Document:

<Page>
                                ESCROW AGREEMENT

    This Escrow Agreement (the "Agreement") dated       , 2001 is by and among
Endorex Corporation, a Delaware corporation ("Parent"), the stockholders (the
"Stockholders") of Corporate Technology Development, Inc., a Delaware
corporation (the "Company"), and Peter O. Kliem, as the representative of the
Stockholders (the "Stockholder Representative", and, collectively with Parent
and the Stockholders, the "Parties"), and Wells Fargo Bank Minnesota, National
Association, a national banking association (the "Escrow Agent"). All
capitalized terms not otherwise defined herein shall have the meaning ascribed
to such terms in the Merger Agreement (as hereinafter defined).

                                    RECITALS

    WHEREAS, Parent, Roadrunner Acquisition, Inc., a Delaware corporation and a
wholly-owned subsidiary of Parent ("Merger Sub"), and the Company have entered
into that certain Agreement and Plan of Merger and Reorganization dated as of
            , 2001 (the "Merger Agreement") pursuant to which Merger Sub will be
merged with and into the Company, with the Company becoming a wholly-owned
subsidiary of Parent (the "Merger"); and

    WHEREAS, pursuant to Section 8.2 of the Merger Agreement, the Parties are
placing in escrow certain securities and the Escrow Agent is willing to hold and
distribute such securities in accordance with the instructions of the Parties,
the Escrow Agent and the Parties agree as follows:

                                   AGREEMENT
                             ARTICLE 1: DIRECTIONS

    1.1  ESCROWED PROPERTY:  The Parties will deposit with the Escrow Agent the
property described in the attached SCHEDULE A (collectively referred to as the
"Escrowed Property").

    1.2  INSTRUCTIONS:  The Escrow Agent shall hold, invest, if applicable, and
disburse the Escrowed Property pursuant to the instructions set forth in the
attached SCHEDULES B AND C.

    1.3  INVESTMENTS:  The Escrow Agent is not responsible or liable for any
diminution of principal or any interest penalty on the Escrowed Property,
whatsoever, for any reason.

    1.4  ASSIGNMENT OF INTEREST:  The assignment, transfer, conveyance or
hypothecation of any right, title or interest in and to the Escrowed Property
(referred to under this Section 1.4 as the "Assignment") shall be binding upon
the Escrow Agent upon delivery of notice to the Escrow Agent of the Assignment
and payment to the Escrow Agent of all of its fees in connection with the
Assignment; provided that the Escrow Agent has given its written consent to the
Assignment, which shall not be unreasonably withheld.

                  ARTICLE 2: COMPENSATION OF THE ESCROW AGENT

    The Parties agree, jointly and severally, to pay the Escrow Agent:

    (a) Its fees, charges, and expenses for all reasonable and necessary
       services rendered by it in the performance of its obligations under this
       Agreement as set forth in the attached SCHEDULE D; and

    (b) With the prior written approval of Parent and the Stockholder
       Representative, which shall not be unreasonably withheld, reasonable
       compensation for services rendered in connection with this Agreement but
       not expressly provided for in this Agreement and reimbursement for those
       reasonable expenses incurred by the Escrow Agent in rendering such
       services, including but not limited to court costs and reasonable
       attorneys' fees incurred in the event of any dispute among the parties to
       this Agreement.

                                      V-1
<Page>
The Escrow Agent shall have first and prior lien upon the Escrowed Property to
secure the payments described under paragraphs (a) and (b) of this Article 2. If
any such payment is not timely received by the Escrow Agent from the appropriate
party or parties, the Parties authorize the Escrow Agent to deduct such payment
from the Escrowed Property.

                 ARTICLE 3: PROVISIONS CONCERNING ESCROW AGENT

    3.1  AUTHORITY OF PARTIES:  The Escrow Agent shall be under no duty or
obligation to ascertain the identity, authority and/or rights of the Parties or
their agents.

    3.2  OTHER AGREEMENTS:  The Escrow Agent is not a party to, or bound by, any
agreement between the Parties other than this Agreement, whether or not a copy
and/or original of such agreement is held as Escrowed Property. Accordingly, the
Escrow Agent shall have no duty to know or determine the performance or
nonperformance of any provision of any such agreement between the Parties.

    3.3  DEPOSITED INSTRUMENTS AND/OR FUNDS:  The Escrow Agent assumes no
responsibility for the validity or sufficiency of any instrument held as
Escrowed Property, except as expressly and specifically set forth in this
Agreement.

    3.4  LATE PAYMENT OR PERFORMANCE:  The Escrow Agent may accept any payment
or performance called for under this Agreement after the date such payment or
performance is due, unless subsequent to such date, but prior to the actual date
of payment or performance, the Escrow Agent is instructed in writing by the
Parties not to accept such payment or performance.

    3.5  ESCHEAT:  The Parties are aware that Escrowed Property which is
abandoned may escheat to the state. The Escrow Agent shall have no liability to
the Parties, their respective heirs, legal representatives, successors and
assigns should any of the Escrowed Property become escheatable or escheat by
operation of law.

    3.6  NON-LIABILITY:  The Escrow Agent shall not be liable for any act it may
do or omit to do as Escrow Agent while acting in good faith and in the exercise
of its prudent judgment. Any act done or omitted by the Escrow Agent pursuant to
the advice of its attorneys shall be conclusive evidence of such good faith. The
Escrow Agent shall have the right to consult with counsel at the reasonable
expense of the Parties whenever any question arises concerning this Agreement
and shall incur no liability for any delay reasonably required to obtain such
advice of counsel. The Escrow Agent shall not be liable for the outlawing of any
right permitted or given under the instructions set forth in SCHEDULES B AND C
and/or in any document deposited under this Agreement pursuant to any Statute of
Limitations or by reason of laches. The Escrow Agent shall have no further
responsibility to any or all of the Parties following a complete distribution of
the Escrowed Property pursuant to this Agreement. The Escrow Agent shall not
incur any liability with respect to any action taken or omitted to be taken in
reliance upon any document, including any written notice or instructions
provided for in this Agreement. In performing its obligations hereunder, the
Escrow Agent shall be entitled to presume, without inquiry, the due execution
and validity and effectiveness of all documents it receives.

    3.7  INDEMNIFICATION:  The Parties agree, jointly and severally, to
indemnify and hold harmless the Escrow Agent from any liability, or reasonable
costs or expenses, including but not limited to reasonable attorneys' fees,
incurred by reason of accepting this Agreement and/or Escrowed Property.

                                      V-2
<Page>
    3.8  DISAGREEMENTS:  If any disagreement or dispute arises between the
Parties to this Agreement concerning the meaning or validity of any provision
under this Agreement or concerning any other matter relating to this Agreement,
the Escrow Agent:

    (a) Shall be under no obligation to act, except under process or order of
       court, or until it has been adequately indemnified to its full
       satisfaction, and shall sustain no liability for its failure to act
       pending such process or court order or indemnification; and

    (b) May deposit, in its sole and absolute discretion, the Escrowed Property
       or that portion of the Escrowed Property it then holds with a court of
       competent jurisdiction, and to interplead the Parties. Upon such deposit
       and filing of interpleader, the Escrow Agent shall be relieved of all
       liability as to the Escrowed Property and shall be entitled to recover
       from the Parties its reasonable attorneys' fees and other reasonable
       costs incurred in commencing and maintaining such action. The Parties by
       signing this Agreement submit themselves to the jurisdiction of such
       court. In no event shall the institution of such interpleader action
       impair the rights of the Escrow Agent described in Section 3.6 of this
       Agreement.

         ARTICLE 4: REPRESENTATIONS AND WARRANTIES OF THE STOCKHOLDERS

    4.1  REPRESENTATIONS AND WARRANTIES OF THE STOCKHOLDERS:  Each Stockholder
hereby represents and warrants to Parent and each other Stockholder as follows:

    (a) Such Stockholder has the legal capacity and right and all other
       necessary power and authority necessary to enter into this Agreement and
       any document or instrument to be executed and delivered by Stockholder
       pursuant hereto or pursuant to the Merger Agreement, including, without
       limitation, the Voting Agreement and the Affiliate Agreement, if
       applicable (the "Stockholder Documents"), to perform his/her/its
       obligations under the Stockholder Documents, and to consummate the
       transactions contemplated by the Stockholder Documents.

    (b) The execution, delivery and performance of the Stockholder Documents,
       and the consummation of the transactions contemplated by the Stockholder
       Documents, will not (i) conflict with or violate any statute, law,
       ordinance, rule, regulation, judgment, decree, order, injunction, writ,
       permit or license applicable to such Stockholder or by which any property
       or asset of such Stockholder is bound or affected, or (ii) constitute a
       violation of, or a breach or default (or an event which with the giving
       of notice or lapse of time or both could reasonably be expected to become
       a default) under, or conflict with, or require any consent under (other
       than a violation or default that has been waived or a consent that has
       been obtained), any term or provision of any note, bond, mortgage,
       instrument, contract, permit, franchise, commitment, indenture, lease,
       license, or other agreement or obligation to which such Stockholder is a
       party or by which any property or asset of such Stockholder is bound or
       affected.

