<PAGE>
                                                                   Exhibit 10.62

THESE SECURITIES HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE
COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
"SECURITIES ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO
AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT
AND IN COMPLIANCE WITH APPLICABLE STATE SECURITIES OR BLUE SKY LAWS.

                               i-STAT CORPORATION

                                     WARRANT

Warrant No. [ ]                            Originally Issued: December ___, 2001

      i-STAT Corporation, a Delaware corporation (the "Company"), hereby
certifies that, for value received, [ ], or its registered assigns (the
"Holder"), is entitled to purchase from the Company up to a total of
[937,500](1) shares of common stock, par value $0.15 per share (the "Common
Stock"), of the Company (each such share, a "Warrant Share" and all such shares,
the "Warrant Shares"), at any time and from time to time from and after the date
hereof and through and including December ___, 2007(2) (the "Expiration Date"),
at an exercise price equal to $8.00 per share subject to adjustments provided in
Section 9 (the "Exercise Price").

            1. Definitions. In addition to the terms defined elsewhere in this
Warrant, capitalized terms that are not otherwise defined herein that are
defined in the Purchase Agreement have the meanings given to such terms in the
Securities Purchase Agreement, dated as of December 6, 2001, among the Company
and the Purchasers identified on the signature pages thereto (the "Purchase
Agreement").

            2. Registration of Warrant. The Company shall register this Warrant,
upon records to be maintained by the Company for that purpose (the "Warrant
Register"), in the name of the record Holder hereof from time to time. The
Company may deem and treat the registered Holder of this Warrant as the absolute
owner hereof for the purpose of any exercise hereof or any distribution to the
Holder, and for all other purposes, absent actual notice to the contrary.

            3. Registration of Transfers. The Company shall register the
transfer of any portion of this Warrant in the Warrant Register, upon surrender
of this Warrant, with the Form of Assignment attached hereto duly completed and
signed, to the Transfer Agent or to the Company at its address specified herein.
Upon any such registration or transfer, a new warrant to purchase Common Stock,
in substantially the form of this Warrant (any such new warrant, a "New
Warrant"), evidencing the portion of this Warrant so transferred shall be issued
to the transferee and a New Warrant evidencing the remaining portion of this
Warrant not so transferred, if any,

----------

(1) To be allocated among funds.

(2) To be the sixth anniversary of the Closing Date.
<PAGE>
shall be issued to the transferring Holder. The acceptance of the New Warrant by
the transferee thereof shall be deemed the acceptance by such transferee of all
of the rights and obligations of a holder of a Warrant.

            4. Exercise and Duration of Warrants. This Warrant shall be
exercisable by the registered Holder at any time and from time to time on or
after [December ____, 2001] to and including the Expiration Date. At 5:30 P.M.,
New York City time on the Expiration Date, the portion of this Warrant not
exercised prior thereto shall be and become void and of no value.

            5. Delivery of Warrant Shares.

                  (a) Upon delivery of the Form of Election to Purchase to the
Company (with the attached Warrant Shares Exercise Log) at its address for
notice set forth in Section 13 and upon payment of the Exercise Price multiplied
by the number of Warrant Shares that the Holder intends to purchase hereunder,
the Company shall promptly (but in no event later than three Business Days after
the Date of Exercise (as defined herein)) issue and deliver to the Holder, a
certificate for the Warrant Shares issuable upon such exercise with the legend
required pursuant to the terms of the Purchase Agreement, if any. Any person so
designated by the Holder to receive Warrant Shares shall be deemed to have
become holder of record of such Warrant Shares as of the Date of Exercise of
this Warrant. The Company shall, upon request of the Holder, if available, use
its best efforts to deliver Warrant Shares hereunder electronically through the
Depository Trust Corporation or another established clearing corporation
performing similar functions, provided, that, the Company may, but will not be
required to change its transfer agent if its current transfer agent cannot
deliver Warrant Shares electronically through the Depository Trust Corporation.
A "Date of Exercise" means the date on which the Holder shall have delivered to
the Company (i) the Form of Election to Purchase attached hereto (with the
Warrant Exercise Log attached to it), appropriately completed and duly signed
and (ii) payment of the Exercise Price for the number of Warrant Shares so
indicated by the Holder to be purchased.

