Document:

EX-10.15

Exhibit 10.15

CONSENT AND AMENDMENT

Reference is made to (i) the Note Purchase Agreement, dated as of August 4, 1998, as amended
by that First Amendment to Note Purchase Agreement, dated as of April 7, 2003, and further amended
by that Second Amended and Limited Waiver to Note Purchase Agreement, dated as of August 13, 2003,
(as amended, the “NPA”), among Diametrics Medical, Inc. (the “Company”) and the noteholders parties
thereto (collectively, the “Noteholders”), (ii) those Convertible Senior Secured Fixed Rate Notes
due August 4, 2005 of the Company issued to the Noteholders pursuant to the NPA, each as amended by
that certain Allonge to First Amended and Restated Convertible Senior Secured Fixed Rate Notes
dated August 13, 2003, and as further amended by that Limited Waiver and Amendment, dated as of
January 14, 2004 (as amended, collectively, the “Notes”), and (iii) the Stock Purchase Warrants of
the Company dated April 7, 2003 issued to the Noteholders, each as amended by that certain Limited
Waiver and Amendment, dated as of January 14, 2004 and as further amended by that certain Consent
and Amendment dated May 28, 2004 (as amended, collectively, the “Warrants”). Capitalized terms
used herein without definition shall be used as defined in the NPA.

This Consent and Amendment is being signed in connection with and as a condition precedent to
the issuance of up to $3,000,000 in aggregate principal amount of convertible notes to be issued
pursuant to that certain Subscription Agreement dated December 14, 2004 (the “New Notes”) among the
Company and the purchasers parties thereto, a copy of which is attached hereto as Exhibit A
(the “Subscription Agreement”). Each of the Noteholders concurrently herewith are entering into
that certain Limited Standstill Agreement and that certain Subordination Agreement, the forms of
which are attached as exhibits to the Subscription Agreement. The Company and each Noteholder
hereby agrees as follows:

1. With respect to the issuance of the New Notes, the Noteholders agree to waive the
restrictions on the incurrence of additional “Debt” and payment of interest and principal in
connection therewith set forth in Section 6.7 of the NPA, and further agree that such issuance
shall not be deemed to be a “Redemption Event” for purposes of Section 4.3 of the NPA, as such
terms are defined in the NPA. The Noteholders also agree that the proceeds of the New Notes shall
not be used in connection with any mandatory payment on the Notes pursuant to Section 4.5 of the
Notes. The Noteholders further acknowledge and agree that neither (i) the issuance of the New
Notes and any related liens on the assets of the Company as security therefore as required by the
terms of the Subscription Agreement, nor (ii) the liquidation of Diametrics Medical, Ltd. shall be
deemed to be an “Event of Default” for purposes of Section 8.1 of the NPA and the Notes, so long as
(1) BCC Acquisition II, LLC as agent for the benefit of the Noteholders (together with its
successors and assigned, the “Agent”), holds a valid and perfected security interest in all assets
of the Company (including stock of its subsidiaries) and its subsidiaries, which security interest
has priority over all other creditors of the Company and its subsidiaries other than the security
interests granted to the holders of the New Notes as contemplated by the Subscription Agreement and
(2) at such time as the New Notes are paid in full or otherwise discharged, the Agent will hold a
valid, first priority security interest in such collateral.

2. The Noteholders hereby consent to defer, for purposes of Section 9.1(r) of the Subscription
Agreement, until the New Notes are no longer outstanding, (a) the Company’s obligation to make
interest payments pursuant to Section 3.1 of the Notes (including those interest payments
originally due on December 31, 2003, March 31, 2004, June 30, 2004 and September 30, 2004, payment
of which was deferred until December 31, 2004), (b) the Company’s obligation to make principal
payments on the Notes when due, and (c) the Company’s obligation to reimburse the Noteholders for
certain reasonable out-of-pocket expenses pursuant to Section 13.1 of the NPA, payment of which was
deferred until December 31, 2004 (other than as provided in Section 9.1(e) of the Subscription
Agreement), and, in each case, the Noteholders further consent to defer any right to default
interest provided under Section 3.2 of the Notes with respect to the interest and principal
payments deferred under this Section 2.

