<PAGE>   1
Exhibit 4.4

THE SECURITY REPRESENTED BY THIS CERTIFICATE WAS ORIGINALLY ISSUED ON DECEMBER
21, 1999, AND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. THE TRANSFER OF SUCH SECURITY IS SUBJECT TO THE CONDITIONS SPECIFIED IN
THE SUBSCRIPTION AGREEMENT, DATED AS OF OCTOBER 8, 1999, (AS AMENDED AND
MODIFIED FROM TIME TO TIME), BETWEEN BALANCED CARE CORPORATION AND THE INITIAL
HOLDER HEREOF, AND THE COMPANY RESERVES THE RIGHT TO REFUSE THE TRANSFER OF SUCH
SECURITY UNTIL SUCH CONDITIONS HAVE BEEN FULFILLED WITH RESPECT TO SUCH
TRANSFER. UPON WRITTEN REQUEST, A COPY OF SUCH CONDITIONS SHALL BE FURNISHED BY
THE COMPANY TO THE HOLDER HEREOF WITHOUT CHARGE.

                             STOCK PURCHASE WARRANT

                   VOID AFTER 5:00 P.M., EASTERN STANDARD TIME

                              ON DECEMBER 21, 1999

Date of Issuance:  December 21, 1999                        Certificate no. W-

            FOR VALUE RECEIVED, Balanced Care Corporation, a Delaware
corporation (the "Company"), hereby grants to Raymond James & Associates, Inc.,
or its registered assigns (the "Holder") the right to purchase from the Company
shares of Common Stock at the price per share of $1.50 (as adjusted from time to
time hereunder) subject to the terms and conditions contained herein. Certain
capitalized terms used herein are defined in Section 1 hereof. The amount and
kind of securities obtainable pursuant to the rights granted hereunder and the
purchase price for such securities are subject to adjustment pursuant to the
provisions contained in this Warrant.

            This Warrant is subject to the following terms and conditions:

      1.    Definitions.  As used herein the following terms shall have the
following meanings:

            "Aggregate Exercise Price" means an amount equal to the product of
the Exercise Price multiplied by the number of Shares being purchased upon such
exercise.

            "Cashless Exercise Right" has the meaning ascribed thereto in
Section 5.

                                       1
<PAGE>   2

            "Common Stock" means the common stock, par value $0.001 per share of
the Company.

            "Exercise Period" has the meaning ascribed thereto in Section 4.

            "Exercise Price" has the meaning ascribed thereto in Section 3.

            "Market Price" means as to any security the average of the closing
prices of such security's sales on all domestic securities exchanges on which
such security may at the time be listed, or, if there have been no sales on any
such exchange on any day, the average of the highest bid and lowest asked prices
on all such exchanges at the end of such day, or, if on any day such security is
not so listed, the average of the representative bid and asked prices quoted in
the NASDAQ System as of 4:00 P.M., New York time, on such day, or, if on any day
such security is not quoted in the NASDAQ System, the average of the highest bid
and lowest asked prices on such day in the domestic over-the-counter market as
reported by the National Quotation Bureau, Incorporated, or any similar
successor organization, in each such case averaged over a period of 21 days
consisting of the day as of which "Market Price" is being determined and the 20
consecutive business days prior to such day; provided that if such security is
listed on any domestic securities exchange the term "business days" as used in
this sentence means business days on which such exchange is open for trading. If
at any time such security is not listed on any domestic securities exchange or
quoted in the NASDAQ System or the domestic over-the-counter market, the "Market
Price" shall be the fair value thereof determined jointly by the Company and the
Holders of Warrants representing a majority of the Shares purchasable upon
exercise of all the Warrants then outstanding; provided that if such parties are
unable to reach agreement within a reasonable period of time, such fair value
shall be determined by an appraiser jointly selected by the Company and the
Holders of Warrants representing a majority of the Shares purchasable upon
exercise of all the Warrants then outstanding. The determination of such
appraiser shall be final and binding on the Company and the Holders of the
Warrants, and the fees and expenses of such appraiser shall be paid by the
Company.

            "Registrable Securities" has the meaning ascribed thereto in Section
9(a).

