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                                                                     EXHIBIT 4.1

                                WARRANT AGREEMENT

      AGREEMENT, dated as of October 17, 2005, is by and between
ROCKWELL MEDICAL TECHNOLOGIES, INC., a Michigan corporation (the "Company") and
AMERICAN STOCK TRANSFER & TRUST COMPANY, a Delaware corporation, as Warrant
Agent (the "Warrant Agent").

                               W I T N E S S E T H

      WHEREAS, in connection with a public exchange offer pursuant to a
registration statement (the "Registration Statement") on Form S-4 and Form SB-2
to be declared effective by the Securities and Exchange Commission on 1, 2005,
the Company will issue up to 3,625,000 common share purchase warrants (the
"Warrants"); and

      WHEREAS, the Company and Warrant Agent are parties to an Exchange Agent
Agreement dated of even date herewith (the "Exchange Agreement") pursuant to
which the Warrant Agent is acting as the Company's Exchange Agent in connection
with an offer to exchange the Warrants for certain warrants to purchase the
Company's common shares which are currently outstanding; 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, the holders of
certificates representing the Warrants and the Warrant Agent, 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 the authorized stock of the Company of
any class, whether now or hereafter authorized, which has the right to
participate in the distribution of earnings and assets of the Company without
limit as to amount or percentage, which at the date hereof consists of
20,000,000 common shares, no par value per share.

            (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 on the date hereof at 59 Maiden Lane,
New York, New York 10038.

            (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 duly authorized in writing, and (b)
payment in cash, or by official bank or certified check made

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payable to the Company, of an amount in lawful money of the United States of
America equal to the applicable Purchase Price.

            (d) "Purchase Price" shall mean the price to be paid upon exercise
of each Warrant in accordance with the terms hereof, which price shall be $3.90
per share, subject to adjustment from time to time pursuant to the provisions of
Section 9 hereof, and subject to the Company's right to reduce the Purchase
Price upon notice to all Warrant Holders.

            (e) "Redemption Price" shall mean the price at which the Company
may, at its option, redeem the Warrants, in accordance with the terms hereof,
which price shall be $.10 per Warrant, subject to adjustment from time to time
pursuant to the provisions of Section 9.

            (f) "Registered Holder" shall mean the person in whose name any
certificate representing Warrants shall be registered on the books maintained by
the Warrant Agent pursuant to Section 6.

            (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, with respect to each
Warrant, 5:00 p.m. (Eastern Standard Time) on January 26, 2006, or the
Redemption Date as defined in Section 8, whichever is earlier; provided that if
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. (Eastern Standard Time) on the next
following day which in the State of New York is not a holiday nor a day on which
banks are authorized to close. Upon notice to all Warrant Holders, the Company
shall have the right to extend the Warrant Expiration Date.

      SECTION 2. WARRANTS AND ISSUANCE OF WARRANT CERTIFICATES.

            (a) Each Warrant shall initially entitle the Registered Holder of
the Warrant Certificate representing such Warrant to purchase one (1) share of
Common Stock upon the exercise thereof, in accordance with the terms hereof,
subject to modification and adjustment as provided in Section 9.

            (b) In accordance with the terms of the Exchange Agreement, Warrant
Agent shall issue and deliver Warrant Certificates.

            (c) From time to time, up to the Warrant Expiration Date, the
Transfer Agent shall countersign and deliver stock certificates in required
whole number denominations representing up to an aggregate of 3,625,000 shares
of Common Stock, subject to adjustment as described herein, upon the exercise of
Warrants in accordance with this Agreement.

            (d) From time to time, up to the Warrant Expiration Date, the
Warrant Agent shall countersign 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 to (i) those initially issued
pursuant to the Exchange Agreement, (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

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replacement of lost, stolen, destroyed or mutilated Warrant Certificates
pursuant to Section 7; and at the option of the Company, in such form as may be
approved by its Board of Directors, to reflect any adjustment or change in the
Purchase Price, the number of shares of Common Stock purchasable upon exercise
of the Warrants or the Redemption Price therefor made pursuant to Section 9.

      SECTION 3. FORM AND EXECUTION OF WARRANT CERTIFICATES.

            (a) The Warrant Certificates shall be substantially in the form
annexed hereto as Exhibit A, and may have such letters, numbers or other marks
of identification or designation and such legends, summaries or endorsements
printed, lithographed or engraved 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 on the Warrants.

            (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 mutual signatures or by facsimile
signatures printed thereon, and shall have imprinted thereon a facsimile of the
Company's seal. Warrant Certificates shall be countersigned by the Warrant Agent
and shall not be valid for any purpose unless so countersigned. 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 or before countersignature by the Warrant Agent and issue
and delivery thereof, such Warrant Certificates may nevertheless be
countersigned by the Warrant Agent, issued and delivered with the same force and
effect as though the person who signed such Warrant Certificates had not ceased
to be such officer of the Company. After countersignature by the Warrant Agent,
Warrant Certificates shall be delivered by the Warrant Agent to the Registered
Holder without further action by the Company, except as otherwise provided by
Section 4.

