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sec document

                                                                     Exhibit 4.1

                                                         DATED: DECEMBER 9, 2005

     NEITHER THIS  DEBENTURE  NOR THE  SECURITIES  INTO WHICH THIS  DEBENTURE IS
     CONVERTIBLE   HAVE  BEEN   REGISTERED  WITH  THE  SECURITIES  AND  EXCHANGE
     COMMISSION  OR THE  SECURITIES  COMMISSION OF ANY STATE IN RELIANCE UPON AN
     EXEMPTION  FROM  REGISTRATION  UNDER THE SECURITIES ACT OF 1933, AS AMENDED
     (THE "SECURITIES ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT
     PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR
     PURSUANT TO AN AVAILABLE  EXEMPTION  FROM, OR IN A TRANSACTION  NOT SUBJECT
     TO, THE  REGISTRATION  REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE
     WITH APPLICABLE STATE SECURITIES LAWS.

No. CCP-1                                                             $1,000,000

                               CEPTOR CORPORATION

                          SECURED CONVERTIBLE DEBENTURE

                              DUE DECEMBER 9, 2008

     This Secured  Convertible  Debenture (the  "DEBENTURE") is issued by CEPTOR
CORPORATION,   a  Delaware  corporation  (the  "OBLIGOR"),  to  CORNELL  CAPITAL
PARTNERS,  LP (the  "HOLDER"),  pursuant  to that  certain  Securities  Purchase
Agreement (the "SECURITIES PURCHASE AGREEMENT") of even date herewith.

     FOR VALUE RECEIVED, the Obligor hereby promises to pay to the Holder or its
successors  and assigns the  principal sum of One Million  Dollars  ($1,000,000)
together  with  accrued but unpaid  interest on or before  December 9, 2008 (the
"MATURITY DATE") in accordance with the following terms:

     INTEREST. Interest shall accrue on the outstanding principal balance hereof
at an annual rate equal to eight percent (8%).  Interest  shall be calculated on
the basis of a 360-day year and the actual number of days elapsed, to the extent
permitted by applicable  law.  Interest  hereunder will be paid to the Holder or
its  assignee  (as  defined  in  SECTION  5) in whose  name  this  Debenture  is
registered on the records of the Obligor regarding registration and transfers of
Debentures (the "DEBENTURE REGISTER").

     RIGHT OF REDEMPTION.  The Obligor at its option shall have the right,  with
three (3) business days advance  written notice (the  "REDEMPTION  NOTICE"),  to
redeem a portion or all amounts  outstanding  under this Debenture  prior to the
Maturity  Date.  If the  Closing Bid Price of the  Obligor's  Common  Stock,  as
reported  by  Bloomberg,  LP, is less  than the  Fixed  Price at the time of the
Redemption Notice, the Obligor shall pay an amount equal to the principal amount
being  redeemed  plus a redemption  premium  equal to eight  percent (8%) of the
principal amount being redeemed  ("REDEMPTION  PREMIUM"),  and accrued interest,
(collectively referred to as the "REDEMPTION AMOUNT").

     In the event the Closing Bid Price of the  Obligor's  Common Stock is above
the Fixed Price at the time of a Redemption  Notice the Obligor can redeem fifty
percent (50%) of the principal  amounts  outstanding under this Debenture at the
Redemption  Amount and the  remaining  fifty percent (50%) at the greater of (i)
the Redemption  Amount and (ii) the market value of this Debenture's  underlying
common stock on an as  converted  basis  utilizing  the Closing Bid Price of the
Company's Common Stock on the day of the Redemption Notice.

     The Obligor shall deliver to the Holder the Redemption  Amount on the third
(3rd) business day after the Redemption Notice.

     Notwithstanding the foregoing, in the event that the Obligor has elected to
redeem a portion of the outstanding  principal amount and accrued interest under
this  Debenture  the Holder  shall be permitted to convert all or any portion of
this Debenture during such three (3) business day period.

     In the event the Obligor  exercises a redemption of either all or a portion
of the outstanding  principal  amounts plus accrued interest due and outstanding
under this debenture as outlined  herein,  the Holder shall receive a warrant to
purchase twenty five thousand  (25,000) shares of the Company's Common Stock for
every  One  Hundred  Thousand  Dollars  ($100,000)  redeemed,   pro  rata.  (the
"WARRANT")  The  Warrant  shall be  exercisable  on a "cash  basis"  and have an
exercise  price of one hundred five  percent  (105%) of the Closing Bid Price of
the Obligor's Common Stock on the Closing Date, as quoted by Bloomberg,  LP, per
share. The Warrant shall have "piggy-back" registration rights and shall survive
for three (3) years from the Closing Date.

     SECURITY AGREEMENTS. This Debenture is secured by a Security Agreement (the
"SECURITY AGREEMENT") of even date herewith between the Obligor and the Holder.

CONSENT OF HOLDER TO SELL CAPITAL STOCK OR GRANT SECURITY INTERESTS.  So long as
any principal or interest on this Debenture remains unpaid and unconverted,  the
Obligor shall not, without the prior written consent of the Holder, (i) issue or
sell shares of Common Stock or Preferred Stock at a discount equal to or greater
than  twenty-five  percent  (25%) of the Closing  Bid Price of the Common  Stock
determined  immediately  prior to such issuance or sale, (ii) issue any warrant,
option,  right,  contract,  call, or other  security or instrument  granting the
holder  thereof  the right to acquire  Common  Stock at a  discount  equal to or
greater than  twenty-five  percent  (25%) of the Closing Bid Price of the Common
Stock  determined  immediately  prior to such  issuance  , (iii)  enter into any
security  instrument  granting  the  holder a security  interest  in any and all
assets of the  Obligor,  or (iv)  file any  registration  statement  on Form S-8
registering  more than one million  (1,000,000)  shares of the Company's  Common
Stock to be issued  pursuant to the  Company's  bonafide  employee  stock option
plan.

     So long as any principal or interest on this  Debenture  remains unpaid and
unconverted, the Obligor shall not, without five (5) business days prior written
notice to the  Holder,  (i) issue or sell  shares of Common  Stock or  preferred
stock at any discount  less than  twenty-five  percent  (25%) of the Closing Bid
Price of the Common Stock determined immediately prior to such issuance or sale,
or (ii) issue any warrant,  option, right, contract,  call, or other security or
instrument  granting the holder thereof the right to acquire Common Stock at any

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discount  less than  twenty-five  percent  (25%) of the Closing Bid Price of the
Common Stock determined immediately prior to such issuance.

     Notwithstanding  the above, the Obligor shall not be required to obtain the
consent of the Holder with respect to the Obligor's proposed  stockholder rights
plan (the  "RIGHTS  PLAN") but shall be required  to provide the Holder  written
notice ten (10) days prior to such issuance.

     RIGHTS  OF FIRST  REFUSAL.  So long as any  portion  of this  Debenture  is
outstanding (including principal or accrued interest), if the Obligor intends to
raise  additional  capital  by the  issuance  or sale of  capital  stock  of the
Obligor,  including without  limitation shares of any class of Common Stock, any
class of preferred stock, options,  warrants or any other securities convertible
or exercisable into shares of Common Stock (whether the offering is conducted by
the Obligor, underwriter,  placement agent or any third party) the Obligor shall
be obligated to offer to the Holder ten percent (10%) of such total  issuance or
sale of capital stock,  by providing in writing the principal  amount of capital
it intends to raise and outline of the  material  terms of such  capital  raise,
prior to the  offering  such  issuance  or sale of  capital  stock to any  third
parties including,  but not limited to, current or former officers or directors,
current or former  shareholders  and/or investors of the obligor,  underwriters,
brokers,  agents or other  third  parties,  provided  however the right of first
refusal shall not apply to the Obligor's  current  equity  financing with Fusion
Capital Fund II, LLC ("FUSION  CAPITAL") and the  Obligor's  bonafide 2004 Stock
Incentive  Plan.  The Holder shall have five (5)  business  days from receipt of
such notice of the sale or issuance of capital  stock to accept or reject all or
a portion of such capital raising offer.

     This Debenture is subject to the following additional provisions:

     SECTION 1. This Debenture is exchangeable for an equal aggregate  principal
amount of Debentures of different authorized denominations,  as requested by the
Holder  surrendering  the  same.  No  service  charge  will  be  made  for  such
registration of transfer or exchange.

     SECTION 2. EVENTS OF DEFAULT.

     (a)  An "EVENT OF  DEFAULT",  wherever  used  herein,  means any one of the
following  events  (whatever  the reason and  whether it shall be  voluntary  or
involuntary or effected by operation of law or pursuant to any judgment,  decree
or order of any court, or any order, rule or regulation of any administrative or
governmental body):

          (i)   Any default in the payment of the principal  of,  interest on or
other charges in respect of this Debenture,  free of any claim of subordination,
which  remains  uncured for ten (10)  consecutive  Business  Days after the same
shall have become due and payable  (whether on a Conversion Date or the Maturity
Date or by acceleration or otherwise);

          (ii)  The Obligor shall fail to observe or perform any other covenant,
agreement or warranty contained in, or otherwise commit any breach or default of
any provision of this Debenture (except as may be covered by SECTION 2(A)(I)

                                       3

hereof) or any  Transaction  Document  (as defined in SECTION 5) in any material
respect which is not cured within the time prescribed;

          (iii) The Obligor shall commence,  or there shall be commenced against
the  Obligor  under  any  applicable  bankruptcy  or  insolvency  laws as now or
hereafter in effect or any successor thereto, or the Obligor commences any other
proceeding under any reorganization,  arrangement, adjustment of debt, relief of
debtors,   dissolution,   insolvency  or  liquidation  or  similar  law  of  any
jurisdiction whether now or hereafter in effect relating to the Obligor or there
is  commenced  against  the  Obligor any such  bankruptcy,  insolvency  or other
proceeding which remains  undismissed for a period of 61 days; or the Obligor is
adjudicated  insolvent  or  bankrupt;  or any  order of  relief  or other  order
approving  any such case or proceeding  is entered;  or the Obligor  suffers any
appointment of any custodian,  private or court  appointed  receiver or the like
for it or any substantial  part of its property which continues  undischarged or
unstayed  for a period of sixty one (61) days;  or the  Obligor  makes a general
assignment  for the benefit of  creditors;  or the Obligor shall fail to pay, or
shall  state  that it is  unable to pay,  or shall be  unable to pay,  its debts
generally  as they  become  due;  or the  Obligor  shall  call a meeting  of its
creditors with a view to arranging a composition, adjustment or restructuring of
its debts; or the Obligor shall by any act or failure to act expressly  indicate
its consent to,  approval of or  acquiescence  in any of the  foregoing;  or any
corporate  or other  action is taken by the Obligor for the purpose of effecting
any of the foregoing;

          (iv)  The Obligor  shall default in any of its  obligations  under any
other debenture or any mortgage,  credit agreement or other facility,  indenture
agreement,  factoring  agreement  or other  instrument  under which there may be
issued,  or by which  there may be secured or  evidenced  any  indebtedness  for
borrowed money or money due under any long term leasing or factoring arrangement
of the Obligor in an amount exceeding  $100,000,  whether such  indebtedness now
exists or shall  hereafter  be created  and such  default  shall  result in such
indebtedness  becoming or being  declared  due and payable  prior to the date on
which it would otherwise become due and payable;

          (v)   The Common  Stock shall cease to be quoted for trading or listed
for trading on either the Nasdaq OTC Bulletin  Board  ("OTC"),  Nasdaq  SmallCap
Market, New York Stock Exchange,  American Stock Exchange or the Nasdaq National
Market (each, a "SUBSEQUENT MARKET") and shall not again be quoted or listed for
trading thereon within five (5) Trading Days of such delisting;

