Document:

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                                                                    EXHIBIT 10.2

                                                                  EXECUTION COPY

                          SECURITIES PURCHASE AGREEMENT

                                  by and among

                             TRIPATH IMAGING, INC.,

                                       and

                        MILLENNIUM PHARMACEUTICALS, INC.

                                       and

                                 mHOLDINGS TRUST

                            dated as of July 31, 2001

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                          SECURITIES PURCHASE AGREEMENT

         THIS SECURITIES PURCHASE AGREEMENT dated as of July 31, 2001 (the
"AGREEMENT") is made by and among TRIPATH IMAGING, INC. ("TRIPATH"), a
corporation organized under the laws of the State of Delaware having its
principal offices at 780 Plantation Drive, Burlington, NC 27215, MILLENNIUM
PHARMACEUTICALS, INC. ("MILLENNIUM"), a corporation organized under the laws of
the State of Delaware, having its principal offices at 75 Sidney Street,
Cambridge, Massachusetts 02139 and mHOLDINGS TRUST (the "TRUST"), a business
trust organized under the laws of the Commonwealth of Massachusetts and an
indirect, wholly-owned subsidiary of Millennium. The Trust and Millennium are
hereinafter collectively referred to as the "PURCHASERS" and each as a
"PURCHASER".

                                  R E C I T A L

         TriPath desires to sell to the Purchasers, and the Purchasers desire to
purchase from TriPath, shares of TriPath's common stock on the terms described
herein.

         NOW THEREFORE, in consideration of the premises and of the covenants
herein contained, the parties hereto mutually agree as follows:

         SECTION 1. Authorization for Sale of the Shares. Subject to the terms
and conditions of this Agreement, and in consideration of Millennium's entering
into the License Agreement (as defined in Section 6.5) and other good and
valuable consideration the receipt and sufficiency of which is hereby
acknowledged, TriPath has authorized the sale to the Purchasers of 400,000
shares of the Common Stock, par value $0.01 per share (the "COMMON STOCK"), of
TriPath at a purchase price per share of $0.01 USD. Collectively, the shares of
Common Stock which may be purchased pursuant to this Section 1 are referred to
herein as the "SHARES."

         SECTION 2. Sale of the Shares. TriPath shall sell to the Purchasers,
and the Purchasers shall purchase from TriPath, upon the terms and conditions
hereinafter set forth, the Shares for a cash purchase price (the "CASH AGGREGATE
PURCHASE PRICE") of $4,000.00 USD and such other consideration with respect to
Millenium's entering into the License Agreement.

         SECTION 3. Delivery of the Shares at the Closing. The closing of the
purchase and sale of the Shares (the "CLOSING") shall occur on July 31, 2001
(the "CLOSING DATE"). Subject to the terms and conditions of this Agreement, at
the Closing, Millennium shall pay to TriPath an amount in cash or by wire
transfer equal to the Cash Aggregate Purchase Price, and TriPath shall deliver
to Millennium one or more stock certificates representing the Shares, registered
in the name of the Trust.

         SECTION 4. Representations and Warranties of TriPath. TriPath
represents and warrants to the Purchasers except as described on the Schedules
delivered to the Purchasers by TriPath on the date hereof, as follows:

         4.1. Organization and Qualification. TriPath and each TriPath
Subsidiary (as defined below) is a corporation or other legal entity duly
organized, validly existing and in good standing under the laws of its
jurisdiction of organization and has corporate or similar power and authority

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to conduct its business as currently conducted. TriPath and each TriPath
Subsidiary is duly qualified and licensed as a foreign corporation to do
business, and is in good standing (and has paid all relevant franchise or
analogous taxes), in each jurisdiction where the character of its assets owned
or held under lease or the nature of its business makes such qualification
necessary, except where the failure to so qualify or be licensed could not,
individually or in the aggregate, reasonably be expected to have a material
adverse effect upon the financial condition, operating results, assets, customer
or supplier relations, employee relations or business prospects of TriPath and
TriPath Subsidiaries taken as a whole (an "MAE"). Schedule 4.1 sets forth a
complete and correct list of each TriPath Subsidiary. As used in this Agreement,
a "TRIPATH SUBSIDIARY" means a corporation, limited liability company,
partnership, business association, or other entity with respect to which TriPath
has, directly or indirectly, ownership of or rights with respect to securities
or other interests having the power to elect a majority of such entity's board
of directors or analogous or similar governing body, or otherwise having the
power to direct the management, business or policies of that corporation,
limited liability company, partnership, business association or other entity.

         4.2. Authorized Capital Stock. As of June 28, 2001, the authorized
capital stock of TriPath consisted of (a) 49,000,000 shares of Common Stock, of
which 34,325,362 are validly issued and outstanding, fully paid and
non-assessable, and (b) 1,000,000 shares of undesignated preferred stock, $0.01
par value per share, none of which are issued and outstanding. As of June 28,
2001, there were 4,571,325 shares of Common Stock reserved for issuance under
TriPath's 1996 Equity Incentive Plan (the "Equity Plan"), and options to
purchase 2,811,077 shares of Common Stock were outstanding as of such date under
the Equity Plan. As of June 28, 2001, there were 300,000 shares of Common Stock
reserved for issuance under TriPath's 1997 Director Stock Option Plan (the
"Director Plan"), and options to purchase 20,000 shares of Common Stock were
outstanding as of such date under the Director Plan. As of June 28, 2001, there
were 350,713 shares of Common Stock reserved for issuance upon exercise of
options to purchase 350,713 shares of Common Stock issued under the NeoPath 1989
Stock Option Plan (the "1989 Plan"), and which options were assumed by TriPath
in its acquisition of NeoPath, Inc. As of June 28, 2001, there were 124,156
shares of Common Stock reserved for issuance upon exercise of options to
purchase 124,156 shares of Common Stock issued under the NeoPath 1999 Plan (the
"1999 Plan"), and which options were assumed by TriPath in its acquisition of
NeoPath, Inc. As of June 28, 2001, there were 103,527 shares of Common Stock
reserved for issuance upon exercise of options to purchase 103,527 shares of
Common Stock issued under the NeoPath Director Plan (the "NeoPath Director
Plan"), and which options were assumed by TriPath in its acquisition of NeoPath,
Inc. As of June 28, 2001, there were warrants outstanding to purchase 5,302,283
shares of Common Stock at an average exercise price of $11.15 per share. All of
the issued and outstanding shares of TriPath's capital stock have been duly
authorized and validly issued and are fully paid and nonassessable and have been
issued in compliance with applicable Federal and state securities laws. TriPath
owns, either directly or indirectly through one or more TriPath Subsidiaries,
all of the capital stock or other equity interests of the TriPath Subsidiaries
free and clear of all liens, charges, claims, security interests, restrictions,
options, proxies, voting trusts or other encumbrances, other than transfer
restrictions imposed by applicable laws, statutes, rules, regulations, orders or
other restrictions of any court or governmental entity applicable to the
businesses conducted by TriPath and the TriPath Subsidiaries. Except as
described herein or on Schedule 4.2, (i) no subscription, warrant, option,
convertible security or other right (contingent or otherwise) granted by TriPath
or a TriPath

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Subsidiary to purchase or acquire any shares of TriPath's or a TriPath
Subsidiary's capital stock is authorized or outstanding, (ii) there is not any
commitment or offer of TriPath or a TriPath Subsidiary to issue any
subscription, warrant, option, convertible security or other such right or to
issue or distribute to holders of any shares of its capital stock, any evidences
of indebtedness or assets of TriPath or any TriPath Subsidiary, (iii) neither
TriPath nor any TriPath Subsidiary has any obligation (contingent or otherwise)
to purchase, redeem or otherwise acquire any shares of its capital stock or any
interest therein or to pay any dividend or make any other distribution in
respect thereof, and (iv) there are no restrictions on the transfer of TriPath's
or a TriPath Subsidiary's capital stock other than those arising from securities
laws or under this Agreement. Except as contemplated by this Agreement or
otherwise disclosed in Schedule 4.2, no person or entity is (i) entitled to any
preemptive or similar right with respect to the issuance of any capital stock of
TriPath or any TriPath Subsidiary, (ii) entitled to any rights with respect to
the registration of any capital stock of TriPath or any TriPath Subsidiary under
the Securities Act of 1933, as amended (the "SECURITIES ACT"), or (iii) to
TriPath's knowledge, a party to any voting trust, stockholders agreements,
proxies, agreements or other undertakings in effect with respect to the voting
or transfer of any of TriPath's or any TriPath Subsidiary's securities.