                                       2
<PAGE>   3
            "Registration Rights Agreement" has the meaning ascribed thereto in
Section 9(b).

            "Person" means an individual, a partnership, a corporation, a
limited partnership, a limited liability company, a trust, a joint venture, an
unincorporated organization, a government or any department or agency thereof or
any other entity whether domestic or foreign.

            "Piggyback Registration" has the meaning ascribed thereto in Section
9(a).

            "Primary Piggyback Registration" has the meaning ascribed thereto in
Section 9(b).

            "Purchaser" means a completed Exercise Agreement, as described in
Exhibit A below, executed by the Person exercising all or part of the purchase
rights represented by this Warrant.

            "Secondary Piggyback Registration" has the meaning ascribed thereto
in Section 9(c).

            "Shares" means the 334,000 shares of Common Stock subject to this
Warrant.

      2. Shares Subject to this Warrant. This Warrant shall be exercisable for
up to three hundred and thirty four thousand (334,00) shares of Common Stock, as
the same may be adjusted pursuant to the terms of this Warrant.

      3.    Exercise Price.  The exercise price per share of the Shares
subject to this Warrant shall be $1.50 per share, subject to adjustment in
accordance with Section 8 hereof (the "Exercise Price").

      4.    Term.  The purchase rights represented by this Warrant are
exercisable by the Holder, in whole or in part, at any time and from time to
time commencing on the date hereof and ending on the fifth anniversary of the
date hereof (the "Exercise Period").

      5. Method of Exercise Payment and Issuance. Subject to Section 4 above,
the purchase rights represented by this Warrant may be exercised, in whole or in
part and from time to time, by (a) the surrender of this Warrant and the duly
executed Exercise Agreement (the form of which is attached hereto as Exhibit A)
at the principal office of the Company and by the payment to the Company by wire
transfer, in an amount equal to the Exercise Price

                                       3
<PAGE>   4
multiplied by the number of Shares being purchased, or (b) a written notice to
the Company that the Purchaser is exercising the Warrant (or a portion thereof)
pursuant to a "Cashless Exercise Right," or (c) if in connection with a
registered public offering of the Company's securities, the surrender of this
Warrant and the duly executed Exercise Agreement at the principal office of the
Company together with notice of arrangements reasonably satisfactory to the
Company for payment to the Company by wire transfer or from the proceeds
received from the sale of Shares to be sold by the Holder in such public
offering of an amount equal to the then applicable Exercise Price multiplied by
the number of Shares then being purchased. Upon exercise of such Cashless
Exercise Right, the Company shall deliver to the Purchaser (without payment by
the Purchaser of any Aggregate Exercise Price) the number of Shares equal to the
quotient obtained by dividing (x) the value of his Warrant (or the portion
thereof being converted by Purchaser) at the time the Cashless Exercise Right is
exercised, to be determined by subtracting the Aggregate Exercise Price for the
Warrant (or such portion thereof being converted) immediately prior to the
exercise of the Cashless Exercise Right from the Market Price of that number of
Shares purchasable upon exercise of this Warrant (or such portion thereof)
immediately prior to the exercise of the Cashless Exercise Right (taking into
account all applicable adjustments made pursuant to this Warrant) by (y) the
Market Price of one share of Common Stock immediately prior to the exercise of
the Cashless Exercise Right. Upon exercise, the Holder shall be entitled to
receive, within a reasonable time, and in any event within thirty (30) days of
receipt of the Exercise Agreement by the Company, a certificate or certificates,
issued in the Holder's name or in such name or names as the Holder may direct,
for the number of Shares so purchased, and, unless this Warrant has been fully
exercised or expired, a new Warrant representing the portion of the Shares, if
any, with respect to which this Warrant shall not then have been exercised shall
also be issued to the Holder within such thirty (30) day period. The Shares so
purchased shall be deemed to be issued as of the close of business on the date
that this Warrant shall have been exercised.


      6. Shares to be Issued; Reservation of Shares. The Company covenants that
all Shares issued upon the exercise of the purchase rights represented by this
Warrant shall, upon issuance, be fully paid and non-assessable, and free from
all liens and charges with respect to the issue thereof. During the Exercise
Period, the Company shall at all times have authorized and reserved, for the
purpose of issuance upon exercise of the purchase rights represented by this
Warrant, a sufficient number of shares of its

                                       4
<PAGE>   5
Common Stock to provide for the exercise of the rights represented by this
Warrant.