          (vi)  The  Obligor   shall  be  a  party  to  any  Change  of  Control
Transaction (as defined in SECTION 5);

          (vii) The   Obligor   shall  fail  to  file  the   Underlying   Shares
Registration Statement (as defined in SECTION 5) with the Commission (as defined
in SECTION 5), or the Underlying  Shares  Registration  Statement shall not have
been declared effective by the Commission,  in accordance with the provisions of
Sections  2(b)  and  2(c)  of  the  Investor   Registration   Rights   Agreement
("REGISTRATION  RIGHTS AGREEMENT") of even date herewith between the Obligor and
the Holder;

                                       4

          (viii)If the  effectiveness  of  the  Underlying  Shares  Registration
Statement  lapses for any reason or the Holder  shall not be permitted to resell
the shares of Common Stock underlying this Debenture under the Underlying Shares
Registration  Statement,  in either  case,  for more  than five (5)  consecutive
Trading  Days  or an  aggregate  of  eight  Trading  Days  (which  need  not  be
consecutive Trading Days);

          (ix)  The  Obligor  shall  fail,  due to  actions of the  Obligor,  to
deliver Common Stock  certificates  to a Holder prior to the fifth (5th) Trading
Day after a Conversion  Date or the Obligor shall provide  notice to the Holder,
including by way of public  announcement,  at any time,  of its intention not to
comply with requests for  conversions of this  Debenture in accordance  with the
terms hereof;

          (x)   The Obligor  shall fail for any reason to deliver the payment in
cash  pursuant to a Buy-In (as defined  herein)  within three (3) Business  Days
after notice is claimed delivered hereunder;

     (b)  During the time that any portion of this Debenture is outstanding,  if
any Event of Default has occurred,  the full principal amount of this Debenture,
together with interest and other amounts owing in respect  thereof,  to the date
of  acceleration  shall become at the  Holder's  election,  immediately  due and
payable in cash,  PROVIDED  HOWEVER,  the Holder may request  (but shall have no
obligation  to request)  payment of such amounts in Common Stock of the Obligor.
In addition to any other remedies,  the Holder shall have the right (but not the
obligation)  to convert this Debenture at any time after (x) an Event of Default
or (y) the Maturity Date at the Conversion Price then in-effect. The Holder need
not provide and the Obligor hereby waives any  presentment,  demand,  protest or
other notice of any kind, and the Holder may immediately and without  expiration
of any grace period enforce any and all of its rights and remedies hereunder and
all other remedies available to it under applicable law. Such declaration may be
rescinded and annulled by Holder at any time prior to payment hereunder. No such
rescission or annulment  shall affect any subsequent  Event of Default or impair
any right  consequent  thereon.  Upon an Event of Default,  notwithstanding  any
other provision of this Debenture or any Transaction Document,  the Holder shall
have no obligation to comply with or adhere to any  limitations,  if any, on the
conversion of this Debenture or the sale of the Underlying Shares.

     SECTION 3. CONVERSION.

     (a)  CONVERSION AT OPTION OF HOLDER.

          (i)   This Debenture shall be convertible  into shares of Common Stock
at the  option of the  Holder,  in whole or in part at any time and from time to
time,  after the  Original  Issue Date (as defined in SECTION 5) (subject to the
limitations  on  conversion  set forth in SECTION  3(B)  hereof).  The number of
shares of Common Stock issuable upon a conversion  hereunder equals the quotient
obtained  by  dividing  (x)  the  outstanding  amount  of this  Debenture  to be
converted  by (y) the  Conversion  Price (as  defined in SECTION  3(C)(I)).  The
Obligor shall use its best efforts to deliver Common Stock  certificates  to the
Holder prior to the Fifth (5th) Trading Day after a Conversion Date.

                                       5

          (ii)  Notwithstanding anything to the contrary contained herein, if on
any  Conversion  Date:  (1) the  number of  shares  of Common  Stock at the time
authorized, unissued and unreserved for all purposes, or held as treasury stock,
is  insufficient  to pay  principal  and interest  hereunder in shares of Common
Stock; (2) the Common Stock is not listed or quoted for trading on the OTC or on
a  Subsequent  Market;  (3)  the  Obligor  has  failed  to  timely  satisfy  its
conversion; or (4) the issuance of such shares of Common Stock would result in a
violation of SECTION 3(B),  then, at the option of the Holder,  the Obligor,  in
lieu of delivering  shares of Common Stock  pursuant to SECTION  3(A)(I),  shall
deliver,  within three (3) Trading Days of each applicable  Conversion  Date, an
amount in cash equal to the product of the  outstanding  principal  amount to be
converted plus any interest due therein divided by the Conversion Price,  chosen
by the Holder,  and  multiplied  by the highest  closing price of the stock from
date of the conversion notice till the date that such cash payment is made.

     Further, if the Obligor shall not have delivered any cash due in respect of
conversion  of this  Debenture  or as payment of  interest  thereon by the fifth
(5th) Trading Day after the  Conversion  Date,  the Holder may, by notice to the
Obligor, require the Obligor to issue shares of Common Stock pursuant to SECTION
3(C), except that for such purpose the Conversion Price applicable thereto shall
be the lesser of the Conversion  Price on the Conversion Date and the Conversion
Price on the date of such Holder demand.  Any such shares will be subject to the
provisions of this Section.

          (iii) The Holder shall effect conversions by delivering to the Obligor
a  completed  notice in the form  attached  hereto as  Exhibit A (a  "CONVERSION
NOTICE").  The date on which a Conversion Notice is delivered is the "CONVERSION
DATE." Unless the Holder is converting the entire principal  amount  outstanding
under this  Debenture,  the Holder is not required to physically  surrender this
Debenture to the Obligor in order to effect conversions.  Conversions  hereunder
shall have the  effect of  lowering  the  outstanding  principal  amount of this
Debenture plus all accrued and unpaid interest thereon in an amount equal to the
applicable conversion. The Holder and the Obligor shall maintain records showing
the principal amount converted and the date of such conversions.

     (b)  CERTAIN CONVERSION RESTRICTIONS.

          (i)   A Holder may not convert  this  Debenture  or receive  shares of
Common Stock as payment of interest  hereunder to the extent such  conversion or
receipt of such interest  payment would result in the Holder,  together with any
affiliate thereof, beneficially owning (as determined in accordance with Section
13(d) of the Exchange  Act and the rules  promulgated  thereunder)  in excess of
4.9% of the then issued and outstanding shares of Common Stock, including shares
issuable upon  conversion of, and payment of interest on, this Debenture held by
such Holder  after  application  of this  Section.  Since the Holder will not be
obligated  to report to the Obligor the number of shares of Common  Stock it may
hold at the time of a conversion hereunder, unless the conversion at issue would
result in the  issuance of shares of Common  Stock in excess of 4.9% of the then
outstanding  shares of Common Stock without regard to any other shares which may
be beneficially  owned by the Holder or an affiliate  thereof,  the Holder shall
have the authority and obligation to determine whether the restriction contained
in this Section will limit any particular conversion hereunder and to the extent
that  the  Holder  determines  that the  limitation  contained  in this  Section
applies,  the  determination  of which portion of the  principal  amount of this

                                       6

Debenture is  convertible  shall be the  responsibility  and  obligation  of the
Holder.  If the Holder has delivered a Conversion  Notice for a principal amount
of this  Debenture  that,  without regard to any other shares that the Holder or
its affiliates may  beneficially  own, would result in the issuance in excess of
the permitted amount hereunder, the Obligor shall notify the Holder of this fact
and shall honor the conversion for the maximum  principal amount permitted to be
converted on such Conversion  Date in accordance  with the periods  described in
SECTION  3(A)(I) and, at the option of the Holder,  either  retain any principal
amount tendered for conversion in excess of the permitted  amount  hereunder for
future  conversions or return such excess  principal  amount to the Holder.  The
provisions  of this Section may be waived by a Holder (but only as to itself and
not to any other Holder) upon not less than 65 days prior notice to the Obligor.
Other Holders shall be unaffected by any such waiver.

     (c)  CONVERSION PRICE AND ADJUSTMENTS TO CONVERSION PRICE.

          (i)   The Holder shall be entitled to convert,  at its sole option, at
any time a portion or all amounts of principal and interest due and  outstanding
under this Debenture into shares of the Obligor's  Common Stock at the lesser of
(i) a price equal to one hundred five percent (105%) of the Closing Bid Price of
the  Obligor's  Common Stock on the day prior to the date  hereof,  as quoted by
Bloomberg,  LP (the  "FIXED  PRICE") or (ii) ninety  five  percent  (95%) of the
lowest  closing  Bid Price of the  Obligor's  Common  Stock for the twenty  (20)
Trading Days  immediately  preceding the Conversion Date as quoted by Bloomberg,
LP.  (the  "FLOATING  PRICE").  (the  Fixed  Price  and the  Floating  Price are
collectively  referred to as the "CONVERSION PRICE") The Conversion Price may be
adjusted pursuant to the other terms of this Debenture.

     In the event that the Holder is  effectuating  conversion  pursuant  to the
Floating  Price the Holder  shall only be  entitled to convert up to One Hundred
Fifty Thousand  Dollars  ($150,000) of principal due and outstanding  under this
Debenture into shares of the Obligor's  Common Stock in any thirty (30) calendar
day period,  unless  otherwise  waived by the Obligor,  provided  however in the
event the  Obligor  issues or sell  shares of  Common  Stock,  preferred  stock,
warrants,  options,  rights,  contracts,  calls, or other security or instrument
granting the holder thereof the right to acquire Common Stock at any discount of
the Closing Bid Price of the Common Stock  determined  immediately  prior to its
issuance, the Holder shall be entitled to convert without limitation.

          (ii)  If the Obligor, at any time while this Debenture is outstanding,
shall (a) pay a stock dividend or otherwise make a distribution or distributions
on  shares  of its  Common  Stock  or any  other  equity  or  equity  equivalent
securities  payable in shares of Common Stock, (b) subdivide  outstanding shares
of Common Stock into a larger number of shares, (c) combine (including by way of
reverse stock split) outstanding shares of Common Stock into a smaller number of
shares,  or (d) issue by  reclassification  of shares  of the  Common  Stock any
shares of capital stock of the Obligor, then the Fixed Price shall be multiplied
by a  fraction  of which the  numerator  shall be the number of shares of Common
Stock (excluding  treasury shares, if any) outstanding  before such event and of
which the denominator  shall be the number of shares of Common Stock outstanding
after such event.  Any  adjustment  made  pursuant to this Section  shall become
effective   immediately   after  the  record  date  for  the   determination  of
stockholders  entitled to receive such dividend or distribution and shall become
effective  immediately  after the effective  date in the case of a  subdivision,
combination or re-classification.

