Document:

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                                                                     Exhibit 4.1

THIS WARRANT AND THE SHARES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT") OR WITH ANY
STATE SECURITIES COMMISSION, AND MAY NOT BE TRANSFERRED OR DISPOSED OF BY THE
HOLDER IN THE ABSENCE OF A REGISTRATION STATEMENT WHICH IS EFFECTIVE UNDER THE
SECURITIES ACT AND APPLICABLE STATE LAWS AND RULES, OR, UNLESS, IMMEDIATELY
PRIOR TO THE TIME SET FOR TRANSFER, SUCH TRANSFER MAY BE EFFECTED WITHOUT
VIOLATION OF THE SECURITIES ACT AND OTHER APPLICABLE STATE LAWS AND RULES.

                               BIOPURE CORPORATION

                                     WARRANT

Warrant No. CW - [*]                                             August 23, 2006

         Biopure Corporation, a Delaware corporation (the "COMPANY"), hereby
certifies that, for value received, [*] or its registered assigns (including
permitted transferees, the "HOLDER"), is entitled to purchase from the Company
up to a total of [*] shares (as adjusted from time to time as provided in
Section 9) of Common Stock (as defined below), together with the associated
preferred stock purchase rights under that certain Rights Agreement (the "RIGHTS
AGREEMENT") dated as of as of September 24, 1999 between the Company and
American Stock Transfer & Trust Company, as rights agent, to the extent the
Rights Agreement is in effect on the date of such purchase, at an exercise price
equal to $0.89 per share (as adjusted from time to time as provided in Section
9, the "EXERCISE PRICE"), at any time and from time to time from and after
February 23, 2007 (the "INITIAL EXERCISE DATE") to and including August 23, 2011
(the "EXPIRATION DATE"), and subject to the following terms and conditions.

         1. Definitions. The capitalized terms used herein and not otherwise
defined shall have the meanings set forth below:

                  "AFFILIATE" of any specified Person means any other person or
entity directly or indirectly controlling, controlled by or under direct or
indirect common control with such specified Person. For purposes of this
definition, "CONTROL" means the power to direct the management and policies of
such Person or firm, directly or indirectly, whether through the ownership of
voting securities, by contract or otherwise.

                  "COMMISSION" means the United States Securities and Exchange
Commission.

                  "COMMON STOCK" means the Class A common stock of the Company,
$0.01 par value per share.

                  "ELIGIBLE MARKET" means any of the New York Stock Exchange,
the American Stock Exchange or Nasdaq, and any successor markets thereto.

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

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                  "MARKET PRICE" shall mean (i) if the principal trading market
for such securities is an exchange, the average of the last reported sale prices
per share for the last ten previous Trading Days in which a sale was reported,
as officially reported on any consolidated tape, (ii) if clause (i) is not
applicable, the average of the closing bid price per share for the last ten
previous Trading Days as set forth by Nasdaq or (iii) if clauses (i) and (ii)
are not applicable, the average of the closing bid price per share for the last
ten previous Trading Days as set forth in the National Quotation Bureau sheet
listing for such securities. Notwithstanding the foregoing, if there is no
reported sales price or closing bid price, as the case may be, on any of the ten
Trading Days preceding the event requiring a determination of Market Price
hereunder, then the Market Price shall be determined in good faith after
reasonable investigation by resolution of the Board of Directors of the Company.

                  "NASDAQ" means the Nasdaq Capital Market or Nasdaq Global
Market, and any successor markets thereto.

                  "OTHER SECURITIES" refers to any capital stock (other than
Common Stock) and other securities of the Company or any other Person which the
Holder of this Warrant at any time shall be entitled to receive, or shall have
received, pursuant to the terms hereof upon the exercise of this Warrant, in
lieu of or in addition to Common Stock.

                  "PERSON" means any court or other federal, state, local or
other governmental authority or other individual or corporation, partnership,
trust, incorporated or unincorporated association, joint venture, limited
liability company, joint stock company, government (or an agency or subdivision
thereof) or other entity of any kind.

                  "TRADING DAY" means (a) any day on which the Common Stock is
listed or quoted and traded on any Eligible Market or (b) if the Common Stock is
not then quoted and traded on any Eligible Market, then a day on which trading
occurs on the Nasdaq Global Market (or any successor thereto).

                  "WARRANT SHARES" shall initially mean shares of Common Stock
(together with the associated preferred stock purchase rights under the Rights
Agreement to the extent the Rights Agreement is in effect on the applicable
date) and in addition may include Other Securities and Substituted Property (as
defined in Section 9(e)(x)) issued or issuable from time to time upon exercise
of this Warrant.

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         2. Registration of Warrant. The Company shall register this Warrant,
upon records to be maintained by the Company for that purpose (the "WARRANT
REGISTER"), in the name of the record Holder hereof from time to time. The
Company may deem and treat the registered Holder of this Warrant as the absolute
owner hereof for the purpose of any exercise hereof or any distribution to the
Holder, and for all other purposes.

         3. Registration of Transfers. The Company shall register the transfer
of any portion of this Warrant in the Warrant Register, upon surrender of this
Warrant, with the Form of Assignment attached hereto as Appendix A duly
completed and signed, to the Company at its address specified herein. Upon any
such registration and transfer, a new warrant in substantially the form of a
Warrant (any such new warrant, a "NEW WARRANT"), evidencing the portion of this
Warrant so transferred shall be issued to the transferee and a New Warrant
evidencing the remaining portion of this Warrant not so transferred, if any,
shall be issued to the transferring Holder. The acceptance of the New Warrant by
the transferee thereof shall be deemed the acceptance by such transferee of all
of the rights and obligations of a holder of a Warrant.

         4. Exercise and Duration of Warrant.

                  (a) This Warrant shall be exercisable, either in its entirety
         or for a portion of the number of Warrant Shares, by the registered
         Holder at any time and from time to time from and after the Initial
         Exercise Date to and including the Expiration Date. At 5:00 P.M. New
         York City time on the Expiration Date, the portion of this Warrant not
         exercised prior thereto shall be and become void and of no value, and
         the Holder hereof shall have no right to purchase any additional
         Warrant Shares hereunder.

