<Page>

                                                                   Exhibit 10.79

                                                                       EXHIBIT C

NEITHER THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS EXERCISABLE
HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE
SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES
ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN
AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR
REASONABLY ACCEPTABLE TO THE COMPANY TO SUCH EFFECT, THE SUBSTANCE OF WHICH
SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. THIS SECURITY MAY BE PLEDGED IN
CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR
OTHER LOAN WITH A FINANCIAL INSTITUTION THAT IS AN "ACCREDITED INVESTOR" AS
DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT.

                          COMMON STOCK PURCHASE WARRANT

                To Purchase __________ Shares of Common Stock of

                          IMPLANT SCIENCES CORPORATION

          THIS COMMON STOCK PURCHASE WARRANT (the "WARRANT") CERTIFIES that, for
value received, _____________ (the "HOLDER"), is entitled, upon the terms and
subject to the limitations on exercise and the conditions hereinafter set forth,
at any time on or after the date of issuance of this Warrant (the "INITIAL
EXERCISE DATE") and on or prior to the five year anniversary of the Initial
Exercise Date (the "TERMINATION DATE") but not thereafter, to subscribe for and
purchase from Implant Sciences Corporation, a Massachusetts corporation (the
"COMPANY"), up to ____________ shares (the "WARRANT SHARES") of Common Stock,
par value $0.10 per share, of the Company (the "COMMON STOCK"). The purchase
price of one share of Common Stock (the "EXERCISE PRICE") under this Warrant
shall be $14.43(1), subject to adjustment hereunder. The Exercise Price and the
number of Warrant Shares for which the Warrant is exercisable shall be subject
to adjustment as provided herein. CAPITALIZED TERMS USED AND NOT OTHERWISE
DEFINED HEREIN SHALL HAVE THE MEANINGS SET FORTH IN THAT CERTAIN SECURITIES
PURCHASE AGREEMENT (THE "PURCHASE AGREEMENT"), DATED JUNE 17, 2004 AMONG THE
COMPANY AND THE PURCHASERS SIGNATORY THERETO.

----------
(1)  115% of the lesser of (i) the average of the 5 consecutive Closing Prices
immediately prior to the date of the Purchase Agreement and (ii) the Closing
Price immediately prior to the date of the Purchase Agreement.

                                        1
<Page>

          1.   TITLE TO WARRANT. Prior to the Termination Date and subject to
compliance with applicable laws and Section 7 of this Warrant, this Warrant and
all rights hereunder are transferable, in whole or in part, at the office or
agency of the Company by the Holder in person or by duly authorized attorney,
upon surrender of this Warrant together with the Assignment Form annexed hereto
properly endorsed. The transferee shall sign an investment letter in form and
substance reasonably satisfactory to the Company.

          2.   AUTHORIZATION OF SHARES. The Company covenants that all Warrant
Shares which may be issued upon the exercise of the purchase rights represented
by this Warrant will, upon exercise of the purchase rights represented by this
Warrant, be duly authorized, validly issued, fully paid and nonassessable and
free from all taxes, liens and charges in respect of the issue thereof (other
than taxes in respect of any transfer occurring contemporaneously with such
issue).

          3.   EXERCISE OF WARRANT.

                      (a)  Exercise of the purchase rights represented by this
     Warrant may be made at any time or times on or after the Initial Exercise
     Date and on or before the Termination Date by delivery to the Company of a
     duly executed facsimile copy of the Notice of Exercise Form annexed hereto
     (or such other office or agency of the Company as it may designate by
     notice in writing to the registered Holder at the address of such Holder
     appearing on the books of the Company); provided, however, within 5 Trading
     Days of the date said Notice of Exercise is delivered to the Company, the
     Holder shall have surrendered this Warrant to the Company and the Company
     shall have received payment of the aggregate Exercise Price of the shares
     thereby purchased by wire transfer or cashier's check drawn on a United
     States bank. Certificates for shares purchased hereunder shall be
     transmitted by the transfer agent of the Company to the Holder by crediting
     the account of the Holder's prime broker with the Depository Trust Company
     through its Deposit Withdrawal Agent Commission ("DWAC") system within 3
     Trading Days from the delivery to the Company of the Notice of Exercise
     Form, surrender of this Warrant and payment of the aggregate Exercise Price
     as set forth above ("WARRANT SHARE DELIVERY DATE"). This Warrant shall be
     deemed to have been exercised on the date the Exercise Price is received by
     the Company. The Warrant Shares shall be deemed to have been issued, and
     Holder or any other person so designated to be named therein shall be
     deemed to have become a holder of record of such shares for all purposes,
     as of the date the Warrant has been exercised by payment to the Company of
     the Exercise Price and all taxes required to be paid by the Holder, if any,
     pursuant to Section 5 prior to the issuance of such shares, have been paid.
     If the Company fails to cause its transfer agent to transmit to the Holder
     through the DWAC system a certificate or certificates representing the
     Warrant Shares pursuant to this Section 3(a) by the Warrant Share Delivery
     Date, then the Holder will have the right to rescind such exercise. In
     addition to any other rights available to the Holder, if the Company fails
     to cause its transfer agent to transmit to the Holder through the DWAC
     system a certificate or certificates representing the Warrant Shares
     pursuant to an exercise by the Warrant Share Delivery Date, and if after
     such day the Holder is required by its broker to purchase (in an open
     market transaction

