**Exhibit 14**

 

**SONTRA MEDICAL CORPORATION**

 

Code of Business Conduct and Ethics

 

This Code of Business Conduct and Ethics (the “Code”) sets forth legal and ethical standards of conduct for employees, officers and directors ofSontra Medical Corporation and its subsidiaries (the “Company”), including the Company’s principal executive officer and its senior financial officers (principal financial officer and controller or principal accounting officer, orpersons performing similar functions). This Code is intended to deter wrongdoing and to promote the conduct of all Company business in accordance with high standards of integrity and in compliance with all applicable laws and regulations. This Codeapplies to the Company and all of its subsidiaries and other business entities controlled by it worldwide.****

 

If you have any questions regarding this Code or its application to you in any situation, you should contact your supervisor or Sean Moran, ChiefFinancial Officer of Sontra. 

 

**Compliance with Laws, Rules and Regulations**

 

The Company requires that all employees, officers anddirectors comply with all laws, rules and regulations applicable to the Company wherever it does business. You are expected to use good judgment and common sense in seeking to comply with all applicable laws, rules and regulations and to ask foradvice when you are uncertain about them. 

 

If you become awareof the violation of any law, rule or regulation by the Company, whether by its employees, officers or directors, it is your responsibility to promptly report the matter to your supervisor or Sean Moran, Chief Financial Officer of Sontra. While it isthe Company’s desire to address matters internally, nothing in this Code should discourage you from reporting any illegal activity, including any violation of the securities laws, antitrust laws, environmental laws or any other federal, stateor foreign law, rule or regulation, to the appropriate regulatory authority. **Employees, officers and directors shall not discharge, demote, suspend, threaten, harass or in any other manner discriminate against an employee because he or she ingood faith reports any such violation.** This Code should not be construed to prohibit you from testifying, participating or otherwise assisting in any state or federal administrative, judicial or legislative proceeding or investigation.

 

**Conflicts of Interest**

 

Employees, officers and directors must act in the best interests of theCompany. You must refrain from engaging in any activity or having a personal interest that presents a “conflict of interest.” A conflict of interest occurs when your personal interest interferes with the interests of the Company. Aconflict of interest can arise whenever you, as an employee, officer or director, take action or have an interest that prevents you from performing your Company duties and responsibilities honestly, objectively and effectively. 

For example: 

 
 •No employee, officer or director shall perform services as a consultant, employee, officer, director, advisor or in any other capacity for, or have a financial interest in, acompetitor of the Company, other than services performed at the request of the Company and other than a financial interest representing less than one percent (1%) of the outstanding shares of a publicly held company; and 
 
 •No employee, officer or director shall use his or her position with the Company to influence a transaction with a supplier or customer in which such person has any personalinterest. 
 

It is your responsibility to discloseany material transaction or relationship that reasonably could be expected to give rise to a conflict of interest to Sean Moran, Chief Financial Officer of Sontra, or, if you are an executive officer or director, to the Board of Directors, who shallbe responsible for determining whether such transaction or relationship constitutes a conflict of interest. 

 

**Insider Trading**

 

Employees, officers and directors who have material non-public information about the Company or other companies, including our suppliers and customers, as a result of their relationship with the Company are prohibited by law and Companypolicy from trading in securities of the Company or such other companies, as well as from communicating such information to others who might trade on the basis of that information. To help ensure that you do not engage in prohibited insider tradingand avoid even the appearance of an improper transaction, the Company has adopted a specific policy governing trading in securities. This policy has been distributed to all employees, officers and directors and is otherwise available from SeanMoran, Chief Financial Officer of Sontra. 

 

**Confidentiality**

 

Employees, officers and directors must maintain the confidentiality ofinformation entrusted to them by the Company or other companies, including our suppliers and customers, except when disclosure is authorized by a supervisor or legally mandated. Unauthorized disclosure of any confidential information is prohibited.Additionally, employees should take appropriate precautions to ensure that confidential or sensitive business information, whether it is proprietary to the Company or another company, is not communicated within the Company except to employees whohave a need to know such information to perform their responsibilities for the Company. In the event you have executed a confidentiality agreement with the Company, such agreement imposes specific obligations and restrictions on you and suchobligations shall govern to the extent they are, in any way, contrary to the terms of this Code of Business Conduct and Ethics.****

 

Third parties may ask you for information concerning the Company. Employees, officers and directors (other than the Company’s authorizedspokespersons) must not discuss internal Company matters with, or disseminate internal Company information to, anyone outside the Company, except as required in the performance of their Company duties and after an appropriate confidentialityagreement is in place. This prohibition applies particularly to inquiries concerning the Company from the media, market professionals (such as securities analysts, institutional investors, investment advisers, brokers and dealers) and securityholders. All responses to inquiries on behalf of the Company must be made only by the Company’s authorized spokespersons. If you receive any inquiries of this nature, you must decline to comment and refer the inquirer to your supervisor or oneof the Company’s authorized spokespersons. 