                  (b) A Holder may exercise this Warrant by delivering to the
         Company, in accordance with Section 13, this Warrant, together with (i)
         an exercise notice, in the form attached hereto as Appendix B (the
         "EXERCISE NOTICE"), appropriately completed and duly signed, and (ii)
         payment of the Exercise Price for the number of Warrant Shares as to
         which this Warrant is being exercised (as set forth in Section 4(c)
         below), and the date such items are received by the Company is an
         "EXERCISE DATE." Execution and delivery of an Exercise Notice in
         respect of less than all of the Warrant Shares issuable upon exercise
         of this Warrant shall result in the cancellation of the original
         Warrant and issuance of a New Warrant evidencing the right to purchase
         the remaining number of Warrant Shares.

                  (c) The Holder shall pay the Exercise Price in cash, by
         certified bank check payable to the order of the Company or by wire
         transfer of immediately available funds in accordance with the
         Company's instructions.

                  (d) Except as otherwise provided for herein, this Warrant
         shall not entitle the Holder to any voting rights or other rights as a
         stockholder of the Company by virtue of the ownership hereof.

                  (e) Notwithstanding anything to the contrary herein, after the
         Initial Exercise Date, the Company may, by written notice to the
         Holder, require that the Holder execute and deliver to the Company an
         Exercise Notice exercising all of the Warrant Shares then held by such
         Holder within twenty Business Days of the date of the Company's notice;
         provided, however, that the Company may only provide such notice if the
         daily volume weighted average price per share of the Common Stock for
         each of the ten consecutive

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         trading days ended immediately prior to the Company's notice is equal
         to or greater than the Exercise Price multiplied by 1.5. At 5:00 P.M.
         New York City time on such 20th Business Day, the portion of this
         Warrant not exercised prior thereto shall be and become void and of no
         value, and the Holder hereof shall have no right to purchase any
         additional Warrant Shares hereunder.

                  (f) The Holder understands that, until such time as the
         Registration Statement has been declared effective or the Warrant
         Shares may be sold pursuant to Rule 144 under the Securities Act
         without any restriction as to the number of securities as of a
         particular date that can then be immediately sold, the certificates
         representing any Warrants Shares issued upon exercise of this Warrant
         will bear a restrictive legend in substantially the following form:

                  "THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN
                  REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
                  "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE OR OTHER
                  JURISDICTION. THE SECURITIES MAY NOT BE OFFERED, SOLD OR
                  OTHERWISE TRANSFERRED EXCEPT (1) PURSUANT TO AN EXEMPTION FROM
                  REGISTRATION UNDER THE SECURITIES ACT OR (2) PURSUANT TO AN
                  EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN
                  EACH CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF
                  THE STATES AND OTHER JURISDICTIONS, AND IN THE CASE OF A
                  TRANSACTION EXEMPT FROM REGISTRATION, UNLESS THE COMPANY HAS
                  RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT
                  THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER THE
                  SECURITIES ACT AND SUCH OTHER APPLICABLE LAWS."

         5. Delivery of Warrant Shares.

                  (a) Upon exercise of this Warrant, the Company shall promptly
         issue or cause to be issued and deliver or cause to be delivered to the
         Holder, in such name or names as the Holder may designate, a
         certificate for the Warrant Shares issuable upon such exercise (the
         "CERTIFICATE"). The Holder, or any Person so designated by the Holder
         to receive the Warrant Shares, shall be deemed to have become holder of
         record of such Warrant Shares as of the Exercise Date.

                  (b) This Warrant is exercisable, either in its entirety or,
         from time to time, for a portion of the number of Warrant Shares. Upon
         surrender of this Warrant following one or more partial exercises, the
         Company shall issue or cause to be issued, at its expense, a New
         Warrant evidencing the right to purchase the remaining number of
         Warrant Shares.

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         6. Charges, Taxes and Expenses. Issuance and delivery of certificates
for shares of Common Stock upon exercise of this Warrant shall be made without
charge to the Holder for any issue or transfer tax, withholding tax, transfer
agent fee or other incidental tax or expense in respect of the issuance of such
certificates, all of which taxes and expenses shall be paid by the Company;
provided, however, that the Company shall not be required to pay any tax which
may be payable in respect of any transfer involved in the issue, delivery or
registration of any certificates for Warrant Shares or Warrant in a name other
than that of the Holder and that the Holder will be required to pay any tax with
respect to cash received in lieu of fractional shares. The Holder shall be
responsible for all other tax liability that may arise as a result of holding or
transferring this Warrant or receiving Warrant Shares upon exercise hereof.

         7. Replacement of Warrant. If this Warrant is mutilated, lost, stolen
or destroyed, the Company, at the sole expense of the Holder (such expenses, if
any imposed by the Company to be reasonable), shall issue or cause to be issued
in exchange and substitution for and upon cancellation hereof, or in lieu of and
in substitution for this Warrant, a New Warrant, but only upon receipt of
evidence reasonably satisfactory to the Company of such loss, theft or
destruction and customary and reasonable indemnity, if requested by the Company.

         8. Reservation of Warrant Shares. The Company covenants that it will at
all times reserve and keep available out of the aggregate of its authorized but
unissued and otherwise unreserved Common Stock, solely for the purpose of
enabling it to issue Warrant Shares upon exercise of this Warrant as herein
provided, the number of Warrant Shares which are then issuable and deliverable
upon the exercise of this entire Warrant, free from all taxes, liens, claims,
encumbrances with respect to the issuance of such Warrant Shares and will not be
subject to any pre-emptive rights or similar rights (taking into account the
adjustments and restrictions of Section 9 hereof). The Company covenants that
all Warrant Shares so issuable and deliverable shall, upon issuance and the
payment of the applicable Exercise Price in accordance with the terms hereof, be
duly and validly authorized, issued, fully paid and nonassessable. The Company
will take all such action as may be necessary to assure that such shares of
Common Stock may be issued as provided herein without violation of any
applicable law or regulation, or of any requirements of any securities exchange
or automated quotation system upon which the Common Stock may be listed or
quoted, as the case may be; provided, however, that such actions shall only
require the Company's best efforts (or other specified standard) to the extent
specifically provided for in this Warrant.