         4.3. Consents; Due Execution; Delivery and Performance of the
Agreement. TriPath's execution, delivery and performance of this Agreement (a)
has been duly authorized under Delaware law by all requisite corporate action by
TriPath, (b) will not violate any Law or the Restated Certificate of
Incorporation, as amended, or the Restated By-laws of TriPath or other
organizational documents of any TriPath Subsidiary or any provision of any
material indenture, mortgage, agreement, contract or other material instrument
to which TriPath or any TriPath Subsidiary is a party or by which any of their
respective properties or assets is bound as of the date hereof, (c) require any
consent by any person or entity under, constitute or result (upon notice or
lapse of time or both) in a breach of any term, condition or provision of, or
constitute a default or give rise to any right of termination or acceleration
under any such indenture, mortgage, agreement, contract or other material
instrument or result in the creation or imposition of any lien, security
interest, mortgage, pledge, charge or other encumbrance, of any material nature
whatsoever, upon any properties or assets of TriPath or any TriPath Subsidiary,
or (d) will not constitute a "Change in Control" of TriPath under any agreement,
contract or commitment to which an officer of TriPath and TriPath are parties or
under any of the Compensation and Benefit Plans (as hereinafter defined). The
issuance, sale and delivery of the Shares in accordance with this Agreement have
been duly authorized and reserved for issuance, as the case may be, by all
necessary corporate action on the part of TriPath. The Shares when so issued,
sold and delivered against payment therefor in accordance with the provisions of
this Agreement, will be duly and validly issued, fully paid and non-assessable.
Upon its execution and delivery, and assuming the valid execution thereof by the
Purchasers, the Agreement will constitute a valid and binding obligation of
TriPath, enforceable against TriPath in accordance with its terms, except as
enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting creditors' and contracting
parties' rights generally and except as enforceability may be subject to general
principles of equity (regardless of whether such enforceability is considered in
a proceeding in equity or at law).

         For purposes of this Agreement, "Compensation and Benefit Plans" shall
mean all bonus, vacation, deferred compensation, pension, retirement,
profit-sharing, thrift, savings, employee stock ownership, stock bonus, stock
purchase, restricted stock and stock option plans, all

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employment or severance contracts, all medical, dental, disability, health and
life insurance plans, all other material employee benefit and fringe benefit
plans, contracts or arrangements and any applicable "change of control" or
similar provisions in any plan, contract or arrangement sponsored, maintained or
contributed to by TriPath or any TriPath Subsidiary for the benefit of officers,
former officers, employees, former employees, directors, former directors, or
the beneficiaries of any of the foregoing or pursuant to which TriPath, any of
the TriPath Subsidiaries or any ERISA Affiliate has or may have any liability or
obligation, contingent or otherwise.4.4. Exempt Transaction. Subject to the
accuracy of the Purchasers' representations in Section 5 of this Agreement, the
issuance of the Shares will constitute a transaction exempt from the
registration requirements of Section 5 of the Securities Act in reliance upon
Regulation D under the Securities Act.

         4.5. Disclosure. Neither this Agreement nor the schedules hereto
contain any Untrue Statement of a material fact or omit to state a material fact
necessary in order to make each statement contained herein or therein not
misleading. There is no fact which TriPath has not disclosed to the Purchasers
in writing and of which any of its directors or executive officers is aware
(other than general economic conditions) and which has had or would reasonably
be expected to have an MAE. TriPath is not aware of any event occurring on or
prior to the Closing Date (other than the transactions effected hereby or in
connection herewith) that would require the filing of, or with respect to which
TriPath intends to file, a Form 8-K after such date. TriPath is not aware of any
fact, the occurrence or non-occurrence of which would materially impair its
ability to perform its obligations under the License Agreement, in accordance
with its terms, other than securing additional financing or general market
conditions.

         4.6. Additional Information. All Exchange Act Reports when filed did
not contain any Untrue Statement of a material fact or omit to state any
material fact required to be stated therein or necessary in order to make the
statements therein, in light of the circumstances in which they were made, not
misleading. TriPath has timely made all filings with the Securities and Exchange
Commission (the "SEC") which it is required to make, and TriPath has not
received any request from the SEC to file any amendment or supplement to any
such reports.

         4.7. No Material Changes. As of the date hereof, except as disclosed on
Schedule 4.7, there has been no event, occurrence, development or state of
circumstances or facts which has had or could reasonably be expected to have,
individually or in the aggregate, an MAE since the filing date of TriPath's last
Exchange Act Report.

         4.8. Governmental Consents. Except as disclosed in any Exchange Act
Report, no permit, consent, approval or authorization of, or declaration to or
filing with, any governmental authority or with NASDAQ is required, which has
not been obtained, in connection with the execution, delivery and performance by
TriPath of this Agreement, the consummation of any of the transactions
contemplated hereby, or the conduct or operation of the business of TriPath and
the TriPath Subsidiaries.

         4.9. Compliance with Laws; Litigation. Neither TriPath nor any TriPath
Subsidiary has violated any law or any governmental regulation or requirement
which violation could reasonably be expected to have an MAE. Except as disclosed
on Schedule 4.9, there is no claim, suit, litigation, investigation, arbitration
or other proceeding pending or threatened against

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TriPath, the TriPath Subsidiaries or any of its or their executive officers
which could reasonably be expected to have an MAE.

         4.10. Financial Statements. The audited consolidated balance sheet as
of December 31, 2000 and the related audited consolidated statement of
operations and cash flows for the year ended December 31, 2000, and the
unaudited interim consolidated balance sheet for the three months ended March
31, 2001 and the related unaudited interim consolidated statements of operations
and cash flows for the three months ended March 31, 2001, of TriPath and the
TriPath Subsidiaries as set forth in the applicable Exchange Act Report fairly
present, in conformity with GAAP applied on a consistent basis (except as may be
indicated in the notes thereto), the consolidated financial position of TriPath
and the TriPath Subsidiaries as of the dates thereof and their consolidated
results of operations and cash flows for the periods then ended (subject to
normal year-end adjustments in the case of any unaudited interim financial
statements). Neither TriPath nor any of the TriPath Subsidiaries has any
liability or obligation, except (i) liabilities and obligations in the
respective amounts reflected or reserved against in the consolidated balance
sheet of TriPath and the TriPath Subsidiaries as of March 31, 2001 or not
required under generally accepted accounting principles to be reflected in such
balance sheet, or (ii) liabilities and obligations incurred in the ordinary
course of business since March 31, 2001 which could not, individually or in the
aggregate, reasonably be expected to have an MAE.

         4.11. Material Contracts. Each of the agreements, contracts, leases and
commitments listed as an exhibit to any report filed by TriPath with the SEC is
a legal and valid agreement, binding on TriPath or a TriPath Subsidiary, as the
case may be, pursuant to its terms, and is in full force and effect, and none of
TriPath, such TriPath Subsidiary or, to the knowledge of TriPath, any other
party thereto is in default or breach, in each case in any material respect,
and, no event or circumstance with respect to any such agreement, contract,
lease or commitment has occurred that, with notice or lapse of time or both,
would reasonably be expected to constitute an MAE.

         4.12. Finder's Fees. There is no investment banker, broker, finder or
other intermediary which has been retained by or is authorized to act on behalf
of TriPath or any of its affiliates which might be entitled to any fee or
commission from TriPath or any of its affiliates upon consummation of the
transactions contemplated by this Agreement.

         4.13. Listing on NASDAQ. The Common Stock is listed for quotation on
the Nasdaq National Market ("NASDAQ"), and trading in the Common Stock on such
market has not been suspended. TriPath is in full compliance with the continued
listing criteria of Nasdaq, and does not reasonably anticipate that the Common
Stock will lose its listing on Nasdaq, whether by reason of the transactions
contemplated by this Agreement or the other transaction documents contemplated
hereby, or otherwise and is not aware of any inquiry by or received any notice
from Nasdaq, or any other self-regulatory or governmental entity, regarding any
failure or alleged failure by TriPath to comply with such criteria or any other
requirements of such entity or applicable law.

         4.14. S-3 Eligibility. As of the date of this Agreement, TriPath is
eligible to register securities for resale with the SEC under Form S-3
promulgated under the Securities Act.

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         SECTION 5. Representations and Warranties of the Purchaser.

         5.1. Investment Representations. Each Purchaser represents and warrants
to TriPath that:

                  (a) such Purchaser is knowledgeable, sophisticated and
experienced in making, and is qualified to make, decisions with respect to
investments in shares presenting an investment decision like that involved in
the purchase of the Shares, including investments in securities issued by
companies comparable to TriPath, and has requested, received, reviewed and
considered all information it deems relevant in making an informed decision to
purchase the Shares;

                  (b) such Purchaser is acquiring the Shares in the ordinary
course of its business and for its own account for investment only and with no
present intention of distributing any of such Shares or any arrangement or
understanding with any other persons regarding the distribution of such Shares.

                  (c) such Purchaser understands that the Shares are "restricted
securities" under the federal securities laws inasmuch as they are being
acquired from TriPath in an exempt transaction pursuant to Regulation D under
the Securities Act and that under such laws and applicable regulations such
securities may be resold without registration under the Securities Act only in
certain limited circumstances. In this connection each such Purchaser represents
that it is familiar with Regulation D and SEC Rule 144, as presently in effect,
and understands the resale limitations imposed thereby and by the Securities
Act;

                  (d) such Purchaser qualifies as an "accredited investor"
within the meaning of Rule 501(a)(3) of Regulation D promulgated under the
Securities Act, was not formed for the specific purpose of acquiring the Shares
and is domiciled in the Commonwealth of Massachusetts;

                  (e) such Purchaser agrees to resell the Shares only pursuant
to registration under the Securities Act, or pursuant to an available exemption
from registration and agrees not to engage in hedging transactions with regard
to such Securities unless in compliance with the Securities Act; and

                  (f) such Purchaser understands that the certificates
evidencing the Shares shall bear the following legend unless and until the
resale of the Shares pursuant to an effective Registration Statement or until
the Shares may be sold under Rule 144 without restrictions.

