Document:

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                                                                    EXHIBIT 10.8

                               SERVICES AGREEMENT

     This Services Agreement (the "Agreement") is made and is effective as of
the 30th day of September, 2005, by and between Abbott Laboratories, a
corporation organized and existing under the laws of the State of Illinois and
having a principal place of business at 100 Abbott Park Road, Abbott Park,
Illinois 60064 ("Abbott") and ImaRx Therapeutics, Inc. a corporation organized
and existing under the laws of Delaware and having a principal place of business
at Tuscon, Arizona ("ImaRx").

                                    RECITALS:

     WHEREAS, Abbott and ImaRx have made and entered into an Asset Purchase
Agreement ("Asset Purchase Agreement") dated September 30, 2005, pursuant to
which Abbott is selling certain assets and rights that are used in the
manufacture of Abbott's recombinant urokinase and recombinant pro-urokinase
products, and related liabilities (such assets, rights and liabilities
collectively referred to as the "Business"), and ImaRx is purchasing the
Business, all as set forth in the Asset Purchase Agreement;

     WHEREAS, ImaRx desires an option to receive certain services from Abbott or
an Affiliate of Abbott on an interim transitional basis in order to assist ImaRx
to use the Manufacturing Technology; and

     WHEREAS, Abbott is willing to supply such services pursuant to the terms
and conditions set forth herein.

     NOW THEREFORE for good and valuable consideration (the receipt and
sufficiency of which is hereby acknowledged), Abbott and ImaRx agree as follows:

     1.   Definitions.

          (a)  Capitalized terms used herein and not otherwise defined have the
               meanings given to them in the Asset Purchase Agreement.

          (b)  "Services" means the services listed in Attachment 1 attached
               hereto.

          (c)  "Manufacturing Technology" shall mean the technology related
               assets acquired by ImaRx pursuant to the Asset Purchase
               Agreement.

     2.   General Description of Services.

          (a)  The purpose of this Agreement is to enable ImaRx to receive
               certain designated Services from Abbott in order to assist ImaRx
               in using the Manufacturing Technology in connection with the
               Asset Purchase Agreement.

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          (b)  If ImaRx provides Abbott written notice within 15 business days
               of the date hereof, Abbott or an Affiliate of Abbott will supply
               to ImaRx the Services described in Attachment 1, and, except as
               may be otherwise provided in this Agreement and unless otherwise
               indicated in the Attachment, each Service will be of the type and
               at the level of service and utilization Abbott or Affiliates of
               Abbott provided in connection with the Business prior to the date
               hereof. Abbott will not be required to provide any services to
               ImaRx if ImaRx does not provide the written notice described
               above. Furthermore, Abbott will not be required to provide any
               services that are not described in the Attachment hereto unless
               mutually agreed by the parties.

     3.   Charges.

          (a)  If ImaRx provides the notice described in Section 2(b), Abbott
               will charge ImaRx, and ImaRx will pay to Abbott, a fee for the
               Services provided hereunder. For each Service, the fee will be as
               set forth in the Attachment for that Service. Abbott is willing
               to provide Services to ImaRx until December 31, 2006. If Services
               are not completed by December 31, 2006, then Abbott shall refund
               to ImaRx all fees (but not expenses) up to a maximum amount of
               $250,000 paid by ImaRx under this Section 3(a).

          (b)  The fees referred to in this Section and in the Attachments are
               net of all applicable federal, state, local and value added taxes
               and other similar taxes, fees or duties, except for taxes
               measured according to Abbott's income (collectively "Sales
               Taxes") imposed by any governmental authority on the Services
               provided hereunder. ImaRx will pay all such Sales Taxes properly
               invoiced in accordance with the relevant law and regulations in
               force at the time Abbott or its Affiliate provides any applicable
               Service, and Abbott or an Affiliate of Abbott, shall invoice for
               and collect Sales Taxes from ImaRx in the same manner as it
               generally collects Sales Taxes from its other customers in the
               ordinary course of their business and shall be solely responsible
               for remitting such Sales Taxes to the relevant taxing authority.

     4.   Payment. (a) If ImaRx elects under Section 2(b) to utilize the
          Services of Abbott, then on a quarterly basis, Abbott will fax an
          invoice to ImaRx for the Services Abbott provided to ImaRx since the
          generation of the last invoice. ImaRx will pay such invoice in
          immediately available funds by ACH to an account designated by Abbott
          such that the funds are immediately available to Abbott no later than
          the twentieth (20th) calendar day after the date of the invoice;
          provided the invoice date shall not be earlier than the date the
          invoice is faxed to ImaRx. ImaRx and Abbott agree that if the due date
          occurs on a Saturday or Bank Holiday, Abbott will receive the
          immediately available funds on the immediately preceding business day,
          and if the due date occurs on a Sunday, Abbott will receive the
          immediately available funds the next following business day. Delay in
          payment will result in ImaRx being

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          responsible for interest at a rate of one and a half percent (1 1/2%)
          per month, or the maximum rate allowed by law, whichever is less, on
          the outstanding amount of any unpaid invoice beginning on the day
          after the payment due date.

