Document:

EXHIBIT 10.14

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                          BIOMIMETIC THERAPEUTICS, INC.

                        2005 EMPLOYEE STOCK PURCHASE PLAN

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                                TABLE OF CONTENTS

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                                                                            ----
Section 1.    Purpose.........................................................1
Section 2.    Definitions.....................................................1
Section 3.    Eligibility.....................................................3
Section 4.    Offering Periods................................................3
Section 5.    Participation...................................................4
Section 6.    Payroll Deductions..............................................4
Section 7.    Grant of Option.................................................5
Section 8.    Exercise of Option..............................................5
Section 9.    Delivery........................................................6
Section 10.   Withdrawal......................................................6
Section 11.   Termination of Employment.......................................6
Section 12.   Interest........................................................6
Section 13.   Stock...........................................................6
Section 14.   Administration..................................................7
Section 15.   Designation of Beneficiary......................................7
Section 16.   Transferability.................................................8
Section 17.   Use of Funds....................................................8
Section 18.   Reports.........................................................8
Section 19.   Adjustments Upon Changes in Capitalization, Dissolution,
              Liquidation, Merger or Asset Sale...............................8
Section 20.   Amendment or Termination........................................9
Section 21.   Conditions Upon Issuance of Shares.............................10
Section 22.   Term of Plan...................................................10
Section 23.   Notices........................................................10

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                          BIOMIMETIC THERAPEUTICS, INC.

                        2005 EMPLOYEE STOCK PURCHASE PLAN

     Section 1. Purpose. The purpose of the BIOMIMETIC THERAPEUTICS, INC. 2005
EMPLOYEE STOCK PURCHASE PLAN (the "Plan") is to promote the interest of
BioMimetic Pharmaceuticals, Inc., a Delaware corporation (the "Company") and its
stockholders by providing employees of the Company and its Designated
Subsidiaries with an opportunity to purchase Common Stock of the Company through
accumulated payroll deductions. By encouraging stock ownership, the Company
seeks to attract, retain and motivate employees and to encourage them to devote
their best efforts to the business and financial success of the Company. It is
the intention of the Company to have the Plan qualify as an "Employee Stock
Purchase Plan" under Section 423 of the Code. The provisions of the Plan,
accordingly, shall be construed in a manner consistent with the requirements of
that section of the Code.

     Section 2. Definitions. For purposes of the Plan, the following capitalized
terms shall have the following meanings:

          2.1 "Board of Directors" or "Board" means the Board of Directors of
     the Company.

          2.2 "Code" means the Internal Revenue Code of 1986, as amended.

          2.3 "Committee" means the committee to be selected by the Board, and
     shall consist solely of two or more Board members who are not employees of
     the Company or any Subsidiary unless otherwise determined by the Board. If
     the Committee does not exist, or for any other reason determined by the
     Board, the Board shall be considered the Committee and may take any action
     under the Plan that would otherwise be the responsibility of the Committee.

          2.4 "Common Stock" means the common stock, $0.01 par value, of the
     Company.

          2.5 "Company" means BioMimetic Pharmaceuticals, Inc. and any
     Designated Subsidiary of the Company.

          2.6 "Compensation" means all base straight time gross earnings and
     commissions, but exclusive of payments for overtime, shift premium,
     incentive compensation, incentive payments, bonuses and other compensation.

          2.7 "Designated Subsidiary" means any Subsidiary that has been
     designated by the Board from time to time in its sole discretion as
     eligible to participate in the Plan.

          2.8 "Employee" means any individual who is an employee of the Company
     as the term is used in Treasury Regulation Section 1.423-2(e) and described
     in Treasury Regulation Section 1.421-1(h); PROVIDED, HOWEVER, EMPLOYEES WHO
     HAVE BEEN

     EMPLOYED LESS THAN ONE YEAR, EMPLOYEES WHOSE CUSTOMARY EMPLOYMENT WITH THE
     COMPANY IS TWENTY (20) HOURS OR LESS PER WEEK, AND EMPLOYEES WHOSE
     CUSTOMARY EMPLOYMENT WITH THE COMPANY IS FOR NOT MORE THAN FIVE (5) MONTHS
     IN ANY CALENDAR YEAR SHALL NOT BE DEEMED EMPLOYEES FOR THE PURPOSES OF THIS
     PLAN. For purposes of the Plan, the employment relationship shall be
     treated as continuing intact while the individual is on sick leave or other
     leave of absence approved by the Company. Where the period of leave exceeds
     90 days and the individual's right to reemployment is not guaranteed either
     by statute or by contract, the employment relationship shall be deemed to
     have terminated on the 91st day of such leave.

          2.9 "Enrollment Date" means the first Trading Day of each Offering
     Period.

          2.10 "Exercise Date" means the last Trading Day of each Offering
     Period.

          2.11 "Fair Market Value" means, as of any date, the value of Common
     Stock determined as follows:

               2.11.1 If the principal market for the Common Stock is a national
          securities exchange or the NASDAQ stock market, then the "Fair Market
          Value" as of that date shall be the mean between the lowest and
          highest reported sale prices of the Common Stock on that date on the
          principal exchange or market on which the Stock is then listed or
          admitted to trading.

               2.11.2 If sale prices are not available or if the principal
          market for the Stock is not a national securities exchange and the
          Common Stock is not quoted on the NASDAQ stock market, the average
          between the highest bid and lowest asked prices for the Common Stock
          on such day as reported on the NASDAQ OTC Bulletin Board Service or by
          the National Quotation Bureau, Incorporated or a comparable service.

               2.11.3 If the day is not a business day, and as a result,
          paragraphs 2.11.1 and 2.11.2 above are inapplicable, the "Fair Market
          Value" of the Stock shall be determined as of the next earlier
          business day. If paragraphs 2.11.1 and 2.11.2 above are otherwise
          inapplicable, then the "Fair Market Value" of the Stock shall be as
          determined in good faith by the Committee.

          2.12 "Highly Compensated Employee" has the same meaning as the term is
     used in Section 414(q) of the Code.

