Document:

Exhibit 4.4 

THIS WARRANT HAS NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS.
THIS WARRANT MAY NOT BE SOLD, OFFERED FOR SALE, TRANSFERRED, PLEDGED OR HYPOTHECATED IN
THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE SECURITIES UNDER
SUCH ACT AND ANY APPLICABLE STATE SECURITIES LAW OR AN OPINION OF COUNSEL SATISFACTORY TO
THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED. 

Void after
January 
31,
2009 

PFC THERAPEUTICS, LLC
WARRANT TO PURCHASE
UNITS OF MEMBERSHIP INTERESTS 

        THIS
CERTIFIES that, for value received, Technology Gateway Partnership, L.P. (such entity and
any successor and assign being hereinafter referred to as the “Holder”) is
entitled to subscribe for and purchase from PFC Therapeutics, LLC, a Delaware limited
liability company (hereinafter called the “Company”), a number of units of
membership interests of the Company (the “Units”) representing Ten Percent (10%)
of the Company’s issued and outstanding Units (determined on a fully-diluted basis on
the date of exercise of this Warrant) at an exercise price of $0.01 per Unit (the
“Exercise Price’), at any time or from time to time from January 31, 2004 to and
including January 31, 2009 (the “Exercise Period”). 

    1.       Exercise.  

            (i)       Notwithstanding
any other provision of this Warrant, this Warrant may only be           exercised by the
Holder in the event the Company does not (a) receive a           commitment for a
Financing (as defined below) by January 15, 2004, and (b) close           a Financing by
January 31, 2004. For purposes of this Warrant, the term           “Financing” means
a financing pursuant to which the Company receives           gross proceeds of
$10,000,000 (or such other amount approved by the Holder) from           one or more
investors, strategic partners, or other sources (or any combination           of the
foregoing). By way of example, the equity financing contemplated by the           Term
Sheet dated November 7, 2003 by and among Alliance Pharmaceutical Corp. and           SRS
Capital-West, Inc. (as the same may be amended, modified, supplemented or
          restated from time to time) would be a Financing under this Warrant.  

            (ii)       While
this Warrant remains outstanding and exercisable in accordance with the           terms
hereof, the Holder may exercise, in whole or in part, the purchase rights
          evidenced hereby. Such exercise shall be effected by:  

		    (a)       the
surrender of the Warrant, together with a duly executed copy of the Notice           of
Exercise attached here, to the Company at its principal office (or at such
          other place as the Company shall notify the Holder in writing); and  

1 

		    (b)       the
payment to the Company of an amount equal to the aggregate Exercise Price           for
the number of Units being purchased.  

            (iii)       Each
exercise of this Warrant shall be deemed to have been effected immediately
          prior to the close of business on the day on which this Warrant shall have been
          surrendered to the Company as provided in Section 1(i) above. At such time, the
          person or persons in whose name or names any of the Units shall be issuable
upon           such exercise shall be deemed to have become the holder or holders of
record of           the Units.  

            (iv)       As
soon as practicable after the exercise of this Warrant in whole or in part,           and
in any event within twenty (20) days thereafter, the Company at its expense
          will cause to be issued and delivered to the Holder, or as such Holder (upon
          payment by such Holder of any applicable transfer taxes) may direct:  

		    (a)       an
amendment to the Company’s Limited Liability Company Operating Agreement
          (the “Operating Agreement”) evidencing the Units issued upon such
          exercise, and  

		    (b)       in
case such exercise is in part only, a new warrant (dated the date hereof) of
          like tenor, stating on its face that the holder thereof is entitled to purchase
          a number of Units representing the percentage of the outstanding membership
          units of the Company indicated on the face of this Warrant, minus the
percentage           of outstanding Units represented by the Units purchased by the
Holder upon such           exercise.  

