<PAGE>   1





                                                                   EXHIBIT 10.38

                               WARRANT AGREEMENT

         AGREEMENT, dated as of this 13th day of March, 1997, by and among
ACCUMED INTERNATIONAL, INC., a Delaware corporation (the "Company"), AMERICAN
STOCK TRANSFER & TRUST COMPANY, as warrant agent (the "Warrant Agent"), and
COMMONWEALTH ASSOCIATES, a New York corporation ("Commonwealth").

                              W I T N E S S E T H

         WHEREAS, in connection with a private placement (the "Private
Placement") of a minimum of seventy (70) and a maximum of eighty-five (85)
units ("Units"), each Unit consisting of $100,000 principal amount of 12%
Convertible Promissory Notes ("Notes"), and 10,000 common stock purchase
warrants ("Warrants"), each Warrant exercisable to purchase one share of the
Company's Common Stock, $.01 par value, the Company will issue up to 850,000
Warrants; and

         WHEREAS, the Company desires the Warrant Agent to act on behalf of the
Company, and the Warrant Agent is willing to so act, in connection with the
issuance, registration, transfer, exchange and redemption of the Warrants, the
issuance of certificates representing the Warrants, the exercise of the
Warrants, and the rights of the holders thereof;

         NOW THEREFORE, in consideration of the premises and the mutual
agreements hereinafter set forth and for the purpose of defining the terms and
provisions of the Warrants and the certificates representing the Warrants and
the respective rights and obligations thereunder of the Company, and the
holders of certificates representing the Warrants, the parties hereto agree as
follows:

         SECTION 1.       Definitions.  As used herein, the following terms
shall have the following meanings, unless the context shall otherwise require:

         (a)     "Common Stock" shall mean stock of the Company of any class,
whether now or hereafter authorized, which has the right to participate in the
distributions of earnings and assets of the Company without limit as to amount
or percentage, which at the date hereof consists of 30,000,000 authorized
shares of Common Stock, $.01 value.

         (b)     "Corporate Office" shall mean the office of the Warrant Agent
(or its successor) at which at any particular time its principal business shall
be administered, which office is located at the date hereof at 40 Wall Street,
New York, New York.

         (c)     "Exercise Date" shall mean, as to any Warrant, the date on
which the Warrant Agent shall have received both (a) the Warrant Certificate
representing such Warrant, with the exercise form thereon duly executed by the
Registered Holder thereof or his attorney


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duly authorized in writing, and (b) payment in cash, or by official bank or
certified check made payable to the Company, of an amount in lawful money of
the United States of America equal to the applicable Purchase Price.

         (d)     "Initial Warrant Exercise Date" shall mean (i) the date of
the final closing of the Private Placement with respect to Warrants to purchase
up to 749,955 shares of Common Stock issuable pursuant to this Warrant
Agreement and (ii) the date in which the Company has a sufficient number of
authorized shares of Common Stock reserved for issuance (after taking into
account all shares reserved for issuance on the conversion of convertible
securities and the exercise of outstanding options and warrants, including the
shares of Common Stock issuable upon the conversion of the Notes) to permit the
issuance of the shares of Common Stock to be issued pursuant to the exercise of
the Warrants ("Authorized Share Date") with respect to Warrants to purchase up
to 100,045 shares of Common Stock issuable pursuant to this Warrant Agreement.

         (e)     "Purchase Price" shall mean the purchase price to be paid upon
exercise of each Warrant in accordance with the terms hereof, which price shall
be $3.125 per share subject to adjustment from time to time pursuant to the
provisions of Section 8 hereof and subject to the Company's right to reduce the
Purchase Price upon notice to all warrantholders.

         (f)     "Registered Holder" shall mean the person in whose name any
certificate representing Warrants shall be registered on the books maintained
by the Company.

         (g)     "Transfer Agent" shall mean American Stock Transfer & Trust
Company, as the Company's transfer agent, or its authorized successor, as such.

         (h)     "Warrant Expiration Date" shall mean 5:00 P.M.  (New York
time) on (i) the six month anniversary of the final closing of the Private
Placement, with respect to Warrants to purchase up to 749,955 shares of Common
Stock and (ii) the six month anniversary of the Authorized Share Date with
respect to Warrants to purchase up to 100,045 shares of Common Stock; provided,
however, if the Company redeems the Notes prior to the three month anniversary
of the final closing of the Private Placement, the Warrant Expiration date with
respect to all of the Warrants shall be extended until 5:00 P.M. (New York
time) on the five year anniversary of the final closing of the Private
Placement, provided that if either of such date shall in the State of New York
be a holiday or a day on which banks are authorized to close, then 5:00 P.M.
(New York time) on the next following day which in the State of New York is not
a holiday or a day on which banks are authorized to close.  Upon notice to all
warrantholders the Company shall have the right to extend the Warrant
Expiration Date.

         SECTION 2.       Warrants and Issuance of Warrant Certificates.





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         (a)     A Warrant shall initially entitle the Registered Holder of the
Warrant Certificate representing such Warrant to purchase one share of Common
Stock upon the exercise thereof, in accordance with the terms hereof, subject
to modification and adjustment as provided in Section 8.

         (b)     From time to time, up to the Warrant Expiration Date, the
Transfer Agent shall execute and deliver stock certificates in required whole
number denominations representing up to an aggregate of 850,000 shares of
Common Stock, subject to adjustment as described herein, upon the exercise of
Warrants in accordance with this Agreement.