                                       7

          (iii) If the Obligor, at any time while this Debenture is outstanding,
shall issue rights,  options or warrants to all holders of Common Stock (and not
to the Holder)  entitling  them to  subscribe  for or purchase  shares of Common
Stock,  except  pursuant to the Rights Plan,  at a price per share less than the
Fixed Price,  then the Fixed Price shall be multiplied  by a fraction,  of which
the  denominator  shall be the number of shares of the Common  Stock  (excluding
treasury  shares,  if any) outstanding on the date of issuance of such rights or
warrants  (plus the number of  additional  shares of Common  Stock  offered  for
subscription  or purchase),  and of which the  numerator  shall be the number of
shares of the Common Stock (excluding  treasury  shares,  if any) outstanding on
the date of issuance of such rights or warrants, plus the number of shares which
the  aggregate  offering  price of the total  number of shares so offered  would
purchase at the Fixed Price.  Such adjustment shall be made whenever such rights
or warrants are issued, and shall become effective  immediately after the record
date for the  determination  of  stockholders  entitled to receive  such rights,
options or warrants.  However,  upon the expiration of any such right, option or
warrant to purchase shares of the Common Stock the issuance of which resulted in
an  adjustment in the Fixed Price  pursuant to this Section,  if any such right,
option or  warrant  shall  expire and shall not have been  exercised,  the Fixed
Price  shall  immediately  upon such  expiration  be  recomputed  and  effective
immediately  upon such  expiration be increased to the price which it would have
been (but  reflecting any other  adjustments in the Fixed Price made pursuant to
the  provisions  of this Section  after the issuance of such rights or warrants)
had the  adjustment  of the Fixed Price made upon the  issuance of such  rights,
options or  warrants  been made on the basis of  offering  for  subscription  or
purchase only that number of shares of the Common Stock actually  purchased upon
the exercise of such rights, options or warrants actually exercised.

          (iv)  If the Obligor as  applicable,  at any time while this Debenture
is outstanding,  shall issue shares of Common Stock or rights, warrants, options
or other securities or debt that are convertible into or exchangeable for shares
of  Common  Stock  ("COMMON  STOCK  EQUIVALENTS")  except  with  respect  to the
Obligor's existing convertible notes with Harbor Trust,  entitling any Person to
acquire  shares of Common Stock,  at a price per share less than the Fixed Price
(if the holder of the Common Stock or Common Stock Equivalent so issued shall at
any time, whether by operation of purchase price adjustments,  reset provisions,
floating  conversion,  exercise  or  exchange  prices  or  otherwise,  or due to
warrants,  options or rights per share which is issued in  connection  with such
issuance,  be  entitled  to receive  shares of Common  Stock to be issued by the
obligor at a price per share which is less than the Fixed Price,  such  issuance
shall be deemed to have  occurred for less than the Fixed  Price),  then, at the
sole  option of the  Holder,  the Fixed  Price  shall be  adjusted to mirror the
conversion,  exchange or purchase  price for such Common  Stock or Common  Stock
Equivalents  (including any reset provisions  thereof) at issue. Such adjustment
shall be made whenever such Common Stock or Common Stock Equivalents are issued.
The Obligor  shall notify the Holder in writing,  no later than two (2) Business
Days  following  the  issuance of any Common  Stock or Common  Stock  Equivalent
subject to this Section, indicating therein the applicable issuance price, or of
applicable  reset price,  exchange  price,  conversion  price and other  pricing
terms.  No adjustment  under this Section shall be made as a result of issuances
and exercises of options,  warrants or stock grants to purchase shares of Common
Stock issued for  compensatory  purposes  pursuant to any of the Obligor's stock
option or stock purchase plans.

          (v)   If the Obligor, at any time while this Debenture is outstanding,
shall  distribute  to all  holders  of  Common  Stock  (and  not to the  Holder)

                                       8

evidences of its  indebtedness  or assets or rights or warrants to subscribe for
or purchase any  security,  then in each such case the Fixed Price at which this
Debenture shall thereafter be convertible shall be determined by multiplying the
Fixed  Price  in  effect   immediately  prior  to  the  record  date  fixed  for
determination  of  stockholders  entitled  to  receive  such  distribution  by a
fraction of which the denominator  shall be the Closing Bid Price  determined as
of the record date  mentioned  above,  and of which the numerator  shall be such
Closing Bid Price on such  record  date less the then fair market  value at such
record  date of the  portion  of such  assets or  evidence  of  indebtedness  so
distributed  applicable  to one (1)  outstanding  share of the  Common  Stock as
determined by the Obligor's Board of Directors in good faith. In either case the
adjustments  shall be  described  in a  statement  provided to the Holder of the
portion  of  assets  or  evidences  of   indebtedness  so  distributed  or  such
subscription rights applicable to one (1) share of Common Stock. Such adjustment
shall be made whenever any such  distribution is made and shall become effective
immediately after the record date mentioned above.

          (vi)  In case  of any  reclassification  of the  Common  Stock  or any
compulsory  share exchange  pursuant to which the Common Stock is converted into
other  securities,  cash or  property,  at any  time  while  this  Debenture  is
outstanding,  the Holder shall have the right thereafter to, at its option,  (A)
convert the then  outstanding  principal  amount,  together with all accrued but
unpaid  interest and any other  amounts then owing  hereunder in respect of this
Debenture  into the  shares  of stock and other  securities,  cash and  property
receivable  upon or deemed to be held by holders of the Common  Stock  following
such reclassification or share exchange,  and the Holder of this Debenture shall
be  entitled  upon such  event to receive  such  amount of  securities,  cash or
property as the shares of the Common  Stock of the  Obligor  into which the then
outstanding principal amount,  together with all accrued but unpaid interest and
any other amounts then owing  hereunder in respect of this Debenture  could have
been  converted  immediately  prior to such  reclassification  or share exchange
would have been entitled,  or (B) require the Obligor to prepay the  outstanding
principal amount of this Debenture,  plus all interest and other amounts due and
payable  thereon.  The  entire  prepayment  price  shall be paid in  cash.  This
provision  shall  similarly  apply  to  successive  reclassifications  or  share
exchanges.

          (vii) The Obligor shall maintain a share reserve of not less than five
hundred percent (500%) of the shares of Common Stock issuable upon conversion of
this Debenture;  and within three (3) Business Days following the receipt by the
Obligor of a Holder's  notice that such minimum  number of Underlying  Shares is
not so reserved,  the Obligor  shall  promptly  reserve a  sufficient  number of
shares of Common Stock to comply with such requirement.

          (viii)All calculations under this SECTION 3 shall be rounded up to the
nearest $0.001 or whole share.

          (ix)  Whenever the Conversion Price is adjusted  pursuant to SECTION 3
hereof, the Obligor shall promptly mail to the Holder a notice setting forth the
Conversion  Price after such  adjustment and setting forth a brief  statement of
the facts requiring such adjustment.

          (x)   If at any time  while  this  Debenture  is  outstanding  (A) the
Obligor  shall  declare a  dividend  (or any other  distribution)  on the Common
Stock; (B) the Obligor shall declare a special  nonrecurring cash dividend on or
a redemption of the Common Stock;  (C) the Obligor shall  authorize the granting
to all  holders of the Common  Stock  rights or  warrants  to  subscribe  for or

                                       9

purchase  any  shares  of  capital  stock of any class or of any  rights  except
pursuant to the Rights Plan; (D) the approval of any stockholders of the Obligor
shall be required in connection with any  reclassification  of the Common Stock,
any  consolidation  or  merger  to which  the  Obligor  is a party,  any sale or
transfer  of all or  substantially  all of the  assets  of the  Obligor,  or any
compulsory  share  exchange  whereby the Common  Stock is  converted  into other
securities,  cash or property;  or (E) the Obligor shall authorize the voluntary
or  involuntary  dissolution,  liquidation  or winding up of the  affairs of the
Obligor;  then, in each case, the Obligor shall cause to be filed at each office
or agency maintained for the purpose of conversion of this Debenture,  and shall
cause to be mailed to the Holder at its last address as it shall appear upon the
stock books of the  Obligor,  at least  twenty (20)  calendar  days prior to the
applicable record or effective date hereinafter  specified, a notice stating (x)
the date on which a record  is to be taken  for the  purpose  of such  dividend,
distribution, redemption, rights or warrants, or if a record is not to be taken,
the date as of which the holders of the Common Stock of record to be entitled to
such  dividend,  distributions,   redemption,  rights  or  warrants  are  to  be
determined  or (y)  the  date on  which  such  reclassification,  consolidation,
merger,  sale,  transfer or share  exchange is expected to become  effective  or
close,  and the date as of which it is expected that holders of the Common Stock
of record  shall be entitled to exchange  their  shares of the Common  Stock for
securities,  cash or other  property  deliverable  upon  such  reclassification,
consolidation,  merger,  sale,  transfer or share exchange,  provided,  that the
failure to mail such  notice or any defect  therein  or in the  mailing  thereof
shall not affect the validity of the corporate  action  required to be specified
in such  notice.  The Holder is entitled to convert  this  Debenture  during the
20-day calendar period  commencing the date of such notice to the effective date
of the event triggering such notice.

          (xi)  In case of any (1) merger or consolidation of the Obligor or any
subsidiary  of the  Obligor  with or into  another  Person,  or (2)  sale by the
Obligor of more than one-half of the assets of the Obligor in one or a series of
related transactions,  at any time while this Debenture is outstanding, a Holder
shall have the right to (A) exercise any rights under SECTION 2(B),  (B) convert
the aggregate amount of this Debenture then outstanding into the shares of stock
and other securities,  cash and property receivable upon or deemed to be held by
holders of Common Stock following such merger,  consolidation  or sale, and such
Holder shall be entitled upon such event or series of related  events to receive
such amount of securities,  cash and property as the shares of Common Stock into
which  such  aggregate  principal  amount  of this  Debenture  could  have  been
converted  immediately  prior to such merger,  consolidation or sales would have
been  entitled,  or (C) in the case of a merger or  consolidation,  require  the
surviving entity to issue to the Holder a convertible Debenture with a principal
amount equal to the aggregate  principal  amount of this  Debenture then held by
such  Holder,  plus all  accrued and unpaid  interest  and other  amounts  owing
thereon,  which  such  newly  issued  convertible  Debenture  shall  have  terms
identical (including with respect to conversion) to the terms of this Debenture,
and shall be entitled to all of the rights and  privileges of the Holder of this
Debenture set forth herein and the agreements  pursuant to which this Debentures
were issued.  In the case of clause (C), the conversion price applicable for the
newly issued shares of convertible  preferred  stock or  convertible  Debentures
shall be based upon the amount of securities,  cash and property that each share
of Common Stock would receive in such  transaction  and the Conversion  Price in
effect  immediately  prior  to  the  effectiveness  or  closing  date  for  such
transaction.  The terms of any such merger,  sale or consolidation shall include
such  terms so as to  continue  to give the  Holder  the  right to  receive  the
securities,  cash and property set forth in this Section upon any  conversion or
redemption  following  such  event.  This  provision  shall  similarly  apply to
successive such events.

                                       10

     (d)  OTHER PROVISIONS.

          (i)   The Obligor covenants that it will at all times reserve and keep
available out of its authorized  and unissued  shares of Common Stock solely for
the  purpose of  issuance  upon  conversion  of this  Debenture  and  payment of
interest on this Debenture, each as herein provided, free from preemptive rights
or any other actual contingent purchase rights of persons other than the Holder,
not less than such number of shares of the Common Stock as shall (subject to any
additional  requirements  of the  Obligor as to  reservation  of such shares set
forth in this  Debenture) be issuable  (taking into account the  adjustments and
restrictions  of SECTIONS 2(B) AND 3(C)) upon the conversion of the  outstanding
principal  amount of this  Debenture  and  payment of  interest  hereunder.  The
Obligor  covenants  that all shares of Common  Stock  that shall be so  issuable
shall,  upon  issue,  be duly and  validly  authorized,  issued and fully  paid,
nonassessable  and, if the  Underlying  Shares  Registration  Statement has been
declared  effective  under the  Securities  Act,  registered  for public sale in
accordance with such Underlying Shares Registration Statement.