          (b)  If ImaRx elects under Section 2(b) to utilize the Services of
               Abbott, then upon Completion of the Services, ImaRx shall pay
               Abbott Five Million Dollars ($5,000,000), less any amounts
               already paid by ImaRx to Abbott (the "Fee") pursuant to Section 4
               above and Attachment 1 hereto. The Services shall be deemed
               complete upon the achievement of the milestones set forth in
               Exhibit A as mutually agreed by the parties ("Completion of the
               Services"). If the Completion of the Services, does not occur on
               or prior to December 31, 2006, the foregoing Fee shall not be
               payable to Abbott.

     5.   Term.

          (a)  This Agreement will take effect at and as of the Closing Date
               under the Asset Purchase Agreement. This Agreement will terminate
               upon the earlier of either (i) the Completion of the Services or
               (ii) December 31, 2006.

     6.   Warranties. Abbott will use reasonable efforts to provide the Services
          to ImaRx in a manner substantially similar to the manner Abbott or
          Affiliates of Abbott provided the same Services to the Business prior
          to Closing (which the Abbott represents to be consistent with industry
          practices) except to the extent this Agreement or any Attachment
          modifies the manner in which Abbott is to provide those Services and
          except to the extent the parties may otherwise agree in writing.
          Abbott makes no other warranty concerning the Services, or equipment
          supplied or used hereunder, or the condition of any of its premises or
          equipment. ALL OTHER WARRANTIES, EXPRESS OR IMPLIED, INCLUDING THE
          WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE AND THE WARRANTY OF
          MERCHANTABILITY, ARE EXPRESSLY EXCLUDED.

     7.   Liability.

          (a)  As to any claim of any nature relating to this Agreement, whether
               in contract, tort, strict liability, patent infringement or
               otherwise, excluding claims resulting from the gross negligence
               or willful misconduct of Abbott, the total liability of Abbott
               will not exceed an amount equal to the total charges under
               Section 3 for the Services provided by Abbott in respect of which
               the claim is made. ImaRx's failure to give Abbott written notice
               of any claim within thirty (30) days from the date of delivery or
               discovery (if later), or the date fixed for delivery if the claim
               relates to failure to deliver or failure to deliver in a timely
               manner, will constitute a waiver by ImaRx of all claims of any
               kind arising as a result of such delivery or non-delivery.
               Failure by ImaRx to provide such written notice

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               to Abbott within such time period will constitute a complete
               defense for Abbott against such claims by ImaRx.

          (b)  IN NO EVENT WILL EITHER PARTY BE LIABLE TO THE OTHER FOR ANY
               INDIRECT, CONSEQUENTIAL, SPECIAL, INCIDENTAL OR CONTINGENT
               DAMAGES OR LOSSES (WHETHER OR NOT CAUSED, IN WHOLE OR IN PART, BY
               A PARTY'S NEGLIGENT ACT OR OMISSION, OR WHETHER BASED ON BREACH
               OF WARRANTY, BREACH OF AGREEMENT, STATUTE, STRICT LIABILITY OR
               OTHERWISE), OR LOSS OF PROFITS OR DAMAGES FOR BUSINESS
               INTERRUPTION, OR COSTS OF LITIGATION, SUFFERED OR INCURRED BY THE
               OTHER PARTY IN CONNECTION WITH THIS AGREEMENT OR WITH RESPECT TO
               PROVISION OR FAILURE TO PROVIDE THE SERVICES.

          (c)  Each of the parties hereto will defend, indemnify and hold
               harmless the other party from and against all Losses made against
               or incurred by the other party arising from that party's breach
               of any representation, warranty or covenant hereunder.

     8.   Compliance with Laws. Abbott and ImaRx agree to comply with all
          applicable laws and governmental regulations concerning the Services.

     9.   Contingencies.

          (a)  "Force Majeure" means the failure of either party to perform
               hereunder in the manner provided for in this Agreement (except
               any obligation to pay for Services already performed), which
               failure is beyond the reasonable control of the party (whether of
               like or different character to the matters listed below) so
               failing to perform, including if such failure is caused or
               occasioned by: (1) the inability to comply with any order,
               regulation or request of any Federal, State or Municipal
               Government or any officer, department, agency or committee
               thereof, including requisition or allocation or establishment of
               priority, or by compliance with any request authorized by such
               governmental authority, which is valid or reasonably believed to
               be valid; or (2) an Act of God, the public enemy, fire,
               explosion, equipment failure, flood, earthquake, tornado,
               hurricane, war, riot, sabotage, or other similar catastrophe,
               accident, embargo, strikes, lockouts or other industrial
               disturbances, shortage, delay or failure of supply of materials,
               power, utilities, labor, fuel or equipment, interruptions of or
               delay in transportation (including transmission system failure or
               breakdown) or by any other event or circumstances.