    2.       No
Impairment. Except and to the extent as waived or consented to by the
          Holder, the Company will not, by amendment of its Certificate of Formation or
          Operating Agreement or through any reorganization, transfer of assets,
          consolidation, merger, dissolution, issue or sale of securities or any other
          voluntary action, avoid or seek to avoid the observance or performance of any
of           the terms to be observed or performed hereunder by the Company, but will at
          times in good faith assist in the carrying out of all the provisions of this
          Warrant and in the taking of all such action as may be necessary or appropriate
          in order to protect the exercise rights of the Holder against impairment.  

    3.       No
Member Rights. Prior to exercise of this Warrant, the Holder shall not           be
entitled to any rights of a member of the Company with respect to the Units.  

    4.       Transfer
of Warrant. Subject to compliance with applicable federal and           state
securities laws, this Warrant and all rights hereunder are transferable in
          whole or in part by the Holder to (i) any partner or retired partner of the
          Holder, if the Holder is a partnership, or (ii) any affiliated venture capital
          fund of the Holder. Within a reasonable time after the Company’s receipt
of           an executed Assignment Form in the form attached hereto, the transfer shall
be           recorded on the books and be reflected on the capitalization table of the
          Company upon the surrender of this Warrant, properly endorsed, to the Company
at           its principal offices, and the payment to the Company of all transfer taxes
and           other governmental changes imposed on such transfer. In the event of a
partial           transfer, the Company shall issue to the new holders one or more
appropriate new           warrants.  

2 

    5.       Successors
and Assigns. The terms and provisions of this Warrant shall           inure to the
benefit of, and be binding upon, the Company and the holder hereof           and their
respective successors and assigns.  

    6.       Notices.
All notices under this Warrant shall be in writing and shall be           deemed to have
been given (a) upon receipt, when delivered by hand or by           electronic facsimile
transmission, or (b) upon actual delivery by overnight           courier, or (c) three
days after mailing by regular first-class mail or           certified mail return receipt
requested, addressed to each party at the           addresses indicated below their
signatures below or at such other address as           such party may designate by ten
(10) business days’ advance written notice           to the other party.  

    7.       Amendments
and Waivers. The amendment or waiver of any term of this           Warrant shall be
conducted pursuant to the terms of that certain Secured           Convertible Note
Purchase Agreement dated November 20, 2003 by and among the           Company and the
Holder.  

    8.       Governing
Law. This Warrant and all acts and transactions hereunder and           all rights
and obligations of Holder and Company shall be governed by the           internal laws
(and not the conflicts of law rules) of the State of California.  

    9.       General.
Should any provision of this Warrant be held by any court of           competent
jurisdiction to be void or unenforceable, such defect shall not affect           the
remainder of this Warrant, which shall continue in full force and effect.           This
Warrant and such other written agreements, documents and instruments as may           be
executed in connection herewith are the final, entire and complete agreement
          between Company and Holder and supersede all prior and contemporaneous
          negotiations and oral representations and agreements, all of which are merged
          and integrated in this Warrant. There are no oral understandings,
          representations or agreements between the parties which are not set forth in
          this Warrant or in other written agreements signed by the parties in connection
          herewith. This Warrant may be executed in two or more counterparts, each of
          which shall be deemed an original, but all of which shall constitute one
          agreement. Each of the counterparts may be signed and transmitted by facsimile
          with the same validity as if it were an original document.  

3 

        IN
WITNESS WHEREOF, the Company has caused this Warrant to be executed by a duly authorized
officer and to be dated as of the date first above written. 

		PFC THERAPEUTICS, LLC
	

 	/s/ Duane J. Roth
		Duane J. Roth, Manager
	

 	Address:
	

 	Fax:

ACKNOWLEDGED AND AGREED: 

TECHNOLOGY GATEWAY
PARTNERSHIP, L.P. 

/s/ Thomas O. Gephart 
Thomas O. Gephart,
Managing Partner of
Ventana Capital Partners, LLC, the General Partner
of Technology
Gateway Partnership, L.P. 

1 

NOTICE OF EXERCISE 

To: PFC Therapeutics, LLC 

        The
undersigned hereby elects to purchase, pursuant to the provisions of the Warrant, Units
representing ______ percent of the Company’s outstanding membership units, and
tenders herewith payment in cash of the Exercise Price of such Units in full, together
with all applicable transfer taxes, if any. 