                  THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
                  ACT OF 1933. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED
                  OR HYPOTHECATED IN THE ABSENCE OF A REGISTRATION STATEMENT IN
                  EFFECT WITH RESPECT TO THE SECURITIES UNDER SUCH ACT , OR, AN
                  OPINION OF COUNSEL REASONABLY SATISFACTORY TO TRIPATH THAT
                  SUCH REGISTRATION IS NOT REQUIRED UNDER SUCH ACT. HEDGING
                  TRANSACTIONS INVOLVING

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                  THESE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE
                  WITH SUCH ACT.

         5.2. Due Execution, Delivery and Performance of the Agreement. Each
Purchaser further represents and warrants to, and covenants with, TriPath that
(a) such Purchaser is an entity duly organized and validly existing and in good
standing under the laws of its jurisdiction of organization and has full right,
power, authority and capacity to enter into this Agreement and to consummate the
transactions contemplated hereby and has taken all necessary action to authorize
the execution, delivery and performance of this Agreement, (b) the execution,
delivery and performance of this Agreement will not violate any law or the
charter documents of such Purchaser or any other corporation of which such
Purchaser owns at least 50% of the outstanding voting stock (a "PURCHASER
SUBSIDIARY") or any provision of any material indenture, mortgage, agreement,
contract or other material instrument to which such Purchaser or any Purchaser
Subsidiary is a party or by which such Purchaser, any Purchaser Subsidiary, or
any of their respective properties or assets is bound as of the date hereof, or
result in a breach of or constitute (upon notice or lapse of time or both) a
default under any such indenture, mortgage, agreement, contract or other
material instrument or result in the creation or imposition of any Encumbrance,
of any material nature whatsoever, upon any assets of such Purchaser or any
Purchaser Subsidiary, and (c) upon the execution and delivery of this Agreement,
and assuming the valid execution thereof by TriPath, this Agreement shall
constitute a valid and binding obligation of such Purchaser enforceable in
accordance with its terms, except as enforceability may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
creditors' and contracting parties' rights generally and except as
enforceability may be subject to general principles of equity (regardless of
whether such enforceability is considered in a proceeding in equity or at law).

         SECTION 6. Conditions to the Obligations of the Purchasers.

         The obligations of the Purchasers under this Agreement are subject to
the fulfillment, or the waiver by Millennium in its sole discretion, of the
conditions set forth in this Section 6 on or before the Closing Date.

         6.1. Accuracy of Representations and Warranties. Each representation
and warranty of TriPath contained in this Agreement shall be true on and as of
the Closing Date with the same effect as though such representation and warranty
had been made on and as of that date.

         6.2. Performance. TriPath shall have performed and complied with all
agreements and conditions contained in this Agreement required to be performed
or complied with by TriPath prior to or at the Closing.

         6.3. Opinion of Counsel. The Purchasers shall have received an opinion
from Palmer & Dodge LLP, counsel to TriPath, dated as of the Closing Date,
addressed to the Purchasers, and substantially in the form attached hereto as
Exhibit A.

         6.4. Consents and Approvals. TriPath shall have delivered to Millennium
all of the required consents or approvals.

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         6.5. License Agreement. TriPath and Millennium shall have executed the
Research Use License Agreement (Colon Cancer)(the "LICENSE AGREEMENT") dated as
of the date hereof, between Millennium and TriPath.

         6.6. Certificates and Documents. TriPath shall have delivered to
counsel to Millennium:

                  (a) a certificate of the Secretary or Assistant Secretary of
TriPath dated as of the Closing Date, certifying as to (i) the incumbency of
officers of TriPath executing this Agreement, the License Agreement and all
other documents executed and delivered in connection herewith, (ii) a copy of
the By-Laws of TriPath, as in effect on and as of the Closing Date, and (iii) a
copy of the resolutions of the Board of Directors of TriPath authorizing and
approving TriPath's execution, delivery and performance of this Agreement, the
License Agreement and all matters in connection with this Agreement, the License
Agreement and the transactions contemplated hereby and thereby;

                  (b) a certificate, executed by the President of TriPath as of
the Closing Date, certifying to the fulfillment of all of the conditions to
Millennium's obligations under this Agreement, as set forth in this Section 6.

         6.7. Other Matters. All corporate and other proceedings in connection
with the transactions contemplated at the Closing by this Agreement, and all
documents and instruments incident to such transactions, shall be reasonably
satisfactory in substance and form to Millennium and its counsel, and Millennium
and its counsel shall have received all such counterpart originals or certified
or other copies of such documents as they may reasonably request.

         SECTION 7. Conditions to the Obligations of TriPath.

         The obligations of TriPath under this Agreement are subject to the
fulfillment, or the waiver by TriPath in its sole discretion, of the conditions
set forth in this Section 7 on or before the Closing Date.

         7.1. Accuracy of Representations and Warranties. Each representation
and warranty of each Purchaser contained in this Agreement shall be true on and
as of the Closing Date with the same effect as though such representations and
warranties had been made on and as of that date.

         7.2. License Agreement. Millennium and TriPath shall have executed the
License Agreement.

         7.3. Performance. The Purchasers shall have performed and complied with
all agreements and conditions contained in this Agreement required to be
performed or complied with by the Purchasers prior to or at the Closing.

         7.4. Opinion of Counsel. TriPath shall have received an opinion from
Purchasers' counsel, dated as of the Closing Date, addressed to TriPath and
substantially in the form attached hereto as Exhibit B.

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         7.5. Certificates of Purchaser. Each Purchaser shall have delivered to
counsel for TriPath:

                  (a) a certificate of the Secretary or Assistant Secretary of
such Purchaser dated as of the Closing Date, certifying as to (i) the incumbency
of officers of such Purchaser executing this Agreement, the License Agreement
(as applicable) and all other documents executed and delivered in connection
herewith, (ii) a copy of the By-Laws or trust instrument of Millennium and the
Trust, as the case may be, as in effect on and as of the Closing Date, and (iii)
a copy of the resolutions of the Board of Directors of Millennium and the
trustees of the Trust, as the case may be, authorizing and approving such
Purchaser's execution, delivery and performance of this Agreement, the License
Agreement (as applicable) and all matters in connection with this Agreement, the
License Agreement (as applicable) and the transactions contemplated hereby and
thereby or otherwise generally authorizing such Purchaser's execution, delivery
and performance of agreements of the type of this Agreement; and

                  (b) a certificate, executed by the President or any Senior
Vice President of each of such Purchaser dated as of the Closing Date,
certifying to the fulfillment of all of the conditions to TriPath's obligations
under this Agreement, as set forth in this Section 7.

         7.6. Other Matters. All corporate and other proceedings in connection
with the transactions contemplated at the Closing by this Agreement, and all
documents and instruments incident to such transactions, shall be reasonably
satisfactory in substance and form to TriPath and its counsel, and TriPath and
its counsel shall have received all such counterpart originals or certified or
other copies of such documents as they may reasonably request.

         SECTION 8. Covenants of TriPath.

         8.1. Consummation of Agreement. TriPath shall use its reasonable best
efforts to perform and fulfill all conditions and obligations to be performed
and fulfilled by it under this Agreement and further to ensure that to the
extent in its control or capable of influence by it, no breach of any of its
representations, warranties and agreements hereunder or contemplated hereby
occurs or exists on or prior to the Closing to the end that the transactions
contemplated by this Agreement shall be fully carried out in a timely fashion.

         8.2. Registration of Shares.

                  (a) Registration on Form S-3. Subject to the terms and
conditions set forth below, TriPath will use its reasonable best efforts to file
with the SEC, within 15 days after the Closing Date, but in any event, not later
than 30 days after the Closing Date, a registration statement on Form S-3 (the
"REGISTRATION STATEMENT") under the Securities Act covering the resale of any
Registrable Shares (which term shall mean (i) the Shares and (ii) any other
shares of common stock held by the Purchasers or any affiliate (as such term is
defined in Section 144(a)(1) of Rule 144 under the Securities Act) of the
Purchasers on the date hereof), and will use its reasonable best efforts to
cause such Registration Statement to be declared effective by the SEC as soon as
possible thereafter, but in any event within 60 days thereafter, and to keep the
Registration Statement covering the Registrable Shares continuously effective
until the earliest of (i) the date on which the Registrable Shares covered by
such Registration Statement can be

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sold by Purchasers pursuant to Rule 144 in any three month period, (ii) the date
on which all the Registrable Shares covered by such Registration Statement have
been sold, or (iii) the first anniversary of the Closing Date. In connection
with the foregoing, TriPath covenants and agrees that it will:

                  (i) subject to Section 8.2(b), prepare and file with the SEC
such amendments and supplements to the Registration Statement and the prospectus
used in connection therewith as may be necessary to keep such Registration
Statement effective and to comply with the provisions of the Securities Act with
respect to the resale of the Registrable Shares covered by the Registration
Statement until such time as provided in Section 8.2(a) above;

                  (ii) furnish each Purchaser with such number of copies of such
prospectus as it may reasonably request in order to facilitate the resale of the
Registrable Shares;

                  (iii) file documents required of TriPath for blue sky
clearance in states specified in writing by the Purchasers; provided, however,
that TriPath shall not be required to qualify to do business or consent to
service of process in any jurisdiction in which it is now not so qualified or
has not so consented;

                  (iv) promptly give notice to the Purchasers (1) when a
Prospectus or prospectus supplement or amendment has been filed and, with
respect to the Registration Statement or a post-effective amendment, when the
same has become effective, (2) of any request by the SEC for amendments and
supplements to the Registration Statement or prospectus or for additional
information after the Registration Statement has become effective, (3) of the
issuance by the SEC of any stop order suspending the effectiveness of the
Registration Statement, and (4) of the happening of any event that makes any
statement made in the Registration Statement or related prospectus untrue or
that requires the making of any changes in the Registration Statement or
prospectus so that they will not contain any Untrue Statement of a material fact
or omit to state any material fact required to be stated therein or necessary to
make the statements therein, in light of the circumstances under which they were
made, not misleading; and

                  (v) bear all expenses in connection with the procedures set
forth in paragraphs (i) through (iv) of this Section 8.2(a) and the registration
of the Registrable Shares pursuant to the Registration Statement. The Purchasers
shall be responsible for any brokerage commissions and taxes of any kind
(including, without limitation, transfer taxes) with respect to any disposition,
sale or transfer of the Registrable Shares and for any legal, accounting and
other expenses incurred by the Purchasers.