 

You also mustabide by any lawful obligations that you have to any former employer. These obligations may include restrictions on the use and disclosure of confidential information, restrictions on the solicitation of former colleagues to work at the Company andnon-competition obligations. 

 

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**Honest and Ethical Conduct and Fair Dealing**

 

Keeping the best interests of the Company in mind, employees, officers and directors should endeavor to deal honestly,ethically and fairly with the Company’s suppliers, customers, competitors and employees. Statements regarding the Company’s products and services must not be untrue, misleading, deceptive or fraudulent. You must not take unfair advantageof anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts or any other unfair-dealing practice. 

 

**Protection and Proper Use of Corporate Assets**

 

Employees, officers and directors should seek to protect the Company’s assets. Theft, carelessness and waste have a direct impact on theCompany’s financial performance. Employees, officers and directors must use the Company’s assets and services solely for legitimate business purposes of the Company and not for any personal benefit or the personal benefit of anyone else.

 

Employees, officers and directors must advance theCompany’s legitimate interests when the opportunity to do so arises. You must not take for yourself opportunities that are discovered through your position with the Company or the use of property or information of the Company. 

 

**Gifts and Gratuities**

 

The use of Company funds or assets for gifts, gratuities or other favors to employees or government officials is prohibited,except to the extent such gifts are in compliance with applicable law, nominal in amount and not given in consideration or expectation of any action by the recipient. 

 

Employees, officers and directors must not accept, or permit any member of his or her immediate family to accept, any gifts,gratuities or other favors from any customer, supplier or other person doing or seeking to do business with the Company, other than items of nominal value. Any gifts that are not of nominal value should be returned immediately and reported to yoursupervisor. If immediate return is not practical, they should be given to the Company for charitable disposition or such other disposition as the Company believes appropriate in its sole discretion. 

 

Common sense and moderation should prevail in business entertainment engagedin on behalf of the Company. Employees, officers and directors should provide, or accept, business entertainment to or from anyone doing business with the Company only if the entertainment is infrequent, modest and intended to serve legitimatebusiness goals. 

 

Bribes and kickbacks are criminal acts,strictly prohibited by law. You must not offer, give, solicit or receive any form of bribe or kickback anywhere in the world. 

 

**Accuracy of Books and Records and Public Reports**

 

Employees, officers and directors must honestly and accurately report all business transactions. You are responsible for the accuracy of your records andreports. Accurate information is essential to the Company’s ability to meet legal and regulatory obligations. 

 

All Company books, records and accounts shall be maintained in accordance with all applicable regulations and standards and accurately reflect the truenature of the transactions they record. The financial statements of the Company shall conform to generally accepted accounting principles and the Company’s accounting policies. No undisclosed or unrecorded account or fund shall be establishedfor any purpose. No false or misleading entries shall be made in the Company’s books or records for any reason, and no disbursement of corporate funds or other corporate property shall be made without adequate supporting documentation (otherthan de minimis amounts). 

 

It is the policy of the Company toprovide full, fair, accurate, timely and understandable disclosure in reports and documents filed with, or submitted to, the Securities and Exchange Commission and in other public communications. 

 

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**Concerns Regarding Accounting or Auditing Matters**

 

Employees with concerns regarding questionable accounting or auditing matters or complaints regarding accounting, internalaccounting controls or auditing matters may confidentially, and anonymously if they wish, submit such concerns or complaints in writing to Sean Moran, Chief Financial Officer of Sontra. See “Reporting and Compliance Procedures.” All suchconcerns and complaints of a material nature will be forwarded to the Audit Committee of the Board of Directors. In any event, a complete record of all complaints will be provided to the Audit Committee each fiscal quarter. Any such concerns orcomplaints may also be communicated confidentially and, if you desire, anonymously, directly to any member of the Audit Committee of the Board of Directors. 

 

The Audit Committee will evaluate the merits of any concerns or complaints received by it and authorize such follow-up actions, if any, as it deemsnecessary or appropriate to address the substance of the concern or complaint. 

 

The Company will not discipline, discriminate against or retaliate against any employee who reports a complaint or concern (unless the employee is found to have knowingly and willfully made a false report).

 

**Waivers of this Code of Business Conduct and Ethics**

 

While some of the policies contained in this Code must be strictly adheredto and no exceptions can be allowed, in other cases exceptions may be possible. Any employee or officer who believes that an exception to any of these policies is appropriate in his or her case should first contact his or her immediate supervisor.If the supervisor agrees that an exception is appropriate, the approval of Sean Moran, Chief Financial Officer of Sontra must be obtained. Mr. Moran shall be responsible for maintaining a complete record of all requests for exceptions to any ofthese policies and the disposition of such requests. 