          (b)  A party will be relieved from liability to deliver or receive
               Services hereunder (but not for any liability to pay for Services
               already performed) for the time and to the extent such failure to
               perform is caused or

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               occasioned by Force Majeure. In the event that a party becomes
               unable by Force Majeure to carry out its obligations under this
               Agreement, in whole or in part, that party will promptly give
               notice of such, including the expected duration of such Force
               Majeure, to the other party. The party so affected by the Force
               Majeure will undertake prompt and diligent efforts to remedy such
               Force Majeure insofar as it is economically practicable.

          (c)  It is understood and agreed that the settlement of strikes or
               lockouts involving a party will be entirely within that party's
               discretion, and that the above requirements that any Force
               Majeure will be remedied with all reasonable dispatch will not
               require the settlement of strikes or lockouts by acceding to the
               demands of the employees involved when such course is inadvisable
               in that party's sole discretion.

          (d)  If Force Majeure reduces the capabilities of Abbott to provide
               any Service to a level below the combined requirements of Abbott
               and ImaRx, Abbott will allocate its available Service
               capabilities among Abbott, ImaRx, and Abbott affiliates and other
               users of that Service on a pro rata basis.

     10.  Cooperation and Confidentiality. The parties hereto agree to provide
          to each other all information and related documents reasonably
          requested by either party to enable the parties to perform hereunder
          and will comply with all such reasonable instructions as are necessary
          for the parties hereto to perform their obligations hereunder. Each
          party hereto will cause, and will cause each of its Affiliates and
          each of their respective officers, directors and employees, to hold
          confidential all information relating to the business of the other
          party disclosed to it by reason of this Agreement and not disclose any
          of such information to any third party unless legally compelled to
          disclose such information in accordance with the Confidentiality
          Agreement between the ImaRx and Abbott dated May 6, 2005; provided,
          however, that to the extent that any of them may become so legally
          compelled, they may only disclose such information if they have first
          used commercially reasonable efforts to, and, if practicable, afforded
          the other party the opportunity to, obtain an appropriate protective
          order or other satisfactory assurance of confidential treatment for
          the information required to be so disclosed.

     11.  Relationship of the Parties. Nothing in this Agreement shall be
          construed as creating any relationship between Abbott and ImaRx other
          than as specifically set forth in this Agreement; neither party shall
          have any right, power or authority to assume, create, or incur any
          expense, liability or obligation, express or implied, on behalf of the
          other party, except as expressly provided herein. This Agreement is
          not intended to be nor shall be construed as a joint venture,
          association, partnership, or other form of a business organization or
          agency relationship.

     12.  Counterparts. This Agreement may be executed in one or more
          counterparts, each of which shall be deemed an original instrument,
          but all such counterparts together will constitute one and the same
          instrument.

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     13.  Attachments. The attachments referred to in this Agreement are
          incorporated herein by reference and expressly made a part of this
          Agreement as fully as though completely set forth herein. To the
          extent a conflict may exist between the provisions of this document
          and the provision of any attachment hereto, the provisions of this
          document will prevail.

     14.  Waiver. The failure of any party at any time or times to enforce or
          require performance of any provision hereof will in no way operate as
          a waiver or affect the right of such party at a later time to enforce
          the same. No waiver by any party of any condition or of the breach of
          any term, covenant, representation or warranty contained in this
          Agreement, whether by conduct or otherwise, in any one or more
          instances, will be deemed to be or construed as a further or
          continuing waiver of any such condition or breach, or a waiver of any
          other condition or of any breach of any other term, covenant,
          representation or warranty contained in this Agreement. Any waiver of
          an obligation, agreement or condition contained herein will be valid
          and effective only if in writing and signed by the party to whom such
          compliance is owed.

     15.  Notices.

          (a)  All notices and other communications hereunder will be in writing
               and will be deemed effective and given only upon receipt, when
               delivered personally (receipt acknowledged), by facsimile
               transmission (receipt confirmed and followed by a hard copy), by
               overnight courier, or by registered or certified mail (return
               receipt requested), postage prepaid, to the parties at the
               following addresses (or to such other individual or at such other
               addresses for a Party as may be specified by like notice):

               If to Abbott to: Abbott Laboratories
                                100 Abbott Park Road
                                Building AP6D, Department 364
                                Abbott Part, Illinois 60064-6020
                                Attn: General Counsel
                                Facsimile: 847-938-6277

               With a copy to:  Kirkland & Ellis LLP
                                200 East Randolph Drive
                                Suite 5400
                                Chicago, Illinois 60601
                                Attn: R. Scott Falk, P.C.
                                Facsimile: 312-861-2200

               If to ImaRx, to: ImaRx Therapeutics
                                1635 East 18th Street
                                Tucson, AZ 85719
                                Attn: Greg Cobb
                                Facsimile Number: 520-791-2437

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               With a copy to:  DLA Piper Rudnick Gray Cary LLP
                                701 Fifth Avenue
                                Suite 7000
                                Seattle, WA 98104
                                Attn: Jeffrey E. Harmes
                                John M. Steel
                                Facsimile Number: 206-839-4801

          (b)  The parties will agree upon the persons and places to whom
               routine correspondence, invoices and similar communications
               should be addressed in an effort to facilitate mutual and
               expeditious performance by the parties hereunder.

