Document:

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                                                                    EXHIBIT 4.10

                            EXCHANGE AGENT AGREEMENT

                                                           Date:

American Stock Transfer & Trust Company
59 Maiden Lane
New York, NY 10038

Ladies and Gentlemen:

In connection with a public exchange offer pursuant to a registration statement
(the "Registration Statement") on Form S-4 and Form SB-2, which was initially
filed on July 29, 2005 and which is to be declared effective sometime in the
future by the Securities and Exchange Commission (the "SEC"), of up to 3,625,000
warrants, Rockwell Medical Technologies, Inc. ("the Company") will offer to
exchange a new Common Share Purchase Warrant expiring January 26, 2006 with an
exercise price to be determined by the Company's Board of Directors prior to the
Effective Time (as defined below) (a "New Warrant") for each currently
outstanding Common Share Purchase Warrant expiring January 26, 2006 with an
exercise price of $4.50 (an "Old Warrant") that is properly tendered and
accepted by the Exchange Agent (the "Exchange Offer"). The "Expiration Date" for
the Exchange Offer shall be 5 p.m. Eastern Standard Time, on _____________,
2005, unless and until the Company shall have extended the period of time during
which the Exchange Offer is open, in which event the term "Expiration Date"
shall mean the latest time and date at which the Exchange Offer, as so extended
by the Company, shall expire. You will be notified of the date that the
Registration Statement is declared effective by the SEC (the "Effective Time")
by no later than the first business day following the Effective Time.

The Company has delivered or will deliver to you (i) a copy of the letter of
transmittal ("Letter of Transmittal") to be sent to holders of record as of the
latest practicable date prior to the Effective Time (the "Record Date") of the
Old Warrants (the "Record Date Warrant Holders"), (ii) copies of all other
documents or materials, if any, to be forwarded to the Record Date Warrant
Holders, (iii) a certified copy of resolutions adopted by the Board of Directors
of the Company authorizing the Exchange Offer, the appointment of the Exchange
Agent and the execution of this exchange agent agreement (this "Agreement"),
(iv) a list showing the names and addresses (as of the Record Date) of the
Record Date Warrant Holders and the number of Old Warrants held by each Old
Warrant Holder as of the Record Date including the certificate detail relating
thereto, and (v) a list of certificates (including certificate numbers)
representing the Old Warrants that have been or are, as of such date, lost,
stolen, destroyed or replaced or restricted as to transfer (noting the text of
the restrictive legends

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applicable thereto) or with respect to which a stop transfer order has been
noted (such lists being herein referred to as the ("Lists").

As soon as practicable after the Effective Time, the Exchange Agent (as defined
below) will mail to each Record Date Warrant Holder and any holder of record
after the Record Date of the Old Warrants to whom mailing has been authorized in
writing to the Exchange Agent by the Company ("Subsequent Holders," and together
with the Record Date Warrant Holders, the "Old Warrant Holders") (a) a notice
advising such holder of the effectiveness of the Exchange Offer and the
applicable terms of the exchange effected thereby, (b) a Letter of Transmittal
with instructions and guidelines, (c) a self-addressed return envelope, (d) tax
certification and guidelines, (e) the Prospectus, and (f) any other material
deemed appropriate by the Company (collectively referred to as the "Old Warrant
Holder Mailing"). Notwithstanding the first sentence of this paragraph, the
Exchange Agent shall not mail the Old Warrant Holder Mailing to any Old Warrant
Holder to the extent that the Exchange Agent has received written notice from
the Company that the Old Shareholder Mailing is not permitted in the applicable
state. The Exchange Agent also will deliver to the Old Warrant Holders, when and
as directed by the Company, any supplements or amendments to the Prospectus or
any of the other Old Warrant Holder Mailing material.

This will confirm the appointment by the Company of American Stock Transfer &
Trust Company as the exchange agent ("Exchange Agent") and, in that capacity,
the authorization of the Exchange Agent to act as agent for the Company for the
purpose of receiving the Old Warrants and transmitting the New Warrants to the
Old Warrant Holders upon satisfaction of the conditions set forth herein. Your
duties, liabilities and rights as Exchange Agent are as set forth herein.

