<PAGE>

Exhibit 10.30

                                                                   FORM OF
                                                                   WARRANT

THESE SECURITIES HAVE BEEN ISSUED PURSUANT TO EXEMPTIONS FOR NONPUBLIC OFFERINGS
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OF 1933, AS AMENDED,
AND APPLICABLE STATE SECURITIES LAWS, AND, ACCORDINGLY, THESE SECURITIES MAY NOT
BE RESOLD OR OTHERWISE DISPOSED OF UNLESS, IN THE OPINION OF COUNSEL FOR OR
SATISFACTORY TO THE ISSUER, REGISTRATION UNDER THE APPLICABLE FEDERAL OR STATE
SECURITIES LAWS IS NOT REQUIRED OR COMPLIANCE IS MADE WITH SUCH REGISTRATION
REQUIREMENTS.

                Void after 5:00 p.m. Eastern Time, on May 1, 2008

             WARRANT TO PURCHASE ___________ SHARES OF COMMON STOCK

                                       OF

                               PHARMANETICS, INC.

         This is to certify that, FOR VALUE RECEIVED, CAMDEN PARTNERS STRATEGIC
FUND [II-A][II-B], L.P. or its registered assigns pursuant to Section (d) hereof
("Holder"), is entitled to purchase, subject to the provisions of this Warrant,
from PharmaNetics, Inc., a North Carolina corporation (the "Company"), ________
fully paid, validly issued and nonassessable shares of Common Stock, no par
value, of the Company ("Common Stock"), at the exercise price of $7.121 per
share until May 1, 2008. The number of shares of Common Stock to be received
upon the exercise of this Warrant and the price to be paid for each share of
Common Stock may be adjusted from time to time as hereinafter set forth. The
shares of Common Stock deliverable upon such exercise, and as adjusted from time
to time, are hereinafter sometimes referred to as "Warrant Shares," and the
exercise price of a share of Common Stock as adjusted from time to time is
hereinafter sometimes referred to as the "Exercise Price."

         (a)  EXERCISE OF WARRANT; NOTIFICATION OF EXPIRATION DATE OF WARRANT.
The Warrant may be exercised as to Warrant Shares at any time or from time to
time, from and after November 1, 2003 until 5:00 P.M. Eastern time on May 1,
2008 (the "Expiration Date"), provided, however, that if such day is a day on
which banking institutions in the State of New York are authorized by law to
close, then on the next succeeding day which shall not be such a day; provided,
further, that in the event that a Corporate Transaction (as defined in Section
(f)(1) below) occurs prior to the date this Warrant becomes exercisable, this
Warrant may be exercised in full or in part immediately prior to the
consummation of such Corporate Transaction. The Warrant may be exercised by
presentation and surrender hereof to the Company at its principal office, or at
the office of its stock transfer agent, if any, with the Purchase Form annexed
hereto duly executed (with signature guaranteed if required by the

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                                                                   WARRANT

Company or its stock transfer agent) and accompanied by payment of the Exercise
Price for the number of Warrant Shares specified in such form and any applicable
taxes. The purchase price for any Warrant Shares purchased pursuant to the
exercise of this Warrant shall be paid in full upon such exercise in cash or by
certified or bank check or pursuant to a cashless exercise procedure whereby the
Warrant Shares issued upon exercise of this Warrant will be sold with Holder
receiving the difference between the Exercise Price and the sale price, in cash,
and the Company receiving the Exercise Price for the Warrant Shares, in cash, or
any combination of the foregoing methods of paying the Exercise Price. In the
alternative, the Warrant may be exchanged for Warrant shares as described in
Section (k). As soon as practicable after each such exercise of the Warrants,
but not later than seven (7) business days from the date of such exercise, the
Company shall issue and deliver to the Holder a certificate or certificates for
the Warrant Shares issuable upon such exercise, registered in the name of the
Holder or the Holder's designee, except in the case of a cashless exercise. If
the Warrant should be exercised in part only, the Company shall, upon surrender
of the Warrant for cancellation, execute and deliver a new Warrant evidencing
the rights of the Holder thereof to purchase the balance of the Warrant Shares
purchasable thereunder. In the event of a cash exercise, upon receipt by the
Company of the Warrant at its office, or by the stock transfer agent of the
Company at its office, in proper form for exercise, together with the exercise
price thereof and taxes as aforesaid in cash or certified or bank check and the
investment letter described below, the Holder shall be deemed to be the holder
of record of the shares of Common Stock issuable upon such exercise,
notwithstanding that the stock transfer books of the Company shall then be
closed or that certificates representing such shares of Common Stock shall not
then be physically delivered to the Holder. In order to assure the availability
of an exemption from registration under the federal or applicable state
securities laws, the Company may condition the exercise of the Warrant upon the
Holder delivering to the Company an investment letter in the form as customarily
used by the Company from time to time in connection with the exercise of
non-registered options and warrants which are issued by the Company. It is
further understood that certificates for the Warrant Shares, if any, to be
issued upon exercise of the Warrant may contain a restrictive legend in
accordance with Section (i) hereof.