3. Section 5.1 of the NPA is amended in its entirety to read as follows:

“Section 5.1 Conversion. Subject to and upon compliance with the provisions of
this Article V and subject to Section 4.4 hereof, the Holder of any Notes shall have the
right, at its option, at any time, to convert any Note or any portion of the principal
amount thereof which is $1,000 or an integral multiple of $1,000 into fully paid and
nonassessable shares of Common Stock at the conversion price of $0.02 per share of Common
Stock, subject to adjustment as set forth below, by surrendering the Notes to be converted,
in the manner provided in Section 5.2.”

4. Section 5.6 of the NPA is amended in its entirety to read as follows:

“Section 5.6 Conversion Price. For purposes of this Article V, the conversion
price shall be $0.02 in principal amount per share of Common Stock for the Notes, subject in
each case to adjustment as provided below (as applicable, the “Conversion Price”).”

5. Each Noteholder acknowledges and agrees that, notwithstanding the terms of Section 5.9 of
the NPA, the Company will not, as of the date hereof and until the Approval (as defined in the
Subscription Agreement) of an increase in additional authorized shares of Company common stock is
received, have authorized and reserved sufficient shares of common stock to provide for the
conversion in full of the Notes, and will not convert the Notes for more than 2,013,431 shares in
the aggregate currently reserved for the benefit of the Noteholders until such additional shares
are available. The Company covenants to file a preliminary proxy statement for a meeting of the
Company shareholders relating to the Approval with the Commission on or before December 30, 2004
(“Proxy Filing Date”). The Company further covenants to use its reasonable best efforts to obtain
the Approval not later than 90 days from the Proxy Filing Date.

6. The Purchase Price, as defined in the Warrants, is hereby amended to be $0.025 per share of
Common Stock.

7. The term “UK Security Agreements,” as defined in the Second Amendment and Limited Waiver to
Note Purchase Agreement, shall also be deemed to include that certain Debenture entered into
between TGC Research Limited, a company organized under the laws of the United Kingdom (“TGC”) and
BCC Acquisition II LLC as Agent dated as of December 15, 2004, and that certain Charge Over Shares
entered into between the Company and Acquisition II LLC as Agent dated as of December 15, 2004.

8. Except as amended hereby, all other terms and conditions of the NPA and the Notes and
Warrants remain in full force and effect.

9. The validity, construction and enforceability of this Consent and Amendment shall be
governed by the internal laws of the State of Minnesota, without regard to conflict of laws
principles.

10. This Consent and Amendment shall be binding upon the Company, the Noteholders and their
respective successors and assigns, and shall inure to the sole benefit of the Company, the
Noteholders and the successors and assigns of the Company and the Noteholders.

11. This Consent and Amendment shall be limited precisely as written and shall not be deemed
or otherwise construed to (i) constitute a waiver of any Default or Event of Default (except as may
be set forth herein) or (ii) prejudice any right, power or remedy which the Noteholders may now
have or may have in the future under or in connection with the NPA, the Notes and/or the Warrants
(after giving effect to this Consent and Amendment).

12. This Consent and Amendment may be executed in any number of counterparts and by the
different parties on separate counterparts, and each such counterparty shall be deemed to be an
original, but all such counterparts shall together constitute but one and the same document.

Dated: December 15, 2004.

THE COMPANY:

DIAMETRICS MEDICAL, INC.

	 	 	 
	By:

	 	/s/ David Kaysen

Name: David Kaysen

	 	 	 	Title: Chief Executive Officer and President

THE NOTEHOLDERS:

[see attached signature pages]

1

NOTEHOLDER:

BCC ACQUISITION II LLC

	 	 	 
	By:

Its:

By:

Its:

	 	THE BAY CITY CAPITAL FUND I, L.P.

Manager

Bay City Capital Management LLC

General Partner
	 
	 	 
	By:

Name:

Title:

	 	/s/ Fred Craves

Fred Craves

Managing Director

2

	 	 	 	NOTEHOLDER:

GERALD L. COHN REVOCABLE TRUST

	 	 	 
	By:

Name:

Title:

	 	/s/ Gerald L. Cohn

Gerald L. Cohn

Trustee

3

	 	 	 	NOTEHOLDER:

HANNAH S. AND SAMUEL A.

