| $__________   |   | Cambridge, Massachusetts |
|-------------------------|--------|--------------------------|
|                    |   | Date: ___________        |

|  WITNESS  | PATHFINDER CELL THERAPY, INC. |
|---------------------|-------------------------------|
|                |                          |   |   |
|                |                          | By: |   |
|                |                          |   | Richard L. Franklin, CEO |

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| Schedule of Promissory Notes |
|------------------------------|
|                         |   |   |   |   |   |
| Date of issuance             |   | Note Holder |   | Principal amount |   |
|                         |   |   |   |   |   |
| February 2, 2012             |   | Falcon Corporate Investments Limited |   | $ | 150,000 |   |
|                         |   |   |   |   |   |   |
| February 29, 2012            |   | Falcon Corporate Investments Limited |   | $ | 170,000 |   |
|                         |   |   |   |   |   |   |
| March 15, 2012               |   | Falcon Corporate Investments Limited |   | $ | 250,000 |   |
|                         |   |   |   |   |   |   |
| April 23, 2012               |   | Falcon Corporate Investments Limited |   | $ | 150,000 |   |
|                         |   |   |   |   |   |   |
| May 25, 2012                 |   | Skye Asset Management SA |   | $ | 270,000 |   |
|                         |   |   |   |   |   |   |
| June 20, 2012                |   | Ventura, Inc. |   | $ | 225,000 |   |
|                         |   |   |   |   |   |   |
| July 27, 2012                |   | Ventura, Inc. |   | $ | 50,000 |   |
|                         |   |   |   |   |   |   |
| August 17, 2012              |   | Breisgau Bio Ventures SA |   | $ | 100,000 |   |
|                         |   |   |   |   |   |   |
| October 1, 2012              |   | Breisgau Bio Ventures SA |   | $ | 200,000 |   |
|                         |   |   |   |   |   |   |
| October 23, 2012             |   | Breisgau Bio Ventures SA |   | $ | 200,000 |   |
|                         |   |   |   |   |   |   |
| November 20, 2012            |   | Breisgau Bio Ventures SA |   | $ | 70,000 |   |
|                         |   |   |   |   |   |   |
| December 4, 2012             |   | Breisgau Bio Ventures SA |   | $ | 70,000 |   |
|                         |   |   |   |   |   |   |
| December 21, 2012            |   | Breisgau Bio Ventures SA |   | $ | 60,000 |   |
|                         |   |   |   |   |   |   |
| January 9, 2013              |   | Breisgau Bio Ventures SA |   | $ | 75,000 |   |
|                         |   |   |   |   |   |   |
| January 28, 2013             |   | Breisgau Bio Ventures SA |   | $ | 130,000 |   |
|                         |   |   |   |   |   |   |
| March 4, 2013                |   | Mr. Joerg Gruber |   | $ | 100,000 |   |
|                         |   |   |   |   |   |   |
| April 2, 2013                |   | Ventura, Inc. |   | $ | 150,000 |   |
|                         |   |   |   |   |   |   |
| April 29, 2013               |   | Ventura, Inc. |   | $ | 150,000 |   |
|                         |   |   |   |   |   |   |
|  May 28, 2013           |   | Breisgau Bio Ventures SA |   | $ | 250,000 |   |
|                         |   |   |   |   |   |   |
| June 26, 2013                |   | Breisgau Bio Ventures SA |   | $ | 150,000 |   |
|                         |   |   |   |   |   |   |
| July 24, 2013                |   | Breisgau Bio Ventures SA |   | $ | 170,000 |   |
|                         |   |   |   |   |   |   |
| August 24, 2013              |   | Breisgau Bio Ventures SA |   | $ | 100,000 |   |
|                         |   |   |   |   |   |   |
| September 26, 2013           |   | Breisgau Bio Ventures SA |   | $ | 100,000 |   |
|                         |   |   |   |   |   |   |
| October 22, 2013             |   | Breisgau Bio Ventures SA |   | $ | 135,000 |   |
|                         |   |   |   |   |   |   |
| November 22, 2013            |   | Breisgau Bio Ventures SA |   | $ | 100,000 |   |
|                         |   |   |   |   |   |   |
| December 20, 2013            |   | Breisgau Bio Ventures SA |   | $ | 125,000 |   |
|                         |   |   |   |   |   |   |
| January 21, 2014             |   | Breisgau Bio Ventures SA |   | $ | 105,000 |   |
|                         |   |   |   |   |   |   |
| February 24, 2014            |   | Breisgau Bio Ventures SA |   | $ | 120,000 |   |
|                         |   |   |   |   |   |   |
| March 25, 2014               |   | Breisgau Bio Ventures SA |   | $ | 105,000 |   |
|                         |   |   |   |   |   |   |
| April 24, 2014               |   | Ventura, Inc. |   | $ | 100,000 |   |
|                         |   |   |   |   |   |   |
|                         |   | Aggregate Principal amount |   | $ | 4,130,000 |   |

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