         9. Certain Adjustments. The Exercise Price and number of Warrant Shares
issuable upon exercise of this Warrant are subject to adjustment from time to
time as set forth in this Section 9.

                  (a) Stock Dividends. If the Company, at any time while this
         Warrant is outstanding, pays a dividend on its Common Stock payable in
         additional shares of Common Stock or otherwise makes a distribution on
         any class of capital stock that is payable in shares of Common Stock,
         then in each such case the Exercise Price shall be multiplied by a
         fraction, (A) the numerator of which shall be the number of shares of
         Common Stock outstanding immediately prior to the opening of business
         on the day after the record date for the determination of stockholders
         entitled to receive such dividend or distribution and (B) the
         denominator of which shall be the number of shares of Common Stock
         outstanding immediately after the distribution date of such dividend or
         distribution. Any adjustment made pursuant to this Section 9(a) shall
         become effective immediately after the record date for the
         determination of stockholders entitled to receive such

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         dividend or distribution; provided, however, that if following such
         record date the Company rescinds or modifies such dividend or
         distribution, the Exercise Price shall be appropriately adjusted (as of
         the date that the Company effectively rescinds or modifies such
         dividend or distribution) to take into account the effect of such
         rescinded or modified dividend or distribution on the Exercise Price
         pursuant to this Section 9(a).

                  (b) Stock Splits. If the Company, at any time while this
         Warrant is outstanding, (i) subdivides outstanding shares of Common
         Stock into a larger number of shares, or (ii) combines outstanding
         shares of Common Stock into a smaller number of shares, then in each
         such case the Exercise Price shall be multiplied by a fraction, (A) the
         numerator of which shall be the number of shares of Common Stock
         outstanding immediately before such event and (B) the denominator of
         which shall be the number of shares of Common Stock outstanding
         immediately after such event. Any adjustment pursuant to this Section
         9(b) shall become effective immediately after the effective date of
         such subdivision or combination.

                  (c) Reclassifications. A reclassification of the Common Stock
         (other than any such reclassification in connection with a merger or
         consolidation to which Section 9(e) applies) into shares of any other
         class of stock shall be deemed:

             (i) a distribution by the Company to the holders of its Common
Stock of such shares of such other class of stock for the purposes and within
the meaning of this Section 9; and

             (ii) if the outstanding shares of Common Stock shall be changed
into a larger or smaller number of shares of Common Stock as part of such
reclassification, such change shall be deemed a subdivision or combination, as
the case may be, of the outstanding shares of Common Stock for the purposes and
within the meaning of Section 9(b).

                  (d) Other Distributions. If the Company, at any time while
         this Warrant is outstanding, distributes to holders of Common Stock (i)
         evidences of its indebtedness, (ii) shares of any class of capital
         stock, (iii) rights or warrants to subscribe for or purchase any shares
         of any class of capital stock or (iv) any other asset, other than a
         distribution of Common Stock covered by Section 9(a), (in each case,
         "DISTRIBUTED PROPERTY"), then in each such case the Exercise Price in
         effect immediately prior to the record date fixed for determination of
         stockholders entitled to receive such distribution (and the Exercise
         Price thereafter applicable) shall be adjusted (effective on and after
         such record date) to equal the product of such Exercise Price
         multiplied by a fraction, (A) the numerator of which shall be Market
         Price on such record date less the then fair market value of the
         Distributed Property distributed in respect of one outstanding share of
         Common Stock, which, if the Distributed Property is other than cash or
         marketable securities, shall be as determined in good faith by the
         Board of Directors of the Company whose determination shall be
         described in a board resolution, and (B) the denominator of which shall
         be the Market Price on such record date; provided, however, that if
         following the record date for such distribution the Company rescinds or
         modifies such distribution, the Exercise Price shall be appropriately
         adjusted (as of the date that the Company effectively rescinds or
         modifies such distribution) to take into account the effect of such
         rescinded or modified distribution on the Exercise Price pursuant to
         this Section 9(d).

                  (e) Fundamental Transactions. If, at any time following the
         Initial Exercise Date, (i) the Company effects any merger or
         consolidation of the Company with or into

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         another Person, (ii) the Company effects any sale of all or
         substantially all of its assets in one or a series of related
         transactions or (iii) there shall occur any merger of another Person
         into the Company whereby the Common Stock is cancelled, converted or
         reclassified into or exchanged for other securities, cash or property
         (in any such case, a "FUNDAMENTAL TRANSACTION"), then, as a condition
         to the consummation of such Fundamental Transaction, the Company shall
         (or, in the case of any Fundamental Transaction in which the Company is
         not the surviving entity, the Company shall take all reasonable steps
         to cause such other Person to) execute and deliver to the Holder of
         this Warrant a written instrument providing that:

                      (x) so long as this Warrant remains outstanding, upon the
exercise hereof at any time on or after the consummation of such Fundamental
Transaction and on such terms and subject to such conditions as shall be nearly
equivalent as may be practicable to the provisions set forth in this Warrant,
this Warrant shall be exercisable into, in lieu of Common Stock issuable upon
such exercise prior to such consummation, the securities or other property (the
"SUBSTITUTED PROPERTY") that would have been received in connection with such
Fundamental Transaction by a holder of the number of shares of Common Stock into
which this Warrant was exercisable immediately prior to such Fundamental
Transaction, assuming such holder of Common Stock:

                           (A) is not a Person with which the Company
consolidated or into which the Company merged or which merged into the Company
or to which such sale or transfer was made, as the case may be (a "CONSTITUENT
PERSON"), or an Affiliate of a Constituent Person; and

                           (B) failed to exercise such Holder's rights of
election, if any, as to the kind or amount of securities, cash and other
property receivable in connection with such Fundamental Transaction (provided,
however, that if the kind or amount of securities, cash or other property
receivable in connection with such Fundamental Transaction is not the same for
each share of Common Stock held immediately prior to such Fundamental
Transaction by a Person other than a Constituent Person or an Affiliate thereof
and in respect of which such rights of election shall not have been exercised (a
"NON-ELECTING SHARE"), then, for the purposes of this Section 9(e), the kind and
amount of securities, cash and other property receivable in connection with such
Fundamental Transaction by each Non-Electing Share shall be deemed to be the
kind and amount so receivable per share by a plurality of the Non-Electing
Shares); and

                      (y) the rights and obligations of the Company (or, in the
event of a transaction in which the Company is not the surviving Person, such
other Person) and the Holder in respect of Substituted Property shall be as
nearly equivalent as may be practicable to the rights and obligations of the
Company and Holder in respect of Common Stock hereunder.