                  (b) Suspension Period. Upon receipt of a notice under clauses
(2) through (4) of Section 8.2(b)(iv), the Purchasers shall forthwith
discontinue disposition of the Registrable Shares pursuant to the Registration
Statement until its receipt of copies of the applicable supplemented or amended
prospectus contemplated by Section 8.2(b)(ii) or until the Purchasers are
advised in writing by TriPath that the use of the prospectus may be resumed,
and, if so directed by TriPath, the Purchasers shall deliver to TriPath all
copies, other than one permanent file copy, of the prospectus at the time of
receipt of such notice. TriPath shall use reasonable best efforts to take such
actions, within 60 days after the delivery of a notice under clause (2) through

                                       10
<PAGE>   12

(4) of Section 8.2(b)(iv), as are necessary to appropriately revise or
supplement the prospectus or to cause the SEC to lift the stop order; provided,
however, that in no event will the suspension period contemplated by this
sentence exceed (i) 60 days in the aggregate in any three month period and (ii)
120 days in the aggregate during any 12 month period, during which TriPath is
otherwise obligated to keep the Registration Statement effective, and TriPath
will use its reasonable best efforts to minimize the length of any such
suspension period.

                  (c) Indemnification. For the purpose of this Section 8.2(c),

                           (i) the term "Selling Stockholder" shall mean the
Purchasers and any officer, director, employee, agent, affiliate or person
deemed to be in control of either Purchaser within the meaning of Section 15 of
the Securities Act or Section 20 of the Exchange Act;

                           (ii) the term "Registration Statement" shall mean any
final prospectus, exhibit, supplement or amendment included in or relating to
the registration statement referred to in Section 8.2; and

                           (iii) the term "Untrue Statement" shall mean any
untrue statement or alleged untrue statement of, or any omission or alleged
omission to state, in the Registration Statement a material fact required to be
stated therein or necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading.

         TriPath agrees to indemnify and hold harmless the Selling Stockholder
from and against any losses, claims, damages or liabilities to which such
Selling Stockholder may become subject (under the Securities Act or otherwise)
insofar as such losses, claims, damages or liabilities (or actions or
proceedings in respect thereof) arise out of, or are based upon, any Untrue
Statement of a material fact contained in the Registration Statement on the
effective date thereof, or arise out of any failure by TriPath to fulfill any
undertaking included in the Registration Statement and TriPath will reimburse
such Selling Stockholder for any reasonable legal or other expenses reasonably
incurred in investigating, defending or preparing to defend any such action,
proceeding or claim; provided, however, that TriPath shall not be liable in any
such case to the extent that such loss, claim, damage or liability arises out
of, or is based upon, an Untrue Statement made in such Registration Statement in
reliance upon and in conformity with written information furnished to TriPath by
or on behalf of the Selling Stockholder specifically for use in preparation of
the Registration Statement, or any statement or omission in any Prospectus that
is corrected in any subsequent Prospectus that was delivered to the Selling
Stockholder prior to the pertinent sale or sales by the Selling Stockholder.

         The Purchasers agree to indemnify and hold harmless TriPath (and any
officer, director, employee, agent, affiliate or person deemed to be in control
of TriPath within the meaning of Section 15 of the Securities Act or Section 20
of the Exchange Act (collectively "PURCHASER INDEMNIFIED PERSONS")) from and
against any losses, claims, damages or liabilities to which TriPath (or any such
Purchaser Indemnified Person) may become subject (under the Securities Act or
otherwise), insofar as such losses, claims, damages or liabilities (or actions
or proceedings in respect thereof) arise out of, or are based upon, any Untrue
Statement of a material fact contained in the Registration Statement on the
effective date thereof if such Untrue Statement was made in reliance upon and in
conformity with written information furnished by or on behalf

                                       11
<PAGE>   13

of a Purchaser specifically for use in preparation of the Registration
Statement, and the Purchasers will reimburse TriPath (or such Purchaser
Indemnified Person), for any legal or other expenses reasonably incurred in
investigating, defending, or preparing to defend any such action, proceeding or
claim; provided, however, that no Purchaser shall be liable for any statement or
omission in any Prospectus that is corrected in any subsequent Prospectus prior
to the pertinent sale or sales by TriPath.

         Promptly after receipt by any indemnified person of a notice of a claim
or the commencement of any action in respect of which indemnity is to be sought
against an indemnifying person pursuant to this Section 8.2, such indemnified
person shall notify the indemnifying person in writing of such claim or of the
commencement of such action, and, subject to the provisions hereinafter stated,
in case any such action shall be brought against an indemnified person and such
indemnifying person shall have been notified thereof, such indemnifying person
shall be entitled to participate therein, and, to the extent it shall wish, to
assume the defense thereof, with counsel reasonably satisfactory to such
indemnified person; provided, however, that the indemnifying person shall not
agree to a settlement of any such action without the consent of the indemnified
person, which consent shall not be unreasonably withheld. In no event, however,
shall any indemnifying person be liable with respect to any claims made against
any indemnified person against whom an action is brought unless such indemnified
person shall have notified the indemnifying person in writing within a
reasonable time after the summary or other first legal process giving
information of the nature of the claim shall have been served upon the
indemnified person, if the indemnifying person's ability to defend has been
materially impaired thereby, but failure to notify the indemnifying person of
such claim shall not relieve it from any liability which it may have to any
indemnified person otherwise than on account of its indemnity agreement
contained in this Section 8.2. After notice from the indemnifying person to such
indemnified persons of its election to assume the defense thereof, such
indemnifying person shall not be liable to such indemnified person for any legal
expenses subsequently incurred by such indemnified person in connection with the
defense thereof; provided, however, that if there exists or shall exist a
conflict of interest that would make it inappropriate, in the opinion of counsel
to the indemnified person, for the same counsel to represent both the
indemnified person and such indemnifying person or any officer, director,
employee, agent, affiliate or person deemed to be in control of such
indemnifying person within the meaning of either Section 15 of the Securities
Act or Section 20 of the Exchange Act, the indemnified person shall be entitled
to retain its own counsel at the expense of such indemnifying person. It is
understood, however, that any indemnifying person shall, in connection with any
one such action, suit or proceeding or separate but substantially similar or
related actions, suits, or proceedings in the same jurisdiction arising out of
the same general allegations or circumstances, be liable for the reasonable fees
and expenses of only one separate firm of attorneys (in addition to any local
counsel) at any time for all such indemnified parties not having actual or
potential differing interests with such indemnifying person or among themselves.

                  (d) Information by Selling Stockholder. The Selling
Stockholder shall furnish to TriPath such information regarding such Selling
Stockholder and the distribution proposed by the Selling Stockholder as TriPath
may request in writing and as shall be required in connection with any
registration, qualification or compliance referred to in this Agreement,
including a

                                       12
<PAGE>   14

Selling Stockholder questionnaire and shall agree to notify TriPath promptly
following sales pursuant to a Registration Statement.

                  (e) No Exercise. The Purchasers' registration rights hereunder
shall be exercisable from time to time for so long as a Purchaser or its
affiliates hold the Shares, and shall, notwithstanding the foregoing, not be
exercisable by such holder if it can at such time sell all Shares held by it in
the ensuing three-month period in reliance upon Rule 144 under the Securities
Act.

         8.3. Listing. TriPath shall use its reasonable best efforts to cause
the Common Stock to continue to be listed on Nasdaq or any National Securities
Exchange so long as any Shares are held by a Purchaser.

         8.4. Rule 144.

                  (a) So long as any Shares are held by a Purchaser and are not
eligible for sale under Rule 144(k), TriPath shall file all reports required to
be filed by it under the Exchange Act and, shall take such further action as a
Purchaser may reasonably request, all to the extent required to enable a
Purchaser to sell any of the foregoing securities pursuant to and in accordance
with Rule 144 under the Securities Act. Such action shall include, but not be
limited to, making available adequate current public information meeting the
requirements of paragraph (c) of such Rule 144.