                                        2
<Page>

     or otherwise) shares of Common Stock to deliver in satisfaction of a sale
     by the Holder of the Warrant Shares which the Holder anticipated receiving
     upon such exercise (a "BUY-IN"), then the Company shall (1) pay in cash to
     the Holder the amount by which (x) the Holder's total purchase price
     (including brokerage commissions, if any) for the shares of Common Stock so
     purchased exceeds (y) the amount obtained by multiplying (A) the number of
     Warrant Shares that the Company was required to deliver to the Holder in
     connection with the exercise at issue times (B) the price at which the sell
     order giving rise to such purchase obligation was executed, and (2) at the
     option of the Holder, either reinstate the portion of the Warrant and
     equivalent number of Warrant Shares for which such exercise was not honored
     or deliver to the Holder the number of shares of Common Stock that would
     have been issued had the Company timely complied with its exercise and
     delivery obligations hereunder. For example, if the Holder purchases Common
     Stock having a total purchase price of $11,000 to cover a Buy-In with
     respect to an attempted exercise of shares of Common Stock with an
     aggregate sale price giving rise to such purchase obligation of $10,000,
     under clause (1) of the immediately preceding sentence the Company shall be
     required to pay the Holder $1,000. The Holder shall provide the Company
     written notice indicating the amounts payable to the Holder in respect of
     the Buy-In, together with applicable confirmations and other evidence
     reasonably requested by the Company. Nothing herein shall limit a Holder's
     right to pursue any other remedies available to it hereunder, at law or in
     equity including, without limitation, a decree of specific performance
     and/or injunctive relief with respect to the Company's failure to timely
     deliver certificates representing shares of Common Stock upon exercise of
     the Warrant as required pursuant to the terms hereof.

                      (b)  If this Warrant shall have been exercised in part,
     the Company shall, at the time of delivery of the certificate or
     certificates representing Warrant Shares, deliver to Holder a new Warrant
     evidencing the rights of Holder to purchase the unpurchased Warrant Shares
     called for by this Warrant, which new Warrant shall in all other respects
     be identical with this Warrant.

                      (c)  The Holder shall not have the right to exercise any
     portion of this Warrant, pursuant to Section 3(a) or otherwise, to the
     extent that after giving effect to such issuance after exercise, the Holder
     (together with the Holder's affiliates), as set forth on the applicable
     Notice of Exercise, would beneficially own in excess of 4.99% of the number
     of shares of the Common Stock outstanding immediately after giving effect
     to such issuance. For purposes of the foregoing sentence, the number of
     shares of Common Stock beneficially owned by the Holder and its affiliates
     shall include the number of shares of Common Stock issuable upon exercise
     of this Warrant with respect to which the determination of such sentence is
     being made, but shall exclude the number of shares of Common Stock which
     would be issuable upon (A) exercise of the remaining, nonexercised portion
     of this Warrant beneficially owned by the Holder or any of its affiliates
     and (B) exercise or conversion of the unexercised or nonconverted portion
     of any other securities of the Company (including, without limitation, any
     other Warrants) subject to a limitation on conversion or exercise analogous
     to the limitation contained herein beneficially owned by the Holder or any
     of its affiliates. Except as set forth in the preceding sentence, for
     purposes of this Section 3(c), beneficial ownership shall be calculated in
     accordance with Section 13(d) of the Exchange Act, it being acknowledged

                                        3
<Page>

     by Holder that the Company is not representing to Holder that such
     calculation is in compliance with Section 13(d) of the Exchange Act and
     Holder is solely responsible for any schedules required to be filed in
     accordance therewith. To the extent that the limitation contained in this
     Section 3(c) applies, the determination of whether this Warrant is
     exercisable (in relation to other securities owned by the Holder) and of
     which a portion of this Warrant is exercisable shall be in the sole
     discretion of such Holder, and the submission of a Notice of Exercise shall
     be deemed to be such Holder's determination of whether this Warrant is
     exercisable (in relation to other securities owned by such Holder) and of
     which portion of this Warrant is exercisable, in each case subject to such
     aggregate percentage limitation, and the Company shall have no obligation
     to verify or confirm the accuracy of such determination. For purposes of
     this Section 3(c), in determining the number of outstanding shares of
     Common Stock, the Holder may rely on the number of outstanding shares of
     Common Stock as reflected in (x) the Company's most recent Form 10-QSB or
     Form 10-KSB, as the case may be, (y) a more recent public announcement by
     the Company or (z) any other notice by the Company or the Company's
     Transfer Agent setting forth the number of shares of Common Stock
     outstanding. Upon the written or oral request of the Holder, the Company
     shall within two Trading Days confirm orally and in writing to the Holder
     the number of shares of Common Stock then outstanding. In any case, the
     number of outstanding shares of Common Stock shall be determined after
     giving effect to the conversion or exercise of securities of the Company,
     including this Warrant, by the Holder or its affiliates since the date as
     of which such number of outstanding shares of Common Stock was reported.