                  Such written instrument shall provide for adjustments which,
for events subsequent to the effective date of such written instrument, shall be
as nearly equivalent as may be practicable to the adjustments provided for in
this Section 9. The above provisions of this Section 9(e) shall similarly apply
to successive Fundamental Transactions.

                   (f) Adjustment of Warrant Shares. Simultaneously with any
         adjustment to the Exercise Price pursuant to paragraphs (a) through (d)
         of this Section 9, the number of Warrant Shares that may be purchased
         upon exercise of this Warrant shall be increased or decreased
         proportionately, so that after such adjustment the aggregate Exercise
         Price payable hereunder for the increased or decreased number of
         Warrant Shares shall be the same as the aggregate Exercise Price
         payable for the Warrant Shares immediately prior to

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         such adjustment.

                   (g) Calculations. All calculations under this Section 9 shall
         be made to the nearest cent or the nearest 1/100th of a share, as
         applicable. The number of shares of Common Stock outstanding at any
         given time shall not include shares owned or held by or for the account
         of the Company, and the disposition of any such shares shall be
         considered an issue or sale of Common Stock.

                   (h) Adjustments. Notwithstanding any provision of this
         Section 9, no adjustment of the Exercise Price shall be required if
         such adjustment is less than $0.01; provided, however, that any
         adjustments which by reason of this Section 9(h) are not required to be
         made shall be carried forward and taken into account for purposes of
         any subsequent adjustment required to be made hereunder.

                   (i) Notice of Adjustments. Upon the occurrence of each
         adjustment pursuant to this Section 9, the Company will promptly
         deliver to the Holder a certificate executed by the Company's Chief
         Financial Officer setting forth, in reasonable detail, the event
         requiring such adjustment and the method by which such adjustment was
         calculated, the adjusted Exercise Price and the adjusted number or type
         of Warrant Shares or other securities issuable upon exercise of this
         Warrant (as applicable). The Company will retain at its office copies
         of all such certificates and cause the same to be available for
         inspection at said office during normal business hours by the Holder or
         any prospective purchaser of the Warrant designated by the Holder.

                   (j) Notice of Corporate Events. If the Company (i) declares a
         dividend or any other distribution of cash, securities or other
         property in respect of its Common Stock, including, without limitation,
         any granting of rights or warrants to subscribe for or purchase any
         capital stock of the Company or any subsidiary of the Company, (ii)
         authorizes, approves, enters into any agreement contemplating, or
         solicits stockholder approval for, any Fundamental Transaction or (iii)
         authorizes the voluntary dissolution, liquidation or winding up of the
         affairs of the Company, then the Company shall deliver to the Holder a
         notice describing the material terms and conditions of such transaction
         at least 15 calendar days prior to the applicable record or effective
         date on which a Person would need to hold Common Stock in order to
         participate in or vote with respect to such transaction, and the
         Company will take all steps reasonably necessary in order to ensure
         that the Holder is given the practical opportunity to exercise this
         Warrant prior to such time so as to participate in or vote with respect
         to such transaction; provided, however, that the failure to deliver
         such notice or any defect therein shall not affect the validity of the
         corporate action required to be described in such notice.

         10. Fractional Shares. The Company shall not be required to issue or
cause to be issued fractional Warrant Shares on the exercise of this Warrant. If
any fraction of a Warrant Share would, except for the provisions of this Section
10, be issuable upon exercise of this Warrant, the Company shall make a cash
payment to the Holder equal to (a) such fraction multiplied by (b) the Market
Price on the Exercise Date of one full Warrant Share.

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         11. Listing on Securities Exchanges. The Company has listed, and will
use its best efforts to maintain the listing of, the Warrant Shares on Nasdaq.
In furtherance and not in limitation of any other provision of this Warrant, if
the Company at any time shall list any Common Stock on any Eligible Market other
than Nasdaq, the Company will, at its expense, simultaneously list the Warrant
Shares (and use its best efforts to maintain such listing) on such Eligible
Market, upon official notice of issuance following the exercise of this Warrant;
and the Company will so list, register and use its best efforts to maintain such
listing on any Eligible Market any Other Securities, if and at the time that any
securities of like class or similar type shall be listed on such Eligible Market
by the Company.

         12. Remedies. The Company stipulates that the remedies at law of the
Holder of this Warrant in the event of any default or threatened default by the
Company in the performance of or compliance with any of the terms of this
Warrant are not and will not be adequate, and that such terms may be
specifically enforced by a decree for the specific performance of any agreement
contained herein or by an injunction against a violation of any of the terms
hereof or otherwise.

         13. Notices. Any and all notices or other communications or deliveries
hereunder (including without limitation any Exercise Notice) shall be in writing
and shall be mailed by certified mail, return receipt requested, or by a
nationally recognized courier service or delivered (in person or by facsimile),
against receipt to the party to whom such notice or other communication is to be
given. Any notice or other communication given by means permitted by this
Section 13 shall be deemed given at the time of receipt thereof. The address for
such notices or communications shall be as set forth below:

         If to the Company:  Biopure Corporation
                             11 Hurley Street
                             Cambridge, MA 02141

         If to the Holder:   c/o Biopure Corporation
                             11 Hurley Street
                             Cambridge, MA 02141

Or such other address as is provided to such other party in accordance with this
Section 13.