         (c)     From time to time, up to the Warrant Expiration Date, the
Warrant Agent shall execute and deliver Warrant Certificates in required whole
number denominations to the persons entitled thereto in connection with any
transfer or exchange permitted under this Agreement; provided that no Warrant
Certificates shall be issued except (i) those initially issued hereunder, (ii)
those issued on or after the Initial Warrant Exercise Date, upon the exercise
of fewer than all Warrants represented by any Warrant Certificate, to evidence
any unexercised Warrants held by the exercising Registered Holder, (iii) those
issued upon any transfer or exchange pursuant to Section 6; (iv) those issued
in replacement of lost, stolen, destroyed or mutilated Warrant Certificates
pursuant to Section 7; and (v) at the option of the Company, in such form as
may be approved by the its Board of Directors, to reflect (a) any adjustment or
change in the Purchase Price or the number of shares of Common Stock
purchasable upon exercise of the Warrants, made pursuant to Section 8 hereof
and (b) other modifications approved by Warrantholders in accordance with
Section 16 hereof.

         SECTION 3.       Form and Execution of Warrant Certificates.  (a)
The Warrant Certificates shall be substantially in the form annexed hereto as
Exhibit A (the provisions of which are hereby incorporated herein) and may have
such letters, numbers or other marks of identification or designation and such
legends, summaries or endorsements printed, lithographed, engraved or typed
thereon as the Company may deem appropriate and as are not inconsistent with
the provisions of this Agreement, or as may be required to comply with any law
or with any rule or regulation made pursuant thereto or with any rule or
regulation of any stock exchange on which the Warrants may be listed, or to
conform to usage.  The Warrant Certificates shall be dated the date of issuance
thereof (whether upon initial issuance, transfer, exchange or in lieu of
mutilated, lost, stolen, or destroyed Warrant Certificates) and issued in
registered form.  Warrants shall be numbered serially with the letter W.

         (b)     Warrant Certificates shall be executed on behalf of the
Company by its Chairman of the Board, President or any Vice President and by
its Secretary or an Assistant Secretary, by manual signatures or by facsimile
signatures printed thereon, and shall have imprinted thereon a facsimile of the
Company's seal.  In case any officer of the Company who shall have signed any
of the Warrant Certificates shall cease to be such officer of the Company
before the date of issuance of the Warrant Certificates and issue and delivery
thereof, such Warrant Certificates may nevertheless be issued and delivered
with the same





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force and effect as though the person who signed such Warrant Certificates had
not ceased to be such officer of the Company.  After execution by the Company,
Warrant Certificates shall be delivered by the Warrant Agent to the Registered
Holder.

         SECTION 4.       Exercise.

         (a)     Each Warrant may be exercised by the Registered Holder thereof
at any time on or after the Initial Exercise Date, but not after the Warrant
Expiration Date, upon the terms and subject to the conditions set forth herein
and in the applicable Warrant Certificate.  A Warrant shall be deemed to have
been exercised immediately prior to the close of business on the Exercise Date
and the person entitled to receive the securities deliverable upon such
exercise shall be treated for all purposes as the holder upon exercise thereof
as of the close of business on the Exercise Date.  As soon as practicable on or
after the Exercise Date the Warrant Agent shall deposit the proceeds received
from the exercise of a Warrant, and promptly after clearance of checks received
in payment of the Purchase Price pursuant to such Warrants, cause to be issued
and delivered by the Transfer Agent, to the person or persons entitled to
receive the same, a certificate or certificates for the securities deliverable
upon such exercise, (plus a certificate for any remaining unexercised Warrants
of the Registered Holder).  Notwithstanding the foregoing, in the case of
payment made in the form of a check drawn on an account of Commonwealth or such
other investment banks and brokerage houses as the Company shall approve,
certificates shall immediately be issued without any delay.  Upon the exercise
of any Warrant and clearance of the funds received, the Warrant Agent shall
promptly remit the payment received for the Warrant to the Company or as the
Company may direct in writing.

         SECTION 5.       Reservation of Shares; Listing; Payment of Taxes;
etc.  (a)         The Company covenants that it will at all times reserve and
keep available out of its authorized Common Stock, solely for the purpose of
issue upon exercise of Warrants, such number of shares of Common Stock as shall
then be issuable upon the exercise of all outstanding Warrants.  The Company
covenants that all shares of Common Stock which shall be issuable upon exercise
of the Warrants and payment of the Purchase Price shall, at the time of
delivery, be duly and validly issued, fully paid, nonassessable and free from
all taxes, liens and charges with respect to the issue thereof (other than
those which the Company shall promptly pay or discharge).

         (b)     The Company will use reasonable efforts to obtain appropriate
approvals or registrations under state "blue sky" securities laws with respect
to the exercise of the Warrants; provided, however, that the Company shall not
be obligated to file any general consent to service of process or qualify as a
foreign corporation in any jurisdiction.  With respect to any such securities
laws, however, Warrants may not be exercised by, or shares of Common Stock
issued to, any Registered Holder in any state in which such exercise would be
unlawful.





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         (c)     The Company shall pay all documentary, stamp or similar taxes
and other governmental charges that may be imposed with respect to the issuance
of Warrants, or the issuance, or delivery of any shares upon exercise of the
Warrants; provided, however, that if the shares of Common Stock are to be
delivered in a name other than the name of the Registered Holder of the Warrant
Certificate representing any Warrant being exercised, then no such delivery
shall be made unless the person requesting the same has paid to the Warrant
Agent the amount of transfer taxes or charges incident thereto, if any.

         (d)     The Warrant Agent is hereby irrevocably authorized to
requisition the Company's Transfer Agent from time to time for certificates
representing shares of Common Stock required upon exercise of the Warrants, and
the Company will authorize the Transfer Agent to comply with all such proper
requisitions.