          2.13 "Offering Periods" means the period of approximately three (3)
     months during which an option shall be granted and may be exercised
     pursuant to the Plan, commencing on the first Trading Day on or after
     January 1st, April 1st, July 1st and October 1st of each year and
     terminating on the last Trading Day in the periods ending 3 months later
     from each beginning date; provided, however, that the first Offering Period
     under the Plan shall commence on the first Trading Day of the first January
     1st, April 1st, July 1st or October 1st which occurs after the closing of
     an initial public offering of the Company and shall end on the first
     Trading Day on or after three months after such

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     commencement date. The duration and timing of Offering Periods may be
     changed pursuant to Section 4 of this Plan.

          2.14 "Plan" means this 2005 Employee Stock Purchase Plan.

          2.15 "Purchase Price" means 85% of the Fair Market Value of a share of
     Common Stock on the Enrollment Date or on the Exercise Date of the current
     Offering Period, whichever is lower; provided however, that the Purchase
     Price may be adjusted by the Board pursuant to Section 20.

          2.16 "Reserves" means the number of shares of Common Stock covered by
     each option under the Plan that have not yet been exercised and the number
     of shares of Common Stock that have been authorized for issuance under the
     Plan but not yet placed under option.

          2.17 "Subsidiary" has the meaning set forth for "subsidiary
     corporation" in Section 424(f) of the Code, whereby a Subsidiary means any
     corporation (other than the employer corporation) in an unbroken chain of
     corporations beginning with the employer corporation if, at the time of the
     granting of the option, each of the corporations other than the last
     corporation in the unbroken chain owns stock possessing 50 percent or more
     of the total combined voting power of all classes of stock in one of the
     other corporations in such chain.

          2.18 "Trading Day" means a day on which national stock exchanges and
     the NASDAQ System are open for trading.

     Section 3. Eligibility.

          3.1 Any Employee who shall be employed by the Company on a given
     Enrollment Date shall be eligible to participate in the Plan.

          3.2 Notwithstanding any provision of the Plan to the contrary, no
     Employee shall be granted an option under the Plan: (i) to the extent that,
     immediately after the grant, such Employee (or any other person whose stock
     would be attributed to such Employee pursuant to section 424(d) of the
     Code) would own stock of the Company and/or hold outstanding options to
     purchase such stock possessing five percent (5%) or more of the total
     combined voting power or value of all classes of the stock of the Company
     or of any Subsidiary; or (ii) to the extent that his or her rights to
     purchase stock under all employee stock purchase plans of the Company and
     its Subsidiaries accrues at a rate which exceeds Twenty-Five Thousand
     Dollars ($25,000) of fair market value of such stock (determined at the
     time such option is granted) for each calendar year in which such option is
     outstanding at any time.

     Section 4. Offering Periods. The Plan shall be implemented by consecutive
Offering Periods with a new Offering Period commencing and ending as set forth
in Section 2.13, or on such other date as the Board shall determine, and
continuing thereafter until terminated in accordance with Section 20 hereof;
provided, however, that the first Offering Period under the Plan shall commence
pursuant to Section 2.13. The Board shall have the power to change the

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duration of Offering Periods (including the commencement dates thereof) with
respect to future offerings without shareholder approval if such change is
announced at least five (5) days prior to the scheduled beginning of the first
Offering Period to be affected thereafter.

     Section 5. Participation.

          5.1 An eligible Employee may become a participant in the Plan by
     completing a Subscription Agreement authorizing payroll deductions in the
     form of Exhibit A to this Plan and filing it with the Company's payroll
     office prior to the applicable Enrollment Date.

          5.2 Payroll deductions for a participant shall commence on the first
     payroll following the Enrollment Date after the Company receives the
     participant's Subscription Agreement and shall end on the last payroll in
     the Offering Period to which such Subscription Agreement is applicable,
     unless sooner terminated by the participant as provided in Section 10
     hereof.

     Section 6. Payroll Deductions.

          6.1 At the time a participant files his or her Subscription Agreement,
     he or she shall elect to have payroll deductions made on each payday during
     the Offering Period in an amount not exceeding fifteen (15%) of the
     Compensation that he or she receives on each payday during the Offering
     Period.

          6.2 All payroll deductions made for a participant shall be credited to
     his or her account under the Plan and shall be withheld in whole
     percentages only. A participant may not make any additional payments into
     such account.

          6.3 A participant may discontinue his or her participation in the Plan
     as provided in Section 10 hereof, or may increase or decrease the rate of
     his or her payroll deductions during the Offering Period by completing or
     filing with the Company a new Subscription Agreement authorizing a change
     in payroll deduction rate. The Board may, in its discretion, limit the
     number of participation rate changes during any Offering Period. The change
     in rate shall be effective with the first full payroll period following
     five (5) business days after the Company's receipt of the new Subscription
     Agreement unless the Company elects to process a given change in
     participation more quickly. A participant's Subscription Agreement shall
     remain in effect for successive Offering Periods unless terminated as
     provided in Section 10 hereof.

          6.4 Notwithstanding the foregoing, to the extent necessary to comply
     with Section 423(b)(8) of the Code and Section 3.2 hereof, a participant's
     payroll deductions may be decreased to zero percent (0%) at any time during
     an Offering Period. Payroll deductions shall recommence at the rate
     provided in such participant's Subscription Agreement at the beginning of
     the first Offering Period which is scheduled to end in the following
     calendar year, unless terminated by the participant as provided in Section
     10 hereof.

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          6.5 At the time the option is exercised, in whole or in part, or at
     the time some or all of the Company's Common Stock issued under the Plan is
     disposed of, the participant must make adequate provision for the Company's
     federal, state, or other tax withholding obligations, if any, which arise
     upon the exercise of the option or the disposition of the Common Stock. At
     any time, the Company may, but shall not be obligated to, withhold from the
     participant's Compensation the amount necessary for the Company to meet
     applicable withholding obligations, including any withholding required to
     make available to the Company any tax deductions or benefits attributable
     to sale or early disposition of Common Stock by the Employee.

     Section 7. Grant of Option. On the Enrollment Date of each Offering Period,
each eligible Employee participating in such Offering Period shall be granted an
option to purchase on the Exercise Date during such Offering Period (at the
applicable Purchase Price) up to a number of shares of the Company's Common
Stock determined by dividing such Employee's payroll deductions accumulated
prior to such Exercise Date and retained in the Participant's account as of the
Exercise Date by the applicable Purchase Price; provided that such purchase
shall be subject to the limitations set forth in Sections 3.2 and 13 hereof.
Exercise of the option shall occur as provided in Section 8 hereof, unless the
participant has withdrawn pursuant to Section 10 hereof. The option shall expire
on the last day of the Offering Period.

