactions contemplated
      by
      this Agreement (whether brought against a party hereto or its respective
      affiliates, directors, officers, shareholders, employees or agents) shall be
      commenced exclusively in the state and federal courts sitting in the State
      of
      Florida, Broward County. Each party hereto hereby irrevocably submits to the
      exclusive jurisdiction of the state and federal courts sitting in the State
      of
      Florida for the adjudication of any dispute hereunder or in connection herewith
      or with any transaction contemplated hereby or discussed herein, and hereby
      irrevocably waives, and agrees not to assert in any proceeding, any claim that
      it is not personally subject to the jurisdiction of any such court, that such
      proceeding is improper. Each party hereto hereby irrevocably waives personal
      service of process and consents to process being served in any such proceeding
      by mailing a copy thereof via registered or certified mail or overnight delivery
      (with evidence of delivery) to such party at the address in effect for notices
      to it under this Agreement and agrees that such service shall constitute good
      and sufficient service of process and notice thereof. Nothing contained herein
      shall be deemed to limit in any way any right to serve process in any manner
      permitted by law. The parties hereto hereby irrevocably waive, to the fullest
      extent permitted by applicable law, any and all right to trial by jury in any
      legal proceeding arising out of or relating to this Agreement or the
      transactions contemplated hereby. If any party shall commence a proceeding
      to
      enforce any provisions of this Agreement, then the prevailing party in such
      proceeding shall be reimbursed by the other party for its reasonable attorney’s
      fees and other costs and expenses incurred with the investigation, preparation
      and prosecution of such proceeding.

     

    13. Remedies.
      The
      remedies provided herein are cumulative and not exclusive of any remedies
      provided by law.

     

    14. Severability.
      If any
      term, provision, covenant or restriction of this Agreement is held by a court
      of
      competent jurisdiction to be invalid, illegal, void or unenforceable, the
      remainder of the terms, provisions, covenants and restrictions set forth herein
      shall remain in full force and effect and shall in no way be affected, impaired
      or invalidated, and the parties hereto shall use their reasonable efforts to
      find and employ an alternative means to achieve the same or substantially the
      same result as that contemplated by such term, provision, covenant or
      restriction. It is hereby stipulated and declared to be the intention of the
      parties that they would have executed the remaining terms, provisions, covenants
      and restrictions without including any of such that may be hereafter declared
      invalid, illegal, void or unenforceable.

     

    15. Headings.
      The
      headings in this Agreement are for convenience of reference only and shall
      not
      limit or otherwise affect the meaning hereof.

     

    
      
        
        

      

      
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      [REGISTRATION
        RIGHTS AGREEMENT SIGNATURE PAGE]

       

    

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

     

    
      	
              Lifesciences
                Opportunities Incorporated:

            	
              Investor:

            
	 	 
	
              By:_______________________________

               

              Name:
                ____________________________

               

              Its:
                _______________________________

            	
              By:_________________________________

               

              Name:
                ______________________________

               

              Address:
                ____________________________

               

              ____________________________________

            

    

     

    
      
        
        

      

      
        9AMENDMENT
      TO LOAN AND SECURITY AGREEMENT

    AND
      WAIVER OF DEFAULTS

     

    THIS
      AMENDMENT TO LOAN AND SECURITY AGREEMENT AND WAVIER OF DEFAULTS (this
“Amendment”), dated as of February __, 2008, is entered into by and among
      Nutrition 21, Inc., a New York corporation, Nutrition 21, LLC, a New York
      limited liability company, Iceland Health, LLC a New York limited liability
      company (each a “Borrower” and collectively, “Borrowers”) and Gerber Finance
      Inc. (“Lender”).

     

    RECITALS

     

    Borrowers
      and Lender are parties to a Loan and Security Agreement dated June 30, 2007
      (as
      amended from time to time, the “Loan Agreement”).

     

    Borrower
      has requested that certain amendments be made to the Loan Agreement and that
      Lender waive certain Events of Default arising under the Loan Agreement, which
      Lender is willing to make and do pursuant to the terms and conditions set forth
      herein.

