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Pivot Pharmaceuticals Inc.

Drug Names(s): liposome encapsulated NK-001, etanercept

Description: NK-002 (NK-001 enclosed in a transferrin-based liposome) is a new formulation for the delivery of Etanercept.

Deal Structure: On October 2, 2007, Neurokine entered into a Master Service Agreement with Northern Lipids pursuant to which Northern Lipids developed certain proprietary liposomal encapsulation formulas for the encapsulation of NK-002 on Neurokine's behalf.

On June 17, 2008, Neurokine entered into a non-exclusive License Agreement with Globe Laboratories to use their developed know-how involving new techniques for the production of therapeutic proteins, including Etanercept, which forms the basis of NK-001 and NK-002.

Under the terms of the License Agreement, Neurokine was obligated to remit CAD$500,000 to Globe, comprised of a non-refundable license fee of CAD$150,000 (including CAD$50,000 in respect of patent preparation and filing fees) and a one-time royalty payment of CAD$350,000. In June 2008, Neurokine settled its obligation to Globe by issuing Globe 2,000,000 shares of its common stock.

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