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         14. Warrant Agent. The Company shall serve as warrant agent under this
Warrant. Upon a prompt written notice to the Holder, the Company may appoint a
new warrant agent. Any Person into which any new warrant agent may be merged,
any Person resulting from any consolidation to which any new warrant agent shall
be a party or any Person to which any new warrant agent transfers substantially
all of its corporate trust or shareholders services business shall be a
successor warrant agent under this Warrant without any further act. Any such
successor warrant agent shall promptly cause notice of its succession as warrant
agent to be mailed (by first class mail, postage prepaid) to the Holder at the
Holder's last address as shown on the Warrant Register.

         15. Registration Rights. The Common Stock issuable upon exercise of
this Warrant shall constitute Registrable Securities (as such term is defined in
the Securities Purchase Agreement of even date herewith between the Holder and
the Company (the "SECURITIES PURCHASE AGREEMENT")). The original Holder of this
Warrant, and any valid transferees thereof pursuant to the Securities Purchase
Agreement, shall be entitled to all of the benefits afforded to a holder of any
Registrable Securities under the Securities Purchase Agreement and such holder,
by its acceptance of this Warrant, agrees to be bound by and to comply with the
terms and conditions of the Securities Purchase Agreement applicable to the
holder as a holder of Registrable Securities.

         16. Miscellaneous. (a) This Warrant may be assigned by the Holder. This
Warrant may not be assigned by the Company, except to a successor in the event
of a Fundamental Transaction. This Warrant shall be binding on and inure to the
benefit of the parties hereto and their respective successors and assigns.
Subject to the preceding sentence, nothing in this Warrant shall be construed to
give to any Person other than the Company and the Holder any legal or equitable
right, remedy or cause of action under this Warrant. This Warrant may be amended
only in writing signed by the Company and the Holder and their successors and
assigns.

                  (b) The Company will not, by amendment of its governing
         documents or through any reorganization, transfer of assets,
         consolidation, merger, dissolution, issue or sale of securities or any
         other voluntary action, avoid or seek to avoid the observance or
         performance of any of the terms of this Warrant, but will at all times
         in good faith assist in the carrying out of all such terms and in the
         taking of all such action as may be necessary or appropriate in order
         to protect the rights of the Holder against impairment. Without
         limiting the generality of the foregoing, the Company (i) will not
         increase the par value of any Warrant Shares above the amount payable
         therefor upon exercise thereof, and (ii) will take all such action as
         may be reasonably necessary or appropriate in order that the Company
         may validly and legally issue fully paid and nonassessable Warrant
         Shares on the exercise of this Warrant, free from all taxes, liens,
         claims and encumbrances and (iii) will not close its shareholder books
         or records in any manner which interferes with the timely exercise of
         this Warrant.

                  (c) This Warrant shall be governed by and construed and
         enforced in accordance with the laws of the State of New York. Each
         party hereby irrevocably submits to the exclusive jurisdiction of the
         state and Federal courts sitting in the City of New York, Borough of
         Manhattan, for the adjudication of any dispute hereunder or in
         connection herewith or with any transaction contemplated hereby or
         discussed herein, and hereby irrevocably waives, and agrees not to
         assert in any suit, action or

                                      -10-
<PAGE>

         proceeding that it is not personally subject to the jurisdiction of any
         such court or that such suit, action or proceeding is improper. Each
         party hereby irrevocably waives personal service of process and
         consents to process being served in any such suit, action or proceeding
         by mailing a copy thereof via registered or certified mail or overnight
         delivery (with evidence of delivery) to such party at the address in
         effect for notices to it under this Warrant and agrees that such
         service shall constitute good and sufficient service of process and
         notice thereof. Nothing contained herein shall be deemed to limit in
         any way any right to serve process in any manner permitted by law. THE
         PARTIES HEREBY WAIVE ALL RIGHTS TO A TRIAL BY JURY.

                  (d) Neither party shall be deemed in default of any provision
         of this Warrant, to the extent that performance of its obligations or
         attempts to cure a breach hereof are delayed or prevented by any event
         reasonably beyond the control of such party, including, without
         limitation, war, hostilities, acts of terrorism, revolution, riot,
         civil commotion, national emergency, strike, lockout, unavailability of
         supplies, epidemic, fire, flood, earthquake, force of nature,
         explosion, embargo, or any other Act of God, or any law, proclamation,
         regulation, ordinance, or other act or order of any court, government
         or governmental agency, provided that such party gives the other party
         written notice thereof promptly upon discovery thereof and uses
         reasonable efforts to cure or mitigate the delay or failure to perform.

                  (e) The headings herein are for convenience only, do not
         constitute a part of this Warrant and shall not be deemed to limit or
         affect any of the provisions hereof.

                  (f) In case any one or more of the provisions of this Warrant
         shall be deemed invalid or unenforceable in any respect, the validity
         and enforceability of the remaining terms and provisions of this
         Warrant shall not in any way be affected or impaired thereby and the
         parties will attempt in good faith to agree upon a valid and
         enforceable provision which shall be a commercially reasonable
         substitute therefor, and upon so agreeing, shall incorporate such
         substitute provision in this Warrant.

                  [Remainder of page intentionally left blank,
                             signature page follows]

                                      -11-
<PAGE>

         IN WITNESS WHEREOF, the Company has caused this Warrant to be duly
executed by its authorized officer as of the date first indicated above.

                                             BIOPURE CORPORATION

                                             By: /s/ Francis H. Murphy
                                                 -------------------------------
                                                 Name: Francis H. Murphy
                                                 Title: Chief Financial Officer

                                [PUBLIC WARRANT]
<PAGE>

                             SCHEDULE OF PURCHASERS
                             ----------------------

<TABLE>
<CAPTION>
                                                              Number of Shares
No.                 Name and Address                         Underlying Warrant
---                 ----------------                         ------------------

<S>     <C>                                                       <C>
1.      IFS Ltd.                                                  1,338,028