                      (d)  If at any time after one year from the date of
     issuance of this Warrant there is no effective Registration Statement
     registering the resale of the Warrant Shares by the Holder at such time
     (subject to any suspensions permitted pursuant to the Registration Rights
     Agreement), this Warrant may also be exercised at such time by means of a
     "cashless exercise" in which the Holder shall be entitled to receive a
     certificate for the number of Warrant Shares equal to the quotient obtained
     by dividing [(A-B) (X)] by (A), where:

          (A) = the Closing Price on the Trading Day immediately preceding the
                date of such election;

          (B) = the Exercise Price of this Warrant, as adjusted; and

          (X) = the number of Warrant Shares issuable upon exercise of this
                Warrant in accordance with the terms of this Warrant by means of
                a cash exercise rather than a cashless exercise.

          4.   NO FRACTIONAL SHARES OR SCRIP. No fractional shares or scrip
representing fractional shares shall be issued upon the exercise of this
Warrant. As to any fraction of a share which Holder would otherwise be entitled
to purchase upon such exercise, the Company shall pay a cash adjustment in
respect of such final fraction in an amount equal to such fraction multiplied by
the Exercise Price.

                                        4
<Page>

          5.   CHARGES, TAXES AND EXPENSES. Issuance of certificates for Warrant
Shares shall be made without charge to the Holder for any issue or transfer tax
or other incidental expense in respect of the issuance of such certificate, all
of which taxes and expenses shall be paid by the Company, and such certificates
shall be issued in the name of the Holder or in such name or names as may be
directed by the Holder; PROVIDED, HOWEVER, that in the event certificates for
Warrant Shares are to be issued in a name other than the name of the Holder,
this Warrant when surrendered for exercise shall be accompanied by the
Assignment Form attached hereto duly executed by the Holder; and the Company may
require, as a condition thereto, the payment of a sum sufficient to reimburse it
for any transfer tax incidental thereto.

          6.   CLOSING OF BOOKS. The Company will not close its stockholder
books or records in any manner which prevents the timely exercise of this
Warrant, pursuant to the terms hereof.

          7.   TRANSFER, DIVISION AND COMBINATION.

                      (a)  Subject to compliance with any applicable securities
     laws and the conditions set forth in Sections 1 and 7(e) hereof and to the
     provisions of Section 4.1 of the Purchase Agreement, this Warrant and all
     rights hereunder are transferable, in whole or in part, upon surrender of
     this Warrant at the principal office of the Company, together with a
     written assignment of this Warrant substantially in the form attached
     hereto duly executed by the Holder or its agent or attorney and funds
     sufficient to pay any transfer taxes payable upon the making of such
     transfer. Upon such surrender and, if required, such payment, the Company
     shall execute and deliver a new Warrant or Warrants in the name of the
     assignee or assignees and in the denomination or denominations specified in
     such instrument of assignment, and shall issue to the assignor a new
     Warrant evidencing the portion of this Warrant not so assigned, and this
     Warrant shall promptly be cancelled. A Warrant, if properly assigned, may
     be exercised by a new holder for the purchase of Warrant Shares without
     having a new Warrant issued.

                      (b)  This Warrant may be divided or combined with other
     Warrants upon presentation hereof at the aforesaid office of the Company,
     together with a written notice specifying the names and denominations in
     which new Warrants are to be issued, signed by the Holder or its agent or
     attorney. Subject to compliance with Section 7(a), as to any transfer which
     may be involved in such division or combination, the Company shall execute
     and deliver a new Warrant or Warrants in exchange for the Warrant or
     Warrants to be divided or combined in accordance with such notice.

                      (c)  The Company shall prepare, issue and deliver at its
     own expense (other than transfer taxes) the new Warrant or Warrants under
     this Section 7.

                      (d)  The Company agrees to maintain, at its aforesaid
     office, books for the registration and the registration of transfer of the
     Warrants.

                      (e)  If, at the time of the surrender of this Warrant in
     connection with any transfer of this Warrant, the transfer of this Warrant
     shall not be registered pursuant to an effective registration statement
     under the Securities Act and under applicable state

                                        5
<Page>

     securities or blue sky laws, the Company may require, as a condition of
     allowing such transfer (i) that the Holder or transferee of this Warrant,
     as the case may be, furnish to the Company a written opinion of counsel
     (which opinion shall be in form, substance and scope customary for opinions
     of counsel in comparable transactions) to the effect that such transfer may
     be made without registration under the Securities Act and under applicable
     state securities or blue sky laws, (ii) that the holder or transferee
     execute and deliver to the Company an investment letter in form and
     substance acceptable to the Company and (iii) that the transferee be an
     "accredited investor" as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7),
     or (a)(8) promulgated under the Securities Act or a qualified institutional
     buyer as defined in Rule 144A(a) under the Securities Act.

          8.   NO RIGHTS AS SHAREHOLDER UNTIL EXERCISE. This Warrant does not
entitle the Holder to any voting rights or other rights as a shareholder of the
Company prior to the exercise hereof. Upon the surrender of this Warrant and the
payment of the aggregate Exercise Price (or by means of a cashless exercise),
the Warrant Shares so purchased shall be and be deemed to be issued to such
Holder as the record owner of such shares as of the close of business on the
later of the date of such surrender or payment.