In carrying out your duties as Exchange Agent, you are to act in accordance with
the following:

1.       Examination of Letters of Transmittal. You are to examine Letters of
         Transmittal, certificates representing the Old Warrants and other
         documents delivered or mailed to you by or for the Old Warrant Holders
         to ascertain, to the extent reasonably determined by you, whether:

         (a)      the Letters of Transmittal appear to be duly executed and
                  properly completed in accordance with the instructions set
                  forth therein;

         (b)      the certificates for Old Warrants appear to be properly
                  surrendered and, if applicable, endorsed for transfer;

         (c)      the other documents, if any, used in exchange appear to be
                  duly executed any properly completed and in the proper form;
                  and

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         (d)      the certificates for Old Warrants are free of restrictions on
                  transfer or stop orders.

In the event you ascertain that any Letter of Transmittal or other document has
been improperly completed or executed, that any of the certificates for Old
Warrants are not in proper form or some other irregularity exists, you shall
attempt to resolve promptly the irregularity and may use your best efforts to
contact the appropriate Old Warrant Holder by whatever means of communication
you deem most expedient to correct the irregularity and, upon consultation with
the Company, shall endeavor to take such other reasonable action as may be
necessary to cause such irregularity to be corrected, and the determination of
any questions referred to the Company or its counsel by you as to the validity,
form and eligibility, as well as the proper completion of execution of the
Letters of Transmittal and other documents, shall be final and binding, and you
may rely thereon as provided in Section 10 hereof. Any costs of contacting the
Old Warrant Holders for the purpose of correcting irregularities shall be
incurred for the account of the Company.

2.       Exchange of Warrants. As soon as practicable after surrender to you of
         the certificates for Old Warrants registered to a particular record
         holder or holders and the return of a properly completed and signed
         Letter of Transmittal relating thereto prior to the Expiration Date,
         you shall provide written notice to the Company of such surrender and
         return, and, after the Expiration Date and upon the Company's written
         authorization, you will promptly cause to be issued and distributed to
         the holder(s) in whose name such certificates were registered (or such
         other person as shall have been specified pursuant to the terms hereof)
         the New Warrants.

         Until so surrendered, each certificate which immediately prior to the
         Effective Time represented Old Warrants shall, at and after the
         Effective Time, entitle the holder(s) thereof only to receive, upon
         surrender of it and all other identically registered certificates, the
         certificates representing the New Warrants.

         If any certificates representing the New Warrants are to be issued in a
         name other than that in which the certificate for the Old Warrants
         surrendered in exchange therefor is registered, it shall be a condition
         of the issuance or payment thereof that the certificate so surrendered
         shall be properly endorsed and otherwise in proper form for transfer
         and that the person requesting such exchange shall pay to you any
         transfer or other taxes required, or shall establish to your
         satisfaction that such tax has been paid or is not payable.

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         Certificates to be delivered by mail shall be forwarded by first class
         mail under the Exchange Agent's blanket surety bond, which the Company
         understands protects the Company and the Exchange Agent from loss or
         liability arising by virtue of the non-receipt or non-delivery of such
         certificates. It is understood that the market value of the securities
         in any one shipment sent by first class mail will not be in excess of
         $250,000.00. In the event the market value shall exceed $250,000.00,
         the envelope shall be mailed by registered mail and shall be insured
         separately for the replacement value of its contents at the time of
         mailing.

3.       Lost Stolen or Destroyed Certificates. In the event that any Old
         Warrant Holder claims that any certificate representing Old Warrants is
         lost, stolen or destroyed, the Exchange Agent shall mail to such Old
         Warrant Holder an affidavit of loss and the requirements for an
         indemnity bond. The Exchange Agent shall make the distribution of
         certificates representing the New Warrants only upon receipt of a
         properly completed affidavit of loss and the requirements for an
         indemnity bond.

4.       Reports. The Exchange Agent shall furnish, until otherwise notified,
         monthly, or more frequently if requested by the Company, reports to the
         Company showing:

         (a)  number of Old Warrants surrendered and number of New Warrants
              issued in exchange therefor (previous, herewith and total);
              and

         (b)  fractional warrants adjusted (previous, herewith and total).

5.       IRS Filings. You shall arrange to comply with all requirements under
         the tax laws of the United States, including those relating to missing
         tax identification numbers, and shall file any appropriate reports with
         the Internal Revenue Service ("IRS") (e.g., 1099, 1099B, etc.).