      SECTION 4. EXERCISE

      Each Warrant may be exercised by the Registered Holder thereof at any time
on or after the issuance of such Warrant, 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 notify the Company in writing of the exercise of
the Warrants and forward the proceeds thereof. Promptly following, and in any
event within five (5) days after receiving authorization from the Company, the
Warrant Agent, on behalf of the Company, shall 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 Warrant 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 such investment banks

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and brokerage houses as the Company shall approve in writing to the Warrant
Agent, certificates shall immediately be issued without prior notice to the
Company or 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 issuance
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 shall, at the time of delivery (assuming payment in full of the
Purchase Price in respect thereof), be duly and validly issued, fully paid,
nonassessable and free from all taxes, liens and charges with respect to the
issuance thereof (other than those which the Company shall promptly pay or
discharge) and that upon issuance such shares shall be listed on each national
securities exchange, if any, on which the other shares of outstanding Common
Stock of the Company are then listed.

            (b) The Company covenants that if any securities to be reserved for
the purpose of exercise of Warrants hereunder require registration with, or
approval of, any governmental authority under any federal securities law before
such securities may be validly issued or delivered upon such exercise, then the
Company will in good faith and as expeditiously as reasonably possible, endeavor
to secure such registration or approval. The Company will use reasonable effort
to obtain appropriate approvals or registrations under state "blue sky"
securities laws with respect to any such securities. 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.

            (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 requiring the same had 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. The Company will file with the Warrant Agent a statement setting
forth the name and address of the Transfer Agent of the Company for shares of
Common Stock issuable upon exercise of the Warrants, unless the Warrant Agent
and the Transfer Agent are the same entity.

      SECTION 6. EXCHANGE AND REGISTRATION OF TRANSFER

            (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

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whole or in part. Warrant Certificates to be exchanged shall be surrendered to
the Warrant Agent at its Corporate Office, and upon satisfaction of all 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 such 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
of the same class.

            (c) With respect to all Warrant Certificates presented for
registration or 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 and the Warrant Agent, duly executed by the Registered Holder or his
attorney-in-fact duly authorized in writing.

            (d) A service charge may be imposed by the Warrant Agent for any
exchange or registration of transfer of Warrant Certificates. In addition, 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.

            (e) All Warrant Certificates surrendered for exercise or for
exchange in case of mutilated Warrant Certificates shall be promptly canceled by
the Warrant Agent and thereafter retained by the Warrant Agent until termination
of this Agreement or resignation as Warrant Agent, or 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 bona fide 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.

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      SECTION 8. REDEMPTION

            (a) Commencing on the effective date of the Registration Statement
on not less than thirty (30) days prior written notice, the Warrants may be
redeemed, at the option of the Company, at a redemption price of $0.10 per
Warrant (the "Redemption Price"), provided the closing bid price of the
Company's Common Stock on The Nasdaq National or SmallCap Stock Market (as
applicable) as reported by the National Quotation Bureau, Incorporated (or the
last sale price, if quoted on a national securities exchange) exceeds $7.00 for
at least 20 consecutive trading days ending on the third business day prior to
the date of the notice of redemption. All Warrants must be redeemed if any of
the Warrants are redeemed.

            (b) In case the Company shall desire to exercise its right to so
redeem the Warrants, it shall request the Warrant Agent to mail a notice of
redemption to each of the Registered Holders of the Warrants to be redeemed,
first class, postage prepaid, not later than the thirtieth (30th) day before the
date fixed for redemption, at their last address as shall appear on the records
of the Warrant Agent. Any notice mailed in the manner provided herein shall be
conclusively presumed to have been duly given whether or not the Registered
Holder receives such notice.

            (c) The notice of redemption shall specify (i) the Redemption Price,
(ii) the date fixed for redemption, (iii) the place where the Warrant
Certificates shall be delivered and the redemption price paid, and (iv) that the
right to exercise the Warrant shall terminate at 5:00 p.m. (Eastern Standard
Time) on the business day immediately preceding the date fixed for redemption
shall be the Redemption Date. No failure to mail such notice nor any defect
therein or in the mailing thereof shall affect the validity of the proceedings
for such redemption except as to a Registered Holder (a) to whom notice was not
mailed or (b) whose notice was defective. An affidavit of the Warrant Agent or
the Company that notice of redemption has been mailed shall, in the absence of
fraud, be prima facie evidence of the facts stated therein.

