Document:

Exhibit 4.1

                               Immunomedics, Inc.

               5% Senior Convertible Notes due 2008 & Common Stock

                          Registration Rights Agreement

                                                                  April 27, 2005

Ladies and Gentlemen:

            Immunomedics, Inc., a Delaware corporation (the "Company"), proposes
to issue and sell to the several purchasers whose names are set forth on
Schedule A hereto, (collectively, the "Purchasers" and each, a "Purchaser"),
upon the terms set forth in each purchase agreement between the Company and a
Purchaser (collectively, the "Purchase Agreements", and each, a "Purchase
Agreement"), its 5% Senior Convertible Notes due 2008 (such notes and the
additional notes that may subsequently be purchased upon exercise of a Holder's
option pursuant to such Purchase Agreements, the "Notes") and the Warrants
entitling the holder thereof to purchase shares of the Company's Common Stock
(such warrants and additional warrants that may subsequently be purchased upon
exercise of a Holder's option pursuant to such Purchase Agreements, the
"Warrants," and, together with the Notes, the "Securities"). As an inducement to
the Purchasers to enter into Purchase Agreements and in satisfaction of a
condition to the obligations of each Purchaser thereunder, the Company agrees
with each Purchaser, who from time to time holds Registrable Securities (as
defined herein) as follows:

            Section 1. Definitions. (a) Capitalized terms used herein without
definition have the meanings ascribed to them in the Purchase Agreements. As
used in this Agreement, the following defined terms have the following meanings:

            "Additional Interest" has the meaning assigned thereto in Section
7(a) hereof.

            "Additional Interest Payment Date" means each Interest Payment Date
as defined in the Indenture.

            "Affiliate" of any specified person means any other person who or
which, directly or indirectly, is in control of, is controlled by, or is under
common control with such specified person. For purposes of this definition,
control of a person means the power, direct or indirect, to direct or cause the
direction of the management and policies of such person whether by contract or
otherwise; and the terms "controlling" and "controlled" have meanings
correlative to the foregoing.

            "Applicable Amount" means, (i) with respect to the Notes, the
principal amount of the Notes and (ii) with respect to shares of Common Stock
issued upon conversion of the Securities pursuant to the Indenture, the
principal amount of Securities that would then be convertible into such number
of shares.

            "Business Day" means each Monday, Tuesday, Wednesday, Thursday and
Friday that is not a day on which banking institutions in The City of New York
are authorized or obligated by law or executive order to close.

            "Commission" means the United States Securities and Exchange
Commission, or any other federal agency at the time administering the Exchange
Act or the Securities Act, whichever is the relevant statute for the particular
purpose.

            "Common Stock" means the Company's common stock, par value $0.01 per
share.

            "DTC" means The Depository Trust Company.

            "Effectiveness Period" has the meaning assigned thereto in Section
2(b)(i) hereof.

            "Effective Time" means the time at which the Commission declares any
Shelf Registration Statement effective or at which any Shelf Registration
Statement otherwise becomes effective.

            "Exchange Act" means the United States Securities Exchange Act of
1934, as amended.

            "Holder" means any person that is the record owner of Registrable
Securities (and includes any person that has a beneficial interest in any
Registrable Security in book-entry form).

            "Indenture" means the Indenture, dated as of April 29, 2005, between
the Company and Law Debenture Trust Company of New York, pursuant to which the
Securities are to be issued, and as amended and supplemented from time to time
in accordance with its terms.

            "Institutional Accredited Investor" means an institutional investor
that is an "accredited investor" as defined in Rule 501(a)(1), (2), (3) or (7)
under the Securities Act.

            "Issue Date" means the first date of original issuance of the
Securities.

            "Majority of Holders" means Holders holding over 50% of the
aggregate principal amount of Registrable Securities outstanding.

            "Notice and Questionnaire" means a Notice of Registration Statement
and Selling Securityholder Election and Questionnaire substantially in the form
of Appendix A hereto.

            "Notice Holder" has the meaning assigned thereto in Section 3(a)(i)
hereof.

            "Option" means a Holder's right to purchase additional Registrable
Securities pursuant to the terms of a Purchase Agreement.

            The term "person" means an individual, partnership, limited
liability company, corporation, trust or unincorporated organization, or a
government or agency or political subdivision thereof.

            "Prospectus" means the prospectus included in any Shelf Registration
Statement, as amended or supplemented by any prospectus supplement with respect
to the terms of the offering of any portion of the Registrable Securities
covered by any Shelf Registration Statement and by all other amendments and
supplements to such prospectus, including all material incorporated by reference
in such prospectus and all documents filed after the date of such prospectus by
the Company under the Exchange Act and incorporated by reference therein.

            "QIB" means a "qualified institutional buyer" as defined in Rule
144A.

            "Registrable Securities" means all or any portion of the Notes from
time to time under the Indenture in registered form and the Warrants under the
Warrant Agreement, the shares of Common Stock issuable upon conversion of the
Notes or exercise of Warrants until the earliest of: (A) the date when such
Registrable Security has been registered pursuant to an effective registration
statement and disposed of in accordance therewith, (B) the date when all of the
Common Stock issuable upon conversion of Securities have been sold pursuant to
Rule 144 under the Securities Act, (C) the date on which the Holders of the
Notes, Warrants and Common Stock issuable upon conversion of the Securities are
able to sell all such Securities immediately pursuant to Rule 144(k) (or any
successor rule or regulation) under the Securities Act or (D) the date when all
of the Notes, Warrants and Common Stock issuable upon conversion of the
Securities cease to be outstanding.

            "Registration Default" has the meaning assigned thereto in Section
7(a) hereof.

            "Securities Act" means the United States Securities Act of 1933, as
amended.

            "Shelf Registration" means a registration effected under the
Securities Act pursuant to Section 2 hereof.

            "Shelf Registration Statement" means a "shelf" registration
statement filed under the Securities Act providing for the registration of, and
the sale on a continuous or delayed basis by the Holders of, all of the
Registrable Securities pursuant to Rule 415 under the Securities Act and/or any
similar rule that may be adopted by the Commission, filed by the Company
pursuant to the provisions of Section 2 of this Agreement, including the
Prospectus contained therein, any amendments and supplements to such
registration statement, including post-effective amendments, and all exhibits
and all material incorporated by reference in such registration statement, and
any additional "shelf" registration statement or registration statements filed
under the Securities Act to permit the registration and sale of Registrable
Securities pursuant to Section 3(a)(ii) hereof.

            "Suspension Period" has the meaning assigned thereto in Section 2(c)
hereof.

            "Suspension Notice" has the meaning assigned thereto in Section 3(z)
hereof.

            "Trust Indenture Act" means the Trust Indenture Act of 1939, or any
successor thereto, and the rules, regulations and forms promulgated thereunder,
as the same is amended from time to time.

            The term "underwriter" means any underwriter, or any person deemed
to be an underwriter pursuant to the Securities Act or the Exchange Act and the
respective rules and regulations thereunder, as in effect at any relevant time,
of Registrable Securities in connection with an offering thereof under a Shelf
Registration Statement.

            (b) Wherever there is a reference in this Agreement to a percentage
of the "principal amount" of Registrable Securities or to a percentage of
Registrable Securities, each share of Common Stock issued upon conversion of the
Securities shall represent a principal amount or percentage of Registrable
Securities determined based on a quotient, (i) the numerator of which shall be
equal to the aggregate principal amount of Securities issued, less the aggregate
principal amount of Securities outstanding as of the date of determination, and
(ii) the denominator of which shall be equal to the aggregate number of shares
of Common Stock issued upon conversion of the Securities as of the date of
determination.

            Section 2. Shelf Registration. (a) The Company shall, no later than
120 calendar days following the Issue Date, file with the Commission a Shelf
Registration Statement relating to the resale of the Registrable Securities by
the Holders from time to time in accordance with the methods of distribution
elected by such Holders and, thereafter, shall use its best efforts to cause
such Shelf Registration Statement to be declared effective under the Securities
Act no later than 180 calendar days following the Issue Date; provided, however,
that no Holder shall be entitled to be named as a selling securityholder in any
Shelf Registration Statement as of the date it is declared effective or to use
the Prospectus forming a part thereof for offers and resales of Registrable
Securities unless such Holder is a Notice Holder. The Company shall amend the
Shelf Registration Statement in accordance with the terms and conditions of this
Agreement to include therein any Registrable Securities acquired by Notice
Holders resulting from the exercise of Options.

            (b) Subject to Section 2(c) hereof, the Company shall use its
reasonable best efforts:

            (i) to keep any Shelf Registration Statement continuously effective,
      supplemented and amended as required by the provisions of Section 3(j)
      hereof, in order to permit the Prospectus forming a part thereof to be
      usable by the Notice Holders listed therein until the earliest date when
      at least one of the following is true with respect to the Registrable
      Securities registered thereby: (A) the Registrable Securities have been
      disposed of pursuant to an effective Shelf Registration Statement, (B) the
      Registrable Securities have been sold pursuant to Rule 144 under the
      Securities Act, (C) the Registrable Securities are eligible to be sold
      pursuant to Rule 144(k) (or any successor rule or regulation) under the
      Securities Act or (D) the Registrable Securities cease to be outstanding
      (such period being referred to herein as the "Effectiveness Period"); and

            (ii) after the Effective Time of the Shelf Registration Statement,
      upon receipt of a completed and signed Notice and Questionnaire from any
      Holder of Registrable Securities that is not then a Notice Holder, to take
      the actions provided for in Section 3(a)(ii) hereof.

The Company shall be deemed not to have used its reasonable best efforts to keep
any Shelf Registration Statement effective during the Effectiveness Period if
the Company voluntarily takes any action that would result in Holders of
Registrable Securities covered thereby not being able to offer and sell any of
such Registrable Securities under such Shelf Registration Statement during that
period, unless such action is (A) required by applicable law and the Company
thereafter promptly complies with the requirements of Section 3(j) hereof or (B)
permitted pursuant to Section 2(c) hereof.

            (c) After the Effective Time of the Shelf Registration Statement,
the Company may suspend the use of any Prospectus by written notice to the
Notice Holders for a period not to exceed an aggregate of 45 calendar days in
any 90 calendar day period (each such period, a "Suspension Period") if:

            (i) an event has occurred and is continuing as a result of which the
      Shelf Registration Statement would, in the Company's reasonable judgment,
      contain an untrue statement of a material fact or omit to state a material
      fact required to be stated therein or necessary to make the statements
      therein not misleading; and

            (ii) the Company determines in good faith that the disclosure of
      such event at such time would have a material adverse effect on the
      Company and its subsidiaries taken as a whole.

provided, that in the event the disclosure relates to a previously undisclosed
proposed or pending material business transaction, the disclosure of which would
impede the Company's ability to consummate such transaction, the Company may
extend a Suspension Period for an additional 15 calendar day period; provided
further, however, that, notwithstanding anything to the contrary herein, any
Suspension Periods permitted under this subsection (c), including, without
limitation, any extension of a Suspension Period, may not exceed an aggregate of
90 calendar days in any 360 calendar day period.

            Section 3. Registration Procedures. In connection with the Shelf
Registration Statement, the following provisions shall apply:

            (a) (i) Not less than 30 calendar days prior to the time the Company
in good faith intends to have the Shelf Registration Statement declared
effective, the Company shall distribute the Notice and Questionnaire to the
Holders of Registrable Securities. The Company shall take action to name as a
selling securityholder in the Shelf Registration Statement at the Effective Time
each Holder that completes, executes and delivers a Notice and Questionnaire to
the Company at the address set forth in the Notice and Questionnaire (a "Notice
Holder") prior to or on the 20th calendar day after such Holder's receipt
thereof so that such Holder is permitted to deliver the Prospectus forming a
part thereof as of such time to purchasers of such Holder's Registrable
Securities in accordance with applicable law. The Company will not be required
to take any action to name any Holder as a selling securityholder in the Shelf
Registration Statement at the time of its effectiveness or to enable any Holder
to use the Prospectus forming a part thereof for resales of Registrable
Securities unless such Holder has returned a completed and signed Notice and
Questionnaire to the Company as set forth in this Section 3(a).

                  (ii) After the Effective Time of the Shelf Registration
Statement, the Company shall, upon the request of any Holder of Registrable
Securities that is not then a Notice Holder, promptly send a Notice and
Questionnaire to such Holder. After the Effective Time of the Shelf Registration
Statement, the Company shall (A) after the date a completed and signed Notice
and Questionnaire is delivered to the Company, prepare and file with the
Commission (x) a supplement to the Prospectus as promptly as practicable or, if
required by applicable law, a post-effective amendment to the Shelf Registration
Statement or an additional Shelf Registration Statement as promptly as
practicable after the end of the fiscal quarter ended not less than 10 days
after receipt of the Notice and Questionnaire and (y) any other document
required by applicable law, so that the Holder delivering such Notice and
Questionnaire is named as a selling securityholder in a Shelf Registration
Statement and is permitted to deliver the Prospectus to purchasers of such
Holder's Registrable Securities in accordance with applicable law, and (B) if
the Company files a post-effective amendment to the Shelf Registration
Statement, or an additional Shelf Registration Statement, use its reasonable
best efforts to cause such post-effective amendment or such additional Shelf
Registration Statement to become effective under the Securities Act as promptly
as is practicable; provided, however, that if a Notice and Questionnaire is
delivered to the Company during a Suspension Period, the Company will not be
obligated to take the actions set forth in this clause (ii) until the
termination of such Suspension Period.

            (b) The Company shall furnish to each Notice Holder, prior to the
Effective Time, a copy of the Shelf Registration Statement initially filed with
the Commission, and shall furnish to such Notice Holders, prior to the filing
with the Commission, copies of each amendment thereto and each amendment or
supplement, if any, to the Prospectus included therein (other than supplements
solely for the purpose of naming one or more Notice Holders as selling
securityholders), and shall use its best efforts to reflect in each such
document, at the Effective Time or when so filed with the Commission, as the
case may be, such comments as such Notice Holders and their respective counsel
reasonably may propose.

            (c) The Company shall promptly take such action as may be necessary
so that (i) the Shelf Registration Statement and any amendment thereto and the
Prospectus forming a part thereof and any amendment or supplement thereto (and
each report or other document incorporated therein by reference in each case)
comply in all material respects with the Securities Act and the Exchange Act and
the respective rules and regulations thereunder, as in effect at any relevant
time, (ii) the Shelf Registration Statement and any amendment thereto does not,
when it becomes effective, contain an untrue statement of a material fact or
omit to state a material fact required to be stated therein or necessary to make
the statements therein not misleading, and (iii) the Prospectus forming a part
of the Shelf Registration Statement, and any amendment or supplement to such
Prospectus, in the form delivered to purchasers of the Registrable Securities
during the Effectiveness Period, does not include an untrue statement of a
material fact or omit to state a material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were
made, not misleading.