    (c) The Stockholder Documents constitute valid and binding obligations of
       such Stockholder, enforceable in accordance with their terms, except to
       the extent that such enforceability may be limited by bankruptcy,
       insolvency, and similar laws affecting the rights and remedies of
       creditors generally, and by general principles of equity and public
       policy; and the Stockholder Documents, when executed and delivered in
       accordance with the provisions thereof, shall be valid and binding
       obligations of such Stockholder, enforceable in accordance with their
       terms (with the aforesaid exceptions).

    (d) As of the Effective Time, such Stockholder (i) will hold of record and
       beneficially own the number and class of shares of Company capital stock
       set forth next to such Stockholder's name in Section 2.2 of the Company
       Disclosure Schedule, free and clear of any restrictions on transfer
       (other than any restrictions under the Act and state securities laws),
       taxes, security

                                      V-3
<Page>
       interests, charges, liens, encumbrances, options, warrants, purchase
       rights, contracts, commitments, equities, claims, and demands, and
       (ii) will not be a party to any option, warrant, call, right, purchase
       right or other contract, commitment or agreement (other than the Merger
       Agreement) that could require such Stockholder to deliver, sell, transfer
       or otherwise dispose of any capital stock of the Company or to any voting
       trust, proxy or other agreement or understanding with respect to the
       voting of any capital stock of the Company (other than the Voting
       Agreement, if applicable).

    4.2  REPRESENTATIONS AND WARRANTIES OF NON-INDIVIDUAL STOCKHOLDERS:  Each
Stockholder that is not a natural person hereby represents and warrants to
Parent and to each other Stockholder as follows:

    (a) Such Stockholder is duly organized, validly existing, and in good
       standing under the laws of the jurisdiction in which it is organized.
       Such Stockholder has the corporate, partnership, limited liability
       company or other power and authority to enter into the Stockholder
       Documents, to perform its obligations under the Stockholder Documents,
       and to consummate the transactions contemplated by the Stockholder
       Documents.

    (b) Such Stockholder has taken all corporate, partnership, limited liability
       company or other action necessary for it to enter into the Stockholder
       Documents, to perform its obligations under the Stockholder Documents,
       and to consummate the transactions contemplated by the Stockholder
       Documents.

    (c) The execution, delivery and performance of the Stockholder Documents,
       and the consummation of the transactions contemplated by the Stockholder
       Documents, will not constitute a violation of, or a breach or default
       under, or conflict with, or require any consent under (other than a
       violation or default that has been waived or a consent that has been
       obtained), any term or provision of the certificate or articles of
       incorporation or bylaws, partnership agreement, certificate or articles
       of formation, limited liability company agreement or other charter or
       formation documents of such Stockholder.

                ARTICLE 5: ADDITIONAL AGREEMENTS OF STOCKHOLDERS

    5.1  RELEASE OF PARENT, MERGER SUB, THE COMPANY AND THEIR OFFICERS AND
DIRECTORS:  Each Stockholder, for good and valuable consideration the receipt
and sufficiency of which is hereby acknowledged and intending to be legally
bound, in order to induce Parent and Merger Sub to consummate the Merger and
thereby exchange shares of Parent Common Stock for such Stockholder's shares of
Company Stock, hereby releases and forever discharges the Company, Merger Sub
and Parent and each of their respective individual, joint or mutual, past,
present and future agents, directors, officers, employees, consultants,
advisors, affiliates, stockholders, controlling persons, subsidiaries,
successors and assigns (individually, a "Releasee" and collectively,
"Releasees") from any and all claims, demands, causes of action, obligations,
debts and liabilities whatsoever, whether known or unknown, suspected or
unsuspected, both at law or in equity, which such Stockholder or any of his, her
or its affiliates now has, have ever had or may hereafter have against the
respective Releasees arising contemporaneously with or prior to the Effective
Time or on account of or arising out of any matter, cause or event occurring
contemporaneously with or prior to the Effective Time (other than any rights to
indemnification or reimbursement from the Company pursuant to its Certificate of
Incorporation or Bylaws from former officers and directors of the Company)
whether or not relating to claims pending on, or asserted after, the Effective
Time; provided, however, that nothing contained herein shall operate to release
any obligations of the Company, Merger Sub and Parent or the Stockholders
arising under the Merger Agreement. Such Stockholder hereby irrevocably
covenants to refrain from, directly or indirectly, asserting any claim or
demand, or commencing, instituting or causing to be commenced,

                                      V-4
<Page>
any proceeding of any kind against any Releasee, based upon any matter purported
to be released hereby.

    Each Stockholder that is a resident of the State of California expressly
waives any and all rights that they may have under any statute or common-law
principle that would limit the effect of the releases to those claims actually
known or suspected to exist at the time of execution of this Agreement,
including but not limited to the provisions of Section 1542 of the California
Civil Code, to the extent deemed applicable (notwithstanding that this Agreement
does not provide for the application of the California law), which provides as
follows: "[a] general release does not extend to claims which the creditor does
not know or suspect to exist in his favor at the time of executing the release,
which if known by him must have materially affected his settlement with the
debtor."

    5.2  APPOINTMENT OF STOCKHOLDER REPRESENTATIVE:  The Stockholders hereby
appoint the Stockholder Representative as the representative of the
Stockholders. The Stockholder Representative shall have full power and authority
to represent the Stockholders and their successors and assigns with respect to
all matters arising under this Agreement, including, without limitation, the
amendment or waiver of any provision of this Agreement, and all action taken by
the Stockholder Representative hereunder, pursuant to authority granted herein,
shall be binding upon each Stockholder and their successors and assigns as if
expressly ratified and confirmed in writing by each of them. Without limiting
the generality of the foregoing, the Stockholder Representative shall have full
power and authority, on behalf of all the Stockholders and their successors, to
interpret all the terms and provisions of this Agreement, to negotiate and
compromise any dispute which may arise under this Agreement, to sign any
releases or other documents with respect thereto, and to retain such counsel and
consultants as appropriate and necessary to carry out his duties under this
Agreement.

    The Stockholder Representative, or any successor hereafter appointed, may
resign and shall be discharged of his duties hereunder upon the appointment of a
successor Stockholder Representative as hereinafter provided. In case of such
resignation, or in the event of the death or inability to act of the Stockholder
Representative, a successor shall be named by a majority of the remaining
Stockholders. Each such successor Stockholder Representative shall have all the
power, authority, rights and privileges hereby conferred upon the original
Stockholder Representative, and the term "Stockholder Representative" as used
herein shall be deemed to include each such successor Stockholder
Representative.

    The Stockholders shall indemnify and hold harmless the Stockholder
Representative from and against any direct or indirect demand, claim, payment,
obligation, action or cause of action, assessment, loss, liability, cost or
expense, including without limitation, penalties, interest on any amount payable
to a third party as a result of the foregoing, and any legal or other expense
reasonably incurred in connection with investigating or defending any claim or
action, whether or not resulting in any liability, and any amount paid in
settlement of any claim or action, incurred in connection with the performance
of his duties hereunder, including the advancement of expenses incurred in
connection with investigating or defending any claim or action.

    The Stockholder Representative is authorized to take the actions set forth
in this Agreement on behalf of the Stockholders, and Parent and Escrow Agent
shall have no liability to the Stockholders for any act or failure to act of the
Stockholder Representative. Parent and the Escrow Agent shall be entitled to
rely upon any act of the Stockholder Representative as an act of the
Stockholders pursuant to this Agreement.

                    ARTICLE 6: GENERAL TERMS AND CONDITIONS

    6.1  EXTENSION OF BENEFITS:  All of the terms of this Agreement shall be
binding upon, and inure to the benefit of, and be enforceable by, the respective
heirs, legal representatives, successors and assigns of all of the parties to
this Agreement.

                                      V-5
<Page>
    6.2  GOVERNING LAW:  This Agreement shall be construed and enforced in
accordance with the laws of the State of Delaware without regard to the law of
conflicts thereof.

    6.3  NOTICES:  All notices, requests, demands and other communications
required under this Agreement shall be in writing and shall be deemed to have
been duly given if delivered personally, the next business day if delivered by
commercial delivery service or by reputable overnight courier, the third
business day if mailed by registered or certified mail (return receipt
requested), or the day of transmission if a business day or, if not, the next
business day thereafter, if sent via facsimile (with confirmation of receipt) to
the parties at the addresses set forth below the signature blocks on the
signature pages of this Agreement; provided, however, that all notices,
requests, demands and other communications required under this Agreement to be
given to any Stockholder shall be given to the Stockholder Representative at the
address set forth below the signature block for the Stockholder Representative
on the signature pages of this Agreement. It shall be the responsibility of the
Parties to notify each other and the Escrow Agent in writing of any name or
address changes. This Section 6.3 shall govern this Agreement except as
otherwise provided in Section 1 of SCHEDULE B to this Agreement.

    6.4  ENTIRE AGREEMENT:  This Agreement sets forth the entire agreement and
understanding of the parties to this Agreement with respect to the subject
matter hereof.