2.      Ronald Suster                                               739,436

3.      Southridge Partners LP                                      563,380

4.      Cranshire Capital, L.P.                                     563,380

5.      Nite Capital LP                                             492,957

6.      Nu Vision Holdings llc.                                     352,112

7.      Castle Creek Technology Partners LLC                        352,112

8.      Mitchell and Yuriko Cybulski                                323,943

9.      Iroquois Master Fund Ltd.                                   281,690

10.     Crescent International Ltd.                                 281,690

11.     Bristol Investment Fund, Ltd.                               281,690

12.     Cansco LLC                                                  239,436

13.     Les Boelter                                                 205,633

14.     Hudson Bay Fund LP                                          175,000

15.     Southshore Capital Fund Ltd.                                140,845

16.     Constantine A. Kyres                                        105,633

17.     Russell Libby                                                77,464

18.     Hudson Bay Overseas Fund Ltd.                                75,000

19.     Peter H. Weiss                                               70,422

20.     Trust U/W Renee Weiss                                        70,422
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
                                                              Number of Shares
No.                 Name and Address                         Underlying Warrant
---                 ----------------                         ------------------

<S>     <C>                                                        <C>
21.     Sun West Holdings, Inc.                                     70,422

22.     Gregory Spagna                                              70,422

23.     M & I Dehy Inc.                                             63,380

24.     Huse Family Trust, Wilfred Huse TTEE                        56,338

25.     Larry O. Lee/Dorothy I. Lee                                 40,845

26.     Lauren A. Daman                                             35,211

27.     Timothy Boswell                                             35,211

28.     Lauren A. Daman MD PC Pension                               35,211

29.     Sidney N. & Candace C. Sweet                                35,211

30.     John Peter Christensen                                      35,211

31.     Mark Hoffbauer                                              30,985

32.     Wesley Eng                                                  29,577

33.     Andrew Robert Mitchell                                      28,169

34.     Byron R. Johnson                                            28,169

35.     Jeffrey D. White                                            28,169

36.     Robert A. & Miriam B. Booth                                 28,169

37.     Lauren A. Daman MD                                          21,126

38.     Ron Moore -- Louise Moore                                   20,281

39.     James E. Meikrantz                                          20,281

40.     James E. Raz                                                20,281

41.     David Rogers                                                17,605

42.     Janet L. Eggers                                             14,084
</TABLE>

                                       -2-
<PAGE>

<TABLE>
<CAPTION>
                                                              Number of Shares
No.                 Name and Address                         Underlying Warrant
---                 ----------------                         ------------------

<S>     <C>                                                        <C>
43.     Salvator Milazzo & Joan Milazzo                             14,084

44.     Tom Reinken                                                 14,084

45.     Rowlett W. Bryant                                           14,084

46.     David Parrish                                               14,084

47.     Joseph Chyzy                                                11,267

48.     German Gonzalez                                              7,042

49.     Sherry & Donald Aspinwall                                    6,478
</TABLE>

                                       -3-

<PAGE>

                                   APPENDIX A

                               FORM OF ASSIGNMENT

<PAGE>

                                   APPENDIX B

                             FORM OF EXERCISE NOTICE<PAGE>

                                                                     Exhibit 4.2

THIS WARRANT AND THE SHARES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT") OR WITH ANY
STATE SECURITIES COMMISSION, AND MAY NOT BE TRANSFERRED OR DISPOSED OF BY THE
HOLDER IN THE ABSENCE OF A REGISTRATION STATEMENT WHICH IS EFFECTIVE UNDER THE
SECURITIES ACT AND APPLICABLE STATE LAWS AND RULES, OR, UNLESS, IMMEDIATELY
PRIOR TO THE TIME SET FOR TRANSFER, SUCH TRANSFER MAY BE EFFECTED WITHOUT
VIOLATION OF THE SECURITIES ACT AND OTHER APPLICABLE STATE LAWS AND RULES.

                                  UNIT WARRANT
                                       TO
                             PURCHASE 378,788 UNITS
                                       OF
                               BIOPURE CORPORATION
                            (A DELAWARE CORPORATION)

Unit Warrant No. 1                                               August 23, 2006

         THIS CERTIFIES THAT, for value received, Dawson James Securities, Inc.
or its assigns, (the "HOLDER"), as registered owner of this unit warrant (the
"UNIT WARRANT"), is entitled to purchase and receive, in whole or in part,
subject to the provisions of this Unit Warrant, from Biopure Corporation, a
Delaware corporation (the "COMPANY"), up to 378,788 units (each, a "UNIT"), each
Unit to consist of (i) one share of Class A Common Stock, par value $0.01 per
share, of the Company (the "SHARES") and (ii) one five-year warrant exercisable
to purchase one share of Common Stock at $0.89 per share (the "SHARE WARRANT")
in the form attached hereto as Exhibit A; provided, however, that the number and
kind of securities for which this Unit Warrant is exercisable are subject to
further adjustment in certain events, such as mergers, splits, stock dividends,
recapitalizations and the like, to prevent dilution, as set forth herein. The
purchase price for each Unit (the "PER UNIT PRICE") shall be $0.89. This Unit
Warrant shall be exercisable at any time and from time to time from and after
February 23, 2007 (the "COMMENCEMENT DATE") up to and including August 23, 2011
(the "EXPIRATION DATE"), and subject to the terms and conditions set forth
herein. If the Expiration Date is a day on which banking institutions are
authorized by law to close, then this Unit Warrant may be exercised on the next
succeeding day which is not such a day in accordance with the terms herein.
During the period beginning on the Commencement Date and ending on the
Expiration Date, the Company agrees not to take any action that would terminate
this Unit Warrant.

         Section 1. Exercise.

                  Section 1.1 Exercise Form. In order to exercise this Unit
         Warrant, the exercise form attached hereto must be duly executed and
         completed and delivered to the Company, together with this Unit Warrant
         and payment of the Per Unit Price in cash or by certified check or
         official bank check for the Units being purchased. If the subscription
         rights represented hereby shall not be exercised at or before 5:00 p.m.
         Eastern time on the Expiration Date, this Unit Warrant shall become and
         be void without further force or effect, and all rights represented
         hereby shall cease and expire.

