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<FILE-NUMBER>001-31812
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<CITY>LINCOLNSHIRE
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<DESCRIPTION>8K FOR PIPE CLOSE 6-13-07
<TEXT>
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                material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
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      June
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      private placement of 3,054,999 shares of common stock and warrants to purchase
      763,750 shares of common stock for an aggregate purchase price of approximately
      $18.3 million, resulting in net proceeds to BioSante of approximately $17.3
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      form of
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      Securities and Exchange Commission on May 25, 2007, and is incorporated herein
      by reference.&#160;&#160;A form of the warrant issued by BioSante to each of the
      investors in the private placement is being filed as Exhibit 10.2 to this
      Current Report on Form 8-K and is incorporated herein by
      reference.&#160;&#160;The foregoing description of the terms and conditions of
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                  No.</strong></font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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                of Subscription Agreement dated as of May 25, 2007 by and between
                BioSante
                Pharmaceuticals, Inc. and each of the subscribers party to the
                Subscription Agreements (incorporated by reference to Exhibit 10.1
                in
                BioSante&#8217;s Current Report on Form 8-K dated May 25, 2007 (File No.
                001-31812)</font></div>
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                of Warrant dated as of June 13, 2007 issued by BioSante Pharmaceuticals,
                Inc. to each of the subscribers party to the Subscription Agreements
                dated
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              <div>&#160;</div>
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      duly authorized.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 216pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>BIOSANTE
      PHARMACEUTICALS, INC.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 216pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">By:<u>&#160;&#160;/s/
      Stephen M. Simes</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 234pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Stephen
      M. Simes</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 234pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><em>President
      and Chief Executive Officer</em></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Dated:&#160;&#160;June
      13, 2007</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>BIOSANTE
      PHARMACEUTICALS, INC.</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>CURRENT
      REPORT ON FORM 8-K</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>EXHIBIT
      INDEX</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Exhibit
                  No.</strong></font></div>
              </div>
            </td>
            <td valign="top" width="45%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div>&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Description</strong></font></div>
              </div>
            </td>
            <td valign="top" width="28%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div>&#160;</div>
              </div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Method
                  of Filing</strong></font></div>
              </div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">10.1</font></div>
            </td>
            <td align="justify" valign="top" width="45%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Form
                of Subscription Agreement dated as of May 25, 2007 by and between
                BioSante
                Pharmaceuticals, Inc. and each of the subscribers party to the
                Subscription Agreements</font></div>
              <div>&#160;</div>
            </td>
            <td valign="top" width="28%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Incorporated
                by reference to Exhibit 10.1 in BioSante&#8217;s Current Report on Form 8-K
                dated May 25, 2007 (File No. 001-31812)</font></div>
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">10.2</font></div>
            </td>
            <td align="justify" valign="top" width="45%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Form
                of Warrant dated as of June 13, 2007 issued by BioSante Pharmaceuticals,
                Inc. to each of the subscribers party to the Subscription Agreements
                dated
                as of May 25, 2007</font></div>
              <div>&#160;</div>
            </td>
            <td valign="top" width="28%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Filed
                herewith</font></div>
            </td>
          </tr>

      </table>
    </div>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>2
<FILENAME>formofwarrant.htm
<DESCRIPTION>FORM OF WARRANT
<TEXT>
<html>

  <head>
    <title>formofwarrant.htm</title>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">NEITHER
          THESE SECURITIES NOR THE SECURITIES ISSUABLE UPON EXERCISE OF THESE SECURITIES
          HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE
          SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM
          REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &#8220;SECURITIES
          ACT&#8221;), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN
          EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO
          AN
          AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
          REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
          SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR
          TO
          SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE
          COMPANY.&#160;&#160;THESE SECURITIES AND THE SECURITIES ISSUABLE UPON EXERCISE
          OF THESE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN
          ACCOUNT
          SECURED BY SUCH SECURITIES.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>BIOSANTE
          PHARMACEUTICALS, INC.</strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>WARRANT</strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;Date