    6.5  AMENDMENT:  This Agreement may be amended, modified, superseded,
rescinded or canceled only by a written instrument executed by Parent, the
Stockholder Representative and the Escrow Agent.

    6.6  WAIVERS:  The failure of any party to this Agreement at any time or
times to require performance of any provision under this Agreement shall in no
manner affect the right at a later time to enforce the same performance. A
waiver by any party to this Agreement of any such condition or breach of any
term, covenant, representation or warranty contained in this Agreement, in any
one or more instances, shall neither be construed as a further or continuing
waiver of any such condition or breach nor a waiver of any other condition or
breach of any other term, covenant, representation or warranty contained in this
Agreement.

    6.7  HEADINGS:  The headings of the sections of this Agreement have been
inserted for convenience of reference only and shall in no way restrict or
otherwise modify any of the terms or provisions of this Agreement.

    6.8  COUNTERPARTS:  This Agreement may be executed in one or more
counterparts, each of which when executed shall be deemed to be an original, and
such counterparts shall together constitute one and the same instrument.

    6.9  RESIGNATION OR REMOVAL OF ESCROW AGENT:  The Escrow Agent may resign at
any time by furnishing written notice of its resignation to the Parties. The
Parties may remove the Escrow Agent at any time by furnishing to the Escrow
Agent a joint written notice of its removal. Such resignation or removal, as the
case may be, shall be effective upon delivery of such notice.

                                   * * * * *

                                      V-6
<Page>
IN WITNESS WHEREOF, the Parties to this Agreement have each caused this
Agreement to be duly executed and delivered as of the date first written above.

                                          PARENT:

                                          ENDOREX CORPORATION

                                          ______________________________________

                                          By:___________________________________

                                          Its:__________________________________

                                          Address:
                                          Endorex Corporation
                                          28101 Ballard Drive, Suite F
                                          Lake Forest, Illinois 60045
                                          Attn: Michael Rosen
                                              President
                                          Telephone: (847) 573-8990
                                          Fax: (847) 573-9285

                                          with a copy to:

                                          Brobeck, Phleger & Harrison, LLP
                                          370 Interlocken Boulevard
                                          Fifth Floor
                                          Broomfield, Colorado 80021
                                          Attn: Richard R. Plumridge, Esq.
                                          Telephone: (303) 410-2000
                                          Fax: (303) 410-2199

                                      V-7
<Page>
                                          STOCKHOLDER REPRESENTATIVE:

                                          ______________________________________
                                          PETER O. KLIEM

                                          Address:
                                          750 Main Street
                                          Cambridge, MA 02139
                                          Telephone:   (617) 621-9575
                                          Facsimile:   (617) 621-9574

                                          STOCKHOLDERS:

                                          TVM TECHNO VENTURE MANAGEMENT III
                                          GMBH & CO. MEDICAL VENTURES

                                          By: __________________________________

                                          Its: _________________________________

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                      V-8
<Page>
                                          NOMURA BANK (SWITZERLAND) LTD.

                                          By: __________________________________

                                          Its: _________________________________

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                          PAUL CAPITAL PARTNERS V, LP

                                          By: __________________________________

                                          Its: _________________________________

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                      V-9
<Page>
                                          IMPRIMUS INVESTORS LLC

                                          By: __________________________________

                                          Its: _________________________________

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                          BRISTOL RITTENHOUSE INVESTMENTS, L.P.

                                          By: __________________________________

                                          Its: _________________________________

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                      V-10
<Page>
                                          KENDALL INVESTMENTS, LLC

                                          By: __________________________________

                                          Its: _________________________________

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                          IMS GLOBAL INVESTMENTS X LTD.

                                          By: __________________________________

                                          Its: _________________________________

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                          ______________________________________
                                          RICHARD J. STERN

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                      V-11
<Page>
                                          STERN JOINT VENTURE, L.P.

                                          By: __________________________________

                                          Its: _________________________________

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                          WOLFSON EQUITIES

                                          By: __________________________________

                                          Its: _________________________________

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                          ______________________________________
                                          LINDSAY A. ROSENWALD, M.D.

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                      V-12
<Page>
                                          CONCORDIA PARTNERS

                                          By: __________________________________

                                          Its: _________________________________

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                          ______________________________________
                                          C. BENVENISTE-SCHULER

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                      V-13
<Page>
                                          DRAX HOLDINGS, L.P.

                                          By: __________________________________

                                          Its: _________________________________

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                          ______________________________________
                                          BERNARD SELZ

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                          ______________________________________
                                          MICHAEL STEINHARDT

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                      V-14
<Page>
                                          KEYS FOUNDATION, CURACO

                                          By: __________________________________

                                          Its: _________________________________

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                          ______________________________________
                                          ALBERT REICHMANN

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                          ______________________________________
                                          JAMES D. STERN

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                      V-15
<Page>
                                          PAUL CAPITAL PARTNERS V (DOMESTIC
                                          ANNEX FUND), L.P.

                                          By: __________________________________

                                          Its: _________________________________

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                          ______________________________________
                                          ROBERT I. FALK

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                      V-16
<Page>
                                          G&G ENTERPRISES

                                          By: __________________________________

                                          Its: _________________________________

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                          GILBERT GOLDSTEIN, PAUL SHAPIRO,
                                          TRUSTEES, UIT HOWARD GITTIS DATED
                                          12/23/88

                                          By: __________________________________

                                          Its: _________________________________

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                      V-17
<Page>
                                          CAXTON PARTNERS

                                          By: __________________________________

                                          Its: _________________________________

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                          ______________________________________
                                          JEFFREY S. SILVERMAN

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                      V-18
<Page>
                                          THE HOLDING COMPANY

                                          By: __________________________________

                                          Its: _________________________________

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                          ______________________________________
                                          SEIJU SUZUKI

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                      V-19
<Page>
                                          CASS & CO. MAGNUM CAPITAL GROWTH FUND

                                          By: __________________________________

                                          Its: _________________________________

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                          ______________________________________
                                          YOSHIMASA YAMAZAKI

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                      V-20
<Page>
                                          ASAHI IRON FOUNDRY CO., LTD.

                                          By: __________________________________

                                          Its: _________________________________

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                          ______________________________________
                                          RICHARD VOGEL

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                      V-21
<Page>
                                          MAIDENHAIR INVESTMENTS, N.V.

                                          By: __________________________________

                                          Its: _________________________________

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                          PAUL CAPITAL PARTNERS V INTERNATIONAL,
                                          L.P.

                                          By: __________________________________

                                          Its: _________________________________

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                      V-22
<Page>
                                          ______________________________________
                                          LEONARD J. ADAMS

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                          ______________________________________
                                          WAYNE SAKER

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                          AMRAM KASS PC DEFINED BENEFIT PENSION
                                          PLAN

                                          By: __________________________________

                                          Its: _________________________________

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                      V-23
<Page>
                                          ______________________________________
                                          DAVID A. BRAVER

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                          AMRAM KASS P.C. MONEY PURCHASE PLAN

                                          By: __________________________________

                                          Its: _________________________________

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                      V-24
<Page>
                                          ______________________________________
                                          DAVID A. WOLF

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                          ______________________________________
                                          TIS PRAGER

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                      V-25
<Page>
                                          ______________________________________
                                          BRUNO WIDMER

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                          KAREN COOK, IRA (KC)

                                          By: __________________________________

                                          Its: _________________________________

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                      V-26
<Page>
                                          ______________________________________
                                          JACK HIRSCHFIELD

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                          PARAMOUNT CAPITAL DRUG DEVELOPMENT
                                          HOLDINGS LLC

                                          By: __________________________________

                                          Its: _________________________________

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facvsimile: __________________________

                                          Tax I.D. #: __________________________

                                          ______________________________________
                                          STEVE H. KANZER

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                      V-27
<Page>
                                          ______________________________________
                                          NICHOLAS STERGIOPOLOUS

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                          ______________________________________
                                          NICHOLAS BODOR

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                          ______________________________________
                                          KENNETH U. JOHNSON

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                      V-28
<Page>
                                          ______________________________________
                                          RIVKI ROSENWALD

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                          BIOTECHNOLOGY SOLUTIONS, LLC

                                          By: __________________________________

                                          Its: _________________________________

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                          ______________________________________
                                          WAYNE L. RUBIN

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                      V-29
<Page>
                                          ______________________________________
                                          MICHAEL S. WEISS

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                          ______________________________________
                                          DONNA KASH

                                          ______________________________________
                                          PETER KASH

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                          ______________________________________
                                          DAVID R. WALNER

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                      V-30
<Page>
                                          HUNTINGTON STREET COMPANY

                                          By: __________________________________

                                          Its: _________________________________

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                          JUNE STREET COMPANY

                                          By: __________________________________

                                          Its: _________________________________

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                      V-31
<Page>
                                          RIVKI ROSENWALD F/B/O DONI ROSENWALD

                                          By: __________________________________

                                          Its: _________________________________

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                          RIVKI ROSENWALD F/B/O JOSHY ROSENWALD