     Section 8. Exercise of Option.

          8.1 Unless a participant withdraws from the Plan as provided in
     Section 10 hereof, his or her option for the purchase of shares shall be
     exercised automatically on the Exercise Date, and the maximum number of
     full shares subject to option shall be purchased for such participant at
     the applicable Purchase Price with the accumulated payroll deductions in
     his or her account. No fractional shares shall be purchased; any payroll
     deductions accumulated in a participant's account which are not sufficient
     to purchase a full share shall be retained in the participant's account for
     the subsequent Offering Period, subject to earlier withdrawal by the
     participant as provided in Section 10 hereof. Any other monies left over in
     a participant's account after the Exercise Date shall be returned to the
     participant. During a participant's lifetime, a participant's option to
     purchase shares hereunder is exercisable only by him or her.

          8.2 If the Board determines that, on a given Exercise Date, the number
     of shares with respect to which options are to be exercised may exceed: (i)
     the number of shares of Common Stock that were available for sale under the
     Plan on the Enrollment Date of the applicable Offering Period; or (ii) the
     number of shares available for sale under the Plan on such Exercise Date,
     the Board may in its sole discretion: (x) provide that the Company shall
     make a pro rata allocation of the shares of Common Stock available for
     purchase on such Enrollment Date or Exercise Date, as applicable, in as
     uniform a manner as shall be practicable and as it shall determine in its
     sole discretion to be equitable among all participants exercising options
     to purchase Common Stock on such Exercise Date, and continue all Offering
     Periods then in effect; or (y) provide that the Company shall make a pro
     rata allocation of the shares available for purchase on such Enrollment
     Date or Exercise Date, as applicable, in as uniform a manner as shall be
     practicable and as it shall determine in its sole discretion to be
     equitable among all

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     participants exercising options to purchase Common Stock on such Exercise
     Date, and terminate any or all Offering Periods then in effect pursuant to
     Section 20 hereof. The Company may make pro rata allocation of the shares
     available on the Enrollment Date of any applicable Offering Period pursuant
     to the preceding sentence, notwithstanding any authorization of additional
     shares for issuance under the Plan by the Company's shareholders subsequent
     to such Enrollment Date.

     Section 9. Delivery. As promptly as practicable after each Exercise Date on
which a purchase of shares occurs, the Company shall arrange the delivery to
each participant, as appropriate, of a certificate representing the shares
purchased upon exercise of his or her option.

     Section 10. Withdrawal.

          10.1 A participant may withdraw all but not less than all the payroll
     deductions credited to his or her account and not yet used to exercise his
     or her option under the Plan at any time by giving written notice to the
     Company in the form of Exhibit B to this Plan. All of the participant's
     payroll deductions credited to his or her account shall be paid to such
     participant promptly after receipt of notice of withdrawal and such
     participant's option for the Offering Period shall be automatically
     terminated, and no further payroll deductions for the purchase of shares
     shall be made for such Offering Period. If a participant withdraws from an
     Offering Period, payroll deductions shall not resume at the beginning of
     the succeeding Offering Period unless the participant delivers to the
     Company a new Subscription Agreement.

          10.2 A participant's withdrawal from an Offering Period shall not have
     any effect upon his or her eligibility to participate in any similar plan
     which may hereafter be adopted by the Company or in succeeding Offering
     Periods which commence after the termination of the Offering Period from
     which the participant withdraws.

     Section 11. Termination of Employment. Upon a participant's ceasing to be
an Employee, for any reason, he or she shall be deemed to have elected to
withdraw from the Plan and the payroll deductions credited to such participant's
account during the Offering Period but not yet used to exercise the option shall
be returned to such participant or, in the case of his or her death, to the
person or persons entitled thereto under Section 15 hereof, and such
participant's option shall be automatically terminated. The preceding sentence
notwithstanding, a participant who receives payment in lieu of notice of
termination of employment shall be treated as continuing to be an Employee for
the participant's customary number of hours per week of employment during the
period in which the participant is subject to such payment in lieu of notice.

     Section 12. Interest. No interest shall accrue on the payroll deductions of
a participant in the Plan.

     Section 13. Stock.

          13.1 Subject to adjustment upon changes in capitalization of the
     Company as provided in Section 19 hereof, the maximum number of shares of
     the Company's

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     Common Stock which shall be made available for sale under the Plan shall be
     two hundred thousand (200,000) shares.

          13.2 The participant shall have no interest or voting right in shares
     covered by his option until such option has been exercised.

          13.3 Shares to be delivered to a participant under the Plan shall be
     registered in the name of the participant or in the name of the participant
     and his or her spouse jointly with the right or survivorship.

     Section 14. Administration. The Board or the Committee, as determined in
the sole discretion of the Board, shall administer the Plan. The Board or the
Committee shall have full and exclusive discretionary authority to construe,
interpret and apply the terms of the Plan, to determine eligibility and to
adjudicate all disputed claims filed under the Plan. Every finding, decision and
determination made by the Board or the Committee shall, to the full extent
permitted by law, be final and binding upon all parties.

     Section 15. Designation of Beneficiary.

          15.1 A participant, in its Subscription Agreement, may designate a
     beneficiary who is to receive any shares and cash, if any, from the
     participant's account under the Plan in the event of such participant's
     death subsequent to an Exercise Date on which the option is exercised but
     prior to delivery to such participant of such shares and cash. In addition,
     a participant may file a written designation of a beneficiary who is to
     receive any cash from the participant's account under the Plan in the event
     of such participant's death prior to exercise of the option. If a
     participant is married and the designated beneficiary is not the spouse,
     spousal consent shall be required for such designation to be effective.

          15.2 Such designation of beneficiary may be changed by the participant
     at any time by written notice. In the event of the death of a participant
     and in the absence of a beneficiary validly designated under the Plan who
     is living at the time of such participant's death, the Company shall
     deliver such shares and/or cash to the executor or administrator of the
     estate of the participant, or if no such executor or administrator has been
     appointed (to the knowledge of the Company), the Company, in its
     discretion, may deliver such shares and/or cash to the spouse or to any one
     or more dependents or relatives of the participant, or if no spouse,
     dependent or relative is known to the Company, then to such other person as
     the Company may designate.