        The
undersigned hereby represents and warrants that the representations and warranties in
Section 3 of the Secured Convertible Note Purchase Agreement dated November __, 2003 are
true and correct as of the date hereof. 

		HOLDER: ________________________________
	

Date: ________________________________	By: ________________________________
	

 	

Address: ________________________________
                 ________________________________
                 ________________________________

1 

ASSIGNMENT FORM 

(To assign the
foregoing Warrant, execute this form 
and supply required information. Do not use this

form to  purchase Units.)  

        For
Value Received, the foregoing Warrant and all rights evidenced thereby are hereby
assigned to: 

Name: _______________________________________________________________

                   (Please Print) 

Address: _____________________________________________________________
                   
(Please
Print)  

Dated: ________________________  

Holder’s 
Signature: __________________________________________

Holder’s 
Signature: __________________________________________

NOTE: (A) By signing this
Assignment the Assignee-Holder agrees to be bound by all of the terms and conditions of
the Warrant, and (B) the signature to this Assignment Form must correspond with the name
as it appears on the face of the Warrant, without alteration or enlargement or any change
whatever. Officers of entites and those acting in a fiduciary or other representative
capacity should file proper evidence or authority to assign the foregoing Warrant.Exhibit 4.5 

GUARANTY AND SECURITY
AGREEMENT  

        THIS
 GUARANTY  AND  SECURITY  AGREEMENT  dated as of November  20,  2003,  is made by and
among  Alliance Pharmaceutical  Corp.,  a  New  York  corporation  ("Guarantor"),  and
 Technology  Gateway  Partnership,  L.P.,  a California limited partnership ("Secured
Party"). 

RECITALS 

        A.                 The
Secured Party has made an advance of money to PFC Therapeutics, LLC           (“PFC”),
a wholly-owned subsidiary of the           Guarantor, as evidenced by that certain
Secured Convertible Note executed by PFC           in favor of the Secured Party (the
“Note”), such           advance being referred to herein
as the “Loan”.  

        B.                 The
Secured Party is willing to make the Loan to Guarantor, but only upon the
          condition, among others, that Guarantor shall have executed and delivered to
the           Secured Party this Agreement.  

AGREEMENT 

        NOW,
THEREFORE, in order to induce the Secured Party to make the Loan and for other good
and valuable consideration, the receipt and adequacy of which are hereby acknowledged, and
intending to be legally bound, Guarantor hereby represents, warrants, covenants and agrees
as follows: 

        1.    DEFINED
TERMS. When used in this Agreement the following terms shall have           the
following meanings (such meanings being equally applicable to both the           singular
and plural forms of the terms defined):  

        “Collateral”
shall have the meaning assigned to such term in Section 4 of this Agreement. 

        “Earnout”
means the right of Guarantor to receive royalty payments from the sale of ImagentTM
products pursuant to that certain Asset Purchase Agreement dated June 18, 2003 by and
between Guarantor and Photogen Technologies, Inc. (the “Asset Purchase
Agreement”) 

        “Event
of Default” means (i) any failure by Guarantor forthwith to pay or
perform any of the Secured Obligations and, (ii) any breach by Guarantor of any warranty,
representation, or covenant set forth herein. 

        “Lien”
means any mortgage, lien, deed of trust, charge, pledge, security interest or other
encumbrance. 

        “Secured
Obligations” means (a) the right of the Secured Party to receive a
portion of the Earnout pursuant to Section 3 of this Agreement, (b) the obligation of
Guarantor to pay the Secured Party all amounts due under the Note and this Agreement, (c)
the obligation of Guarantor to pay any fees, costs and expenses of the Secured Party under
Section 7(b) hereof, and (d) the obligation of PFC to pay any fees, costs and
expenses of the Secured Party under the Security Agreement executed by PFC in favor of
Secured Party. 