                                          By: __________________________________

                                          Its: _________________________________

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                      V-32
<Page>
                                          RIVKI ROSEWALD F/B/O DEMI ROSENWALD

                                          By: __________________________________

                                          Its: _________________________________

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                          RIVKI ROSENWALD F/B/O DAVY ROSENWALD

                                          By: __________________________________

                                          Its: _________________________________

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                      V-33
<Page>
                                          KASH FAMILY FOUNDATION

                                          By: __________________________________

                                          Its: _________________________________

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                          ______________________________________
                                          JOSEPH R. EDELMAN

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                          ______________________________________
                                          SARAH E. LAUT

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                      V-34
<Page>
                                          ______________________________________
                                          MICHAEL FERRARI

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                          ______________________________________
                                          BLOSSOM ROSENWALD

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                          ______________________________________
                                          SETH ROSENWALD

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                      V-35
<Page>
                                          ______________________________________
                                          JON ROSENWALD

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                          ______________________________________
                                          WILLIAM KANZER

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                          ______________________________________
                                          GARY KANZER

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                      V-36
<Page>
                                          ______________________________________
                                          DONNA LOZITO

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                          AMERICAN FRIENDS OF HEBRON YESHIVA IN
                                          JERUSALEM

                                          By: __________________________________

                                          Its: _________________________________

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                          ______________________________________
                                          FRED MERMELSTEIN

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                      V-37
<Page>
                                          ______________________________________
                                          LAUREN S. FISCHER

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                          ______________________________________
                                          JOHN KNOX

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                          ______________________________________
                                          DAVID M. TANEN

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                      V-38
<Page>
                                          ______________________________________
                                          EVAN S. BORAK

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                          ______________________________________
                                          HOPE VIGGIANI

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                          ______________________________________
                                          ROBERT KLEIN

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                      V-39
<Page>
                                          ______________________________________
                                          HOWARD SCHAIN

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                          ______________________________________
                                          JOHN PAPADIMITROPOULOS

                                          Address:

                                          ______________________________________

                                          ______________________________________

                                          ______________________________________

                                          Telephone: ___________________________

                                          Facsimile: ___________________________

                                          Tax I.D. #: __________________________

                                      V-40
<Page>
    The Escrow Agent, by affixing its signature below, hereby acknowledges
receipt of the Escrowed Property described in SCHEDULE A and agrees to hold,
administer, and dispose of the Escrowed Property in accordance with the terms,
conditions, and instructions of this Agreement, including those set forth in
SCHEDULES B AND C.

                                          ESCROW AGENT:
                                          WELLS FARGO BANK MINNESOTA, NATIONAL
                                          ASSOCIATION, as Escrow Agent

                                          ______________________________________

                                          By:___________________________________
                                          Title:________________________________

                                            Wells Fargo Bank Minnesota, N.A.
                                           213 Court Street, Suite 902
                                           Middletown, CT 06457
                                           Telephone: (860)-704-6216
                                           Fax: (860) 704-6219

                                      V-41
<Page>
                                   SCHEDULE A
                                    DEPOSITS

1,350,000 shares of common stock, $.001 par value per share ("Common Stock"), of
Endorex Corporation, a Delaware corporation

                                      V-42
<Page>
                                   SCHEDULE B
                                  INSTRUCTIONS

    1.  If Parent requests indemnification from the Stockholders pursuant to its
rights under Section 8.4 of the Merger Agreement, then Parent shall notify the
Escrow Agent in writing of such request, the number of shares of Common Stock
requested for indemnification, the calculation of such number of shares pursuant
to Article 8 of the Merger Agreement and disbursement instructions
("Indemnification Notice"). The Escrow Agent shall, within five business days of
receipt of an Indemnification Notice, provide a copy of such Indemnification
Notice to the Stockholder Representative, and, ten business days after the
Stockholder Representative is deemed pursuant to Section 6.3 of this Agreement
to have received such Indemnification Notice from the Escrow Agent, disburse to
Parent from the Escrowed Property the number of shares of Common Stock requested
by Parent in such Indemnification Notice, unless prior to the date of
disbursement the Escrow Agent receives written notice from the Stockholder
Representative disputing in good faith ("Dispute Notice") Parent's right to all
or part of the shares of Common Stock set forth in the Indemnification Notice
("Disputed Shares").

    2.  If the Stockholder Representative issues a Dispute Notice pursuant to
Section 1 above, then the Escrow Agent shall continue to hold all Disputed
Shares until receipt of written instructions jointly executed by Parent and the
Stockholder Representative or receipt of an order of any court directing the
disbursement of the Disputed Shares, and shall disburse the Disputed Shares in
accordance with such joint instructions or court order.

    3.  On or promptly after March 31, 2002, the Escrow Agent shall disburse to
the Stockholder Representative the portion of the Escrowed Property in the names
and the amounts set forth under Section 1 of SCHEDULE C, less (i) any Disputed
Shares, which shall be disbursed as provided in Section 2 above, and (ii) any
shares set forth in any Indemnification Notice that the Stockholder
Representative is deemed pursuant to Section 6.3 of this Agreement to have
received no more than ten business days prior to such disbursement and for which
the Escrow Agent has not received a Dispute Notice, which amounts shall be
disbursed as provided in Section 1 above and, if applicable, Section 2 above
(all such shares in clause (i) and (ii) being referred to herein as "Holdback
Shares"). Distributions of Escrowed Property for Stockholders pursuant to this
Section 3 shall be reduced pro rata among the Stockholders based upon the
distribution of Escrowed Property set forth in Section 1 of SCHEDULE C by an
aggregate number of shares equal to the number of Holdback Shares; PROVIDED,
HOWEVER, that no fractional shares shall be disbursed for any Stockholder
pursuant to this Section 3 and the Escrow Agent shall make such adjustments in
such pro rata reduction as are necessary for the disbursement of only whole
shares of the Escrowed Property for any Stockholder.

    4.  On or promptly after September 30, 2002, the Escrow Agent shall disburse
to the Stockholder Representative the portion of the Escrowed Property in the
names and the amounts set forth under Section 2 of SCHEDULE C, less any Holdback
Shares, which shall be disbursed as provided in Sections 1 and 2 above, as
applicable. For purposes of this Section 4, Holdback Shares shall not include
Holdback Shares withheld from disbursement under Section 3. Distributions of
Escrowed Property for Stockholders pursuant to this Section 4 shall be reduced
pro rata among the Stockholders based upon the distribution of Escrowed Property
set forth in Section 2 of SCHEDULE C by an aggregate number of shares equal to
the number of such Holdback Shares; PROVIDED, HOWEVER, that no fractional shares
shall be disbursed for any Stockholder pursuant to this Section 4 and the Escrow
Agent shall make such adjustments in such pro rata reduction as are necessary
for the distribution of only whole shares of the Escrowed Property for any
Stockholder.

    5.  On or promptly after March 31, 2003, the Escrow Agent shall disburse to
the Stockholder Representative the portion of the Escrowed Property in the names
and the amounts set forth under

                                      V-43
<Page>
Section 3 of SCHEDULE C, less any Holdback Shares, which shall be disbursed as
provided in Sections 1 and 2 above, as applicable. For purposes of this
Section 5, Holdback Shares shall not include Holdback Shares withheld from
disbursement under Sections 3 and 4. Distributions of Escrowed Property for
Stockholders pursuant to this Section 5 shall be reduced pro rata among the
Stockholders based upon the distribution of Escrowed Property set forth in
Section 3 of SCHEDULE C by an aggregate number of shares equal to the number of
such Holdback Shares; PROVIDED, HOWEVER, that no fractional shares shall be
disbursed to any Stockholder pursuant to this Section 5 and the Escrow Agent
shall make such adjustments in such pro rata reduction as are necessary for the
issuance of only whole shares of the Escrowed Property for any Stockholder.

    6.  Notwithstanding the provisions of Sections 1, 2, 3, 4 or 5 above, if
Parent and the Stockholder Representative jointly execute a written notice to
the Escrow Agent providing the Escrow Agent with disbursement instructions for
all or part of the Escrowed Property, the Escrow Agent shall disburse the
portion of the Escrowed Property referred to in such notice in accordance with
the instructions contained in such notice.

    7.  The Stockholders shall have the full and unqualified right and power to
exercise any voting, consent and other rights with respect to the Escrowed
Property and to cause the Escrow Agent to tender all or part of the Escrowed
Property pursuant to a tender offer or exchange offer and neither the Escrow
Agent nor Parent shall have any duty, right or privilege to exercise any such
rights. The Escrow Agent shall exercise all such rights of the Stockholders as
directed by a certificate of the Stockholder Representative. All property
received by the Escrow Agent pursuant to a tender offer or exchange offer for
the Escrowed Property shall become Escrowed Property.