     16.  Entire Agreement. This Agreement, including the attachments hereto,
          constitutes the entire agreement between the parties hereto pertaining
          to the subject matter hereof and supersedes all prior agreements,
          understandings, negotiations and discussions, whether oral or written,
          of the parties relating to the subject matter hereof. There are no
          warranties, representations or other agreements between the parties in
          connection with the subject matter hereof except as specifically set
          forth herein or in documents delivered pursuant hereto. Except as
          otherwise provided herein, no amendment, supplement or modification of
          this Agreement or any attachment, and no conditions, usage of trade,
          course of dealing or performance, understanding or agreement
          purporting to modify, vary, explain or supplement the terms or
          conditions of this Agreement, will be binding unless executed in
          writing by both of the parties hereto. No modification of this
          Agreement will be effected by the acknowledgement or acceptance of
          documents containing terms or conditions at variance with or in
          addition to those set forth in this Agreement, except as otherwise
          specifically agreed to by the parties in writing.

     17.  Severability. If any provision of this Agreement is hereafter held to
          be invalid or unenforceable for any reason, that provision will be
          reformed to the maximum extent permitted to come as close as possible
          in its effects to the invalid or unenforceable provision, failing
          which, it will be ineffective to the extent of such invalidity or
          unenforceability only, with the balance of the provision and of the
          Agreement continuing in full force and effect. Such occurrence will
          not have the effect of rendering the provision in question invalid in
          any other jurisdiction or in any other case or circumstances, or of
          rendering invalid any other provisions contained herein to the extent
          that such other provisions are not themselves actually in conflict
          with any applicable law.

     18.  Assignment. This Agreement and any rights and obligations hereunder
          shall not be assignable or transferable by ImaRx or Abbott (including
          by operation of law in connection with a merger or sale of stock, or
          sale of substantially all the assets, of ImaRx or Abbott) without the
          prior written consent of the other party, provided that, the consent
          of one party will not be required for the other party to transfer its
          rights and obligations hereunder to an Affiliate, as long as the
          transferring party

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          first fully guarantees such Affiliate's performance of all of the
          transferring party's obligations under this Agreement. Other than
          assignments described above, any purported assignment without such
          consent shall be void and without effect. This Agreement will be
          binding upon and inure to the benefit of the parties hereto and their
          respective permitted successors and assigns.

     19.  Captions. The captions or headings in this Agreement are for
          convenience only and will not be considered a part of or affect the
          construction or interpretation of any provision of this Agreement.

     20.  No Third Party Beneficiaries. Nothing in this Agreement will entitle
          any person other than Abbott or ImaRx, and their respective permitted
          (pursuant to Section 18) successors and assigns, to any claim, cause
          of action, remedy or right of any kind.

     21.  Governing Law. This Agreement and the obligations of the parties
          hereunder will be governed by and construed and enforced in accordance
          with the laws of the State of Delaware, excluding any choice of law
          rules which may direct the application of the laws of any other
          jurisdiction.

     22.  Gender. The singular shall include the plural and the plural shall
          include the singular and any gender shall include all other genders,
          all as the meaning and the context of the Agreement shall require.

                                   * * * * * *

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     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed.

                                        ABBOTT LABORATORIES

                                        By: /s/ Sean Murphy
                                            ------------------------------------
                                        Printed Name: Sean E. Murphy
                                        Title: Vice President,
                                               Global Licensing/New Business
                                               Development

                                        IMARX THERAPEUTICS INC.

                                        By: /s/ Evan Unger
                                            ------------------------------------
                                        Printed Name: Evan Unger
                                        Title: President and CEO

                                        1<PAGE>

                                                                    EXHIBIT 10.9

                                                                 January 4, 2005

                                LICENSE AGREEMENT

      This Agreement is between ImaRx Therapeutics, a corporation of the State
of Delaware, having a principal place of business at 1635 E. 18th St., Tucson,
AZ 85718 (hereinafter referred to as "IMARX") and Dr. med. Reinhard Schlief,
(hereinafter "DR. SCHLIEF"), having an address at Neue Strasse 21, 14163 Berlin,
Germany.

                                   WITNESSETH:

      WHEREAS, DR. SCHLIEF owns certain intellectual property; and

      WHEREAS, IMARX is desirous of obtaining a license under the intellectual
property and wishes to acquire a license in order to utilize or otherwise
commercialize the intellectual property; and

      NOW, THEREFORE, in consideration of the premises and the mutual promises
and covenants hereinafter set forth, the parties hereby agree as follows

                             ARTICLE 1 - DEFINITIONS

      1.1 "PATENT RIGHTS" shall mean the U.S. patent 5,380,411, and assigned to
DR. SCHLIEF, entitled "Ultrasound or Shock Wave Work Process and Preparation for
Carrying Out Same" and the invention disclosed and claimed therein, and all
continuations, divisions, and reissues based thereof, and any corresponding
foreign patent applications (including Japan and EU countries), and any patents,
patents of addition, or other equivalent foreign patent rights issuing, granted
or registered thereon.