         SECTION 6.       Exchange and Registration of Transfer.

         Subject to the restrictions on transfer contained in the Warrant
Certificates and the Subscription Agreements between the Company and the
purchasers of Units:

         (a)     Warrant Certificates may be exchanged for other Warrant
Certificates representing an equal aggregate number of Warrants of the same
class or may be transferred in whole or in part.  Warrant Certificates to be
exchanged shall be surrendered to the Warrant Agent at its Corporate Office,
and upon satisfaction of the terms and provisions hereof, the Company shall
execute, and the Warrant Agent shall countersign, issue and deliver in exchange
therefor the Warrant Certificate or Certificates which the Registered Holder
making the exchange shall be entitled to receive.

         (b)     The Warrant Agent shall keep at its office books in which,
subject to such reasonable regulations as it may prescribe, it shall register
Warrant Certificates and the transfer thereof in accordance with its regular
practice.  Upon due presentment for registration of transfer of any Warrant
Certificate at its office, the Company shall execute and the Warrant Agent
shall issue and deliver to the transferee or transferees a new Warrant
Certificate or Certificates representing an equal aggregate number of Warrants.

         (c)     With respect to all Warrant Certificates presented for
registration of transfer, or for exchange or exercise, the subscription form on
the reverse thereof shall be duly endorsed, or be accompanied by a written
instrument or instruments of transfer and subscription, in form satisfactory to
the Company, duly executed by the Registered Holder or his attorney-in-fact
duly authorized in writing.

         (d)     The Company may require payment by such holder of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection therewith.





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         (e)     All Warrant Certificates surrendered for exercise or for
exchange in case of mutilated Warrant Certificates shall be promptly cancelled
by the Warrant Agent and thereafter retained by the Warrant Agent until
termination of this Agreement or resignation of the Warrant Agent, or, with the
prior written consent of Commonwealth, disposed of or destroyed, at the
direction of the Company.

         (f)     Prior to due presentment for registration of transfer thereof,
the Company and the Warrant Agent may deem and treat the Registered Holder of
any Warrant Certificate as the absolute owner thereof and of each Warrant
represented thereby (notwithstanding any notations of ownership or writing
thereon made by anyone other than a duly authorized officer of the Company or
the Warrant Agent) for all purposes and shall not be affected by any notice to
the contrary.

         SECTION 7.       Loss or Mutilation.  Upon receipt by the Company and
the Warrant Agent of evidence satisfactory to them of the ownership of and
loss, theft, destruction or mutilation of any Warrant Certificate and (in case
of loss, theft or destruction) of indemnity satisfactory to them, and (in the
case of mutilation) upon surrender and cancellation thereof, the Company shall
execute and the Warrant Agent shall (in the absence of notice to the Company
and/or Warrant Agent that the Warrant Certificate has been acquired by a
bonafide purchaser) countersign and deliver to the Registered Holder in lieu
thereof a new Warrant Certificate of like tenor representing an equal aggregate
number of Warrants.  Applicants for a substitute Warrant Certificate shall
comply with such other reasonable regulations and pay such other reasonable
charges as the Warrant Agent may prescribe.

         SECTION 8.       Adjustment of Exercise Price and Number of Shares of
Common Stock or Warrants.

         (a)     Subject to the exceptions referred to in Section 8(g) below, in
the event the Company shall, at any time or from time to time after the date
hereof, sell any shares of Common Stock for a consideration per share less than
the current fair market value per share of the Common Stock on the date of the
sale or issue any shares of Common Stock as a stock dividend to the holders of
Common Stock, or subdivide or combine the outstanding shares of Common Stock
into a greater or lesser number of shares (any such sale, issuance, subdivision
or combination being herein called a "Change of Shares"), then, and thereafter
upon each further Change of Shares, the Purchase Price in effect immediately
prior to such Change of Shares shall be changed to a price (including any
applicable fraction of a cent) determined by multiplying the Purchase Price in
effect immediately prior thereto by a fraction, the numerator of which shall be
the sum of the number of shares of Common Stock outstanding immediately prior to
the issuance of such additional shares and the number of shares of Common Stock
which the aggregate consideration received (determined as provided in subsection
8(f)(F) below), if any, for the issuance of such additional shares would
purchase at such current market price per share of Common Stock, and the
denominator of which shall be the sum of the number of shares of Common Stock
outstanding immediately after the issuance of such 





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additional shares.  Such adjustment shall be made successively whenever such an
issuance is made.

         Upon each adjustment of the Purchase Price pursuant to this Section 8,
the total number of shares of Common Stock purchasable upon the exercise of
each Warrant shall (subject to the provisions contained in Section 8(b) hereof)
be such number of shares (calculated to the nearest tenth) purchasable at the
Purchase Price immediately prior to such adjustment multiplied by a fraction,
the numerator of which shall be the Purchase Price in effect immediately prior
to such adjustment and the denominator of which shall be the Purchase Price in
effect immediately after such adjustment.