          (ii)  Upon a conversion hereunder the Obligor shall not be required to
issue stock certificates  representing  fractions of shares of the Common Stock,
but may if  otherwise  permitted,  make a cash  payment  in respect of any final
fraction of a share based on the Closing Bid Price at such time.  If the Obligor
elects  not,  or is unable,  to make such a cash  payment,  the Holder  shall be
entitled to receive,  in lieu of the final fraction of a share,  one whole share
of Common Stock.

          (iii) The issuance of  certificates  for shares of the Common Stock on
conversion of this Debenture  shall be made without charge to the Holder thereof
for any documentary stamp or similar taxes that may be payable in respect of the
issue or delivery of such  certificate,  provided  that the Obligor shall not be
required to pay any tax that may be payable in respect of any transfer  involved
in the issuance and delivery of any such  certificate  upon conversion in a name
other than that of the Holder of such  Debenture  so  converted  and the Obligor
shall not be required to issue or deliver such certificates  unless or until the
person or persons requesting the issuance thereof shall have paid to the Obligor
the  amount of such tax or shall have  established  to the  satisfaction  of the
Obligor that such tax has been paid.

          (iv)  Nothing  herein  shall limit a Holder's  right to pursue  actual
damages  or declare  an Event of  Default  pursuant  to SECTION 2 herein for the
Obligor 's failure to deliver  certificates  representing shares of Common Stock
upon conversion within the period specified herein and the Holder shall have the
right to pursue  all  remedies  available  to it at law or in equity  including,
without limitation,  a decree of specific  performance and/or injunctive relief.
The  exercise of any such rights  shall not  prohibit the Holder from seeking to
enforce damages pursuant to any other Section hereof or under applicable law.

          (v)   In addition to any other rights available to the Holder,  if the
Obligor fails to deliver to the Holder such certificate or certificates pursuant
to  SECTION  3(A)(I),  and if after  such  fifth  (5th)  Trading  Day the Holder
purchases (in an open market  transaction or otherwise)  Common Stock to deliver
in  satisfaction  of a sale by such Holder of the  Underlying  Shares  which the
Holder anticipated receiving upon such conversion (a "BUY-IN"), then the Obligor
shall (A) pay in cash to the Holder (in addition to any remedies available to or

                                       11

elected by the Holder) the amount by which (x) the Holder's total purchase price
(including  brokerage  commissions,  if any) for the Common  Stock so  purchased
exceeds (y) the product of (1) the  aggregate  number of shares of Common  Stock
that such Holder  anticipated  receiving from the conversion at issue multiplied
by (2) the market  price of the Common Stock at the time of the sale giving rise
to such purchase obligation and (B) at the option of the Holder,  either reissue
a  Debenture  in the  principal  amount  equal to the  principal  amount  of the
attempted  conversion  or  deliver  to the Holder the number of shares of Common
Stock that  would have been  issued had the  Obligor  timely  complied  with its
delivery  requirements  under  SECTION  3(A)(I).  For  example,  if  the  Holder
purchases  Common  Stock  having a total  purchase  price of  $11,000 to cover a
Buy-In with respect to an attempted  conversion  of  Debentures  with respect to
which the market price of the Underlying  Shares on the date of conversion was a
total of $10,000 under clause (A) of the  immediately  preceding  sentence,  the
Obligor shall be required to pay the Holder $1,000. The Holder shall provide the
Obligor  written notice  indicating the amounts payable to the Holder in respect
of the Buy-In.

     SECTION 4. NOTICES. Any notices,  consents, waivers or other communications
required or  permitted to be given under the terms hereof must be in writing and
will be  deemed  to have  been  delivered:  (i)  upon  receipt,  when  delivered
personally;  (ii) upon receipt, when sent by facsimile (provided confirmation of
transmission is mechanically or electronically generated and kept on file by the
sending  party);  or (iii) one (1) Trading Day after  deposit  with a nationally
recognized  overnight  delivery service,  in each case properly addressed to the
party to  receive  the  same.  The  addresses  and  facsimile  numbers  for such
communications shall be:

If to the Company, to:          CepTor Corporation
                                200 International Circle - Suite 5100
                                Hunt Valley, MD 21030
                                Attention:  Donald W. Fallon
                                Telephone:  (410) 527-9998
                                Facsimile:  (410) 527-9867

With a copy to:                 Olshan Grundman Frome Rosenzweig & Wolosky LLP
                                Park Avenue Tower
                                65 East 55th Street
                                New York, NY 10022
                                Attention:  Harvey J. Kesner, Esq.
                                Telephone:  (212) 451-2259
                                Facsimile:  (212) 451-2222

If to the Holder:               Cornell Capital Partners, LP
                                101 Hudson Street, Suite 3700
                                Jersey City, NJ 07303
                                Attention:  Mark Angelo
                                Telephone:  (201) 985-8300

                                       12

With a copy to:                 David Gonzalez, Esq.
                                101 Hudson Street - Suite 3700
                                Jersey City, NJ 07302
                                Telephone:  (201) 985-8300
                                Facsimile:  (201) 985-8266

or at such other address and/or facsimile number and/or to the attention of such
other person as the  recipient  party has  specified by written  notice given to
each other  party three (3)  Business  days prior to the  effectiveness  of such
change.  Written  confirmation  of receipt  (i) given by the  recipient  of such
notice,   consent,   waiver  or  other   communication,   (ii)  mechanically  or
electronically  generated by the sender's facsimile machine containing the time,
date,  recipient  facsimile  number  and an  image  of the  first  page  of such
transmission  or (iii) provided by a nationally  recognized  overnight  delivery
service, shall be rebuttable evidence of personal service,  receipt by facsimile
or receipt from a nationally recognized overnight delivery service in accordance
with clause (i), (ii) or (iii) above, respectively.

     SECTION 5. DEFINITIONS.  For the purposes hereof, the following terms shall
have the following meanings:

     "BUSINESS  DAY"  means any day  except  Saturday,  Sunday and any day which
shall be a federal  legal holiday in the United States or a day on which banking
institutions  are  authorized or required by law or other  government  action to
close.

     "CHANGE OF CONTROL  TRANSACTION" means the occurrence of (a) an acquisition
after the date hereof by an  individual or legal entity or "group" (as described
in Rule  13d-5(b)(1)  promulgated  under the Exchange Act) of effective  control
(whether through legal or beneficial  ownership of capital stock of the Obligor,
by  contract or  otherwise)  of in excess of fifty  percent  (50%) of the voting
securities of the Obligor (except that the  acquisition of voting  securities by
the Holder  shall not  constitute a Change of Control  Transaction  for purposes
hereof), (b) a replacement at one time or over time of more than one-half of the
members of the board of  directors  of the  Obligor  which is not  approved by a
majority of those  individuals  who are members of the board of directors on the
date hereof (or by those  individuals who are serving as members of the board of
directors on any date whose nomination to the board of directors was approved by
a majority of the members of the board of directors  who are members on the date
hereof), or (c) the merger, consolidation or sale of fifty percent (50%) or more
of the assets of the Obligor or any subsidiary of the Obligor in one or a series
of related transactions with or into another entity,.

     "COMMISSION" means the Securities and Exchange Commission.

     "COMMON STOCK" means the common stock,  par value  $0.0001,  of the Obligor
and stock of any other class into which such shares may  hereafter be changed or
reclassified.

     "CONVERSION  DATE"  shall  mean the date upon  which the  Holder  gives the
Obligor  notice of their  intention to effectuate a conversion of this Debenture
into shares of the Company's Common Stock as outlined herein.

                                       13

     "CLOSING BID PRICE" means the price per share in the last reported trade of
the Common  Stock on the OTC or on the  exchange  which the Common Stock is then
listed as quoted by Bloomberg, LP.

     "EXCHANGE ACT" means the Securities Exchange Act of 1934, as amended.

     "ORIGINAL  ISSUE  DATE"  shall mean the date of the first  issuance of this
Debenture  regardless of the number of transfers and regardless of the number of
instruments, which may be issued to evidence such Debenture.

     "PERSON" means a corporation,  a limited liability company, an association,
a  partnership,  organization,  a  business,  an  individual,  a  government  or
political subdivision thereof or a governmental agency.

     "SECURITIES  ACT" means the  Securities  Act of 1933,  as amended,  and the
rules and regulations promulgated thereunder.

     "TRADING DAY" means a day on which the shares of Common Stock are quoted on
the OTC or quoted or traded  on such  Subsequent  Market on which the  shares of
Common  Stock are then  quoted or listed;  provided,  that in the event that the
shares of Common  Stock are not listed or quoted,  then Trading Day shall mean a
Business Day.

     "TRANSACTION  DOCUMENTS"  means the  Securities  Purchase  Agreement or any
other agreement  delivered in connection with the Securities Purchase Agreement,
including,  without limitation, the Security Agreement, the Irrevocable Transfer
Agent Instructions, and the Registration Rights Agreement.

     "UNDERLYING  SHARES"  means  the  shares  of  Common  Stock  issuable  upon
conversion of this  Debenture or as payment of interest in  accordance  with the
terms hereof.

     "UNDERLYING SHARES REGISTRATION  STATEMENT" means a registration  statement
meeting  the  requirements  set  forth  in the  Registration  Rights  Agreement,
covering among other things the resale of the  Underlying  Shares and naming the
Holder as a "selling stockholder" thereunder.

     SECTION 6. Except  as  expressly  provided  herein,  no  provision  of this
Debenture  shall  alter or impair  the  obligations  of the  Obligor,  which are
absolute and unconditional,  to pay the principal of, interest and other charges
(if any) on, this  Debenture at the time,  place,  and rate,  and in the coin or
currency,  herein  prescribed.  This  Debenture  is a direct  obligation  of the
Obligor.  This  Debenture  ranks  pari passu  with all other  Debentures  now or
hereafter issued under the terms set forth herein.  As long as this Debenture is
outstanding, the Obligor shall not, without the consent of the Holder, (i) amend
its  certificate of  incorporation,  bylaws or other charter  documents so as to
adversely  affect any rights of the Holder;  (ii) repay,  repurchase or offer to
repay,  repurchase  or  otherwise  acquire  shares of its Common  Stock or other
equity securities other than as to the Underlying Shares to the extent permitted
or required under the Transaction  Documents;  or (iii) enter into any agreement
with respect to any of the foregoing.

     SECTION 7. This Debenture shall not entitle the Holder to any of the rights
of a stockholder  of the Obligor,  including  without  limitation,  the right to
vote, to receive dividends and other distributions, or to receive any notice of,

                                       14

or to attend,  meetings of stockholders or any other proceedings of the Obligor,
unless and to the extent  converted  into shares of Common  Stock in  accordance
with the terms hereof.

     SECTION 8. If this Debenture is mutilated,  lost, stolen or destroyed,  the
Obligor shall  execute and deliver,  in exchange and  substitution  for and upon
cancellation of the mutilated Debenture,  or in lieu of or in substitution for a
lost, stolen or destroyed Debenture, a new Debenture for the principal amount of
this Debenture so mutilated,  lost, stolen or destroyed but only upon receipt of
evidence  of such  loss,  theft or  destruction  of such  Debenture,  and of the
ownership hereof, and indemnity,  if requested,  all reasonably  satisfactory to
the Obligor.

     SECTION 9. No  indebtedness  of the Obligor is senior to this  Debenture in
right of payment, whether with respect to interest,  damages or upon liquidation
or dissolution or otherwise. Without the Holder's consent, the Obligor will not,
directly or indirectly, enter into, create, incur, assume or suffer to exist any
indebtedness  of any kind,  on or with  respect to any of its property or assets
now owned or hereafter acquired or any interest therein or any income or profits
therefrom that is senior in any respect to the  obligations of the Obligor under
this Debenture.

