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<SEC-DOCUMENT>0000890163-08-000139.txt : 20080310
<SEC-HEADER>0000890163-08-000139.hdr.sgml : 20080310
<ACCEPTANCE-DATETIME>20080310160159
ACCESSION NUMBER:		0000890163-08-000139
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20080305
ITEM INFORMATION:		Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20080310
DATE AS OF CHANGE:		20080310

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIPEX PHARMACEUTICALS, INC.
		CENTRAL INDEX KEY:			0000894158
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				133808303
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12584
		FILM NUMBER:		08677839

	BUSINESS ADDRESS:	
		STREET 1:		3985 RESEARCH PARK DRIVE
		CITY:			ANN ARBOR
		STATE:			MI
		ZIP:			48108
		BUSINESS PHONE:		734-332-7800

	MAIL ADDRESS:	
		STREET 1:		3985 RESEARCH PARK DRIVE
		CITY:			ANN ARBOR
		STATE:			MI
		ZIP:			48108

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SHEFFIELD PHARMACEUTICALS INC
		DATE OF NAME CHANGE:	19970730

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SHEFFIELD MEDICAL TECHNOLOGIES INC
		DATE OF NAME CHANGE:	19940606
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<TYPE>8-K
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<p style=' margin-bottom:0pt; margin-top:11.25pt;text-align:center;'><b><font SIZE=5>UNITED STATES</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font SIZE=5>SECURITIES AND EXCHANGE COMMISSION</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font SIZE=2>WASHINGTON, D.C. 20549</font></b></p>

<p style=' margin-bottom:0pt; margin-top:11.25pt;text-align:center;'><b><font SIZE=5>FORM 8-K</font></b></p>

<p style=' margin-bottom:0pt; margin-top:11.25pt;text-align:center;'><b><font SIZE=2>CURRENT REPORT</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font SIZE=2>PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934</font></b></p>

<p style=' margin-bottom:0pt; margin-top:11.25pt;text-align:center;'><font size=2>Date of Report (Date of earliest event reported): March 5, 2008</font></p>

<p style=' margin-bottom:0pt; margin-top:11.25pt;text-align:center;'><font size=2>Pipex Pharmaceuticals, Inc.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(Exact name of registrant as specified in its charter)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="106%" style='border-collapse:collapse'>
    <tr style=' height:39.2pt'>
        <td width="28%" valign=top style=' height:39.2pt'>
            <p style='margin-left:3.0pt;text-indent:-3.0pt;text-align:center;margin-top:0in;margin-bottom:0in'><font size=2>Delaware</font></p>
<p style='margin-left:3.0pt;text-indent:-3.0pt;text-align:center;margin-top:0in;margin-bottom:0in'><font size=2>(State or other jurisdiction of</font></p>
<p style='margin-left:3.0pt;text-indent:-3.0pt;text-align:center;margin-top:0in;margin-bottom:0in'><font size=2>incorporation)</font></p> </td>
        <td width="29%" valign=top style=' height:39.2pt'>
            <p style='margin-left:.75pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in'><font size=2>01-12584</font></p>
<p style='margin-left:.75pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in'><font size=2>(Commission</font></p>
<p style='margin-left:.75pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in'><font size=2>File Number)</font></p> </td>
        <td width="41%" style='height:39.2pt'>
            <p style='margin-left:.75pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in'><font size=2>13-3808303</font><br> <font size=2>(IRS Employer</font></p>
<p style='margin-left:.75pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0in'><font size=2>Identification Number)</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>3930 Varsity Drive</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Ann Arbor, MI 48108</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>(Address of principal executive offices) (Zip Code)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:11.25pt;text-align:center;'><font size=2>(734) 332-7800</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>(Registrant's telephone number, including area code)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:11.25pt;text-align:left;'><font size=2>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:</font></p>

<p style=' margin-bottom:0pt; margin-top:11.25pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="101%" style='border-collapse:collapse'>
    <tr style='height:13.9pt'>
        <td width="5%" valign=top style=' height:13.9pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:6.0pt'><font face=Wingdings>o</font></p> </td>
        <td width="94%" valign=top style=' height:13.9pt'>
            <p style='margin-left:5.75pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:6.0pt'><font size=2>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p> </td> </tr>
    <tr style='height:13.15pt'>
        <td width="5%" valign=top style=' height:13.15pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:6.0pt'><font face=Wingdings>o</font></p> </td>
        <td width="94%" valign=top style=' height:13.15pt'>
            <p style='margin-left:5.75pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:6.0pt'><font size=2>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p> </td> </tr>
    <tr style='height:27.8pt'>
        <td width="5%" valign=top style=' height:27.8pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face=Wingdings>o</font></p> </td>
        <td width="94%" valign=top style=' height:27.8pt'>
            <p style='margin-left:5.75pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:6.0pt'><font size=2>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act </font><br> <font size=2>(17 CFR 240.14d-2(b))</font></p> </td> </tr>
    <tr style='height:27.05pt'>
        <td width="5%" valign=top style=' height:27.05pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face=Wingdings>o</font></p> </td>
        <td width="94%" valign=top style=' height:27.05pt'>
            <p style='margin-left:5.75pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:6.0pt'><font size=2>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act </font><br> <font size=2>(17 CFR 240.13e-4(c))</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<pAGE>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangement of Certain Officers</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.58in;text-align:left;'><font size=2> (b) On March 7, 2008, the Registrant terminated its Chief Scientific Officer, David A. Newsome, effective immediately.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.58in;text-align:left;'><font size=2> (e) On March 5, 2008, the Registrant entered into an amendment to its employment agreement with its President, Charles L. Bisgaier, Ph.D. The amendment reduced the President&#146;s salary effective immediately from $295,000 to $0 through at least May 17, 2008 at which time the President may be awarded a base salary, at the discretion of the Registrant&#146;s compensation committee. The amendment also eliminated the President&#146;s guaranteed bonus of approximately $98,000 and the provision for severance upon a termination without cause.  Since mid-February, the President has not been receiving any cash compensation.      </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="315" style='border-collapse:collapse'>
    <tr >
        <td width="100%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Item 9.01 &nbsp; Financial Statements and Exhibits.</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="104" style='margin-left:.5in;border-collapse:collapse'>
    <tr >
        <td width="25%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(d)</font></p> </td>
        <td width="74%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Exhibits.  </font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.77in;text-align:left;'><font size=2>Exhibit 10.1 Amendment to Employment Agreement </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><font SIZE=2>SIGNATURE</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="623" style='border-collapse:collapse'>
    <tr >
        <td  width="53%">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td  colspan="4" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>PIPEX PHARMACEUTICALS, INC.</font></p> </td>
        <td  width="3%">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td  colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Dated: March 10, 2008</font></p> </td>
        <td  colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:  </font><u><font size=2>/s/ Steve H. Kanzer</font></u></p> </td>
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td width="19%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Steve H. Kanzer</font></p> </td>
        <td   colspan="3">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td>
        <td  colspan="4" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Chairman and Chief Executive Officer</font></p> </td> </tr>
    <tr>
        <td width="336" ></td>