            (d) The Company shall promptly advise each Notice Holder:

            (i) when the Shelf Registration Statement has been filed with the
      Commission and when the Shelf Registration Statement has become effective,
      in each case by issuing a public announcement thereof to Reuters Economic
      Services or Bloomberg Business News;

            (ii) when any Prospectus supplement, Shelf Registration Statement or
      post-effective amendment to a Shelf Registration has been filed with the
      Commission and, with respect to a Shelf Registration Statement or any
      post-effective amendment, when the same has been declared effective by the
      Commission, provided, however that the Company shall not be required by
      this clause (ii) to notify any previously existing Notice Holder of the
      filing of a prospectus supplement that merely names one or more other
      Notice Holders as selling securityholders;

            (iii) of the issuance by the Commission of any stop order suspending
      the effectiveness of any Shelf Registration Statement or the initiation of
      any proceedings for such purpose;

            (iv) of the receipt by the Company of any notification with respect
      to the suspension of the qualification of the securities included in any
      Shelf Registration Statement for sale in any jurisdiction or the
      initiation of any proceeding for such purpose; and

            (v) of the happening of any event or the existence of any state of
      facts that requires the making of any changes in any Shelf Registration
      Statement or the Prospectus included therein so that, as of such date,
      such Shelf Registration Statement and Prospectus do not contain an untrue
      statement of a material fact and do not omit to state a material fact
      required to be stated therein or necessary to make the statements therein
      (in the case of the Prospectus, in the light of the circumstances under
      which they were made) not misleading (which advice will be accompanied by
      an instruction to such Holders to suspend the use of the Prospectus until
      the requisite changes have been made, which notice need not specify the
      nature of the event giving rise to such suspension).

            (e) The Company shall use its reasonable best efforts to prevent the
issuance, and if issued to obtain the withdrawal at the earliest possible time,
of any order suspending the effectiveness of any Shelf Registration Statement.

            (f) The Company shall, as promptly as reasonably practicable,
furnish to each Notice Holder, and any underwriter, upon their request and
without charge, at least one (1) conformed copy of the Registration Statement
and any amendment thereto, including financial statements but excluding all
documents incorporated or deemed to be incorporated therein by reference and all
exhibits (unless requested in writing to the Company by such Notice Holder).

            (g) The Company shall, during the Effectiveness Period, deliver to
each Notice Holder, without charge, as many copies of each Prospectus in which
the Notice Holder is listed as a selling securityholder included in the
applicable Shelf Registration Statement and any amendment or supplement thereto,
as such Notice Holder may reasonably request; and the Company consents (except
during a Suspension Period or during the continuance of any event described in
Section 3(d) (iii)-(vi) above) to the use of the Prospectus and any amendment or
supplement thereto by each of the Notice Holders in connection with the offering
and sale of the Registrable Securities covered by the Prospectus and any
amendment or supplement thereto during the Effectiveness Period.

            (h) Prior to any offering of Registrable Securities pursuant to a
Shelf Registration Statement, the Company shall (i) register or qualify (or at
the Notice Holder's option, cooperate with the Notice Holders and their
respective counsel in connection with the registration or qualification or
exemption from such registration or qualification of) such Registrable
Securities for offer and sale under the securities or "Blue Sky" laws of such
jurisdictions within the United States as any Notice Holder may reasonably
request in writing, (ii) keep such registrations or qualifications or exemption
therefrom in effect and comply with such laws so as to permit the continuance of
offers and sales in such jurisdictions for so long as may be necessary to enable
any Notice Holder or underwriter, to complete its distribution of Registrable
Securities pursuant to such Shelf Registration Statement, and (iii) take any and
all other actions necessary or advisable to enable the disposition in such
jurisdictions of such Registrable Securities; provided, however, that in no
event shall the Company be obligated to (A) qualify as a foreign corporation or
as a dealer in securities in any jurisdiction where it would not otherwise be
required to so qualify but for this Section 3(h) or (B) subject itself to
general or unlimited service of process or to taxation in any such jurisdiction
if they are not now so subject

            (i) Unless any Registrable Securities are in book-entry only form,
the Company shall cooperate with the Notice Holders to facilitate the timely
preparation and delivery of certificates representing Registrable Securities to
be sold pursuant to any Shelf Registration Statement, which certificates, if so
required by any securities market or exchange upon which any Registrable
Securities are quoted or listed, will be penned, lithographed or engraved, or
produced by any combination of such methods, on steel engraved borders, and
which certificates will be free of any restrictive legends and in such permitted
denominations and registered in such names as Notice Holders may request in
connection with the sale of Registrable Securities pursuant to such Shelf
Registration Statement.

            (j) Upon the occurrence of any fact or event contemplated by
paragraph 3(d)(v) above, subject to Section 2(c) hereof, the Company shall
promptly, but in any event within 20 Business Days following such occurrence,
prepare, and file a post-effective amendment to any Shelf Registration Statement
or an amendment or supplement to the related Prospectus included therein or file
any other document with the Commission so that, as thereafter delivered to
purchasers of the Registrable Securities, the Prospectus will not include an
untrue statement of a material fact or omit to state any material fact necessary
to make the statements therein, in the light of the circumstances under which
they were made, not misleading. If the Company notifies the Notice Holders of
the occurrence of any fact or event contemplated by paragraph 3(d)(v) above, the
Notice Holder shall suspend the use of the Prospectus until the requisite
changes to the Prospectus have been made.

            (k) Not later than the Effective Time of a Shelf Registration
Statement, the Company shall, as applicable, provide a CUSIP number for the debt
securities to be sold pursuant to a Shelf Registration Statement.

            (l) The Company shall use its best efforts to comply with the
Securities Act and the Exchange Act and the respective rules and regulations
thereunder, as in effect at any relevant time, and make generally available to
its securityholders earnings statements (which need not be audited) satisfying
the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder
(or any similar rule promulgated under the Securities Act) no later than at the
time required by the Securities Act and the Exchange Act and the rules and
regulations thereunder, as in effect at any relevant time, commencing on the
first day of the first fiscal quarter of the Company commencing after (i) the
effective date of a Shelf Registration Statement, (ii) the effective date of
each post-effective amendment to such Shelf Registration Statement, or (iii) the
date of each filing by the Company with the Commission of an Annual Report on
Form 10-K that is incorporated by reference in such Shelf Registration
Statement, which statements will cover said 12-month periods.

            (m) Not later than the Effective Time of the initial Shelf
Registration Statement, the Company shall use its best efforts to cause the
Indenture to be qualified under the Trust Indenture Act; in connection with such
qualification, the Company shall cooperate with the Trustee under the Indenture
and the Holders (as defined in the Indenture) to effect such changes to the
Indenture as may be required for such Indenture to be so qualified in accordance
with the terms of the Trust Indenture Act; and the Company shall execute, and
shall use all reasonable efforts to cause the Trustee to execute, all documents
that may be required to effect such changes and all other forms and documents
required to be filed with the Commission to enable such Indenture to be so
qualified in a timely manner. In the event that any such amendment or
modification referred to in this Section 3(m) involves the appointment of a new
trustee under the Indenture, the Company shall appoint a new trustee thereunder
pursuant to the applicable provisions of the Indenture.

            (n) The Company shall enter into such customary agreements and take
all such other necessary actions in connection therewith (including those
reasonably requested by the holders of a majority of the Registrable Securities
being sold) in order to expedite or facilitate disposition of such Registrable
Securities; provided, that the Company will not be required to take any action
in connection with an underwritten offering without its consent.

            (o) The Company shall (i) make reasonably available for inspection
by one or more representatives of the selling Holders, designated in writing by
a Majority of Holders whose Registrable Securities are included in a Shelf
Registration Statement, any underwriter participating in any disposition
pursuant to any Shelf Registration Statement, and any attorney, accountant or
other agent retained by such Notice Holders or any such underwriter all relevant
financial and other records, pertinent corporate documents and properties of the
Company and its subsidiaries, and (ii) cause the Company's officers, directors
and employees to make reasonably available for inspection all information
reasonably requested by such Notice Holders or any such underwriter, attorney,
accountant or agent in connection with such Shelf Registration Statement, in
each case, as is customary for similar due diligence examinations; provided,
however, that such persons shall, at the Company's request, first agree in
writing with the Company that any information that is reasonably and in good
faith designated by the Company in writing as confidential at the time of
delivery, or inspection, as the case may be, of such information will be kept
confidential by such persons and will be used solely for the purposes of
exercising rights under this Agreement, unless such disclosure is made in
connection with a court proceeding or required by law, or such records,
information or documents become available to the public generally or through a
third party without an accompanying obligation of confidentiality; and provided
further that, if the foregoing inspection and information gathering would
otherwise disrupt the Company's conduct of its business, such inspection and
information gathering will, to the greatest extent possible, be coordinated on
behalf of the Notice Holders and the other parties entitled thereto by one
counsel designated by and on behalf of the Notice Holders and other parties.

            (p) The Company will use its best efforts to cause the Common Stock
issuable upon conversion of the Notes or exercise of Warrants to be quoted or
listed on the Nasdaq National Market or other market or stock exchange on which
the Common Stock primarily trades on or prior to the Effective Time of each
Shelf Registration Statement hereunder.

            (q) The Company will make, cooperate and assist in any filings
required to be made with National Association of Securities Dealers, Inc.

            (r) The Company shall use its reasonable best efforts to take all
other steps necessary to effect the registration, offering and sale of the
Registrable Securities covered by the Shelf Registration Statement contemplated
hereby.

            (s) The Company shall furnish to each of the underwriter(s), if any,
and their respective counsel, if any, before filing with the Commission, a copy
of the Shelf Registration Statement and copies of any Prospectus included
therein or any amendments or supplements to the Shelf Registration Statement or
Prospectus (other than documents incorporated by reference after the initial
filing of the Shelf Registration Statement), which documents will be subject to
the review of such underwriter(s) and counsel, for a period of at least five
Business Days, and the Company will not file the Shelf Registration Statement or
Prospectus or any amendment or supplement to the Shelf Registration Statement or
Prospectus (other than documents incorporated by reference) to which a selling
Holder of Registrable Securities covered by the Shelf Registration Statement or
the underwriter(s), if any, shall reasonably object within five Business Days
after the receipt thereof. The Company shall also furnish to each of the
underwriter(s), if any, and their respective counsel, if any, before filing with
the Commission, if reasonably practicable, or otherwise promptly after filing
with the Commission, copies of any amendments to the Shelf Registration
Statement or supplements to the Prospectus (other than documents incorporated by
reference after the initial filing of the Shelf Registration Statement), and to
make the Company's representatives available for discussion of such amendments
or supplements and make such changes in such amendments or supplements prior to
the filing thereof, if reasonably practicable, or prepare and file further
amendments or supplements, as underwriter(s), if any, or their respective
counsel, if any, may reasonably request subject to the provisos contained in the
last sentence of Section 3(s) hereof. An objection by an underwriter or by
counsel to an underwriter shall be deemed to be a reasonable objection to such
filing if the Shelf Registration Statement, amendment, Prospectus or supplement,
as applicable, as proposed to be filed, contains a material misstatement or
omission.

            (t) The Company shall, if requested by any selling Holders or the
underwriter(s), if any, promptly incorporate in the Shelf Registration Statement
or Prospectus, pursuant to a supplement or post-effective amendment if
necessary, such information as such selling Holders and underwriter(s), if any,
may reasonably request to have included therein, including, without limitation:
(i) information relating to the "Plan of Distribution" of the Registrable
Securities, (ii) information with respect to the principal amount of Securities
or number of shares of Common Stock issued upon conversion of the Securities
being sold, (iii) the purchase price being paid therefor and (iv) any other
terms of the offering of the Registrable Securities to be sold in such offering;
provided, however, that with respect to any information requested for inclusion
by a selling Holder, this clause (t) shall apply only to such information that
relates to the Registrable Securities to be sold by such selling Holder; and
make all required filings of such Prospectus supplement or post-effective
amendment as soon as reasonably practicable after the Company is notified of the
matters to be incorporated in such Prospectus supplement or post-effective
amendment.

            (u) Subject to any notice by the Company in accordance with this
Section 3 of the existence of any fact or even of the kind described in Section
3(d)(vi), the Company hereby consents to the use of the Prospectus and any
amendment or supplement thereto by each of the selling Holders and each of the
underwriter(s), if any, in connection with the offering and the sale of the
Registrable Securities covered by the Prospectus or any amendment or supplement
thereto.

            (v) If an underwriting agreement is entered into in connection with
the registration, the Company shall:

            (i) upon request, furnish to each selling Holder and each
      underwriter, in such substance and scope as they may reasonably request
      and as are customarily made by issuers to underwriters in primary
      underwritten offerings for selling security holders, upon the date of
      closing of any sale of Registrable Securities in an Underwritten
      Registration:

                  (A) a certificate, dated the date of such closing, signed by
            the Chief Financial Officer of the Company confirming, as of the
            date thereof, matters of the type set forth in the Purchase
            Agreement and such other matters as such parties may reasonably
            request;

                  (B) opinions, each dated the date of such closing, of counsel
            to the Company covering such of the matters as are customarily
            covered in legal opinions to underwriters in connection with
            underwritten offerings of securities; and

                  (C) customary comfort letters, dated the date of such closing,
            from the Company's independent accountants, in the customary form
            and covering matters of the type customarily covered in comfort
            letters to underwriters in connection with primary underwritten
            offerings of securities;

            (ii) set forth in full in the underwriting agreement, if any,
      indemnification provisions and procedures which provide rights no less
      protective than those set forth in Section 5 hereof with respect to all
      parties to be indemnified; and

            (iii) deliver such other documents and certificates as may be
      reasonably requested by such parties to evidence compliance with clause
      (A) above and with any customary conditions contained in the underwriting
      agreement or other agreement entered into by the selling Holders pursuant
      to this clause 3(v).

            (w) The Company shall, before any public offering of Registrable
Securities, cooperate with the selling Holders, the underwriter(s), if any, and
their respective counsel in connection with the registration and qualification
of the Registrable Securities under the securities or "Blue Sky" laws of such
jurisdictions in the United States as the selling Holders or underwriter(s), if
any, may reasonably request and do any and all other acts or things necessary or
advisable to enable the disposition in such jurisdictions of the Registrable
Securities covered by the Shelf Registration Statement; provided, however, that
the Company shall not be required (i) to register or qualify as a foreign
corporation or a dealer of securities where it is not now so qualified or to
take any action that would subject it to the service of process in any
jurisdiction where it is not now so subject or (ii) to subject itself to
taxation in any such jurisdiction if it is not now so subject.

            (x) The Company shall cause the Indenture to be qualified under the
TIA not later than the effective date of the Shelf Registration Statement
required by this Agreement, and, in connection therewith, cooperate with the
Trustee and the holders of Debentures to effect such changes to the Indenture as
may be required for such Indenture to be so qualified in accordance with the
terms of the TIA, and execute and use its commercially reasonable efforts to
cause the Trustee thereunder to execute all documents that may be required to
effect such changes and all other forms and documents required to be filed with
the Commission to enable such Indenture to be so qualified in a timely manner.

