September 7, 2005 Paramount Acquisition Corp. 787 Seventh Avenue, 48th Floor New York, New York 10019 Re: Paramount Acquisition Corp. ("Company") --------------------------------------- Gentlemen: Each of the undersigned hereby waives his/its right to...

                                               September 7, 2005

Paramount Acquisition Corp.
000 Xxxxxxx Xxxxxx, 00xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000

                   Re: Paramount Acquisition Corp. ("Company")
                       ---------------------------------------

Gentlemen:

              Each of the undersigned hereby waives his/its right to exercise
conversion rights with respect to any shares of the Company's common stock owned
by the undersigned, directly or indirectly, and agrees that he/it will not seek
conversion with respect to such shares in connection with any vote to approve a
business combination (as is more fully described in the Company's Prospectus
relating to the Company's initial public offering).

                         Very truly yours,


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                         XXXXXXX X. XXXXXXXXX 2000 FAMILY TRUSTS



                   By:   _______________________________
                         Name:
                         Title:


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