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     Section 16. Transferability. Neither payroll deductions credited to a
participant's account nor any rights with regard to the exercise of an option or
to receive shares under the Plan may be assigned, transferred, pledged or
otherwise disposed of in any way (other than by will, the laws of descent and
distribution or as provided in Section 15 hereof) by the participant. Any such
attempt at assignment, transfer, pledge or other disposition shall be without
effect, except that the Company may treat such act as an election to withdraw
funds from an Offering Period in accordance with Section 10 hereof.

     Section 17. Use of Funds. All payroll deductions received or held by the
Company under the Plan may be used by the Company for any corporate purpose, and
the Company shall not be obligated to segregate such payroll deductions.

     Section 18. Reports. Individual accounts shall be maintained for each
participant in the Plan. Statements of account shall be given to participating
Employees at least annually, which statements shall set forth the amounts of
payroll deductions, the Purchase Price, the number of shares purchased and the
remaining cash balance, if any.

     Section 19. Adjustments Upon Changes in Capitalization, Dissolution,
Liquidation, Merger or Asset Sale.

          19.1 Changes in Capitalization. Subject to any required action by the
     shareholders of the Company, the Reserves, the maximum number of shares
     each participant may purchase each Purchase Period (pursuant to Section 7),
     as well as the price per share and the number of shares of Common Stock
     covered by each option under the Plan which has not yet been exercised
     shall be proportionately adjusted for any increase or decrease in the
     number of issued shares of Common Stock resulting from a stock split,
     reverse stock split, stock dividend, combination or reclassification of the
     Common Stock, or any other increase or decrease in the number of shares of
     Common Stock effected without receipt of consideration by the Company;
     provided, however, that conversion of any convertible securities of the
     Company shall not be deemed to have been "effected without receipt of
     consideration". Such adjustment shall be made by the Board, whose
     determination in that respect shall be final, binding and conclusive.
     Except as expressly provided herein, no issuance by the Company of shares
     of stock of any class, or securities convertible into shares of stock of
     any class, shall affect, and no adjustment by reason thereof shall be made
     with respect to, the number or price of shares of Common Stock subject to
     an option.

          19.2 Dissolution or Liquidation. In the event of the proposed
     dissolution or liquidation of the Company, the Offering Period then in
     progress shall be shortened by setting a new Exercise Date (the "New
     Exercise Date"), and shall terminate immediately prior to the consummation
     of such proposed dissolution or liquidation, unless provided otherwise by
     the Board. The New Exercise Date shall be before the date of the Company's
     proposed dissolution or liquidation. The Board shall notify each
     participant in writing, at least ten (10) business days prior to the New
     Exercise Date, that the Exercise Date for the participant's option has been
     changed to the New Exercise Date and that the participant's option shall be
     exercised automatically on the New Exercise Date, unless

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     prior to such date the participant has withdrawn from the Offering Period
     as provided in Section 10 hereof.

          19.3 Merger or Asset Sale. In the event of a proposed sale of all or
     substantially all of the assets of the Company, or the merger of the
     Company with or into another corporation, each outstanding option shall be
     assumed or an equivalent option substituted by the successor corporation or
     a Parent or Subsidiary of the successor corporation. In the event that the
     successor corporation refuses to assume or substitute for the option, any
     Offering Periods then in progress shall be shortened by setting a new
     Exercise Date (the "New Exercise Date") upon which the Offering Period then
     in progress shall end. The New Exercise Date shall be before the date of
     the Company's proposed sale or merger. The Board shall notify each
     participant in writing, at least ten (10) business days prior to the New
     Exercise Date, that the Exercise Date for the participant's option has been
     changed to the New Exercise Date and that the participant's option shall be
     exercised automatically on the New Exercise Date, unless prior to such date
     the participant has withdrawn from the Offering Period as provided in
     Section 10 hereof.

     Section 20. Amendment or Termination.

          20.1 The Board of Directors of the Company may at any time and for any
     reason terminate or amend the Plan. Except as provided in Section 19
     hereof, no such termination can affect options previously granted, provided
     that an Offering Period may be terminated by the Board of Directors on any
     Exercise Date if the Board determines that the termination of the Offering
     Period or the Plan is in the best interests of the Company and its
     shareholders. Except as provided in Section 19 and this Section 20 hereof,
     no amendment may make any change in any option theretofore granted which
     adversely affects the rights of any participant. To the extent necessary to
     comply with Section 423 of the Code (or any successor rule or provision or
     any other applicable law, regulation or stock exchange rule), the Company
     shall obtain shareholder approval in such a manner and to such a degree as
     required.

          20.2 Without shareholder consent and without regard to whether any
     participant rights may be considered to have been "adversely affected," the
     Board (or its Committee) shall be entitled to change the Offering Periods,
     limit the frequency and/or number of changes in the amount withheld during
     an Offering Period, establish the exchange ratio applicable to amounts
     withheld in a currency other than U.S. dollars, permit payroll withholding
     in excess of the amount designated by a participant in order to adjust for
     delays or mistakes in the Company's processing of properly completed
     withholding elections, establish reasonable waiting and adjustment periods
     and/or accounting and crediting procedures to ensure that amounts applied
     toward the purchase of Common Stock for each participant properly
     correspond with amounts withheld from the participant's Compensation, and
     establish such other limitations or procedures as the Board (or its
     Committee) determines in its sole discretion advisable which are consistent
     with the Plan.

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          20.3 In the event the Board determines that the ongoing operation of
     the Plan may result in unfavorable financial accounting consequences, the
     Board may, in its discretion and, to the extent necessary or desirable,
     modify or amend the Plan to reduce or eliminate such accounting consequence
     including, but not limited to:

               20.3.1 altering the Purchase Price for any Offering Period
          including an Offering Period underway at the time of the change in
          Purchase Price;

               20.3.2 shortening any Offering Period so that Offering Period
          ends on a new Exercise Date, including an Offering Period underway at
          the time of the Board action; and

               20.3.3 allocating shares.

     Such modifications or amendments shall not require stockholder approval or
the consent of any Plan participants.