    8.  In the event of any transaction wherein dividends, cash or other
property which is or will be apportioned to the Escrowed Property are
distributed in respect of the Escrowed Property, the Escrow Agent shall take all
steps necessary to obtain such cash or other property, including presenting the
Escrowed Property for exchange, conversion or other disposition, and the Parties
will execute such certificates, instruments or other documents as may be
requested by the Escrow Agent of such cash or other property. All such property
received by the Escrow Agent shall become Escrowed Property and shall be
disbursed with, and to the Party receiving, the Escrowed Property to which such
property was apportioned.

    9.  The Parties hereby authorize the Escrow Agent to apply to the transfer
agent for the Common Stock for any division of certificates evidencing Escrowed
Property which may be required in connection with the distribution of Escrowed
Property pursuant to this SCHEDULE B to the Agreement.

    10. The Escrow Agent shall not, and is not authorized to convey, transfer or
distribute the Escrowed Property except as set forth in this SCHEDULE B to the
Agreement.

                                      V-44
<Page>
                                   SCHEDULE C
                                 DISTRIBUTIONS

1.  Common Stock to be distributed by the Escrow Agent to the Stockholder
    Representative on or promptly after March 31, 2002 pursuant to Section 3 of
    SCHEDULE B:

<Table>
<Caption>
                                                              NUMBER OF SHARES
STOCKHOLDER NAME                                              OF COMMON STOCK
----------------                                              ----------------
<S>                                                           <C>
TVM Techno Venture Management III GmbH & Co. Medical
  Ventures..................................................      101,537
Nomura Bank (Switzerland) Ltd...............................       90,255
Paul Capital Partners V, L.P................................       67,120
Imprimus Investors LLC......................................       37,606
Bristol Rittenhouse Investments, L.P........................       37,606
Kendall Investments, LLC....................................       18,803
IMS Global Investments X Ltd................................       18,803
Richard J. Stern............................................       15,042
Stern Joint Venture, L.P....................................       15,042
Wolfson Equities............................................       15,042
Lindsay A. Rosenwald, M.D...................................       13,162
Concordia Partners..........................................       11,282
C. Benveniste-Schuler.......................................       11,282
Drax Holdings, L.P..........................................        9,401
Bernard Selz................................................        9,401
Michael Steinhardt..........................................        9,401
Keys Foundation, Curacro....................................        9,401
Albert Reichmann............................................        7,521
James D. Stern..............................................        7,521
Paul Capital Partners V (Domestic Annex Fund) L.P...........        5,648
Robert I. Falk..............................................        3,760
G&G Enterprises.............................................        3,760
Gibert Goldstein, Paul Shapiro, Trustees, UIT Howard Gittis
  Dated 12/23/88............................................        3,760
Caxton Partners.............................................        3,760
Jeffrey S. Silverman........................................        3,760
The Holding Company.........................................        3,760
Seju Suzuki.................................................        3,760
Cass & Co.Magnum Capital Growth Fund........................        3,760
Yoshimasa Yamazaki..........................................        3,760
Asahi Iron Foundry Co., Ltd.................................        3,760
Richard Vogel...............................................        3,760
Maidenhair Investments, N.V.................................        3,760
Paul Capital Partners V International, L.P..................        2,444
Leonard J. Adams............................................        1,880
Wayne Saker.................................................        1,880
Amram Kass P.C. Money Purchase Plan.........................        1,880
David A. Braver.............................................        1,880
Amram Kass PC Defined Benefit Pension Plan..................        1,880
David A. Wolf...............................................        1,880
Tis Prager..................................................        1,316
Bruno Widmer................................................        1,316
Karen Cook, IRA (KC)........................................          940
Jack Hirschfield............................................          470
</Table>

                                      V-45
<Page>

<Table>
<Caption>
                                                              NUMBER OF SHARES
STOCKHOLDER NAME                                              OF COMMON STOCK
----------------                                              ----------------
<S>                                                           <C>
Paramount Capital Drug Development Holdings LLC.............       50,922
Steve H. Kanzer.............................................       11,418
Nicholas Bodor..............................................        5,061
Kenneth U. Johnson..........................................        5,061
Rivki Rosenwald.............................................        4,960
Biotechnology Solutions, LLC................................        3,191
Nicholas Stergiopoulos......................................        1,528
Wayne L. Rubin..............................................        1,518
Michael Weiss...............................................        1,518
Peter and Donna Kash........................................        1,012
David R. Walner.............................................        1,012
Huntington Street Company...................................        1,012
June Street Company.........................................        1,012
Rivki Rosenwald Custodian f/b/o Doni Rosenwald..............        1,012
Rivki Rosenwald Custodian f/b/o Joshy Rosenwald.............        1,012
Rivki Rosenwald Custodian f/b/o Demi Rosenwald..............        1,012
Rivki Rosenwald Custodian f/b/o Davy Rosenwald..............        1,012
Kash Family Foundation......................................          810
Joseph E. Edelman...........................................          759
Sarah E. Laut...............................................          713
Michael Ferrari.............................................          713
Blossom Rosenwald...........................................          688
Seth Rosenwald..............................................          688
Jon Rosenwald...............................................          688
William Kanzer..............................................          607
Gary Kanzer.................................................          607
Donna Lozito................................................          222
American Friends of Hebron Yeshiva in Jerusalem.............          202
Fred Mermelstein............................................          202
Lauren S. Fischer...........................................          172
John Knox...................................................          172
David M. Tanen..............................................          172
Evan S. Borak...............................................          172
Hope Viggiani...............................................          101
Robert Klein................................................          101
Howard Schain...............................................          101
John Pappadimitropoulos.....................................           50
</Table>

2.  Common Stock to be distributed by the Escrow Agent to the Stockholder
    Representative on or promptly after September 30, 2002 pursuant to
    Section 4 of SCHEDULE B:

<Table>
<Caption>
                                                              NUMBER OF SHARES
STOCKHOLDER NAME                                              OF COMMON STOCK
----------------                                              ----------------
<S>                                                           <C>
TVM Techno Venture Management III GmbH & Co. Medical
  Ventures..................................................       50,769
Nomura Bank (Switzerland) Ltd...............................       45,128
Paul Capital Partners V, L.P................................       33,560
Imprimus Investors LLC......................................       18,803
Bristol Rittenhouse Investments, L.P........................       18,803
Kendall Investments, LLC....................................        9,401
IMS Global Investments X Ltd................................        9,401
</Table>

                                      V-46
<Page>

<Table>
<Caption>
                                                              NUMBER OF SHARES
STOCKHOLDER NAME                                              OF COMMON STOCK
----------------                                              ----------------
<S>                                                           <C>
Richard J. Stern............................................        7,521
Stern Joint Venture, L.P....................................        7,521
Wolfson Equities............................................        7,521
Lindsay A. Rosenwald, M.D...................................        6,581
Concordia Partners..........................................        5,641
C. Benveniste-Schuler.......................................        5,641
Drax Holdings, L.P..........................................        4,701
Bernard Selz................................................        4,701
Michael Steinhardt..........................................        4,701
Keys Foundation, Curacro....................................        4,701
Albert Reichmann............................................        3,761
James D. Stern..............................................        3,761
Paul Capital Partners V (Domestic Annex Fund) L.P...........        2,824
Robert I. Falk..............................................        1,880
G&G Enterprises.............................................        1,880
Gibert Goldstein, Paul Shapiro, Trustees, UIT Howard Gittis
  Trust.....................................................        1,880
Caxton Partners.............................................        1,880
Jeffrey S. Silverman........................................        1,880
The Holding Company.........................................        1,880
Seju Suzuki.................................................        1,880
Cass & Co.Magnum Capital Growth Fund........................        1,880
Yoshimasa Yamazaki..........................................        1,880
Asahi Iron Foundry Co., Ltd.................................        1,880
Richard Vogel...............................................        1,880
Maidenhair Investments, N.V.................................        1,880
Paul Capital Partners V International, L.P..................        1,222
Leonard J. Adams............................................          940
Wayne Saker.................................................          940
Amram Kass P.C. Money Purchase Plan.........................          940
David A. Braver.............................................          940
Amram Kass PC Defined Benefit Pension Plan..................          940
David A. Wolf...............................................          940
Tis Prager..................................................          658
Bruno Widmer................................................          658
Karen Cook, IRA (KC)........................................          470
Jack Hirschfield............................................          235
Paramount Capital Drug Development Holdings LLC.............       25,461
Steve H. Kanzer.............................................        5,709
Nicholas Bodor..............................................        2,530
Kenneth U. Johnson..........................................        2,530
Rivki Rosenwald.............................................        2,480
Biotechnology Solutions, LLC................................        1,596
Nicholas Stergiopoulos......................................          764
Wayne L. Rubin..............................................          759
Michael Weiss...............................................          759
Peter and Donna Kash........................................          506
David R. Walner.............................................          506
Huntington Street Company...................................          506
June Street Company.........................................          506
</Table>