<PAGE>

                  Section 1.2 Notwithstanding anything to the contrary herein,
         after the Commencement Date, the Company may, by written notice to the
         Holder, require that the Holder execute and deliver to the Company an
         Exercise Notice exercising this Unit Warrant in full within twenty (20)
         Business Days of the date of the Company's notice; provided, however,
         that the Company may only provide such notice if the daily volume
         weighted average price per share of the Common Stock for each of the
         ten (10) consecutive trading days ended immediately prior to the
         Company's notice is equal to or greater than the Per Unit Price
         multiplied by 1.5. At 5:00 p.m. Eastern time on such twentieth (20th)
         Business Day, the portion of this Unit Warrant not exercised prior
         thereto shall be and become void and of no value, and the Holder hereof
         shall have no right to purchase any additional Units hereunder.

         Section 2. Transfer.

                  Section 2.1 General Restrictions. The registered Holder of
         this Unit Warrant, by its acceptance hereof, agrees that it will not
         sell, transfer or assign or hypothecate this Unit Warrant prior to the
         one hundred eighty (180) days from the Effective Date to anyone other
         than (i) an officer or partner of such Holder, (ii) an officer of
         Dawson James Securities, Inc., the placement agent of the private
         offering with respect to which this Unit Warrant has been issued
         ("PLACEMENT AGENT") or an officer or partner of any selected dealer in
         connection with the Company's private offering with respect to which
         this Unit Warrant has been issued, or (iii) any selected dealer. On and
         after the Commencement Date, transfers to others may be made subject to
         compliance with or exemptions from applicable securities laws. In order
         to make any permitted assignment, the Holder must deliver to the
         Company the assignment form attached hereto duly executed and
         completed, together with the Unit Warrant and payment of all transfer
         taxes, if any, payable in connection therewith. The Company shall
         immediately transfer this Unit Warrant on the books of the Company and
         shall execute and deliver a new Unit Warrant of like tenor to the
         appropriate assignee(s) expressly evidencing the right to purchase the
         aggregate number of Units purchasable hereunder or such portion of such
         number as shall be contemplated by any such assignment.

                  Section 2.2 Restrictions Imposed by the Act. This Unit Warrant
         and the Units underlying this Unit Warrant shall not be transferred
         unless and until (i) the Company has received the opinion of counsel
         for the Holder that this Unit Warrant or the Units, as the case may be,
         may be transferred pursuant to an exemption from registration under the
         Act and applicable state law, the availability of which is established
         to the reasonable satisfaction of the Company (the Company hereby
         agreeing that an opinion of Blank Rome shall be deemed satisfactory
         evidence of the availability of an exemption), or (ii) a registration
         statement relating to such Unit Warrant or Units, as the case may be,
         has been filed by the Company and declared effective by the Securities
         and Exchange Commission (the "COMMISSION") and compliance with
         applicable state law.

         Section 3. New Unit Warrants to be Issued.

                  Section 3.1 Partial Exercise or Transfer. Subject to the
         restrictions in Section 3 hereof, this Unit Warrant may be exercised or
         assigned in whole or in part. In the event of the exercise or
         assignment hereof in part only, upon surrender of this Unit Warrant for
         cancellation, together with the duly executed exercise or assignment
         form and funds sufficient to pay any Per Unit Price and/or transfer
         tax, the Company shall cause to be delivered to the Holder without
         charge a new Unit Warrant of like tenor to this Unit Warrant in the
         name of the Holder evidencing the right of the Holder to purchase the
         aggregate number of Shares purchasable hereunder as to which this Unit
         Warrant has not been exercised or assigned.

                                      -2-
<PAGE>

                  Section 3.2 Lost Certificate. Upon receipt by the Company of
         evidence satisfactory to it of the loss, theft, destruction or
         mutilation of this Unit Warrant and of reasonably satisfactory
         indemnification, and upon surrender and cancellation of this Unit
         Warrant, if mutilated, the Company shall execute and deliver a new Unit
         Warrant of like tenor and date. Any such new Unit Warrant executed and
         delivered as a result of such loss, theft, mutilation or destruction
         shall constitute a substitute contractual obligation on the part of the
         Company.

         Section 4. Adjustments.

                  Section 4.1 Adjustments to Per Unit Price and Number of
         Securities. The Per Unit Price and the number of Units underlying this
         Unit Warrant shall be subject to adjustment from time to time as
         hereinafter set forth:

                           Section 4.1.1 If after the date hereof, and subject
         to the provisions of Section 4.2 below, the number of outstanding
         shares of Common Stock is increased by a stock dividend payable in
         shares of Common Stock or by a split-up of shares of Common Stock or
         other similar event, then, on the effective date thereof, the number of
         shares of Common Stock underlying this Unit Warrant shall be increased
         in proportion to such increase in outstanding shares.

                           Section 4.1.2 If after the date hereof, and subject
         to the provisions of Section 4.2, the number of outstanding shares of
         Common Stock is decreased by a consolidation, combination or
         reclassification of shares of Common Stock or other similar event,
         then, on the effective date thereof, the number of shares of Common
         Stock underlying this Unit Warrant shall be decreased in proportion to
         such decrease in outstanding shares.

                           Section 4.1.3 In case of any reclassification or
         reorganization of the outstanding shares of Common Stock other than a
         change covered by Section 4.1.1 or 4.1.2 hereof or that solely affects
         the par value of such shares of Common Stock, or in the case of any
         merger or consolidation of the Company with or into another corporation
         (other than a consolidation or merger in which the Company is the
         continuing corporation and that does not result in any reclassification
         or reorganization of the outstanding shares of Common Stock), or in the
         case of any sale or conveyance to another corporation or entity of the
         property of the Company as an entirety or substantially as an entirety
         in connection with which the Company is dissolved, the Holder of this
         Unit Warrant shall have the right thereafter (until the expiration of
         the right of exercise of this Unit Warrant) to receive upon the
         exercise hereof, for the same aggregate Per Unit Price payable
         hereunder immediately prior to such event, the kind and amount of
         shares of stock or other securities or property (including cash)
         receivable upon such reclassification, reorganization, merger or
         consolidation, or upon a dissolution following any such sale or
         transfer, by a Holder of the number of shares of Common Stock of the
         Company obtainable upon exercise of this Unit Warrant immediately prior
         to such event; and if any reclassification also results in a change in
         shares of Common Stock covered by Section 4.1.1 or 4.1.2, then such
         adjustment shall be made pursuant to Sections 4.1.1, 4.1.2 and this
         Section 4.1.3. The provisions of this Section 4.1.3 shall similarly
         apply to successive reclassifications, reorganizations, mergers or
         consolidations, sales or other transfers.

