<PAGE>
                                                                   Exhibit 10.14

                            FIRST AMENDMENT OF LEASE

THIS FIRST AMENDMENT OF LEASE ("AMENDMENT") is made and entered into effective
as of September 23, 2002 by and between CSM INVESTORS, INC., a Minnesota
corporation, ("Landlord") and SYNOVIS LIFE TECHNOLOGIES, INC., formerly
Bio-Vascular, Inc., a Minnesota corporation, ("Tenant").


                                    RECITALS

A.       Landlord and Tenant are parties to a Lease dated February 28, 1995 (the
         "Lease") pursuant to which Tenant leases from Landlord the Premises,
         consisting of approximately 36,027 square feet within the WESTGATE
         BUSINESS CENTER PHASE IV ("Building"), located at 2575 UNIVERSITY
         AVENUE WEST, SUITE 180, ST. PAUL, MINNESOTA, as more particularly
         described in the Lease.

B.       The parties wish to amend certain terms and conditions of the Lease as
         more particularly set forth herein.

NOW, THEREFORE, in consideration of the foregoing recitals, the mutual covenants
herein contained, and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, Landlord and Tenant agree that the
Lease is hereby amended as follows:

                                    AGREEMENT

1.       SECTION 1.2 PREMISES.

         A.       Effective October 15, 2002, the area of the original Premises
                  ("Original Premises") shall be increased by 4,865 square feet
                  of office space in the Building in the area marked "First
                  Expansion Area" on REVISED EXHIBITS A AND B attached hereto,
                  from 36,027 square feet to 40,892 square feet.

         B.       Effective as of the date Landlord notifies Tenant in writing
                  that CSM Corporation has vacated the approximately 28,826
                  square foot area in the Building in the area marked "Second
                  Expansion Area" on REVISED EXHIBITS A AND B (which shall be no
                  earlier than January 1, 2004), the area of the Premises shall
                  be increased by the 28,826 square foot Second Expansion Area
                  (consisting of approximately 19,712 square feet of first floor
                  office space, 4,690 square feet of mezzanine office space, and
                  4,424 square feet of warehouse space), from 40,892 square feet
                  to 69,718 square feet.

                  The lease of the Second Expansion Area shall include Tenant's
                  right to utilize certain existing furniture, fixtures and
                  other furnishings ("Furnishings") remaining in the Premises
                  after CSM Corporation vacates therefrom which are the property
                  of Landlord. Upon termination or expiration of the Lease,
                  Tenant shall surrender possession of the Furnishings to
                  Landlord in as good as condition as of the Commencement Date,
                  ordinary wear and tear excepted. An inventory of such
                  Furnishings which the parties reasonably anticipate to remain
                  in the Premises


<PAGE>

                  after CSM Corporation vacates is attached hereto as EXHIBIT G.
                  The parties will confirm the inventory when Tenant takes
                  possession of the Second Expansion Area.

         C.       After Tenant's lease of the Second Expansion Area commences,
                  Tenant shall promptly vacate the First Expansion Area.
                  Effective as of the date of Tenant's vacation of the First
                  Expansion Area (projected to be February 1, 2004), the area of
                  the Premises shall be reduced by 4,865 square feet, from
                  69,718 square feet to 64,853 square feet. Tenant shall remain
                  responsible for payment of Rent on the First Expansion Area
                  until it vacates and surrenders possession thereof to Landlord
                  broom-clean, in as good as condition that existed on October
                  15, 2002, ordinary wear and tear excepted, and with all of
                  Tenant's belongings removed. In any event, Tenant shall vacate
                  the First Expansion Area in accordance with the terms of this
                  Amendment no later than thirty (30) days after taking
                  occupancy of the Second Expansion Area.

2.       SECTION 1.3 IMPROVEMENTS. Except as set forth herein, Tenant shall
         accept the First Expansion Area and the Second Expansion Area in "As
         Is" condition. For the period of November 1, 2002 until the date of
         delivery of the Second Expansion Space, Landlord agrees to provide
         Tenant with a temporary weather shelter in the form of a walkway and
         canopy or scaffold structure spanning from the current Synovis
         pedestrian warehouse door to the outside door accessing the First
         Expansion Space. Furthermore, Landlord agrees to provide Tenant an
         allowance of up to $50,000.00 toward the cost of improvements to the
         Second Expansion Area, payable to Tenant upon receipt of paid invoice
         receipts and/or completed lien waivers from the contractor(s)
         performing the work.