                  (b) If the Company fails to deliver to the Holder a
certificate or certificates representing the Warrant Shares pursuant to Section
5(a) by the fourth Trading Day after the Date of Exercise, then the Holder will
have the right to rescind such exercise.

                  (c) In addition to any other rights available to the Holder,
if the Company fails to deliver to the Holder a certificate or certificates
representing the Warrant Shares pursuant to Section 5(a) by the fourth Trading
Day after the Date of Exercise, and if after such fourth Trading Day the Holder
purchases (in an open market transaction or otherwise) shares of Common Stock to
deliver in satisfaction of a sale by the Holder of the Warrant Shares which the
Holder anticipated receiving upon such exercise (a "Buy-In"), then the Company
shall pay (1) in cash to the Holder the amount by which (x) the Holder's total
purchase price (including brokerage commissions, if any) for the shares of
Common Stock so purchased exceeds (y) the amount obtained by multiplying (A) the
number of Warrant Shares that the Company was required to deliver pursuant to
Section 5(b) to deliver to the Holder in connection with the exercise at issue
by (B) the closing bid price of the Common Stock at the time of the obligation
giving rise to such purchase obligation and (2) at the option of the Holder,
either reinstate the portion of the Warrant and equivalent number of Warrant
Shares for which such


                                       2
<PAGE>
exercise was not honored or deliver to the Holder the number of shares of Common
Stock that would have been issued had the Company timely complied with its
exercise and delivery obligations under Section 5(b). For example, if the Holder
purchases Common Stock having a total purchase price of $11,000 to cover a
Buy-In with respect to an attempted exercise of shares of Common Stock with a
market price on the date of exercise totaled $10,000, under clause (A) of the
immediately preceding sentence the Company shall be required to pay the Holder
$1,000. The Holder shall provide the Company written notice indicating the
amounts payable to the Holder in respect of the Buy-In.

                  (d) The Company's obligations to issue and deliver Warrant
Shares in accordance with the terms hereof are absolute and unconditional,
irrespective of any action or inaction by the Holder to enforce the same, any
waiver or consent with respect to any provision hereof, the recovery of any
judgment against any Person or any action to enforce the same, or any setoff,
counterclaim, recoupment, limitation or termination, or any breach or alleged
breach by the Holder or any other Person of any obligation to the Company or any
violation or alleged violation of law by the Holder or any other Person, and
irrespective of any other circumstance which might otherwise limit such
obligation of the Company to the Holder in connection with the issuance of
Warrant Shares. If the Company breaches its obligations under this Warrant,
then, in addition to any other liabilities the Company may have hereunder and
under applicable law, the Company shall pay or reimburse the Holder on demand
for all costs of collection and enforcement (including reasonable attorneys fees
and expenses).

            6. Charges, Taxes and Expenses. Issuance of certificates for shares
of Common Stock upon exercise of this Warrant shall be made without charge to
the Holder for any issue or transfer tax, withholding tax, transfer agent fee or
other incidental tax or expense in respect of the issuance of such certificates,
all of which taxes and expenses shall be paid by the Company; provided, however,
that the Company shall not be required to pay any tax which may be payable in
respect of any transfer involved in the registration of any certificates for
Warrant Shares or Warrants in a name other than that of the Holder. The Holder
shall be responsible for all other tax liability that may arise as a result of
holding or transferring this Warrant or receiving Warrant Shares upon exercise
hereof.

            7. Replacement of Warrant. If this Warrant is mutilated, lost,
stolen or destroyed, the Company shall issue or cause to be issued in exchange
and substitution for and upon cancellation hereof, or in lieu of and
substitution for this Warrant, a New Warrant, but only upon receipt of evidence
reasonably satisfactory to the Company of such loss, theft or destruction and
customary and reasonable indemnity, if requested. Applicants for a New Warrant
under such circumstances shall also comply with such other reasonable
regulations and procedures and pay such other reasonable third-party costs as
the Company may prescribe.