         (b)  RESERVATION OF SHARES. The Company shall at all times reserve for
issuance and/or delivery upon exercise of this Warrant such number of shares of
its Common Stock as shall be required for issuance and delivery upon exercise of
the Warrants. If the Common Stock is or becomes listed on any national
securities exchange or the NASDAQ National Market System, the Company shall also
list such shares on such exchange subject to notice of issuance or maintain the
listing of its Common Stock on the NASDAQ National Market System, as the case
may be.

         (c)  FRACTIONAL SHARES. No fractional shares or scrip representing
fractional shares shall be issued upon the exercise of the Warrant. With respect
to any fraction of a share called for upon any exercise hereof, the Company
shall pay to the Holder an amount in cash equal to such fraction multiplied by
the current market value of a share, determined as follows:

              (1) If the Common Stock is listed on a national securities
              exchange or admitted to unlisted trading privileges on such
              exchange or listed for trading on the NASDAQ National Market
              System, the current market value shall be the last

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                                                                   WARRANT

              reported sale price of the Common Stock on such exchange or system
              on the last business day prior to the date of exercise of this
              Warrant or if no such sale is made on such day, the average bid
              and asked prices for such day on such exchange or system;

              (2) If the Common Stock is not so listed or admitted to unlisted
              trading privileges, the current market value shall be the mean of
              the last reported bid and asked prices reported by the National
              Quotation Bureau, Inc., on the last business day prior to the date
              of the exercise of this Warrant; or

              (3) If the Common Stock is not so listed or admitted to unlisted
              trading privileges and bid and asked prices are not so reported,
              the current market value shall be an amount, not less than the
              book value thereof as at the end of the most recent fiscal year of
              the Company ending prior to the date of the exercise of the
              Warrant, determined in such reasonable manner as may be prescribed
              by the Board of Directors of the Company.

         (d)  EXCHANGE, TRANSFER, ASSIGNMENT OR LOSS OF WARRANT. The Warrant is
exchangeable, without expense, at the option of the Holder, upon presentation
and surrender hereof to the Company or at the office of its stock transfer
agent, if any, for other Warrants of different denominations entitling the
Holder thereof to purchase in the aggregate the same number of shares of Common
Stock purchasable hereunder. Subject to Section (i) hereof, the Holder may
transfer or assign the Warrant, in whole or in part and from time to time to a
Qualified Institutional Buyer, as such term is defined in Rule 144A promulgated
under the Securities Act of 1933, as amended. Upon surrender of this Warrant to
the Company at its principal office or at the office of its stock transfer
agent, if any, with the Assignment Form annexed hereto duly executed (with
signature guaranteed, if required by the Company or its stock transfer agent)
and funds sufficient to pay any transfer tax, the Company shall, without charge,
execute and deliver a new Warrant in the name of the assignee or assignees named
in such instrument of assignment and this Warrant shall promptly be canceled.
This Warrant may be divided by or combined with other Warrants which carry the
same rights upon presentation hereof at the principal office of the Company or
at the office of its stock transfer agent, if any, together with a written
notice specifying the names and denominations in which new Warrants are to be
issued and signed by the Holder hereof. The term "Warrant" as used herein
includes any Warrants into which this Warrant may be divided or exchanged. Upon
receipt by the Company of evidence satisfactory to it of the loss, theft,
destruction or mutilation of this Warrant, and in the case of loss, theft or
destruction, of reasonable satisfactory indemnification (including a surety
bond), and upon surrender and cancellation of this Warrant, if mutilated, the
Company will execute and deliver a new Warrant of like tenor, date and amount.
Any such new Warrant executed and delivered shall constitute an additional
contractual obligation on the part of the Company, whether or not the original
Warrant shall be at any time enforceable (subject to the Company's right of
indemnification as provided above) by anyone.