          of Original Issuance:&#160;&#160;June 13, 2007</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>BioSante
          Pharmaceuticals, Inc.</strong>, a Delaware corporation (the
&#8220;<strong>Company</strong>&#8221;), hereby certifies that, for value received,
          <strong>&#171;Name&#187;</strong> or its registered assigns (the
&#8220;<strong>Holder</strong>&#8221;), is entitled to purchase from the
          Company up to a
          total of &#171;Shares&#187; shares of common stock, par value $0.0001 per share (the
&#8220;<strong>Common Stock</strong>&#8221;), of the Company (each such share, a
&#8220;<strong>Warrant Share</strong>&#8221; and all such shares, the &#8220;<strong>Warrant
          Shares</strong>&#8221;) at an exercise price equal to $8.00 per share (as adjusted
          from time to time as provided in Section&#160;9, the &#8220;<strong>Exercise
          Price</strong>&#8221;), at any time and from time to time from and after<strong>
          December 14, 2007</strong> (the &#8220;<u>Initial Exercise Date</u>&#8221;) and through and
          including <strong>December 13, 2010 </strong>(the <strong>&#8220;Expiration
          Date&#8221;</strong>), and subject to the following terms and conditions:</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">1.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><u>Definitions</u>.&#160;&#160;In
          addition to the terms defined elsewhere in this Warrant, capitalized terms
          that
          are not otherwise defined herein shall have the meanings given to such
          terms in
          the Subscription Agreement of even date herewith to which the Company and
          the
          original Holder are parties (the &#8220;<strong>Purchase
          Agreement</strong>&#8221;).</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">2.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><u>Registration
          of Warrant</u>.&#160;&#160;The Company shall register this Warrant, upon records
          to be maintained by the Company for that purpose (the &#8220;<strong>Warrant
          Register</strong>&#8221;), in the name of the record Holder hereof from time to
          time.&#160;&#160;The Company may deem and treat the registered Holder of this
          Warrant as the absolute owner hereof for the purpose of any exercise hereof
          or
          any distribution to the Holder, and for all other purposes, absent actual
          notice
          to the contrary.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">3.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><u>Registration
          of Transfers</u>.&#160;&#160;Except as otherwise provided below, the Company
          shall register the transfer of any portion of this Warrant in the Warrant
          Register, upon surrender of this Warrant, with the Form of Assignment attached
          hereto duly completed and signed, to the Company at its address specified
          herein.&#160;&#160;Upon any such registration or transfer, a new Warrant to
          purchase Common Stock, in substantially the form of this Warrant (any such
          new
          Warrant, a &#8220;<strong>New Warrant</strong>&#8221;), evidencing the portion of this
          Warrant so transferred shall be issued to the transferee and a New Warrant
          evidencing the remaining portion of this Warrant not so transferred, if
          any,
          shall be issued to the transferring Holder. The acceptance of the New Warrant
          by
          the transferee thereof shall be deemed the acceptance by such transferee
          of all
          of the rights and obligations of a holder of a Warrant.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">4.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><u>Exercise
          of Warrants</u>.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(a)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">This
          Warrant shall be exercisable by the registered Holder at any time and from
          time
          to time on or after the Initial Exercise Date to and including the Expiration
          Date.&#160;&#160;At 6:30 p.m., New York City time on the Expiration Date, the
          portion of this Warrant not exercised prior thereto shall be and become
          void and
          of no value. The Company may not call or redeem all or any portion of this
          Warrant without the prior written consent of the Holder.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(b)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
          Company shall not effect any exercise of this Warrant, and a&#160;&#160;Holder
          shall not have the right to exercise any portion of this Warrant, pursuant
          to
          Section 4 or otherwise, to the extent that after giving effect to such
          issuance
          after exercise as set forth on the applicable Notice of Exercise, such
          Holder
          (together with such Holder&#8217;s Affiliates (as defined in the Purchase Agreement),
          and any other person or entity acting as a group together with such Holder
          or
          any of such Holder&#8217;s Affiliates), as set forth on the applicable Notice of
          Exercise, would beneficially own in excess of the Beneficial Ownership
          Limitation (as hereinafter defined).&#160;&#160;For purposes of the foregoing
          sentence, the number of shares of Common Stock beneficially owned by such
          Holder
          and its Affiliates shall include the number of shares of Common Stock issuable
          upon exercise of this Warrant with respect to which such determination
          is being
          made, but shall exclude the number of shares of Common Stock which would
          be
          issuable upon (A) exercise of the remaining, nonexercised portion of this
          Warrant beneficially owned by such Holder or any of its Affiliates and
          (B)
          exercise or conversion of the unexercised or nonconverted portion of any
          other
          securities of the Company (including, without limitation, any other Warrants)
          subject to a limitation on conversion or exercise analogous to the limitation
          contained herein beneficially owned by such Holder or any of its
          affiliates.&#160; Except as set forth in the preceding sentence, for purposes of
          this Section 4(b), beneficial ownership shall be calculated in accordance
          with
          Section 13(d) of the Exchange Act and the rules and regulations promulgated