                  (b) At the written request of a Purchaser at any time and from
time to time, TriPath shall furnish to such Purchaser, within three days after
receipt of such request, a written statement confirming TriPath's compliance
with the filing requirements of the SEC set forth in SEC Rule 144 as amended
from time to time.

         SECTION 9. Covenants of the Purchasers.

         9.1. Consummation of Agreement. Each Purchaser shall use its best
efforts to perform and fulfill all conditions and obligations to be performed
and fulfilled by it under this Agreement and further to ensure that to the
extent in its control or capable of influence by it, no breach of any of its
representations, warranties and agreements hereunder or contemplated hereby
occurs or exists on or prior to the Closing to the end that the transactions
contemplated by this Agreement shall be fully carried out in a timely fashion.
Each Purchaser will take all reasonable actions necessary or desirable to
consummate the transactions contemplated by this Agreement.

         SECTION 10. Miscellaneous.

         10.1. Notices. Any consent, notice or report required or permitted to
be given or made under this Agreement by one of the parties hereto to the other
shall be in writing, delivered personally or by facsimile (and promptly
confirmed by telephone, personal delivery or courier) or courier, postage
prepaid (where applicable), addressed to such other party at its address
indicated below, or to such other address as the addressee shall have last
furnished in writing to the addressor and shall be effective upon receipt by the
addressee.

                                       13
<PAGE>   15

         If to TriPath:          TriPath Imaging, Inc.
                                 780 Plantation Drive
                                 Burlington, North Carolina 27215
                                 Attention:  President
                                 Telephone:  (800) 426-2176
                                 Telecopy:  (336) 222-8819

         with a copy to:         Palmer & Dodge LLP
                                 One Beacon Street
                                 Boston, Massachusetts 02108
                                 Attention:  Steven N. Farber, Esq.
                                 Telephone:  (617) 573-0100
                                 Telecopy:  (617) 227-4420

         If to Purchaser:        to the address set forth below the
                                 Purchaser's name on the signature page hereto

         10.2. Entire Agreement. This Agreement contains the entire
understanding of the parties with respect to the subject matter hereof. All
express or implied agreements and understandings, either oral or written,
heretofore made are expressly merged in and made a part of this Agreement.

         10.3. Survival of Representations, Warranties and Agreements;
Assignability of Rights. Notwithstanding any investigation made by any party to
this Agreement, all covenants, agreements, representations and warranties made
by TriPath and the Purchasers herein, except as otherwise provided herein, shall
survive the execution of this Agreement, the delivery to the Purchasers of the
Shares being purchased and the payment therefor. Except as otherwise provided
herein, (i) the covenants, agreements, representations and warranties of TriPath
made herein shall bind TriPath's successors and assigns and shall insure to the
benefit of the Purchasers' successors and assigns and (ii) the covenants,
agreements, representations and warranties of the Purchasers made herein shall
bind the Purchasers' successors and assigns and shall inure to the benefit of
TriPath's successors and assigns.

         10.4. Assignment. Neither this Agreement nor any of the rights and
obligations contained herein may be assigned or otherwise transferred by any
party without the consent of the other party; provided, however, that either
TriPath or a Purchaser may, without such consent, assign its rights and
obligations under this Agreement (i) to any affiliate, all or substantially all
of the equity interest of which is owned and controlled by such party or its
direct or indirect parent corporation, or (ii) in connection with a merger,
consolidation or sale of substantially all of such party's assets to an
unrelated third party; provided, however, that such party's rights and
obligations under this Agreement shall be assumed by its successor in interest
in any such transaction and shall not be transferred separate from all or
substantially all of its other business assets, including those business assets.
Any purported assignment in violation of the preceding sentence shall be void.
Any permitted assignee shall assume all obligations of its assignor under this
Agreement.

                                       14
<PAGE>   16

         10.5. Amendments and Waivers. This Agreement may not be modified or
amended except pursuant to an instrument in writing signed by TriPath and the
Purchasers. The waiver by either party hereto of any right hereunder or of the
failure to perform or of a breach by the other party shall not be deemed a
waiver of any other right hereunder or of any other breach or failure by said
other party whether of a similar nature or otherwise.

         10.6. Headings. The headings of the various sections of this Agreement
have been inserted for convenience of reference only and shall not be deemed to
be part of this Agreement.

         10.7. Severability. In case any provision contained in this Agreement
should be invalid, illegal or unenforceable in any respect, the validity,
legality and enforceability of the remaining provisions contained herein shall
not in any way be affected or impaired thereby.

         10.8. Governing Law. This Agreement shall be governed by and construed
in accordance with the laws of the State of Delaware (without giving effect to
the choice of law provisions thereof).

         10.9. Jurisdiction. The parties hereto agree that any suit, action or
proceeding seeking to enforce any provision of, or based on any matter arising
out of or in connection with, this Agreement, or the transactions contemplated
hereby shall be brought in the United States District Court for the District of
Delaware or any Delaware state court, so long as one of such courts shall have
subject matter jurisdiction over such suit, action or proceeding, and each of
the parties hereby irrevocably consents to the jurisdiction of such courts (and
of the appropriate appellate courts therefrom) in any such suit, action or
proceeding and irrevocably waives, to the fullest extent permitted by law, any
objection that it may now or hereafter have to the laying of the venue of any
such suit, action or proceeding in any such court or that any such suit, action
or proceeding which is brought in any such court has been brought in an
inconvenient forum.

         10.10. Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall constitute an original, but all of which, when
taken together, shall constitute but one instrument, and shall become effective
when one or more counterparts have been signed by each party hereto and
delivered to the other parties.

         10.11. Expenses. Except as otherwise specifically provided herein, each
party shall bear its own expenses in connection with this Agreement.

         10.12. Publicity. Neither party hereto shall issue any press releases
or otherwise make any public statement with respect to the transactions
contemplated by this Agreement without the prior written consent of the other
party, except as may be required by applicable law or regulation.

         10.13. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY
IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY OR THEREBY.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       15
<PAGE>   17

         IN WITNESS WHEREOF, the parties hereto have caused this Securities
Purchase Agreement to be executed by their duly authorized representatives as of
the day and year first above written.

TRIPATH IMAGING, INC.

By: /s/ Paul R. Sohmer, M.D.
    -------------------------------------------------
     Name: Paul R. Sohmer, M.D.
     Title: President & CEO

MILLENNIUM PHARMACEUTICALS, INC.

By: /s/ Kevin P. Starr
    -------------------------------------------------
     Name: Kevin P. Starr
     Title: Executive Vice President and Chief
            Financial Officer

Address:          75 Sidney Street
                  Cambridge, Massachusetts 02139
                  Attn: President
                  Telephone: (617) 679-7000
                  Telecopy: (617) 374-7788

<PAGE>   18

mHOLDINGS TRUST

By: /s/ Kevin P. Starr
    -------------------------------------------------
     Name: Kevin P. Starr
     Title: Vice President

Address:          c/o Millennium Pharmaceuticals, Inc.
                  75 Sidney Street
                  Cambridge, Massachusetts 02139
                  Attn: President
                  Telephone: (617) 679-7000
                  Telecopy: (617) 374-7788

                                        2
<PAGE>   19

                                                                       EXHIBIT A

TELEPHONE: (617) 573-0100                             FACSIMILE: (617) 227-4420

                        FORM OF OPINION OF PALMER & DODGE

                                   July , 2001

Millennium Pharmaceuticals, Inc.
75 Sidney Street
Cambridge, Massachusetts 02139

mHoldings Trust
c/o Millennium Pharmaceuticals, Inc.
75 Sidney Street
Cambridge, Massachusetts 02139

RE:      SECURITIES PURCHASE AGREEMENT BY AND AMONG TRIPATH IMAGING, INC.,
         MILLENNIUM PHARMACEUTICALS, INC. AND MHOLDINGS TRUST

Ladies and Gentlemen:

         We are furnishing this opinion to you pursuant to Section 6.3 of the
Securities Purchase Agreement, dated as of July __, 2001 (the "Purchase
Agreement"), between TriPath Imaging, Inc., a Delaware corporation ("TriPath" or
the "Company"), Millennium Pharmaceuticals, Inc., a Delaware corporation
("Millennium") and mHoldings Trust, a Massachusetts business trust (the "Trust")
providing for the purchase of 400,000 shares of the common stock, par value
$0.01 per share, of TriPath by the Trust (the "Shares"). Capitalized terms not
otherwise defined herein have the meanings set forth in the Purchase Agreement.

         We have acted as counsel to TriPath in connection with the preparation,
execution and delivery of the Purchase Agreement. We have examined such
documents and made such other investigation as we have deemed appropriate to
render the opinions set forth below. As to matters of fact material to our
opinions, we have relied, without independent verification, on representations
made in the Purchase Agreement and certificates and other inquiries of officers
of TriPath. We also have relied on certificates of public officials.

          References to "our knowledge" or equivalent words mean the actual
knowledge of the lawyers in this firm responsible for preparing this opinion
letter after such inquiry as they deemed appropriate.

         The opinions expressed below are limited to Massachusetts law, the
Delaware General Corporation Law and the federal law of the United States.