6.       Copies of Documents. You shall take such action at the Company's
         expense as may from time to time be reasonably requested by the Company
         to furnish copies of the Letter of Transmittal and other documents
         comprising the Old Warrant Holder Mailing with all subsequent
         supplements or amendments to persons designated by the Company.

7.       Receipt or Disposal. Letters of Transmittal and telegrams, telexes,
         facsimile transmissions and other materials submitted to you by the Old
         Warrant Holders shall be preserved in accordance with the terms of
         applicable laws, but in any event at least three years from the date
         received.

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8.       Maintenance of Records. You will keep and maintain complete and
         accurate ledgers showing all warrants exchanged by you. You are
         authorized to cooperate with and furnish information to any
         organization or its legal representatives designated from time to time
         by the Company in any manner reasonably requested by any of them in
         connection with the Exchange Offer pursuant thereto.

9.       Delivery of Surrendered Old Warrants. All certificates for Old Warrants
         surrendered to you shall be retained by you as required by S.E.C.
         regulations.

10.      Exchange Agents Duties and Obligations. As Exchange Agent, you:

         (a)  will have no duties or obligations other than those specifically
              set forth herein, or as may subsequently be agreed to in writing
              by you and the Company;

         (b)  will be regarded as making no representations or warranties and
              having no responsibilities regarding the validity, sufficiency,
              value or genuineness of any certificates for Old Warrants
              surrendered to you or the Old Warrants represented thereby; will
              not be required or requested to make any representations as to the
              validity or genuineness of any certificates for New Warrants or
              New Warrants represented thereby; and will not be responsible in
              any manner whatsoever for the correctness of the statements made
              herein or in the Registration Statement or in any document
              furnished to you by the Company;

         (c)  will not be obligated to institute or defend on the Company's
              behalf any action, suit or legal proceeding in connection with the
              Exchange Offer or take any other action which might in your
              reasonable judgment involve, or result in, expense or liability to
              you, unless the Company shall first furnish you an indemnity
              reasonably satisfactory to you;

         (d)  may rely on, and shall be protected in acting upon, any
              certificate, instrument, opinion, representation, notice letter,
              telegram or other document delivered to you and believed by you to
              be genuine and to have been signed by the proper party or parties;

         (e)  may rely on, and shall be protected in acting upon, written or
              oral instructions given by any executive officer of, or any party
              authorized by, the Company with respect to any matter relating to
              your actions as Exchange Agent;

         (f)  may consult with counsel satisfactory to you (including counsel
              for the Company), and the written advice or opinion of such
              counsel shall be full and complete authorization and protection in
              the respect of any

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              action taken, suffered or omitted by you hereunder in good faith
              and in accordance with such advice or opinion of such counsel; and

         (g)  may retain an agent or agents of your choice to assist you in
              performing your duties and obligations hereunder, at your cost and
              without relieving you of any liability hereunder.

11.      Termination of Exchange Agent's Duties and Obligations. This Agreement
         shall terminate upon demand by the Company at which time all
         undistributed certificates representing New Warrants shall be delivered
         by the Exchange Agent to the Company. The provisions of sections 12 and
         13 below shall survive the termination of this Agreement.

12.      Indemnification of Exchange Agent. The Company hereby covenants and
         agrees to reimburse, indemnify and hold you harmless from and against
         any and all claims, actions, judgments, damages, losses, liabilities,
         costs and transfer or other non-income taxes (including, without
         limitation, reasonable attorneys fees and expenses) incurred or
         suffered without any breach of this Agreement, negligence, bad faith or
         willful misconduct on your part, (a) arising out of or incident to this
         Agreement or the administration of your duties hereunder, (b) arising
         out of or incident to your compliance with instructions set forth
         herein or with any instructions delivered to you pursuant hereto, or
         (c) as a result of defending yourself against any claim or liability
         resulting from your actions as Exchange Agent, including any claim
         against you by any tendering Old Warrant Holder, which covenant and
         agreement shall survive the termination hereof. You hereby represent
         that you will notify the Company by letter, or facsimile confirmed by
         letter, of any receipt by you of a written assertion of a claim against
         you, or any action commenced against you, within ten (10) days after
         your receipt of written notice of such assertion or your having been
         served with the summons or other first legal process giving information
         as to the nature and basis of any such assertion. However, your failure
         to so notify the Company shall not operate in any manner whatsoever to
         relieve the Company from any liability which it may have on account of
         this Section 12 if no prejudice occurs. At its election, the Company
         may assume the conduct of your defense in any such action or claim, at
         its sole cost and expense. In the event that the Company elects to
         assume the defense of any such action or claim, the Company shall not
         be liable for the fees and expenses of any counsel thereafter retained
         by you.