          thereunder, it being acknowledged by a Holder that the Company is not
          representing to such Holder that such calculation is in compliance with
          Section
          13(d) of the Exchange Act and such Holder is solely responsible for any
          schedules required to be filed in accordance therewith.&#160;&#160;To the extent
          that the limitation contained in this Section 4(b) applies, the determination
          of
          whether this Warrant is exercisable (in relation to other securities owned
          by
          such Holder together with any Affiliates) and of which a portion of this
          Warrant
          is exercisable shall be in the sole discretion of a Holder, and the submission
          of an Exercise shall be deemed to be each Holder&#8217;s determination of whether this
          Warrant is exercisable (in relation to other securities owned by such Holder
          together with any Affiliates) and of which portion of this Warrant is
          exercisable, in each case subject to such aggregate percentage limitation,
          and
          the Company shall have no obligation to verify or confirm the accuracy
          of such
          determination.&#160;&#160;&#160;In addition, a determination as to any group
          status as contemplated above shall be determined in accordance with Section
          13(d) of the Exchange Act and the rules and regulations promulgated
          thereunder.&#160;&#160;For purposes of this Section 2(d), in determining the
          number of outstanding shares of Common Stock, a Holder may rely on the
          number of
          outstanding shares of Common Stock as reflected in (x) the Company&#8217;s most recent
          Form 10-Q or Form 10-K, as the case may be, (y) a more recent public
          announcement by the Company or (z) any other notice by the Company or the
          Company&#8217;s transfer agent setting forth the number of shares of Common Stock
          outstanding.&#160; Upon the written or oral request of a Holder, the Company
          shall within two trading days confirm orally and in writing to such Holder
          the
          number of shares of Common Stock then outstanding.&#160; In any case, the number
          of outstanding shares of Common Stock shall be determined after giving
          effect to
          the conversion or exercise of securities of the Company, including this
          Warrant,
          by such Holder or its Affiliates since the date as of which such number
          of
          outstanding shares of Common Stock was reported.&#160;&#160;The
<strong>&#8220;Beneficial Ownership Limitation&#8221;</strong> shall be 4.99% of the number
          of shares of the Common Stock outstanding immediately after giving effect
          to the
          issuance of shares of Common Stock issuable upon exercise of this
          Warrant.&#160;&#160;The Beneficial Ownership Limitation provisions of this
          Section 4(b) may be waived by such Holder, at the election of such Holder,
          upon
          not less than 61 days&#8217; prior notice to the Company to change the Beneficial
          Ownership Limitation to 9.99% of the number of shares of the Common Stock
          outstanding immediately after giving effect to the issuance of shares of
          Common
          Stock upon exercise of this Warrant, and the provisions of this Section
          4(b)
          shall continue to apply.&#160;&#160;Upon such a change by a Holder of the
          Beneficial Ownership Limitation from such 4.99% limitation to such 9.99%
          limitation, the Beneficial Ownership Limitation may not be further waived
          by
          such Holder.&#160;&#160;The provisions of this paragraph shall be construed and
          implemented in a manner otherwise than in strict conformity with the terms
          of
          this Section 4(b) to correct this paragraph (or any portion hereof) which
          may be
          defective or inconsistent with the intended Beneficial Ownership Limitation
          herein contained or to make changes or supplements necessary or desirable
          to
          properly give effect to such limitation. The limitations contained in this
          paragraph shall apply to a successor holder of this Warrant.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">5.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><u>Delivery
          of Warrant Shares</u>.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(a)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">To
          effect
          exercises hereunder, the Holder shall not be required to physically surrender
          this Warrant unless the aggregate Warrant Shares represented by this Warrant
          is
          being exercised.&#160;&#160;Upon delivery of the Exercise Notice to the Company
          (with the attached Warrant Shares Exercise Log) at its address for notice
          set
          forth herein and upon payment of the Exercise Price multiplied by the number
          of
          Warrant Shares that the Holder intends to purchase hereunder, the Company
          shall
          promptly (but in no event later than five business days after the Date
          of
          Exercise (as defined herein)) issue and deliver to the Holder, a certificate
          for
          the Warrant Shares issuable upon such exercise, which, unless otherwise
          required
          by the Purchase Agreement, shall be free of restrictive
          legends.&#160;&#160;Certificates for Warrant Shares purchased hereunder shall be
          transmitted by the transfer agent of the Company to the Holder by crediting
          the
          account of the Holder&#8217;s prime broker with the Depository Trust Company through
          its Deposit Withdrawal Agent Commission (&#8220;<strong><u>DWAC</u></strong>&#8221;) system
          if the Company or its transfer agent is a participant in such system and
          if the
          Holder makes certain representations as set forth in the Exercise Notice
          and
          otherwise by physical delivery to the address specified by the Holder in
          the
          Exercise Notice within 3 trading days from the delivery to the Company
          of the
          Exercise Date (as hereinafter defined) and surrender of this Warrant (if
          required) (&#8220;<strong><u>Warrant Share Delivery
          Date</u></strong>&#8221;).&#160;&#160;This Warrant shall be deemed to have been
          exercised on the date the Exercise Price is received by the