1 

        “Agreement”
means this Guarantee and Security Agreement, as the same may from time to time be amended,
modified, supplemented or restated. 

        “UCC”
means the Uniform Commercial Code as the same may from time to time be in effect in the
State of California (and each reference in this Agreement to an Article thereof
(denoted as a Division of the UCC as adopted and in effect in the State of California)
shall refer to that Article (or Division, as applicable) as from time to time in
effect, which in the case of Article 9 shall include and refer to Revised
Article 9 from and after the date Revised Article 9 shall become effective in
the State of California); provided, however, in the event that, by reason of
mandatory provisions of law, any or all of the attachment, perfection or priority of the
Secured Party’s security interest in any Collateral is governed by the Uniform
Commercial Code as in effect in a jurisdiction other than the State of California, the
term “UCC” shall mean the Uniform Commercial Code (including the Articles
thereof) as in effect at such time in such other jurisdiction for purposes of the
provisions hereof relating to such attachment, perfection or priority and for purposes of
definitions related to such provisions. In addition, the term “Proceeds” shall
be a defined term having the meaning set forth for such term in the UCC, and shall include
all Proceeds now owned, or hereafter acquired, by Guarantor. 

        2.    GRANT
OF GUARANTEE. Guarantor hereby irrevocably, absolutely and
          unconditionally guarantees full and prompt performance of the Secured
          Obligations to the Secured Party and its successors and assigns. Upon the
          execution and delivery of this Agreement to the Secured Party, this Agreement
          shall be deemed to be finally executed and delivered by the Guarantor and
except           as expressly set forth herein shall not be subject to or affected by any
promise           or condition affecting or limiting the Guarantor’s liability, and
no           statement, representation, agreement or promise on the part of the Secured
          Party, unless contained herein, forms any part of this Agreement or has induced
          the making hereof or shall be deemed in any way to affect the Guarantor’s
          liability hereunder. Guarantor acknowledges and agrees that any obligation(s)
of           PFC to Guarantor, or any affiliate of Guarantor, are subordinate to the
Secured           Obligations. Guarantor’s liability hereunder shall continue
          notwithstanding, and shall be unaltered, unaffected and unimpaired by, the
          bankruptcy, insolvency, reorganization, liquidation, dissolution, winding-up or
          cessation of the existence of PFC. 

        3.    ABSOLUTE
ASSIGNMENT. Guarantorhereby irrevocably, absolutely           and
unconditionally collaterally assigns to the Secured Party 100% of the           Earnout,
up to an aggregate maximum amount of $500,000, to be paid to Oxygent           Creditors
(as defined in the Asset Purchase Agreement) after January 1, 2006           pursuant to
Section 1.3 of the Asset Purchase Agreement. In connection           therewith, the
Secured Party shall be an “Oxygent           Creditor” for
all purposes under this Agreement and the           Asset Purchase Agreement. This
Section 2 shall survive the termination of this           Agreement. 

        4.    GRANT
OF SECURITY INTEREST. As collateral security for the full, prompt,           complete
and final payment and performance when due (whether at stated maturity,           by
acceleration or otherwise) of all the Secured Obligations and in order to
          induce the Secured Party to cause the Loan to be made, Guarantor hereby
          collaterally assigns, conveys, mortgages, pledges, hypothecates and transfers
to           the Secured Party, a security interest in all of Guarantor’s right,
title           and interest in, to and under the following, whether now owned or
hereafter           acquired, (all of which being collectively referred to herein as the
          “Collateral”):  

2 

                (a)              The
Earnout;  

                (b)              All
Proceeds of the foregoing and all accessions to, substitutions and           replacements
for and rents, profits and products of the foregoing.  

        5.    REPRESENTATIONS
AND WARRANTIES. Guarantor hereby represents and warrants           to the Secured
Party that:  

                (a)              Except
for the security interest granted to the Secured Party under this           Agreement,
Guarantor is the sole legal and equitable owner of each item of the           Collateral
in which it purports to grant a security interest hereunder.  

