LA JOLLA COVE INVESTORS, INC. 7817 Herschel Ave., Suite 200 LA JOLLA, CALIFORNIA 92037 TELEPHONE: (415) 409-8703 FACSIMILE: (415) 409-8704 E-MAIL: ***@*** LA JOLLA www.ljcinvestors.com SAN FRANCISCO February 28, 2007

LA JOLLA COVE INVESTORS, INC.

7817 Herschel Ave., Suite 200

LA JOLLA, CALIFORNIA 92037

TELEPHONE: (415) 409-8703

FACSIMILE: (415) 409-8704

E-MAIL: ***@***

LA JOLLA

www.ljcinvestors.com

SAN FRANCISCO

 

February 28, 2007

 

W. Gerald Newmin

MultiCell Technologies, Inc.

701 George Washington Highway

Lincoln, Rhode Island 02865

Dear Gerald:

Reference is made to the $100,000 Convertible Debenture dated February 28, 2007 issued by MultiCell Technologies, Inc. (“Company”) to La Jolla Investors, Inc. (“Holder”). All terms used herein and not otherwise defined herein shall have the definitions set forth in the Convertible Debenture.

Beginning one year from the Closing Date, Holder shall submit Debenture conversion notices and related Warrant exercise notices in an amount such that Holder receives a total of 1% of the outstanding shares of the Company every calendar quarter for a period of one year, provided that Holder is able to sell such shares under Rule 144. Beginning two years from the Closing Date, Holder shall convert $5,000 of the Debenture and exercise 500,000 Warrant Shares each calendar month, provided that Holder is able to sell such shares under Rule 144(k). If Holder converts more than such minimum amounts, the excess shall be credited against the next period’s minimum. In the event Holder does not convert and exercise the minimum amounts set forth in the first two sentences of this paragraph, the Company’s remedy shall be limited to Holder not being entitled to collect interest on the Debenture for that calendar quarter or calendar month, as applicable.

Sincerely,

/s/T.W. Huff

Travis W. Huff

Portfolio Manager

MultiCell Technologies, Inc.

By: /s/Stephen MW Chang

Title: President & CEO