          Company.&#160;&#160;The Warrant Shares shall be deemed to have been issued, and
          Holder or any other person so designated to be named therein shall be deemed
          to
          have become a holder of record of such shares for all purposes, as of the
          date
          the Warrant has been exercised by payment to the Company of the Exercise
          Price
          (or by cashless exercise).&#160;&#160;A &#8220;<strong>Date of Exercise</strong>&#8221;
means the date on which the Holder shall have delivered
          to Company: (i) the
          Exercise Notice (with the Warrant Exercise Log attached to it), appropriately
          completed and duly signed and (ii) if such Holder is not utilizing the
          cashless
          exercise provisions set forth in this Warrant, payment of the Exercise
          Price for
          the number of Warrant Shares so indicated by the Holder to be
          purchased.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(b)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">If
          by the
          fifth business day after a Date of Exercise the Company fails to deliver
          the
          required number of Warrant Shares in the manner required pursuant to Section
          5(a), then the Holder will have the right to rescind such exercise.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(c)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">In
          addition to any other rights available to the Holder, if the Company fails
          to
          cause its transfer agent to transmit to the Holder a certificate or certificates
          representing the Warrant Shares pursuant to an exercise on or before the
          second
          business day following the Warrant Share Delivery Date, and if after such
          date
          the Holder is required by its broker to purchase (in an open market transaction
          or otherwise) shares of Common Stock to deliver in satisfaction of a sale
          by the
          Holder of the Warrant Shares which the Holder anticipated receiving upon
          such
          exercise (a &#8220;<strong><u>Buy-In</u></strong>&#8221;), then the Company shall (1) pay in
          cash to the Holder the amount by which (x) the Holder&#8217;s total purchase price
          (including brokerage commissions, if any) for the shares of Common Stock
          so
          purchased exceeds (y) the amount obtained by multiplying (A) the number
          of
          Warrant Shares that the Company was required to deliver to the Holder in
          connection with the exercise at issue times (B) the price at which the
          sell
          order giving rise to such purchase obligation was executed, and (2) at
          the
          option of the Holder, either reinstate the portion of the Warrant and equivalent
          number of Warrant Shares for which such exercise was not honored or deliver
          to
          the Holder the number of shares of Common Stock that would have been issued
          had
          the Company timely complied with its exercise and delivery obligations
          hereunder.&#160;&#160;For example, if the Holder purchases Common Stock having a
          total purchase price of $11,000 to cover a Buy-In with respect to an attempted
          exercise of shares of Common Stock with an aggregate sale price giving
          rise to
          such purchase obligation of $10,000, under clause (1) of the immediately
          preceding sentence the Company shall be required to pay the Holder $1,000.
          The
          Holder shall provide the Company written notice indicating the amounts
          payable
          to the Holder in respect of the Buy-In and, upon request of the Company,
          evidence of the amount of such loss.&#160;&#160;Nothing herein shall limit a
          Holder&#8217;s right to pursue any other remedies available to it hereunder, at law
          or
          in equity including, without limitation, a decree of specific performance
          and/or
          injunctive relief with respect to the Company&#8217;s failure to timely deliver
          certificates representing shares of Common Stock upon exercise of the Warrant
          as
          required pursuant to the terms hereof.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(d)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
          Company&#8217;s obligations to issue and deliver Warrant Shares in accordance with the
          terms hereof are absolute and unconditional, irrespective of any action
          or
          inaction by the Holder to enforce the same, any waiver or consent with
          respect
          to any provision hereof, the recovery of any judgment against any Person
          or any
          action to enforce the same, or any setoff, counterclaim, recoupment, limitation
          or termination, or any breach or alleged breach by the Holder or any other
          Person of any obligation to the Company or any violation or alleged violation
          of
          law by the Holder or any other Person, and irrespective of any other
          circumstance which might otherwise limit such obligation of the Company
          to the
          Holder in connection with the issuance of Warrant Shares.&#160;&#160;Nothing
          herein shall limit a Holder&#8217;s right to pursue any other remedies available to it
          hereunder, at law or in equity including, without limitation, a decree
          of
          specific performance and/or injunctive relief with respect to the Company&#8217;s
          failure to timely deliver certificates representing shares of Common Stock
          upon
          exercise of the Warrant as required pursuant to the terms hereof.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">6.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><u>Charges,
          Taxes and Expenses</u>.&#160;&#160;Issuance and delivery of certificates for
          shares of Common Stock upon exercise of this Warrant shall be made without
          charge to the Holder for any issue or transfer tax, withholding tax, transfer
          agent fee or other incidental tax or expense in respect of the issuance
          of such
          certificates, all of which taxes and expenses shall be paid by the Company;
          provided, however, that the Company shall not be required to pay any tax
          which
          may be payable in respect of any transfer involved in the registration
          of any
          certificates for Warrant Shares or Warrants in a name other than that of
          the