            8. Reservation of Warrant Shares. The Company covenants that it will
at all times reserve and keep available out of the aggregate of its authorized
but unissued and otherwise unreserved Common Stock, solely for the purpose of
enabling it to issue Warrant Shares upon exercise of this Warrant as herein
provided, the number of Warrant Shares which are then issuable and deliverable
upon the exercise of this entire Warrant, free from preemptive rights or any
other contingent purchase rights of persons other than the Holder (taking into
account the adjustments and restrictions of Section 9). The Company covenants
that all Warrant


                                       3
<PAGE>
Shares so issuable and deliverable shall, upon issuance and the payment of the
applicable Exercise Price in accordance with the terms hereof, be duly and
validly authorized, issued and fully paid and nonassessable.

            9. Certain Adjustments. The Exercise Price and number of Warrant
Shares issuable upon exercise of this Warrant are subject to adjustment from
time to time as set forth in this Section 9.

                  (a) Stock Dividends and Splits. If the Company, at any time
while this Warrant is outstanding: (i) pays a stock dividend on its Common Stock
or otherwise makes a distribution on any class of capital stock that is payable
in shares of Common Stock, (ii) subdivides outstanding shares of Common Stock
into a larger number of shares, or (iii) combines outstanding shares of Common
Stock into a smaller number of shares, then in each such case the Exercise Price
shall be multiplied by a fraction of which the numerator shall be the number of
shares of Common Stock outstanding immediately before such event and of which
the denominator shall be the number of shares of Common Stock outstanding
immediately after such event. Any adjustment made pursuant to clause (i) of this
paragraph shall become effective immediately after the record date for the
determination of stockholders entitled to receive such dividend or distribution,
and any adjustment pursuant to clause (ii) or (iii) of this paragraph shall
become effective immediately after the effective date of such subdivision or
combination.

                  (b) Pro Rata Distributions. If the Company, at any time while
this Warrant is outstanding, distributes to all holders of Common Stock (i)
evidences of its indebtedness, (ii) any security (other than a distribution of
Common Stock covered by the preceding paragraph), (iii) rights or warrants to
subscribe for or purchase any security, or (iv) any other asset (in each case,
"Distributed Property"), then in each such case the Exercise Price in effect
immediately prior to the record date fixed for determination of stockholders
entitled to receive such distribution shall be adjusted (effective on such
record date) to equal the product of such Exercise Price times a fraction of
which the denominator shall be such Exercise Price and of which the numerator
shall be such Exercise Price less the then fair market value of the Distributed
Property distributed in respect of one outstanding share of Common Stock, as
determined by the Company's Board of Directors in good faith. If the Holder
shall dispute the findings of the Company's Board of Directors, then such fair
market value shall be determined by the Company's independent certified public
accountants that regularly examine the financial statements of the Company. As
an alternative to the foregoing adjustment to the Exercise Price, at the request
of the Holder delivered before the 90th day after such record date, the Company
will deliver to such Holder, within five Trading Days after such request (or, if
later, on the effective date of such distribution), the Distributed Property
that such Holder would have been entitled to receive in respect of the Warrant
Shares for which this Warrant could have been exercised immediately prior to
such record date.

                  (c) Fundamental Transactions. If, at any time while this
Warrant is outstanding: (i) the Company effects any merger or consolidation of
the Company with or into another Person, (ii) the Company effects any sale of
all or substantially all of its assets in one or a series of related
transactions, (iii) any tender offer or exchange offer (whether by the Company
or another Person) is completed pursuant to which holders of Common Stock are
permitted to tender or exchange their shares for other securities, cash or
property, or (iv) the Company effects