            (y) The Company shall, if reasonably requested by the
underwriter(s), make appropriate officers of the Company reasonably available to
the underwriter(s) for meetings with prospective purchasers of the Registrable
Securities and prepare and present to potential investors customary "road show"
or marketing material in a manner consistent with other new issuances of other
securities similar to the Registrable Securities.

            (z) Each Holder agrees by acquisition of a Registrable Security
that, upon receipt of any notice (a "Suspension Notice") from the Company of the
existence of any fact of the kind described in Section 3(d)(v) hereof, such
Holder will, and will use its reasonable efforts to cause any underwriter(s) in
an Underwritten Offering to, forthwith discontinue disposition of Registrable
Securities pursuant to the Shelf Registration Statement until:

            (i) such Holder has received copies of the supplemented or amended
      Prospectus contemplated by Section 3(d)(v) hereof; or

            (ii) such Holder is advised in writing by the Company that the use
      of the Prospectus may be resumed, and has received copies of any
      additional or supplemental filings that are incorporated by reference in
      the Prospectus.

      If so directed by the Company, each Holder will deliver to the Company (at
      the Company's expense) all copies, other than permanent file copies then
      in such Holder's possession, of the Prospectus covering such Registrable
      Securities that was current at the time of receipt of such notice of
      suspension.

            Section 4. Registration Expenses. The Company shall bear all fees
and expenses incurred in connection with the performance by the Company of its
obligations under Sections 2 and 3 of this Agreement whether or not any of the
Shelf Registration Statements are declared effective. Such fees and expenses
include, without limitation, (i) all registration and filing fees (including,
without limitation, fees and expenses (x) with respect to filings required to be
made with the National Association of Securities Dealers, Inc. and (y) of
compliance with United States federal and state securities or "Blue Sky" laws to
the extent such filings or compliance are required pursuant to this Agreement
(including, without limitation, reasonable fees and disbursements of the counsel
specified in the next sentence in connection with "Blue Sky" qualifications of
the Registrable Securities under the laws of such jurisdictions as the Notice
Holders of a majority of the Registrable Securities being sold pursuant to a
Shelf Registration Statement may designate)), (ii) printing expenses (including,
without limitation, expenses of printing certificates for Registrable Securities
in a form eligible for deposit with The Depository Trust Company), (iii)
duplication expenses relating to copies of any Shelf Registration Statement or
Prospectus delivered to any Holders hereunder, (iv) fees and disbursements of
counsel for the Company in connection with the Shelf Registration Statement, and
(v) reasonable fees and disbursements of the Trustee and its counsel and of the
registrar and transfer agent for the Common Stock. In addition, the Company
shall bear or reimburse the Notice Holders for the reasonable fees and
disbursements of one firm of legal counsel for the Holders (up to a maximum of
$5,000), but which may, upon the written consent of a majority of the Holders
(which shall not be unreasonably withheld), be another nationally recognized law
firm experienced in securities law matters designated by the Company. In
addition, the Company shall pay the internal expenses of the Company (including,
without limitation, all salaries and expenses of officers and employees
performing legal or accounting duties), the expense of any annual audit, the
fees and expenses incurred in connection with the listing of the Registrable
Securities on any securities exchange on which similar securities of the Company
are then listed and the fees and expenses of any person, including special
experts, retained by the Company.

            Section 5. Indemnification and Contribution. (a) Indemnification by
the Company. The Company shall indemnify and hold harmless each Notice Holder,
each person, if any, who controls any such Notice Holder within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act, and each
Affiliate of any Notice Holder from and against any loss, claim, damage,
liability or expense whatsoever as incurred (including but not limited to
reasonable attorneys' fees and any and all expenses whatsoever incurred in
investigating, preparing or defending against any litigation, commenced or
threatened, or any claim whatsoever, and any and all amounts paid in settlement
of any claim or litigation), joint or several, to which they or any of them may
become subject under the Securities Act, the Exchange Act or otherwise, insofar
as any such loss, claim, damage, liability or expense (or action in respect
thereof) arises out of, or is based upon, any untrue statement or alleged untrue
statement of a material fact contained in the Shelf Registration Statement or
any amendment thereto or any related preliminary prospectus or the Prospectus or
any amendment thereto of supplement thereof, or arises out of, or is based upon,
the omission or alleged omission to state therein any material fact required to
be stated therein or necessary to make the statements therein not misleading;
provided, however, that the Company will not be liable to any such indemnified
party in any such case to the extent that any such loss, claim, damage,
liability or expense arises out of, or is based upon, any such untrue statement
or alleged untrue statement or omission or alleged omission made therein in
reliance upon and in conformity with written information furnished to the
Company by or on behalf of such indemnified party specifically for use therein;
and provided further, however, that the Company will not be liable to any such
indemnified party in any such case to the extent that such loss, claim, damage,
liability or expense arises from an offer or sale by a Notice Holder of
Registrable Securities during a Suspension Period, if such indemnified party is
a Notice Holder that received from the Company a notice of the commencement of
such Suspension Period prior to the making of such offer or sale. The foregoing
indemnity agreement is in addition to any liability that the Company may
otherwise have to any indemnified party. The Company will not be liable under
this Section 5(a) for any settlement of any action effected without its written
consent, which will not be unreasonably withheld; provided, however, that with
respect to actions pursuant to clauses (1), (2) and (3) of Section 5(c), no such
consent will be required.

            (b) Indemnification by the Notice Holders. Each Notice Holder,
severally and not jointly, shall indemnify and hold harmless the Company, and
each person, if any, who controls the Company within the meaning of Section 15
of the Securities Act or Section 20 of the Exchange Act, from and against any
loss, claim, damage, liability or expense whatsoever as incurred (including but
not limited to attorneys' fees and any and all expenses whatsoever incurred in
investigating, preparing or defending against any litigation, commenced or
threatened, or any claim whatsoever, and any and all amounts paid in settlement
of any claim or litigation), to which they or any of them may become subject
under the Securities Act, the Exchange Act or otherwise, insofar as any such
loss, claim, damage, liability or expense (or action in respect thereof) arises
out of, or is based upon, any untrue statement or alleged untrue statement of a
material fact contained in the Shelf Registration Statement or any amendment
thereto or any related preliminary prospectus or the Prospectus or any amendment
thereto of supplement thereof, or arises out of, or is based upon, the omission
or alleged omission to state therein any material fact required to be stated
therein or necessary to make the statements therein not misleading, in each case
to the extent, but only to the extent, that such untrue statement or alleged
untrue statement or omission or alleged omission made therein was made in
reliance upon and in conformity with written information furnished to the
Company by or on behalf of such Notice Holder specifically for use therein. In
no event shall the liability of any selling Notice Holder hereunder be greater
in amount than the dollar amount of the proceeds received by such Holder upon
the sale of the Registrable Securities pursuant to the Shelf Registration
Statement giving rise to such indemnification obligation. The foregoing
indemnity agreement is in addition to any liability that any Notice Holder may
otherwise have to the Company, and any such controlling person.

            (c) Notices of Claims, Etc. Promptly after receipt by an indemnified
party under this Section 5 of notice of any claim or the commencement of any
action, the indemnified party shall, if a claim in respect thereof is to be made
against the indemnifying party under this Section 5, notify the indemnifying
party in writing of the claim or the commencement of that action; provided,
however, that the failure to notify the indemnifying party shall not relieve it
from any liability that it may have under this Section 5. If any such claim or
action is brought against an indemnified party, and it notifies the indemnifying
party thereof, the indemnifying party will be entitled to participate therein
and, to the extent that it wishes, jointly with any other similarly notified
indemnifying party, to assume the defense thereof with counsel reasonably
satisfactory to the indemnified party. After notice from the indemnifying party
to the indemnified party of its election to assume the defense of such claim or
action, the indemnifying party will not be liable to the indemnified party under
this Section 5 for any legal or other expenses subsequently incurred by the
indemnified party in connection with the defense thereof other than reasonable
costs of investigation; provided, however, that a Majority of Holders will have
the right to employ counsel to represent jointly a Majority of Holders and its
respective directors, employees, officers and controlling persons who may be
subject to liability arising out of any claim in respect of which indemnity may
be sought by a Majority of Holders against the Company under this Section 5 if
(1) employment of such counsel has been authorized in writing by the
indemnifying party, or (2) such indemnifying party has not employed counsel to
have charge of the defense of such proceeding within 30 days of the receipt of
notice thereof, or (3) such indemnified party has reasonably concluded that the
representation of such indemnified party and those directors, employees,
officers and controlling persons by the same counsel representing the
indemnifying party would be inappropriate under applicable standards of
professional conduct due to actual or potential differing interests between them
or where there may be one or more defenses available to them that are different
from, additional to or in conflict with those available to the indemnifying
party, and in any such event ((1), (2) or (3)) the fees and expenses of such
separate counsel shall be paid by the indemnifying party as incurred. It is
understood that the indemnifying party will not be liable for the fees and
expenses of more than one separate firm (in addition to local counsel in each
jurisdiction) for all indemnified parties in connection with any proceeding or
related proceedings. No indemnifying party may, without the prior written
consent of the indemnified parties, effect any settlement or compromise of, or
consent to the entry of judgment with respect to, any pending or threatened
claim, investigation, action or proceeding in respect of which indemnity or
contribution may be or could have been sought hereunder (whether or not the
indemnified party or parties are actual or potential parties thereto) unless (x)
such settlement, compromise or judgment (i) includes an unconditional release of
such indemnified party from all liability arising out of such claim, action,
suit or proceeding and (ii) does not include a statement as to or an admission
of fault, culpability or failure to act by or on behalf of any indemnified
party, and (y) the indemnifying party confirms in writing its indemnification
obligations hereunder with respect to such settlement, compromise or judgment.

            (d) Contribution. If the indemnification provided for in this
Section 5 is unavailable or insufficient to hold harmless an indemnified party
under subsections (a) or (b) above, then each indemnifying party shall
contribute to the amount paid or payable by such indemnified party as a result
of the losses, claims, damages, expenses or liabilities (or actions in respect
thereof) referred to in subsection (a) or (b) above (i) in such proportion as is
appropriate to reflect the relative benefits received by the indemnifying party
or parties on the one hand and the indemnified party on the other from the
registration of the Registrable Securities pursuant to the Shelf Registration,
or (ii) if the allocation provided by the foregoing clause (i) is not permitted
by applicable law, in such proportion as is appropriate to reflect not only the
relative benefits referred to in clause (i) above but also the relative fault of
the indemnifying party or parties on the one hand and the indemnified party on
the other in connection with the statements or omissions that resulted in such
losses, claims, damages or liabilities (or actions in respect thereof) as well
as any other relevant equitable considerations. The relative fault of the
parties will be determined by reference to, among other things, whether the
untrue or alleged untrue statement of a material fact or the omission or alleged
omission to state a material fact relates to information supplied by the Company
on the one hand or such Holder or such other indemnified party, as the case may
be, on the other, and the parties' relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or omission.
The amount paid by an indemnified party as a result of the losses, claims,
damages or liabilities referred to in the first sentence of this subsection (d)
is deemed to include any legal or other expenses reasonably incurred by such
indemnified party in connection with investigating or defending any action or
claim which is the subject of this subsection (d). The Company and the Holders
agree that it would not be just and equitable if contribution pursuant to this
Section 5(d) were determined by pro rata allocation or by any other method of
allocation which does not take account of the equitable considerations referred
to herein. Notwithstanding any other provision of this Section 5(d), the Holders
of the Registrable Securities will not be required to contribute any amount in
excess of the amount by which the gross proceeds received by such Holders from
the sale of the Registrable Securities pursuant to the Shelf Registration
Statement exceeds the amount of damages which such Holders have otherwise been
required to pay by reason of such untrue or alleged untrue statement or omission
or alleged omission. No person guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the Securities Act) will be entitled to
contribution from any person who was not guilty of such fraudulent
misrepresentation. For purposes of this paragraph (d), each person, if any, who
controls such indemnified party within the meaning of the Securities Act or the
Exchange Act will have the same rights to contribution as such indemnified party
and each person, if any, who controls the Company within the meaning of the
Securities Act or the Exchange Act will have the same rights to contribution as
the Company. The Holders' respective obligations to contribute pursuant to this
Section 5 are several in proportion to the respective amount of Registrable
Securities they have sold pursuant to a Registration Statement and not joint.
The remedies provided for in this Section 5 are not exclusive and do not limit
any rights or remedies which may otherwise be available to any indemnified party
at law or in equity.

            (e) The indemnity and contribution provisions contained in this
Section 5 will remain operative and in full force and effect regardless of (i)
any termination of this Agreement, (ii) any investigation made by or on behalf
of any Holder or any person controlling such Holder, or by or on behalf of the
Company, its officers or directors or any person controlling the Company, and
(iii) any sale of Registrable Securities pursuant to the Shelf Registration
Statement.

            Section 6. Holder's Obligations. Each Holder agrees, by acquisition
of the Registrable Securities, that no Holder of Registrable Securities will be
entitled to sell any Registrable Securities pursuant to a Shelf Registration
Statement or to receive a Prospectus relating thereto, unless such Holder has
furnished the Company with a Notice and Questionnaire as required pursuant to
Section 3(a) hereof (including the information required to be included in such
Notice and Questionnaire) and the information set forth in the next sentence.
Each Notice Holder agrees promptly to furnish to the Company all information
required to be disclosed in order to make the information previously furnished
to the Company by such Notice Holder not misleading and any other information
regarding such Notice Holder and the distribution of such Registrable Securities
as the Company may from time to time reasonably request. Any sale of any
Registrable Securities by any Notice Holder will constitute a representation and
warranty by such Notice Holder that the information relating to such Notice
Holder and its plan of distribution is as set forth in the Prospectus delivered
by such Notice Holder in connection with such disposition, that such Prospectus
does not as of the time of such sale contain any untrue statement of a material
fact relating to or provided by such Notice Holder or its plan of distribution
and that such Prospectus does not as of the time of such sale omit to state any
material fact relating to or provided by such Notice Holder or its plan of
distribution necessary in order to make the statements in such Prospectus, in
the light of the circumstances under which they were made, not misleading.