          Holder.&#160;&#160;The Holder shall be responsible for all other tax liability
          that may arise as a result of holding or transferring this Warrant or receiving
          Warrant Shares upon exercise hereof.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">7.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><u>Replacement
          of Warrant</u>.&#160;&#160;If this Warrant is mutilated, lost, stolen or
          destroyed, the Company shall issue or cause to be issued in exchange and
          substitution for and upon cancellation hereof, or in lieu of and substitution
          for this Warrant, a New Warrant, but only upon receipt of evidence reasonably
          satisfactory to the Company of such loss, theft or destruction and customary
          and
          reasonable indemnity (which shall not include a surety bond), if
          requested.&#160;&#160;Applicants for a New Warrant under such circumstances
          shall also comply with such other reasonable regulations and procedures
          and pay
          such other reasonable third-party costs as the Company may
          prescribe.&#160;&#160;If a New Warrant is requested as a result of a mutilation
          of this Warrant, then the Holder shall deliver such mutilated Warrant to
          the
          Company as a condition precedent to the Company&#8217;s obligation to issue the New
          Warrant.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">8.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><u>Reservation
          of Warrant Shares</u>.&#160;&#160;The Company covenants that it will at all
          times reserve and keep available out of the aggregate of its authorized
          but
          unissued and otherwise unreserved Common Stock, solely for the purpose
          of
          enabling it to issue Warrant Shares upon exercise of this Warrant as herein
          provided, the number of Warrant Shares which are then issuable and deliverable
          upon the exercise of this entire Warrant, free from preemptive rights or
          any
          other contingent purchase rights of persons other than the Holder (taking
          into
          account the adjustments and restrictions of <u>Section 9</u>). The Company
          covenants that all Warrant Shares so issuable and deliverable shall, upon
          issuance and the payment of the applicable Exercise Price in accordance
          with the
          terms hereof, be duly and validly authorized, issued and fully paid and
          nonassessable.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">9.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><u>Certain
          Adjustments</u>.&#160;&#160;The Exercise Price and number of Warrant Shares
          issuable upon exercise of this Warrant are subject to adjustment from time
          to
          time as set forth in this <u>Section 9</u>.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(a)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><u>Stock
          Dividends and Splits</u>.&#160;&#160;If the Company, at any time while this
          Warrant is outstanding, (i) pays a stock dividend on its Common Stock or
          otherwise makes a distribution on any class of capital stock that is payable
          in
          shares of Common Stock, (ii) subdivides outstanding shares of Common Stock
          into
          a larger number of shares, or (iii) combines outstanding shares of Common
          Stock
          into a smaller number of shares, then in each such case the Exercise Price
          shall
          be multiplied by a fraction of which the numerator shall be the number
          of shares
          of Common Stock outstanding immediately before such event and of which
          the
          denominator shall be the number of shares of Common Stock outstanding
          immediately after such event.&#160;&#160;Any adjustment made pursuant to clause
          (i) of this paragraph shall become effective immediately after the record
          date
          for the determination of stockholders entitled to receive such dividend
          or
          distribution, and any adjustment pursuant to clause (ii) or (iii) of this
          paragraph shall become effective immediately after the effective date of
          such
          subdivision or combination. If any event requiring an adjustment under
          this
          paragraph occurs during the period that an Exercise Price is calculated
          hereunder, then the calculation of such Exercise Price shall be adjusted
          appropriately to reflect such event.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(b)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><u>Fundamental
          Transactions</u>.&#160;&#160;If, at any time while this Warrant is outstanding,
          (1) the Company effects any merger or consolidation of the Company with
          or into
          another Person, (2) the Company effects any sale of all or substantially
          all of
          its assets in one or a series of related transactions, (3) any tender offer
          or
          exchange offer (whether by the Company or another Person) is completed
          pursuant
          to which holders of Common Stock are permitted to tender or exchange their
          shares for other securities, cash or property, or (4) the Company effects
          any
          reclassification of the Common Stock or any compulsory share exchange pursuant
          to which the Common Stock is effectively converted into or exchanged for
          other
          securities, cash or property (in any such case, a &#8220;<strong>Fundamental
          Transaction</strong>&#8221;), then the Holder shall have the right thereafter to
          receive, upon exercise of this Warrant, the same amount and kind of securities,
          cash or property as it would have been entitled to receive upon the occurrence
          of such Fundamental Transaction if it had been, immediately prior to such
          Fundamental Transaction, the holder of the number of Warrant Shares then
          issuable upon exercise in full of this Warrant (the &#8220;<strong>Alternate
          Consideration</strong>&#8221;).&#160;&#160;For purposes of any such exercise, the
          determination of the Exercise Price shall be appropriately adjusted to
          apply to
          such Alternate Consideration based on the amount of Alternate Consideration
          issuable in respect of one share of Common Stock in such Fundamental
          Transaction, and the Company shall apportion the Exercise Price among the