                                       4
<PAGE>
any reclassification of the Common Stock or any compulsory share exchange
pursuant to which the Common Stock is effectively converted into or exchanged
for other securities, cash or property (in any such case, a "Fundamental
Transaction"), then the Holder shall have the right thereafter to receive, upon
exercise of this Warrant, the same amount and kind of securities, cash or
property as it would have been entitled to receive upon the occurrence of such
Fundamental Transaction if it had been, immediately prior to such Fundamental
Transaction, the holder of the number of Warrant Shares then issuable upon
exercise in full of this Warrant (the "Alternate Consideration"). The aggregate
Exercise Price for this Warrant will not be affected by any such Fundamental
Transaction, but the Company shall apportion such aggregate Exercise Price among
the Alternate Consideration in a reasonable manner reflecting the relative value
of any different components of the Alternate Consideration. If holders of Common
Stock are given any choice as to the securities, cash or property to be received
in a Fundamental Transaction, then the Holder shall be given the same choice as
to the Alternate Consideration it receives upon any exercise of this Warrant
following such Fundamental Transaction. At the Holder's request, any successor
to the Company or surviving entity in such Fundamental Transaction shall issue
to the Holder a new warrant consistent with the foregoing provisions and
evidencing the Holder's right to purchase the Alternate Consideration for the
aggregate Exercise Price upon exercise thereof. The terms of any agreement
pursuant to which a Fundamental Transaction is effected shall include terms
requiring any such successor or surviving entity to comply with the provisions
of this paragraph (c) and insuring that the Warrant (or any such replacement
security) will be similarly adjusted upon any subsequent transaction analogous
to a Fundamental Transaction.

                  (d) Subsequent Equity Sales.

                        (i) If, at any time while this Warrant is outstanding,
the Company or any Subsidiary issues (x) additional shares of Common Stock or
(y) rights, warrants, options or other securities or debt convertible,
exercisable or exchangeable for shares of Common Stock or otherwise entitling
any Person to acquire shares of Common Stock (collectively, "Common Stock
Equivalents") at a price per share of Common Stock (the "Effective Price") less
than the Exercise Price then in effect (subject to equitable adjustment for
stock splits, combinations, dividends and similar events), then, at the option
of the Holder, the Exercise Price shall be reduced to equal the Effective Price.
The Exercise Price shall be readjusted to the Exercise Price that was in effect
immediately prior to the issuance of such Common Stock Equivalents on the fifth
(5th) Trading Day following the delivery to the Holder(s) by the Company of a
written notice stating that a Common Stock Equivalent Termination Event has
occurred. A Common Stock Equivalent Termination Event shall mean that all Common
Stock Equivalents, the issuance of which gave rise to such adjustment in the
Exercise Price, shall have expired or terminated in full without any of such
Common Stock Equivalent having been exercised, exchanged, converted, repurchased
or redeemed.

                        (ii) If, at any time while this Warrant is outstanding,
the Company or any Subsidiary issues Common Stock Equivalents with an Effective
Price that floats or resets or otherwise varies or is subject to adjustment
based on market prices of the Common Stock (a "Floating Price Security"), then
for purposes of applying the preceding paragraph in connection with any
subsequent exercise, the Effective Price will be determined separately on each
Exercise Date and will be deemed to equal the lowest Effective Price at which
any holder of


                                       5
<PAGE>
such Floating Price Security is entitled to acquire shares of Common Stock on
such Exercise Date (regardless of whether any such holder actually acquires any
shares on such date).