         Based upon the foregoing and subject to the additional qualifications
set forth below, we are of the opinion that:

<PAGE>   20

                  1. TriPath is validly existing as a corporation and in good
         standing under Delaware law and has the corporate power to execute and
         deliver the Purchase Agreement and to perform its obligations
         thereunder.

                  2. TriPath has duly authorized, executed and delivered the
         Purchase Agreement, and the Purchase Agreement constitutes its valid
         and binding obligation enforceable against it in accordance with its
         terms.

                  3. The execution and delivery by TriPath of the Purchase
         Agreement does not, and the performance by it of its obligations
         thereunder will not (i) violate any law covered by this opinion, (ii)
         violate any court order, judgment or decree applicable to it and known
         to us, or (iii) violate its charter or by-laws.

                  4. The Shares, when issued in compliance with the provisions
         of the Purchase Agreement, will be validly issued, fully paid and
         nonassessable.

                  5. Based in part upon representations and warranties of each
         of Millennium and the Trust set forth in the Purchase Agreement, the
         issuance and sale of the Shares in conformity with the Purchase
         Agreement are exempt from the registration requirements of Section 5 of
         the Securities Act of 1933, as amended.

         Our opinions above are subject to bankruptcy, insolvency, fraudulent
transfer, reorganization, moratorium and other similar laws of general
application affecting the rights and remedies of creditors and to general
principles of equity.

         This opinion shall be interpreted in accordance with the Legal Opinion
Principles issued by the Committee on Legal Opinions of the American Bar
Association's Business Law Section as published in 53 Business Lawyer 831 (May
1998).

         This opinion is being furnished only to you in connection with the
transaction described above and may not be relied on without our prior written
consent for any other purpose or by anyone else.

                                                Very truly yours,

                                                Palmer & Dodge LLP

                                       2
<PAGE>   21

                                                                       EXHIBIT B

         FORM OF OPINION OF COUNSEL FOR MILLENNIUM PHARMACEUTICALS, INC.

                                   July , 2001

TriPath Imaging, Inc.
780 Plantation Drive
Burlington, North Carolina  27215

RE:      SECURITIES PURCHASE AGREEMENT BY AND AMONG TRIPATH IMAGING, INC.,
         MILLENNIUM PHARMACEUTICALS, INC. AND MHOLDINGS TRUST

Ladies and Gentlemen:

         [INSERT INTRODUCTORY LANGUAGE]

         Based upon the foregoing and subject to the additional qualifications
set forth below, I am of the opinion that:

                  1. Millennium is validly existing as a corporation and in good
         standing under Delaware law and has the corporate power to execute and
         deliver the Purchase Agreement and to perform its obligations
         thereunder.

                  2. The Trust is validly existing as a business trust and in
         good standing under Massachusetts law and has the corporate power to
         execute and deliver the Purchase Agreement and to perform its
         obligations thereunder.

                  3. Each of Millennium and the Trust has duly authorized,
         executed and delivered the Purchase Agreement, and such Purchase
         Agreement constitutes its valid and binding obligation enforceable
         against it in accordance with its terms, subject to applicable
         bankruptcy, insolvency, fraudulent transfer, moratorium or other laws
         affecting the enforcement of creditors' rights in general from time to
         time in effect and general principles of equity (regardless of whether
         such enforceability is considered in a proceeding in equity or at law
         and regardless of the limitations of the availability of equitable
         means).

                  4. The execution and delivery by each of Millennium and the
         Trust of the Purchase Agreement does not, and the performance by it of
         its obligations thereunder will not (i) violate any law covered by this
         opinion, (ii) violate any court order, judgment or decree applicable to
         it and known to me, or (iii) violate its Certificate of Incorporation,
         Declaration of Trust, by-laws, or other charter documents, as
         applicable.

         This opinion is being furnished only to you in connection with the
transaction described above and may not be relied on without the Purchasers'
prior written consent for any other purpose or by anyone else.<PAGE>   1
                                                                    EXHIBIT 10.3

             CONFIDENTIAL MATERIALS OMITTED AND FILED SEPARATELY WITH THE
SECURITIES AND EXCHANGE COMMISSION. ASTERISKS DENOTE SUCH OMISSIONS.

               LICENSE AND INTELLECTUAL PROPERTY ACCESS AGREEMENT

         This License and Intellectual Property Access Agreement (the
"Agreement") dated the 31st day of July 2001 is by and between Becton, Dickinson
and Company, a corporation organized and existing under the laws of New Jersey
and having a place of business at 1 Becton Drive, Franklin Lakes, New Jersey
07417 ("BD") and TriPath Imaging, Inc., a corporation organized and existing
under the laws of Delaware and having its principal office at 780 Plantation
Drive, Burlington, North Carolina 27215 ("TriPath").

                                  INTRODUCTION

         1.       BD has agreed to purchase a certain number of shares of
TriPath stock by means of a certain Stock Purchase Agreement to be executed
concurrently herewith; and

         2.       BD desires to receive from TriPath, and TriPath desires to
grant to BD, a license in and to, and access to, certain intellectual property
rights owned by TriPath.

         NOW, THEREFORE, BD and TriPath agree as follows:

                                    Article I
                                   Definitions

         When used in this Agreement, each of the following terms shall have the
meanings set forth in this Article I:

         Section 1.1       "Agreement" means this agreement and any exhibits,
attachments or addenda hereto, and any renewals or extensions of this agreement.

         Section 1.2       "BD" includes all of the divisions, subsidiaries and
Affiliates of BD.

         Section 1.3       "Effective Date" means the date on which the last of
the conditions set forth in Article XI of that certain development agreement by
and among BD, TriPath Oncology, Inc. and TriPath dated on even date herewith
shall have been fulfilled or waived.

         Section 1.4       "TriPath Intellectual Property" means any information
(including without limitation any clinical trial data and information and data
relating to any submissions to any regulatory agencies), copyrights, trade
secrets, data, trademarks, software and patent rights in any way related to
[*****] products that are owned or controlled by TriPath at any time during the
term of this Agreement.

--------------
  CONFIDENTIAL MATERIALS OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND
  EXCHANGE COMMISSION. ASTERISKS DENOTE SUCH OMISSIONS.

<PAGE>   2

         Section 1.5       "Field" means all aspects of clinical trials and
regulatory submissions for [*****], or any successor BD instrument thereto,
solely with the TriPath's [*****].

         Section 1.6       "Stock Purchase Agreement" means that certain stock
purchase agreement by and between TriPath and BD executed on even date herewith.

         Section 1.7       "TriPath" includes all of the divisions, subsidiaries
and Affiliates of TriPath.

                                   Article II
                                     Grants

         Section 2.1       Grant and Access to BD.

                  Subject to the terms and conditions of this Agreement, and to
the extent TriPath has the right to do so, TriPath hereby grants to BD a [*****]
right and license, with the right to grant sublicenses with TriPath's written
consent [*****], in and to the TriPath Intellectual Property solely for use in
the Field. Such right and license includes TriPath's covenant and commitment to
permit BD access to originals and copies of all tangible manifestations of
TriPath Intellectual Property solely for use in the Field.

         Section 2.2       Grant to TriPath.

                  To the extent that it has the right to do so, BD hereby grants
to TriPath a [*****], with the right to grant sublicenses with BD's written
consent (such consent not to be unreasonably withheld or delayed), to any
inventions, discoveries, or improvements (whether or not patentable) that are
derived directly from the use of TriPath Intellectual Property in the Field by
BD's employees, consultants or agents, to make, use, offer to sell, sell and
import products, and provide services inside and outside of the Field. This
Section shall not be interpreted to imply the grant by BD of any right in or to
intellectual property that exists prior to the Effective Date or intellectual
property that is not directly derived from the use of TriPath Intellectual
Property in the Field.

                                   Article III
                              Regulatory Covenants

         Section 3.1       Covenants of TriPath Regarding Regulatory Filings.

                  (a)      TriPath hereby agrees and covenants during the term
of this Agreement that if BD seeks any regulatory approval relating to the
practice of [*****] with the [*****], or any successor BD instrument, [*****]
product, then TriPath will consider concurrently seeking to amend its regulatory
approval relating to such [*****] products to be consistent with, and
acknowledge, the BD regulatory submission.

                  (b)      TriPath hereby agrees and covenants that during the
term of this Agreement and during the time period that BD has the regulatory
approval referenced in (a) above, TriPath will not amend any regulatory
approvals relating to [*****] products without first providing BD written
notification of such amendment to enable BD to amend any of its corresponding
regulatory filings, submissions and/or approvals.

--------------
  CONFIDENTIAL MATERIALS OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND
  EXCHANGE COMMISSION. ASTERISKS DENOTE SUCH OMISSIONS.

                                       2
<PAGE>   3

                  (c)      TriPath hereby agrees and covenants that during the
term of this Agreement and during the time period during which BD is conducting
clinical trials for purposes of obtaining the regulatory approval referenced in
(a) above and during the time period that BD has such regulatory approval,
TriPath will provide BD with prior written notification of any proposed changes
to its [*****] products, such notification to enable BD to perform any testing
necessary to amend or supplement its regulatory filings, submissions and/or
approvals relating to the practice of [*****] any successor BD instrument
[*****].