                                      V-47
<Page>

<Table>
<Caption>
                                                              NUMBER OF SHARES
STOCKHOLDER NAME                                              OF COMMON STOCK
----------------                                              ----------------
<S>                                                           <C>
Rivki Rosenwald Custodian f/b/o Doni Rosenwald..............          506
Rivki Rosenwald Custodian f/b/o Joshy Rosenwald.............          506
Rivki Rosenwald Custodian f/b/o Demi Rosenwald..............          506
Rivki Rosenwald Custodian f/b/o Davy Rosenwald..............          506
Kash Family Foundation......................................          405
Joseph E. Edelman...........................................          379
Sarah E. Laut...............................................          357
Michael Ferrari.............................................          357
Blossom Rosenwald...........................................          344
Seth Rosenwald..............................................          344
Jon Rosenwald...............................................          344
William Kanzer..............................................          304
Gary Kanzer.................................................          304
Donna Lozito................................................          111
American Friends of Hebron Yeshiva in Jerusalem.............          101
Fred Mermelstein............................................          101
Lauren S. Fischer...........................................           86
John Knox...................................................           86
David M. Tanen..............................................           86
Evan S. Borak...............................................           86
Hope Viggiani...............................................           50
Robert Klein................................................           50
Howard Schain...............................................           50
John Pappadimitropoulos.....................................           25
</Table>

3.  Common Stock to be distributed by the Escrow Agent to the Stockholder
    Representative on or promptly after March 31, 2003 pursuant to Section 5 of
    SCHEDULE B:

<Table>
<Caption>
                                                              NUMBER OF SHARES
STOCKHOLDER NAME                                              OF COMMON STOCK
----------------                                              ----------------
<S>                                                           <C>
TVM Techno Venture Management III GmbH & Co. Medical
  Ventures..................................................       50,769
Nomura Bank (Switzerland) Ltd...............................       45,128
Paul Capital Partners V, L.P................................       33,560
Imprimus Investors LLC......................................       18,804
Bristol Rittenhouse Investments, L.P........................       18,804
Kendall Investments, LLC....................................        9,402
IMS Global Investments X Ltd................................        9,402
Richard J. Stern............................................        7,522
Stern Joint Venture, L.P....................................        7,522
Wolfson Equities............................................        7,522
Lindsay A. Rosenwald, M.D...................................        6,581
Concordia Partners..........................................        5,641
C. Benveniste-Schuler.......................................        5,641
Drax Holdings, L.P..........................................        4,701
Bernard Selz................................................        4,701
Michael Steinhardt..........................................        4,701
Keys Foundation, Curacro....................................        4,701
Albert Reichmann............................................        3,761
James D. Stern..............................................        3,761
Paul Capital Partners V (Domestic Annex Fund) L.P...........        2,825
</Table>

                                      V-48
<Page>

<Table>
<Caption>
                                                              NUMBER OF SHARES
STOCKHOLDER NAME                                              OF COMMON STOCK
----------------                                              ----------------
<S>                                                           <C>
Robert I. Falk..............................................        1,881
G&G Enterprises.............................................        1,881
Gibert Goldstein, Paul Shapiro, Trustees, UIT Howard Gittis
  Trust.....................................................        1,881
Caxton Partners.............................................        1,881
Jeffrey S. Silverman........................................        1,881
The Holding Company.........................................        1,881
Seju Suzuki.................................................        1,881
Cass & Co.Magnum Capital Growth Fund........................        1,881
Yoshimasa Yamazaki..........................................        1,881
Asahi Iron Foundry Co., Ltd.................................        1,881
Richard Vogel...............................................        1,881
Maidenhair Investments, N.V.................................        1,881
Paul Capital Partners V International, L.P..................        1,223
Leonard J. Adams............................................          941
Wayne Saker.................................................          941
Amram Kass P.C. Money Purchase Plan.........................          941
David A. Braver.............................................          941
Amram Kass PC Defined Benefit Pension Plan..................          941
David A. Wolf...............................................          941
Tis Prager..................................................          658
Bruno Widmer................................................          658
Karen Cook, IRA (KC)........................................          470
Jack Hirschfield............................................          235
Paramount Capital Drug Development Holdings LLC.............       25,462
Steve H. Kanzer.............................................        5,710
Nicholas Bodor..............................................        2,531
Kenneth U. Johnson..........................................        2,531
Rivki Rosenwald.............................................        2,480
Biotechnology Solutions, LLC................................        1,596
Nicholas Stergiopoulos......................................          765
Wayne L. Rubin..............................................          760
Michael Weiss...............................................          760
Peter and Donna Kash........................................          506
David R. Walner.............................................          506
Huntington Street Company...................................          506
June Street Company.........................................          506
Rivki Rosenwald Custodian f/b/o Doni Rosenwald..............          506
Rivki Rosenwald Custodian f/b/o Joshy Rosenwald.............          506
Rivki Rosenwald Custodian f/b/o Demi Rosenwald..............          506
Rivki Rosenwald Custodian f/b/o Davy Rosenwald..............          506
Kash Family Foundation......................................          405
Joseph E. Edelman...........................................          380
Sarah E. Laut...............................................          357
Michael Ferrari.............................................          357
Blossom Rosenwald...........................................          345
Seth Rosenwald..............................................          345
Jon Rosenwald...............................................          345
William Kanzer..............................................          304
Gary Kanzer.................................................          304
</Table>

                                      V-49
<Page>

<Table>
<Caption>
                                                              NUMBER OF SHARES
STOCKHOLDER NAME                                              OF COMMON STOCK
----------------                                              ----------------
<S>                                                           <C>
Donna Lozito................................................          112
American Friends of Hebron Yeshiva in Jerusalem.............          102
Fred Mermelstein............................................          102
Lauren S. Fischer...........................................           86
John Knox...................................................           86
David M. Tanen..............................................           86
Evan S. Borak...............................................           86
Hope Viggiani...............................................           51
Robert Klein................................................           51
Howard Schain...............................................           51
John Pappadimitropoulos.....................................           26
</Table>

                                      V-50
<Page>
                                   SCHEDULE D
                               ESCROW AGENT FEES

                                      V-51<Page>

                                                                 Exhibit 10.30

                              EMPLOYMENT AGREEMENT

                                 BY AND BETWEEN
                               ENDOREX CORPORATION
                                       AND
                                   COLIN BIER

         Agreement made this ___th day of ______, 2001, between Endorex
Corporation, a Delaware corporation (the "Company") and Colin Bier (the
"Executive").

         The Company desires to employ the Executive as its Chief Executive
Officer and Chairman of the Board of the Directors, and the Executive desires to
be employed by the Company in that capacity.

         The Company and the Executive desire to set forth in this Agreement the
terms and conditions on which the Executive will be employed by the Company as
its Chief Executive Officer and Chairman of the Board of Directors.

         Accordingly, in consideration of the promises and the respective
covenants and agreements of the parties herein contained, and intending to be
legally bound hereby, the parties hereto agree as follows:

1.       EMPLOYMENT

         The Company hereby agrees to employ the Executive, and the Executive
hereby agrees to serve the Company, on the terms and conditions set forth
herein.

2.       TERM

         The employment of the Executive by the Company under this agreement
shall commence on _________, 2001 (the "Effective Date"). Subject to the
provisions of Section 10 of this Agreement, the term of Executive's employment
hereunder shall be for an initial term of three (3) years from the Effective
Date (the "Initial Term"). The Initial Term of this Agreement shall be
automatically extended for successive one (1) year periods (each a "Renewal
Period") unless the Company or the Executive gives written notice to the other
at least thirty (30) days prior to the expiration of the Initial Term, or a
Renewal Period, of such party's election not to extend this Agreement.
References herein to the "Term" shall mean the Initial Term as it may be so
extended by one or more Renewal Periods. The last day of the Term is the
"Expiration Date."

3.       POSITION AND DUTIES

         The Executive shall serve as Chief Executive Officer and Chairman of
the Board of Directors (the "Board") of the Company, and shall have such
responsibilities and authority consistent with those positions as may, from time
to time, be assigned to the Executive by the Board. The Executive shall devote
all his working time and efforts to the business and affairs of the Company.
Executive may not accept directorships in for-profit corporations, whether
public

<Page>

or private, without prior written authorization from the Board or the
Executive Committee of the Board.

4.       PLACE OF PERFORMANCE

         In connection with the Executive's employment by the Company, the
Executive shall initially be based out of his home office in Montreal, Canada,
but shall be expected to spend a significant portion of time working at the
principal executive offices of the Company, currently located in Lake Forest,
Illinois.

5.       COMPENSATION AND RELATED MATTERS

         (a) SALARY. During the period of the Executive's employment hereunder,
the Company shall pay to the Executive a salary at a rate of not less than
$275,000.00 (U.S.) per annum in equal monthly or other installments. The
Executive's salary shall be subject to an annual review near or shortly after
the end of each calendar year during the Term of this Agreement.

         (b) BONUSES. The Executive shall be entitled to an annual bonus of up
to 50% of his base salary based upon meeting mutually acceptable objectively
measurable milestones. The Company's assessment of the Executive's achievement
of the milestones shall be issued to the Executive within a reasonable time
after the conclusion of the bonus period being assessed.