COHN MEMORIAL FOUNDATION

	 	 	 
	By:

Name:

Title:

	 	/s/ Thomas L. Burns

Thomas L. Burns

President

4

	 	 	 	NOTEHOLDER:

AEOW 96, LLC

By: Will K. Weinstein Revocable Trust DTD 2/27/90

	 	 	 
	Its:

	 	Member Manager
	 
	 	 
	By:

Its:

	 	/s/ Will K. Weinstein

Trustee
	 
	 	 

5EX-10.16

EXHIBIT 10.16

AMENDMENT

Reference is made to (i) the Subscription Agreement, dated as of May 28, 2004 (the
“Series G Subscription Agreement”), among Diametrics Medical, Inc. (the “Company”) and BCC
Acquisition II, LLC, Mercator Momentum Fund, LP, Mercator Momentum Fund III LP and Monarch Pointe,
Ltd. (collectively, the “Purchasers”), and (ii) the Common Stock Purchase Warrants of the Company
dated May 28, 2004, issued to the Purchasers (the “Series G Warrants”). Schedule A hereto
sets forth the number of Series G Warrants currently held by the Purchasers.

This Amendment is being signed in connection with and as a condition precedent to the issuance
of up to $3,000,000 in aggregate principal amount of convertible notes (the “Convertible Notes”) to
be issued pursuant to that certain Subscription Agreement dated December 14, 2004 among the Company
and the purchasers parties thereto.

The Company and each Purchaser hereby agree as follows:

1. Paragraph 1.1 of the Series G Warrants is hereby amended in its entirety to read as
follows:

“This Warrant is exercisable in whole or in part (but not as to any fractional share of
Common Stock), at any time and from time to time, but prior to 6:00 p.m. on the Expiration
Date set forth above.”

2. Paragraph 1.2 of the Series G Warrants is hereby amended in its entirety to provide that
the exercise price shall be $0.025 per share.

3. Each Purchaser acknowledges and agrees that any pledge of assets by the Company in
connection the issuance of the Convertible Notes shall not be deemed as a liquidation pursuant to
paragraph (d)(iii) of the Certificate of Designations of Series G Convertible Preferred Stock of
the Company.

4. Except as hereby amended, all other terms of the Series G Subscription Agreement and the
Series G Warrants remain in full force and effect.

5. The validity, construction and enforceability of this Amendment shall be governed by the
internal law of the State of Minnesota, without regard to conflict of law principles.

6. This Amendment may be executed in any number of counterparts and by the different parties
on separate counterparts, and each such counterpart shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same document.

7. This Amendment shall be binding upon the Company, the Purchasers and their respective
successors and assigns, and shall inure to the sole benefit of the Company, the Purchasers and the
successors and assigns of the Company and the Purchasers.

	 	 	 
	Dated: December 15, 2004

	 	DIAMETRICS MEDICAL, INC.

By: /s/ David B. Kaysen

Name: David B. Kaysen

Title: President and CEO
	 
	 	 
	
 
	 	BCC ACQUISITION II, LLC

By: /s/ Fred Craves

Name: Fred Craves

Title: Managing Director, Bay City Capital

Management LLC
	 
	 	 
	
 
	 	MERCATOR MOMENTUM FUND, LP

By: /s/ David Firestone

Name: David Firestone

Title: Managing Member, Mercator Advisory

Group LLC
	 
	 	 
	
 
	 	MERCATOR MOMENTUM FUND III, LP

By: /s/ David Firestone

Name: David Firestone

Title: Managing Member, Mercator Advisory

Group LLC
	 
	 	 
	
 
	 	MONARCH POINTE, LTD.

By: /s/ David Firestone

Name: David Firestone

Title: Managing Member, Mercator Advisory

Group LLC
	 
	 	 
	
 
	 	MERCATOR ADVISORY GROUP, LLC

By: /s/ David Firestone

Name: David Firestone

Title: Managing Member
	 
	 	 

1

Schedule A

Series G Warrants

	 	 	 	 	 
	BCC Acquisition II LLC
	 	 	1,000,000	 
	Mercator Momentum Fund, LP
	 	 	83,333	 
	Mercator Momentum Fund III, LP
	 	 	83,333	 
	Monarch Pointe, Ltd.
	 	 	83,334	 

2

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