                                   Article IV
                          Intent to Co-Market Products

         Section 4.1       Possible Co-Marketing Agreement. TriPath and BD
hereby express their intent to negotiate in good faith an agreement pursuant to
which the Parties would co-market TriPath's [*****] products and the [*****], or
any successor BD instrument, provided that any clinical trials that BD may
undertake using TriPath Intellectual Property in the Field yield results that
the Parties believe would be sufficient to support a regulatory submission.

                                    Article V
                              Term and Termination

         Section 5.1       Term. This Agreement shall remain in effect for a
period ending on the earlier of: (a) the expiration date of the last to expire
of all rights in and to the TriPath Intellectual Property; (b) the date on which
all rights in and to the TriPath Intellectual Property have been finally
adjudicated to be invalid and/or unenforceable in an action that may not be
appealed or for which the time period to bring an appeal has expired; (c) the
[*****] anniversary of the Effective Date if BD has not sought regulatory
approval relating to the practice of nucleic acid based testing with the [*****]
System, or any successor BD instrument, with an [*****] product; (d) the [*****]
anniversary of the Effective Date if BD has not received regulatory approval
relating to the practice of [*****] System, or any successor BD instrument, with
[*****] product; (e) the date of termination of this Agreement in accordance
with Section 5.2, 5.3 or 5.4.

         Section 5.2       BD's Right to Terminate. BD may, at any time, without
cause, terminate this Agreement upon [*****] prior written notice to TriPath.
Upon such a termination by BD, all rights granted to BD herein shall immediately
terminate, and the rights granted to TriPath under Section 2.2 shall survive.

         Section 5.3       Breach. Termination for Default or Breach. This
Agreement may be terminated by either party upon default or breach of a material
obligation or condition by the other, such termination being effective [*****]
after receipt by the alleged defaulting or breaching party of written notice of
such termination pursuant to this Section specifying the default or breach;
provided, however, that if the default or breach is cured or shown to the
reasonable satisfaction of the non-breaching party to be non-existent within the
[*****] period after receipt of written notice, the notice shall be deemed
automatically withdrawn and of no effect. If the parties do not agree on whether
a default or breach is of a "material" obligation or condition, then the parties
shall resolve such a dispute in accordance with

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Article VIII of this Agreement, and no termination shall occur unless such
breach is determined to be of a "material" obligation or condition in accordance
with the dispute resolution procedures of Article VIII.

         Section 5.4       Bankruptcy. In the event that BD shall make an
assignment for the benefit of creditors or voluntarily or involuntarily file a
petition for bankruptcy or reorganization, TriPath shall have the right to
terminate this Agreement effective immediately upon written notice, but without
prejudice to any other rights.

         Section 5.5       Surviving Rights. Upon termination, the parties
hereto will have no further obligations to each other or rights except for those
obligations or rights accrued or effective pursuant to Section 2.2, Article VI
and Section 7.5 of this Agreement that shall survive termination.

                                   Article VI
                                 Confidentiality

         Section 6.1       Confidential Information. All Confidential
Information disclosed by a Party to the other Party during the term of this
Agreement shall not be used by the receiving Party except in connection with the
activities contemplated by this Agreement, shall be maintained in confidence by
the receiving Party, and shall not otherwise be disclosed by the receiving Party
to any other person, firm, or agency, governmental or private, without the prior
written consent of the disclosing Party, except to the extent that the
Confidential Information (as determined by competent documentation):

                  (a)      was known or used by the receiving Party prior to its
date of disclosure to the receiving Party; or

                  (b)      either before or after the date of the disclosure to
the receiving Party is lawfully disclosed to the receiving Party by sources
other than the disclosing Party rightfully in possession of the Confidential
Information and not bound by confidentiality obligations to the disclosing
party; or

                  (c)      either before or after the date of the disclosure to
the receiving Party is or becomes published or generally known to the public
(including information known to the public through the sale of products in the
ordinary course of business) through no breach hereof on the part of the
receiving Party or its sublicensees; or

                  (d)      is independently developed by or for the receiving
Party without reference to or reliance upon the Confidential Information; or

                  (e)      is required to be disclosed by the receiving Party to
comply with applicable laws, to defend or prosecute litigation or to comply with
governmental regulations, provided that the receiving Party provides prior
written notice of such disclosure to the disclosing Party and takes reasonable
and lawful actions to avoid and/or minimize the degree of such disclosure.

         Section 6.2       Disclosure of Provisions of Agreement.

                  (a)      Each Party agrees to hold as confidential the terms
of this Agreement except that each Party shall have the right to disclose such
terms to potential investors and other third parties in connection with
financing activities, provided that any such third party has entered into a
written obligation with the disclosing Party to treat such information and
materials as confidential. At the

                                       4
<PAGE>   5

request of the other Party, the disclosing Party shall use commercially
reasonable efforts to enforce such obligations against such third parties.

                  (b)      In the event that this Agreement shall be included in
any report, statement or other document filed by either Party or an Affiliate of
either Party with the SEC, such Party shall use, or shall cause its Affiliate,
as the case may be, to use, reasonable efforts to obtain confidential treatment
from the SEC of any financial information or other information of a competitive
or confidential nature, and shall include in such confidentiality request such
provisions of this Agreement as may be reasonably requested by the other Party.

         Section 6.3       Employee and Advisor Obligations. BD and TriPath each
agree that they shall provide Confidential Information received from the other
Party only to their respective employees, consultants and advisors, and to the
employees, consultants and advisors of such Party's Affiliates, who have a need
to know, provided that such employees, consultants and advisors agree to treat
such information and materials as confidential.

         Section 6.4       Term. All obligations of confidentiality imposed
under this Article VI shall expire [*****] following termination or expiration
of this Agreement.

                                   Article VII
                         Representations and Warranties

         Section 7.1       Representations of Authority. BD and TriPath each
represents and warrants to the other that as of the date hereof and the
Effective Date, it has full right, power and authority to enter into this
Agreement and to perform its respective obligations under this Agreement.
TriPath represents and warrants to BD that it has the right to grant the
licenses granted pursuant to this Agreement. BD and TriPath each represents and
warrants that (a) the execution, delivery and performance by it of this
Agreement, and the consummation by it of the transactions contemplated hereby,
have been duly authorized by all necessary corporate action, and (b) this
Agreement has been duly executed and delivered by it and constitutes a valid and
binding obligation of it, enforceable in accordance with its terms.

         Section 7.2       Consents. BD and TriPath each represents and warrants
that all necessary consents, approvals and authorizations of all government
authorities and other persons required to be obtained by such Party in
connection with the execution, delivery and performance of this Agreement have
been obtained.

         Section 7.3       No Conflict. BD and TriPath each represents and
warrants that the execution and delivery of this Agreement, and the performance
of such Party's obligations (a) do not conflict with or violate any requirement
of applicable laws or regulations and (b) do not and shall not conflict with,
violate or breach or constitute a default (with or without the giving of notice
or lapse of time, or both) or require any consent under, any contractual
obligations of such Party or order, judgement or decree to which such Party or
any of its assets are bound, except such consents as shall have been obtained
prior to the date hereof or the Effective Date.

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         Section 7.4       Third Party Rights. TriPath represents and warrants
that, as of the date hereof and as of the Effective Date, there is no claim or
demand of any person pertaining to, or any proceeding which is pending or, to
the knowledge of TriPath, threatened, that challenges the rights of TriPath in
respect of TriPath Intellectual Property.

         Section 7.5       No Warranties. EXCEPT AS OTHERWISE EXPRESSLY SET
FORTH HEREIN OR IN THE STOCK PURCHASE AGREEMENT, THE PARTIES MAKE NO
REPRESENTATIONS AND EXTEND NO WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED,
AND PARTICULARLY THAT LICENSED PRODUCTS OR LICENSED SERVICES WILL BE
SUCCESSFULLY DEVELOPED HEREUNDER, AND IF DEVELOPED, WILL HAVE COMMERCIAL UTILITY
OR MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. EXCEPT AS MAY OTHERWISE
BE EXPRESSLY SET FORTH HEREIN OR IN THE STOCK PURCHASE AGREEMENT, TRIPATH MAKES
NO REPRESENTATIONS AND EXTENDS NO WARRANTIES OF ANY KIND, EITHER EXPRESS OR
IMPLIED, CONCERNING THE TRIPATH INTELLECTUAL PROPERTY, INCLUDING, WITHOUT
LIMITATION, WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE,
NONINFRINGEMENT, VALIDITY OF PATENT CLAIMS, WHETHER ISSUED OR PENDING, AND THE
ABSENCE OF LATENT OR OTHER DEFECTS, WHETHER OR NOT DISCOVERABLE.

IN NO EVENT SHALL EITHER PARTY, ITS DIRECTORS, OFFICERS, EMPLOYEES AND
AFFILIATES BE LIABLE FOR INCIDENTAL OR CONSEQUENTIAL DAMAGES OF ANY KIND,
INCLUDING ECONOMIC DAMAGES OR INJURY TO PROPERTY AND LOST PROFITS, REGARDLESS OF
WHETHER SUCH PARTY SHALL BE ADVISED, SHALL HAVE OTHER REASON TO KNOW, OR IN FACT
SHALL KNOW OF THE POSSIBILITY OF THE FOREGOING.