      1.2 "LICENSED PRODUCT(S)" shall mean products or services using a method
covered by a VALID CLAIM, on a country-by-country basis, that if made, used,
sold, imported or offered for sale would constitute, but for the license granted
to IMARX pursuant to this Agreement, an infringement of a VALID CLAIM
(infringement shall include, but is not limited to, direct, contributory, or
inducement to infringe).

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Draft                                  2                         January 4, 2005

      1.3 "NET SALES" shall mean gross sales revenues received by IMARX,
AFFILIATED COMPANY and IMARX's sublicensees from the sale of LICENSED PRODUCT(S)
less trade discounts allowed, refunds, returns and recalls, and sales taxes. In
the event that IMARX, AFFILIATED COMPANY or IMARX's sublicensee sells a LICENSED
PRODUCT(S) in combination with other ingredients or substances or as part of a
kit, the NET SALES for purposes of royalty payments shall be based on calculated
as follows:

      (a)   If all LICENSED PRODUCTS and Other Items contained in the
            combination are available separately, the NET SALES for purposes of
            royalty payments will be calculated by multiplying the NET SALES of
            the combination by the fraction A/A+B, where A is the separately
            available price of all LICENSED PRODUCTS in the combination, and B
            is the separately available price for all Other Items in the
            combination.

      (b)   If the combination includes Other Items which are not sold
            separately (but all LICENSED PRODUCTS contained in the combination
            are available separately), the NET SALES for purposes of royalty
            payments will be calculated by multiplying the NET SALES of the
            combination by A/C, where A is as defined above and C is the
            invoiced price of the combination.

      (c)   If the LICENSED PRODUCTS contained in the combination are not sold
            separately, the NET SALES for such combination shall be NET SALES of
            such combination as defined in the first sentence of this Paragraph
            1.3. However, the parties agree to negotiate a reduction in the
            royalty rate to reflect the fair value that the LICENSED PRODUCT
            attributed to the overall product sold, but in no event shall the
            royalty rates be reduced by greater than fifty percent (50%).

The term "Other Items" does not include solvents, diluents, carriers,
excipients, buffers or the like used in formulating a product.

      1.4 "VALID CLAIM" shall mean a claim of an issued patent in PATENT RIGHTS
which has not lapsed or become abandoned or been declared invalid or
unenforceable by a court of competent jurisdiction or an administrative agency
from which no appeal can be or is taken.

      1.5 "LICENSED FIELD" shall mean all fields.

      1.6 "AFFILIATED COMPANY" or "AFFILIATED COMPANIES" shall mean any
corporation, company, partnership, joint venture or other entity which controls,
is controlled by or is under common control with IMARX. For purposes of this
Paragraph 1.6, control shall mean the

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Draft                                  3                        January 4, 2005

direct or indirect ownership of at least fifty percent (50%).

      1.7 "EXCLUSIVE LICENSE" shall mean a grant by DR. SCHLIEF to IMARX of its
entire right and interest in the PATENT RIGHTS.

      1.8 "EFFECTIVE DATE" of this License Agreement shall mean the date the
last party hereto has executed this Agreement.

                               ARTICLE 2 - GRANTS

      2.1 Subject to the terms and conditions of this Agreement, DR. SCHLIEF
hereby grants to IMARX an EXCLUSIVE LICENSE to make, have made, use, sell and
have sold the LICENSED PRODUCT(S) in the United States and worldwide under the
PATENT RIGHTS in the LICENSED FIELD.

      2.2   IMARX may sublicense others under this Agreement and any sublicense
            shall be consistent with the terms of this Agreement.

      2.3   If for any reason other than being sold to another company IMARX
            ceases to exist, then patent rights shall return to DR. SCHLIEF. In
            the event that IMARX is sold to another company, the rights and
            responsibilities assigned to IMARX in this Agreement will be
            transferred to the company.

                         ARTICLE 3 - PATENT INFRINGEMENT

      3.1 Each party will notify the other promptly in writing when any
infringement by another is uncovered or suspected.

      3.2 IMARX shall have the right to enforce any patent within PATENT RIGHTS
in the LICENSED FIELD against any infringement or alleged infringement thereof,
and shall keep DR. SCHLIEF informed as to the status thereof. IMARX may, in its
sole judgment and at its own expense, institute suit against any such infringer
or alleged infringer and control, settle, and defend

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Draft                                  4                        January 4, 2005

such suit in a manner consistent with the terms and provisions hereof and
recover, for its account, any damages, awards or settlements resulting
therefrom.

      3.3 If IMARX elects not to enforce any patent within the PATENT RIGHTS,
then it shall so notify DR. SCHLIEF in writing within six (6) months of
receiving notice that an infringement exists, and DR. SCHLIEF may, in his sole
judgment and at its own expense, take steps to enforce any patent and control,
settle, and defend such suit in a manner consistent with the terms and
provisions hereof, and recover, for his own account, any damages, awards or
settlements resulting therefrom.