                (b)              No
effective security agreement, financing statement, equivalent security or           lien
instrument or continuation statement covering all or any part of the           Collateral
exists, except such as may have been filed by Guarantor in favor of           the Secured
Party pursuant to this Agreement.  

                (c)              This
Agreement creates a legal and valid security interest on and in all of the
          Collateral in which Guarantor now has rights.  

                (d)              Guarantor’s
taxpayer identification number is, and chief executive office,           principal place
of business, and the place where Guarantor maintains its records           concerning the
Collateral are presently located at the address set forth on the           signature page
hereof.  

        (e)              In
the event the Company does not (i) receive a commitment for a Financing (as
          defined below) by January 15, 2004, and (ii) close a Financing by January 31,
          2004, Guarantor agrees to vote all of its units of membership interest of PFC
in           favor of amending PFC’s Limited Liability Company Operating Agreement
to           provide that Secured Party shall have the right to designate a majority of
the           members of PFC’s Board of Managers.  

        6.    COVENANTS.
Unless the Secured Party otherwise consents (which consent           shall not be
unreasonably withheld), Guarantor covenants and agrees with the           Secured Party
that from and after the date of this Agreement and until the           Secured
Obligations have been performed and paid in full:  

                (a)              Guarantor
shall not sell, lease, transfer or otherwise dispose of any of the           Collateral
(each, a “Transfer”), or attempt or           contract to
do so.  

                (b)              Guarantor
shall not change its jurisdiction of organization or relocate its           chief
executive office, principal place of business or its records from such
          address(es) provided to the Secured Party pursuant to Section 5(d)          above
without at least seven (7) days prior notice to the Secured Party.  

3 

                (c)              Guarantor
shall not, directly or indirectly, create, permit or suffer to exist,           and shall
defend the Collateral against and take such other action as is           necessary to
remove, any Lien on the Collateral, except the Lien granted to the           Secured
Party under this Agreement.  

                (d)              At
any time and from time to time, upon the written request of the Secured           Party,
and at the sole expense of Guarantor, Guarantor shall promptly and duly           execute
and deliver any and all such further instruments and documents and take           such
further action as the Secured Party may reasonably deem necessary or           desirable
to obtain the full benefits of this Agreement, including, without           limitation,
executing, delivering and causing to be filed any financing or           continuation
statements (including “in lieu” continuation statements)           under the
UCC with respect to the security interests granted hereby Guarantor           also hereby
authorizes the Secured Party to file any such financing or           continuation
statement (including “in lieu” continuation statements)           without the
signature of Guarantor.  

                (e)              Within
thirty (30) days of the execution of this Agreement, Guarantor shall           cause
Photogen to execute and deliver an Acknowledgement substantially in the           form
attached hereto as Exhibit A (the “Acknowledgment”).  

        7.    RIGHTS
AND REMEDIES UPON DEFAULT. Beginning on the date which is ten           (10)business
daysafter any Event of Default shall have occurred           and while such Event
of Default is continuing:  

                (a)              The
Secured Party may exercise in addition to all other rights and remedies           granted
to the Secured Party under this Agreement, all rights and remedies of a           secured
party under the UCC. Without limiting the generality of the foregoing,
          Guarantor expressly agrees that in any such event the Secured Party, without
          demand of performance or other demand, advertisement or notice of any kind
          (except the notice specified below of time and place of public or private sale)
          to or upon Guarantor or any other person, may forthwith collect, receive,
          appropriate and realize upon the Collateral, or any part thereof, and may
          forthwith sell, lease, assign, give an option or options to purchase or sell or
          otherwise dispose of and deliver said Collateral (or contract to do so), or any
          part thereof, in one or more parcels at public or private sale or sales, at any
          exchange or broker’s board or at the Secured Party’s offices or
          elsewhere at such prices as it may deem commercially reasonable, for cash or on
          credit or for future delivery without assumption of any credit risk. The
Secured           Party shall apply the net proceeds of any such collection, recovery,
receipt,           appropriation, realization or sale as provided in Section 7(d),
below, with           Guarantor remaining liable for any deficiency remaining unpaid
after such           application. Guarantor agrees that the Secured Party need not give
more than           twenty (20) days’ notice of the time and place of any public
sale or of the           time after which a private sale may take place and that such
notice is           reasonable notification of such matters.  