     Section 21. Conditions Upon Issuance of Shares. Shares shall not be issued
with respect to an option unless the exercise of such option and the issuance
and delivery of such shares pursuant thereto shall comply with all applicable
provisions of law, domestic or foreign, including, without limitation, the
Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as
amended, the rules and regulations promulgated thereunder, and the requirements
of any stock exchange upon which the shares may then be listed, and shall be
further subject to the approval of counsel for the Company with respect to such
compliance.

     As a condition to the exercise of an option, the Company may require the
person exercising such option to represent and warrant at the time of any such
exercise that the shares are being purchased only for investment and without any
present intention to sell or distribute such shares if, in the opinion of
counsel for the Company, such a representation is required by any of the
aforementioned applicable provisions of law.

     Section 22. Term of Plan. The Plan shall become effective upon the earlier
to occur of its adoption by the Board of Directors or its approval by the
shareholders of the Company. It shall continue in effect for a term of ten (10)
years unless sooner terminated under Section 20 hereof.

     Section 23. Notices. All notices or other communications by a participant
to the Company under or in connection with the Plan shall be deemed to have been
duly given when received in the form specified by the Company at the location,
or by the person, designated by the Company for the receipt thereof.

                                       10

                                    EXHIBIT A

                          BIOMIMETIC THERAPEUTICS, INC.

                        2005 EMPLOYEE STOCK PURCHASE PLAN

                             SUBSCRIPTION AGREEMENT

              Original Application Enrollment Date: ______________

__________ Change in Payroll Deduction Rate

__________ Change of Beneficiary(ies)

     1. I hereby elect to participate in the BioMimetic Therapeutics, Inc. 2005
Employee Stock Purchase Plan (the "Employee Stock Purchase Plan") and subscribe
to purchase shares of the Company's Common Stock in accordance with this
Subscription Agreement and the Employee Stock Purchase Plan.

     2. I hereby authorize payroll deductions from each paycheck in the amount
of ____% of my Compensation on each payday (FROM 1 TO _____%) during the
Offering Period in accordance with the Employee Stock Purchase Plan. (Please
note that no fractional percentages are permitted.)

     3. I understand that these payroll deductions shall be accumulated for the
purchase of shares of Common Stock at the applicable Purchase Price determined
in accordance with the Employee Stock Purchase Plan. I understand that if I do
not withdraw from an Offering Period, any accumulated payroll deductions will be
used to automatically exercise my option.

     4. I have received a copy of the complete Employee Stock Purchase Plan. I
understand that my participation in the Employee Stock Purchase Plan is in all
respects subject to the terms of the Plan. I understand that my ability to
exercise the option under this Subscription Agreement is subject to shareholder
approval of the Employee Stock Purchase Plan.

     5. Shares purchased for me under the Employee Stock Purchase Plan should be
issued in the name(s) of (Employee or Employee and Spouse
only):_______________________.

     6. I understand that if I dispose of any shares received by me pursuant to
the Plan within 2 years after the Enrollment Date (the first day of the Offering
Period during which I purchased such shares) or one year after the Exercise
Date, I will be treated for federal income tax purposes as having received
ordinary income at the time of such disposition in an amount equal to the excess
of the amount I received in such disposition over the price which I paid for the
shares. I hereby agree to notify the Company in writing within 30 days after the
date of any disposition of my shares and I will make adequate provision for
Federal, state or other tax withholding obligations, if any, which arise upon
the disposition of the Common Stock. The Company may, but will not be obligated
to, withhold from my compensation the amount necessary to meet any applicable
withholding obligation including any withholding necessary to

make available to the Company any tax deductions or benefits attributable to
sale or early disposition of Common Stock by me. If I dispose of such shares at
any time after the expiration of the 2-year and 1-year holding periods, I
understand that I will be treated for federal income tax purposes as having
received income only at the time of such disposition, and that such income will
be taxed as ordinary income only to the extent of an amount equal to the lesser
of: (l) the excess of the fair market value of the shares at the time of such
disposition over the purchase price which I paid for the shares; or (2) the
excess of the fair market value of the shares at the time the Enrollment Date
(the first day of the Offering Period during which I purchased such shares) over
the purchase price which I paid for the shares. The remainder of the gain, if
any, recognized on such disposition will be taxed as capital gain.

     7. I hereby agree to be bound by the terms of the Employee Stock Purchase
Plan. The effectiveness of this Subscription Agreement is dependent upon my
eligibility to participate in the Employee Stock Purchase Plan.

     8. In the event of my death, I hereby designate the following as my
beneficiary(ies) to receive all payments and shares due me under the Employee
Stock Purchase Plan:

NAME: (Please print)

_____________________________
(First) (Middle) (Last)

Relationship _______________________________

(Address)

_________________________________

_________________________________

_________________________________

Employee's Social Security Number: _______________________________

Employee's Address:

_________________________________

_________________________________

_________________________________

I UNDERSTAND THAT THIS SUBSCRIPTION AGREEMENT SHALL REMAIN IN EFFECT THROUGHOUT
SUCCESSIVE OFFERING PERIODS UNLESS TERMINATED BY ME.

Dated: ________________                       ----------------------------------
                                              Signature of Employee

Dated: ________________                       ----------------------------------
                                              Spouse's Signature (If beneficiary
                                              is other than spouse)

                                        2

                                    EXHIBIT B

                          BIOMIMETIC THERAPEUTICS, INC.

                        2000 EMPLOYEE STOCK PURCHASE PLAN

                              NOTICE OF WITHDRAWAL

     The undersigned participant in the Offering Period of the BioMimetic
Therapeutics, Inc. 2005 Employee Stock Purchase Plan which began on __________,
200__ (the "Enrollment Date") hereby notifies the Company that he or she hereby
withdraws from the Offering Period. He or she hereby directs the Company to pay
to the undersigned as promptly as practicable all the payroll deductions
credited to his or her account with respect to such Offering Period. The
undersigned understands and agrees that his or her option for such Offering
Period will be automatically terminated. The undersigned understands further
that no further payroll deductions will be made for the purchase of shares in
the current Offering Period and the undersigned shall be eligible to participate
in succeeding Offering Periods only by delivering to the Company a new
Subscription Agreement.