         (e)  RIGHTS OF THE HOLDER. The Holder shall not, by virtue hereof, be
entitled to any rights of a shareholder in the Company, either at law or equity,
and the rights of the

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                                                                   WARRANT

Holder are limited to those expressed in the Warrant and are not enforceable
against the Company except to the extent set forth herein.

         (f)  CERTAIN ADJUSTMENTS. So long as this Warrant shall be outstanding,
the Exercise Price in effect at any time and the number and kind of securities
purchasable upon the exercise of the Warrants shall be subject to adjustment
from time to time upon the happening of certain events as follows:

              (1)   Reclassification, Consolidation or Merger. In case of any
                    reclassification or change of outstanding securities of the
                    class issuable upon exercise of this Warrant (other than a
                    change in par value, or from par value to no par value, or
                    as a result of a subdivision or combination), or in case of
                    any consolidation or merger of the Company with or into
                    another corporation, (other than a merger (i) with another
                    corporation in which the Company is the surviving
                    corporation and which does not result in any
                    reclassification or change of outstanding securities
                    issuable upon exercise of this Warrant or (ii) a merger in
                    which the Company is not the surviving corporation and
                    holders of equity securities of the Company as a result of
                    such merger receive more than 50% of the equity securities
                    of the surviving corporation), or in case of any sale of all
                    or substantially all of the assets of the Company, or in
                    case of a share exchange in which 80% or more of the
                    outstanding capital stock of the Company is exchanged for
                    capital stock of another corporation, any of which
                    transactions shall be referred to hereinafter as a
                    "Corporate Transaction", the Company or such successor or
                    purchasing company or entity, as the case may be, shall
                    execute with the Holder of this Warrant an agreement
                    pursuant to which the Holder of the Warrant shall have the
                    right thereafter to purchase upon exercise of the Warrant
                    the kind and amount of shares, and/or other securities and
                    property that the Holder of the Warrant would have owned or
                    have been entitled to receive after the happening of such
                    Corporate Transaction had the Warrant been exercised
                    immediately prior to such action. The provisions of this
                    subsection (1) may be waived on behalf of the Holder by
                    holders of warrants representing at least a majority of the
                    Common Stock exercisable under the warrants issued by the
                    Company pursuant to the Series B Stock Purchase and Warrant
                    Agreement dated as of the date hereof among the Company, the
                    Holder and the other parties named therein and, assuming
                    that notice of the Corporate Transaction has been properly
                    delivered to the Holder in accordance with Section (h)
                    hereof, this Warrant may be canceled at the election of the
                    Company or the successor entity upon consummation of the
                    Corporate Transaction. The agreement referred to in this
                    subsection (1) shall provide for adjustments which shall be
                    as nearly equivalent as may be practicable to the
                    adjustments provided for in this Section (f). The provisions
                    of this subsection (1) shall similarly apply to successive
                    Corporate Transactions unless waived in accordance with the
                    provisions set forth above.

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                                                                   WARRANT

              (2)   Subdivision or Combination of Shares. If the Company at any
                    time while this Warrant remains outstanding and unexpired
                    shall subdivide or combine its Common Stock, the Warrant
                    Price shall be proportionately decreased in the case of a
                    subdivision or increased in the case of a combination.