     SECTION 10.  This   Debenture   shall  be  governed  by  and  construed  in
accordance  with the laws of the State of  Delaware,  without  giving  effect to
conflicts of laws thereof.  Each of the parties  consents to the jurisdiction of
the Superior  Courts of the State of New Jersey  sitting in Hudson  County,  New
Jersey and the U.S.  District  Court for the  District of New Jersey  sitting in
Newark,  New Jersey in connection  with any dispute arising under this Debenture
and hereby  waives,  to the maximum  extent  permitted  by law,  any  objection,
including  any  objection  based on FORUM NON  CONVENIENS to the bringing of any
such proceeding in such jurisdictions.

     SECTION 11.  If the Obligor fails to strictly comply with the terms of this
Debenture,  then the Obligor shall  reimburse the Holder  promptly for all fees,
costs and expenses,  including,  without limitation,  reasonable attorneys' fees
and expenses  reasonably incurred by the Holder in any action in connection with
this Debenture,  including,  without limitation,  those incurred: (i) during any
workout,  attempted  workout,  and/or in connection  with the rendering of legal
advice as to the Holder's rights, remedies and obligations,  (ii) collecting any
sums  which  become  due to the  Holder,  (iii)  defending  or  prosecuting  any
proceeding  or any  counterclaim  to any  proceeding  or  appeal;  or  (iv)  the
protection, preservation or enforcement of any rights or remedies of the Holder.

     SECTION 12.  Any waiver by the Holder of a breach of any  provision of this
Debenture  shall  not  operate  as or be  construed  to be a waiver of any other
breach  of such  provision  or of any  breach  of any  other  provision  of this
Debenture. The failure of the Holder to insist upon strict adherence to any term
of this Debenture on one or more  occasions  shall not be considered a waiver or
deprive that party of the right  thereafter  to insist upon strict  adherence to
that term or any other term of this Debenture. Any waiver must be in writing.

     SECTION 13.  If any  provision  of this  Debenture  is invalid,  illegal or
unenforceable,  the balance of this Debenture shall remain in effect, and if any
provision is inapplicable to any person or circumstance,  it shall  nevertheless
remain applicable to all other persons and  circumstances.  If it shall be found

                                       15

that any interest or other amount deemed  interest due  hereunder  shall violate
applicable laws governing  usury,  the applicable rate of interest due hereunder
shall  automatically be lowered to equal the maximum permitted rate of interest.
The Obligor  covenants  (to the extent that it may lawfully do so) that it shall
not at any time insist upon,  plead, or in any manner  whatsoever  claim or take
the benefit or advantage of, any stay, extension or usury law or other law which
would  prohibit  or forgive  the  Obligor  from paying all or any portion of the
principal of or interest on this  Debenture  as  contemplated  herein,  wherever
enacted,  now or at any time  hereafter  in  force,  or  which  may  affect  the
covenants or the performance of this  indenture,  and the Obligor (to the extent
it may lawfully do so) hereby  expressly waives all benefits or advantage of any
such law,  and  covenants  that it will not, by resort to any such law,  hinder,
delay or impeded the  execution of any power herein  granted to the Holder,  but
will  suffer and permit  the  execution  of every such as though no such law has
been enacted.

     SECTION 14.  Whenever any payment or other  obligation  hereunder  shall be
due on a day other than a Business  Day,  such payment shall be made on the next
succeeding Business Day.

     SECTION 15.  THE PARTIES HEREBY  KNOWINGLY,  VOLUNTARILY AND  INTENTIONALLY
WAIVE  THE  RIGHT  ANY OF THEM  MAY HAVE TO A TRIAL  BY JURY IN  RESPECT  OF ANY
LITIGATION  BASED  HEREON OR ARISING OUT OF,  UNDER OR IN  CONNECTION  WITH THIS
AGREEMENT  OR ANY  TRANSACTION  DOCUMENT  OR ANY  COURSE OF  CONDUCT,  COURSE OF
DEALING,  STATEMENTS  (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY.  THIS
PROVISION  IS  A  MATERIAL  INDUCEMENT  FOR  THE  PARTIES'  ACCEPTANCE  OF  THIS
AGREEMENT.

                   [REMAINDER OF PAGE INTENTIONLLY LEFT BLANK]

                                       16

     IN WITNESS  WHEREOF,  the  Obligor  has  caused  this  Secured  Convertible
Debenture to be duly  executed by a duly  authorized  officer as of the date set
forth above.

                                            CEPTOR CORPORATION

                                            By:  /s/ William Pursley
                                               ---------------------------------
                                            Name:  William Pursley
                                            Title: Chief Executive Officer

                                       17

                                   EXHIBIT "A"

                              NOTICE OF CONVERSION

        (TO BE EXECUTED BY THE HOLDER IN ORDER TO CONVERT THE DEBENTURE)

TO:

     The undersigned hereby  irrevocably  elects to convert  $___________ of the
principal  amount of the above  Debenture  into Shares of Common Stock of CepTor
Corporation,  according to the conditions  stated therein,  as of the Conversion
Date written below.

CONVERSION DATE:                   ____________________________________________

APPLICABLE CONVERSION PRICE:       ____________________________________________

SIGNATURE:                         ____________________________________________

NAME:                              ____________________________________________

ADDRESS:                           ____________________________________________

AMOUNT TO BE CONVERTED:            $___________________________________________

AMOUNT OF DEBENTURE UNCONVERTED:   $___________________________________________

CONVERSION PRICE PER SHARE:        $___________________________________________

NUMBER OF  SHARES OF COMMON
STOCK TO BE ISSUED:                ____________________________________________

PLEASE ISSUE THE SHARES OF
COMMON STOCK IN THE FOLLOWING
NAME AND TO THE FOLLOWING
ADDRESS:                           ____________________________________________

ISSUE TO:                          ____________________________________________

AUTHORIZED SIGNATURE:              ____________________________________________

NAME:                              ____________________________________________

TITLE:                             ____________________________________________

PHONE NUMBER:                      ____________________________________________

BROKER DTC PARTICIPANT CODE:       ____________________________________________

ACCOUNT NUMBER:                    ____________________________________________sec document

                                                                     Exhibit 4.2

                                     WARRANT

THE SECURITIES  REPRESENTED BY THIS WARRANT HAVE NOT BEEN  REGISTERED  UNDER THE
SECURITIES ACT OF 1933, AS AMENDED,  OR APPLICABLE  STATE  SECURITIES  LAWS. THE
SECURITIES  HAVE BEEN ACQUIRED FOR  INVESTMENT  AND MAY NOT BE OFFERED FOR SALE,
SOLD,  TRANSFERRED  OR  ASSIGNED  IN THE  ABSENCE OF AN  EFFECTIVE  REGISTRATION
STATEMENT FOR THE SECURITIES  UNDER THE  SECURITIES ACT OF 1933, AS AMENDED,  OR
APPLICABLE  STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL IN A FORM REASONABLY
SATISFACTORY  TO THE ISSUER THAT  REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR
APPLICABLE  STATE SECURITIES LAWS OR UNLESS SOLD PURSUANT TO RULE 144 UNDER SAID
ACT.

                               CEPTOR CORPORATION

                        WARRANT TO PURCHASE COMMON STOCK

Warrant No.: CCP-001                                 Number of Shares: 1,000,000

Date of Issuance: December 9, 2005

CepTor  Corporation,  a Delaware  corporation (the "COMPANY"),  hereby certifies
that, for good and valuable consideration,  the receipt and sufficiency of which
are  hereby  acknowledged,   CORNELL  CAPITAL  PARTNERS,  LP  ("CORNELL"),   the
registered holder hereof or its permitted assigns,  is entitled,  subject to the
terms set forth  below,  to purchase  from the Company  upon  surrender  of this
Warrant,  at any time or times on or after the date hereof,  but not after 11:59
P.M.  Eastern  Time on the  Expiration  Date (as  defined  herein)  One  Million
(1,000,000)  fully paid and  nonassessable  shares of Common  Stock (as  defined
herein) of the Company (the  "WARRANT  SHARES") at the exercise  price per share
provided in Section 1(b) below or as subsequently adjusted;  provided,  however,
that in no event shall the holder be entitled  to  exercise  this  Warrant for a
number of Warrant Shares in excess of that number of Warrant Shares which,  upon
giving effect to such  exercise,  would cause the aggregate  number of shares of
Common Stock beneficially owned by the holder and its affiliates to exceed 4.99%
of the outstanding  shares of the Common Stock  following such exercise,  except
within sixty (60) days of the Expiration Date (however,  such restriction may be
waived by Cornell  (but only as to itself and not to any other  holder) upon not
less than 65 days prior notice to the  Company).  For purposes of the  foregoing
proviso,  the aggregate number of shares of Common Stock  beneficially  owned by
the holder and its affiliates shall include the number of shares of Common Stock
issuable upon  exercise of this Warrant with respect to which the  determination
of such proviso is being made,  but shall  exclude  shares of Common Stock which
would be issuable  upon (i)  exercise  of the  remaining,  unexercised  Warrants
beneficially  owned  by the  holder  and its  affiliates  and (ii)  exercise  or
conversion of the unexercised or unconverted  portion of any other securities of
the  Company  beneficially  owned by the holder and its  affiliates  (including,
without  limitation,  any  convertible  notes or preferred  stock)  subject to a
limitation  on  conversion  or exercise  analogous to the  limitation  contained
herein.  Except as set forth in the  preceding  sentence,  for  purposes of this
paragraph,  beneficial  ownership shall be calculated in accordance with Section

13(d) of the Securities  Exchange Act of 1934, as amended.  For purposes of this
Warrant,  in  determining  the number of  outstanding  shares of Common  Stock a
holder may rely on the number of outstanding shares of Common Stock as reflected
in (1) the Company's most recent Form 10-QSB or Form 10-KSB, as the case may be,
(2) a more recent public  announcement by the Company or (3) any other notice by
the Company or its transfer  agent  setting forth the number of shares of Common
Stock  outstanding.  Upon the written  request of any holder,  the Company shall
promptly,  but in no event later than one (1) Business Day following the receipt
of such  notice,  confirm in writing to any such  holder the number of shares of
Common Stock then outstanding.  In any case, the number of outstanding shares of
Common Stock shall be determined after giving effect to the exercise of Warrants
(as defined below) by such holder and its affiliates  since the date as of which
such number of outstanding shares of Common Stock was reported.

     Section 1.

          (a) This Warrant is the common stock purchase  warrant (the "WARRANT")
issued  pursuant to the  Securities  Purchase  Agreement  ("SECURITIES  PURCHASE
AGREEMENT")  dated the date hereof  between the Company and the Buyers listed on
Schedule  I  thereto  pursuant  to  which  the  Buyer(s)  purchased  convertible
debentures (the "CONVERTIBLE DEBENTURES").

          (b) DEFINITIONS. The following words and terms as used in this Warrant
shall have the following meanings:

               (i)    "BUSINESS DAY" means any day other than  Saturday,  Sunday
or other day on which commercial banks in the City of New York are authorized or
required by law to remain closed.

               (ii)   "CLOSING  BID PRICE" means the closing bid price of Common
Stock as quoted on the  Principal  Market (as  reported by  Bloomberg  Financial
Markets ("BLOOMBERG") through its "Volume at Price" function).

               (iii)  "COMMON STOCK" means (i) the Company's  common stock,  par
value $0.0001 per share, and (ii) any capital stock into which such Common Stock
shall have been changed or any capital stock  resulting from a  reclassification
of such Common Stock.