            Section 7. Additional Interest. (a) If (i) on or prior to the 120th
day following the Issue Date, the Shelf Registration Statement has not been
filed with the Commission, (ii) on or prior to the 180th day following the Issue
Date, the Shelf Registration Statement is not declared effective under the
Securities Act by the Commission, (iii) except as provided in Section 2(c)
hereof, the Shelf Registration Statement is filed and declared effective but,
during the Effectiveness Period, shall thereafter cease to be effective or fail
to be usable for its intended purpose without such disability being cured within
10 Business Days by an effective post-effective amendment to the Shelf
Registration Statement, a supplement to the Prospectus or a report filed with
the Commission pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act
that cures such failure, or (iv) prior to or on the 45th or 60th day as the case
may be, of any Suspension Period, such suspension has not been terminated or any
Suspension Periods exceed an aggregate of 90 days in any 360-day period, ( each
a "Registration Default"), the Company will pay interest in addition to the
interest then payable on the Notes, ("Additional Interest"), from and including
the day following the date of such Registration Default to but excluding the day
on which such Registration Default is cured, at an annual rate equal to 0.5% on
the Applicable Amount, which rate shall increase by an additional 0.5% per annum
every 90 days that such Registration Default is continuing, provided that such
Additional Interest shall under no circumstances exceed a maximum rate of 2.0%
per annum.

            (b) So long as any Securities remain outstanding, the Company shall
notify the Trustee within 2 Business Days after each and every date on which an
event occurs in respect of which Additional Interest is required to be paid. Any
amounts of Additional Interest due pursuant to clause (a) of this Section 7 will
be payable in cash semi-annually in arrears on each Additional Interest Payment
Date, commencing with the first such date occurring after any such Additional
Interest commences to accrue, to Holders to whom regular interest is payable on
such Additional Interest Payment Date with respect to Securities that are
Registrable Securities. All accrued Additional Interest shall be paid by the
Company to Record Holders of Registrable Securities on each Additional Interest
Payment Date by wire transfer of immediately available funds or by federal bank
check. The Company agrees to deliver all notices, certificates and other
documents contemplated by the Indenture in connection with the payment of
Additional Interest.

All obligations of the Company set forth in this Section 7 that are outstanding
with respect to any Transfer Restricted Security at the time such security
ceases to be a Registrable Security shall survive until such time as all such
obligations with respect to such Registrable Security shall have been satisfied
in full; provided, however, that Additional Interest shall cease to accrue on
the day immediately prior to the date such Registrable Security ceases to be a
Registrable Security.

            (c) Except as provided in Section 8(a) hereof, the Additional
Interest set forth in this Section 7 will be the exclusive remedy available to
the Holders of Registrable Securities for such Registration Default. In no event
will the Company be required to pay Additional Interest in excess of the
applicable maximum rate of 2.00% per annum set forth above, regardless of
whether one or multiple Registration Defaults exist.

            Section 8. Information Requirements. The Company covenants that, if
at any time before the end of the Effectiveness Period the Company is not
subject to the reporting requirements of the Exchange Act, it will cooperate
with any Holder and take such further reasonable action as any Holder may
reasonably request in writing (including, without limitation, making such
reasonable representations as any such Holder may reasonably request), all to
the extent required from time to time to enable such Holder to sell Registrable
Securities without registration under the Securities Act within the limitation
of the exemptions provided by Rule 144 and Rule 144A under the Securities Act
and customarily taken in connection with sales pursuant to such exemptions. Upon
the written request of any Holder, the Company shall deliver to such Holder a
written statement as to whether it has complied with such filing requirements,
unless such a statement has been included in the Company's most recent report
filed pursuant to Section 13 or Section 15(d) of Exchange Act. Notwithstanding
the foregoing, nothing in this Section 8 shall be deemed to require the Company
to register any of its securities (other than the Registrable Securities) under
any section of the Exchange Act.

            Section 9. Miscellaneous. (a) Specific Performance. The parties
hereto acknowledge that there would be no adequate remedy at law if the Company
fails to perform any of its obligations hereunder and that the Holders from time
to time may be irreparably harmed by any such failure, and accordingly agree
that the Holders, in addition to any other remedy to which they may be entitled
at law or in equity and without limiting the remedies available to the Notice
Holders under Section 7 hereof, are entitled to compel specific performance of
the obligations of the Company under this Registration Rights Agreement in
accordance with the terms and conditions of this Registration Rights Agreement,
in any court of the United States or any State thereof having jurisdiction.

            (b) Amendments and Waivers. This Agreement, including this Section
9(b), may be amended, and waivers or consents to departures from the provisions
hereof may be given, only by a written instrument duly executed by the Company
and a Majority of the Holders. Each Holder of Registrable Securities outstanding
at the time of any such amendment, waiver or consent or thereafter will be bound
by any amendment, waiver or consent effected pursuant to this Section 9(b),
whether or not any notice, writing or marking indicating such amendment, waiver
or consent appears on the Registrable Securities or is delivered to such Holder.

            (c) Notices. All notices and other communications provided for or
permitted hereunder shall be made in writing by hand delivery, by telecopier, by
courier guaranteeing overnight delivery or by first-class mail, return receipt
requested, and will be deemed given (i) when made, if made by hand delivery,
(ii) upon confirmation, if made by telecopier, (iii) one (1) Business Day after
being deposited with such courier, if made by overnight courier or (iv) on the
date indicated on the notice of receipt, if made by first-class mail, to the
parties as follows:

            (i) if to a Holder of Registrable Securities, at the most current
      address given by such Holder to the Company in a Notice and Questionnaire
      or any amendment thereto;

            (ii) if to the Company, to:

                  Immunomedics, Inc.
                  300 American Road
                  Morris Plains, New Jersey 07950
                  Attention:  Gerard Gorman, Chief Financial Officer
                  Facsimile:  (973) 605-8282

                  with a copy to:

                  Cadwalader Wickersham & Taft LLP
                  One World Financial Center
                  New York, New York 10281
                  Attention:  Gerald A. Eppner, Esq.
                  Facsimile:  (212) 504-6666

or to such other address as such person may have furnished to the other persons
identified in this Section 8(c) in writing in accordance herewith.

            (d) Parties in Interest. The parties to this Agreement intend that
all Holders of Registrable Securities shall be entitled to receive the benefits
of this Agreement and that any Notice Holder will be bound by the terms and
provisions of this Agreement by reason of such election with respect to the
Registrable Securities which are included in a Shelf Registration Statement. All
the terms and provisions of this Agreement shall be binding upon, shall inure to
the benefit of and shall be enforceable by the respective successors and assigns
of the parties hereto and any Holder from time to time of the Registrable
Securities to the aforesaid extent. In the event that any transferee of any
Holder of Registrable Securities acquires Registrable Securities, in any manner,
whether by gift, bequest, purchase, operation of law or otherwise, such
transferee will, without any further writing or action of any kind, be entitled
to receive the benefits of and, if a Notice Holder, will be conclusively deemed
to have agreed to be bound by and to perform all of the terms and provisions of
this Agreement to the aforesaid extent.

            (e) Counterparts. This Agreement may be executed in any number of
counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement.

            (f) Headings. The headings in this Agreement are for convenience of
reference only and do not limit or otherwise affect the meaning hereof.

            (g) Governing Law. This Agreement is governed by and construed in
accordance with the laws of the State of New York.

            (h) Severability. In the event that any one or more of the
provisions contained herein, or the application thereof in any circumstances, is
held invalid, illegal or unenforceable in any respect for any reason, the
validity, legality and enforceability of any such provision in every other
respect and of the remaining provisions hereof will not be in any way impaired
or affected thereby, it being intended that all of the rights and privileges of
the parties hereto are enforceable to the fullest extent permitted by law.

            (i) Survival. The respective indemnities, agreements,
representations, warranties and other provisions set forth in this Agreement or
made pursuant hereto will remain in full force and effect, regardless of any
investigation (or any statement as to the results thereof) made by or on behalf
of any Notice Holder, any director, officer or partner of such Holder, any agent
or underwriter, any director, officer or partner of such agent or underwriter,
or any controlling person of any of the foregoing, and will survive the transfer
and registration of the Registrable Securities of such Holder.

            Section 10. Submission to Jurisdiction; Appointment of Agent for
Service. The Company agrees that any suit, action or proceeding against the
Company arising out of or based upon this Agreement or the transactions
contemplated hereby may be instituted in any state or federal court in The City
of New York, New York, and waives any objection which it may now or hereafter
have to the laying of venue of any such proceeding, and irrevocably submits to
the non-exclusive jurisdiction of such courts in any suit, action or proceeding.
The Company expressly accepts the non-exclusive jurisdiction of any such court
in respect of any such suit, action or proceeding. The Company agrees that a
final judgment in any such proceeding brought in any such court will be
conclusive and binding thereupon and may be enforced in any other court in the
jurisdiction to which the Company is or may be subject by suit upon such
judgment.

<PAGE>

            Please confirm that the foregoing correctly sets forth the agreement
between the Company and you.

                                       Very truly yours,

                                       Immunomedics, Inc.

                                       By:____________________________________
                                          Name:
                                          Title:

Accepted as of the date hereof:

[Purchaser]

By:__________________________________
   Name:
   Title:

<PAGE>
                                                                       Exhibit 1

                   Exhibit 1 To Election and Questionnaire

             Notice of Transfer of Transfer Restricted Securities

Immunomedics, Inc.
300 American Road
Morris Plains, New Jersey 07950

      Re:   Immunomedics, Inc.'s
            5% Convertible Senior Notes due 2008 (the "Notes")
            --------------------------------------------------

Dear Sirs:

            Please be advised that __________ has transferred Transfer
Restricted Securities (as defined in Appendix A to the Registration Rights
Agreement, dated as of April [__], 2005 by and among the Company and the
purchasers listed therein (the "Registration Rights Agreement") and such
person's rights under the Registration Rights Agreement related to such Transfer
Restricted Securities to the following person and in the following amounts:

            [Amount and Description]

            [Name]

            [Address]

                                       Very truly yours,

                                       [name]

                                       By:____________________________
                                          (Authorized Signature)

Dated:__________________Exhibit 4.2

================================================================================

                         COMMON STOCK WARRANT AGREEMENT

                           dated as of April 29, 2005

                                     between

                               IMMUNOMEDICS, INC.

                                       and

                   JPMORGAN CHASE BANK, N.A., as Warrant Agent

                   -------------------------------------------

                              Common Stock Warrants

                   -------------------------------------------

                             Expiring April 29, 2008

================================================================================
<PAGE>

                                TABLE OF CONTENTS

PARTIES....................................................................
RECITALS...................................................................

                                    ARTICLE I

                    ISSUANCE OF WARRANTS AND FORM, EXECUTION,
                DELIVERY AND REGISTRATION OF WARRANT CERTIFICATES

Section 1.01  Issuance of Warrants.........................................
Section 1.02  Form, Execution and Delivery of Warrant Certificates.........
Section 1.03  Transfer of Warrants.........................................
Section 1.04  Lost, Stolen, Mutilated or Destroyed Warrant Certificates....
Section 1.05  Cancellation of Warrant Certificates.........................
Section 1.06  Treatment of Holders of Warrant Certificates.................

                                   ARTICLE II

                EXERCISE PRICE, DURATION AND EXERCISE OF WARRANTS

Section 2.01  Exercise Price...............................................
Section 2.02  Duration of Warrants.........................................
Section 2.03  Exercise Of Warrants.........................................

                                   ARTICLE III

           OTHER PROVISIONS RELATING TO RIGHTS OF HOLDERS OF WARRANTS

Section 3.01  No Rights as Holders of Warrant Shares Conferred by
               Warrants or Warrant Certificates............................

                                   ARTICLE IV

                          CONCERNING THE WARRANT AGENT

Section 4.01  Warrant Agent................................................
Section 4.02  Limitations on Warrant Agent's Obligations...................
Section 4.03  Compliance with Applicable Laws..............................
Section 4.04  Resignation and Appointment of Successor.....................

                                    ARTICLE V

                                  MISCELLANEOUS

Section 5.01  Amendments...................................................
Section 5.02  Merger, Consolidation, Sale, Transfer or Conveyance..........
Section 5.03  Notices and Demands to the Company and Warrant Agent.........
Section 5.04  Addresses....................................................
Section 5.05  GOVERNING LAW................................................
Section 5.06  Obtaining of Governmental Approvals..........................
Section 5.07  Benefits of Warrant Agreement................................
Section 5.08  Headings.....................................................
Section 5.09  Severability.................................................
Section 5.10  Counterparts.................................................
Section 5.11  Inspection of Agreement......................................

                                    EXHIBITS

EXHIBIT A.        Form of Warrant Certificate

<PAGE>

                         COMMON STOCK WARRANT AGREEMENT

            WARRANT AGREEMENT, dated as of April 29, 2005 (as modified, amended
or supplemented, this "Agreement"), between IMMUNOMEDICS, INC, a Delaware
corporation (the "Company") and JPMORGAN CHASE BANK, N.A., as Warrant Agent (the
"Warrant Agent").

                              W I T N E S S E T H:

            WHEREAS, the Company, proposes to issue and sell to the several
purchasers, (collectively, the "Purchasers" and each, a "Purchaser"), upon the
terms set forth in each purchase agreement between the Company and a Purchaser
(collectively, the "Purchase Agreements", and each, a "Purchase Agreement"), its
5% Senior Convertible Notes due 2008 (the "Notes"), with warrants (each, a
"Warrant, and together with the Notes, the "Securities") representing the right
to purchase shares of common stock of the Company issuable upon conversion of
the Notes or exercise of the warrants, ("Common Stock"). The shares of Common
Stock issued upon exercise of the Warrants are referred to as the "Warrant
Shares," and such warrant certificates and other warrant certificates issued
pursuant to this Agreement being herein called the "Warrant Certificates"; and

            WHEREAS, the Company desires the Warrant Agent to act on behalf of
the Company, and the Warrant Agent is willing so to act, in connection with the
issuance, transfer, exchange, exercise and cancellation of the Warrants, and the
Company wishes to set forth in this Agreement, among other things, the
provisions of the Warrants, the form of the Warrant Certificates evidencing the
Warrants and the terms and conditions upon which the Warrants may be issued,
transferred, exchanged, exercised and canceled. Any capitalized term used but
not defined herein shall have the meaning ascribed to such term in the Purchase
Agreement.

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

                                   ARTICLE I

                    ISSUANCE OF WARRANTS AND FORM, EXECUTION,
                DELIVERY AND REGISTRATION OF WARRANT CERTIFICATES

            Section 1.01 Issuance of Warrants. (a) Pursuant to the terms of the
Purchase Agreements, the Company will sell to each of the Purchasers multiples
of (i) $1,000 in aggregate principal amount of Notes together with (ii) a
Warrant to purchase 76.394 shares of Common Stock per $1,000 principal amount of
Notes, at the Exercise Price set forth in Section 2.01.

            (b) Warrants shall be issued, with the Notes, and thereafter shall
be detachable and may be traded separately subject to certain restrictions
described herein, ("Transfer Restrictions"). The price of each unit shall be
equal to 100% of the principal amount of the Notes included in such unit, plus
accrued interest, if any, from the Closing Date (the "Unit Purchase Price").
Each Warrant Certificate included in such a unit shall evidence 76.394 Warrants
for each $1,000 principal amount of Notes included in such unit.