          Alternate Consideration in a reasonable manner reflecting the relative
          value of
          any different components of the Alternate Consideration.&#160;&#160;If holders
          of Common Stock are given any choice as to the securities, cash or property
          to
          be received in a Fundamental Transaction, then the Holder shall be given
          the
          same choice as to the Alternate Consideration it receives upon any exercise
          of
          this Warrant following such Fundamental Transaction.&#160;&#160;Any successor to
          the Company or surviving entity in such Fundamental Transaction shall issue
          to
          the Holder a new warrant substantially in the form of this Warrant and
          consistent with the foregoing provisions and evidencing the Holder&#8217;s right to
          purchase the Alternate Consideration for the aggregate Exercise Price upon
          exercise thereof. The terms of any agreement pursuant to which a Fundamental
          Transaction is effected shall include terms requiring any such successor
          or
          surviving entity to comply with the provisions of this paragraph (b) and
          insuring that the Warrant (or any such replacement security) will be similarly
          adjusted upon any subsequent transaction analogous to a Fundamental
          Transaction.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(c)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><u>Number
          of Warrant Shares</u>.&#160;&#160;Simultaneously with any adjustment to the
          Exercise Price pursuant to paragraph (a) of this Section, the number of
          Warrant
          Shares that may be purchased upon exercise of this Warrant shall be increased
          or
          decreased proportionately, so that after such adjustment the aggregate
          Exercise
          Price payable hereunder for the adjusted number of Warrant Shares shall
          be the
          same as the aggregate Exercise Price in effect immediately prior to such
          adjustment.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(d)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><u>Calculations</u>.&#160;&#160;All
          calculations under this <u>Section 9</u> shall be made to the nearest cent or
          the nearest 1/100<font style="DISPLAY: inline; FONT-SIZE: 10pt;"><sup>th</sup></font> of
          a share, as
          applicable.&#160;&#160;The number of shares of Common Stock outstanding at any
          given time shall not include shares owned or held by or for the account
          of the
          Company, and the disposition of any such shares shall be considered an
          issue or
          sale of Common Stock.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(e)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><u>Notice
          of Adjustments</u>.&#160;&#160;Upon the occurrence of each adjustment pursuant
          to this <u>Section 9</u>, the Company at its expense will promptly compute such
          adjustment in accordance with the terms of this Warrant and prepare a
          certificate setting forth such adjustment, including a statement of the adjusted
          Exercise Price and adjusted number or type of Warrant Shares or other securities
          issuable upon exercise of this Warrant (as applicable), describing the
          transactions giving rise to such adjustments and showing in detail the
          facts
          upon which such adjustment is based.&#160;&#160;Upon written request, the
          Company will promptly deliver a copy of each such certificate to the Holder
          and
          to the Company&#8217;s transfer agent.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(f)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><u>Notice
          to Allow Exercise by Holder</u>. If (A) the Company shall declare a dividend (or
          any other distribution in whatever form) on the Common Stock; (B) the Company
          shall declare a special nonrecurring cash dividend on or a redemption of
          the
          Common Stock; (C) the Company shall authorize the granting to all holders
          of the
          Common Stock rights or warrants to subscribe for or purchase any shares
          of
          capital stock of any class or of any rights; (D) the approval of any
          stockholders of the Company shall be required in connection with any
          reclassification of the Common Stock, any consolidation or merger to which
          the
          Company is a party, any sale or transfer of all or substantially all of
          the
          assets of the Company, of any compulsory share exchange whereby the Common
          Stock
          is converted into other securities, cash or property; (E) the Company shall
          authorize the voluntary or involuntary dissolution, liquidation or winding
          up of
          the affairs of the Company; then, in each case, the Company shall cause
          to be
          mailed to the Holder at its last address as it shall appear upon the warrant
          register of the Company, at least 10 calendar days prior to the applicable
          record or effective date hereinafter specified, a notice stating (x) the
          date on
          which a record is to be taken for the purpose of such dividend, distribution,
          redemption, rights or warrants, or if a record is not to be taken, the
          date as
          of which the holders of the Common Stock of record to be entitled to such
          dividend, distributions, redemption, rights or warrants are to be determined
          or
          (y) the date on which such reclassification, consolidation, merger, sale,
          transfer or share exchange is expected to become effective or close, and
          the
          date as of which it is expected that holders of the Common Stock of record
          shall
          be entitled to exchange their shares of the Common Stock for securities,
          cash or
          other property deliverable upon such reclassification, consolidation, merger,
          sale, transfer or share exchange; provided that the failure to mail such
          notice
          or any defect therein or in the mailing thereof shall not affect the validity
          of
          the corporate action required to be specified in such notice.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">10.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif;"><u>Payment
          of
          Exercise Price</u></font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif;">.