               (iv)   "EVENT OF  DEFAULT"  means an event of  default  under the
Securities Purchase Agreement or the Convertible Debentures issued in connection
therewith.

               (v)

               (vi)   "EXPIRATION  DATE" means the date three (3) years from the
Issuance  Date of this  Warrant or, if such date falls on a Saturday,  Sunday or
other day on which banks are required or  authorized to be closed in the City of
New York or the State of New York or on which trading does not take place on the
Principal  Exchange or automated  quotation  system on which the Common Stock is
traded (a "HOLIDAY"), the next date that is not a Holiday.

               (vii) "ISSUANCE DATE" means the date hereof.

                                       2

               (viii) "OPTIONS"  means  any  rights,   warrants  or  options  to
subscribe for or purchase Common Stock or Convertible Securities.

               (ix)   "PERSON" means an individual, a limited liability company,
a partnership,  a joint venture,  a corporation,  limited liability  company,  a
trust,  an  unincorporated  organization  and a government or any  department or
agency thereof.

               (x)    "PRINCIPAL MARKET" means the New York Stock Exchange,  the
American Stock Exchange, the Nasdaq National Market, the Nasdaq SmallCap Market,
whichever  is at the time the  principal  trading  exchange  or market  for such
security,  or the  over-the-counter  market on the electronic bulletin board for
such  security as reported by  Bloomberg  or, if no bid or sale  information  is
reported for such security by  Bloomberg,  then the average of the bid prices of
each of the market  makers for such security as reported in the "pink sheets" by
the National Quotation Bureau, Inc.

               (xi)   "SECURITIES  ACT"  means the  Securities  Act of 1933,  as
amended.

               (xii)  "WARRANT"  means this Warrant and all  Warrants  issued in
exchange, transfer or replacement thereof.

               (xiii) "WARRANT  EXERCISE PRICE" shall be one hundred ten percent
(110%) of the Closing Bid Price of the  Company's  Common Stock on the day prior
to the date hereof, as quoted by Bloomberg,  LP, or as subsequently  adjusted as
provided in Section 8 hereof.

               (xiv)  "WARRANT SHARES" means the shares of Common Stock issuable
at any time upon exercise of this Warrant.

          (c) Other Definitional Provisions.

               (i)    Except  as  otherwise  specified  herein,  all  references
herein (A) to the Company  shall be deemed to include the  Company's  successors
and (B) to any  applicable  law defined or  referred  to herein  shall be deemed
references to such applicable law as the same may have been or may be amended or
supplemented from time to time.

               (ii)   When used in this Warrant,  the words "HEREIN",  "HEREOF",
and "HEREUNDER"  and words of similar  import,  shall refer to this Warrant as a
whole  and not to any  provision  of this  Warrant,  and  the  words  "SECTION",
"SCHEDULE", and "EXHIBIT" shall refer to Sections of, and Schedules and Exhibits
to, this Warrant unless otherwise specified.

               (iii)  Whenever  the  context  so  requires,  the  neuter  gender
includes the masculine or feminine, and the singular number includes the plural,
and vice versa.

     Section 2. EXERCISE OF WARRANT.

          (a) Subject to the terms and  conditions  hereof,  this Warrant may be
exercised by the holder hereof then registered on the books of the Company,  pro
rata as  hereinafter  provided,  at any time on any Business Day on or after the
opening of business on such  Business Day,  commencing  with the first day after
the date hereof, and prior to 11:59 P.M. Eastern Time on the Expiration Date (i)

                                       3

by delivery of a written notice, in the form of the subscription notice attached
as EXHIBIT A hereto  (the  "EXERCISE  NOTICE"),  of such  holder's  election  to
exercise this Warrant,  which notice shall specify the number of Warrant  Shares
to be  purchased,  payment  to the  Company  of an amount  equal to the  Warrant
Exercise Price(s)  applicable to the Warrant Shares being purchased,  multiplied
by the number of Warrant Shares (at the applicable Warrant Exercise Price) as to
which this Warrant is being  exercised  (plus any  applicable  issue or transfer
taxes) (the "AGGREGATE  EXERCISE PRICE") in cash or wire transfer of immediately
available  funds  and the  surrender  of  this  Warrant  (or an  indemnification
undertaking  with  respect  to this  Warrant  in the case of its loss,  theft or
destruction)  to a common carrier for overnight  delivery to the Company as soon
as  practicable  following  such date  ("CASH  BASIS") or (ii) if at the time of
exercise,  the  Warrant  Shares  are not  subject to an  effective  registration
statement  or if an Event of Default has  occurred,  by  delivering  an Exercise
Notice and in lieu of making payment of the Aggregate  Exercise Price in cash or
wire  transfer,  elect instead to receive upon such exercise the "Net Number" of
shares of Common  Stock  determined  according  to the  following  formula  (the
"CASHLESS EXERCISE"):

     Net Number = (A X B) - (A X C)
                  ------------------
                          B

          For purposes of the foregoing formula:

          A = the total  number of  Warrant  Shares  with  respect to which this
          Warrant is then being exercised.

          B = the Closing Bid Price of the Common  Stock on the date of exercise
          of the Warrant.

          C = the  Warrant  Exercise  Price  then in effect  for the  applicable
          Warrant Shares at the time of such exercise.

     In the event of any exercise of the rights  represented  by this Warrant in
compliance  with this Section 2, the Company  shall on or before the fifth (5th)
Business Day following the date of receipt of the Exercise Notice, the Aggregate
Exercise Price and this Warrant (or an indemnification  undertaking with respect
to this Warrant in the case of its loss,  theft or destruction)  and the receipt
of the representations of the holder specified in Section 6 hereof, if requested
by the Company (the "EXERCISE DELIVERY  DOCUMENTS"),  and if the Common Stock is
DTC eligible,  credit such  aggregate  number of shares of Common Stock to which
the holder shall be entitled to the holder's or its designee's  balance  account
with  The  Depository  Trust  Company;  provided,  however,  if the  holder  who
submitted the Exercise Notice requested  physical  delivery of any or all of the
Warrant  Shares,  or, if the Common Stock is not DTC  eligible  then the Company
shall,  on or before  the fifth  (5th)  Business  Day  following  receipt of the
Exercise  Delivery  Documents,  issue  and  surrender  to a common  carrier  for
overnight   delivery  to  the  address  specified  in  the  Exercise  Notice,  a
certificate,  registered in the name of the holder,  for the number of shares of
Common  Stock to which the holder  shall be entitled  pursuant to such  request.
Upon delivery of the Exercise Notice and Aggregate Exercise Price referred to in
clause  (i) or (ii)  above the  holder of this  Warrant  shall be deemed for all
corporate  purposes to have  become the holder of record of the  Warrant  Shares

                                       4

with respect to which this Warrant has been exercised.  In the case of a dispute
as to the  determination of the Warrant Exercise Price, the Closing Bid Price or
the  arithmetic  calculation of the Warrant  Shares,  the Company shall promptly
issue to the holder the number of Warrant  Shares that is not disputed and shall
submit the disputed  determinations or arithmetic calculations to the holder via
facsimile  within  one (1)  Business  Day of receipt  of the  holder's  Exercise
Notice.

          (b) If the  holder  and the  Company  are  unable  to  agree  upon the
determination  of the Warrant  Exercise  Price or arithmetic  calculation of the
Warrant Shares within one (1) day of such disputed  determination  or arithmetic
calculation  being submitted to the holder,  then the Company shall  immediately
submit via  facsimile  (i) the disputed  determination  of the Warrant  Exercise
Price or the Closing Bid Price to an independent,  reputable  investment banking
firm or (ii) the disputed  arithmetic  calculation  of the Warrant Shares to its
independent,  outside accountant. The Company shall cause the investment banking
firm or the  accountant,  as the case may be, to perform the  determinations  or
calculations  and notify the Company and the holder of the results no later than
forty-eight (48) hours from the time it receives the disputed  determinations or
calculations.  Such investment  banking firm's or accountant's  determination or
calculation,  as the case may be,  shall be deemed  conclusive  absent  manifest
error.

          (c) Unless the rights  represented  by this Warrant shall have expired
or shall have been fully  exercised,  the Company shall,  as soon as practicable
and in no event later than five (5) Business  Days after any exercise and at its
own  expense,  issue a new Warrant  identical  in all  respects to this  Warrant
exercised  except it shall  represent  rights to purchase  the number of Warrant
Shares  purchasable  immediately  prior  to such  exercise  under  this  Warrant
exercised,  less the number of Warrant Shares with respect to which such Warrant
is exercised.

          (d) No  fractional  Warrant  Shares are to be issued upon any pro rata
exercise of this  Warrant,  but rather the number of Warrant  Shares issued upon
such  exercise of this Warrant  shall be rounded up or down to the nearest whole
number.

          (e) If the Company or its Transfer  Agent shall fail for any reason or
for no reason to issue to the  holder  within  ten (10) days of  receipt  of the
Exercise Delivery  Documents,  a certificate for the number of Warrant Shares to
which the holder is entitled or to credit the holder's  balance account with The
Depository  Trust Company for such number of Warrant  Shares to which the holder
is entitled upon the holder's  exercise of this Warrant,  the Company shall,  in
addition to any other remedies under this Warrant or otherwise available to such
holder,  pay as  additional  damages  in  cash to such  holder  on each  day the
issuance of such certificate for Warrant Shares is not timely effected an amount
equal to 0.025% of the  product of (A) the sum of the  number of Warrant  Shares
not issued to the holder on a timely  basis and to which the holder is entitled,
and (B)  the  Closing  Bid  Price  of the  Common  Stock  for  the  trading  day
immediately preceding the last possible date which the Company could have issued
such Common Stock to the holder without violating this Section 2.

          (f) If  within  ten (10)  days  after  the  Company's  receipt  of the
Exercise Delivery  Documents,  the Company fails to deliver a new Warrant to the
holder  for the  number of  Warrant  Shares  to which  such  holder is  entitled
pursuant to Section 2 hereof,  then, in addition to any other available remedies
under this Warrant or otherwise  available to such holder, the Company shall pay
as additional damages in cash to such holder on each day after such tenth (10th)

                                       5

day that such  delivery of such new Warrant is not timely  effected in an amount
equal to 0.25% of the product of (A) the number of Warrant Shares represented by
the portion of this Warrant which is not being exercised and (B) the Closing Bid
Price of the Common  Stock for the trading day  immediately  preceding  the last
possible  date which the Company  could have  issued such  Warrant to the holder
without violating this Section 2.

     Section 3.  COVENANTS AS TO COMMON STOCK.  The Company hereby covenants and
agrees as follows:

          (a) This Warrant is, and any Warrants  issued in  substitution  for or
replacement  of this Warrant will upon issuance be, duly  authorized and validly
issued.

          (b) All Warrant  Shares  which may be issued upon the  exercise of the
rights represented by this Warrant will, upon issuance, be validly issued, fully
paid and nonassessable  and free from all taxes,  liens and charges with respect
to the issue thereof.

          (c) During  the period  within  which the rights  represented  by this
Warrant may be  exercised,  the Company  will at all times have  authorized  and
reserved at least one hundred  percent  (100%) of the number of shares of Common
Stock needed to provide for the exercise of the rights then  represented by this
Warrant and the par value of said shares will at all times be less than or equal
to the applicable  Warrant  Exercise  Price. If at any time the Company does not
have a sufficient  number of shares of Common Stock  authorized  and  available,
then the  Company  shall  call and hold a special  meeting  of its  stockholders
within  sixty  (60) days of that time for the sole  purpose  of  increasing  the
number of authorized shares of Common Stock.