3.       SECTION 1.4 LEASE TERM. The term of the Lease will be extended for an
         additional forty-one (41) month period commencing August 1, 2005 and
         expiring December 31, 2008.

4.       SECTION 1.6 BASE RENT. Commencing October 1, 2002, the Base Rental rate
         shall be comprised of the following amounts:

         A.       ORIGINAL PREMISES:

<TABLE>
<CAPTION>
                                                      MONTHLY      PER RENTABLE
                               PERIOD                 BASE RENT      SQUARE FOOT
                               ------                 ---------     -----------
<S>               <C>                                 <C>           <C>
                               10/1/02 - 07/31/05     $21,286.76          $7.09
                               08/1/05 - 12/31/08     market             market

                  Option Term: 01/1/09 - 12/31/11     market             market
</TABLE>

         B.       FIRST EXPANSION AREA:

<TABLE>
<CAPTION>
                                                      MONTHLY      PER RENTABLE
                               PERIOD                 BASE RENT    SQUARE FOOT
                               ------                 ---------    -----------
<S>                            <C>                    <C>          <C>
                               10/15/02 - 01/31/04*   $3,851.46          $9.50
</TABLE>

                               * Subject to adjustment per the terms of
                               Paragraph 1.C. of this Amendment. In the
                               event that RESPEC vacates the First Expansion
                               Area earlier than October 14, 2002, Tenant may
                               occupy the First Expansion Area as of the date of
                               vacation, under


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<PAGE>

                               the same terms and conditions contained herein,
                               exclusive of Rent and Operating Expenses.

         C.       SECOND EXPANSION AREA:

<TABLE>
<CAPTION>
                                                       MONTHLY     PER RENTABLE
                               PERIOD                 BASE RENT    SQUARE FOOT
                               ------                 ---------    -----------
<S>                            <C>                    <C>          <C>
                               01/1/04* - 12/31/06    $26,370.46   $10.978
                               08/1/07 - 12/31/08     $27,511.03   $11.452
</TABLE>

                               * Subject to adjustment per the terms of
                               Paragraph 1.C. of this Amendment.

<TABLE>
<S>                            <C>                    <C>          <C>
                  Option Term: 01/1/09 - 12/31/11     market       market
</TABLE>

5.       SECTION 1.9 PRORATA SHARE. Commencing October 1, 2002, Tenant's Pro
         Rata Share of Operating Expenses shall be 40.28%. Commencing on the
         date Tenant commences leasing the Second Expansion Area, Tenant's Pro
         Rata Share of Operating Expenses shall be 69.03%. Commencing on the
         date Tenant vacates and surrenders possession of the First Expansion
         Area, Tenant's Pro Rata Share shall be 63.93%.

6.       SECTION 1.10 ADDRESSES FOR INVOICES AND PAYMENTS:

         Effective immediately, the addresses for invoices and payments shall
be:

<TABLE>
<CAPTION>
        If to Landlord:                    If to Tenant:
        ---------------                    -------------
<S>                                        <C>
        CSM Investors, Inc.                Synovis Life Technologies, Inc.
        SDS 12-1243                        2575 University Ave. W., Suite 180
        P.O. Box 86                        St. Paul, MN  55114
        Minneapolis, MN 55486-1243
</TABLE>

         Effective immediately, the addresses for legal notices shall be:

<TABLE>
<CAPTION>
         If to Landlord:                                   If to Tenant:
         ---------------                                   -------------
<S>                                               <C>
         CSM Corporation                          Synovis Life Technologies, Inc.
         2575 University Ave. W., Suite 150       2575 University Ave. W., Suite 180
         St. Paul, MN  55114                      St. Paul, MN  55114
         Attn:  V.P. of Property Management

         with a copy to:

         CSM Corporation
         2575 University Ave. W., Suite 150
         St. Paul, MN  55114
         Attn:  General Counsel
</TABLE>

         Either party may change such address by written notice to the other
party.

