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Exhibit 10.31
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$5,000,000
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February 14, 2006
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FOR VALUE
RECEIVED, SIRION THERAPEUTICS, INC., a North Carolina corporation
(“Borrower”), hereby promises to pay to the order of
PHARMABIO DEVELOPMENT INC., a North Carolina corporation
(“Lender”), in lawful money of the United States of
America in immediately available funds, the lesser of (i) the
principal sum of Five Million ($5,000,000) and (ii) the
aggregate unpaid principal amount of all Advances (as defined in
the Loan Agreement referred to below) made by Lender to Borrower
pursuant to the Loan Agreement (as defined below), together with
interest accrued thereon. The interest shall accrue on the unpaid
principal amount of each Advance at the rates and in the manner
provided in the Loan Agreement. Payment of the principal amount of
this Note and accrued interest on this Note shall be made at the
times and in the manner provided in the Loan Agreement. Capitalized
terms used but not defined herein shall have the meanings ascribed
to them in the Loan Agreement.
Each Advance made
by Lender to Borrower, and all payments made on account of the
principal amount hereof, shall be record
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