          (d) If at any time  after the date  hereof  the  Company  shall file a
registration statement, the Company shall include the Warrant Shares issuable to
the holder, pursuant to the terms of this Warrant and shall maintain, so long as
any other shares of Common Stock shall be so listed, such listing of all Warrant
Shares from time to time  issuable  upon the exercise of this  Warrant;  and the
Company  shall  so  list on  each  national  securities  exchange  or  automated
quotation  system,  as the case may be, and shall  maintain such listing of, any
other shares of capital stock of the Company  issuable upon the exercise of this
Warrant if and so long as any  shares of the same class  shall be listed on such
national securities exchange or automated quotation system.

          (e)  The  Company  will  not,  by  amendment  of  its  Certificate  of
Incorporation or through any reorganization,  transfer of assets, consolidation,
merger, dissolution, issue or sale of securities, or any other voluntary action,
avoid or seek to avoid the  observance or  performance of any of the terms to be
observed  or  performed  by it  hereunder,  but will at all times in good  faith
assist in the  carrying  out of all the  provisions  of this  Warrant and in the
taking of all such action as may  reasonably  be requested by the holder of this
Warrant in order to protect the exercise privilege of the holder of this Warrant
against dilution or other  impairment,  consistent with the tenor and purpose of
this  Warrant.  The  Company  will not  increase  the par value of any shares of
Common Stock  receivable  upon the  exercise of this  Warrant  above the Warrant
Exercise  Price  then in effect,  and (ii) will take all such  actions as may be
necessary or appropriate in order that the Company may validly and legally issue
fully paid and  nonassessable  shares of Common  Stock upon the exercise of this
Warrant.

                                       6

          (f) This  Warrant will be binding  upon any entity  succeeding  to the
Company by merger,  consolidation or acquisition of all or substantially  all of
the Company's assets.

     Section 4.  TAXES.  The  Company  shall pay any and all  taxes,  except any
applicable  withholding,  which may be payable  with respect to the issuance and
delivery of Warrant Shares upon exercise of this Warrant.

     Section  5. WARRANT  HOLDER NOT DEEMED A  STOCKHOLDER.  Except as otherwise
specifically  provided  herein,  no holder,  as such,  of this Warrant  shall be
entitled  to vote or  receive  dividends  or be deemed  the  holder of shares of
capital stock of the Company for any purpose,  nor shall  anything  contained in
this Warrant be construed to confer upon the holder hereof,  as such, any of the
rights of a  stockholder  of the Company or any right to vote,  give or withhold
consent to any corporate  action  (whether any  reorganization,  issue of stock,
reclassification  of stock,  consolidation,  merger,  conveyance or  otherwise),
receive  notice of  meetings,  receive  dividends  or  subscription  rights,  or
otherwise,  prior to the  issuance to the holder of this  Warrant of the Warrant
Shares  which it is then  entitled  to  receive  upon the due  exercise  of this
Warrant.  In addition,  nothing  contained in this Warrant shall be construed as
imposing  any  liabilities  on such  holder to  purchase  any  securities  (upon
exercise of this  Warrant or  otherwise)  or as a  stockholder  of the  Company,
whether  such  liabilities  are  asserted by the Company or by  creditors of the
Company.  Notwithstanding this Section 5, the Company will provide the holder of
this Warrant with copies of the same notices and other  information given to the
stockholders of the Company generally, contemporaneously with the giving thereof
to the stockholders.

     Section  6. REPRESENTATIONS OF HOLDER.  The holder of this Warrant,  by the
acceptance hereof,  represents that it is acquiring this Warrant and the Warrant
Shares for its own account for investment  only and not with a view towards,  or
for resale in connection  with, the public sale or  distribution of this Warrant
or the Warrant Shares, except pursuant to sales registered or exempted under the
Securities Act; provided,  however,  that by making the representations  herein,
the holder does not agree to hold this Warrant or any of the Warrant  Shares for
any minimum or other  specific  term and  reserves  the right to dispose of this
Warrant and the Warrant  Shares at any time in accordance  with or pursuant to a
registration  statement or an exemption  under the Securities Act. The holder of
this Warrant further  represents,  by acceptance hereof,  that, as of this date,
such  holder  is an  "accredited  investor"  as  such  term is  defined  in Rule
501(a)(1) of Regulation D promulgated by the Securities and Exchange  Commission
under the  Securities  Act (an  "ACCREDITED  INVESTOR").  Upon  exercise of this
Warrant the holder shall, if requested by the Company,  confirm in writing, in a
form satisfactory to the Company, that the Warrant Shares so purchased are being
acquired  solely for the holder's own account and not as a nominee for any other
party,  for  investment,  and not with a view toward  distribution or resale and
that such holder is an  Accredited  Investor.  If such  holder  cannot make such
representations  because  they  would  be  factually  incorrect,  it  shall be a
condition to such  holder's  exercise of this  Warrant that the Company  receive
such other  representations  as the Company  considers  reasonably  necessary to
assure the Company that the  issuance of its  securities  upon  exercise of this
Warrant shall not violate any United States or state securities laws.

                                       7

     Section 7.  OWNERSHIP AND TRANSFER.

          (a) The Company shall maintain at its principal  executive offices (or
such other office or agency of the Company as it may  designate by notice to the
holder hereof),  a register for this Warrant,  in which the Company shall record
the name and address of the person in whose name this  Warrant has been  issued,
as well as the name and  address of each  transferee.  The Company may treat the
person in whose name any Warrant is  registered on the register as the owner and
holder thereof for all purposes, notwithstanding any notice to the contrary, but
in all events  recognizing  any transfers  made in accordance  with the terms of
this Warrant.

     Section 8.  ADJUSTMENT OF WARRANT EXERCISE PRICE AND NUMBER OF SHARES.  The
Warrant  Exercise  Price and the number of shares of Common Stock  issuable upon
exercise of this Warrant shall be adjusted from time to time as follows:

          (a)  ADJUSTMENT  OF  WARRANT   EXERCISE  PRICE  UPON   SUBDIVISION  OR
COMBINATION  OF  COMMON  STOCK.  If the  Company  at any time  after the date of
issuance  of this  Warrant  subdivides  (by any  stock  split,  stock  dividend,
recapitalization  or otherwise) one or more classes of its outstanding shares of
Common  Stock into a greater  number of shares,  any Warrant  Exercise  Price in
effect immediately prior to such subdivision will be proportionately reduced and
the number of shares of Common Stock  obtainable  upon  exercise of this Warrant
will be proportionately  increased. If the Company at any time after the date of
issuance  of this  Warrant  combines  (by  combination,  reverse  stock split or
otherwise) one or more classes of its outstanding  shares of Common Stock into a
smaller number of shares, any Warrant Exercise Price in effect immediately prior
to such combination will be proportionately  increased and the number of Warrant
Shares issuable upon exercise of this Warrant will be proportionately decreased.
Any  adjustment  under this Section 8(d) shall become  effective at the close of
business on the date the subdivision or combination becomes effective.

          (b)  DISTRIBUTION OF ASSETS.  If the Company shall declare or make any
dividend or other  distribution  of its assets (or rights to acquire its assets)
to holders of Common Stock, by way of return of capital or otherwise (including,
without  limitation,  any  distribution  of cash,  stock  or  other  securities,
property or options by way of a dividend, spin off, reclassification,  corporate
rearrangement  or other similar  transaction)  (a  "DISTRIBUTION"),  at any time
after the issuance of this Warrant, then, in each such case:

               (i)  any Warrant  Exercise Price in effect  immediately  prior to
the close of business on the record date fixed for the  determination of holders
of Common Stock entitled to receive the Distribution shall be reduced, effective
as of the close of  business  on such  record  date,  to a price  determined  by
multiplying such Warrant Exercise Price by a fraction of which (A) the numerator
shall  be the  Closing  Sale  Price  of the  Common  Stock  on the  trading  day
immediately  preceding such record date minus the value of the  Distribution (as
determined in good faith by the Company's Board of Directors)  applicable to one
share of Common Stock,  and (B) the denominator  shall be the Closing Sale Price
of the Common Stock on the trading day  immediately  preceding such record date;
and

               (ii) either  (A) the  number of Warrant  Shares  obtainable  upon
exercise of this  Warrant  shall be increased to a number of shares equal to the
number of shares of Common Stock  obtainable  immediately  prior to the close of

                                       8

business  on the record  date fixed for the  determination  of holders of Common
Stock entitled to receive the  Distribution  multiplied by the reciprocal of the
fraction set forth in the immediately  preceding clause (i), or (B) in the event
that the  Distribution  is of common  stock of a company  whose  common stock is
traded on a  national  securities  exchange  or a national  automated  quotation
system,  then the holder of this Warrant shall receive an additional  warrant to
purchase  Common  Stock,  the terms of which shall be identical to those of this
Warrant,  except that such warrant shall be  exercisable  into the amount of the
assets that would have been  payable to the holder of this  Warrant  pursuant to
the Distribution had the holder exercised this Warrant immediately prior to such
record date and with an exercise price equal to the amount by which the exercise
price of this Warrant was decreased with respect to the Distribution pursuant to
the terms of the immediately preceding clause (i).

          (c)  CERTAIN EVENTS.  If any event occurs of the type  contemplated by
the  provisions  of  this  Section  8 but  not  expressly  provided  for by such
provisions  (including,  without limitation,  the granting of stock appreciation
rights,  phantom  stock rights or other rights with equity  features),  then the
Company's Board of Directors will make an appropriate  adjustment in the Warrant
Exercise Price and the number of shares of Common Stock obtainable upon exercise
of this  Warrant so as to protect  the  rights of the  holders of the  Warrants;
provided,  except as set forth in Section 8(d), that no such adjustment pursuant
to this Section 8(f) will  increase the Warrant  Exercise  Price or decrease the
number of shares of Common Stock obtainable as otherwise  determined pursuant to
this Section 8.

          (d)  NOTICES.

               (i)    Immediately  upon any  adjustment of the Warrant  Exercise
Price,  the  Company  will give  written  notice  thereof  to the holder of this
Warrant, setting forth in reasonable detail, and certifying,  the calculation of
such adjustment.

               (ii)   The Company will give written notice to the holder of this
Warrant at least ten (10) days prior to the date on which the Company closes its
books or takes a record (A) with  respect to any dividend or  distribution  upon
the Common Stock, (B) with respect to any pro rata subscription offer to holders
of  Common  Stock or (C) for  determining  rights to vote  with  respect  to any
Organic Change (as defined  below),  dissolution or  liquidation,  provided that
such  information  shall be made known to the public prior to or in  conjunction
with such notice being provided to such holder.

               (iii)  The Company will also give written notice to the holder of
this  Warrant  at least  ten (10) days  prior to the date on which  any  Organic
Change,   dissolution  or  liquidation  will  take  place,  provided  that  such
information  shall be made known to the public prior to or in  conjunction  with
such notice being provided to such holder.

     Section 9.  PURCHASE     RIGHTS;     REORGANIZATION,      RECLASSIFICATION,
CONSOLIDATION, MERGER OR SALE.