                        (iii) Notwithstanding the foregoing, no adjustment will
be made under this paragraph (d) in respect of: (i) the issuance of shares of
Common Stock or the granting of options, restricted stock awards or similar
equity incentive awards to employees, officers and directors of the Company at
an exercise price not less than the Closing Price on the date immediately prior
to the date of award pursuant to any stock option plan duly adopted by the
Company or to the issuance of Common Stock upon exercise of such options, (ii)
the issuance of options, warrants, stock appreciation rights or shares of Common
Stock to bona fide consultants of the Company in payment of consulting fees of
up to an aggregate of $500,000 in any twelve month period based upon the
applicable Closing Price of the Common Stock, (iii) the issuance of Common Stock
or Common Stock Equivalents in connection with strategic alliances by the
Company that are approved by the Holders of a majority of the common stock
purchase warrants issued pursuant to the Securities Purchase Agreement, (iv) the
issuance of shares of Common Stock upon exercise of any warrant or option
permitted to be issued pursuant to Section 9(d)(ii), or (v) shares of Common
Stock issuable upon conversion of the Preferred Stock and exercise of other
common stock purchase warrants issued pursuant to the Purchase Agreement. For
purposes of this Agreement, Closing Price shall mean, for any date, the price
determined by the first of the following clauses that applies: (a) if the Common
Stock is then listed or quoted on an Eligible Market or any other national
securities exchange, the closing price per share of the Common Stock for such
date (or the nearest preceding date if there is no price on such date) at 4 P.M.
(local time for such Eligible Market or other national securities exchange) on
the primary Eligible Market or exchange on which the Common Stock is then listed
or quoted; (b) if prices for the Common Stock are then quoted on the OTC
Bulletin Board, the closing bid price per share of the Common Stock for such
date (or the nearest preceding date) so quoted; (c) if prices for the Common
Stock are then reported in the "Pink Sheets" published by the National Quotation
Bureau Incorporated (or a similar organization or agency succeeding to its
functions of reporting prices), the most recent bid price per share of the
Common Stock so reported; or (d) in all other cases, the fair market value of a
share of Common Stock as determined by an independent appraiser selected in good
faith by the Purchasers holding a majority of the Warrants.

                  (e) Number of Warrant Shares. Simultaneously with any
adjustment to the Exercise Price pursuant to paragraphs (a), (b) or (d) of this
Section, the number of Warrant Shares that may be purchased upon exercise of
this Warrant shall be increased proportionately, so that after such adjustment
the aggregate Exercise Price payable hereunder for the increased number of
Warrant Shares shall be the same as the aggregate Exercise Price in effect
immediately prior to such adjustment.

                  (f) Calculations. All calculations under this Section 9 shall
be made to the nearest cent or the nearest 1/100th of a share, as applicable.
The number of shares of Common Stock outstanding at any given time shall not
include shares owned or held by or for the account of the Company, and the
disposition of any such shares shall be considered an issue or sale of Common
Stock.


                                       6
<PAGE>
                  (g) Notice of Adjustments. Upon the occurrence of each
adjustment pursuant to this Section 9, the Company at its expense will promptly
compute such adjustment in accordance with the terms of this Warrant and prepare
a certificate setting forth such adjustment, including a statement of the
adjusted Exercise Price and adjusted number or type of Warrant Shares or other
securities issuable upon exercise of this Warrant (as applicable), describing
the transactions giving rise to such adjustments and showing in detail the facts
upon which such adjustment is based. Upon written request, the Company will
promptly deliver a copy of each such certificate to the Holder and to the
Company's Transfer Agent.

                  (h) Notice of Corporate Events. If the Company (i) declares a
dividend or any other distribution of cash, securities or other property in
respect of its Common Stock, including without limitation any granting of rights
or warrants to subscribe for or purchase any capital stock of the Company or any
Subsidiary, (ii) authorizes or approves, enters into any agreement contemplating
or solicits stockholder approval for any Fundamental Transaction or (iii)
authorizes the voluntary dissolution, liquidation or winding up of the affairs
of the Company, then the Company shall deliver to the Holder a notice describing
the material terms and conditions of such transaction, at least 20 calendar days
prior to the applicable record or effective date on which a Person would need to
hold Common Stock in order to participate in or vote with respect to such
transaction, and the Company will take all steps reasonably necessary in order
to insure that the Holder is given the practical opportunity to exercise this
Warrant prior to such time so as to participate in or vote with respect to such
transaction; provided, however, that the failure to deliver such notice or any
defect therein shall not affect the validity of the corporate action required to
be described in such notice.