                    ARTICLE 4 - PAYMENTS, ROYALTY AND EQUITY

      4.1 IMARX will reimburse DR. SCHLIEF for certain past out-of-pocket costs
associated with PATENT RIGHTS including but not limited to maintenance fees and
patent transfer fees up to the amount of $15,000.00 US Dollars. IMARX shall
reimburse DR. SCHLIEF within thirty (30) days of receipt of invoice from DR.
SCHLIEF. Such invoice shall provide copies of documentation from patent
attorney's and patent offices or other acceptable documentation detailing the
out-of-pocket patent costs incurred by DR. SCHLIEF. IMARX shall also reimburse
future incurred expenses as detailed in Paragraph 5.1.

      4.2 In partial consideration for the license granted herein, IMARX grants
DR.SCHLEIF warrants to purchase 20,000 shares of IMARX common stock pursuant to
the COMMON STOCK WARRANT attached as Exhibit A.

      4.3 IMARX shall pay to DR. SCHLIEF, as a running royalty, for each
LICENSED PRODUCT sold by IMARX or AFFILIATED COMPANIES, two percent (2%) of NET
SALES for the term of this Agreement. Should IMARX be required to pay running
royalties on any patent rights not licensed hereunder ("Other Royalties") in
order to make, use or sell a particular LICENSED PRODUCT, IMARX shall be
entitled to credit half (50%) of such Other Royalties against the running
royalty due, provided that the running royalties shall not be reduced below
fifty percent (50%) of those that would otherwise be due DR. SCHLIEF for that
LICENSED PRODUCT.

      Such payments shall be made twice per year as provided in Paragraph 4.5.

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Draft                                  5                        January 4, 2005

      4.4 In the event IMARX grants a sublicense of rights to a third party
under this Agreement, IMARX shall pay DR. SCHLIEF three percent (3%) of any
milestone payments or running royalties received by IMARX, for sublicensing
PATENT RIGHTS. Research support to fund development of a LICENSED PRODUCT,
patent cost or other out-of-pocket reimbursements or equity investments made at
fair market value are excluded, however DR. SCHLIEF shall receive three percent
(3%) of the excess above fair market value of any equity investments. If any
Other Rights (Other Rights are rights other than PATENT RIGHTS that are owned or
controlled by IMARX) are conveyed under a sublicense, the percentage owed to DR.
SCHLIEF shall be based upon the value of the contribution of PATENT RIGHTS to
the overall value of all rights being sublicensed to the third party. The
determination of value of right shall be made by an independent agent of
national stature who is mutually agreeable to both parties and the costs of such
valuation shall be borne equally between IMARX and DR. SCHLIEF.

      4.5 IMARX shall provide to DR. SCHLIEF within sixty (60) days of the end
of each June after the a first commercial sale of a LICENSED PRODUCT, a written
report of the amount of LICENSED PRODUCTS sold, the total NET SALES of each
LICENSED PRODUCTS, and the running royalties due to DR. SCHLIEF as a result of
NET SALES by IMARX, AFFILIATED COMPANIES and sublicensees thereof. Payment of
any such royalties due shall accompany such report.

      4.6 IMARX shall make and retain, for a period of three (3) years following
the period of each report required by Paragraph 4.5, true and accurate records,
files and books of account containing all the data reasonably required for the
full computation and verification of sales and other information required in
Paragraph 4.5. Such books and records shall be in accordance with generally
accepted accounting principles consistently applied. IMARX shall permit the
inspection and copying of such records, files and books of account by an
independent accountant of nationally recognized stature selected by DR. SCHLIEF
and acceptable to IMARX. Such inspection shall be during regular business hours
and upon ten (10) business days' written notice to IMARX. Such inspection shall
not be made more than once each calendar year. All costs of such inspection and
copying shall be paid by DR. SCHLIEF, provided that if any such inspection shall
reveal that an error has been made in the amount equal to ten percent (10%) or
more of such payment, such costs shall be borne by IMARX. IMARX shall include in
any agreement with its AFFILIATED COMPANIES or its sublicensees which permits
such party to make, use or sell the LICENSED PRODUCT(S) a

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Draft                                  6                        January 4, 2005

provision requiring such party to retain records of sales of LICENSED PRODUCT(S)
and other information as required in Paragraph 4.5 and permit DR. SCHLIEF's
agents to inspect such records as required by this Paragraph 4.6.

      4.7 All payments under this Agreement shall be made in U.S. Dollars.

             ARTICLE 5 - PATENT RIGHTS AND CONFIDENTIAL INFORMATION

      5.1 DR. SCHLIEF shall notify IMARX of any patent related costs due at
least thirty (30) days prior to any payment being due. IMARX shall promptly
notify DR. SCHIEF in writing of its desire to maintain such patent (Authorized
Expense) and shall reimburse DR. SCHLIEF upon receipt of an invoice for such
approved expense. Title to all such patents shall reside in DR. SCHLIEF. In any
country where IMARX elects not to pay expenses associated with maintaining a
patent, DR.SCHLIEF may maintain such patent at his own expense and for his own
exclusive benefit and IMARX thereafter shall not be licensed under, or owe
monies for, such patent right.