         (c) EXPENSES. The Company will reimburse all of the Executive's
reasonable out of pocket expenses associated with Company business travel
between Montreal and Illinois, and Company business-related travel, lodging and
meals in Illinois incurred by the Executive during the first 120 days of the
Term upon presentation and acceptance of reports and receipts according to
present Company policy. Thereafter, the Executive's business-related expenses,
if any, shall be reimbursed according to the program or policy implemented by
the Board committee appointed by and working in conjunction with the Executive.
The Executive's routine, incidental Company related business expenses associated
with maintaining a home office, including office supplies and long distance toll
charges, will be paid for by the Company via the use of a Company credit card,
provided one is available, or if one is not available upon presentation and
acceptance of reports and receipts according to present Company policy.

         (d) STOCK OPTIONS. As of the Effective Date, the Company shall grant
the Executive, pursuant to the Company's Amended and Restated 1995 Omnibus
Incentive Plan (the "Plan"), an option to purchase 700,000 shares of the
Company's common stock (the "Option Shares") at a purchase price equal to the
fair market value of the shares on the Effective Date (the "Exercise Price"),
under the terms and conditions set forth in the Plan and the Company's standard
Notice Of Grant of Stock Option, and the exhibits thereto, which shall be
provided to the Executive upon the date of the stock option grant provided for
herein. The Options Shares shall vest as follows, as long as the Executive is
employed by the Company on such vesting dates: 200,000 of the Option Shares
shall vest and become exercisable on the Effective Date (the "Initially Vested
Option Shares"); 175,000 of the Option Shares shall vest and become exercisable
on the first anniversary of the Effective Date; 175,000 of the Option Shares
shall vest and become

                                       2
<Page>

exercisable on the second anniversary of the Effective Date; and 150,000 of
the Option Shares shall vest and become exercisable on the third anniversary
of the Effective Date.

         In the event of the Executive's resignation for any reason or
termination of the employment by the Company for Cause, as defined below, the
Company shall have the right (the "Repurchase Right"), but not the obligation,
to purchase the unexercised Initially Vested Option Shares, or any portion
thereof, at a purchase price of $0.01 per unexercised Option Share, or to
purchase the exercised Initially Vested Option Shares, or any portion thereof,
at the Exercise Price paid by the Executive. The Company's Repurchase Right
shall lapse as to 25,000 of the Initially Vested Option Shares for each full
month of Executive's employment by the Company following the Effective Date.

         (e) OTHER BENEFITS. The Company shall provide to Executive paid medical
(including for the benefit of the dependents of Executive), long-term disability
and life insurance up to $1,000,000. In addition, the Company shall maintain in
full force and effect, and the Executive shall be entitled to participate in,
all of its employee benefit plans and arrangements in effect on the date hereof
or plans or arrangements providing the Executive with at least equivalent
benefits thereunder (including, without limitation, each pension and retirement
plan and arrangement, supplemental pension and retirement plan and arrangement,
life insurance and health and accident plan and arrangement, medical insurance
plan, disability plan, survivor income plan, relocation plan and vacation plan).
The Company shall not make any changes in such plans or arrangements which would
adversely affect the Executive's rights or benefits thereunder, unless such
change occurs pursuant to a program applicable to all executives of the Company
and does not result in a proportionately greater reduction in the rights of or
benefits to the Executive as compared with any other executive of the Company.
The Executive shall be entitled to participate in or receive benefits under any
employee benefit plan or arrangement made available by the Company in the future
to its executives and key management employees, subject to and on a basis
consistent with the terms, conditions and overall administration of such plans
and arrangements. Nothing paid to the Executive under any plan or arrangement
presently in effect or made available in the future shall be deemed to be in
lieu of the salary payable to the Executive pursuant to paragraph (a) of this
Section.

         (f) VACATIONS. The Executive shall be entitled to four (4) weeks of
paid vacation in each year of his employment or whatever period is provided for
by the Company's written policy, whichever is greater. The Executive shall also
be entitled to all paid holidays given by the Company to its executives.

         (g) SERVICES FURNISHED. The Company shall furnish the Executive with
office space, stenographic assistance and such other facilities and services in
the Company's principal offices as shall be suitable to the Executive's position
and adequate for the performance of his duties as set forth in Section 3 hereof.
Employee acknowledges that he presently maintains a home office with all
equipment necessary to perform the duties of his position from his home office,
and further acknowledges that the Company will not be responsible for the cost
of purchasing or replacing any such equipment.

                                       3
<Page>

6.       OFFICES

         The Executive agrees to serve without additional compensation, if
elected or appointed thereto, as a Director of any of the Company's subsidiaries
and in one or more executive offices of any of the Company's subsidiaries,
provided that the Executive is indemnified for serving in any and all such
capacities on a basis no less favorable than is currently provided by Article
VII of the Company's By-Laws. Executive agrees that, upon termination of his
employment with the Company for any reason whatsoever, he will resign from all
positions as an executive officer and Director of the Company and all of its
subsidiaries.

7.       CONFIDENTIAL INFORMATION

         Executive covenants and agrees that he will not (except as required in
the course of his employment), while in the employment of the Company or
thereafter, communicate or divulge to, or use for the benefit of himself, or any
other person, firm, association or corporation, without the consent of the
Company, any information concerning any inventions, discoveries, improvements;
processes, formulas, apparatus, equipment, methods, trade secrets, research,
secret data, costs or uses or purchasers of the Company's products, research
activities, or services, or other confidential matters possessed, owned, or used
by the Company (collectively "Confidential Information") that may be
communicated to, acquired by, or learned of by the Executive in the course of,
or as a result of, his employment with the Company. Provided, however, that
Confidential Information shall not include information that is or becomes
generally known to others in the industry by any means other than a violation of
this Section by Executive. All records, files, memoranda, reports, price lists,
customer lists, drawings, plans, sketches, documents, equipment, and the like,
relating to the business of the Company, which the Company shall use or prepare
or come into contact with, shall remain the sole property of the Company and
shall be surrendered by the Executive to the Company upon termination of his
employment or upon request of the Board.

8.       INVENTIONS DISCOVERED BY EXECUTIVE

         The Executive shall promptly disclose to the Company any invention,
improvement, discovery, process, formula, or method or other intellectual
property, whether or not patentable or copyrightable (collectively,
"Inventions"), conceived or first reduced to practice by the Executive, either
alone or jointly with others, while performing services hereunder (or, if based
on any Confidential Information, within one (1) year after the Term), (a) which
pertain to any line of business activity of the Company, whether then conducted
or then being actively planned by the Company, with which the Executive was or
is involved, (b) which is developed using time, material or facilities of the
Company, whether or not during working hours or on the Company premises, or (c)
which directly relates to any of the Executive's work during the Term, whether
or not during normal working hours. The Executive hereby assigns to the Company
all of the Executive's right, title and interest in and to any such Inventions.
During and after the Term, the Executive shall execute any documents necessary
to perfect the assignment of such Inventions to the Company and to enable the
Company to apply for, obtain and enforce patents, trademarks and copyrights in
any and all countries on such Inventions, including, without limitation, the
execution of any instruments and the giving of evidence and testimony, without
further compensation beyond the Executive's agreed compensation during the
course of the

                                       4
<Page>

Executive's employment. All such acts shall be done without cost or expense
to Executive. Executive shall be compensated for the giving of evidence or
testimony after the term of Executive's employment at the rate of $2,000/day.
Without limiting the foregoing, the Executive further acknowledges that all
original works of authorship by the Executive, whether created alone or
jointly with others, related to the Executive's employment with the Company
and which are protectable by copyright, are "works made for hire" within the
meaning of the United States Copyright Act, 17 U.S.C. (S) 101, as amended,
and the copyright of which shall be owned solely, completely and exclusively
by the Company. If any Invention is considered to be work not included in the
categories of work covered by the United States Copyright Act, 17 U. S. C.
(S) 101, as amended, such work is hereby assigned or transferred completely
and exclusively to the Company. The Executive hereby irrevocably designates
counsel to the Company as the Executive's agent and attorney-in-fact to do
all lawful acts necessary to apply for and obtain patents and copyrights and
to enforce the Company's rights under this Section. This Section 5 shall
survive the termination of this Agreement. Any assignment of copyright
hereunder includes all rights of paternity, integrity, disclosure and
withdrawal and any other rights that may be known as or referred to as "moral
rights" (collectively "Moral Rights"). To the extent such Moral Rights cannot
be assigned under applicable law and to the extent the following is allowed
by the laws in the various countries where Moral Rights exist, the Executive
hereby waives such Moral Rights and consents to any action of the Company
that would violate such Moral Rights in the absence of such consent. The
Executive agrees to confirm any such waivers and consents from time to time
as requested by the Company.

9.       COMPETITION

         (a) During the period of the Executive's employment by the Company, and
for a period of two (2) years after such employment (regardless of the reasons
for termination of employment), Executive will not (i) engage in; (ii) have any
interest in any person, firm, or corporation that engages in; or (iii) perform
any services for any person, firm, or corporation that engages in direct
competition with the Company, or any of its subsidiaries in the development,
research relating to, manufacture, processing, marketing, distribution, or sale
of any products that were the subject of research activities, developed,
licensed, manufactured, processed, distributed, or sold by the Company, or any
of its subsidiaries, at any time during the period of his employment by the
Company, in any geographic area in which such business shall be carried on.