          9.   LOSS, THEFT, DESTRUCTION OR MUTILATION OF WARRANT. The Company
covenants that upon receipt by the Company of evidence reasonably satisfactory
to it of the loss, theft, destruction or mutilation of this Warrant or any stock
certificate relating to the Warrant Shares, and in case of loss, theft or
destruction, of indemnity or security reasonably satisfactory to it (which, in
the case of the Warrant, shall not include the posting of any bond), and upon
surrender and cancellation of such Warrant or stock certificate, if mutilated,
the Company will make and deliver a new Warrant or stock certificate of like
tenor and dated as of such cancellation, in lieu of such Warrant or stock
certificate.

          10.  SATURDAYS, SUNDAYS, HOLIDAYS, ETC. If the last or appointed day
for the taking of any action or the expiration of any right required or granted
herein shall be a Saturday, Sunday or a legal holiday, then such action may be
taken or such right may be exercised on the next succeeding day not a Saturday,
Sunday or legal holiday.

          11.  ADJUSTMENTS OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES.

          (a)  STOCK SPLITS, ETC. The number and kind of securities purchasable
     upon the exercise of this Warrant and the Exercise Price shall be subject
     to adjustment from time to time upon the happening of any of the following.
     In case the Company shall (i) pay a dividend in shares of Common Stock or
     make a distribution in shares of Common Stock to holders of its outstanding
     Common Stock, (ii) subdivide its outstanding shares of Common Stock into a
     greater number of shares, (iii) combine its outstanding shares of Common
     Stock into a smaller number of shares of Common Stock, or (iv) issue any
     shares of its capital stock in a reclassification of the Common Stock, then
     the number of Warrant Shares purchasable upon exercise of this Warrant
     immediately prior thereto shall be adjusted so that the Holder shall be
     entitled to receive the kind and number of Warrant Shares or other
     securities of the Company

                                        6
<Page>

     which it would have owned or have been entitled to receive had such Warrant
     been exercised in advance thereof. Upon each such adjustment of the kind
     and number of Warrant Shares or other securities of the Company which are
     purchasable hereunder, the Holder shall thereafter be entitled to purchase
     the number of Warrant Shares or other securities resulting from such
     adjustment at an Exercise Price per Warrant Share or other security
     obtained by multiplying the Exercise Price in effect immediately prior to
     such adjustment by the number of Warrant Shares purchasable pursuant hereto
     immediately prior to such adjustment and dividing by the number of Warrant
     Shares or other securities of the Company that are purchasable pursuant
     hereto immediately after such adjustment. An adjustment made pursuant to
     this paragraph shall become effective immediately after the effective date
     of such event retroactive to the record date, if any, for such event.

          (b)  ANTI-DILUTION PROVISIONS. During the Exercise Period, the
     Exercise Price shall be subject to adjustment from time to time as provided
     in this Section 11(b). In the event that any adjustment of the Exercise
     Price as required herein results in a fraction of a cent, such Exercise
     Price shall be rounded up or down to the nearest cent.

               (i)    ADJUSTMENT OF EXERCISE PRICE. If and whenever the Company
          issues or sells, or in accordance with Section 11(b)(ii) hereof is
          deemed to have issued or sold, any shares of Common Stock for an
          effective consideration per share of less than the then Exercise Price
          or for no consideration (such lower price, the "BASE SHARE PRICE" and
          such issuances collectively, a "DILUTIVE ISSUANCE"), then, (a) from
          the Initial Exercise Date until the 1 year anniversary of the
          Effective Date (if the Registration Statement is unavailable for use
          by the Holder during such period, such period shall be extended for
          such number of unavailable days), the Exercise Price shall be reduced
          to a price equal to 115% of the Base Share Price and (b) after the 1
          year anniversary of the Effective Date (as extended in clause (a)
          above), the Exercise Price shall be reduced by multiplying the
          Exercise Price by a fraction, the numerator of which is the number of
          shares of Common Stock issued and outstanding immediately prior to the
          Dilutive Issuance plus the number of shares of Common Stock which the
          offering price for such Dilutive Issuance would purchase at the then
          Exercise Price, and the denominator of which shall be the sum of the
          number of shares of Common Stock issued and outstanding immediately
          prior to the Dilutive Issuance plus the number of shares of Common
          Stock so issued or issuable in connection with the Dilutive Issuance.
          Such adjustment shall be made whenever shares of Common Stock or
          Common Stock Equivalents are issued.