      5.2 IMARX agrees that all packaging containing individual LICENSED
PRODUCT(S) sold by IMARX, AFFILIATED COMPANIES and sublicensees of IMARX will be
marked with the number of the applicable patent(s) licensed hereunder in
accordance with each country's patent laws.

      5.3 If necessary, the parties will exchange information which they
consider to be confidential. The recipient of such information agrees to accept
the disclosure of said information which is marked as confidential at the time
it is sent to the recipient, and to employ all reasonable efforts to maintain
the information secret and confidential, such efforts to be no less than the
degree of care employed by the recipient to preserve and safeguard its own
confidential information. The information shall not be disclosed or revealed to
anyone except employees of the recipient who have a need to know the information
and who have entered into a secrecy agreement with the recipient under which
such employees are required to maintain confidential the proprietary information
of the recipient and such employees shall be advised by the recipient of the
confidential nature of the information and that the information shall be treated
accordingly. The recipient's obligations under this Paragraph 5.3 shall not
extend to any part of the information:

      a. that can be demonstrated to have been in the public domain or publicly
      known and

<PAGE>

Draft                                  7                         January 4, 2005

      readily available to the trade or the public prior to the date of the
      disclosure; or

      b. that can be demonstrated, from written records to have been in the
      recipient's possession or readily available to the recipient from another
      source not under obligation of secrecy to the disclosing party prior to
      the disclosure; or

      c. that becomes part of the public domain or publicly known by publication
      or otherwise, not due to any unauthorized act by the recipient; or

      d. that is demonstrated from written records to have been developed by or
      for the receiving party without reference to confidential information
      disclosed by the disclosing party.

      e. that is required to be disclosed by law, government regulation or court
      order.

The obligations of this Paragraph 5.3 shall also apply to AFFILIATED COMPANIES
and/or sublicensees provided such information by IMARX. DR. SCHLIEF, the
IMARX's, AFFILIATED COMPANIES, and sublicensees' obligations under this
Paragraph 5.3 shall extend until five (5) years after the termination of this
Agreement.

                        ARTICLE 6 - TERM AND TERMINATION

      6.1 This Agreement shall expire in each country on the date of expiration
of the last to expire patent included within PATENT RIGHTS in that country.

      6.2 Upon breach or default of any of the terms and conditions of this
Agreement, the defaulting party shall be given written notice of such default in
writing and a period of sixty (60) days after receipt of such notice to correct
the default or breach. If the default or breach is not corrected within said
sixty (60) day period, the party not in default shall have the right to
terminate this Agreement.

      6.3 IMARX may terminate this Agreement and the license granted herein, for
any reason, upon giving DR. SCHLIEF sixty (60) days written notice.

<PAGE>

Draft                                  8                         January 4, 2005

      6.4 Termination shall not affect DR. SCHLIEF's right to recover unpaid
royalties or fees or reimbursement for Authorized Expense incurred pursuant to
Paragraph 5.1 prior to termination. Upon termination all rights in and to the
licensed technology shall revert to DR. SCHLIEF at no cost to ImaRx.

                            ARTICLE 7 - MISCELLANEOUS

7.1 All notices pertaining to this Agreement shall be (a) delivered in person,
or (b) mailed certified mail return receipt requested, or (c) faxed to other
party if the sender has evidence of successful transmission and if the sender
promptly sends the original by ordinary mail, in any event to the following
addresses:

FOR IMARX:            Jean Carlyle
                      CFO
                      ImaRx Therapeutics Inc.
                      1635 E. 18th Street
                      Tucson, Arizona 85719

FOR DR. SCHLIEF:      Dr. med. Reinhard Schlief
                      Neue Strasse 21
                      14163 Berlin
                      Germany

      7.2 All written royalty and other payments, and any other related
correspondence shall be in writing and sent to:

FOR DR. SCHLIEF:      Dr. med. Reinhard Schlief
                      Neue Strasse 21
                      14163 Berlin
                      Germany

or such other addressee which DR. SCHLIEF may designate in writing from time to
time. Checks are to be made payable to "Dr. med. Reinhard Schlief". Wire
transfers may be made through:

<PAGE>

Draft                                  9                        January 4, 2005

      7.3 This Agreement is binding upon and shall inure to the benefit of DR.
SCHLIEF, his successors and assignees and shall not be assignable to another
party without the written consent of DR. SCHLIEF, which consent shall not be
unreasonably withheld, except that IMARX shall have the right to assign this
Agreement to another party without the consent of DR. SCHLIEF in the case of the
sale or transfer by IMARX of all, or substantially all, of its assets relating
to the LICENSED PRODUCT to that party.

      7.4 In the event that any one or more of the provisions of this Agreement
should for any reason be held by any court or authority having jurisdiction over
this Agreement, or over any of the parties hereto to be invalid, illegal or
unenforceable, such provision or provisions shall be reformed to approximate as
nearly as possible the intent of the parties, and if unreformable, shall be
divisible and deleted in such jurisdictions; elsewhere, this Agreement shall not
be affected.

      7.5 The construction, performance, and execution of this Agreement shall
be governed by the laws of the State of Arizona. Any disputes between the
parties to the Agreement shall be brought in the state or federal courts of
Arizona.