         (b) Executive will not, directly or indirectly, employ, solicit for
employment, or advise or recommend to any other person that they employ or
solicit for employment, any employee of the Company during the period of
Executive's employment by the Company and for a period of two (2) years
thereafter.

         (c) Executive represents that his experience and capabilities are such
that the provisions of this Section 8 will not prevent him from earning a
livelihood.

10.      TERMINATION

         (a) Notwithstanding any provision of this Agreement to the contrary,
Executive's employment shall terminate upon his death, and the Company at any
time may terminate his employment by giving him written notice of such
termination (i) for cause, as hereinafter

                                       5
<Page>

defined; (ii) if Executive shall violate any of the provisions of Sections 7
or 8 hereof, or (iii) if Executive shall become physically or mentally
incapacitated and by reason thereof unable to perform his duties hereunder
with or without reasonable accommodation for a period of ninety (90)
consecutive days. For the purpose of clause (i) of this Section 10, "for
cause" shall mean any of the following events: (x) conviction in a court of
law of any crime or offense involving money or other property of the Company,
or any of its subsidiaries, or any felony, (y) violation of specific written
directions issued in good faith by the Board of Directors of the Company,
provided, however, no discharge shall be deemed "for cause" under this clause
(y) unless Executive shall have first received written notice from the Board
of Directors of the Company advising of the acts or omissions that constitute
such violation, and such violation continues uncured for a period of thirty
(30) days after Executive shall have received such notice, or (z) gross
negligence or intentional misconduct by the Executive that could cause
material harm to the Company.

         (b) Executive agrees that in the event of his voluntary resignation
other than for Good Reason as defined in Section 11, he will offer the board at
least 60 days written notice. If Executive terminates his Employment with the
Company pursuant to this Section 10(b), the Executive shall only be entitled to
any unpaid compensation earned through the last day of Executive's employment.

         (c) In the event that the Company gives notice of its election not to
extend the Term for a Renewal Period pursuant to Section 2 above, the Company
shall continue to pay the Executive full compensation as defined in Section 5 of
this Agreement from the date the Executive receives such notice through the
Expiration Date. The Executive shall not be entitled to any additional
compensation other than any payments or benefits due under Company policies or
benefit plans.

11.      COMPENSATION UPON TERMINATION

         In the event Executive's employment hereunder is terminated other than
for cause (as defined in Section 10), disability (as defined in Section 10) or
death, or Executive terminates his employment for "Good Reason," he shall be
entitled to the following severance benefits: (i) his base salary for six (6)
months immediately following such termination (the "Severance Period") (plus,
the bonus provided for in Section 5(b) attributable to the year in which
termination of employment occurs, provided that such bonus payment shall be pro-
rated based on the proportion of the objectives achieved during the portion of
the bonus year worked by the Executive) to be paid according to the Company's
regular payroll practices, and base salary for an additional six (6) month
period commencing six (6) months following such termination (the "Additional
Severance Period"), paid according to the Company's regular payroll practices,
provided that such additional severance pay shall be reduced by the gross amount
of any earnings from employment or consulting received by Executive during the
Additional Severance Period (Executive agrees to provide the Company with an
accurate account of such earnings received before the issuance of each monthly
check during the Additional Severance Period); (ii) continuation medical
coverage pursuant to COBRA, at the Company's expense, until the expiration of
the Additional Severance Period or until Executive obtains alternative coverage
from another source, whichever occurs first (the "Benefits Period"); (iii)
during the Benefits Period, a monthly cash payment equal to the Company's cost
of providing an individual policy

                                       6
<Page>

term life insurance and group disability coverage for Executive on the terms
existing at the time of such termination, plus, during the Severance Period
only, a "gross up" payment in the amount necessary to make the receipt of
such cash payment tax-neutral to the Executive; (iv) any Standard Option
Shares that are unvested at the time of such termination shall vest and
become exercisable; (v) any Performance Option Shares that are unvested at
the time of such termination, at the discretion of the Board Of Directors,
shall vest and become exercisable; and (vi) Executive shall have up to one
(1) year after the effective date of such termination to exercise his stock
options (granted under this Agreement or otherwise) (Executive acknowledges
that any stock options not exercised within ninety (90) days after such
effective date will have been converted to non-qualified options.)

         "Good Reason" shall be defined as any termination by the Executive
within thirty (30) days of the occurrence of any of the following events: (i) a
material breach of this Agreement by the Company; (ii) a relocation of the
Company's principal place of business to a location 40 miles or more from its
then current location (it being understood, as set forth in Section 4, that the
Executive shall initially be based out of his home office in Montreal, Canada);
or (iii) within 30 days of a "Change of Control," as defined below, a material
reduction in the Executives duties or responsibilities, or a reduction in the
Executive's then current salary, bonus or benefit levels, provided that a
failure to maintain the Executive as Chairman of the Board of Directors shall
not constitute Good Reason. The Executive shall give the Company 30 days'
written notice and opportunity to cure prior to any termination for Good Reason.

         As used herein, a "Change of Control" shall be deemed to occur if. (i)
there shall be consummated (x) any consolidation or merger of the Company in
which the Company is not the continuing or surviving corporation or pursuant to
which the stock of the Company would be converted into cash, securities or other
property, other than a merger or consolidation of the Company in which the
holders of the Company's stock immediately prior to the merger or consolidation
hold more than fifty percent (50%) of the stock or other forms of equity of the
surviving corporation immediately after the merger, or (y) any sale, lease,
exchange or other transfer (in one transaction or a series of related
transactions) of all, or substantially all, the assets of the Company, or (ii)
the Board approves any plan or proposal for liquidation or dissolution of the
Company.

12.      ASSIGNMENT; BINDING AGREEMENT

         (a) The Executive acknowledges and agrees that the rights and
obligations of the Company under this Agreement may be assigned by the Company
to any successors in interest.

         (b) This Agreement, and all rights of the Executive hereunder, shall
inure to the benefit of and be enforceable by the Executive's personal or legal
representatives, executors, administrators, successors, heirs, distributees,
devisees and legatees. If the Executive should die while any amounts are earned
but unpaid, all such amounts, unless otherwise provided herein, shall be paid in
accordance with the terms of this Agreement to the Executive's devisees,
legatees, or other designee or, if there be no such designee, to the Executive's
estate.

                                       7
<Page>

13.      NOTICE

         For the purposes of this Agreement, notices, demands and all other
communications provided for in this Agreement shall be in writing and shall be
deemed to have been duly given when delivered or (unless otherwise specified)
mailed by United States or Canadian registered mail, return receipt requested,
postage prepaid, addressed as follows:

                  If to the Executive:

                  Dr. Colin B. Bier
                  677 Dr. Frederik Philips
                  Saint-Laurent (Montreal), Quebec, Canada  H4M2W4

                  If to the Company:

                  Endorex Corporation
                  28101 Ballard Drive, Suite F
                  Lake Forest, IL 60045
                  Attention: Board of Directors

or to such other address as any party may have furnished to the others in
writing in accordance herewith' except that notices of change of address shall
be effective only upon receipt.

14.      MISCELLANEOUS

         No provisions of this Agreement may be modified, waived or discharged
unless such waiver, modification or discharge is agreed to in writing signed by
the parties hereto. No waiver by either party hereto at any time of any breach
by the other party hereto of, or compliance with, any condition or provision of
this Agreement to be performed by such other party shall be deemed a waiver of
similar or dissimilar provisions or conditions at the same or at any prior or
subsequent time. No agreements or representations, oral or otherwise, express or
implied, with respect to the subject matter hereof have been made by either
party which are not set forth expressly in this Agreement. The validity,
interpretation, construction and performance of this Agreement shall be governed
by the laws of the State of Illinois.

15.      VALIDITY

         The invalidity or unenforceability of any provision or provisions of
this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement, which shall remain in full force and effect.

16.      COUNTERPARTS

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

                                       8
<Page>

17.      ARBITRATION

         Subject to the specific limitation set forth below, any dispute or
controversy arising under or in connection with this Agreement shall be settled
exclusively by arbitration, conducted before a panel of three arbitrators, in
Chicago, Illinois, in accordance with the rules of the American Arbitration
Association then in effect. Judgment may be entered on the arbitrator's award in
any court having jurisdiction. The expense of such arbitration shall be borne by
the Company except that each party shall bear its own attorneys' fees. This
Section shall not affect the Company's right to seek equitable relief in
connection with Executive's violations or threatened violations of Sections 7, 8
and/or 9 of this Agreement. The parties agree that the exclusive venue for the
resolution of such proceedings for equitable relief shall be in the federal
and/or state courts located in Lake County, Illinois, and the parties consent to
the jurisdiction of such courts.

         IN WITNESS WHEREOF, the parties have executed this Agreement on the
date and year first above written.

                                         Endorex Corporation

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

                                         --------------------------------------
                                         Colin Bier

                                       9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00030-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00030-of-00352.parquet"}]]