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                                                                     EXHIBIT 4.7


                                 AMENDMENT NO. 1
                                     TO THE
                                WARRANT AGREEMENT


         This Amendment No. 1 to the Warrant Agreement dated as of January 23,
2001 by and between Hypertension Diagnostics, Inc., a Minnesota corporation (the
"Company"), and Firstar Bank, N.A. (formerly known as Firstar Trust Company), as
Warrant Agent (the "Warrant Agent").

         A. The parties have entered into that certain Warrant Agreement dated
as of July 23, 1998 (the "Warrant Agreement") which governs the rights and
obligations of the Company and Warrant Agent with respect to up to 2,587,500
Redeemable Class A Warrants (each, a "Warrant").

         B. The Company desires under Section 2.4 of the Warrant Agreement to
reduce the exercise price of the Warrants from $5.50 per share of Common Stock
issuable upon exercise of the Warrant to $5.15 per share of Common Stock
issuable upon exercise of the Warrant.

         C. The parties desire to set forth their mutual understanding in this
Amendment No. 1 to the Warrant Agreement.


         NOW, THEREFORE, in connection with and in consideration of the premises
and the mutual agreements and covenants hereinafter set forth, the Company and
Warrant Agent hereby agree as follows:

         1. Capitalized terms used but not otherwise defined herein shall have
the same meanings as in the Warrant Agreement.

         2. Section 2.1 of the Warrant Agreement is hereby amended to read in
its entirety as follows:

                  Section 2.1 Exercise. Any or all of the Warrants represented
         by each Warrant Certificate may be exercised by the holder thereof on
         or before 5:00 p.m., Minneapolis time, on July 22, 2002, unless
         extended by the Company, by surrender of the Warrant Certificate with
         the Purchase Form, which is printed on the reverse thereof (or a
         reasonable facsimile thereof) duly executed by such holder, to the
         Warrant Agent at its principal office in Milwaukee, Wisconsin,
         accompanied by payment, in cash or by certified or official bank check
         payable to the order of the Company, in an amount equal to the product
         of the number of shares of Common Stock issuable upon exercise of the
         Warrant represented by such Warrant Certificate, as adjusted pursuant
         to the provisions of Article III hereof, multiplied by the exercise



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         price of $5.15, as adjusted pursuant to the provisions of Article III
         hereof (such price as so adjusted from time to time being herein called
         the "Exercise Price"), and such holder shall be entitled to receive
         such number of fully paid and nonassessable shares of Common Stock, as
         so adjusted, at the time of such exercise.

         3. The amendment to Section 2.1 as described in Paragraph 2 of this
Amendment No.1 to the Warrant Agreement shall take effect as of the date the
U.S. Securities and Exchange Commission declares effective the Company's
Registration Statement on Form S-3 filed January 4, 2001 (File No. 333-53200)
and continue until the expiration of the Warrant on July 22, 2002, unless this
expiration date shall be extended by the Company.

         4. All other terms of the Warrant Agreement shall remain in full force
and effect until such time as they may be amended in writing by the parties.

         5. This Amendment No. 1 to the Warrant Agreement shall be construed and
enforced in accordance with and governed by the laws of the State of Minnesota.

         IN WITNESS WHEREOF, the parties hereto have executed this Amendment No.
1 to the Warrant Agreement as of the day and year first above written.



                                       HYPERTENSION DIAGNOSTICS, INC.


                                       By:  /s/ Greg H. Guettler
                                          --------------------------------------
                                       Its President


                                       FIRSTAR BANK, N.A.


                                       By:  /s/ Keith Maurmeier
                                          --------------------------------------
                                       Its Vice President


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