            Section 1.02 Form, Execution and Delivery of Warrant Certificates.
(a) One or more Warrant Certificates evidencing Warrants to purchase not more
than 3,600,000, Warrant Shares (except as provided in Sections 1.03, 1.04 and
2.03(e)) may be executed by the Company and delivered to the Warrant Agent upon
the execution of this Warrant Agreement or from time to time thereafter.

            (b) Each Warrant Certificate, whenever issued, shall be in
registered form substantially in the form set forth in Exhibit A hereto, with
such appropriate insertions, omissions, substitutions and other variations as
are required or permitted by this Agreement. Each Warrant Certificate shall be
printed, lithographed, typewritten, mimeographed or engraved on steel engraved
borders or otherwise reproduced in any other manner as may be approved by the
officers executing the same (such execution to be conclusive evidence of such
approval) and may have such letters, numbers or other marks of identification or
designation and such legends or endorsements printed, lithographed or engraved
thereon as the officers of the Company executing the same may approve (such
execution to be conclusive evidence of such approval) and as are not
inconsistent with the provisions of this Agreement, or as may be required to
comply with any law or with any rule or regulation made pursuant thereto, or
with any regulation of any stock exchange on which the Warrants, the Notes or
the Warrant Shares may be listed, or to conform to usage. Each Warrant
Certificate shall be signed on behalf of the Company by its Chairman of the
Board, President or any Executive, Senior Vice President or Corporate Secretary.
The signature of any such officer on any Warrant Certificate may be manual or
facsimile. Each Warrant Certificate, when so signed on behalf of the Company,
shall be delivered to the Warrant Agent together with an order for the
countersignature and delivery of such Warrants.

            (c) The Warrant Agent shall, upon receipt of the order referred to
in Section 1.02(b) and of any Warrant Certificate duly executed on behalf of the
Company, countersign such Warrant Certificate and deliver such Warrant
Certificate to or upon the order of the Company. Each Warrant Certificate shall
be dated the date of the Warrant Agent's countersignature (the "Grant Date").

            (d) No Warrant Certificate shall be entitled to any benefit under
this Agreement or be valid or obligatory for any purpose, and no Warrant
evidenced thereby may be exercised, unless such Warrant Certificate has been
countersigned by the manual signature of the Warrant Agent. Such signature by
the Warrant Agent upon any Warrant Certificate executed by the Company shall be
conclusive evidence that such Warrant Certificate has been duly issued under the
terms of this Agreement.

            (e) If any officer of the Company who has signed any Warrant
Certificate either manually or by facsimile signature shall cease to be such
officer before such Warrant Certificate shall have been countersigned and
delivered by the Warrant Agent, such Warrant Certificate nevertheless may be
countersigned and delivered as though the person who signed such Warrant
Certificate had not ceased to be such officer of the Company; and any Warrant
Certificate may be signed on behalf of the Company by such persons as, at the
actual date of the execution of such Warrant Certificate, shall be the proper
officers of the Company as specified in this Section 1.02, regardless of whether
at the date of the execution of this Agreement any such person was such officer.

            (f) The Holders (defined below) shall be entitled to receive
Warrants in physical, certificated form.

            Section 1.03 Transfer of Warrants. (a) A Warrant Certificate may be
transferred at the option of the Purchaser thereof upon surrender of such
Warrant Certificate at the corporate trust office of the Warrant Agent, properly
endorsed or accompanied by appropriate instruments of transfer and written
instructions for transfer, all in form satisfactory to the Company and the
Warrant Agent (the Purchaser and any transferee or transferees pursuant to this
Section 1.03, a "Holder") . Upon any such registration of transfer, the Company
shall execute, and the Warrant Agent shall countersign and deliver, as provided
in Section 1.02, in the name of the designated transferee a new Warrant
Certificate or Warrant Certificates of any authorized denomination evidencing in
the aggregate a like number of unexercised Warrants.

            (b) Upon surrender at the corporate office of the Warrant Agent,
properly endorsed or accompanied by appropriate instruments of transfer and
written instructions for such exchange, all in form satisfactory to the Company
and the Warrant Agent, one or more Warrant Certificates may be exchanged for one
or more Warrant Certificates in any other authorized denominations; provided
that such new Warrant Certificate(s) evidence the same aggregate number of
Warrants as the Warrant Certificate(s) so surrendered. Upon any such surrender
for exchange, the Company shall execute, and the Warrant Agent shall countersign
and deliver, as provided in Section 1.02, in the name of the Holder of such
Warrant Certificates, the new Warrant Certificates.

            (c) The Warrant Agent shall keep, at its corporate trust office,
books in which, subject to such reasonable regulations as it may prescribe, it
shall register Warrant Certificates in accordance with Section 1.02 and
transfers, exchanges, exercises and cancellations of outstanding Warrant
Certificates. Whenever any Warrant Certificates are surrendered for transfer or
exchange in accordance with this Section 1.03, an authorized officer of the
Warrant Agent shall manually countersign and deliver the Warrant Certificates
which the Holder making the transfer or exchange is entitled to receive.

            (d) No service charge shall be made for any transfer or exchange of
Warrant Certificates, but the Company or the Warrant Agent may require payment
of a sum sufficient to cover any stamp or other tax or other governmental charge
that may be imposed in connection with any such transfer or exchange.

            Section 1.04 Lost, Stolen, Mutilated or Destroyed Warrant
Certificates. Upon receipt by the Company and the Warrant Agent of evidence
satisfactory to them of the ownership of and the loss, theft, destruction or
mutilation of any Warrant Certificate and of indemnity satisfactory to them and,
in the case of mutilation, upon surrender of such Warrant Certificate to the
Warrant Agent for cancellation, then, in the absence of notice to the Company or
the Warrant Agent that such Warrant Certificate has been acquired by a protected
purchaser, the Company shall execute, and an authorized officer of the Warrant
Agent shall manually countersign and deliver, in exchange for or in lieu of the
lost, stolen, destroyed or mutilated Warrant Certificate, a new Warrant
Certificate of the same tenor and for a like number of Warrants. No service
charge, other than as set forth in this Section 1.04, shall be made for any
replacement of Warrant Certificates. The Company and/or the Warrant Agent may
require the payment of a sum sufficient to cover any stamp or other tax or other
governmental charge that may be imposed in connection with any exchange. The
Warrant Agent may require the Holder to pay for "lost certificate bond" fee, the
amount of which to be determined by the Warrant Agent, for any replacement
Warrant Certificate issuance hereunder. To the extent permitted under applicable
law, the provisions of this Section 1.04 are exclusive with respect to the
replacement of mutilated, lost, stolen or destroyed Warrant Certificates and
shall preclude any and all other rights or remedies.

            Section 1.05 Cancellation of Warrant Certificates. Any Warrant
Certificate surrendered to the Warrant Agent for transfer, exchange or exercise
of the Warrants evidenced thereby shall be promptly canceled by the Warrant
Agent and shall not be reissued and, except as expressly permitted by this
Agreement, no Warrant Certificate shall be issued hereunder in lieu thereof. The
Warrant Agent shall deliver to the Company from time to time or otherwise
dispose of canceled Warrant Certificates in accordance with its customary
procedures. Any Warrant Certificate surrendered to the Company for transfer,
exchange or exercise of the Warrants evidenced thereby shall be promptly
delivered to the Warrant Agent and such transfer, exchange or exercise shall not
be effective until such Warrant Certificate has been received by the Warrant
Agent.

            Section 1.06 Treatment of Holders of Warrant Certificates. (a) The
term "Holder", as used herein, shall mean any person in whose name at the time
any Warrant Certificate shall be registered upon the books to be maintained by
the Warrant Agent for that purpose.

            (b) Every Holder consents and agrees with the Company, the Warrant
Agent and with every subsequent Holder that until the Warrant Certificate is
transferred on the books of the Warrant Agent, the Company and the Warrant Agent
may treat the registered Holder of such Warrant Certificate as the absolute
owner of the Warrants evidenced thereby for any purpose and as the person
entitled to exercise the rights attaching to the Warrants evidenced thereby, any
notice to the contrary notwithstanding.

                                   ARTICLE II

                EXERCISE PRICE, DURATION AND EXERCISE OF WARRANTS

            Section 2.01 Exercise Price. The initial exercise price of each
Warrant shall equal $2.98 per Warrant Share, subject to customary adjustment for
dilutive events.

            Section 2.02 Duration of Warrants. Each Warrant may be exercised in
whole or in part on any Business Day (as defined below) occurring during the
period (the "Exercise Period") commencing on the effective date of the Share
Increase, as defined in the Purchase Agreement, and ending at 5:00 P.M., New
York time, on the third anniversary of the issuance of the Securities (the
"Expiration Date"). Each Warrant remaining unexercised after 5:00 P.M., New York
time, on the Expiration Date shall become void, and all rights of the Holder
under this Agreement shall cease.

            As used herein, the term "Business Day" means any day which is not a
Saturday or Sunday and is not a legal holiday or a day on which banking
institutions generally are authorized or obligated by law or regulation to close
in New York.

            Section 2.03 Exercise Of Warrants.

            (a) A Holder may exercise a Warrant by delivering, not later than
5:00 P.M., New York time, on any Business Day during the Exercise Period (the
"Exercise Date") to the Warrant Agent at its corporate trust department (i) the
Warrant Certificate evidencing the Warrants to be exercised, (ii) an election to
purchase the Warrant Shares ("Election to Purchase"), properly completed and
executed by the Holder on the reverse of the Warrant Certificate and (iii) the
Exercise Price for each Warrant to be exercised in lawful money of the United
States of America by bank wire transfer in immediately available funds. If any
of (a) the Warrant Certificate, (b) the Election to Purchase, or (c) the
Exercise Price therefor, is received by the Warrant Agent after 5:00 P.M., New
York time, on the specified Exercise Date, the Warrants will be deemed to be
received and exercised on the next succeeding day which is a Business Day. If
the Warrants are received or deemed to be received after the Expiration Date,
the exercise thereof will be null and void and any funds delivered to the
Warrant Agent will be returned to the Holder or Participant, as the case may be,
as soon as practicable. In no event will interest accrue on funds deposited with
the Warrant Agent in respect of an exercise or attempted exercise of Warrants.
The validity of any exercise of Warrants will be determined by the Company in
its sole discretion and such determination will be final and binding upon the
Holder and the Company. Neither the Company nor the Warrant Agent shall have any
obligation to inform a Holder of the invalidity of any exercise of Warrants. The
Warrant Agent shall deposit all funds received by it in payment of the Exercise
Price in the account with the Warrant Agent for such purpose and shall advise
the Company at the end of each day on which funds for the exercise of the
Warrants are received of the amount so deposited to its account.

            (b) In lieu of cash pursuant to Section 2.03(a)(iii) above, the
Holder may elect to exchange all or some of this Warrant for Warrant Shares
equal to the value of the amount of the Warrant Certificate being exchanged on
the date of exchange. If the Holder elects to exchange this Warrant as provided
in this Section 2.03(b), the Warrant Holder shall tender to the Company the
Warrant Certificate for the amount being exchanged, along with written notice of
the Holder's election to exchange some or all of this Warrant, and the Company
shall promptly issue to the Holder (but in any case, within three Business Days)
the number of shares of Common Stock computed using the following formula:

                                   X = Y (A-B)
                                       -------
                                          A

Where:      X =   The number of Warrant Shares to be issued to the Warrant
                  Holder.

            Y =   The number of Warrant Shares purchasable under the Warrant
                  Certificate being exchanged (as adjusted to the date of such
                  calculation).

            A =   The means the volume weighted average sales price of the
                  Company's Common Stock for the 5 trading day period preceding
                  the date of exercise of the Warrant.

            B =   The Exercise Price (as adjusted to the date of such
                  calculation).

            (c) The Warrant Agent shall, on the Business Day following the
Exercise Date of any Warrant, advise the Company and the transfer agent and
registrar in respect of the Warrant Shares issuable upon such exercise as to the
number of Warrants exercised in accordance with the terms and conditions of this
Agreement, the instructions of each Holder or Participant, as the case may be,
with respect to delivery of the Warrant Shares issuable upon such exercise, and
the delivery of definitive Warrant Certificates evidencing the balance, if any,
of the Warrants remaining after such exercise, and such other information as the
Company or such transfer agent and registrar shall reasonably require.

            (d) The Company shall, by 5:00 P.M., New York time, on the third
Business Day next succeeding the Exercise Date, execute, issue and deliver to
the Warrant Agent, the Warrant Shares to which such Holder is entitled, in fully
registered form, registered in such name or names as may be directed by such
Holder. Upon receipt of such Warrant Shares, the Warrant Agent shall, by 5:00
P.M., New York time, on the fifth Business Day next succeeding, transmit such
Warrant Shares, to or upon the order of the Holder, together with, or preceded
by the prospectus referred to in Section 5.06 hereof. The Company agrees that it
will provide such information and documents to the Warrant Agent as may be
necessary for the Warrant Agent to fulfill its obligations hereunder.

            (e) The accrual of dividends, if any, on the Warrant Shares issued
upon the valid exercise of any Warrant will be governed by the terms of the
Company's certificate of incorporation and such Warrant Shares. From and after
the issuance of such Warrant Shares, the former Holder of the Warrants exercised
will be entitled to the benefits of the Company's certificate of incorporation
under which such Warrant Shares are issued, and such former Holder's right to
receive payments of dividends and any other amounts payable in respect of the
Warrant Shares shall be governed by, and shall be subject to, the terms and
provisions of the Company's certificate of incorporation and the Warrant Shares.

            (f) Warrants may be exercised only in whole numbers of Warrants. If
fewer than all of the Warrants evidenced by a Warrant Certificate are exercised,
a new Warrant Certificate for the number of Warrants remaining unexercised shall
be executed by the Company and countersigned by the Warrant Agent as provided in
Section 1.02 hereof, and delivered to the Holder at the address specified on the
books of the Warrant Agent or as otherwise specified by such Holder.

            (g) Neither the Company not the Warrant Agent shall be required to
pay any stamp or other tax or other governmental charge required to be paid in
connection with any transfer involved in the issue of the Warrant Shares; and in
the event that any such transfer is involved, neither the Company nor the
Warrant Agent shall not be required to issue or deliver any Warrant Shares until
such tax or other charge shall have been paid or it has been established to the
Company's and the Warrant Agent's satisfaction that no such tax or other charge
is due.