            10. Payment of Exercise Price.

                  (a) The Holder shall pay the Exercise Price in one of the
following manners:

                        (i) Cash Exercise. The Holder may deliver immediately
available funds; or

                        (ii) Cashless Exercise. The Holder may satisfy its
obligation to pay the Exercise Price through a "cashless exercise," in which
event the Company shall issue to the Holder the number of Warrant Shares
determined as follows:

      X = Y [(A-B)/A]
      where:
      X = the number of Warrant Shares to be issued to the Holder.

      Y = the number of Warrant Shares with respect to which this Warrant is
      being exercised.

      A = the average of the Closing Prices for the five Trading Days
      immediately prior to (but not including) the Exercise Date.


                                       7
<PAGE>
      B = the Exercise Price.

                  (b) For purposes of Rule 144 promulgated under the Securities
Act of 1933, as amended, it is intended, understood and acknowledged that the
Warrant Shares issued in a cashless exercise transaction shall be deemed to have
been acquired by the Holder, and the holding period for the Warrant Shares shall
be deemed to have commenced, on the date this Warrant was originally issued
pursuant to the Purchase Agreement.

            11. Limitation on Exercise.

                  (a) Notwithstanding anything to the contrary contained herein,
the number of shares of Common Stock that may be acquired by any Holder upon any
exercise of this Warrant (or otherwise in respect hereof) shall be limited to
the extent necessary to insure that, following such exercise (or other
issuance), such Holder and its Affiliates and any other Persons whose beneficial
ownership of Common Stock would be aggregated with the Holder's for purposes of
Section 13(d) of the Exchange Act, do not beneficially own greater than 14.99%
of the Company's outstanding voting securities unless (i) the Standstill
Agreement, dated as of August 3, 1998, between the Company and Abbott
Laboratories has been terminated or has expired, in the case of a Holder that is
not an Institutional Investor and (ii) such conversion would not otherwise
trigger the Plan, in the case of any Holder. For purposes of this provision,
beneficial ownership shall be determined in accordance with Section 13(d) of the
Exchange Act and the rules and regulations promulgated thereunder. Each delivery
of an Exercise Notice hereunder will constitute a representation by the Holder
that it has evaluated the limitation set forth in this paragraph and determined
that issuance of the full number of Warrant Shares requested in such Exercise
Notice is permitted under this paragraph. The Company will have no obligation to
issue shares of Common Stock in excess of the limitation referred to in this
Section until such time, if any, as such shares of Common Stock may be issued in
compliance with such limitation.

                  (b) If the Exercise Price of the Warrants at the time of any
exercise hereunder is less than the closing sales price of the Common Stock on
the Trading Day immediately preceding the Closing Date, then the Company shall
not issue on exercise of the Warrants an aggregate number of shares in excess of
[4,011,956] shares of Common Stock (which equals 19.999% of the number of shares
of Common Stock outstanding on the Trading Day immediately preceding the
Original Issue Date) (subject to equitable adjustment for stock splits,
combinations, dividends and similar events) (such number of shares, the
"Issuable Maximum") unless the Company shall have theretofore (A) obtained the
vote of shareholders ("Shareholder Approval"), if any, as may be required by the
rules of the Nasdaq Stock Market (or successor thereto) applicable to approve
the issuance of Common Stock in excess of the Issuable Maximum in a private
placement whereby shares of Common Stock are deemed to have been issued at a
price that is less than the greater of book or fair market value of the Common
Stock, or (B) obtained an exemption from the requirement for Shareholder
Approval from the Nasdaq Stock Market.

            12. Fractional Shares. The Company shall not be required to issue or
cause to be issued fractional Warrant Shares on the exercise of this Warrant. If
any fraction of a Warrant Share would, except for the provisions of this
Section, be issuable upon exercise of this Warrant,


                                       8
<PAGE>
the Company shall pay an amount in cash equal to the average of the Closing
Prices of the Common Stock for the five Trading Days immediately prior to (but
not including) the Exercise Date multiplied by such fraction; provided that,
unless the Holder requests otherwise, no payment shall be required pursuant to
this sentence until the aggregate amount payable exceeds $1,000, at which time
all previously deferred payments shall be made.