     

    NOW,
      THEREFORE, in consideration of the premises and of the mutual covenants and
      agreements herein contained, it is agreed as follows:

     

    1. Definitions.
      Capitalized terms used in this Amendment have the meanings given to them in
      the
      Loan Agreement unless otherwise specified.

     

    2. Amendments.
      Upon the
      terms and subject to the conditions set forth in this Amendment, the Loan
      Agreement is hereby amended as follows:

     

    (a) The
      following defined term in Section 1(a) is amended to provide as
      follows:

     

    “Maximum
      Revolving Amount”
means
      Two Million Dollars ($2,000,000).

     

    (b) The
      following defined terms are inserted in the appropriate alphabetical order
      in
      Section 1(a):

     

    “EBITDA”
means,
      with respect to any Person, for any period (a) the Net Income (Loss) of such
      Person for such period plus (b) the sum of, in each case to the extent included
      in the calculation of such Net Income (Loss) but without duplication, (i) any
      provision for income taxes or other taxes measured by net income, (ii) interest
      expense, amortization of debt discount and commissions and other fees and
      charges associated with indebtedness, (iii) any loss from extraordinary items,
      (iv) any depreciation, depletion and amortization expense, (v) any aggregate
      net
      loss on the sale of property outside the ordinary course of business and (vi)
      any other non-cash expenditure, charge or loss for such period and minus (c)
      the
      sum of, in each case to the extent included in the calculation of such Net
      Income (Loss) and without duplication, (i) any credit for income taxes or other
      taxes measured by net income, (ii) any interest income, (iii) any gain from
      extraordinary items and any other non-recurring gain, (iv) any aggregate net
      gain from the sale of property out of the ordinary course of business by such
      Person and (v) any other non-cash gain.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    “Iceland
      Health Direct Response”
means
      the division of Iceland Health, LLC known as Iceland Health Direct
      Response.

     

    “Net
      Income (Loss)”
means,
      with respect to any Person, for any period, the consolidated net income (loss)
      after all expenses and taxes of such Person for such period.

     

    (c) Section
      13 is amended to provide as follows

     

    “13. Financial
      Covenants.

     

    (a) Borrowers
      and their Subsidiaries shall not at any time permit their Tangible Net Worth
      on
      a consolidated to be less negative than ($8,200,000).

     

    (b) The
      consolidated liabilities of Borrowers and their subsidiaries at the end of
      each
      month shall not exceed two times the net worth of Borrowers and their
      Subsidiaries on a consolidated basis.

     

    (c) Iceland
      Health Direct Response shall achieve gross revenues of at least $5,000,000
      for
      each fiscal quarter.

     

    (d) Borrower
      and its Subsidiaries shall not incur a Net Loss in any fiscal quarter commencing
      with the fiscal quarter ending September 30, 2008 and each fiscal quarter end
      thereafter.

     

    (e) Borrowers
      and their Subsidiaries on a consolidated basis shall achieve EBITDA of at least
      $1,250,000 for the fiscal quarter ending June 30, 2008.”

     

    3. No
      Other Changes.
      Except
      as explicitly amended by this Amendment, all of the terms and conditions of
      the
      Loan Agreement shall remain in full force and effect.

     

    4. Waiver
      of Defaults.
      Upon
      the terms and subject to the conditions set forth in this Amendment, Lender
      hereby waives the Events of Default arising solely from (a) the failure of
      Borrowers to maintain a Tangible Net Worth of at least ($5,000,000) for the
      periods ending on and prior to December 31, 2007 and (b) Borrowers having a
      loss
      greater than $3,000,000 for the six month period ending December 31, 2007.
      This
      foregoing waiver shall be effective only in this specific instance and for
      the
      specific purpose for which it is given, and this waiver shall not entitle any
      Borrower to any other or further waiver in any similar or other
      circumstances.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    5. Amendment
      Fee.
      Borrowers shall pay Lender as of the date hereof a fully earned, non-refundable
      fee in the amount of $60,000 in consideration of Lender’s execution and delivery
      of this Amendment.