                (b)              Guarantor
also agrees to pay all fees, costs and expenses of the Secured Party,
          including, without limitation, reasonable attorneys’ fees, incurred in
          connection with the enforcement of any of its rights and remedies hereunder.  

                (c)              Guarantor
hereby waives presentment, demand, protest or any notice (to the           maximum extent
permitted by applicable law) of any kind in connection with this           Agreement or
any Collateral.  

4 

                (d)              The
Proceeds of any sale, disposition or other realization upon all or any part           of
the Collateral shall be distributed by the Secured Party in the following           order
of priorities:  

                FIRST,
to the Secured Party in an amount sufficient to pay in full the reasonable costs of the
Secured Party in connection with such sale, disposition or other realization, including
all fees, costs, expenses, liabilities and advances incurred or made by the Secured Party
in connection therewith, including, without limitation, reasonable attorneys’ fees;  

                SECOND,
to the Secured Party in an amount equal to the then unpaid Secured Obligations of the
Secured Party; and  

                FINALLY,
upon payment in full of the Secured Obligations, to Guarantor or its representatives, in
accordance with the UCC or as a court of competent jurisdiction may direct.  

        8.    INDEMNITY.
Guarantor agrees to defend, indemnify and hold harmless the           Secured Party and
their officers, employees, and agents against (a) all           obligations, demands,
claims, and liabilities claimed or asserted by any other           party in connection
with the transactions contemplated by this Agreement and (b)           all losses or
expenses in any way suffered, incurred, or paid by the Secured           Party as a
result of or in any way arising out of, following or consequential to
          transactions between or among the Secured Party and Guarantor, whether under
          this Agreement or otherwise (including without limitation, reasonable attorneys
          fees and expenses), except for losses arising from or out of the gross
          negligence or willful misconduct of the Secured Party, as applicable.  

        9.    REINSTATEMENT.
This Agreement shall remain in full force and effect and           continue to be
effective should any petition be filed by or against Guarantor           for liquidation
or reorganization, should Guarantor become insolvent or make an           assignment for
the benefit of creditors or should a receiver or trustee be           appointed for all
or any significant part of Guarantor’s property and           assets, and shall
continue to be effective or be reinstated, as the case may be,           if at any time
payment and performance of the Secured Obligations, or any part           thereof, is,
pursuant to applicable law, rescinded or reduced in amount, or must           otherwise
be restored or returned by any obligee of the Secured Obligations,           whether as a
“voidable preference,” “fraudulent conveyance,”          or
otherwise, all as though such payment or performance had not been made. In           the
event that any payment, or any part thereof, is rescinded, reduced, restored           or
returned, the Secured Obligations shall be reinstated and deemed reduced only
          by such amount paid and not so rescinded, reduced, restored or returned.  

        10.    FINANCING. In
the event the Note is not converted in connection with a           Financing, (a) the
Note shall be terminated; and (b) the Guarantor and the           Secured Party shall
take all actions necessary to amend this agreement to (i)           terminate the
guarantee granted pursuant to Section 2 of this Agreement; and           (ii) provide
that Guarantor, pursuant to Section 3 of this Agreement,           irrevocably,
absolutely, and unconditionally collaterally assigns to the Secured           Party 100%
of the Earnout, up to an aggregate maximum amount of $1,500,000, to           be paid to
Oxygent Creditors after January 1, 2006 pursuant to Section 1.3 of           the Asset
Purchase Agreement. For purposes of this Agreement, “Financing” means
a financing pursuant to which           PFC receives gross proceeds of $10,000,000 (or
such other amount approved by the           Secured Party) from one or more investors,
strategic partners, or other sources           (or any combination of the foregoing). By
way of example, the equity financing           contemplated by the Term Sheet dated
November 7, 2003 by and among Guarantor and           SRS Capital-West, Inc. (as the same
may be amended, modified, supplemented or           restated from time to time) would be
a Financing under this Agreement.  