              (3)   Stock Dividends. If the Company at any time while this
                    Warrant is outstanding and unexpired shall pay a dividend
                    with respect to Common Stock payable in, or make any other
                    distribution with respect to Common Stock (except any
                    distribution provided for in the foregoing subsection (1) or
                    (2)), of Common Stock, then the Exercise Price shall be
                    adjusted, from and after the date of determination of
                    shareholders entitled to receive such dividend or
                    distribution, to that price determined by multiplying the
                    Warrant Price in effect immediately prior to such date of
                    determination by a fraction (a) the numerator of which shall
                    be the total number of shares of Common Stock outstanding
                    immediately prior to such dividend or distribution and
                    (b) the denominator of which shall be the total number of
                    shares of Common Stock outstanding immediately after such
                    dividend or distribution.

              (4)   Adjustment of Number of Warrant Shares. Upon each adjustment
                    in the Exercise Price, the number of Warrant Shares
                    purchasable hereunder shall be adjusted, to the nearest
                    whole share, to the product obtained by multiplying the
                    number of Warrant Shares purchasable immediately prior to
                    such adjustment in the Exercise Price by a fraction, the
                    numerator of which shall be the Exercise Price immediately
                    prior to such adjustment and the denominator of which shall
                    be the Exercise Price immediately thereafter.

              (5)   No adjustment in the Exercise Price shall be required unless
                    such adjustment would require an increase or decrease of at
                    least $.01 in such price; provided, however, that any
                    adjustments which by reason of this subsection (f)(5) are
                    not required to be made shall be carried forward and taken
                    into account in any subsequent adjustment required to be
                    made hereunder.

              (6)   Each computation required by this Section (f) for purposes
                    of determining whether the Exercise Price shall be adjusted
                    shall be performed by the Company's Chief Financial Officer
                    on the basis of the Company's internally prepared unaudited
                    financial statements. Such unaudited financial statements
                    shall be accompanied by a certificate signed by the
                    President and Chief Financial Officer certifying that such
                    unaudited statements have been prepared in accordance with
                    GAAP on a basis consistently applied and included all
                    adjustments (consisting only of normal, recurring accruals)
                    necessary for a fair presentation of the financial position
                    and results of the Company as of the end each such

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                                                                   FORM OF
                                                                   WARRANT

                    period. Any dispute between a holder and the Company in
                    regard to such a computation shall be referred to and
                    decided by the Company's then engaged firm of independent
                    certified public accountants, which shall be a firm of
                    recognized national reputation (the "Accounting Firm"). The
                    computations of the Accounting Firm shall be final and
                    binding on the Company and the Holder.

              (7)   Whenever the Exercise Price is adjusted, as herein provided,
                    the Company shall promptly cause a notice setting forth the
                    adjusted Exercise Price and adjusted number of Warrant
                    Shares issuable upon exercise of each Warrant to be mailed
                    to the Holder, at its address appearing in the Warrant
                    Register, and shall cause a certified copy thereof to be
                    mailed to its transfer agent, if any.

              (8)   All calculations under this Section (f) shall be made to the
                    nearest cent or to the nearest Warrant Share, as the case
                    may be.

              (9)   In the event that at any time, as a result of an adjustment
                    made pursuant to this Section (f) above, the Holder of this
                    Warrant thereafter shall become entitled to receive any
                    shares of the Company, other than Common Stock, thereafter
                    the number of such other shares so receivable upon exercise
                    of this Warrant shall be subject to adjustment from time to
                    time in a manner and on terms as nearly equivalent as
                    practicable to the provisions with respect to the Common
                    Stock contained in subsection (1) above.

              (10)  Irrespective of any adjustments in the Exercise Price or the
                    number or kind of Warrant Shares purchasable upon exercise
                    of this Warrant, Warrants theretofore or thereafter issued
                    may continue to express the same price and number and kind
                    of shares as are stated in the similar Warrants initially
                    issuable pursuant to this Agreement.

         (g)  OFFICER'S CERTIFICATE. Whenever the Exercise Price shall be
adjusted as required by the provisions of the foregoing Section, the Company
shall forthwith file in the custody of its Secretary or an Assistant Secretary
at its principal office and with its stock transfer agent, if any, an officer's
certificate showing the adjusted Exercise Price determined as herein provided,
setting forth in reasonable detail the facts requiring such adjustment,
including a statement of the number of additional shares of Common Stock, if
any, and such other facts as shall be necessary to show the reason for and the
manner of computing such adjustment. Each such officer's certificate shall be
made available at all reasonable times for inspection by the Holder or any
holder of a Warrant executed and/or delivered pursuant to Section (a) or Section
(d), and the Company shall, forthwith after each such adjustment, mail, by
certified mail, a copy of such certificate to the Holder or any such holder.