     

    6. Conditions
      Precedent.
      This
      Amendment, and the waiver set forth in Paragraph 4 hereof. shall be effective
      when Lender shall have received an executed original hereof, together with
      each
      of the following, each in substance and form acceptable to Lender in its sole
      discretion:

     

    (a) A
      Certificate of the Secretary of each Borrower certifying as to (i) the
      resolutions of the board of directors of each Borrower approving the execution
      and delivery of this Amendment, (ii) the fact that the articles of incorporation
      or formation and bylaws or operating agreement of each Borrower, which were
      certified and delivered to Lender pursuant to the Secretarial Certificate of
      each Borrower’s secretary or assistant secretary dated June 30, 2007 continue in
      full force and effect and have not been amended or otherwise modified except
      as
      set forth in the Certificate to be delivered, and (iii) certifying that the
      officers and agents of each Borrower who have been certified to Lender, pursuant
      to the Secretarial Certificate of each Borrower’s secretary or assistant
      secretary dated June 30, 2007, as being authorized to sign and to act on behalf
      of each Borrower continue to be so authorized or setting forth the sample
      signatures of each of the officers and agents of each Borrower authorized to
      execute and deliver this Amendment and all other documents, agreements and
      certificates on behalf of each Borrower;

     

    (b) Payment
      of the fee described in Paragraph 5 of this Amendment; and

     

    (c) Receipt
      by Lender in Lender’s account of $1,000,000 in cash to be held as collateral
      security for the Obligations in accordance with Section 7 of this
      Amendment.

     

    7. Post
      Amendment Items.
      On the
      date of this Amendment, Borrowers shall have deposited with Lender as cash
      collateral for the Obligations cash in the amount of $1,000,000. Borrowers
      hereby grant Lender a Lien in such cash to be held as security for the
      Obligations. No later than February 15, 2008, Borrowers shall deliver to Lender
      (a) evidence that Borrowers have established a Deposit Account owned by a
      Borrower (the “Pledged Account”), which Pledged Account shall be free and clean
      of all Liens except those in favor of Lender, (b) Borrowers shall have
      instructed Lender to deposit the $1,000,000 in cash collateral into such Deposit
      Account and (c) each of the following documents, in form and substance
      satisfactory to Lender, duly executed by all parties thereto: (i) an agreement
      among Borrowers, Lender and the financial institution which maintains the
      Pledged Account effective to grant “control” (as defined under the applicable
      UCC) over Pledged Account to Lender; (ii) a pledge agreement executed by the
      applicable Borrowers pursuant to which Lender is granted a Lien on the Pledged
      Account to secure the Obligations. Each Borrower acknowledges and agrees that
      its failure to satisfy the requirements set forth in this paragraph 7 within
      the
      applicable time limit shall, in each event, constitute an Event of Default
      under
      the Loan Agreement.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    8. Representations
      and Warranties.
      Each
      Borrower hereby represents and warrants to Lender as follows:

     

    (a) Such
      Borrower has all requisite power and authority to execute this Amendment and
      any
      other agreements or instruments required hereunder and to perform all of its
      obligations hereunder, and this Amendment and all such other agreements and
      instruments has been duly executed and delivered by such Borrower and constitute
      the legal, valid and binding obligation of Borrower, enforceable in accordance
      with its terms.

     

    (b) The
      execution, delivery and performance by such Borrower of this Amendment and
      any
      other agreements or instruments required hereunder have been duly authorized
      by
      all necessary corporate action and do not (i) require any authorization, consent
      or approval by any governmental department, commission, board, bureau, agency
      or
      instrumentality, domestic or foreign, (ii) violate any provision of any law,
      rule or regulation or of any order, writ, injunction or decree presently in
      effect, having applicability to such Borrower, or the articles of incorporation
      or formation or by-laws or operating agreement of such Borrower, or (iii) result
      in a breach of or constitute a default under any indenture or loan or credit
      agreement or any other agreement, lease or instrument to which such Borrower
      is
      a party or by which it or its properties may be bound or affected.