5 

        11.    MISCELLANEOUS. 

                (a)              Any
amendment of this Agreement shall require the written consent of the           Guarantor
and the Secured Party.  

                (b)              Subject
to Sections 3 and 9 hereof, this Agreement shall terminate           upon the
payment and performance in full of the Secured Obligations.  

                (c)              This
Agreement and all obligations of Guarantor hereunder shall be binding upon           the
successors and assigns of Guarantor, and shall, together with the rights and
          remedies of the Secured Party hereunder, inure to the benefit of the Secured
          Party, any future holder of any of the indebtedness and their respective
          successors and assigns. No sales of participations, other sales, assignments,
          transfers or other dispositions of any agreement governing or instrument
          evidencing the Secured Obligations or any portion thereof or interest therein
          shall in any manner affect the lien granted to the Secured Party hereunder.  

                (d)              In
all respects, including all matters of construction, validity and           performance,
this Agreement and the Secured Obligations arising hereunder shall           be governed
by, and construed and enforced in accordance with, the laws of the           State of
California applicable to contracts made and performed in such state,           without
regard to the principles thereof regarding conflict of laws, except to           the
extent that the UCC provides for the application of the law of           Guarantor’s
State.  

                (e)              This
Agreement may be executed in any number of counterparts, each of which           shall be
an original, but all of which together shall constitute one instrument.  

                (f)              Any
and all notices required or permitted to be given to a party pursuant to the
          provisions of this Agreement will be in writing and will be effective and
deemed           to provide such party sufficient notice under this Agreement on the
earliest of           the following: (i) at the time of personal delivery, if
delivery is in           person; (ii) at the time of transmission by facsimile, addressed
to the other           party at its facsimile number specified herein (or hereafter
modified by           subsequent notice to the parties hereto), with confirmation of
receipt made by           both telephone and printed confirmation sheet verifying
successful transmission           of the facsimile; (iii) one (1) business day after
deposit with an express           overnight courier for United States deliveries, or two
(2) business days after           such deposit for deliveries outside of the United
States, with proof of delivery           from the courier requested; or (iv) three (3)
business days after deposit in the           United States mail by certified mail (return
receipt requested) for United           States deliveries. All notices for delivery
outside the United States will be           sent by facsimile or by express courier. All
notices not delivered personally or           by facsimile will be sent with postage
and/or other charges prepaid and properly           addressed to the party to be notified
at the address or facsimile number as           follows, or at such other address or
facsimile number as such other party may           designate by one of the indicated
means of notice herein to the other parties           hereto as follows:  

6 

                if
to the Secured Party, at 18881 VonKarman Avenue, Suite 330, Irvine, CA 92612;  Facsimile (949) 752-0223. 

                if
to the Guarantor,  marked "Attention:  President",  at 6175 Lusk Blvd., San Diego, CA
92121; Facsimile: (858) 410-5306.  

[Signature pages
follow.] 

7 

        IN
WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed
and delivered by its duly authorized officer on the date first set forth above. 

	ADDRESS OF GRANTOR	Alliance Pharmaceutical Corp.
	
6175 Lusk Boulevard	/s/ Duane J. Roth
	San Diego, CA 92121	Chairman and Chief Executive Officer
	

TAXPAYER IDENTIFICATION NUMBER OF 
GRANTOR	JURISDICTION OF ORGANIZATION OF 
GRANTOR
	
 	New York

        IN
WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed
and delivered by its duly authorized officer on the date first set forth above. 

SECURED PARTY: 

		Technology Gateway Partnership, L.P.
	
 	/s/ Thomas O. Gephart
		Thomas O. Gephart, Managing Partner of Ventana Capital Partners, LLC,
		the General Partner of Technology Gateway Partnership, L.P.

EXHIBIT A 

ACKNOWLEDGEMENT

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