         (h)  NOTICES TO WARRANT HOLDERS. So long as this Warrant shall be
outstanding, (i) if the Company shall pay any dividend or make any distribution
upon the Common Stock, or (ii) if the Company shall offer to the holders of
Common Stock for

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                                                                   WARRANT

subscription or purchase by them any shares of any class or any other rights, or
(iii) if any capital reorganization of the Company, reclassification of the
capital stock of the Company, consolidation or merger of the Company with or
into another corporation, sale, lease or transfer of all or substantially all of
the property and assets of the Company to another corporation, or voluntary or
involuntary dissolution, liquidation or winding up of the Company shall be
effected, then in any such case, the Company shall cause to be mailed by
certified mail to the Holder or any holder of a Warrant executed and/or
delivered pursuant to Section (a) or Section (d), at least 15 days prior to the
date specified in (x) or (y) below, as the case may be, a notice containing a
brief description of the proposed action and stating the date on which (x) a
record is to be taken for the purpose of such dividend, distribution or rights,
or (y) such reclassification, reorganization, consolidation, merger, conveyance,
lease, dissolution, liquidation or winding up is to take place and the date, if
any is to be fixed, as of which the holders of Common Stock or other securities
shall receive cash or other property deliverable upon such reclassification,
reorganization, consolidation, merger, conveyance, dissolution, liquidation or
winding up.

         (i)  SECURITIES LAW COMPLIANCE

              (1)   The Holder of the Warrant, by acceptance hereof,
                    acknowledges that the Warrant and the shares of Common Stock
                    to be issued upon exercise hereof or conversion thereof are
                    being acquired solely for the Holder's own account and not
                    as a nominee for any other party, and for investment, and
                    that the Holder will not offer, sell, transfer, assign or
                    otherwise dispose of this Warrant or any shares of Common
                    Stock to be issued upon exercise hereof or conversion
                    thereof except under circumstances that will not result in a
                    violation of the Act or any state securities laws. Upon
                    exercise of the Warrant, the Holder shall, if requested by
                    the Company, confirm in writing, in a form satisfactory to
                    the Company, that the shares of Common Stock so purchased
                    are being acquired solely for the Holder's own account and
                    not as a nominee for any other party, for investment, and
                    not with a view toward distribution or resale.

              (2)   If appropriate, the Warrant and any Warrants issued upon
                    exercise or substitution or upon assignment or transfer
                    pursuant to Section (a) or Section (d), as the case may be,
                    and all shares of Common Stock issued upon exercise hereof
                    or conversion thereof shall be stamped or imprinted with
                    legends setting forth the restrictions on transfer arising
                    under applicable federal and state securities laws.

         (j)  REGISTRATION RIGHTS UNDER THE SECURITIES ACT OF 1933. The Holder
of this Warrant or of the Warrant Shares, upon execution thereof, shall be
entitled to the registration rights afforded under (1) Article 6 of the Series B
Stock Purchase and Warrant Agreement, dated as of the date hereof, among the
Company, the Holder and the other parties named therein, and (2) the
Registration Rights Agreement, dated as of the date hereof, among the Company,
the Holder and the other parties named therein.

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                                                                   FORM OF
                                                                   WARRANT

         (k)  RIGHT TO CONVERT WARRANT INTO COMMON STOCK.

              (1)   Right to Convert. The Holder shall have the right to require
                    the Company to convert this Warrant provided in this Section
                    (k), into common stock (the "Net Conversion Right"). Upon
                    exercise of the Net Conversion Right, the Company shall
                    deliver to the Holder (without payment by the Holder of any
                    Exercise Price or of any other cash or consideration) that
                    number of shares of Common Stock equal to the quotient
                    obtained by dividing (x) the value of this Warrant at the
                    time the Conversion Right is exercised (determined by
                    subtracting the aggregate Exercise Price in effect
                    immediately prior to the exercise of the Conversion Right
                    from the aggregate fair market value of the shares of Common
                    Stock issuable upon exercise of this Warrant immediately
                    prior to the exercise of the Conversion Right) by (y) the
                    fair market value of one share of Common Stock immediately
                    prior to the exercise of the Conversion Right.