      7. No Fractional Shares. No fractional shares will be issued upon the
exercise of this Warrant. In lieu thereof, the Company shall make a cash payment
equal to the product of the fractional number of shares multiplied by the fair
market value of the Common Stock as determined by the Company's Board of
Directors.

      8. Adjustments of Number of Shares/Price. In the event of a subdivision or
combination of the Common Stock, a stock dividend with respect to the Common
Stock, a recapitalization, or a reclassification of the Common Stock, the number
of and kind of shares issuable upon exercise of this Warrant, and the Exercise
Price per share, shall be equitably adjusted by the Company's Board of Directors
as it deems necessary, and in its sole discretion, to prevent dilution of the
rights of the Holder set forth in this Warrant. Promptly following any such
adjustment, the Company shall provide the Holder with a certificate stating the
nature of the event giving rise to the adjustment and setting forth the adjusted
Exercise Price and the number and kind of shares for which this Warrant shall
then be exercisable.

      9.    Piggyback Registrations.

            (a) Right to Piggyback. Whenever the Company proposes to register
      any of its or its holders' common stock under the Securities Act, except
      pursuant to a registration statement filed on Form S-8 or Form S-4 or any
      successor forms used for transactions of the type currently contemplated
      in the instructions to such forms (a"Piggyback Registration"), the Company
      will give prompt written notice by certified or registered mail to any
      Holder of its intention to effect such a registration and will include in
      such registration all Shares with respect to which the Company has
      received a written request for inclusion therein within 15 days after
      receipt of the Company's notice (such Shares hereinafter being referred to
      as "Registrable Securities").

            (b) Priority of Primary Registrations. If a Piggyback Registration
      is any underwritten primary registration on behalf of the Company (a
      "Primary Piggyback Registration"), and the managing underwriter(s) advise
      the Company in writing that in their opinion the number of securities
      requested to be included in such registration exceeds the number which can
      be sold in such offering, the Company will include in such


                                       5
<PAGE>   6
      registration (i) first, the securities the Company proposes to sell and
      (ii) second, subject to the Registration Rights Agreement between IPC
      Advisors S.A.R.L., a corporation governed by the laws of Luxembourg, and
      the Company dated as of October 8, 1999 (the "Registration Rights
      Agreement"), the reduced number of Registrable Securities requested to be
      included in such registration, as may be acceptable to the managing
      underwriters.

            (c) Priority on Secondary Registrations. If a Piggyback Registration
      is an underwritten secondary registration on behalf of holders of the
      Company's securities (a "Secondary Piggyback Registration"), and the
      managing underwriters advise the Company in writing that in their opinion
      the number of securities requested to be included in such registration
      exceeds the number which can be sold in such offering, the Company will
      include in such registration the securities requested to be included
      therein by the holders requesting such registration along with the number
      of Registrable Securities requested to be included in such registration
      with the number of shares of such Registrable Securities and such other
      securities reduced, subject to the Registration Rights Agreement, pro rata
      to such number of shares as may be acceptable to the managing
      underwriters.

      10.   Notices of Record.  In the event of:

            (a) any taking by the Company of a record of the holders of Common
      Stock for the purpose of determining the holders thereof that are entitled
      to receive any dividend or other distribution, or any right to subscribe
      for, purchase, or otherwise acquire any shares of Common Stock or any
      other securities or property, or to receive any other right; or

            (b) any capital reorganization of the Company, any reclassification
      or recapitalization of the Company involving the Common Stock or any
      transfer of all or substantially all of the assets of the Company or
      consolidation or merger of the Company with or into any other Person; or

            (c)   any voluntary or involuntary dissolution, liquidation or
      winding-up of the Company;

then the Company shall mail or cause to be mailed to the Holder a notice
specifying (i) the date that any such record is to be taken for the purpose of
such dividend, distribution or right, and


                                       6
<PAGE>   7
stating the amount and character of such dividend, distribution or right, and
(ii) the date on which any such reorganization, reclassification,
recapitalization, transfer, consolidation, merger, dissolution, liquidation or
winding-up is to take place, and the time, if any is to be fixed, as of which
the holders of the Common Stock shall be entitled to exchange their Common Stock
for securities or other property deliverable upon such reorganization,
reclassification, recapitalization, transfer, consolidation, merger,
dissolution, liquidation or winding-up. Such notice shall be mailed at least ten
(10) days prior to the date therein specified.