 

Anyexecutive officer, senior financial officer or director who seeks an exception to any of these policies should contact Sean Moran, Chief Financial Officer of Sontra. Any waiver of this Code for executive officers, senior financial officers ordirectors or any change to this Code that applies to executive officers, senior financial officers or directors may be made only by the Board of Directors of the Company and will be disclosed as required by law or stock market regulation.

 

**Reporting and Compliance Procedures**

 

Every employee, officer and director has the responsibility to askquestions, seek guidance, report suspected violations and express concerns regarding compliance with this Code. Any employee, officer or director who knows or believes that any other employee or representative of the Company has engaged or isengaging in Company-related conduct that violates applicable law or this Code should report such information to his or her supervisor or to Sean Moran, Chief Financial Officer of Sontra, as described below. You may report such conduct openly oranonymously without fear of retaliation. The Company will not discipline, discriminate against or retaliate against any employee who reports such conduct in good faith, whether or not such information is ultimately proven to be correct, or whocooperates in any investigation or inquiry regarding such conduct. Any supervisor who receives a report of a violation of this Code must immediately inform Sean Moran, Chief Financial Officer of Sontra. 

 

You may report violations of this Code, on a confidential or anonymous basis,by contacting Sean Moran, Chief Financial Officer of Sontra by fax (508-553-8760), mail (Sontra Medical Corporation, 10 Forge Parkway, Franklin, Massachusetts 02038) or e-mail (smoran@sontra.com). While we prefer that you identify yourselfwhen reporting violations so that we may follow up with you, as necessary, for additional information, you may remain anonymous if you wish. 

 

If Mr. Moran receives information regarding an alleged violation of this Code, he shall, as appropriate, (a) evaluate such information, (b) if the allegedviolation involves an executive officer, senior financial officer or a director, inform the Chief Executive Officer and Board of Directors of the alleged violation, (c) determine whether it is necessary to conduct an informal inquiry or a formalinvestigation and, if so, initiate such inquiry or investigation and (d) report the results of any such inquiry or investigation, together with a recommendation as to disposition of the 

 

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matter, to the Chief Executive Officer for action, or if the alleged violation involves an executive officer, seniorfinancial officer or a director, report the results of any such inquiry or investigation to the Board of Directors or a committee thereof. Employees, officers and directors are expected to cooperate fully with any inquiry or investigation by theCompany regarding an alleged violation of this Code. Failure to cooperate with any such inquiry or investigation may result in disciplinary action, up to and including discharge for cause. 

 

The Company shall determine whether violations of this Code have occurredand, if so, shall determine the disciplinary measures to be taken against any employee who has violated this Code. In the event that the alleged violation involves an executive officer, senior financial officer or a director, the Chief ExecutiveOfficer and the Board of Directors, respectively, shall determine whether a violation of this Code has occurred and, if so, shall determine the disciplinary measures to be taken against such executive officer, senior financial officer or director.

 

Failure to comply with the standards outlined in this Codewill result in disciplinary action including, but not limited to, reprimands, warnings, probation or suspension without pay, demotions, reductions in salary, discharge for cause and restitution. Certain violations of this Code may require theCompany to refer the matter to the appropriate governmental or regulating authorities for investigation or prosecution. Moreover, any supervisor who directs or approves of any conduct in violation of this Code, or who has knowledge of such conductand does not immediately report it, also will be subject to disciplinary action, up to and including discharge for cause. 

 

**Dissemination and Amendment**

 

This Code shall be distributed annually to each employee, officer and director of the Company, and each employee, officer and director shall certify thathe or she has received, read and understood the Code and has complied with its terms. 

 

The Company reserves the right to amend, alter or terminate this Code at any time for any reason. 

 

This document is not an employment contract between the Company and any of its employees, officers or directors and does not alter the Company’sat-will employment policy. 

 

*Approved by the Board of Directorsof Sontra Medical Corporation on February 4, 2004.*

 

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**Certification**

 

I,                                                         do hereby certify that: 

 

            (Print Name Above) 

 

1. I have received and carefully read the Code of Business Conduct and Ethics of Sontra Medical Corporation. 

 

2. I have had ample opportunity to ask questions and seek clarification withrespect to the Code of Business Conduct and Ethics of Sontra Medical Corporation. 

 

3. I understand the Code of Business Conduct and Ethics of Sontra Medical Corporation. 

 

4. I have complied and will continue to comply with the terms of the Code of Business Conduct and Ethics of Sontra Medical Corporation. 

 

Date:                        
   (Signature)
 

**EACH EMPLOYEE, OFFICER AND DIRECTORIS REQUIRED TO SIGN, DATE AND RETURN THIS CERTIFICATION TO SEAN MORAN, CHIEF FINANCIAL OFFICER OF SONTRA MEDICAL CORPORATION, WITHIN 10 DAYS OF ISSUANCE. FAILURE TO DO SO MAY RESULT IN DISCIPLINARY ACTION.**