               (ii)   EFFECT ON EXERCISE PRICE OF CERTAIN EVENTS. For purposes
          of determining the adjusted Exercise Price under Section 11(b) hereof,
          the following will be applicable:

                           (A)  ISSUANCE OF RIGHTS OR OPTIONS. If the Company in
               any manner issues or grants any warrants, rights or options,
               whether or not immediately exercisable, to subscribe for or to
               purchase Common Stock or Common Stock Equivalents (such warrants,
               rights and options to purchase Common Stock or Common Stock
               Equivalents are hereinafter referred to as "OPTIONS") and the
               effective price per share for which Common Stock is issuable upon
               the exercise of such Options is less than the Exercise

                                        7
<Page>

               Price ("BELOW BASE PRICE OPTIONS"), then the maximum total number
               of shares of Common Stock issuable upon the exercise of all such
               Below Base Price Options (assuming full exercise, conversion or
               exchange of Common Stock Equivalents, if applicable) will, as of
               the date of the issuance or grant of such Below Base Price
               Options, be deemed to be outstanding and to have been issued and
               sold by the Company for such price per share and the maximum
               consideration payable to the Company upon such exercise (assuming
               full exercise, conversion or exchange of Common Stock
               Equivalents, if applicable) will be deemed to have been received
               by the Company. For purposes of the preceding sentence, the
               "effective price per share for which Common Stock is issuable
               upon the exercise of such Below Base Price Options" is determined
               by dividing (i) the total amount, if any, received or receivable
               by the Company as consideration for the issuance or granting of
               all such Below Base Price Options, plus the minimum aggregate
               amount of additional consideration, if any, payable to the
               Company upon the exercise of all such Below Base Price Options,
               plus, in the case of Common Stock Equivalents issuable upon the
               exercise of such Below Base Price Options, the minimum aggregate
               amount of additional consideration payable upon the exercise,
               conversion or exchange thereof at the time such Common Stock
               Equivalents first become exercisable, convertible or
               exchangeable, by (ii) the maximum total number of shares of
               Common Stock issuable upon the exercise of all such Below Base
               Price Options (assuming full conversion of Common Stock
               Equivalents, if applicable). No further adjustment to the
               Exercise Price will be made upon the actual issuance of such
               Common Stock upon the exercise of such Below Base Price Options
               or upon the exercise, conversion or exchange of Common Stock
               Equivalents issuable upon exercise of such Below Base Price
               Options.

                           (B)  ISSUANCE OF COMMON STOCK EQUIVALENTS. If the
               Company in any manner issues or sells any Common Stock
               Equivalents, whether or not immediately convertible (other than
               where the same are issuable upon the exercise of Options) and the
               effective price per share for which Common Stock is issuable upon
               such exercise, conversion or exchange is less than the Exercise
               Price, then the maximum total number of shares of Common Stock
               issuable upon the exercise, conversion or exchange of all such
               Common Stock Equivalents will, as of the date of the issuance of
               such Common Stock Equivalents, be deemed to be outstanding and to
               have been issued and sold by the Company for such price per share
               and the maximum consideration payable to the Company upon such
               exercise (assuming full exercise, conversion or exchange of
               Common Stock Equivalents, if applicable) will be deemed to have
               been received by the Company. For the purposes of the preceding
               sentence, the "effective price per share for which Common Stock
               is issuable upon such exercise, conversion or exchange" is
               determined by dividing (i) the total amount, if any, received or
               receivable by the Company as consideration for the

                                        8
<Page>

               issuance or sale of all such Common Stock Equivalents, plus the
               minimum aggregate amount of additional consideration, if any,
               payable to the Company upon the exercise, conversion or exchange
               thereof at the time such Common Stock Equivalents first become
               exercisable, convertible or exchangeable, by (ii) the maximum
               total number of shares of Common Stock issuable upon the
               exercise, conversion or exchange of all such Common Stock
               Equivalents. No further adjustment to the Exercise Price will be
               made upon the actual issuance of such Common Stock upon exercise,
               conversion or exchange of such Common Stock Equivalents.

                           (C)  CHANGE IN OPTION PRICE OR CONVERSION RATE. If
               there is a change at any time in (i) the amount of additional
               consideration payable to the Company upon the exercise of any
               Options; (ii) the amount of additional consideration, if any,
               payable to the Company upon the exercise, conversion or exchange
               of any Common Stock Equivalents; or (iii) the rate at which any
               Common Stock Equivalents are convertible into or exchangeable for
               Common Stock (in each such case, other than under or by reason of
               provisions designed to protect against dilution), the Exercise
               Price in effect at the time of such change will be readjusted to
               the Exercise Price which would have been in effect at such time
               had such Options or Common Stock Equivalents still outstanding
               provided for such changed additional consideration or changed
               conversion rate, as the case may be, at the time initially
               granted, issued or sold.

                           (D)  CALCULATION OF CONSIDERATION RECEIVED. If any
               Common Stock, Options or Common Stock Equivalents are issued,
               granted or sold for cash, the consideration received therefor for
               purposes of this Warrant will be the amount received by the
               Company therefor, before deduction of reasonable commissions,
               underwriting discounts or allowances or other reasonable expenses
               paid or incurred by the Company in connection with such issuance,
               grant or sale. In case any Common Stock, Options or Common Stock
               Equivalents are issued or sold for a consideration part or all of
               which shall be other than cash, the amount of the consideration
               other than cash received by the Company will be the fair market
               value of such consideration, except where such consideration
               consists of securities, in which case the amount of consideration
               received by the Company will be the fair market value (closing
               price, if traded on any market) thereof as of the date of
               receipt. In case any Common Stock, Options or Common Stock
               Equivalents are issued in connection with any merger or
               consolidation in which the Company is the surviving corporation,
               the amount of consideration therefor will be deemed to be the
               fair market value of such portion of the net assets and business
               of the non-surviving corporation as is attributable to such
               Common Stock, Options or Common Stock Equivalents, as the case
               may be. The fair market value of any consideration other than
               cash or securities will be determined in good faith by an
               investment banker or other appropriate expert of national

                                        9
<Page>

               reputation selected by the Company and reasonably acceptable to
               the holder hereof, with the costs of such appraisal to be borne
               by the Company.