      11. No Rights as Stockholder. This Warrant does not entitle the Holder to
any voting rights or other rights as a stockholder of the Company.
Notwithstanding the foregoing, the Company agrees to transmit to the Holder such
information, documents and reports as are distributed to holders of the Common
Stock of the Company concurrently with the distribution thereof to the
stockholders. Upon valid exercise of this Warrant and payment for the Common
Stock purchased in accordance with the terms of the Warrant, the Holder shall be
deemed a stockholder of the Company.

      12. Modifications and Waivers. This Warrant may not be changed, waived,
discharged or terminated except by an instrument in writing signed by the party
against whom enforcement of the same is sought.

      13.   Notices.  Any notice, request or other document required or
permitted to be given or delivered to the Holder hereof or the Company shall
be delivered or shall be sent by certified or registered mail, postage
prepaid, if

                  to the Company:

                        Balanced Care Corporation
                        1215 Manor Drive
                        Mechanicsburg, PA 17055
                        Attention: General Counsel
                        Facsimile No: (717) 796-6294

                  to the Holder:


                                       7
<PAGE>   8
      14. Loss, Theft, Destruction or Mutilation of Warrant. The Company
covenants that upon receipt of evidence reasonably satisfactory to the Company
of the loss, theft, destruction or mutilation of this Warrant and of an
indemnity or security reasonably satisfactory to it, and upon reimbursement to
the Company of all reasonable expenses incidental thereto, and upon surrender
and cancellation of this Warrant, if mutilated, the Company will make and
deliver a new warrant, of like tenor, in lieu of the lost, stolen, destroyed or
mutilated Warrant.

      15. Binding Effect on Successors. This Warrant shall be binding upon any
party succeeding the Company by merger, consolidation or acquisition of all or
substantially all of the Company's assets, and all of the obligations of the
Company relating to the Shares shall survive the exercise and termination of
this Warrant and all of the covenants and agreements of the Company shall inure
to the benefit of the successors and assigns of the Holder. This Warrant is
fully transferable and the Company shall treat any assignee of this Warrant as
the Holder for all purposes; provided, however, no such assignment shall be
valid or binding as to the Company unless this Warrant is returned to the
Company with an executed Assignment Agreement (attached as Exhibit B) within
five days of such assignment.

      16.   Governing Law.  This Warrant shall be construed and enforced in
accordance with, and the rights of the parties shall be governed by, the laws
of the State of New York.


                                      ****

IN WITNESS WHEREOF, Balanced Care Corporation has caused this Warrant to be
executed under seal by its officer thereunto duly authorized.

Dated:  December 21, 1999

CORPORATE                                             BALANCED CARE CORPORATION
   SEAL



                                                      By/s/Brad Hollinger
                                                           Brad Hollinger
                                                           President and CEO


                                       8
<PAGE>   9

ATTEST


By/s/Robin L. Barber
     Robin Barber
     Assistant Secretary


                                       9
<PAGE>   10

                                    EXHIBIT A

                               EXERCISE AGREEMENT

To:                                 Dated:

            The undersigned, pursuant to the provisions set forth in the
attached Warrant (Certificate No. W-     ), hereby agrees to subscribe for the
purchase of       shares of the Common Stock covered by such Warrant and makes
payment herewith in full therefore at the Exercise Price.



                                          Signature


                                          Address




                                       10
<PAGE>   11


                                    EXHIBIT B


                                   ASSIGNMENT

            FOR VALUE RECEIVED, Raymond James & Associates, Inc. hereby sells,
assigns and transfers all of its rights and obligations under the attached
Warrant (Certificate No. W- ) with respect to the number of shares of the Common
Stock covered thereby on and as of the date of this Assignment as set forth
below, unto:

Name(s) of Assignee(s)                Address                      No. of Shares



Dated:                                             Signature


Witness



                                       11