         (b)     The Company may elect, upon any adjustment of the Purchase
Price hereunder, to adjust the number of Warrants outstanding, in lieu of the
adjustment in the number of shares of Common Stock purchasable upon the
exercise of each Warrant as hereinabove provided, so that each Warrant
outstanding after such adjustment shall represent the right to purchase one
share of Common Stock.  Each Warrant held of record prior to such adjustment of
the number of Warrants shall become that number of Warrants (calculated to the
nearest tenth) determined by multiplying the number one by a fraction, the
numerator of which shall be the Purchase Price in effect immediately prior to
such adjustment and the denominator of which shall be the Purchase Price in
effect immediately after such adjustment.  Upon each adjustment of the number
of Warrants pursuant to this Section 8, the Company shall, as promptly as
practicable, cause to be distributed to each Registered Holder of Warrant
Certificates on the date of such adjustment Warrant Certificates evidencing,
subject to Section 10 hereof, the number of additional Warrants to which such
Holder shall be entitled as a result of such adjustment or, at the option of
the Company, cause to be distributed to such Holder in substitution and
replacement for the Warrant Certificates held by him prior to the date of
adjustment (and upon surrender thereof, if required by the Company) new Warrant
Certificates evidencing the number of Warrants to which such Holder shall be
entitled after such adjustment.

         (c)     In case of any reclassification, capital reorganization or
other change of outstanding shares of Common Stock, or in case of any
consolidation or merger of the Company with or into another corporation (other
than a consolidation or merger in which the Company is the continuing
corporation and which does not result in any reclassification, capital
reorganization or other change of outstanding shares of Common Stock), or in
case of any sale or conveyance to another corporation of the property of the
Company as, or substantially as, an entirety (other than a sale/leaseback,
mortgage or other financing transaction), the Company shall cause effective
provision to be made so that each holder of a Warrant then outstanding shall
have the right thereafter, by exercising such Warrant, to purchase the kind and
number of shares of stock or other securities or property (including cash)
receivable upon such reclassification, capital reorganization or other change,
consolidation, merger, sale or conveyance by a holder of the number of shares
of Common Stock that might have been purchased upon exercise of such Warrant
immediately prior to





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such reclassification, capital reorganization or other change, consolidation,
merger, sale or conveyance.  Any such provision shall include provision for
adjustments that shall be as nearly equivalent as may be practicable to the
adjustments provided for in this Section 8.  The foregoing provisions shall
similarly apply to successive reclassifications, capital reorganizations and
other changes of outstanding shares of Common Stock and to successive
consolidations, mergers, sales or conveyances.

         (d)     Irrespective of any adjustments or changes in the Purchase
Price or the number of shares of Common Stock purchasable upon exercise of the
Warrants, the Warrant Certificates theretofore and thereafter issued shall,
unless the Company shall exercise its option to issue new Warrant Certificates
pursuant to Section 2(c) hereof, continue to express the Purchase Price per
share and the number of shares purchasable thereunder as the Purchase Price per
share, and the number of shares purchasable were expressed in the Warrant
Certificates when the same were originally issued.

         (e)     After each adjustment of the Purchase Price pursuant to this
Section 8, the Company will promptly prepare a certificate signed by the
Chairman or President, and by the Treasurer or an Assistant Treasurer or the
Secretary or an Assistant Secretary, of the Company setting forth:  (i) the
Purchase Price as so adjusted, (ii) the number of shares of Common Stock
purchasable upon exercise of each Warrant after such adjustment, and, if the
Company shall have elected to adjust the number of Warrants, the number of
Warrants to which the registered holder of each Warrant shall then be entitled,
and (iii) a brief statement of the facts accounting for such adjustment.  The
Company will promptly file such certificate with the Warrant Agent and cause a
brief summary thereof to be sent by ordinary first class mail to Commonwealth
and to each registered holder of Warrants at his last address as it shall
appear on the registry books of the Warrant Agent.  No failure to mail such
notice nor any defect therein or in the mailing thereof shall affect the
validity thereof except as to the holder to whom the Company failed to mail
such notice, or except as to the holder whose notice was defective.  The
affidavit of an officer of the Warrant Agent or the Secretary or an Assistant
Secretary of the Company that such notice has been mailed shall, in the absence
of fraud, be prima facie evidence of the facts stated therein.

         (f)     For purposes of Section 8(a) and 8(b) hereof, the following
provisions (A) to (F) shall also be applicable:

                 (A)      The number of shares of Common Stock outstanding at
         any given time shall include shares of Common Stock owned or held by
         or for the account of the Company and the sale or issuance of such
         treasury shares or the distribution of any such treasury shares shall
         not be considered a Change of Shares for purposes of said sections.

                 (B)      No adjustment of the Purchase Price shall be made
         unless such adjustment would require an increase or decrease of at
         least $.10 in such price; provided that any adjustments which by
         reason of this clause (B) are not





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         required to be made shall be carried forward and shall be made at the
         time of and together with the next subsequent adjustment which,
         together with any adjustment(s) so carried forward, shall require an
         increase or decrease of at least $.10 in the Purchase Price then in
         effect hereunder.