                           (E)  EXCEPTIONS TO ADJUSTMENT OF EXERCISE PRICE.
               Notwithstanding the foregoing, no adjustment will be made under
               this Section 11(b) in respect of an Exempt Issuance.

                           (F)  READJUSTMENT OF EXERCISE PRICE. In the event
               that the Exercise Price shall have been reduced pursuant to the
               provisions of this Section 11(b) but no Common Stock of the
               Company was actually or could in the future be issued in a
               Dilutive Issuance, then the Exercise Price shall be increased by
               the same amount that it was initially reduced.

               (iii)  OFFERINGS OF OTHER PROPERTY TO COMMON STOCK HOLDERS. If
          the Company, at any time prior to the Termination Date, shall
          distribute to all holders of Common Stock (and not to Holders of the
          Warrants) evidences of its indebtedness or assets or rights or
          warrants to subscribe for or purchase any security other than the
          Common Stock (which shall be subject to Section 11(a)(i)), then in
          each such case the Exercise Price shall be adjusted by multiplying the
          Exercise Price in effect immediately prior to the record date fixed
          for determination of stockholders entitled to receive such
          distribution by a fraction of which the denominator shall be the
          Closing Price determined as of the record date mentioned above, and of
          which the numerator shall be such Closing Price on such record date
          less the then per share fair market value at such record date of the
          portion of such assets or evidence of indebtedness so distributed
          applicable to one outstanding share of the Common Stock as determined
          by the Board of Directors in good faith. In either case the
          adjustments shall be described in a statement provided to the Holders
          of the portion of assets or evidences of indebtedness so distributed
          or such subscription rights applicable to one share of Common Stock.
          Such adjustment shall be made whenever any such distribution is made
          and shall become effective immediately after the record date mentioned
          above.

               (iv)   MINIMUM ADJUSTMENT OF EXERCISE PRICE. No adjustment of the
          Exercise Price shall be made in an amount of less than 1% of the
          Exercise Price in effect at the time such adjustment is otherwise
          required to be made, but any such lesser adjustment shall be carried
          forward and shall be made at the time and together with the next
          subsequent adjustment which, together with any adjustments so carried
          forward, shall amount to not less than 1% of such Exercise Price.

          12.  REORGANIZATION, RECLASSIFICATION, MERGER, CONSOLIDATION OR
DISPOSITION OF ASSETS. In case the Company shall reorganize its capital,
reclassify its capital stock, consolidate or merge with or into another
corporation (where the Company is not the surviving corporation or where there
is a change in or distribution with respect to the Common Stock of the Company),

                                       10
<Page>

or sell, transfer or otherwise dispose of its property, assets or business to
another corporation and, pursuant to the terms of such reorganization,
reclassification, merger, consolidation or disposition of assets, shares of
common stock of the successor or acquiring corporation, or any cash, shares of
stock or other securities or property of any nature whatsoever (including
warrants or other subscription or purchase rights) in addition to or in lieu of
common stock of the successor or acquiring corporation ("OTHER PROPERTY"), are
to be received by or distributed to the holders of Common Stock of the Company,
then the Holder shall have the right thereafter to receive, at the option of the
Holder, upon exercise of this Warrant, the number of shares of Common Stock of
the successor or acquiring corporation or of the Company, if it is the surviving
corporation, and Other Property receivable upon or as a result of such
reorganization, reclassification, merger, consolidation or disposition of assets
by a Holder of the number of shares of Common Stock for which this Warrant is
exercisable immediately prior to such event. In the case of any such
reorganization, reclassification, merger, consolidation or disposition of
assets, the successor or acquiring corporation (if other than the Company) shall
expressly assume the due and punctual observance and performance of each and
every covenant and condition of this Warrant to be performed and observed by the
Company and all the obligations and liabilities hereunder, subject to such
modifications as may be deemed appropriate (as determined in good faith by
resolution of the Board of Directors of the Company) in order to provide for
adjustments of Warrant Shares for which this Warrant is exercisable which shall
be as nearly equivalent as practicable to the adjustments provided for in this
Section 12. For purposes of this Section 12, "common stock of the successor or
acquiring corporation" shall include stock of such corporation of any class
which is not preferred as to dividends or assets over any other class of stock
of such corporation and which is not subject to redemption and shall also
include any evidences of indebtedness, shares of stock or other securities which
are convertible into or exchangeable for any such stock, either immediately or
upon the arrival of a specified date or the happening of a specified event and
any warrants or other rights to subscribe for or purchase any such stock. The
foregoing provisions of this Section 12 shall similarly apply to successive
reorganizations, reclassifications, mergers, consolidations or disposition of
assets.

          13.  VOLUNTARY ADJUSTMENT BY THE COMPANY. The Company may at any time
during the term of this Warrant reduce the then current Exercise Price to any
amount and for any period of time deemed appropriate by the Board of Directors
of the Company.