Name and Address of Participant: _______________________________

                                 _______________________________

                                 _______________________________

Signature:
           ------------------------------

Date:
      -----------------------------------Exhibit 10.15

                              EMPLOYMENT AGREEMENT

     This EMPLOYMENT AGREEMENT ("Agreement") made effective as of November 30,
2004 by and between BioMimetic Pharmaceuticals, Inc., a Delaware corporation
(the "Company"), and Dr. Samuel E. Lynch (the "Executive").

     In consideration of the mutual covenants contained in this Agreement, the
parties hereby agree as follows:

     1. Employment. The Company agrees to employ the Executive and the Executive
agrees to be employed by the Company as Chief Executive Officer and Chairman of
the Board and to be responsible for the typical management responsibilities
expected of an officer holding such position and such other responsibilities
customarily pertaining to such office as may be assigned to the Executive from
time to time by the Board of Directors of the Company (the "Board"), all for the
Period of Employment as provided in Section 2 below and upon the terms and
conditions provided in the Agreement. During the Period of Employment, the
Executive shall manage the Company for the improvement of shareholder value to
the best of his ability and perform faithfully the duties that may be assigned
to him from time to time in accordance herewith by the Board.

     2. Term. The period of Executive's employment under this Agreement, will
commence as of November 30, 2004, and shall continue through November 30, 2007,
subject to extension or termination as provided in this Agreement ("Period of
Employment"). On November 30, 2007 and each November 30 thereafter, the Period
of Employment may be extended for an additional one-year period, provided that
each party agrees to such extension in writing prior to the applicable
expiration date.

     3. Compensation. For all services rendered by the Executive in any capacity
during the Period of Employment, the Executive shall be compensated as follows:

          (a) Base Salary. The Company shall pay the Executive an annual base
     salary of $255,000 (the "Base Salary"). The Base Salary shall be payable
     according to the customary payroll practices of the Company but in no event
     less frequently than once every two weeks. The Base Salary shall be
     reviewed each fiscal period and shall be subject to increase according to
     the policies and practices adopted by the Company from time to time, and at
     the discretion of the Board.

          (b) Incentive Compensation Award. The Executive shall be eligible to
     receive an annual incentive cash bonus as may be granted by the Board or
     the Compensation Committee of the Board under any executive bonus or
     incentive plan in effect from time to time (the "Annual Incentive Award").
     The amount of any Annual Incentive Award shall be determined by the
     Compensation Committee based upon the satisfactory performance of goals set
     mutually by the Board and the Executive on an annual basis. In addition,
     within three months from the date of execution of this Agreement and at
     least annually thereafter, the Board or the Compensation Committee of the
     Board will review the Executive's performance and may award additional
     incentive compensation in the form of options to acquire Company Common
     Stock. Any such

     options awarded under an incentive plan will be in addition to those
     options specifically designated under Section 3 (c) below.

          (c) Stock Options. As set forth below, the Company will recommend that
     the Board grant to the Executive options (the "Options") to acquire one
     percent (1%) of the Company's Common Stock on a fully diluted basis as of
     the effective date of this Agreement (which shall include all outstanding
     Common Stock, Preferred Stock on an as converted basis, warrants and
     options and shares reserved for issuance pursuant to the Company's stock
     option plan). The Option grants shall be made to the Executive under the
     following terms and conditions: (i) one-half of the Option shares shall be
     granted upon the Company's receipt of FDA approval of the periodontal PDGF
     product, provided that such approval has been received on or before May 15,
     2008; and (ii) one-half of the Option shares shall be granted upon the
     Company's receipt of CE regulatory approval in Europe, provided that such
     approval has been received on or before May 15, 2008.

          Each such Option grant, if made, shall be made pursuant to an
     Incentive Stock Option Agreement ("ISO Agreement") between the Company and
     the Executive to the extent the Executive is eligible for incentive options
     under applicable tax laws and; with respect to any excess, or in the event
     the Executive is not eligible for incentive stock options, a Non-Qualified
     Stock Option Agreement ("NQSO Agreement") between the Company and the
     Executive. The ISO Agreement or NQSO Agreement, as applicable, will provide
     for vesting of each Option annually at the rate of 33.334% of the Option
     shares on each anniversary of the effective date of this Agreement. In all
     events each such Option shall be subject to the terms and conditions of the
     respective ISO Agreement or NQSO Agreement, as applicable, as well as the
     Company's 2001 Stock Option Plan, as the same may be amended from time to
     time.

          (d) Additional Benefits. The Executive will be entitled to participate
     in all employee benefit plans or programs and receive all benefits and
     perquisites for which any salaried employees are eligible under any
     existing or future plan or program established by the Company or its
     affiliates and available to any employees of the Company, including
     participation in any stock option plan. The Executive will participate to
     the extent permissible under the terms and provisions of such plans or
     programs in accordance with program provisions. These shall include, but
     not be limited to group hospitalization, health, dental care, participation
     in Company retirement and pension plans, life or other insurance and
     disability insurance. Nothing in this Agreement will preclude the Company
     or Company affiliates from amending or terminating any of the plans or
     programs applicable to salaried employees or senior executives as long as
     the total value of all benefits is not materially decreased. The Executive
     will be entitled to an annual paid vacation of four weeks per year.

     4. Business Expenses and Other Expenses. The Company will reimburse the
Executive for all reasonable travel and other business-related expenses and
obligations incurred by the Executive on behalf of the Company.

                                        2

     5. Disability.

          (a) In the event of the disability of the Executive during the Period
     of Employment, the Company will continue to pay the Executive according to
     the compensation provisions of this Agreement during the period of his
     disability, until such time as any long term disability insurance benefits
     accruing to the Executive are available. However, in the event the
     Executive is disabled for a continuous period of six months, or for a total
     of 90 or more nonconsecutive days in any 270-day period, the Company may
     terminate the employment of the Executive. In this case, normal
     compensation will cease, except for earned but unpaid Base Salary and his
     monthly Base Salary as in effect at the time of termination for a period of
     six (6) months.

          (b) During the period the Executive is receiving payments of either
     regular compensation or disability insurance described in this Agreement
     and to the extent reasonable considering the Executive's disability, the
     Executive will furnish information and assistance to the Company and from
     time to time will make himself available to the Company to undertake
     assignments consistent with his prior position with the Company. If the
     Company fails to make a payment or provide a benefit required as part of
     the Agreement, the Executive's obligation to furnish information and
     assistance will end.