                                  Article VIII
                               Dispute Resolution

         Section 8.1       Alternative Dispute Resolution. Any controversy,
claim or dispute arising out of or relating to Section 5.3 of this Agreement
that has not been resolved by the Parties within [*****] of first written notice
of such controversy by one Party to the other, may be referred by either party
to the Chief Executive Officers or other designated corporate officers of the
Parties for resolution. If such referred controversy has not been resolved by
the Chief Executive Officers or other designated corporate officers within
[*****] of referral thereto by a Party, or if the Chief Executive Officers or
other designated corporate officers fail to meet within such [*****], then
either BD or TriPath may initiate an Alternative Dispute Resolution ("ADR")
proceeding as provided in Exhibit A hereto. The Parties shall have the right to
be represented by counsel in such a proceeding.

         Section 8.2       No Limitation. Notwithstanding the foregoing, nothing
in this Article VIII shall be construed as limiting in any way the right of a
Party to bring suit with respect to any matter relating to this Agreement or to
seek injunctive or other equitable relief from a court of competent jurisdiction
with respect to any actual or threatened breach of this Agreement.

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                                   Article IX
                            Miscellaneous Provisions

         Section 9.1       Governing Law. This Agreement shall be construed and
the respective rights of the Parties determined (including in any arbitration
proceeding under Article VIII) according to the substantive laws of the State of
Delaware notwithstanding the provisions governing conflict of laws under such
Delaware law to the contrary and without giving effect to the United Nations
Convention on Contracts for the International Sale of Goods, the 1974 Convention
on the Limitation Period in the International Sale of Goods (the "1974
Convention") and the Protocol amending the 1974 Convention, done at Vienna April
11, 1980, except matters of intellectual property law which shall be determined
in accordance with the national intellectual property laws relevant to the
intellectual property in question.

         Section 9.2       Assignment. Neither BD nor TriPath may assign this
Agreement in whole or in part without the consent of the other Party, which
consent shall not be unreasonably withheld. Notwithstanding the foregoing,
either Party may assign this Agreement in whole or in part without the consent
of the other Party in the event of a Change of Control. For the purposes of this
Section 9.2, "Change of Control" shall mean (a) a merger, consolidation or other
transaction or series of related transactions as a result of which persons who
were shareholders of a Party immediately prior thereto would not immediately
thereafter beneficially own (as defined in Rule 13d-3 promulgated under the
Securities Exchange Act of 1934) at least fifty percent (50%) of the combined
voting power of such Party or the surviving entity immediately after such
transaction; or (b) any one person or group, as such terms are used in Section
13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the
"Exchange Act") (other than any trustee or other fiduciary holding securities
under an employee benefit plan of such Party), together with any of such
person's "affiliates" or "associates", as such terms are used in the Exchange
Act, becoming the beneficial owner (as defined in Rule 13d-3 promulgated under
the Exchange Act) of fifty percent (50%) or more of the combined voting power of
the outstanding securities of such Party, or (c) any sale of all or
substantially all of the assets of such Party relating to the subject matter of
this Agreement, in one or a series of related transactions.

         Section 9.3       Amendments. This Agreement constitutes the entire
agreement between the Parties with respect to the subject matter hereof, and
supersedes all previous arrangements with respect to the subject matter hereof,
whether written or oral. Any amendment or modification to this Agreement shall
be made in writing signed by both Parties.

                                       7
<PAGE>   8

         Section 9.4       Notices.

         Notices to BD shall be addressed to:

                  BD Diagnostic Systems
                  7 Loveton Circle
                  Sparks, Maryland 21152
                  Attn:  Vice President, Business Development
                  Telecopy No.: 1-410-316-4509

with a copy to:

                  Becton, Dickinson and Company
                  1 Becton Drive
                  Franklin Lakes, New Jersey 07417
                  Attn:  Vice President and Chief Intellectual Property Counsel
                  Telecopy No.: 1-201-848-9228

         Notices to TriPath shall be addressed to:

                  TriPath Imaging, Inc.
                  780 Plantation Drive
                  Burlington, North Carolina 27215
                  Attn:  Paul Sohmer, M.D.

         with a copy to:

                  Palmer & Dodge LLP
                  One Beacon Street
                  Boston, Massachusetts 02108
                  Attention:  Steven N. Farber, Esq.
                  Telecopy No.: 1-617-227-4420

         Either Party may change its address by giving notice to the other Party
in the manner herein provided. Any notice required or provided for by the terms
of this Agreement shall be in writing and shall be (a) sent by registered or
certified mail, return receipt requested, postage prepaid, (b) sent via a
reputable overnight courier service, or (c) sent by facsimile transmission with
an original to be followed the same day via a reputable overnight courier
service, in each case properly addressed in accordance with the paragraph above.
The effective date of notice shall be the actual date of receipt by the Party
receiving the same.

                                       8
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         Section 9.5       Force Majeure. No failure or omission by the Parties
in the performance of any obligation of this Agreement shall be deemed a breach
of this Agreement or create any liability if the same shall arise from any cause
or causes beyond the control of the Parties, including, but not limited to, the
following: acts of God; acts or omissions of any government; any rules,
regulations or orders issued after the Effective Date by any governmental
authority or by any officer, department, agency or instrumentality thereof;
fire; storm; flood; earthquake; accident; war; rebellion; insurrection; riot;
and invasion and provided that such failure or omission resulting from one of
the above causes is cured as soon as is practicable after the occurrence of one
or more of the above-mentioned causes.

         Section 9.6       Public Announcements. Any announcements or similar
publicity with respect to the execution of this Agreement shall be agreed upon
among the Parties in advance of such announcement as set forth herein. Either
Party may make such public announcements with respect hereto. The Parties agree
that any such announcement shall not contain Confidential Information and, if
disclosure of Confidential Information is required by law or regulation, shall
make reasonable efforts to minimize such disclosure and obtain confidential
treatment for any such information which is disclosed to a governmental agency
or group. Each Party agrees to provide to the other Party with a copy of any
public announcement as soon as reasonably practicable under the circumstances
prior to its scheduled release. Except under extraordinary circumstances, each
Party shall provide the others with an advance copy of any public announcement
at least [*****] prior to the scheduled disclosure. Each Party shall have the
right to expeditiously review and recommend changes to any announcement
regarding this Agreement or the subject matter of this Agreement, provided that
such right of review and recommendation shall only apply for the first time that
specific information is to be disclosed, and shall not apply to the subsequent
disclosure of substantially similar information that has previously been
disclosed. Except as otherwise required by law, the Party whose public
announcement has been reviewed shall remove or revise any information the
reviewing Party reasonably deems to be inappropriate for disclosure.

         Section 9.7       Independent Contractors. It is understood and agreed
that the relationship between the Parties hereunder is that of independent
contractors and that nothing in this Agreement shall be construed as
authorization for either BD or TriPath to act as agent for the other.

         Section 9.8       No Strict Construction.  This Agreement has been
prepared jointly and shall not be strictly construed against any Party.

         Section 9.9       Headings. The captions or headings of the sections or
other subdivisions hereof are inserted only as a matter of convenience or for
reference and shall have no effect on the meaning of the provisions hereof.

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         Section 9.10      No Implied Waivers; Rights Cumulative. No failure on
the part of BD or TriPath to exercise, and no delay in exercising, any right,
power, remedy or privilege under this Agreement, or provided by statute or at
law or in equity or otherwise, shall impair, prejudice or constitute a waiver of
any such right, power, remedy or privilege or be construed as a waiver of any
breach of this Agreement or as an acquiescence therein, nor shall any single or
partial exercise of any such right, power, remedy or privilege preclude any
other or further exercise thereof or the exercise of any other right, power,
remedy or privilege.

         Section 9.11      Severability. If any provision hereof should be held
invalid, illegal or unenforceable in any respect in any jurisdiction, then, to
the fullest extent permitted by law, (a) all other provisions hereof shall
remain in full force and effect in such jurisdiction and shall be liberally
construed in order to carry out the intentions of the Parties as nearly as may
be possible and (b) such invalidity, illegality or unenforceability shall not
affect the validity, legality or enforceability of such provision in any other
jurisdiction.

         Section 9.12      Execution in Counterparts. This Agreement may be
executed in counterparts, each of which counterparts, when so executed and
delivered, shall be deemed to be an original, and all of which counterparts,
taken together, shall constitute one and the same instrument.

                  [Remainder of page intentionally left blank]

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<PAGE>   11

         IN WITNESS WHEREOF, the Parties have executed this Agreement as of the
date first set forth above.

                           BECTON, DICKINSON AND COMPANY

                           By:              /s/ Vincent A. Forlenza
                                    --------------------------------------------
                           Name:            Vincent A. Forlenza
                                    --------------------------------------------
                           Title:     Sr. Vice President - Technology, Strategy
                                    --------------------------------------------
                                    and Development
                                    --------------------------------------------

                           TRIPATH IMAGING, INC.

                           By:              /s/ Paul R. Sohmer, M.D.
                                    --------------------------------------------
                           Name:            Paul R. Sohmer, M.D.
                                    --------------------------------------------
                           Title:           President and Chief Executive Office
                                    --------------------------------------------

                                       11
<PAGE>   12

                                    Exhibit A
                    Alternative Dispute Resolution Procedures

         [*****]

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