            Section 2.04 Adjustment Under Certain Circumstances. The Exercise
Price and the number of Warrant Shares purchasable upon the exercise of each
Warrant shall be subject to adjustment upon (i) the issuance of a stock dividend
to the holders of the outstanding Warrant Shares or a combination, subdivision
or reclassification of the Common Stock; (ii) the issuance of rights, warrants
or options to all holders of the Common Stock entitling the holders thereof to
purchase Common Stock for an aggregate consideration per share less than the
current market price per share of the Common Stock; or (iii) any distribution by
the Company to the holders of the Common Stock of evidences of indebtedness of
the Company or of assets (excluding cash dividends or distributions payable out
of consolidated earnings and earned surplus and dividends or distributions
referred to in (i) above); provided that no such adjustment in the number of
Warrant Shares purchasable upon exercise of the Warrants will be required until
cumulative adjustments require an adjustment of at least 1% of such number. No
fractional shares will be issued upon exercise of Warrants, but the Company will
pay the cash value of any fractional shares otherwise issuable. The adjustments
to be made under this Section 2.04 shall be determined by the Company and such
determination shall be final and binding upon the Holders.

                                   ARTICLE III

           OTHER PROVISIONS RELATING TO RIGHTS OF HOLDERS OF WARRANTS

            Section 3.01 No Rights as Holders of Warrant Shares Conferred by
Warrants or Warrant Certificates. No Warrant Certificate or Warrant evidenced
thereby shall entitle the Holder thereof to any of the rights of a holder of any
Warrant Shares, including, without limitation, the right to receive dividends,
if any, or payments upon the liquidation, dissolution or winding up of the
Company or to exercise voting rights, if any.

            Section 3.02 Warrant Anti-dilution Provisions. (a) The Exercise
Price and the number of shares of Common Stock issuable upon exercise of each
Warrant shall be adjusted from time to time as follows:

            (i) If and whenever on or after April 29, 2005 (the "Original Grant
      Date"), the Company issues or sells, or is deemed to have issued or sold,
      any shares of Common Stock, Options or Convertible Securities (including
      the issuance or sale of shares of Common Stock owned or held by or for the
      account of the Company, but excluding Exempted Issuances (as defined
      below)), for a consideration per share less than a price (the "Applicable
      Price") equal to the Exercise Price in effect immediately prior to such
      issuance or sale, then immediately after such issue or sale the Exercise
      Price then in effect shall be reduced to an amount equal to such
      consideration per share. Upon each such adjustment of the Exercise Price
      pursuant to the immediately preceding sentence, the number of shares of
      Common Stock acquirable upon exercise of each Warrant shall be adjusted to
      the number of shares determined by multiplying the Exercise Price in
      effect immediately prior to such adjustment by the number of shares of
      Common Stock acquirable upon exercise of such Warrant immediately prior to
      such adjustment and dividing the product thereof by the Exercise Price
      resulting from such adjustment. For purposes of this Warrant, "Exempted
      Issuances" shall mean: (i) the issuance or grant of equity securities of
      the Company to officers or employees of the Company or any subsidiary
      thereof pursuant to any management equity rights plan or other
      equity-based employee benefits plan or arrangement that has been duly
      authorized by the Company's Board of Directors or a committee thereof; and
      (ii) the issuance of shares of Common Stock in connection with the
      conversion of the Notes or exercise of the Warrants.

            (b) For purposes of determining the adjusted Exercise Price under
Section 3.02(a) above, the following shall be applicable:

            (i) If the Company grants or sells any Options and the lowest price
      per share for which one share of Common Stock is issuable upon the
      exercise of any such Option or upon conversion, exchange or exercise of
      any Convertible Securities issuable upon exercise of any such Option is
      less than the Applicable Price, then such share of Common Stock shall be
      deemed to be outstanding and to have been issued and sold by the Company
      at the time of the granting or sale of such Option for such price per
      share. For purposes of this Section 3.02(b)(i), the "lowest price per
      share for which one share of Common Stock is issuable upon exercise of any
      such Option or upon conversion, exchange or exercise of any Convertible
      Security issuable upon exercise of any such Option" shall be equal to the
      sum of the lowest amounts of consideration (if any) received or receivable
      by the Company with respect to any one share of Common Stock upon the
      granting or sale of the Option, upon exercise of the Option and upon
      conversion, exchange or exercise of any Convertible Security issuable upon
      exercise of such Option. No further adjustment of the Exercise Price shall
      be made upon the actual issuance of such Common Stock or of such
      Convertible Securities upon the exercise of such Options or upon the
      actual issuance of such Common Stock upon conversion, exchange or exercise
      of such Convertible Securities.

            (ii) If the Company issues or sells any Convertible Securities and
      the lowest price per share for which one share of Common Stock is issuable
      upon such conversion, exchange or exercise thereof is less than the
      Applicable Price, then such share of Common Stock shall be deemed to be
      outstanding and to have been issued and sold by the Company at the time of
      the issuance or sale of such Convertible Securities for such price per
      share. For the purposes of this Section 3.02(b)(ii), the "lowest price per
      share for which one share of Common Stock is issuable upon such
      conversion, exchange or exercise" shall be equal to the sum of the lowest
      amounts of consideration (if any) received or receivable by the Company
      with respect to one share of Common Stock upon the issuance or sale of the
      Convertible Security and upon conversion, exchange or exercise of such
      Convertible Security. No further adjustment of the Exercise Price shall be
      made upon the actual issuance of such Common Stock upon conversion,
      exchange or exercise of such Convertible Securities, and if any such issue
      or sale of such Convertible Securities is made upon exercise of any
      Options for which adjustment of the Exercise Price had been or are to be
      made pursuant to other provisions of this Section 3.02(b), no further
      adjustment of the Exercise Price shall be made by reason of such issue or
      sale.

            (iii) If the purchase, exchange or exercise price provided for in
      any Options, the additional consideration, if any, payable upon the issue,
      conversion, exchange or exercise of any Convertible Securities, or the
      rate at which any Options or Convertible Securities are convertible into
      or exchangeable or exercisable for Common Stock changes at any time, the
      Exercise Price in effect at the time of such change shall be adjusted to
      the Exercise Price that would have been in effect at such time had such
      Options or Convertible Securities provided for such changed purchase,
      exchange or exercise price, additional consideration or changed conversion
      rate, as the case may be, at the time initially granted, issued or sold
      and the number of shares of Common Stock acquirable hereunder shall be
      correspondingly readjusted. For purposes of this Section 3.02(b)(iii), if
      the terms of any Option or Convertible Security that was outstanding as of
      the date of issuance of this Warrant are changed in the manner described
      in the immediately preceding sentence, then such Option or Convertible
      Security and the Common Stock deemed issuable upon exercise, conversion or
      exchange thereof shall be deemed to have been issued as of the date of
      such change. No adjustment shall be made if such adjustment would result
      in an increase of the Exercise Price then in effect.

            (c) For purposes of determining the adjusted Exercise Price under
Sections 3.02(a) and 3.02(b), the following shall be applicable:

            (i) In case any Options are issued in connection with the issue or
      sale of other securities of the Company, together comprising one
      integrated transaction or series of related transactions, (A) the Options
      will be deemed to have been issued for a consideration equal to the
      greater of $0.01 and the specific aggregate consideration, if any,
      allocated to such Options (in either case, the "Option Consideration")
      and, for purposes of applying the provisions of this Section 3.02, the
      Option Consideration shall be allocated pro rata among all the shares of
      Common Stock issuable upon exercise of such Options to determine the
      consideration per each such share of Common Stock and (B) the other
      securities will be deemed to have been issued for an aggregate
      consideration equal to the aggregate consideration received by the Company
      for the Options and other securities (determined as provided below with
      respect to each share of Common Stock represented thereby), less the sum
      of (1) the Black-Scholes Value (as defined below) of such Options and (2)
      the Option Consideration. If any Common Stock, Options or Convertible
      Securities are issued or sold or deemed to have been issued or sold for
      cash, the consideration received therefor will be deemed to be the net
      amount received by the Company therefor. If any Common Stock, Options or
      Convertible Securities are issued or sold for a consideration other than
      cash, the amount of such consideration received by the Company will be the
      fair value of such consideration, except where such consideration consists
      of marketable securities, in which case the amount of consideration
      received by the Company will be the Weighted Average Price of such
      securities on the date of receipt of such securities. If any Common Stock,
      Options or Convertible Securities are issued to the owners of the
      non-surviving entity in connection with any merger in which the Company is
      the surviving entity, the amount of consideration therefor will be deemed
      to be the fair value of such portion of the net assets and business of the
      non-surviving entity as is attributable to such Common Stock, Options or
      Convertible Securities, as the case may be. The fair value of any
      consideration other than cash or securities will be determined jointly by
      the Company and the holder of this Warrant. If such parties are unable to
      reach agreement within ten (10) days after the occurrence of an event
      requiring valuation (the "Valuation Event"), the fair value of such
      consideration will be determined within five (5) Business Days after the
      tenth (10th) day following the Valuation Event by an independent,
      reputable appraiser jointly selected by the Company and the Holder of this
      Warrant. The determination of such appraiser shall be final and binding
      upon all parties absent error, and the fees and expenses of such appraiser
      shall be borne by the Company.

            (ii) If the Company takes a record of the holders of Common Stock
      for the purpose of entitling them (1) to receive a dividend or other
      distribution payable in Common Stock, Options or in Convertible Securities
      or (2) to subscribe for or purchase Common Stock, Options or Convertible
      Securities, then such record date will be deemed to be the date of the
      issue or sale of the shares of Common Stock deemed to have been issued or
      sold upon the declaration of such dividend or the making of such other
      distribution or the date of the granting of such right of subscription or
      purchase, as the case may be.

            (iii) The "Black-Scholes Value" of any Options shall mean the sum of
      the amounts resulting from applying the Black-Scholes pricing model to
      each such Option, which calculation is made with the following inputs: (i)
      the "option striking price" being equal to the lowest exercise price
      possible under the terms of such Option on the date of the issuance of
      such Option (the "Valuation Date"), (ii) the "interest rate" being equal
      to the interest rate on one-year United States Treasury Bills issued most
      recently prior to the Valuation Date (or if such rate is not available
      then an equivalent rate determined jointly by the Company and the holder
      of this Warrant), (iii) the "time until option expiration" being the time
      from the Valuation Date until the expiration date of such Option, (iv) the
      "current stock price" being equal to the Weighted Average Price of the
      Common Stock on the Valuation Date, (v) the "volatility" being the 100-day
      historical volatility of the Common Stock as of the Valuation Date (as
      reported by the Bloomberg "HVT" screen), and (vi) the "dividend rate"
      being equal to zero. Within three (3) Business Days after the Company
      Valuation Date, each of the Company and the holder of this Warrant shall
      deliver to the other a written calculation of its determination of the
      Black-Scholes value of the Options. If the holder and the Company are
      unable to agree upon the calculation of the Black-Scholes Value of the
      Options within five (5) Business Days of the Valuation Date, then the
      Company shall submit via facsimile the disputed calculation to an
      investment banking firm (jointly selected by the Company and the holder of
      this Warrant) within seven (7) Business Days of the Valuation Date. The
      Company shall cause such investment banking firm to perform the
      calculations and notify the company and the holder of the results no later
      than ten (10) Business Days after the Valuation Date. Such investment
      banking firm's calculation of the Black-Scholes Value of the Options shall
      be deemed conclusive absent error. The Company shall bear the fees and
      expenses of such investment banking firm for providing such calculation.

            (d) If the Company at any time after the date of issuance of this
Warrant subdivides (by any stock split, stock dividend, recapitalization or
otherwise) its outstanding shares of Common Stock into a greater number of
shares, the Exercise Price in effect immediately prior to such subdivision will
be proportionately reduced and the number of shares of Common Stock obtainable
upon exercise of this Warrant will be proportionately increased. If the Company
at any time after the date of issuance of this Warrant combines (by combination,
reverse stock split or otherwise) its outstanding shares of Common Stock into a
smaller number of shares, the Exercise Price in effect immediately prior to such
combination will be proportionately increased and the number of shares of Common
Stock obtainable upon exercise of this Warrant will be proportionately
decreased. Any adjustment under this Section 3.02(d) shall become effective at
the close of business on the date the subdivision or combination becomes
effective.

            (e) If any event occurs of the type contemplated by the provisions
of this Section 3.02 but not expressly provided for by such provisions
(including the granting of stock appreciation rights, phantom stock rights or
other rights with equity features), then the Company's Board of Directors will
make an appropriate adjustment in the Exercise Price and the number of shares of
Common Stock obtainable upon exercise of this Warrant so as to protect the
rights of the holders of the Warrants; provided that no such adjustment will
increase the Exercise Price or decrease the number of shares of Common Stock
obtainable as otherwise determined pursuant to this Section 3.02.
Notwithstanding anything to the contrary contained in this Section 3.02, in no
event shall the Exercise Price be reduced below the par value of the Common
Stock.

            (f) Notices. Immediately upon any adjustment of the Exercise Price
or the number of Warrant Shares to be issued to the Warrant Holder pursuant to
this Section 3.02, the Company will give written notice thereof to the holder of
this Warrant and the Warrant Agent, setting forth in reasonable detail, and
certifying, the calculation of such adjustment.

            (g) Responsibility of Warrant Agent for Anti-Dilution Provisions(h)
.. The Warrant Agent has no duty to determine when an adjustment under this
Section 3.02 should be made, how it should be made or what it should be. The
Warrant Agent makes no representation as to the validity or value of any
securities or assets issued upon exercise of the Warrants. The Warrant Agent
shall not be responsible for any failure of the Company to comply with this
Section 3.02.

            Section 3.03 Definitions.

            (a) "Approved Stock Plan" means any employee benefit plan that has
been approved by the Board of Directors and shareholders of the Company prior to
the date of the Grant Date, pursuant to which the Company's securities may be
issued to any consultant, employee, officer or director for services provided to
the Company.

            (b) "Convertible Securities" means any stock or securities (other
than Options and Exempted Issuances) directly or indirectly convertible into or
exchangeable or exercisable for Common Stock.

            (c) "Options" means (other than Exempted Issuances) any rights,
warrants or options to subscribe for or purchase Common Stock or Convertible
Securities.

                                   ARTICLE IV

                          CONCERNING THE WARRANT AGENT

            Section 4.01 Warrant Agent. The Company hereby appoints JPMorgan
Chase Bank, N.A. as Warrant Agent of the Company in respect of the Warrants upon
the terms and subject to the conditions herein set forth, and JPMorgan Chase
Bank, N.A. hereby accepts such appointment. The Warrant Agent shall have the
powers and authority granted to and conferred upon it hereby and such further
powers and authority to act on behalf of the Company as the Company may
hereafter grant to or confer upon it.

            Section 4.02 Limitations on Warrant Agent's Obligations. The Warrant
Agent accepts its obligations herein set forth upon the terms and conditions
hereof, including the following, to all of which the Company agrees and to all
of which the rights hereunder of the Holders from time to time shall be subject:

            (a) Compensation and Indemnification. The Company agrees to pay the
Warrant Agent compensation to be agreed upon with the Company for all services
rendered by the Warrant Agent and to reimburse the Warrant Agent for all
reasonable expenses (including reasonable counsel and agent fees) incurred by
the Warrant Agent in connection with the services rendered by it hereunder. The
Company also agrees to indemnify the Warrant Agent for, and to hold it harmless
against, any loss, liability or expense incurred without gross negligence, bad
faith or willful misconduct, arising out of or in connection with its acting as
Warrant Agent hereunder.