          (c) The term "disability" will have the same meaning as under any
     disability insurance provided pursuant to this Agreement or otherwise.

     6. Death. In the event of the death of the Executive during the Period of
Employment, the Company's obligation to make payments under this Agreement shall
cease as of the date of death, except for earned but unpaid Base Salary. The
Executive's designated beneficiary will be entitled to receive the proceeds of
any life insurance or other death benefit programs that may be provided by the
Company.

     7. Effect of Termination of Employment.

          (a) If the Executive's employment terminates due to a Without Cause
     Termination, as defined below, or if the Company elects not to renew
     Executive's employment hereunder, the Company will provide the Executive
     the following severance benefits: (i) continuation of the Executive's Base
     Salary (and an amount equal to l/12th of the most recent annual bonus and
     incentive award) on the Company's regular payroll dates for a period equal
     to eighteen (18) months following the termination date; (ii) reimbursement
     to the Executive for the costs of the Executive's group medical insurance
     premiums for himself and his dependents for the 18-month period immediately
     following his termination (or COBRA if applicable). Earned but unpaid Base
     Salary through the date of termination will be paid in a lump sum at such
     time.

          (b) If the Executive's employment terminates due to Termination for
     Cause (as defined below), material breach of this Agreement by Executive,
     or expiration of the Period of Employment as a result of the failure of the
     Executive to agree to extension of the term of this Agreement, earned but
     unpaid Base Salary will be paid to the Executive

                                        3

     on the termination date. No other payments will be made or benefits
     provided by the Company.

          (c) For this Agreement, the following terms have the following
     meanings:

               (i) "Termination for Cause" means termination of the Executive's
          employment by the Board at any time after the occurrence of one or
          more of the following events, in each case as determined in good faith
          by the Board with Executive being afforded the opportunity of
          presenting his case to the Board: (a) the Executive's (i) willful
          misconduct or gross negligence in performance of his duties hereunder,
          or (ii) repeated refusal or failure to comply with the legal
          directives of the Board so long as such directives are not
          inconsistent with the Executive's position and duties, which is not
          remedied (if remediable) within twenty (20) working days after written
          notice from the Board, which written notice shall state that failure
          to remedy such conduct may result in Termination for Cause; or (b) the
          Executive's conviction of a felony or crime involving moral turpitude
          causing material harm to the standing and reputation of the Company.

               (ii) "Without Cause Termination" means termination of the
          Executive's employment (x) other than due to death, disability, or
          Termination for Cause, or (y) as a result of the resignation by
          Executive for "Good Reason," as defined below.

          (d) The Executive shall be entitled to receive benefits upon
     termination of his employment by the Company only as set forth in this
     Section 7 (and to the extent applicable, as set forth in Section 10). The
     Executive's entitlement to such termination benefits shall be conditioned
     upon the Executive's and Company's execution and delivery of a mutual
     general release of claims and the resignation of Executive from all of the
     Executive's positions with the Company and its affiliates, other than
     Executive's position as a member of the Board.

     8. Other Duties of the Executive During and After the Period of Employment.

          (a) The Executive will, with reasonable notice during or after the
     Period of Employment, furnish information as may be in his possession and
     cooperate with the Company as may reasonably be requested in connection
     with any claims or legal actions in which the Company is or may become a
     party.

          (b) The Executive recognizes and acknowledges that all non-public
     information pertaining to the affairs, business, clients, customers or
     other relationships of the Company, as hereinafter defined, is confidential
     and is a unique and valuable asset of the Company. Access to and knowledge
     of this information are essential to the performance of the Executive's
     duties under this Agreement. The Executive will not during the Period of
     Employment and for 12 months thereafter except to the extent reasonably
     necessary in performance of the duties under this Agreement, give to any
     person, firm, association, corporation or governmental agency any
     non-public information concerning the affairs, business, clients, customers
     or other relationships of

                                        4

     the Company, except as required by law. The Executive will not make use of
     this type of information for his own purposes or for the benefit of any
     person or organization other than the Company. All records, memoranda,
     etc., relating to the business of the Company, whether made by the
     Executive or otherwise coming into his possession, are confidential and
     will remain the property of the Company. Confidential information shall not
     include information that (i) becomes generally available to the public
     other than as a result of disclosure by the Executive, (ii) was available
     to the Executive on a non-confidential basis prior to disclosure to the
     Executive in connection with his duties to the Company, provided that the
     source of such information is not known to the Executive to be bound by a
     confidentiality agreement or other contractual obligation of
     confidentiality to the Company or (iii) becomes available to the Executive
     on a non-confidential basis from a source other than the Company (or any
     agent, employee or affiliate of Company) provided such source is not known
     to the Executive to be bound by a confidentiality agreement or other
     contractual obligation of confidentiality to the Company.

          (c) During the period of his employment and for a period of 12 months
     thereafter, the Executive will not engage, directly or indirectly, in any
     business activity or enterprise which is a "Competitive Activity." For
     purposes hereof, "Competitive Activity" means the making of investments in
     or the provision of capital to any enterprise, or to any person in
     connection with any enterprise, with respect in which the Company has
     invested or provided capital or proposed, in writing, to invest or provide
     capital during the term of the Executive's employment, or to pursue any
     similar investment opportunity with any individual or enterprise introduced
     to the Executive or Company directly in connection with the performance of
     the Executive's duties to the Company during the term of his employment, in
     each case in the area of health-care services. This restriction shall not
     apply to any investment opportunity that has been declined by the Company.
     The Executive acknowledges that the covenants contained herein are
     reasonable as to geographic and temporal scope.

          (d) The Executive acknowledges that his breach or threatened or
     attempted breach of any provision of this Section 8 would cause irreparable
     harm to the Company not compensable in monetary damages and that the
     Company shall be entitled, in addition to all other applicable remedies, to
     a temporary and permanent injunction and a decree for specific performance
     of the terms of this Section 8 without being required to prove damages or
     furnish any bond or other security.

          (e) The Executive shall not be bound by the provisions of this Section
     8 in the event of the default by the Company in its obligations under this
     Agreement that are to be performed upon or after termination of this
     Agreement.