        <td width="20" ></td>

        <td width="124" ></td>

        <td width="49" ></td>

        <td width="69" ></td>

        <td width="24" ></td> </tr> </table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>



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<FILENAME>s11-8216_ex101.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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  <head>
    <title>Unassociated Document</title>
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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>AMENDMENT
      TO EMPLOYMENT AGREEMENT</strong></font></div>
    <div><br></div>
    <div><br></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;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>This
      Amendment, dated March 5, 2008
      (the &#8220;Amendment&#8221;), to the Employment Agreement, dated May 22, 2006 (the
&#8220;Agreement&#8221;), by and between Charles L. Bisgaier (the &#8220;Executive&#8221;) and Pipex
      Therapeutics, Inc., a wholly owned subsidiary of Pipex Pharmaceuticals, Inc.
      (&#8220;Pipex&#8221;).&#160;&#160;Terms not otherwise defined herein shall have the meaning
      described to them in the Agreement.</font></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>W
      I T N E S S T H</strong></font></div>
    <div><br></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;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font><strong>WHEREAS</strong>,
      the parties
      hereto desire to amend the Agreement as hereinafter set forth.</font></div>
    <div><br></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;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font><strong>NOW,
      THEREFORE</strong>, in
      consideration of the mutual representations, warranties, covenants and
      agreements contained in the Agreement, and for other good and valuable
      consideration, the sufficiency of which is hereby acknowledged, the parties
      hereto agree as follows:</font></div>
    <div><br></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;">Sections
      3 (a)(i) and (ii) of the Agreement regarding base salary and bonus are hereby
      deleted in their entirety and replaced with the following:</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">COMPENSATION.&#160;&#160;(a)
      As compensation for the performance of his duties on behalf of the Corporation,
      President shall receive the following: (i) <u>Base Salary</u>. The Corporation
      will pay the President no base salary beginning on the date hereof through
      at
      least May 17, 2008. Thereafter, the President may be awarded a base salary
      in
      the sole discretion of Pipex&#8217;s Compensation Committee, payable on a semi-monthly
      basis in accordance with the normal payroll practices of the
      Corporation.&#160;&#160;(ii) <u>Bonus</u>. The Corporation will award the
      President a one-time bonus of $75,000 only if the Corporation is acquired or
      the
      Corporation&#8217;s common stock trades above $5.00 per share on the American Stock
      Exchange (or the exchange on which the corporation&#8217;s common stock then trades or
      is quoted).The grant of options, including the vesting schedule, will remain
      in
      accordance with the terms of the Agreement and shall not be effected by this
      amendment. .</font></div>
    <div><br></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;">Section
      9
      (b) of the Agreement regarding severance is hereby deleted in its
      entirety.</font></div>
    <div><br></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;">The
      Agreement, as amended by this Amendment, contains the entire agree&#173;ment
      between the parties hereto and there are no agreements, warranties or
      repre&#173;sentations which are not set forth therein or herein.&#160;&#160;This
      Amendment may not be modified or amended except by an instrument in writing
      duly
      signed by or on behalf of the parties hereto.</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;">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;">This
      Amendment shall be governed by and construed and enforced in accor&#173;dance
      with the local laws of the State of Michigan applicable to agree&#173;ments made
      and to be per&#173;formed entirely within the State, without regard to conflict
      of laws principles.</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;">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;">This
      Amendment may be executed simulta&#173;neously in any number of
      counter&#173;parts, each of which shall be deemed an original but all of which
      together shall constitute one and the same instru&#173;ment.</font></div>
    <div><br></div>
    <div><br></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>IN
      WITNESS WHEREOF</strong>, the parties hereto have caused this agreement to be
      executed by them or their duly authorized representatives as of the date first
      written above.</font></div>
    <div><br></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>PIPEX
      PHARMACEUTICALS, INC.</strong></font></div>
    <div><br></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">By<u>:</u>__<u>/s/Steve
      H. Kanzer</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Name:&#160;&#160;Steve
      H. Kanzer</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Title:&#160;&#160;&#160;&#160;Chairman
      and Chief ExecutiveOfficer</font></div>
    <div><br></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>EXECUTIVE:</strong></font></div>
    <div><br></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><u>Charles
      L. Bisgaier</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Charles
      L. Bisgaier</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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