                 (C)      In case of (1) the sale by the Company for cash of
         any rights or warrants to subscribe for or purchase, or any options
         for the purchase of, Common Stock or any securities convertible into
         or exchangeable for Common Stock without the payment of any further
         consideration other than cash, if any (such convertible or
         exchangeable securities being herein called "Convertible Securities"),
         or (2) the issuance by the Company, without the receipt by the Company
         of any consideration therefor, of any rights or warrants to subscribe
         for or purchase, or any options for the purchase of, Common Stock or
         Convertible Securities, in each case, if (and only if) the
         consideration payable to the Company upon the exercise of such rights,
         warrants or options shall consist of cash, whether or not such rights,
         warrants or options, or the right to convert or exchange such
         Convertible Securities, are immediately exercisable, and the price per
         share for which Common Stock is issuable upon the exercise of such
         rights, warrants or options or upon the conversion or exchange of such
         Convertible Securities (determined by dividing (x) the minimum
         aggregate consideration payable to the Company upon the exercise of
         such rights, warrants or options, plus the consideration received by
         the Company for the issuance or sale of such rights, warrants or
         options, plus, in the case of such Convertible Securities, the minimum
         aggregate amount of additional consideration, if any, other than such
         Convertible Securities, payable upon the conversion or exchange
         thereof, by (y) the total maximum number of shares of Common Stock
         issuable upon the exercise of such rights, warrants or options or upon
         the conversion or exchange of such Convertible Securities issuable
         upon the exercise of such rights, warrants or options) is less than
         the Market Price of the Common Stock on the date of the issuance or
         sale of such rights, warrants or options, then the total maximum
         number of shares of Common Stock issuable upon the exercise of such
         rights, warrants or options or upon the conversion or exchange of such
         Convertible Securities (as of the date of the issuance or sale of such
         rights, warrants or options) shall be deemed to be outstanding shares
         of Common Stock for purposes of Sections 8(a) and 8(b) hereof and
         shall be deemed to have been sold for cash in an amount equal to such
         price per share.

                 (D)      In case of the sale by the Company for cash of any
         Convertible Securities, whether or not the right of conversion or
         exchange thereunder is immediately exercisable, and the price per
         share for which Common Stock is issuable upon the conversion or
         exchange of such Convertible Securities (determined by dividing (x)
         the total amount of consideration received by the Company for the sale
         of such Convertible Securities, plus the minimum





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<PAGE>   10
         aggregate amount of additional consideration, if any, other than such
         Convertible Securities, payable upon the conversion or exchange
         thereof, by (y) the total maximum number of shares of Common Stock
         issuable upon the conversion or exchange of such convertible
         Securities) is less than the Market Price of the Common Stock on the
         date of the sale of such Convertible Securities, then the total
         maximum number of shares of Common Stock issuable upon the conversion
         or exchange of such Convertible Securities (as of the date of the sale
         of such Convertible Securities) shall be deemed to be outstanding
         shares of Common Stock for purposes of Sections 8(a) and 8(b) hereof
         and shall be deemed to have been sold for cash in an amount equal to
         such price per share.

                 (E)      If the exercise or purchase price provided for in any
         right, warrant or option referred to in (C) above, or the rate at
         which any Convertible Securities referred to in (C) or (D) above are
         convertible into or exchangeable for Common Stock, shall change at any
         time (other than under or by reason of provisions designed to protect
         against dilution), the Purchase Price then in effect hereunder shall
         forthwith be readjusted to such Purchase Price as would have obtained
         (1) had the adjustments made upon the issuance or sale of such rights,
         warrants, options or Convertible Securities been made upon the basis
         of the issuance of only the number of shares of Common Stock
         theretofore actually delivered (and the total consideration received
         therefor) upon the exercise of such rights, warrants or options or
         upon the conversion or exchange of such Convertible Securities, (2)
         had adjustments been made on the basis of the Purchase Price as
         adjusted under clause (1) for all transactions (which would have
         affected such adjusted Purchase Price) made after the issuance or sale
         of such rights, warrants, options or Convertible Securities, and (3)
         had any such rights, warrants, options or Convertible Securities then
         still outstanding been originally issued or sold at the time of such
         change.  On the expiration of any such right, warrant or option or the
         termination of any such right to convert or exchange any such
         Convertible Securities, the Purchase Price then in effect hereunder
         shall forthwith be readjusted to such Purchase Price as would have
         obtained (a) had the adjustments made upon the issuance or sale of
         such rights, warrants, options or Convertible Securities been made
         upon the basis of the issuance of only the number of shares of Common
         Stock theretofore actually delivered (and the total consideration
         received therefor) upon the exercise of such rights, warrants or
         options or upon the conversion or exchange of such Convertible
         Securities and (b) had adjustments been made on the basis of the
         Purchase Price as adjusted under clause (a) for all transactions
         (which would have affected such adjusted Purchase Price) made after
         the issuance or sale of such rights, warrants, options or Convertible
         Securities.

                 (F)      In case of the sale for cash of any shares of Common
         Stock, any Convertible Securities, any rights or warrants to subscribe
         for or purchase, or





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<PAGE>   11
         any options for the purchase of, Common Stock or Convertible
         Securities, the consideration received by the Company therefore shall
         be deemed to be the gross sales price therefor without deducting
         therefrom any expense paid or incurred by the Company or any
         underwriting discounts or commissions or concessions paid or allowed
         by the Company in connection therewith.

         (g)     No adjustment to the Purchase Price of the Warrants or to the
number of shares of Common Stock purchasable upon the exercise of each Warrant
will be made, however,

                 (i)      upon the exercise of any of the options presently
         outstanding under the Company's Stock Option Plans (the "Plans") for
         officers, directors and certain other key personnel of the Company; or

                 (ii)     upon the grant or exercise of any other options which
         may hereafter be granted or exercised under the Plan or under any
         other employee benefit plan of the Company; or

                 (iii)    upon the sale or exercise of the Warrants or any
         other Warrants issued by the Company, including the warrants to be
         issued to Commonwealth in connection with the Private Placement; or

                 (iv)     upon the issuance or sale of Common Stock or
         Convertible Securities upon the exercise of any rights or warrants to
         subscribe for or purchase, or any options for the purchase of, Common
         Stock or Convertible Securities, whether or not such rights, warrants
         or options were outstanding on the date of the original sale of the
         Warrants or were thereafter issued or sold; or