13.      Compensation and Expenses. For services rendered as Exchange Agent
         hereunder, your fees are approved as set forth in the schedule attached
         to this Agreement.

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14.      Notices. Except as otherwise provided herein, no notice, instruction or
         other communication by one party shall be binding upon the other party
         unless hand delivered or sent by certified mail, return receipt
         requested. Notice to you shall be sent or delivered to your above-noted
         address or such other addresses as you shall hereafter designate in
         writing in accordance herewith. Notice to the Company shall be sent or
         delivered to:

                  Rockwell Medical Technologies, Inc.
                  30142 Wixom Rd.
                  Wixom, MI  48393
                  Attn: President

         with a copy to:

                  John P. Kanan, Esq.
                  Honigman Miller Schwartz and Cohn LLP
                  2290 First National Building
                  Detroit, MI 48226

15.      Prior Agreements. Nothing herein contained shall amend, replace or
         supersede any agreement between the Company and you to act as the
         Company's transfer agent which agreement shall remain of full force and
         effect.

16.      Governing Law; Binding Upon Successors and Assigns. This Agreement
         shall be constructed and enforced in accordance with the laws of the
         state of New York, without regard to the principles thereof respecting
         conflicts of laws, and shall inure to the benefit of, and the
         obligations created hereby shall be binding upon, the successors and
         assigns of the parties hereto.
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                  Executed this ________ day of _______________, 2005

                                            ROCKWELL MEDICAL TECHNOLOGIES, INC.

                                            By: ________________________
                                            Name: _____________________
                                            Title: ______________________

Agreed To and Accepted:

AMERICAN STOCK TRANSFER & TRUST COMPANY

By: __________________________
Name: ________________________
Title: _______________________<PAGE>

                                                                    EXHIBIT 4.11

                         NOTICE OF GUARANTEED DELIVERY
                                      FOR
       TENDER OF COMMON SHARE PURCHASE WARRANTS EXPIRING JANUARY 26, 2006
                        WITH AN EXERCISE PRICE OF $4.50
                                       OF

                      ROCKWELL MEDICAL TECHNOLOGIES, INC.

                   (NOT TO BE USED FOR SIGNATURE GUARANTEES)

            THE EXCHANGE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT
             5:00 P.M. EASTERN STANDARD TIME ON             , 2005,
                     UNLESS THE EXCHANGE OFFER IS EXTENDED.

     This Notice of Guaranteed Delivery, or a form substantially equivalent
hereto, must be used to accept the Exchange Offer (as defined below) if
certificates for Old Warrants (as defined below) are not immediately available,
if the procedure for book-entry transfer cannot be completed on a timely basis,
or if time will not permit all required documents to reach American Stock
Transfer and Trust Company (the "Transfer Agent") on or prior to the Expiration
Date (as defined in the Prospectus). This form may be delivered by hand,
transmitted by facsimile or mailed to the Transfer Agent. See page   of the
Prospectus.

                 THE TRANSFER AGENT FOR THE EXCHANGE OFFER IS:
                   AMERICAN STOCK TRANSFER AND TRUST COMPANY

                      Facsimile Copy Number: 718-234-5001
                       Confirm by Telephone: 718-921-8317

<Table>
<S>                                                   <C>
    By First Class Mail or Overnight Courier:                              By Hand:
     American Stock Transfer & Trust Company               American Stock Transfer & Trust Company
                Operations Center                                       59 Maiden Lane
                 6201 15th Avenue                                     New York, NY 10038
                Brooklyn, NY 11219                             Attn: Reorganization Department
         Attn: Reorganization Department
</Table>

     DELIVERY OF THIS NOTICE OF GUARANTEED DELIVERY TO AN ADDRESS OTHER THAN ONE
SET FORTH ABOVE OR TRANSMISSION OF INSTRUCTIONS VIA FACSIMILE TO A NUMBER OTHER
THAN THE FACSIMILE NUMBER SET FORTH ABOVE WILL NOT CONSTITUTE A VALID DELIVERY
TO THE TRANSFER AGENT.