</font>The
          Holder
          may pay the Exercise Price in one of the following manners:</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(a)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><u>Cash
          Exercise</u>.&#160;&#160;The Holder may deliver immediately available funds;
          or</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(b)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><u>Cashless
          Exercise</u>.&#160;&#160;If at any time after one year from the date of the
          Purchase Agreement there is no effective registration statement registering,
          or
          no current prospectus available for, the resale of the Warrant Shares by
          the
          Holder, the Holder may notify the Company, during any such periods, in
          an
          Exercise Notice of its election to utilize cashless exercise, in which
          event the
          Company shall issue to the Holder the number of Warrant Shares determined
          as
          follows:</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 144pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">X
          = Y
          [(A-B)/A]</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 108pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">where:</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 144pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">X
          = the
          number of Warrant Shares to be issued to the Holder.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 144pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Y
          = the
          number of Warrant Shares with respect to which this Warrant is being
          exercised.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 144pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">A
          = the
          VWAP on the trading day immediately prior to the Exercise Date.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 144pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">B
          = the
          Exercise Price.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">For
          purposes of Rule 144 promulgated under the Securities Act, it is intended,
          understood and acknowledged that the Warrant Shares issued in a cashless
          exercise transaction shall be deemed to have been acquired by the Holder,
          and
          the holding period for the Warrant Shares shall be deemed to have commenced,
          on
          the date this Warrant was originally issued.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#8220;VWAP&#8221;
          means, for any date, the price determined by the first of the following
          clauses
          that applies: (a) if the Common Stock is then listed or quoted on the American
          Stock Exchange (&#8220;AMEX&#8221;), Nasdaq or another national securities exchange, the
          daily volume weighted average price of the Common Stock for such date (or
          the
          nearest preceding date) on AMEX, Nasdaq or another national securities
          exchange
          on which the Common Stock is then listed or quoted for trading as reported
          by
          Bloomberg Financial L.P. (based on a trading day from 9:30 a.m. (New York
          City
          time) to 4:02 p.m. (New York City time); (b)&#160; if the Common Stock is not so
          listed or quoted for trading, the volume weighted average price of the
          Common
          Stock for such date (or the nearest preceding date) on the OTC Bulletin
          Board;
          (c) if the Common Stock is not then quoted for trading on the OTC Bulletin
          Board
          and if prices for the Common Stock are then reported in the &#8220;Pink Sheets&#8221;
published by Pink Sheets, LLC (or a similar organization or agency succeeding
          to
          its functions of reporting prices), the most recent bid price per share
          of the
          Common Stock so reported; or (d)&#160;in all other cases, the fair market value
          of a share of Common Stock as determined by an independent appraiser selected
          in
          good faith by the Holder and reasonably acceptable to the Company.</font></div>
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          Fractional Shares</u>.&#160;&#160;No fractional shares of Warrant Shares will be
          issued in connection with any exercise of this Warrant.&#160;&#160;In lieu of
          any fractional shares which would, otherwise be issuable, the Company shall
          pay
          cash equal to the product of such fraction multiplied by the closing price
          of
          one Warrant Share as reported by the American Stock Exchange or such other
          national exchange on which the Common Stock is then traded on the date
          of
          exercise.</font></div>
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        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">12.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><u>Notices</u>.&#160;&#160;Any
          and all notices or other communications or deliveries hereunder (including,
          without limitation, any Exercise Notice) shall be in writing and shall
          be deemed
          given and effective on the earliest of (i) the date of transmission, if
          such
          notice or communication is delivered via facsimile at the facsimile number
          specified in this Section prior to 6:30 p.m. (New York City time) on a
          business
          day, (ii) the next business day after the date of transmission, if such
          notice
          or communication is delivered via facsimile at the facsimile number specified
          in
          this Section on a day that is not a business day or later than 6:30 p.m.
          (New
          York City time) on any business day, (iii) the business day following the
          date
          of mailing, if sent by nationally recognized overnight courier service,
          or (iv)
          upon actual receipt by the party to whom such notice is required to be
          given.&#160;&#160;The addresses for such communications shall be:&#160;&#160;(i)
          if to the Company, to BioSante Pharmaceuticals, Inc., Attn: Chief Financial
          Officer, Facsimile No.: (847) 478-9263, or (ii) if to the Holder, to the
          address
          or facsimile number appearing on the Warrant Register or such other address
          or
          facsimile number as the Holder may provide to the Company in accordance
          with
          this Section.</font></div>
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        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">13.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><u>Warrant
          Agent</u>.&#160;&#160;The Company shall serve as warrant agent under this
          Warrant.&#160;&#160;Upon 30 days&#8217; notice to the Holder, the Company may appoint
          a new warrant agent.&#160;&#160;Any corporation into which the Company or any
          new warrant agent may be merged or any corporation resulting from any
          consolidation to which the Company or any new warrant agent shall be a
          party or
          any corporation to which the Company or any new warrant agent transfers
          substantially all of its corporate trust or shareholders services business
          shall
          be a successor warrant agent under this Warrant without any further
          act.&#160;&#160;Any such successor warrant agent shall promptly cause notice of
          its succession as warrant agent to be mailed (by first class mail, postage
          prepaid) to the Holder at the Holder&#8217;s last address as shown on the Warrant
          Register.</font></div>
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        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">14.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><u>Miscellaneous</u>.</font></div>
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          Warrant does not entitle the Holder to any voting or other rights as a
          stockholder of the Company prior to exercise and payment for the Warrant
          Price
          in accordance with the terms hereof.</font></div>
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        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(b)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Any
          notice, request or other document required or permitted to be given or
          delivered
          to the Holder by the Company shall be delivered in accordance with the
          notice
          provisions of the Purchase Agreement.</font></div>
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        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(c)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">No
          provision hereof, in the absence of any affirmative action by Holder to
          exercise
          this Warrant to purchase Warrant Shares, and no enumeration herein of the
          rights
          or privileges of Holder, shall give rise to any liability of Holder for
          the
          purchase price of any Common Stock or as a stockholder of the Company,
          whether
          such liability is asserted by the Company or by creditors of the
          Company.</font></div>
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          Holder, in addition to being entitled to exercise all rights granted by