                 (v)      upon the issuance or sale of Common Stock upon
         conversion or exchange of any Convertible Securities, whether or not
         any adjustment in the Purchase Price was made or required to be made
         upon the issuance or sale of such Convertible Securities and whether
         or not such Convertible Securities were outstanding on the date of the
         original sale of the Warrants or were thereafter issued or sold; or

                 (vi)     upon any amendment to or change in the terms of any
         rights or warrants to subscribe for or purchase, or options for the
         purchase of, Common Stock or Convertible Securities or in the terms of
         any Convertible Securities, including, but not limited to, any
         extension of any expiration date of any such right, warrant or option,
         any change in any exercise or purchase price provided for in any such
         right, warrant or option, any extension of any date through which any
         Convertible Securities are convertible into or exchangeable for Common
         Stock or any change in the rate at which any Convertible Securities 





                                      -11-
<PAGE>   12
         are convertible into or exchangeable for Common Stock (other than
         rights, warrants, options or Convertible Securities issued or sold
         after the close of business on the date of the original issuance of the
         Warrants (i) for which an adjustment in the Purchase Price then in
         effect was theretofore made or required to be made, upon the issuance
         or sale thereof, or (ii) for which such an adjustment would have been
         required had the exercise or purchase price of such rights, warrants or
         options at the time of the issuance or sale thereof or the rate of
         conversion or exchange of such Convertible Securities, at the time of
         the sale of such Convertible Securities, or the issuance or sale of
         rights or warrants to subscribe for or purchase, or options for the
         purchase of, such Convertible Securities, been the price or rate as
         changed, in which case the provisions of Section 8(f)(E) hereof shall
         be applicable if, but only if, the exercise or purchase price thereof,
         as changed, or the rate of conversion or exchange thereof, as changed,
         consists of cash or requires the payment of additional consideration,
         if any, consisting of cash and the Company did not receive any
         consideration other than cash, if any, in connection with such change).

         (h)     As used in this Section 8, the term "Common Stock" shall mean
and include the Company's Common Stock authorized on the date of the original
issue of the Units and shall also include any capital stock of any class of the
Company thereafter authorized which shall not be limited to a fixed sum or
percentage in respect of the rights of the holders thereof to participate in
dividends and in the distribution of assets upon the voluntary liquidation,
dissolution or winding up of the Company; provided, however, that the shares
issuable upon exercise of the Warrants shall include only shares of such class
designated in the Company's Certificate of Incorporation as Common Stock on the
date of the original issue of the Units or (i), in the case of any
reclassification, change, consolidation, merger, sale or conveyance of the
character referred to in Section 8(c) hereof, the stock, securities or property
provided for in such section or (ii), in the case of any reclassification or
change in the outstanding shares of Common Stock issuable upon exercise of the
Warrants as a result of a subdivision or combination or consisting of a change
in par value, or from par value to no par value, or from no par value to par
value, such shares of Common Stock as so reclassified or changed.

         (i)     Any determination as to whether an adjustment in the Purchase
Price in effect hereunder is required pursuant to Section 8, or as to the
amount of any such adjustment, if required, shall be binding upon the holders
of the Warrants and the Company if made in good faith by the Board of Directors
of the Company.

         (j)     If and whenever the Company shall declare any dividends or
distributions or grant to the holders of Common Stock, as such, rights or
warrants to subscribe for or to purchase, or any options for the purchase of,
Common Stock or securities convertible into or exchangeable for or carrying a
right, warrant or option to purchase Common Stock, the





                                      -12-
<PAGE>   13
Company shall notify each of the then Registered Holders of the Warrants of
such event prior to its occurrence to enable such Registered Holders to
exercise their Warrants and participate as holders of Common Stock in such
event.





                                      -13-
<PAGE>   14
         SECTION 9.       Registration Under The Securities Act of 1933.

         The Company agrees to register for resale the shares of Common Stock
issued or issuable upon exercise of Warrants under the Securities Act of 1933,
as amended (the "Act") as more fully set forth in Section IV of the
Subscription Agreement between the Company and each of the investors in the
Private Placement.

         SECTION 10.      Fractional Warrants and Fractional Shares.

         (a)     If the number of shares of Common Stock purchasable upon the
exercise of each Warrant is adjusted pursuant to Section 8 hereof, the Company
shall nevertheless not be required to issue fractions of shares, upon exercise
of the Warrants or otherwise, or to distribute certificates that evidence
fractional shares.  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 such fractional 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 ("NMS") or Nasdaq SmallCap Market ("NSM"), the
                 current market value shall be the last reported sale price of
                 the Common Stock on such exchange on the last business day
                 prior to the date of exercise of this Warrant or if no such
                 sale is made on such day or no closing sale price is quoted,
                 the average of the closing bid and asked prices for such day
                 on such exchange or system; or

                          (2)     If the Common Stock is listed in the
                 over-the-counter market (other than on NMS or NSM) 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 determined in such reasonable manner as may be
                 prescribed by the Board of Directors of the Company.

         SECTION 11.      Warrant Holders Not Deemed Stockholders.  No holder
of Warrants shall, as such, be entitled to vote or to receive dividends or be
deemed the holder of Common Stock that may at any time be issuable upon
exercise of such Warrants for any purpose whatsoever, nor shall anything
contained herein be construed to confer upon the





                                      -14-
<PAGE>   15
holder of Warrants, as such, any of the rights of a stockholder of the Company
or any right to vote for the election of directors or upon any matter submitted
to stockholders at any meeting thereof, or to give or withhold consent to any
corporate action (whether upon any recapitalization, issue or reclassification
of stock, change of par value or change of stock to no par value,
consolidation, merger or conveyance or otherwise), or to receive notice of
meetings, or to receive dividends or subscription rights, until such Holder
shall have exercised such Warrants and been issued shares of Common Stock in
accordance with the provisions hereof.