            13. Notices. Any and all notices or other communications or
deliveries hereunder (including without limitation any Exercise Notice) shall be
in writing and shall be deemed given and effective on the earliest of (i) the
date of transmission, if such notice or communication is delivered via facsimile
at the facsimile number specified in this Section prior to 5:30 p.m. (New York
City time) (with confirmation of transmission) on a Trading Day, (ii) the next
Trading Day after the date of transmission, if such notice or communication is
delivered via facsimile at the facsimile number specified in this Section on a
day that is not a Trading Day or later than 5:30 p.m. (New York City time) (with
confirmation of transmission) on any Trading Day, (iii) the Trading Day
following the date of mailing, if sent by nationally recognized overnight
courier service (next day delivery specified), or (iv) upon actual receipt by
the party to whom such notice is required to be given. The addresses for such
communications shall be: (i) if to the Company, to 104 Windsor Center Drive,
East Windsor, NJ 08520, Facsimile No.: (609) 243-9311, attention Chief Financial
Officer, or (ii) if to the Holder, to the address or facsimile number appearing
on the Warrant Register or such other address or facsimile number as the Holder
may provide to the Company in accordance with this Section.

            14. Warrant Agent. First Union National Bank shall serve as warrant
agent under this Warrant. Upon 30 days' notice to the Holder, the Company may
appoint a new warrant agent. Any corporation into which the Company or any new
warrant agent may be merged or any corporation resulting from any consolidation
to which the Company or any new warrant agent shall be a party or any
corporation to which the Company or any new warrant agent transfers
substantially all of its corporate trust or shareholders services business shall
be a successor warrant agent under this Warrant without any further act. Any
such successor warrant agent shall promptly cause notice of its succession as
warrant agent to be mailed (by first class mail, postage prepaid) to the Holder
at the Holder's last address as shown on the Warrant Register.

            15. Miscellaneous.

                  (a) This Warrant shall be binding on and inure to the benefit
of the parties hereto and their respective successors and assigns. Subject to
the preceding sentence, nothing in this Warrant shall be construed to give to
any Person other than the Company and the Holder any legal or equitable right,
remedy or cause of action under this Warrant. This Warrant may be amended only
in writing signed by the Company and the Holder and their successors and
assigns.

                  (b) All questions concerning the construction, validity,
enforcement and interpretation of this Agreement shall be governed by and
construed and enforced in accordance with the internal laws of the State of New
York, without regard to the principles of conflicts of law thereof. Each party
agrees that all legal proceedings concerning the interpretations, enforcement
and defense of the transactions contemplated by this Agreement (whether brought
against a party hereto or its respective affiliates, directors, officers,


                                       9
<PAGE>
shareholders, employees or agents) shall be commenced in the state and federal
courts sitting in the City of New York, Borough of Manhattan (the "New York
Courts"). Each party hereto hereby irrevocably submits to the exclusive
jurisdiction of the New York Courts for the adjudication of any dispute
hereunder or in connection herewith or with any transaction contemplated hereby
or discussed herein (including with respect to the enforcement of this
Agreement), and hereby irrevocably waives, and agrees not to assert in any suit,
action or proceeding, any claim that it is not personally subject to the
jurisdiction of any such court, or such New York Courts are improper or
inconvenient venue for such proceeding. Each party hereby irrevocably waives
personal service of process and consents to process being served in any such
suit, action or proceeding by mailing a copy thereof via registered or certified
mail or overnight delivery (with evidence of delivery) to such party at the
address in effect for notices to it under this Agreement and agrees that such
service shall constitute good and sufficient service of process and notice
thereof. Nothing contained herein shall be deemed to limit in any way any right
to serve process in any manner permitted by law. Each party hereto (including
its affiliates, agents, officers, directors and employees) hereby irrevocably
waives, to the fullest extent permitted by applicable law, any and all right to
trial by jury in any legal proceeding arising out of or relating to this
Agreement or the transactions contemplated hereby. If either party shall
commence an action or proceeding to enforce any provisions of this Agreement,
then the prevailing party in such action or proceeding shall be reimbursed by
the other party for its attorneys fees and other costs and expenses incurred
with the investigation, preparation and prosecution of such action or
proceeding.