            (b) Agent for the Company. In acting in the capacity of Warrant
Agent under this Agreement, the Warrant Agent is acting solely as agent of the
Company and does not assume any obligation or relationship of agency or trust
with any of the owners or holders of the Warrants except as expressly set forth
herein.

            (c) Counsel. The Warrant Agent may consult with counsel satisfactory
to it (which may be counsel to the Company), and the advice of such counsel
shall be full and complete authorization and protection in respect of any action
taken, suffered or omitted by it hereunder in good faith and in accordance with
the advice of such counsel.

            (d) Documents. The Warrant Agent shall be protected and shall incur
no liability for or in respect of any action taken or thing suffered by it in
reliance upon any notice, direction, consent, certificate, affidavit, statement
or other paper or document reasonably believed by it to be genuine and to have
been presented or signed by the proper parties.

            (e) Certain Transactions. The Warrant Agent, and its officers,
directors and employees, may become the owner of, or acquire any interest in,
any Warrant, with the same rights that it or they would have were it not the
Warrant Agent hereunder, and, to the extent permitted by applicable law, it or
they may engage or be interested in any financial or other transaction with the
Company and may act on, or as a depositary, trustee or agent for, any committee
or body of holders of Warrants, Notes or Warrant Shares, or other securities or
obligations of the Company as freely as if it were not the Warrant Agent
hereunder. Nothing in this Agreement shall be deemed to prevent the Warrant
Agent from acting as trustee under either Indenture.

            (f) No Liability for Interest. The Warrant Agent shall not be under
any liability for interest on any monies at any time received by it pursuant to
any of the provisions of this Agreement.

            (g) No Liability for Invalidity. The Warrant Agent shall not be
under any responsibility with respect to the validity or sufficiency of this
Agreement or the execution and delivery hereof (except the due execution and
delivery hereof by the Warrant Agent) or with respect to the validity or
execution of the Warrant Certificates (except its countersignature thereon).

            (h) No Responsibility for Recitals. The recitals contained herein
and in the Warrant Certificates (except as to the Warrant Agent's
countersignature thereon) shall be taken as the statements of the Company and
the Warrant Agent assumes no responsibility hereby for the correctness of the
same.

            (i) No Implied Obligations. The Warrant Agent shall be obligated to
perform such duties as are specifically set forth herein and no implied duties
or obligations shall be read into this Agreement against the Warrant Agent. The
Warrant Agent shall not be under any obligation to take any action hereunder
which may tend to involve it in any expense or liability, the payment of which
within a reasonable time is not, in its opinion, assured to it. The Warrant
Agent shall not be accountable or under any duty or responsibility for the use
by the Company of any Warrant Certificate authenticated by the Warrant Agent and
delivered by it to the Company pursuant to this Agreement or for the application
by the Company of the proceeds of the issue and sale, or exercise, of the
Warrants. The Warrant Agent shall have no duty or responsibility in case of any
default by the Company in the performance of its covenants or agreements
contained herein or in any Warrant Certificate or in the case of the receipt of
any written demand from a Holder with respect to such default, including,
without limiting the generality of the foregoing, any duty or responsibility to
initiate or attempt to initiate any proceedings at law or otherwise or, except
as provided in Section 5.03 hereof, to make any demand upon the Company.

            Section 4.03 Compliance with Applicable Laws. The Warrant Agent
agrees to comply with all applicable federal and state laws imposing obligations
on it in respect of the services rendered by it under this Agreement and in
connection with the Warrants, including (but not limited to) the provisions of
United States federal income tax laws regarding information reporting and backup
withholding.

            Section 4.04 Resignation, Removal and Appointment of Successor.

            (a) The Company agrees, for the benefit of the Holders from time to
time, that there shall at all times be a Warrant Agent hereunder until all the
Warrants issued hereunder have been exercised or have expired in accordance with
their terms, which Warrant Agent shall be a bank or trust company organized
under the laws of the United States of America or one of the states thereof,
which is authorized under the laws of the jurisdiction of its organization to
exercise corporate trust powers, has a combined capital and surplus of at least
$50,000,000 and has an office or an agent's office in the United States of
America.

            (b) The Warrant Agent may at any time resign as such agent by giving
written notice to the Company of such intention on its part, specifying the date
on which it desires such resignation to become effective; provided that such
date shall not be less than thirty (30) days after the date on which such notice
is given, unless the Company agrees to accept such notice less than thirty (30)
days prior to such date of effectiveness. If no such Successor Warrant Agent has
accepted appointment on the date that is thirty (30) days from the date of
delivery of the Warrant Agent's resignation notice, the resigning Warrant Agent
may petition a court of competent jurisdiction for the appointment of a
successor Warrant Agent.

            (c) The Company may remove the Warrant Agent at any time by giving
written notice to the Warrant Agent of such removal, specifying the date on
which it desires such removal to become effective. Such resignation or removal
shall take effect upon the appointment by the Company, as hereinafter provided,
of a successor Warrant Agent (which shall be a bank or trust company qualified
as set forth in Section 4.04(a)) and the acceptance of such appointment by such
successor Warrant Agent. The obligation of the Company under Section 4.02(a)
shall continue to the extent set forth therein notwithstanding the resignation
or removal of the Warrant Agent.

            (d) If at any time the Warrant Agent shall resign, or shall cease to
be qualified as set forth in Section 4.04(a), or shall be removed, or shall
become incapable of acting, or shall be adjudged a bankrupt or insolvent, or
shall file a petition seeking relief under any applicable Federal or State
bankruptcy or insolvency law or similar law, or make an assignment for the
benefit of its creditors or consent to the appointment of a receiver,
conservator or custodian of all or any substantial part of its property, or
shall admit in writing its inability to pay or to meet its debts as they mature,
or if a receiver or custodian of it or of all or any substantial part of its
property shall be appointed, or if an order of any court shall be entered for
relief against it under the provisions of any applicable Federal or State
bankruptcy or similar law, or if any public officer shall have taken charge or
control of the Warrant Agent or of its property or affairs, for the purpose of
rehabilitation, conservation or liquidation, a successor Warrant Agent,
qualified as set forth in Section 4.04(a), shall be appointed by the Company by
an instrument in writing, filed with the successor Warrant Agent. Upon the
appointment as herein provided of a successor Warrant Agent and acceptance by
the latter of such appointment, the Warrant Agent so superseded shall cease to
be Warrant Agent under this Agreement.

            (e) Any successor Warrant Agent appointed under this Agreement shall
execute, acknowledge and deliver to its predecessor and to the Company an
instrument accepting such appointment, and thereupon such successor Warrant
Agent, without any further act, deed or conveyance, shall become vested with all
the authority, rights, powers, trusts, immunities, duties and obligations of
such predecessor with like effect as if originally named as Warrant Agent under
this Agreement, and such predecessor, upon payment of its charges and
disbursements then unpaid in accordance with Section 4.02(a), shall thereupon
become obligated to transfer, deliver and pay over, and such successor Warrant
Agent shall be entitled to receive, all monies, securities and other property on
deposit with or held by such predecessor, as Warrant Agent under this Agreement.

            (f) Any corporation into which the Warrant Agent may be merged or
converted or any corporation with which the Warrant Agent may be consolidated,
or any corporation resulting from any merger, conversion or consolidation to
which the Warrant Agent shall be a party, or any corporation to which the
Warrant Agent shall sell or otherwise transfer all or substantially all the
assets and business of the Warrant Agent, in each case provided that it shall be
qualified as set forth in Section 4.04(a), shall be the successor Warrant Agent
under this Agreement without the execution or filing of any paper or any further
act on the part of any of the parties to this Agreement, including, without
limitation, any successor to the Warrant Agent first named above.

                                    ARTICLE V

                                  MISCELLANEOUS

            Section 5.01 Amendments.

            (a) This Agreement and any Warrant Certificate may be amended by the
parties hereto by executing a supplemental warrant agreement (a "Supplemental
Agreement"), without the consent of the Holder of any Warrant, for the purpose
of (i) curing any ambiguity, or curing, correcting or supplementing any
defective provision contained herein, or making any other provisions with
respect to matters or questions arising under this Agreement that is not
inconsistent with the provisions of this Agreement or the Warrant Certificates,
(ii) evidencing the succession of another corporation to the Company and the
assumption by any such successor of the covenants of the Company contained in
this Warrant Agreement and the Warrants, (iii) evidencing and providing for the
acceptance of appointment by a successor Warrant Agent with respect to the
Warrants, (iv) issuing definitive Warrant Certificates in accordance with
paragraph (b) of Section 1.03, (v) adding to the covenants of the Company for
the benefit of the Holders or surrendering any right or power conferred upon the
Company under this Agreement, or (vi) amending this Agreement and the Warrants
in any manner that the Company may deem to be necessary or desirable and that
will not adversely affect the interests of the Holders in any material respect.

            (b) The Company and the Warrant Agent may amend this Agreement and
the Warrants by executing a Supplemental Agreement with the consent of the
Holders of not fewer than a majority of the unexercised Warrants affected by
such amendment, for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of this Agreement or of modifying in
any manner the rights of the Holders under this Agreement; provided, however,
that, without the consent of each Holder of Warrants affected thereby, no such
amendment may be made that (i) changes the Warrants so as to reduce the number
of Warrant Shares purchasable upon exercise of the Warrants or so as to increase
the exercise price (other than as provided by Section 2.03), (ii) shortens the
period of time during which the Warrants may be exercised, (iii) otherwise
adversely affects the exercise rights of the Holders in any material respect, or
(iv) reduces the number of unexercised Warrants the consent of the Holders of
which is required for amendment of this Agreement or the Warrants.

            Section 5.02 Merger, Consolidation, Sale, Transfer or Conveyance.
The Company may consolidate or merge with or into any other corporation or sell,
lease, transfer or convey all or substantially all of its assets to any other
corporation, provided that (i) either (x) the Company is the continuing
corporation or (y) the corporation (if other than the Company) that is formed by
or results from any such consolidation or merger or that receives such assets is
a corporation organized and existing under the laws of the United States of
America or a state thereof and such corporation assumes the obligations of the
Company with respect to the performance and observance of all of the covenants
and conditions of this Agreement to be performed or observed by the Company and
(ii) the Company or such successor corporation, as the case may be, must not
immediately be in default under this Agreement. If at any time there shall be
any consolidation or merger or any sale, lease, transfer, conveyance or other
disposition of all or substantially all of the assets of the Company, then in
any such event the successor or assuming corporation shall succeed to and be
substituted for the Company, with the same effect as if it had been named herein
and in the Warrant Certificates as the Company; the Company shall thereupon be
relieved of any further obligation hereunder or under the Warrants, and, in the
event of any such sale, lease, transfer, conveyance (other than by way of lease)
or other disposition, the Company as the predecessor corporation may thereupon
or at any time thereafter be dissolved, wound up or liquidated. Such successor
or assuming corporation thereupon may cause to be signed, and may issue either
in its own name or in the name of the Company, Warrant Certificates evidencing
the Warrants not theretofore exercised, in exchange and substitution for the
Warrant Certificates theretofore issued. Such Warrant Certificates shall in all
respects have the same legal rank and benefit under this Agreement as the
Warrant Certificates evidencing the Warrants theretofore issued in accordance
with the terms of this Agreement as though such new Warrant Certificates had
been issued at the date of the execution hereof. In any case of any such merger
or consolidation or sale, lease, transfer, conveyance or other disposition of
all or substantially all of the assets of the Company, such changes in
phraseology and form (but not in substance) may be made in the new Warrant
Certificates, as may be appropriate.

            Section 5.03 Notices and Demands to the Company and Warrant Agent.
If the Warrant Agent shall receive any notice or demand addressed to the Company
by the Holder or a Participant, as the case may be, the Warrant Agent shall
promptly forward such notice or demand to the Company.

            Section 5.04 Addresses. Any communications from the Company to the
Warrant Agent with respect to this Agreement shall be addressed to JPMorgan
Chase Bank, N.A., 4 New York Plaza, 15th Floor New York, New York 10004,
Attention: Institutional Services, and any communications from the Warrant Agent
to the Company with respect to this Agreement shall be addressed to
Immunomedics, Inc. 300 American Road Morris Plains, NJ 07950, Attention: General
Counsel (or such other address as shall be specified in writing by the Warrant
Agent or by the Company, as the case may be). The Company or the Warrant Agent
shall give notice to the Holders of Warrants by mailing written notice by first
class mail, postage prepaid, to such Holders as their names and addresses appear
in the books and records of the Warrant Agent.

            Section 5.05 GOVERNING LAW. THIS AGREEMENT AND EACH WARRANT
CERTIFICATE AND ALL RIGHTS HEREUNDER AND THEREUNDER AND PROVISIONS HEREOF AND
THEREOF SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK (WITHOUT REFERENCE TO APPLICABLE CONFLICTS OF LAW PROVISIONS).

            Section 5.06 Obtaining of Governmental Approvals. The Company shall
from time to time take all action which may be necessary to obtain and keep
effective any and all permits, consents and approvals of governmental agencies
and authorities and securities acts filings under United States Federal and
state laws, which the Company may deem necessary or appropriate in connection
with the issuance, sale, transfer and delivery of the Warrants, the exercise of
the Warrants, the issuance, sale, transfer and delivery of the Warrant Shares to
be issued upon exercise of Warrants or upon the expiration of the period during
which the Warrants are exercisable.

            Section 5.07 Benefits of Warrant Agreement. Nothing in this
Agreement or any Warrant Certificate expressed or implied and nothing that may
be inferred from any of the provisions hereof or thereof is intended, or shall
be construed, to confer upon, or give to, any person or corporation other than
the Company, the Warrant Agent and their respective successors and assigns or
the holders any right, remedy or claim under or by reason of this Agreement or
any Warrant Certificate or of any covenant, condition, stipulation, promise or
agreement hereof or thereof; and all covenants, conditions, stipulations,
promises and agreements contained in this Agreement or any Warrant Certificate
shall be for the sole and exclusive benefit of the Company and the Warrant Agent
and their respective successors and assigns and of the Holders.

            Section 5.08 Headings. The descriptive headings of the several
Articles and Sections of this Agreement are inserted for convenience only and
shall not control or affect the meaning or construction of any of the provisions
hereof.

            Section 5.09 Severability. If any provision in this Agreement or in
any Warrant Certificate shall be invalid, illegal or unenforceable in any
jurisdiction, the validity, legality and enforceability of the remaining
provisions, or of such provisions in any other jurisdiction, shall not in any
way be affected or impaired thereby.