          (a)  In addition to any adjustments pursuant to Section 8 above, if at
any time the Company grants, issues or sells any Options, Convertible Securities
or rights to purchase stock, warrants,  securities or other property pro rata to

                                       9

the record  holders of any class of Common Stock (the "PURCHASE  RIGHTS"),  then
the  holder  of this  Warrant  will be  entitled  to  acquire,  upon  the  terms
applicable to such Purchase  Rights,  the aggregate  Purchase  Rights which such
holder  could  have  acquired  if such  holder  had held the number of shares of
Common Stock  acquirable  upon  complete  exercise of this  Warrant  immediately
before  the date on which a record is taken for the grant,  issuance  or sale of
such Purchase  Rights,  or, if no such record is taken, the date as of which the
record holders of Common Stock are to be determined for the grant, issue or sale
of such Purchase Rights.

          (b)  Any    recapitalization,     reorganization,    reclassification,
consolidation,  merger, sale of all or substantially all of the Company's assets
to another Person or other similar transaction in each case which is effected in
such a way that holders of Common Stock are entitled to receive (either directly
or upon subsequent  liquidation) stock,  securities or assets with respect to or
in exchange for Common Stock is referred to herein as an "ORGANIC CHANGE." Prior
to the consummation of any (i) sale of all or substantially all of the Company's
assets to an acquiring  Person or (ii) other Organic Change  following which the
Company is not a  surviving  entity,  the  Company  will  secure from the Person
purchasing  such assets or the successor  resulting from such Organic Change (in
each case,  the "ACQUIRING  ENTITY") a written  agreement (in form and substance
satisfactory to the holders of Warrants  representing at least  two-thirds (iii)
of the Warrant Shares  issuable upon exercise of the Warrants then  outstanding)
to deliver to each holder of Warrants in exchange for such Warrants,  a security
of the Acquiring Entity evidenced by a written instrument  substantially similar
in form and  substance  to this Warrant and  satisfactory  to the holders of the
Warrants  (including an adjusted  warrant  exercise price equal to the value for
the Common Stock reflected by the terms of such  consolidation,  merger or sale,
and exercisable for a corresponding  number of shares of Common Stock acquirable
and receivable  upon exercise of the Warrants  without regard to any limitations
on  exercise,  if the value so  reflected  is less than any  Applicable  Warrant
Exercise Price immediately prior to such  consolidation,  merger or sale). Prior
to the  consummation  of any  other  Organic  Change,  the  Company  shall  make
appropriate  provision  (in form and  substance  satisfactory  to the holders of
Warrants representing a majority of the Warrant Shares issuable upon exercise of
the  Warrants  then  outstanding)  to  insure  that each of the  holders  of the
Warrants will  thereafter have the right to acquire and receive in lieu of or in
addition  to (as the case may be) the  Warrant  Shares  immediately  theretofore
issuable and  receivable  upon the exercise of such holder's  Warrants  (without
regard to any  limitations  on  exercise),  such shares of stock,  securities or
assets  that would  have been  issued or payable  in such  Organic  Change  with
respect to or in exchange for the number of Warrant Shares which would have been
issuable and  receivable  upon the exercise of such  holder's  Warrant as of the
date of such Organic  Change  (without  taking into account any  limitations  or
restrictions on the exercisability of this Warrant).

     Section 10. LOST, STOLEN,  MUTILATED OR DESTROYED WARRANT.  If this Warrant
is lost, stolen,  mutilated or destroyed, the Company shall promptly, on receipt
of an  indemnification  undertaking  in a form  reasonably  satisfactory  to the
Company,  provided  however  the  Holder  shall be  obligated  to  provide  such
indemnification in form,  substance and scope customary for  indemnifications in
comparable transactions,  (or, in the case of a mutilated Warrant, the Warrant),
issue a new  Warrant  of like  denomination  and tenor as this  Warrant so lost,
stolen, mutilated or destroyed.

                                       10

     Section 11. NOTICE. Any notices,  consents, waivers or other communications
required or  permitted  to be given under the terms of this  Warrant  must be in
writing  and will be deemed  to have  been  delivered:  (i) upon  receipt,  when
delivered  personally;  (ii)  upon  receipt,  when sent by  facsimile  (provided
confirmation  of  receipt is  received  by the  sending  party  transmission  is
mechanically or electronically generated and kept on file by the sending party);
or (iii) one Business Day after deposit with a nationally  recognized  overnight
delivery  service,  in each case properly  addressed to the party to receive the
same. The addresses and facsimile numbers for such communications shall be:

If to Cornell:           Cornell Capital Partners, LP
                         101 Hudson Street - Suite 3700
                         Jersey City, NJ  07302
                         Attention:  Mark A. Angelo
                         Telephone:  (201) 985-8300
                         Facsimile:  (201) 985-8266

With Copy to:            David Gonzalez, Esq.
                         101 Hudson Street - Suite 3700
                         Jersey City, NJ 07302
                         Telephone:  (201) 985-8300
                         Facsimile:  (201) 985-8266

If to the Company, to:   CepTor Corporation
                         200 International Circle - Suite 5100
                         Hunt Valley, MD 21030
                         Attention:  Donald W. Fallon
                         Telephone:  (410) 527-9998
                         Facsimile:  (410) 527-9867

With a copy to:          Olshan Grundman Frome Rosenzweig & Wolosky LLP
                         Park Avenue Tower
                         65 East 55th Street
                         New York, NY 10022
                         Attention:  Harvey J. Kesner, Esq.
                         Telephone:  (212) 451-2259
                         Facsimile:  (212) 451-2222

If to a holder of this Warrant,  to it at the address and  facsimile  number set
forth on EXHIBIT C hereto,  with copies to such holder's  representatives as set
forth on EXHIBIT C, or at such other address and facsimile as shall be delivered
to the Company upon the issuance or transfer of this  Warrant.  Each party shall
provide  five days'  prior  written  notice to the other  party of any change in
address or facsimile  number.  Written  confirmation of receipt (A) given by the
recipient of such notice, consent, facsimile, waiver or other communication, (or
(B) provided by a nationally  recognized  overnight  delivery  service  shall be

                                       11

rebuttable evidence of personal service,  receipt by facsimile or receipt from a
nationally  recognized overnight delivery service in accordance with clause (i),
(ii) or (iii) above, respectively.

     Section 12. DATE.  The date of this  Warrant is set forth on page 1 hereof.
This  Warrant,  in all events,  shall be wholly void and of no effect  after the
close of business on the Expiration Date, except that  notwithstanding any other
provisions  hereof,  the provisions of Section 8(b) shall continue in full force
and effect after such date as to any Warrant Shares or other  securities  issued
upon the exercise of this Warrant.

     Section 13. AMENDMENT AND WAIVER.  Except as otherwise provided herein, the
provisions  of the  Warrants  may be amended and the Company may take any action
herein prohibited, or omit to perform any act herein required to be performed by
it,  only if the  Company has  obtained  the  written  consent of the holders of
Warrants  representing  at least  two-thirds of the Warrant Shares issuable upon
exercise of the Warrants then  outstanding;  provided  that,  except for Section
8(d),  no such action may  increase the Warrant  Exercise  Price or decrease the
number of shares  or class of stock  obtainable  upon  exercise  of any  Warrant
without the written consent of the holder of such Warrant.

     Section 14. DESCRIPTIVE  HEADINGS;  GOVERNING LAW. The descriptive headings
of the  several  sections  and  paragraphs  of this  Warrant  are  inserted  for
convenience  only and do not  constitute a part of this  Warrant.  The corporate
laws of the State of Delaware  shall govern all issues  concerning  the relative
rights of the Company and its stockholders.  All other questions  concerning the
construction,  validity,  enforcement and interpretation of this Agreement shall
be governed by the  internal  laws of the State of New  Jersey,  without  giving
effect to any choice of law or conflict of law provision or rule (whether of the
State of New Jersey or any other jurisdictions) that would cause the application
of the laws of any jurisdictions  other than the State of New Jersey. Each party
hereby  irrevocably  submits  to the  exclusive  jurisdiction  of the  state and
federal courts sitting in Hudson County and the United States District Court for
the District of New Jersey,  for the adjudication of any dispute hereunder or in
connection herewith or therewith, or with any transaction contemplated hereby or
discussed herein, and hereby irrevocably waives, and agrees not to assert in any
suit, action or proceeding,  any claim that it is not personally  subject to the
jurisdiction of any such court,  that such suit, action or proceeding is brought
in an inconvenient forum or that the venue of such suit, action or proceeding is
improper.  Each party hereby  irrevocably waives personal service of process and
consents  to process  being  served in any such suit,  action or  proceeding  by
mailing a copy thereof to such party at the address for such notices to it under
this Agreement and agrees that such service shall constitute good and sufficient
service of process and notice thereof.  Nothing contained herein shall be deemed
to limit in any way any right to serve process in any manner permitted by law.

     Section 15. WAIVER OF JURY TRIAL.  AS A MATERIAL  INDUCEMENT FOR EACH PARTY
HERETO TO ENTER INTO THIS WARRANT,  THE PARTIES HERETO HEREBY WAIVE ANY RIGHT TO
TRIAL BY JURY IN ANY LEGAL PROCEEDING  RELATED IN ANY WAY TO THIS WARRANT AND/OR
ANY AND ALL OF THE OTHER DOCUMENTS ASSOCIATED WITH THIS TRANSACTION.

                   REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

                                       12

          IN WITNESS  WHEREOF,  the Company has caused this Warrant to be signed
as of the date first set forth above.

                                           CEPTOR CORPORATION

                                           By:    /s/ William Pursley
                                              ----------------------------------
                                           Name:  William Pursley
                                           Title: Chief Execuitve Officer

                                       13

                              EXHIBIT A TO WARRANT

                                 EXERCISE NOTICE

                                 TO BE EXECUTED
                BY THE REGISTERED HOLDER TO EXERCISE THIS WARRANT

                               CEPTOR CORPORATION

     The   undersigned   holder   hereby   exercises   the  right  to   purchase
______________  of the  shares  of Common  Stock  ("WARRANT  Shares")  of CepTor
Corporation (the "COMPANY"),  evidenced by the attached Warrant (the "WARRANT").
Capitalized  terms  used  herein  and  not  otherwise  defined  shall  have  the
respective meanings set forth in the Warrant.

Specify Method of exercise by check mark:

     1.  ___  Cash Exercise

          (a)  PAYMENT  OF WARRANT  EXERCISE  PRICE.  The  holder  shall pay the
          Aggregate   Exercise  Price  of  $______________  to  the  Company  in
          accordance with the terms of the Warrant.

          (b)  DELIVERY  OF WARRANT  SHARES.  The Company  shall  deliver to the
          holder  _________  Warrant Shares in accordance  with the terms of the
          Warrant.

     2.  ___  Cashless Exercise

          (a) PAYMENT OF WARRANT  EXERCISE  PRICE.  In lieu of making payment of
          the Aggregate  Exercise Price,  the holder elects to receive upon such
          exercise  the Net  Number  of shares of  Common  Stock  determined  in
          accordance with the terms of the Warrant.

          (b)  DELIVERY  OF WARRANT  SHARES.  The Company  shall  deliver to the
          holder  _________  Warrant Shares in accordance  with the terms of the
          Warrant.

Date: _______________ __, ______

Name of Registered Holder

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

                              EXHIBIT B TO WARRANT

                              FORM OF WARRANT POWER

     FOR VALUE  RECEIVED,  the  undersigned  does hereby  assign and transfer to
________________,  Federal Identification No. __________,  a warrant to purchase
____________  shares of the capital stock of CepTor  Corporation  represented by
warrant  certificate  no. _____,  standing in the name of the undersigned on the
books of said corporation.  The undersigned does hereby  irrevocably  constitute
and  appoint   ______________,   attorney  to  transfer  the  warrants  of  said
corporation, with full power of substitution in the premises.

Dated:
      ----------------------------        --------------------------------------

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

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