         SECTION 12.      Rights of Action.  All rights of action with respect
to this Agreement are vested in the respective Registered Holders of the
Warrants, and any Registered Holder of a Warrant, without consent of the
Warrant Agent or of the holder of any other Warrant, may, on his own behalf and
for his own benefit, enforce against the Company his right to exercise his
Warrants for the purchase of shares of Common Stock in the manner provided in
the Warrant Certificate and this Agreement.

         SECTION 13.      Agreement of Warrant Holders.  Every holder of a
Warrant, by his acceptance thereof, consents and agrees with the Company, the
Warrant Agent and every other holder of a Warrant that:

         (a)     The Warrants are transferable only on the registry books of
the Warrant Agent by the Registered Holder thereof in person or by his attorney
duly authorized in writing and only if the Warrant Certificates representing
such Warrants are surrendered at the office of the Warrant Agent, duly endorsed
or accompanied by a proper instrument of transfer satisfactory to the Warrant
Agent and the Company in their sole discretion, together with payment of any
applicable transfer taxes; and

         (b)     The Company may deem and treat the person in whose name the
Warrant Certificate is registered as the holder and as the absolute, true and
lawful owner of the Warrants represented thereby for all purposes, and the
Company shall not be affected by any notice or knowledge to the contrary,
except as otherwise expressly provided in Section 7 hereof.

         SECTION 14.      Cancellation of Warrant Certificates.  If the Company
shall purchase or acquire any Warrant or Warrants, the Warrant Certificate or
Warrant Certificates evidencing the same shall thereupon be cancelled by it and
retired.  The Warrant Agent shall also cancel Common Stock following exercise
of any or all of the Warrants represented thereby or delivered to it for
transfer, splitup, combination or exchange.

         SECTION 15.      Concerning the Warrant Agent.  The Warrant Agent acts
hereunder as agent and in a ministerial capacity for the Company, and its
duties shall be determined solely by the provisions hereof.  The Warrant Agent
shall not, by issuing and





                                      -15-
<PAGE>   16
delivering Warrant Certificates or by any other act hereunder be deemed to make
any representations as to the validity, value or authorization of the Warrant
Certificates or the Warrants represented thereby or of any securities or other
property delivered upon exercise of any Warrant or whether any stock issued
upon exercise of any Warrant is fully paid and nonassessable.

         The Warrant Agent shall account promptly to the Company with respect
to Warrants exercised and concurrently pay the Company, as provided in Section
4, all moneys received by the Warrant Agent upon the exercise of such Warrants.
The Warrant Agent shall, upon request of the Company from time to time, deliver
to the Company such complete reports of registered ownership of the Warrants
and such complete records of transactions with respect to the Warrants and the
shares of Common Stock as the Company may request.  The Warrant Agent shall
also make available to the Company and Commonwealth for inspection by their
agents or employees, from time to time as either of them may request, such
original books of accounts and record (including original Warrant Certificates
surrendered to the Warrant Agent upon exercise of Warrants) as may be
maintained by the Warrant Agent in connection with the issuance and exercise of
Warrants hereunder, such inspections to occur at the Warrant Agent's office as
specified in Section 17, during normal business hours.

         The Warrant Agent shall not at any time be under any duty or
responsibility to any holder of Warrant Certificates to make or cause to be
made any adjustment of the Purchase Price provided in this Agreement, or to
determine whether any fact exists which may require any such adjustments, or
with respect to the nature or extent of any such adjustment, when made, or with
respect to the method employed in making the same.  It shall not (i) be liable
for any recital or statement of facts contained herein or for any action taken,
suffered or omitted by it in reliance on any Warrant Certificate or other
document or instrument believed by it in good faith to be genuine and to have
been signed or presented by the proper party or parties, (ii) be responsible
for any failure on the part of the Company to comply with any of its covenants
and obligations contained in this Agreement or in any Warrant Certificate, or
(iii) be liable for any act or omission in connection with this Agreement
except for its own negligence or wilful misconduct.

         The Warrant Agent may at any time consult with counsel satisfactory to
it (who may be counsel for the Company) and shall incur no liability or
responsibility for any action taken, suffered or omitted by it in good faith in
accordance with the opinion or advice of such counsel.

         Any notice, statement, instruction, request, direction, order or
demand of the Company shall be sufficiently evidenced by an instrument signed
by the Chairman of the Board, President, any Vice President, its Secretary, or
Assistant Secretary, (unless other evidence in respect thereof is herein
specifically prescribed).  The Warrant Agent shall not be





                                      -16-
<PAGE>   17
liable for any action taken, suffered or omitted by it in accordance with such
notice, statement, instruction, request, direction, order or demand believed by
it to be genuine.

         The Company agrees to pay the Warrant Agent reasonable compensation
for its services hereunder and to reimburse it for its reasonable expenses
hereunder; it further agrees to indemnify the Warrant Agent and save it
harmless against any and all losses, expenses and liabilities, including
judgments, costs and counsel fees, for anything done or omitted by the Warrant
Agent in the execution of its duties and powers hereunder except losses,
expenses and liabilities arising as a result of the Warrant Agent's negligence
or wilful misconduct.

