Exhibit 10.1 BUSINESS LOAN AGREEMENTBusiness Loan Agreement • October 3rd, 2007 • Pipex Pharmaceuticals, Inc. • Pharmaceutical preparations • Michigan
THIS BUSINESS LOAN AGREEMENT dated September 27, 2007, is made and executed between PIPEX PHARMACEUTICALS, INC. ("Borrower") and Bank of Ann Arbor ("Lender") on the following terms and conditions. Borrower has received prior commercial loans from Lender or has applied to Lender for a commercial loan or loans or other financial accommodations, including those which may be described on any exhibit or schedule attached to this Agreement ("Loan"). Borrower understands and agrees that: (A) in granting, renewing, or extending any Loan, Lender is relying upon Borrower's representations, warranties, and agreements as set forth in this Agreement; (B) the granting, renewing, or extending of any Loan by Lender at all times shall be subject to Lender's sole judgment and discretion; and (C) all such Loans shall be and remain subject to the terms and conditions of this Agreement.