          14.  NOTICE OF ADJUSTMENT. Whenever the number of Warrant Shares or
number or kind of securities or other property purchasable upon the exercise of
this Warrant or the Exercise Price is adjusted, as herein provided, the Company
shall give notice thereof to the Holder, which notice shall state the number of
Warrant Shares (and other securities or property) purchasable upon the exercise
of this Warrant and the Exercise Price of such Warrant Shares (and other
securities or property) after such adjustment, setting forth a brief statement
of the facts requiring such adjustment and setting forth the computation by
which such adjustment was made.

          15.  NOTICE OF CORPORATE ACTION. If at any time:

               (a)    the Company shall take a record of the holders of its
     Common Stock for the purpose of entitling them to receive a dividend or
     other distribution, or any right to subscribe for or purchase any evidences
     of its indebtedness, any shares of stock of any class or any other
     securities or property, or to receive any other right, or

                                       11
<Page>

               (b)    there shall be any capital reorganization of the Company,
     any reclassification or recapitalization of the capital stock of the
     Company or any consolidation or merger of the Company with, or any sale,
     transfer or other disposition of all or substantially all the property,
     assets or business of the Company to, another corporation or,

               (c)    there shall be a voluntary or involuntary dissolution,
     liquidation or winding up of the Company;

then, in any one or more of such cases, the Company shall use its best efforts
to give to Holder (i) at least 20 days' prior written notice of the date on
which a record date shall be selected for such dividend, distribution or right
or for determining rights to vote in respect of any such reorganization,
reclassification, merger, consolidation, sale, transfer, disposition,
liquidation or winding up, and (ii) in the case of any such reorganization,
reclassification, merger, consolidation, sale, transfer, disposition,
dissolution, liquidation or winding up, at least 20 days' prior written notice
of the date when the same shall take place. Such notice in accordance with the
foregoing clause also shall specify (i) the date on which any such record is to
be taken for the purpose of such dividend, distribution or right, the date on
which the holders of Common Stock shall be entitled to any such dividend,
distribution or right, and the amount and character thereof, and (ii) the date
on which any such reorganization, reclassification, merger, consolidation, sale,
transfer, disposition, dissolution, liquidation or winding up is to take place
and the time, if any such time is to be fixed, as of which the holders of Common
Stock shall be entitled to exchange their Warrant Shares for securities or other
property deliverable upon such disposition, dissolution, liquidation or winding
up. Each such written notice shall be sufficiently given if addressed to Holder
at the last address of Holder appearing on the books of the Company and
delivered in accordance with Section 17(d).

          16.  AUTHORIZED SHARES. The Company covenants that during the period
the Warrant is outstanding, it will reserve from its authorized and unissued
Common Stock a sufficient number of shares to provide for the issuance of the
Warrant Shares upon the exercise of any purchase rights under this Warrant. The
Company further covenants that its issuance of this Warrant shall constitute
full authority to its officers who are charged with the duty of executing stock
certificates to execute and issue the necessary certificates for the Warrant
Shares upon the exercise of the purchase rights under this Warrant. The Company
will take all such reasonable action as may be necessary to assure that such
Warrant Shares may be issued as provided herein without violation of any
applicable law or regulation, or of any requirements of the Trading Market upon
which the Common Stock may be listed.

               Except and to the extent as waived or consented to by the Holder,
the Company shall not by any action, including, without limitation, amending its
certificate of incorporation or through any reorganization, transfer of assets,
consolidation, merger, dissolution, issue or sale of securities or any other
voluntary action, avoid or seek to avoid the observance or performance of any of
the terms of this Warrant, but will at all times in good faith assist in the
carrying out of all such terms and in the taking of all such actions as may be
necessary or appropriate to protect the rights of Holder as set forth in this
Warrant against impairment. Without limiting the generality of the foregoing,
the Company will (a) not increase the par value of any Warrant Shares above the
amount payable therefor upon such exercise immediately prior to such increase in
par value,

                                       12
<Page>

(b) take all such action as may be necessary or appropriate in order that the
Company may validly and legally issue fully paid and nonassessable Warrant
Shares upon the exercise of this Warrant, and (c) use commercially reasonable
efforts to obtain all such authorizations, exemptions or consents from any
public regulatory body having jurisdiction thereof as may be necessary to enable
the Company to perform its obligations under this Warrant.

               Before taking any action which would result in an adjustment in
the number of Warrant Shares for which this Warrant is exercisable or in the
Exercise Price, the Company shall obtain all such authorizations or exemptions
thereof, or consents thereto, as may be necessary from any public regulatory
body or bodies having jurisdiction thereof.

          17.  MISCELLANEOUS.

                      (a)  JURISDICTION. All questions concerning the
     construction, validity, enforcement and interpretation of this Warrant
     shall be determined in accordance with the provisions of the Purchase
     Agreement.

                      (b)  RESTRICTIONS. The Holder acknowledges that the
     Warrant Shares acquired upon the exercise of this Warrant, if not
     registered, will have restrictions upon resale imposed by state and federal
     securities laws.