              (2)   Method of Exercise. The Net Conversion Right may be
                    exercised by the Holder by the surrender of this Warrant at
                    the principal office of the Company together with a written
                    statement specifying that the Holder thereby intends to
                    exercise the Net Conversion Right. Certificates for the
                    shares of Common Stock issuable upon exercise of the Net
                    Conversion Right shall be delivered to the Holder within
                    five (5) days following the Company's receipt of this
                    Warrant together with the aforesaid written statement.

              (3)   Determination of Fair Market Value. For purposes of this
                    Section (k), fair market value of a share of Common Stock as
                    of a particular date (the "Determination Date") shall be
                    determined in accordance with Section (c) of this Warrant.

         (l)  AMENDMENTS. Neither the Warrant nor any term hereof may be
changed, waived, discharged or terminated without the prior written consent of
the Holder.

         (m)  NO IMPAIRMENT. The Company will not avoid or seek to avoid the
observance or performance of any of the terms to be observed or performed
hereunder by the Company, but will at all times in good faith assist in the
carrying out of all the provisions of this Warrant and in the taking of all such
action as may be necessary or appropriate in order to protect the rights of any
Holder.

         (n)  GOVERNING LAW. This Agreement shall be governed by and construed
under the laws of the State of North Carolina.

         (o)  NOTICES. All notices and other communications required or
permitted hereunder shall be in writing and shall be mailed by first class mail,
postage prepaid, addressed (a) if to the Holder, c/o Camden Partners Holdings,
LLC, One South Street, Baltimore, Maryland 21202, Attention: Richard M. Johnston
and Richard M. Berkeley or (b) if to the Company, to

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                                                                   FORM OF
                                                                   WARRANT

PharmaNetics, Inc., 9401 Globe Center Drive, Suite 140, Morrisville, NC 27560,
Attention: John P. Funkhouser, or at such other address as to the Company shall
have furnished to the Holder in writing.

                            [SIGNATURE PAGE FOLLOWS]

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                                                                   FORM OF
                                                                   WARRANT

         IN WITNESS WHEREOF, PharmaNetics, Inc. has caused this Warrant to be
executed by its officer thereunto duly authorized.

Dated:   May 1, 2003

                                           PHARMANETICS, INC.:


                                           By: _________________________________
                                           Name: _______________________________
                                           Title: ______________________________

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                                                                   FORM OF
                                                                   WARRANT

                                  PURCHASE FORM

                                        Dated ___________________, 200_

         The undersigned hereby irrevocably elects to exercise its rights
pursuant to this Warrant to the extent of purchasing ______ shares of Common
Stock of __________ __________, and hereby makes payment of $___________, in
cash, in payment of the exercise price thereof.

         The undersigned hereby irrevocably elects to exercise its rights
pursuant to this Warrant to the extent of purchasing _____ shares of Common
Stock and hereby authorizes you to deliver such shares of Common Stock for sale
to ___________, and to retain from the proceeds of such sale $__________, in
cash, in payment of the exercise price thereof and to remit to the undersigned
the balance of such proceeds.


                     INSTRUCTIONS FOR REGISTRATION OF STOCK

Name ___________________________________________________________________________
              (Please typewrite or print in block letters)

Address ________________________________________________________________________

Signature ______________________________________________________________________


                                 ASSIGNMENT FORM

         FOR VALUE RECEIVED, _________________________________________ hereby
sells, assigns and transfers unto

Name ___________________________________________________________________________
              (Please typewrite or print in block letters)

Address ________________________________________________________________________

the right to purchase Common Stock of PharmaNetics, Inc. (the "Company"),
represented by this Warrant to the extent of __________ shares as to which such
right is exercisable and does hereby irrevocably constitute and appoint
_____________________________ as Attorney, to transfer the same on the books of
the Company with full power of substitution in the premises.

Date ___________, 200_

Signature ______________________________________________________________________