         The Warrant Agent may resign its duties and be discharged from all
further duties and liabilities hereunder (except liabilities arising as a
result of the Warrant Agent's own negligence or wilful misconduct), after
giving 30 days' prior written notice to the Company.  At least 15 days prior to
the date such resignation is to become effective, the Warrant Agent shall cause
a copy of such notice of resignation to be mailed to the Registered Holder of
each Warrant Certificate at the Company's expense.  Upon such resignation, or
any inability of the Warrant Agent to act as such hereunder, the Company shall
appoint a new warrant agent in writing.  If the Company shall fail to make such
appointment within a period of 15 days after it has been notified in writing of
such resignation by the resigning Warrant Agent, then the Registered Holder of
any Warrant Certificate may apply to any court of competent jurisdiction for
the appointment of a new warrant agent.  Any new warrant agent, whether
appointed by the Company or by such a court, shall be a bank or trust company
having a capital and surplus, as shown by its last published report to its
stockholders, of not less than $10,000,000 or a stock transfer company.  After
acceptance in writing of such appointment by the new warrant agent is received
by the Company, such new warrant agent shall be vested with the same powers,
rights, duties and responsibilities as if it had been originally named herein
as the Warrant Agent, without any further assurance, conveyance, act or deed;
but if for any reason it shall be necessary or expedient to execute and deliver
any further assurance, conveyance, act or deed, the same shall be done at the
expense of the Company and shall be legally and validly executed and delivered
by the resigning Warrant Agent.  Not later than the effective date of any such
appointment the Company shall file notice thereof with the resigning Warrant
Agent and shall forthwith cause a copy of such notice to be mailed to the
Registered Holder of each Warrant Certificate.

         Any corporation into which the Warrant Agent or any new warrant agent
may be converted or merged or any corporation resulting from any consolidation
to which the Warrant Agent or any new warrant agent shall be a party or any
corporation succeeding to the trust business of the Warrant Agent shall be a
successor warrant agent under this Agreement without any further act, provided
that such corporation is eligible for appointment as successor to the Warrant
Agent under the provisions of the preceding paragraph.  Any such successor 





                                      -17-
<PAGE>   18
warrant agent shall promptly cause notice of its succession as warrant agent to
be mailed to the Company and to the Registered Holder of each Warrant
Certificate.

         The Warrant Agent, its subsidiaries and affiliates, and any of its or
their officers or directors, may buy and hold or sell Warrants or other
securities of the Company and otherwise deal with the Company in the same
manner and to the same extent and with like effects as though it were not
Warrant Agent.  Nothing herein shall preclude the Warrant Agent from acting in
any other capacity for the Company or for any other legal entity.

         SECTION 16.      Modification of Agreement.  Subject to the provisions
of Section 4(b), the parties hereto may by supplemental agreement make any
changes or corrections in this Agreement (i) that it shall deem appropriate to
cure any ambiguity or to correct any defective or inconsistent provision or
manifest mistake or error herein contained; (ii) to reflect an increase in the
number of Warrants which are to be governed by this Agreement resulting from an
increase in the size of the Private Placement; or (iii) that it may deem
necessary or desirable and which shall not adversely affect the interests of
the holders of Warrant Certificates; provided, however, that this Agreement
shall not otherwise be modified, supplemented or altered in any respect except
with the consent in writing of the Registered Holders of Warrant Certificates
representing not less than 50% of the Warrants then outstanding; and provided,
further, that no change in the number or nature of the securities purchasable
upon the exercise of any Warrant, or the Purchase Price therefor, or the
acceleration of the Warrant Expiration Date, shall be made without the consent
in writing of the Registered Holder of the Warrant Certificate representing
such Warrant, other than such changes as are specifically prescribed by this
Agreement as originally executed.

         SECTION 17.      Notices.  All notices, requests, consents and other
communications hereunder shall be in writing and shall be deemed to have been
made when delivered or mailed first class registered or certified mail, postage
prepaid as follows:  if to the Registered Holder of a Warrant Certificate, at
the address of such holder as shown on the registry books maintained by the
Warrant Agent; if to the Company, at 900 North Franklin Street, Suite 401,
Chicago, IL 60610, Attention:  Peter P. Gombrich, President; if to the Warrant
Agent, at its Corporate Office and if to Commonwealth at Commonwealth
Associates, 733 Third Avenue, New York, New York 10022, Attention:  Keith
Rosenbloom.

         SECTION 18.      Governing Law.  This Agreement shall be governed by
and construed in accordance with the laws of the State of New York, without
reference to principles of conflict of laws.

         SECTION 19.      Binding Effect.  This Agreement shall be binding upon
and inure to the benefit of the Company and the Warrant Agent (and their
respective successors and assigns) and the holders from time to time of Warrant
Certificates.  Nothing in this





                                      -18-
<PAGE>   19
Agreement is intended or shall be construed to confer upon any other person any
right, remedy or claim, in equity or at law, or to impose upon any other person
any duty, liability or obligation.

         SECTION 20.      Termination.  This Agreement shall terminate on the
earlier to occur of (i)  the close of business on the Expiration Date of all
the Warrants; or (ii) the date upon which all Warrants have been exercised.

         SECTION 21.      Counterparts.  This Agreement may be executed in
several counterparts, which taken together shall constitute a single document.

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be duly executed as of the date first above written.

                                        ACCUMED INTERNATIONAL, INC.



                                        By:  /s/ Peter P. Gombrich
                                             ----------------------------------
                                             Peter P. Gombrich, President


                                        COMMONWEALTH ASSOCIATES


                                        By:  /s/ Jospeh P. Wynne
                                             ----------------------------------
                                             Chief Financial Officer

                                        AMERICAN STOCK TRANSFER & TRUST
                                        COMPANY


                                        By:  /s/ Herb Lemmer
                                             ----------------------------------
                                             Authorized Officer





                                      -19-