                      (c)  NONWAIVER AND EXPENSES. No course of dealing or any
     delay or failure to exercise any right hereunder on the part of Holder
     shall operate as a waiver of such right or otherwise prejudice Holder's
     rights, powers or remedies, notwithstanding all rights hereunder terminate
     on the Termination Date. If the Company willfully and knowingly fails to
     comply with any provision of this Warrant, which results in any material
     damages to the Holder, the Company shall pay to Holder such amounts as
     shall be sufficient to cover any costs and expenses including, but not
     limited to, reasonable attorneys' fees, including those of appellate
     proceedings, incurred by Holder in collecting any amounts due pursuant
     hereto or in otherwise enforcing any of its rights, powers or remedies
     hereunder.

                      (d)  NOTICES. Any notice, request or other document
     required or permitted to be given or delivered to the Holder by the Company
     shall be delivered in accordance with the notice provisions of the Purchase
     Agreement.

                      (e)  LIMITATION OF LIABILITY. No provision hereof, in the
     absence of any affirmative action by Holder to exercise this Warrant or
     purchase Warrant Shares, and no enumeration herein of the rights or
     privileges of Holder, shall give rise to any liability of Holder for the
     purchase price of any Common Stock or as a stockholder of the Company,
     whether such liability is asserted by the Company or by creditors of the
     Company.

                      (f)  REMEDIES. Holder, in addition to being entitled to
     exercise all rights granted by law, including recovery of damages, will be
     entitled to specific performance of its rights under this Warrant. The
     Company agrees that monetary damages would not be adequate compensation for
     any loss incurred by reason of a breach by it of the provisions of this
     Warrant and hereby agrees to waive the defense in any action for specific
     performance that a remedy at law would be adequate.

                                       13
<Page>

                      (g)  SUCCESSORS AND ASSIGNS. Subject to applicable
     securities laws, this Warrant and the rights and obligations evidenced
     hereby shall inure to the benefit of and be binding upon the successors of
     the Company and the successors and permitted assigns of Holder. The
     provisions of this Warrant are intended to be for the benefit of all
     Holders from time to time of this Warrant and shall be enforceable by any
     such Holder or holder of Warrant Shares.

                      (h)  AMENDMENT. This Warrant may be modified or amended or
     the provisions hereof waived with the written consent of the Company and
     the Holder.

                      (i)  SEVERABILITY. Wherever possible, each provision of
     this Warrant shall be interpreted in such manner as to be effective and
     valid under applicable law, but if any provision of this Warrant shall be
     prohibited by or invalid under applicable law, such provision shall be
     ineffective to the extent of such prohibition or invalidity, without
     invalidating the remainder of such provisions or the remaining provisions
     of this Warrant.

                      (j)  HEADINGS. The headings used in this Warrant are for
     the convenience of reference only and shall not, for any purpose, be deemed
     a part of this Warrant.

                              ********************

                                       14
<Page>

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


Dated:  June _____, 2004


                                        IMPLANT SCIENCES CORPORATION


                                        By:
                                           -------------------------------------
                                           Name:
                                           Title:

                                       15
<Page>

                               NOTICE OF EXERCISE

To: Implant Sciences Corporation

          (1)  The undersigned hereby elects to purchase ________ Warrant Shares
of the Company pursuant to the terms of the attached Warrant (only if exercised
in full), and tenders herewith payment of the exercise price in full, together
with all applicable transfer taxes, if any.

          (2)  Payment shall take the form of (check applicable box):

                      [ ] in lawful money of the United States; or

                      [ ] the cancellation of such number of Warrant Shares as
                      is necessary, in accordance with the formula set forth in
                      subsection 3(d), to exercise this Warrant with respect to
                      the maximum number of Warrant Shares purchasable pursuant
                      to the cashless exercise procedure set forth in subsection
                      3(d).

          (3)  Please issue a certificate or certificates representing said
Warrant Shares in the name of the undersigned or in such other name as is
specified below:

                      _____________________________________


The Warrant Shares shall be delivered to the following:

                      _____________________________________

                      _____________________________________

                      _____________________________________

          (4)  ACCREDITED INVESTOR. The undersigned is an "accredited investor"
as defined in Regulation D under the Securities Act of 1933, as amended.

                                           [PURCHASER]


                                           By:
                                              -------------------------
                                           Name:
                                           Title:

                                           Dated:
                                                 ----------------------

<Page>

                                 ASSIGNMENT FORM

                    (To assign the foregoing warrant, execute
                   this form and supply required information.
                 Do not use this form to exercise the warrant.)

          FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced
thereby are hereby assigned to


_______________________________________________ whose address is

________________________________________________________________________.


________________________________________________________________________

                                                     Dated:
                                                           -------------, ------


                      Holder's Signature:
                                           ---------------------------

                      Holder's Address:
                                           ---------------------------

                                           ---------------------------


Signature Guaranteed:
                      ------------------------------------------------


NOTE: The signature to this Assignment Form must correspond with the name as it
appears on the face of the Warrant, without alteration or enlargement or any
change whatsoever, and must be guaranteed by a bank or trust company. Officers
of corporations and those acting in a fiduciary or other representative capacity
should file proper evidence of authority to assign the foregoing Warrant.