                  (c) The headings herein are for convenience only, do not
constitute a part of this Warrant and shall not be deemed to limit or affect any
of the provisions hereof.

                  (d) In case any one or more of the provisions of this Warrant
shall be invalid or unenforceable in any respect, the validity and
enforceability of the remaining terms and provisions of this Warrant shall not
in any way be affected or impaired thereby and the parties will attempt in good
faith to agree upon a valid and enforceable provision which shall be a
commercially reasonable substitute therefor, and upon so agreeing, shall
incorporate such substitute provision in this Warrant.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK,
                             SIGNATURE PAGE FOLLOWS]


                                       10
<PAGE>
            IN WITNESS WHEREOF, the Company has caused this Warrant to be duly
executed by its authorized officer as of the date first indicated above.



                                    i-STAT CORPORATION


                                    By:
                                       -----------------------------------------
                                    Name:
                                    Title:


                                       11
<PAGE>
                          FORM OF ELECTION TO PURCHASE

(To be executed by the Holder to exercise the right to purchase shares of Common
Stock under the foregoing Warrant)

To i-STAT Corporation:

            The undersigned hereby irrevocably elects to purchase _____________
shares of common stock, $0.15 par value per share, of i-STAT Corporation (the
"Common Stock") and , if such Holder is not utilizing the cashless exercise
provisions set forth in this Warrant, encloses herewith $________ in cash,
certified or official bank check or checks, which sum represents the aggregate
Exercise Price (as defined in the Warrant) for the number of shares of Common
Stock to which this Form of Election to Purchase relates, together with any
applicable taxes payable by the undersigned pursuant to the Warrant.

            The Exercise Price applicable to the purchase hereunder equals
$___________.

            By its delivery of this Form of Election To Purchase, the Holder
represents and warrants to the Company that in giving effect to the exercise
evidenced hereby the Holder will not beneficially own in excess of the number of
shares of Common Stock (determined in accordance with Section 13(d) of the
Securities Exchange Act of 1934) permitted to be owned under Section 11 of this
Warrant to which this notice relates.


                                       12
<PAGE>
            The undersigned requests that certificates for the shares of Common
Stock issuable upon this exercise be issued in the name of

                                    PLEASE INSERT SOCIAL SECURITY OR
                                    TAX IDENTIFICATION NUMBER



-----------------------------------------------------
(Please print name and address)



----------------------------------------------------- Dated: [ ]
Name of Holder:


(Print)
       ------------------------------------

(By:)
     --------------------------------------


(Name:)


(Title:)


(Signature must conform in all respects to
name of holder as specified on the face of
the Warrant)


                                       13
<PAGE>
                           WARRANT SHARES EXERCISE LOG


<TABLE>
<CAPTION>
---------------------------------------------------------------
Date          Number of         Number of        Number of
              Warrant Shares    Warrant Shares   Warrant
              Available to be   Exercised        Shares
              Exercised                          Remaining to
                                                 be Exercised
<S>           <C>               <C>              <C>


----------------------------------------------------------------



----------------------------------------------------------------
</TABLE>


                                       14
<PAGE>
                               FORM OF ASSIGNMENT

[To be completed and signed only upon transfer of Warrant]

            FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
transfers unto ________________________________ the right represented by the
within Warrant to purchase ____________ shares of Common Stock of i-STAT
Corporation to which the within Warrant relates and appoints ________________
attorney to transfer said right on the books of i-STAT Corporation with full
power of substitution in the premises.

Dated: _______________, ____



                                    _______________________________________
                                    (Signature must conform in all respects
                                    to name of holder as specified on
                                    the face of the Warrant)

                                    ________________________________

                                    Address of Transferee
                                    ________________________________

                                    ________________________________

                                    In the presence of:

                                    _______________________________________


                                       15