          (f) For purposes of this Section 8, the "Company" shall include any
     person or entity that, directly or indirectly, controls or is controlled by
     the Company or is under common control with the Company.

      9. Indemnification; Litigation. The Company will indemnify the Executive
to the fullest extent permitted by the laws of the state of incorporation in
effect at that time, or certificate of incorporation and by-laws of the Company
whichever affords the greater protection

                                        5

to the Executive. The Executive will be entitled to reimbursement of any
reasonable fees or expenses incurred in connection with any action, suit or
proceeding to which he may be made a party by reason of being a director or
executive officer of the Company. The foregoing shall survive termination of the
Executive's employment or any future amendment or modification of the Company's
articles of incorporation or bylaws.

     10. Effect of Change in Control.

          (a) In the event there is a Change in Control (as defined below) and
     within the twelve (12) month period following such event Executive is
     terminated in a Without Cause Termination, the Company elects not to renew
     this Employment Agreement, or Executive elects to resign upon written
     notice to the Company following an event that constitutes Good Reason (as
     defined below), the Company shall pay to the Executive in a lump sum 100%
     of Executive's Annual Base Salary and most recent annual bonus and
     incentive award. In addition, all unvested stock options and restricted
     stock held by Executive shall be deemed fully vested on the date of such
     termination. Without limiting the foregoing, any Without Cause Termination
     or resignation for Good Reason that occurs within three (3) months prior to
     a Change in Control shall be deemed to be made in contemplation of such
     Change in Control. In addition, the Company shall pay Executive upon such
     termination or resignation, in exchange for Executive agreeing to not
     solicit any of the then current customers or employees of the Company for a
     period of twelve (12) months following his termination of employment, a
     lump sum payment of twelve (12) months of his Base Salary plus an amount
     equal to 100% of the most recent annual bonus and incentive award.

          (b) A "Change in Control" shall be deemed to have occurred if (i) a
     tender offer shall be made and consummated for the ownership of more than
     fifty percent (50%) of the outstanding voting securities of the Company,
     (ii) the Company shall be merged or consolidated with another corporation
     or entity and as a result of such merger or consolidation less than fifty
     percent (50%) of the outstanding voting securities of the surviving or
     resulting corporation or entity shall be owned in the aggregate by the
     former shareholders of the Company, as the same shall have existed
     immediately prior to such merger or consolidation, (iii) the Company shall
     sell all or substantially all of its assets to another corporation or
     entity which is not a wholly- owned subsidiary, or (iv) a person, within
     the meaning of Section 3(a)(9) or of Section 13 (d)(3) (as in effect on the
     date hereof) of the Securities and Exchange Act of 1934 ("Exchange Act"),
     shall acquire more than fifty percent (50%) of the outstanding voting
     securities of the Company (whether directly, indirectly, beneficially, or
     of record).

          (c) For purposes hereof, ownership of voting securities shall take
     into account and shall include ownership as determined by applying the
     provisions of Rule 13d-3(d)(1)(i) (as in effect on the date hereof)
     pursuant to the Exchange Act.

          (d) A resignation for "Good Reason" shall be deemed to have occurred
     if the Executive resigns his employment with the Company within sixty (60)
     days after the occurrence of any of the following events, to which the
     Executive has not expressly consented in writing: (i) a reduction in the
     Executive's Base Salary (other than one

                                        6

     applicable to all executive officers); (ii) a material reduction or change
     in job duties responsibilities and requirements inconsistent with the
     Executive's position with the Company and the Executive's prior duties,
     responsibilities, and requirements or a change in the Executive's reporting
     relationship such that Executive is no longer reporting to the Board; or
     (iii) a relocation of the Executive to a facility or location more than
     fifty (50) miles from the address of the Company's headquarters office as
     of the effective date of this Agreement.

     11. Withholding Taxes. The Company shall directly or indirectly withhold
from any payments under this Agreement all federal, state, city or other taxes
as required pursuant to any law or governmental regulation.

     12. Consolidation; Merger or Sale of Assets. Nothing in this Agreement
shall preclude the Company from consolidating or merging into or with, or
transferring all or substantially all of its assets to, another corporation that
assumes this Agreement and all obligations and undertakings of the Company
hereunder. Upon such a consolidation, merger or sale of assets, the term "the
Company" as used will mean the other corporation and this Agreement shall
continue in full force and effect.

     13. Modification. This Agreement may not be modified or amended except in
writing signed by the parties. No term or condition of this Agreement will be
deemed to have been waived, except in writing by the party charged with waiver.
A waiver shall operate only as to the specific term or condition waived and will
not constitute a waiver for the future or act on anything other than that which
is specifically waived.

     14. Effective Prior Agreements. This Agreement contains the entire
understanding between the Company and the Executive with respect to the subject
matter and supersedes any prior employment or severance agreements between the
Company and its affiliates, and the Executive.

     15. Governing Law. This Agreement has been executed and delivered in the
State of Tennessee and its validity, interpretation, performance and enforcement
shall be governed by the laws of that state.

     16. 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 postage prepaid by registered mail, return
receipt requested, or when delivered if by hand, overnight delivery service or
confirmed facsimile transmission, to the following:

          (a) If to the Company, at BioMimetic Pharmaceuticals, Inc., 330
     Mallory Station, Suite A-l, Franklin, Tennessee 37067 with a copy to Mark
     Manner, Harwell Howard Hyne Gabbert & Manner, 315 Deaderick Street, Suite
     1800, Nashville, Tennessee 37238, or at such other address as may have been
     furnished to the Executive by the Company in writing; or

          (b) If to the Executive, at 6015 Saddleview Dr., Franklin, Tennessee
     37067, or such other address as may have been furnished to the Company by
     the Executive in writing.

                                        7

     17. Binding Agreement. This Agreement shall be binding on the parties'
successor, heirs and assigns.

     IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the
date first above written.

                                    EXECUTIVE

                                    /s/ Samuel E. Lynch
                                    --------------------------------------------
                                    Dr. Samuel E. Lynch

                                    BIOMIMETIC PHARMACEUTICALS, INC.

                                    /s/ John Kim
                                    --------------------------------------------
                                    John Kim, Chair of Compensation Committee of
                                    Board of Directors

                                        8

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