            (d) Any right to exercise a Warrant that has been called for
redemption shall terminate at 5:00 p.m. (New York, New York time) on the
business day immediately preceding the Redemption Date. On and after the
Redemption Date, Holders of the redeemed Warrants shall have no further rights
except to receive, upon surrender of the redeemed Warrant, the Redemption Price.

            (e) From and after the date specified for redemption, the Company
shall, at the place specified in the notice of redemption, upon presentation and
surrender to the Company by or on behalf of the Registered Holder thereof of one
or more Warrants to be redeemed, deliver or cause to be delivered to or upon the
written order of such Holder a sum in cash equal to the Redemption Price of each
such Warrant. From and after the date fixed for redemption and upon the deposit
or setting aside by the Company of a sum sufficient to redeem all the Warrants
called for redemption, such Warrants shall expire and become void and all rights
hereunder and under the Warrant Certificates, except the right to receive
payment of the Redemption Price, shall cease.

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      SECTION 9. ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF SHARES OF COMMON
STOCK OR WARRANTS.

            (a) Subject to the exceptions referred to in Section 9(g), 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
lesser of the market price of a share of Common Stock as quoted on The Nasdaq
National or SmallCap Stock Market (as applicable), or then current Purchase
Price (except for securities issued in a bona fide financing) or issue any
shares of Common Stock as a stock dividend to the holders of Common Stock, or
subdivides or combines 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 applicable 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 (a) the total number of shares of Common Stock outstanding
immediately prior to such Change of Shares and (b) the number of shares of
Common Stock which the aggregate consideration received by the Company upon such
sale, issuance, subdivision or combination (determined in accordance with
subsection f(vi) below) could have purchased at the then current Purchase Price,
and the denominator of which shall be the total number of shares of Common Stock
outstanding immediately after such Change of Shares.

      Upon each adjustment of the applicable Purchase Price pursuant to this
Section 9, the total number of shares of Common Stock purchasable upon the
exercise of each Warrant shall (subject to the provisions contained in Section
9(b)) be such number of shares (calculated to the nearest tenth) purchasable at
the applicable Purchase Price immediately prior to such adjustment multiplied by
a fraction, the numerator of which shall be the applicable Purchase Price in
effect immediately prior to such adjustment and the denominator of which shall
be the applicable Purchase Price in effect immediately after such adjustment.

            (b) The Company may elect, upon any adjustment of the applicable
Purchase Price hereunder, to adjust the number of Warrants outstanding, in lieu
of adjusting 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 applicable Purchase Price in effect immediately prior to such
adjustment and the denominator of which shall be the applicable Purchase Price
in effect immediately after such adjustment. Upon each such adjustment of the
number of Warrants, the Redemption Price in effect immediately prior to such
adjustment also shall be adjusted by multiplying such Redemption Price by a
fraction, the numerator of which shall be the Purchase Price in effect
immediately after such adjustment and the denominator of which shall be the
Purchase Price in effect immediately prior to such adjustment. Upon each
adjustment of the number of Warrants pursuant to this Section 9, 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, the number of additional
Warrants, if any, 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

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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 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 9. 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(b), continue to express the applicable Purchase Price per
share, the number of shares purchasable thereunder and the Redemption Price
therefor as the Purchase Price per share, and the number of shares purchasable
thereunder and the Redemption Price therefor as were expressed in the Warrant
Certificates when the same were originally issued.

            (e) After each adjustment of the Purchase Price pursuant to this
Section 9, 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
applicable 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 the adjustment in Redemption Price resulting therefrom, 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 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.

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            (f) For purposes of Section 9(a) and 9(b) hereof, the following
provisions (i) to (vi) shall also be applicable:

                  (i) 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.

                  (ii) No Adjustment of the Purchase Price shall be made unless
      such adjustment would require an increase or decrease of at least $0.10 in
      such price; provided that any adjustments which by reason of this clause
      (ii) are not 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 $0.10 in the Purchase Price then in
      effect hereunder.

                  (iii) In case of (i) the sale by the Company solely 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 (ii) 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 solely 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
      then current Purchase Price immediately prior to 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 9(a) and 9(b) hereof and shall be deemed to
      have been sold for cash in an amount equal to such price per share.

                  (iv) In case of the sale by the Company solely 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

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      Convertible Securities, plus 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 conversion or exchange of such
      Convertible Securities) is less than the then Purchase Price immediately
      prior to 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 9(a) and 9(b) hereof and
      shall be deemed to have been sold for cash in an amount equal to such
      price per share.

                  (v) If the exercise or purchase price provided for in any
      right, warrant or option referred to in clause (iii) above, or the rate at
      which any Convertible Securities referred to in clause (iii) or (iv) 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 been 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 been 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.