7.       SECTION 2.3 OPERATING EXPENSES. Section 2.3 of the Lease is amended to
         provide that Operating Expenses shall also include (i) all real
         property taxes, installments of special assessments and governmental
         impositions of any kind whatsoever imposed upon


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<PAGE>

         Landlord by reason of its ownership, operation or management of the
         Project, including without limitation the so called Minnesota "state
         general tax", and legal fees incurred in connection with actions to
         reduce the same; and (ii) all premiums, deductibles and retentions for
         insurance coverages Landlord is required to carry pursuant to the Lease
         or by its lender, or that Landlord otherwise deems reasonably necessary
         to carry, including without limitation, property insurance, commercial
         general liability insurance, and rent loss insurance.

8.       SECTION 14.13 PARKING. The number of underground parking spaces
         provided to Tenant at no charge shall increase from five (5) to thirty
         (30) as of January 1, 2004.

9.       SECTION 14.14 OPTION TO EXTEND. Landlord and Tenant acknowledge and
         agree that execution of this Amendment by both parties shall constitute
         Tenant's election to exercise its first of two options to extend the
         term of the Lease as set forth in Section 14.14 of the initial Lease
         dated February 28, 1995. Landlord shall determine the market base
         rental rate for the extension term under the terms set forth in the
         Lease no earlier than February 1, 2005, and no later than April 30,
         2005.

10.      SECTION 14.16 EXPANSION OPTION. Section 14.16 of the Lease is deleted
         in its entirety and replaced with the following:

                  "14.16 EXPANSION OPTION. During the term of the Lease, Tenant
                  shall have the option to lease space contiguous to the
                  Premises ("Option Space"), in the "As Is" condition, as it
                  becomes available during the term of the Lease, at the market
                  base rent for the Building, as established by Landlord from
                  time to time, in effect at the time of Landlord's notice.
                  Landlord shall provide Tenant written notice of the
                  availability of the Option Space, and Tenant shall have
                  fifteen (15) days from receipt of Landlord's availability
                  notice within which to forward written notice to Landlord of
                  Tenant's irrevocable intent to lease that part of the Option
                  Space described in Landlord's availability notice, with a term
                  commencing no later than sixty (60) days following the date
                  the Option Space actually becomes available, and expiring
                  coterminous with the term of the Lease. In the event that
                  Tenant fails to exercise its option rights described herein,
                  Tenant's option rights shall be null and void. Tenant and
                  Landlord agree that the expiration and renewal of an existing
                  tenant's lease shall not trigger Tenant's rights under this
                  section, and a condition of Tenant's option right shall be
                  that Tenant is not in default under Section 11 of the Lease
                  and that the Lease is in full force and effect. Landlord and
                  Tenant agree and acknowledge that Tenant has received notice
                  of the availability of the 4,865 square foot First Expansion
                  Space and the 2,993 square foot and 4,618 square foot former
                  CSM Corporation space depicted on REVISED EXHIBIT B."

11.      MISCELLANEOUS. Except as otherwise provided herein, all capitalized
         terms used herein shall have the meaning ascribed to them in the Lease.
         Except as specifically modified herein, all of the covenants,
         conditions, and obligations under the Lease shall remain unchanged and
         in full force and effect. In the event of a conflict between the terms
         of the Lease and this Amendment, the terms of this Amendment shall
         prevail. This Amendment shall be binding upon the parties hereto and
         their respective successors and assigns. This Amendment may be executed
         in one or more counterparts each of which when so


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<PAGE>

         executed and delivered shall constitute an original, but together said
         counterparts shall constitute one and the same instrument.

IN WITNESS WHEREOF, the parties have executed this Amendment as of the day and
year first above written.

LANDLORD:                                                     TENANT:
--------                                                      ------

CSM INVESTORS, INC.                         SYNOVIS LIFE TECHNOLOGIES, INC.

By: /s/ David Carland                      By: /s/ Connie Magnuson
    ---------------------------                ---------------------------------
Print Name: David Carland                  Print Name:  Connie Magnuson
            -------------------                       --------------------------
Title: Vice-President                       Title: Vice-President of Finance-CFO
       ------------------------                    -----------------------------


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