      7.6 DR. SCHLIEF warrants that he has good and marketable title to the
inventions claimed under PATENT RIGHTS. DR. SCHLIEF does not warrant the
validity of any patents or that practice under such patents shall be free of
infringement. EXCEPT AS EXPRESSLY SET FORTH IN THIS PARAGRAPH 7.6, IMARX,
AFFILIATED COMPANIES AND SUBLICENSEES AGREE THAT THE PATENT RIGHTS ARE PROVIDED
"AS IS", AND THAT DR. SCHLIEF MAKES NO REPRESENTATION OR WARRANTY WITH RESPECT
TO THE PERFORMANCE OF LICENSED PRODUCT(S) INCLUDING THEIR SAFETY, EFFECTIVENESS,
OR COMMERCIAL VIABILITY. DR. SCHLIEF DISCLAIMS ALL WARRANTIES WITH REGARD TO
PRODUCT(S) UNDER THIS AGREEMENT, INCLUDING, BUT NOT LIMITED TO, ALL WARRANTIES,
EXPRESS OR IMPLIED, OF MERCHANTABILITY AND FITNESS FOR ANY PARTICULAR PURPOSE.
NOTWITHSTANDING ANY OTHER PROVISION OF THIS AGREEMENT, DR. SCHLIEF ADDITIONALLY
DISCLAIMS ALL OBLIGATIONS AND LIABILITIES ON THE PART OF DR. SCHLIEF, FOR
DAMAGES, INCLUDING, BUT NOT LIMITED TO, DIRECT, INDIRECT, SPECIAL, AND
CONSEQUENTIAL DAMAGES, ATTORNEYS' AND EXPERTS' FEES, AND COURT COSTS (EVEN IF
DR. SCHLIEF HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, FEES OR COSTS),
ARISING OUT OF OR IN CONNECTION WITH THE MANUFACTURE, USE, OR

<PAGE>

Draft                                  10                       January 4, 2005

SALE OF THE PRODUCT(S) UNDER THIS AGREEMENT. IMARX, AFFILIATED COMPANIES AND
SUBLICENSEES ASSUME ALL RESPONSIBILITY AND LIABILITY FOR LOSS OR DAMAGE CAUSED
BY A LICENSED PRODUCT AS DEFINED IN THIS AGREEMENT MANUFACTURED, USED, OR SOLD
BY IMARX, ITS SUBLICENSEES AND AFFILIATED COMPANIES.

      7.7 DR. SCHLIEF will not, under the provisions of this Agreement or
otherwise, have control over the manner in which IMARX or its AFFILIATED
COMPANIES or its sublicensees or those operating for its account or third
parties who purchase LICENSED PRODUCT(S) from any of the foregoing entities,
practice the inventions of LICENSED PRODUCT(S). Practice of the inventions
covered by LICENSED PRODUCT(S), by an AFFILIATED COMPANY or an agent or a
sublicensee or a third party on behalf of or for the account of IMARX or by a
third party who purchases LICENSED PRODUCT(S) from the IMARX, shall be
considered the Company's practice of said inventions for purposes of this
Paragraph 7.7.

      7.8 Prior to initial human testing or first commercial sale of any
LICENSED PRODUCT in any particular country, IMARX shall establish and maintain,
in each country in which IMARX, an AFFILIATED COMPANY or sublicensee shall test
or sell LICENSED PRODUCT(S), product liability or other appropriate insurance
coverage appropriate to the risks involved in marketing LICENSED PRODUCT(S) and
will upon request present evidence to DR. SCHLIEF that such coverage is being
maintained.

      7.9 This Agreement constitutes the entire understanding between the
parties with respect to the obligations of the parties with respect to the
subject matter hereof, and supersedes and replaces all prior agreements,
understandings, writings, and discussions between the parties relating to said
subject matter.

      7.10 This Agreement may be amended and any of its terms or conditions may
be waived only by a written instrument executed by the authorized officials of
the parties or, in the case of a waiver, by the party waiving compliance. The
failure of either party at any time or times to require performance of any
provision hereof shall in no manner affect its right at a later time to enforce
the same. No waiver by either party of any condition or term in any one or more
instances shall be construed as a further or continuing waiver of such condition
or term or of any other condition or term.

      7.13 This Agreement shall be binding upon and inure to the benefit of and
be enforceable

<PAGE>

Draft                                  11                        January 4, 2005

by the parties hereto and their respective successors and permitted assigns.

      7.14 Upon termination of this Agreement for any reason, Paragraphs 5.3,
6.4, 7.6, and 7.7 shall survive termination of this Agreement.

      IN WITNESS WHEREOF the respective parties hereto have executed this
Agreement by their duly authorized officers on the date appearing below their
signatures.

IMARX THERAPEUTICS, INC.                DR. SCHLIEF

By /s/ Evan Unger                       By /s/ Reinhard Schlief
   ---------------------------------       -------------------------
   Evan Unger, M.D., President & CEO       Dr. med. Reinhard Schlief

Date: 1-4-05                            Date 1-6-05

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