                  (vi) 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 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 or to the number of shares
of Common Stock purchasable upon the exercise of each Warrant will be made,
however:

                                       10
<PAGE>

                  (i) upon the grant or exercise of any other options which may
      hereafter be granted or exercised under any employee, financial consultant
      or director benefit plan of the Company as described in the Registration
      Statement or as may be adopted by the Company in the future; or

                  (ii) upon the issuance or exercise of the Warrants; or

                  (iii) 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;

                  (iv) upon the issuance or sale of Common Stock upon conversion
      or exchange of any Convertible Securities outstanding on the date of the
      original issuance of the Warrants, 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 original sale of the Warrants
      or were thereafter issued or sold; or

                  (v) upon the issuance or sale of Common Stock or Convertible
      Securities issued in connection with a bona fide financing determined
      commercially reasonable under the circumstances by the Company's Board of
      Directors.

                  (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 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 (1) for which an adjustment
      in the Purchase Price then in effect was theretofor made or required to be
      made, upon the issuance or sale thereof, or (2) 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 9(f)(iv)
      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 solely of cash or requires the payment of additional
      consideration, if any, consisting solely of cash or requires the payment
      of additional consideration, if any, consisting solely of cash and the
      Company did not receive any consideration other than cash, if any, in
      connection with such change).

                                       11
<PAGE>



            (h) As used in this Section 9, the term "Common Stock" shall mean
and include the Company's Common Stock authorized on the date of the original
issuance of the Warrants 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 Articles of Incorporation as Common Stock on the
date of the original issuance of the Warrants or (i), in the case of any
reclassification, change, consolidation, merger, sale or conveyance of the
character referred to in Section 9(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 9, 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 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 Company shall concurrently therewith grant to each of the then
Registered Holders of the Warrants all of such rights, warrants or options to
which each such holder would have been entitled if, on the date of determination
of stockholders entitled to the rights, warrants or options being granted by the
Company, such holder were the holder of record of the number of whole shares of
Common Stock then issuable upon exercise of his Warrants. Such grant by the
Company to the holders of the Warrants shall be in lieu of any adjustment which
otherwise might be called for pursuant to this Section 9.

      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 9 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:

                  (i) 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 or SmallCap Markets, the current
      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 the
      Warrant, or if no such sale is made on such day, the average of the
      closing bid and asked prices for such day on such exchange; or

                                       12
<PAGE>

                  (ii) If the Common Stock is not listed or admitted to unlisted
      trading privileges, the current 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 the
      Warrant; or

                  (iii) 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 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 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, issuance 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, in 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 Certificates 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 and the Warrant Agent 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 neither the Company nor the Warrant Agent shall be affected by any
notice or knowledge to the contrary, except as otherwise expressly provided in
Section 7 hereof.

                                       13
<PAGE>

      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 delivered to the Warrant Agent and canceled 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, split-up,
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 delivering Warrant
Certificates or by any other act hereunder be deemed to make many
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 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 or the Redemption 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 willful 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 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 willful
misconduct.

                                       14
<PAGE>

      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 willful 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 Ten Million ($10,000,000.00) Dollars, 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 use 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
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.

      The Warrant Agent and the Company may by supplemental agreement make any
changes or corrections in this Agreement (i) that they shall deem appropriate to
cure any ambiguity or to correct any defective or inconsistent provision or
manifest mistake or error herein contained; or (ii) that they may deem necessary
or desirable and which shall not adversely affect the interests of the holders
of Warrant Certificates; however 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 that no change in the number or nature
of the securities purchasable upon the

                                       15
<PAGE>

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 30142 Wixom Rd., Wixom, Michigan 48393, Attention: President, or at such
other address as may have been furnished to the Warrant Agreement in writing by
the Company; if to the Warrant Agent, at American Stock Transfer & Trust
Company, 59 Maiden Lane, New York, New York 10038.

      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, the Warrant Agent, and their respective successors and assigns, and the
holders from time to time of the Warrant Certificates. Nothing in this 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 at the close of business on the Expiration
Date of all the Warrants of such earlier date upon which all Warrants have been
exercised, except that the Warrant Agent shall account to the Company for cash
held by it and the provisions of Section 15 hereof shall survive such
termination.

      SECTION 21. COUNTERPARTS.

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

                                       16
<PAGE>

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

                                     ROCKWELL MEDICAL TECHNOLOGIES,
                                     INC.

                                     /s/ Thomas E. Klema
                                     -------------------------------------------
                                     By: Thomas E. Klema
                                         ---------------------------------------
                                     It: Chief Financial Officer

                                     AMERICAN STOCK TRANSFER & TRUST
                                     COMPANY

                                     /s/ Herbert J. Lemmer
                                     -------------------------------------------
                                     By: Herbert J. Lemmer
                                         ---------------------------------------
                                     It: Vice President

                                       17