     THIS NOTICE OF GUARANTEED DELIVERY TO THE TRANSFER AGENT IS NOT TO BE USED
TO GUARANTEE SIGNATURES. IF A SIGNATURE ON A LETTER OF TRANSMITTAL IS REQUIRED
TO BE GUARANTEED BY AN "ELIGIBLE INSTITUTION" (AS DEFINED IN THE PROSPECTUS)
UNDER THE INSTRUCTIONS THERETO, SUCH SIGNATURE GUARANTEE MUST APPEAR IN THE
APPLICABLE SPACE PROVIDED IN THE SIGNATURE BOX ON THE LETTER OF TRANSMITTAL.

     The Eligible Institution that completes this form must communicate this
guarantee to the Transfer Agent and must deliver the Letter of Transmittal or an
Agent's Message (as defined in the Prospectus) and certificates for Old Warrants
to the Transfer Agent within the time period shown herein. Failure to do so
could result in a financial loss to such Eligible Institution.

              THE GUARANTEE ON THE REVERSE SIDE MUST BE COMPLETED.
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Ladies and Gentlemen:
     The undersigned hereby tenders and surrenders to Rockwell Medical
Technologies, Inc., a Michigan corporation (the "Company"), upon the terms and
subject to the conditions set forth in the Prospectus dated           , 2005
(the "Prospectus") and the related Letter of Transmittal (which, together with
any amendments or supplements thereto, constitute the "Exchange Offer"), receipt
of which is hereby acknowledged, the number of Common Share Purchase Warrants
expiring January 26, 2006 with an exercise price of $4.50 (the "Old Warrants")
of the Company, set forth below, pursuant to the guaranteed delivery procedures
set forth in the Prospectus.

<Table>
<S>                                      <C>
----------------------------------------------------------------------------
                                         Name(s) of Record Holder(s):
 Number of Old Warrants Tendered:        (please print or type)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
 Certificate Nos: (if available)         Address:
----------------------------------------------------------------------------
                                         Area Code and Phone: (  )
----------------------------------------------------------------------------
 Check box if Old Warrants will be       Signature:
  tendered by Book-entry Transfer:  [ ]
----------------------------------------------------------------------------
 Tendering Institution:
----------------------------------------------------------------------------
 Account No.:
----------------------------------------------------------------------------
</Table>

                THE GUARANTEE SET FORTH BELOW MUST BE COMPLETED

                                   GUARANTEE
                    (Not to be used for signature guarantee)
     The undersigned, a firm that is a participant in the Securities Transfer
Agents Medallion Program, or an "eligible guarantor institution" (as such term
is defined in Rule 17Ad-15 under the Securities Exchange Act of 1934, as
amended), hereby guarantees the delivery to the Transfer Agent of either the
certificates evidencing all tendered Old Warrants, in proper form for transfer,
or the Old Warrants pursuant to the procedure for book-entry transfer into the
Transfer Agent's account at The Depository Trust Company (the "Book-Entry
Transfer Facility"), in either case, together with the Letter of Transmittal (or
a facsimile thereof) properly completed and duly executed, with any required
signature guarantees or an Agent's Message (as defined in the Prospectus) in the
case of a book-entry delivery, and any other required documents, all within
three Nasdaq SmallCap Market trading days after the date hereof.
     The Eligible Institution that completes this form must communicate the
guarantee to the Transfer Agent and must deliver the Letter of Transmittal and
certificates for Old Warrants to the Transfer Agent within the time period shown
herein. Failure to do so could result in a financial loss to such Eligible
Institution.

Name of Firm:
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Address:
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Authorized Signature:
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Printed Name:
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Title:
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Area Code and Tel. No.:
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Date: ------------------------------ , 2005

NOTE: DO NOT SEND CERTIFICATES FOR OLD WARRANTS WITH THIS NOTICE. CERTIFICATES
FOR OLD WARRANTS SHOULD BE SENT WITH YOUR LETTER OF TRANSMITTAL.

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