            Section 5.10 Counterparts. This Agreement may be executed in any
number of counterparts, each of which so executed shall be deemed to be an
original; but such counterparts shall together constitute but one and the same
instrument.

            Section 5.11 Inspection of Agreement. A copy of this Agreement shall
be available at all reasonable times and during normal business hours at the
principal corporate trust office of the Warrant Agent and at the office of the
Company at 300 American Road Morris Plains, NJ 07950, for inspection by any
Holder. The Warrant Agent may require any such Holder to submit satisfactory
proof of ownership for inspection by it.

<PAGE>

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

                                       IMMUNOMEDICS, INC.

                                       By: ___________________________________
                                          Name:
                                          Title:

                                       JPMORGAN CHASE BANK, N.A., as Warrant
                                          Agent

                                       By: ___________________________________
                                          Name:
                                          Title:

<PAGE>

                                                                       EXHIBIT A

                          [FORM OF WARRANT CERTIFICATE]

PRIOR TO THE SHARE INCREASE, THIS WARRANT CERTIFICATE CANNOT BE EXERCISED IN
WHOLE OR IN PART.

                EXERCISABLE ONLY IF COUNTERSIGNED BY THE WARRANT
                            AGENT AS PROVIDED HEREIN.

                         Warrant Certificate evidencing

                              Warrants to Purchase

                                  Common Stock

                              as described herein.

                               IMMUNOMEDICS, INC.

No. ___________                                        CUSIP No. _____________

          VOID AFTER [5:00 P.M.], NEW YORK TIME, ON _______ __, ___

            This certifies that ________________________ or registered assigns
is the registered holder of __________ warrants to purchase certain securities
(the "Warrants"). Each Warrant entitles the holder thereof, subject to the
provisions contained herein and in the Warrant Agreement referred to below, to
purchase from Immunomedics, Inc., a Delaware corporation (the "Company"), [ ]
shares of the Company's Common Stock (the "Warrant Shares"), at the Exercise
Price set forth below. The initial exercise price of each Warrant (the "Exercise
Price") shall be [ ].

            Subject to the terms of the Warrant Agreement, each Warrant
evidenced hereby may be exercised in whole but not in part at any time, as
specified herein, on any Business Day (as defined below) occurring during the
period (the "Exercise Period") commencing on the date of the Share Increase, as
defined in the Purchase Agreement, becomes effective, and ending at 5:00 P.M.,
New York time, on the third anniversary of the issuance of the Securities (the
"Expiration Date"). Each Warrant remaining unexercised after 5:00 P.M., New York
time, on the Expiration Date shall become void, and all rights of the holder of
this Warrant Certificate evidencing such Warrant shall cease.

            The holder of the Warrants represented by this Warrant Certificate
may exercise any Warrant evidenced hereby by delivering, not later than 5:00
P.M., New York time, on any Business Day during the Exercise Period (the
"Exercise Date") to JPMorgan Chase Bank, N.A. (the "Warrant Agent", which term
includes any successor warrant agent under the Warrant Agreement described
below) at its corporate trust department at 4 New York Plaza, 15th Floor New
York, New York 10004, (i) this Warrant Certificate, (ii) an election to purchase
("Election to Purchase"), properly executed by the holder hereof on the reverse
of this Warrant Certificate and (iii) the Exercise Price for each Warrant to be
exercised in lawful money of the United States of America by bank wire transfer
in immediately available funds. If any of (a) this Warrant Certificate, (b) the
Election to Purchase, or (c) the Exercise Price therefor, is received by the
Warrant Agent after 5:00 P.M., New York time, on the specified Exercise Date,
the Warrants will be deemed to be received and exercised on the next succeeding
day which is a Business Day. If the Warrants to be exercised are received or
deemed to be received after the Expiration Date, the exercise thereof will be
null and void and any funds delivered to the Warrant Agent will be returned to
the holder as soon as practicable. In no event will interest accrue on funds
deposited with the Warrant Agent in respect of an exercise or attempted exercise
of Warrants. The validity of any exercise of Warrants will be determined by the
Company in its sole discretion and such determination will be final and binding
upon the holder of the Warrants. Neither the Warrant Agent nor the Company shall
have any obligation to inform a holder of Warrants of the invalidity of any
exercise of Warrants. As used herein, the term "Business Day" means any day
which is not a Saturday or Sunday and is not a legal holiday or a day on which
banking institutions generally are authorized or obligated by law or regulation
to close in The City of New York.

            Warrants may be exercised only in whole numbers of Warrants. If
fewer than all of the Warrants evidenced by this Warrant Certificate are
exercised, a new Warrant Certificate for the number of Warrants remaining
unexercised shall be executed by the Company and countersigned by the Warrant
Agent as provided in Section 1.02 of the Warrant Agreement, and delivered to the
holder of this Warrant Certificate at the address specified on the books of the
Warrant Agent or as otherwise specified by such registered holder.

            This Warrant Certificate is issued under and in accordance with the
Warrant Agreement, dated as of April 29, 2005 (the "Warrant Agreement"), between
the Company and the Warrant Agent and is subject to the terms and provisions
contained in the Warrant Agreement, to all of which terms and provisions the
holder of this Warrant Certificate consents by acceptance hereof. Copies of the
Warrant Agreement are on file and can be inspected at the above-mentioned office
of the Warrant Agent and at the office of the Company at 300 American Road
Morris Plains, NJ 07950.

            The accrual of dividends, if any, on the Warrant Shares issued upon
the valid exercise of any Warrant will be governed by the terms of the Company's
certificate of incorporation and such Warrant Shares. From and after the
issuance of such Warrant Shares, the former holder of the Warrants exercised
will be entitled to the benefits of the Company's certificate of incorporation
under which such Warrant Shares are issued and such former holder's right to
receive payments of dividends and any other amounts payable in respect of the
Warrant Shares shall be governed by, and shall be subject to, the terms and
provisions of the Company's certificate of incorporation and the Warrant Shares.

            The Exercise Price and the number of Warrant Shares purchasable upon
the exercise of each Warrant shall be subject to adjustment in accordance with
Section 3.02 of the Warrant Agreement and upon (i) the issuance of a stock
dividend to the holders of the outstanding shares of Warrant Shares or a
combination, subdivision or reclassification of the Warrant Shares; (ii) the
issuance of rights, warrants or options to all holders of the Warrant Shares
entitling the holders thereof to purchase Warrant Shares for an aggregate
consideration per share less than the current market price per share of the
Warrant Shares; or (iii) any distribution by the Company to the holders of the
Warrant Shares of evidences of indebtedness of the Company or of assets
(excluding cash dividends or distributions payable out of consolidated earnings
and earned surplus and dividends or distributions referred to in (i) above);
provided that no such adjustment in the number of Warrant Shares purchasable
upon exercise of the Warrants will be required until cumulative adjustments
require an adjustment of at least 1% of such number. No fractional shares will
be issued upon exercise of Warrants, but the Company will pay the cash value of
any fractional shares otherwise issuable. Any adjustment to be made to this
Warrant Certificate shall be made pursuant to Section 2.03 of the Warrant
Agreement as determined by the Company in good faith and such determination
shall be final and binding upon the Holders of the Warrants.

            Upon due presentment for registration of transfer or exchange of
this Warrant Certificate at the corporate trust office of the Warrant Agent, the
Company shall execute, and the Warrant Agent shall countersign and deliver, as
provided in Section 1.02 of the Warrant Agreement, in the name of the designated
transferee one or more new Warrant Certificates of any authorized denomination
evidencing in the aggregate a like number of unexercised Warrants, subject to
the limitations provided in the Warrant Agreement.

            Neither this Warrant Certificate nor the Warrants evidenced hereby
shall entitle the holder hereof or thereof to any of the rights of a holder of
the Warrant Shares, including, without limitation, the right to receive the
payments of principal of (and premium, if any), and interest, if any, on Debt
Securities or Units consisting of Debt Securities purchasable upon such
exercise, to enforce any of the covenants in the applicable Indenture, the right
to receive dividends, if any, payments upon the liquidation, dissolution or
winding up of the Company or to exercise voting rights, if any.

            The Warrant Agreement and this Warrant Certificate may be amended as
provided in the Warrant Agreement including, under certain circumstances
described therein, without the consent of the holder of this Warrant Certificate
or the Warrants evidenced thereby.

            THIS WARRANT CERTIFICATE AND ALL RIGHTS HEREUNDER AND UNDER THE
WARRANT AGREEMENT AND PROVISIONS HEREOF AND THEREOF SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT
REFERENCE TO APPLICABLE CONFLICTS OF LAW PROVISIONS).

            This Warrant Certificate shall not be entitled to any benefit under
the Warrant Agreement or be valid or obligatory for any purpose, and no Warrant
evidenced hereby may be exercised, unless this Warrant Certificate has been
countersigned by the manual signature of the Warrant Agent.

<PAGE>

            IN WITNESS WHEREOF, the Company has caused this instrument to be
duly executed.

Dated as of April 29, 2005

                                       IMMUNOMEDICS, INC.

                                       By: ___________________________________
                                          Name:
                                          Title:

                                       JPMORGAN CHASE BANK, N.A., as Warrant
                                          Agent

                                       By: ___________________________________
                                          Name:
                                          Title:

<PAGE>

                                    [REVERSE]

                      Instructions for Exercise of Warrant

            To exercise the Warrants evidenced hereby, the holder must, by 5:00
P.M., New York time, on the specified Exercise Date during the Exercise Period,
deliver to the Warrant Agent at its corporate trust department, a wire transfer
in immediately available funds, in each case payable to the Warrant Agent at
Account No. 10222363.1, in an amount equal to the Exercise Price in full for the
Warrants exercised. In addition, the Warrant holder must provide the information
required below and deliver this Warrant Certificate to the Warrant Agent at the
address set forth below. This Warrant Certificate and the Election to Purchase
must be received by the Warrant Agent by 5:00 P.M., New York time, on the
specified Exercise Date during the exercise period.

                              ELECTION TO PURCHASE
                    TO BE EXECUTED IF WARRANT HOLDER DESIRES
                    TO EXERCISE THE WARRANTS EVIDENCED HEREBY

            The undersigned hereby irrevocably elects to exercise, on
__________, ____ (the "Exercise Date"), _____________ Warrants, evidenced by
this Warrant Certificate, to purchase, [___________] shares of Common Stock (the
"Warrant Shares") of Immunomedics, Inc., a Delaware corporation (the "Company"),
and represents that on or before the Exercise Date such holder has tendered
payment for such Warrant Shares by (i) bank wire transfer in immediately
available funds to the order of the Company c/o [Name and address of Warrant
Agent], in the amount of $_____________ in accordance with the terms hereof or
(ii) by cashless exercise as set forth in Section 2.03(b) of the Warrant
Agreement. The undersigned requests that said number of Warrant Shares be in
fully registered form, in the authorized denominations, registered in such names
and delivered, all as specified in accordance with the instructions set forth
below.

            If said number of Warrant Shares is less than all of the Warrant
Shares purchasable hereunder, the undersigned requests that a new Warrant
Certificate evidencing the remaining balance of the Warrants evidenced hereby be
issued and delivered to the holder of the Warrant Certificate unless otherwise
specified in the instructions below.

Dated: ______________ __, ____

Name__________________________
(Please Print) / / / /- / / /- / / / / /
(Insert Social Security or Other
Identifying Number of Holder)
Address_______________________

Signature___________________

This Warrant may only be exercised by presentation to the Warrant Agent at one
of the following locations:

            By hand at

            By mail at

The method of delivery of this Warrant Certificate is at the option and risk of
the exercising holder and the delivery of this Warrant Certificate will be
deemed to be made only when actually received by the Warrant Agent. If delivery
is by mail, registered mail with return receipt requested, properly insured, is
recommended. In all cases, sufficient time should be allowed to assure timely
delivery.

Name in which Warrant Shares are to be registered if other than in the name of
the registered holder of this Warrant Certificate:

___________________________

Address to which Warrant Shares are to be mailed if other than to the address of
the registered holder of this Warrant Certificate as shown on the books of the
Warrant Agent:

                                          _____________________________________
                                          (Street Address)

                                          _____________________________________
                                          (City and State) (Zip Code)

Name in which Warrant Certificate
evidencing unexercised Warrants, if any,
are to be registered if other than in
the name of the registered holder of
this Warrant Certificate:

                                          ______________________________________

Address to which certificate representing unexercised Warrants, if any, are to
be mailed if other than to the address of the registered holder of this Warrant
Certificate as shown on the books of the Warrant Agent:

                                          ______________________________________
                                          (Street Address)

                                          ______________________________________
                                          (City and State) (Zip Code)

                                          ______________________________________
                                          Signature

(Signature must conform in all respects
to the name of the holder as specified
on the face of this Warrant Certificate.
If Warrant Shares, or a Warrant
Certificate evidencing unexercised
Warrants, are to be issued in a name
other than that of the registered holder
hereof or are to be delivered to an
address other than the address of such
holder as shown on the books of the
Warrant Agent, the above signature must
be guaranteed by a member firm of a
registered national stock exchange, a
member of the National Association of
Securities Dealers, Inc., a participant
in the Security Transfer Agents
Medallion Program or the Stock Exchange
Medallion Program, or by a commercial
bank or trust company having an office
or correspondent in the United States.)

SIGNATURE GUARANTEE

Name of Firm _________________

Address ______________________

Area Code
and Number ___________________

Authorized
Signature ____________________

Name _________________________

Title ________________________

Dated: ________________, 200__

<PAGE>

                                   ASSIGNMENT

              (FORM OF ASSIGNMENT TO BE EXECUTED IF WARRANT HOLDER
                 DESIRES TO TRANSFER WARRANTS EVIDENCED HEREBY)

            FOR VALUE RECEIVED _________________ hereby sells, assigns and
transfers unto _________________________________________________________________
  (Please print name and address including zip code)
  (Please insert social security or other identifying number)

the rights represented by the within Warrant Certificate and does hereby
irrevocably constitute and appoint ____________ Attorney, to transfer said
Warrant Certificate on the books of the Warrant Agent with full power of
substitution in the premises.

Dated:

                                    ____________________________________________
                                    Signature

                                    (Signature must conform in all respects to
                                    the name of the holder as specified on the
                                    face of this Warrant Certificate and must
                                    bear a signature guarantee by a member firm
                                    of a registered national securities
                                    exchange, a member of the National
                                    Association of Securities Dealers, Inc., a
                                    participant in the Security Transfer Agents
                                    Medallion Program or the Stock Exchange
                                    Medallion Program, or by a commercial bank
                                    or trust company having an office or
                                    correspondent in the United States)

SIGNATURE GUARANTEE

Name of Firm _________________

Address ______________________

Area Code
and Number ___________________

Authorized
Signature ____________________

Name _________________________

Title ________________________

Dated: ________________, 200__

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00083-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00083-of-00352.parquet"}]]