     

    (c) All
      of
      the representations and warranties contained in the Loan Agreement are correct
      on and as of the date hereof as though made on and as of such date, except
      to
      the extent that such representations and warranties relate solely to an earlier
      date.

     

    9. References.
      All
      references in the Loan Agreement to “this Agreement” shall be deemed to refer to
      the Loan Agreement as amended hereby; and any and all references in the
      Ancillary Agreement to the Loan Agreement shall be deemed to refer to the Loan
      Agreement as amended hereby.

     

    10. No
      Other Waiver.
      Except
      as otherwise provided in Paragraph 4 hereof, the execution of this Amendment
      and
      the acceptance of all other agreements and instruments related hereto shall
      not
      be deemed to be a waiver of any Default or Event of Default under the Loan
      Agreement or a waiver of any breach, default or event of default under any
      Ancillary Agreement, whether or not known to Lender and whether or not existing
      on the date of this Amendment.

     

    11. Release.
      Each
      Borrower hereby absolutely and unconditionally releases and forever discharges
      Lender, and any and all participants, parent corporations, subsidiary
      corporations, affiliated corporations, insurers, indemnitors, successors and
      assigns thereof, together with all of the present and former directors,
      officers, agents and employees of any of the foregoing, from any and all claims,
      demands or causes of action of any kind, nature or description, whether arising
      in law or equity or upon contract or tort or under any state or federal law
      or
      otherwise, which such Borrower has had, now has or has made claim to have
      against any such person for or by reason of any act, omission, matter, cause
      or
      thing whatsoever arising from the beginning of time to and including the date
      of
      this Amendment, whether such claims, demands and causes of action are matured
      or
      unmatured or known or unknown.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    12. Costs
      and Expenses.
      Each
      Borrower hereby reaffirms its agreement under the Loan Agreement to pay or
      reimburse Lender on demand for all costs and expenses incurred by Lender in
      connection with the Loan Agreement and the Ancillary Agreements, including
      without limitation all reasonable fees and disbursements of legal counsel.
      Without limiting the generality of the foregoing, Borrowers, jointly and
      severally, specifically agree to pay all fees and disbursements of counsel
      to
      Lender for the services performed by such counsel in connection with the
      preparation of this Amendment and the documents and instruments incidental
      hereto. Each Borrower hereby agrees that Lender may, at any time or from time
      to
      time in its sole discretion and without further authorization by Borrower,
      make
      a loan to Borrower under the Loan Agreement, or apply the proceeds of any loan,
      for the purpose of paying any such fees, disbursements, costs and
      expenses and
      the
      fee required under Paragraph 5 of this Amendment.

     

    13. Governing
      Law.
      This
      Amendment shall be binding upon and inure to the benefit of the parties hereto
      and their respective successors and assigns and shall be governed by and
      construed in accordance with the laws of the State of New York.

     

    14. Headings.
      Section
      headings in this Amendment are included herein for convenience of reference
      only
      and shall not constitute a part of this Amendment for any other
      purpose.

     

    15. Counterparts;
      Facsimile.
      This
      Amendment may be executed by the parties hereto in one or more counterparts,
      each of which shall be deemed an original and all of which when taken together
      shall constitute one and the same agreement. Any signature delivered by a party
      by facsimile transmission shall be deemed to be an original signature
      hereto.

     

    

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    IN
      WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
      executed as of the date first above written.

     

    
      	
              GERBER
                FINANCE INC.

            	
              NUTRITION
                21, INC.

            
	 	 
	
              By:
                 

              
                

              

              Name:

              Title:

            	
              By:
                 

              
                
                  

                

              

              Name:

              Title:

            
	 	 
	
              NUTRITION
                21, LLC

            	
              ICELAND
                HEALTH, LLC

            
	 	 
	
              By:
                 

              
                
                  

                

              

              Name:

              Title:

            	
              By:
                 

              
                
                  

                

              

              Name:

              Title:

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