          law,
          including recovery of damages, will be entitled to specific performance
          of its
          rights under this Warrant.&#160;&#160;The Company agrees that monetary damages
          would not be adequate compensation for any loss incurred by reason of a
          breach
          by it of the provisions of this Warrant and hereby agrees to waive and
          not to
          assert the defense in any action for specific performance that a remedy
          at law
          would be adequate.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(e)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">This
          Warrant shall be binding on and inure to the benefit of the parties hereto
          and
          their respective successors and assigns.&#160;&#160;Subject to the preceding
          sentence, nothing in this Warrant shall be construed to give to any Person
          other
          than the Company and the Holder any legal or equitable right, remedy or
          cause of
          action under this Warrant.&#160;&#160;This Warrant may be amended only in
          writing signed by the Company and the Holder and their successors and
          assigns.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(f)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">All
          questions concerning the construction, validity, enforcement and interpretation
          of this Warrant shall be governed by and construed and enforced in accordance
          with the internal laws of the State of New York, without regard to the
          principles of conflicts of law thereof.&#160;&#160;Each party hereto hereby
          irrevocably waives, 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 Warrant or the transactions contemplated hereby.&#160;&#160;If either party
          shall commence a proceeding to enforce any provisions of this Warrant,
          then the
          prevailing party in such proceeding shall be reimbursed by the other party
          for
          its attorney&#8217;s fees and other costs and expenses incurred with the
          investigation, preparation and prosecution of such Proceeding.</font></div>
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        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(g)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
          headings herein are for convenience only, do not constitute a part of this
          Warrant and shall not be deemed to limit or affect any of the provisions
          hereof.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(h)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">In
          case
          any one or more of the provisions of this Warrant shall be invalid or
          unenforceable in any respect, the validity and enforceability of the remaining
          terms and provisions of this Warrant shall not in any way be affected or
          impaired thereby and the parties will attempt in good faith to agree upon
          a
          valid and enforceable provision which shall be a commercially reasonable
          substitute therefor, and upon so agreeing, shall incorporate such substitute
          provision in this Warrant.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">[REMAINDER
          OF PAGE INTENTIONALLY LEFT BLANK,</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">SIGNATURE
          PAGE FOLLOWS]</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
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            <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">IN
          WITNESS WHEREOF, the Company has caused this Warrant to be duly executed
          by its
          authorized officer as of the date first indicated above.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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              <tr valign="top">
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                  <div>&#160;</div>
                </td>
                <td>
                  <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>BIOSANTE
                    PHARMACEUTICALS, INC.</strong></font></div>
                </td>
              </tr>

          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">By:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
        <div><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Name:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Phillip
          B. Donenberg</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Title:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Chief
          Financial Officer</font></div>
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          </div>
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            <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
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            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
          </div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>BIOSANTE
          PHARMACEUTICALS, INC.</strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>WARRANT
          ORIGINALLY ISSUED [&#160;&#160;&#160;&#160;&#160;&#160;],
          2007</strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>WARRANT
          NO. [ ]</strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>EXERCISE
          NOTICE</strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">To&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<strong>BIOSANTE
          PHARMACEUTICALS, INC.</strong>:</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(1)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
          undersigned hereby elects to purchase ________ Warrant Shares of the Company
          pursuant to the terms of the attached Warrant (only if exercised in full),
          and
          tenders herewith payment of the exercise price in full, together with all
          applicable transfer taxes, if any.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(2)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Payment
          shall take the form of (check applicable box):</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">[&#160;&#160;]
          in lawful money of the United States; or</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">[
          ] [if
          permitted] the cancellation of such number of Warrant Shares as is necessary,
          in
          accordance with the formula set forth in subsection 10(b), to exercise
          this
          Warrant with respect to the maximum number of Warrant Shares purchasable
          pursuant to the cashless exercise procedure set forth in subsection
          10(b).</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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          issue a certificate or certificates representing said Warrant Shares in
          the name
          of the undersigned or in such other name as is specified below:</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">_______________________________</font></div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
          Warrant Shares shall be delivered to the following DWAC Account Number
          or by
          physical delivery of a certificate to:</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">_______________________________</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">_______________________________</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">_______________________________</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(4)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><u>Accredited
          Investor</u>.&#160;&#160;The undersigned is an &#8220;accredited investor&#8221; as defined
          in Regulation D promulgated under the Securities Act of 1933, as
          amended.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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          undersigned hereby agrees that it will sell the Warrant Shares issuable
          in
          connection with this Notice of Exercise pursuant to either the registration
          requirements of the Securities Act of 1933, as amended, including any applicable
          prospectus delivery requirements, or an exemption therefrom, and that if
          Warrant
          Shares are sold pursuant to a Registration Statement, they will be sold
          in
          compliance with the plan of distribution set forth therein, and the undersigned
          hereby acknowledges that the removal of the restrictive legend from certificates
          representing the Warrant Shares is predicated upon the Company's reliance
          upon
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          RECEIVED, the undersigned hereby sells, assigns and transfers unto
          ________________________________ the right represented by the above-captioned
          Warrant to purchase&#160;&#160;____________ shares of Common Stock to which such
          Warrant relates and appoints ________________ attorney to transfer said
          right on
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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        <div><br></div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">_______________________________________</font></div>
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          the
          presence of:</font></div>
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