                           Section 4.1.4 In case of any consolidation of the
         Company with, or merger of the Company with, or merger of the Company
         into, another corporation (other than a consolidation or merger which
         does not result in any reclassification or change of the outstanding
         Common Stock), the corporation formed by such consolidation or merger
         shall execute and deliver to the Holder a replacement Unit Warrant
         providing that the holder of each Unit Warrant then outstanding or to
         be outstanding shall have the right thereafter (until the stated
         expiration of such

                                      -3-
<PAGE>

         Unit Warrant) to receive, upon exercise of such Unit Warrant the kind
         and amount of shares of stock and other securities and property
         receivable upon such consolidation or merger, by a holder of the number
         of shares of Common Stock of the Company for which such Unit Warrant
         might have been exercised immediately prior to such consolidation,
         merger, sale or transfer. Such replacement Unit Warrant shall provide
         for adjustments which shall be identical to the adjustments provided in
         Section 4. The above provision of this Section shall similarly apply to
         successive consolidations or mergers.

                  Section 4.2 Elimination of Fractional Interests. The Company
         shall not be required to issue certificates representing fractions of
         shares of Common Stock or Share Warrants upon the exercise of the Unit
         Warrant, nor shall it be required to issue scrip or pay cash in lieu of
         any fractional interests, it being the intent of the parties that all
         fractional interests shall be eliminated by rounding any fraction down
         to the nearest whole number of Share Warrants, shares of Common Stock
         or other securities, properties or rights.

         Section 5. Reservation and Listing.

                           The Company shall at all times reserve and keep
         available out of its authorized shares of Common Stock, solely for the
         purpose of issuance upon exercise of this Unit Warrant such number of
         shares of Common Stock or other securities, properties or rights as
         shall be issuable upon the exercise thereof. The Company covenants and
         agrees that, upon exercise of this Unit Warrant and payment of the Per
         Unit Price therefore, all shares of Common Stock, Share Warrants and
         other securities issuable upon such exercise shall be duly and validly
         issued, fully paid and non-assessable and not subject to preemptive
         rights of any stockholder.

         Section 6. Certain Notice Requirements.

                  Section 6.1 Holder's Right to Receive Notice. Nothing herein
         shall be construed as conferring upon the Holder the right to vote or
         consent as a stockholder for the election of directors or any other
         matter, or as having any rights whatsoever as a stockholder of the
         Company. If, however, at any time prior to the expiration of this Unit
         Warrant and its exercise, any of the events described in Section 6.2
         shall occur, then, in one or more of said events, the Company shall
         give written notice of such event at least fifteen (15) days prior to
         the date fixed as a record date or the date of closing the transfer
         books for the determination of the stockholders entitled to such
         dividend, distribution, conversion or exchange of securities or
         subscription rights, or entitled to vote on such proposed dissolution,
         liquidation, winding up or sale. Such notice shall specify such record
         date or the date of the closing of the transfer books, as the case may
         be. Notwithstanding the foregoing, the Company shall deliver to the
         Holder a copy of each notice given to the other stockholders of the
         Company at the same time and in the same manner that such notice is
         given to the stockholders.

                  Section 6.2 Enumerated Events. The Company shall be required
         to give the notice described in this Section 6 upon one or more of the
         following events: (i) if the Company shall take a record of the holders
         of its shares of Common Stock for the purpose of entitling them to
         receive a dividend or distribution payable otherwise than in cash, or a
         cash dividend or distribution payable otherwise than out of retained
         earnings, as indicated by the accounting treatment of such dividend or
         distribution on the books of the Company, or (ii) the Company shall
         offer to all the holders of its Common Stock any additional shares of
         capital stock of the Company or securities convertible into or
         exchangeable for shares of capital stock of the Company, or any option,
         right or warrant to subscribe therefore, or (iii) a dissolution,
         liquidation or winding up of the Company (other than in connection with
         a consolidation or merger) or a sale of all or substantially all of its
         property, assets and business shall be proposed by the Company.

                                      -4-
<PAGE>

                  Section 6.3 Change in Per Unit Price. The Company shall,
         promptly after an event requiring a change in the Per Unit Price
         pursuant to Section 6 hereof, send notice to the Holder of such event
         and change (the "PRICE NOTICE"). The Price Notice shall describe the
         event causing the change and the method of calculating same and shall
         be certified as being true and accurate by the Company's President and
         Chief Financial Officer.

                  Section 6.4 Transmittal of Notices. All notices, requests,
         consents and other communications under this Unit Warrant shall be in
         writing and shall be deemed to have been duly made on the date of
         delivery if delivered personally or sent by overnight courier, with
         acknowledgement of receipt to the party to which notice is given, or on
         the fifth day after mailing if mailed to the party to whom notice is to
         be given, by registered or certified mail, return receipt requested,
         postage prepaid and properly addressed as follows: (i) if to the
         registered Holder of the Unit Warrant, to the address of such Holder as
         shown on the books of the Company, or (ii) if to the Company, to its
         principal executive office.

         Section 7. Miscellaneous.

                  Section 7.1 Amendments. The Company and the Placement Agent
         may from time to time supplement or amend this Unit Warrant without the
         approval of any of the Holders in order to cure any ambiguity, to
         correct or supplement any provision contained herein which may be
         defective or inconsistent with any other provisions herein, or to make
         any other provisions in regard to matters or questions arising
         hereunder which the Company and the Placement Agent may deem necessary
         or desirable and which the Company and the Placement Agent deem shall
         not adversely affect the interest of the Holders. All other
         modifications or amendments shall require the written consent of the
         party against whom enforcement of the modification or amendment is
         sought.

                  Section 7.2 Headings. The headings contained herein are for
         the sole purpose of convenience of reference, and shall not in any way
         limit or affect the meaning or interpretation of any of the terms or
         provisions of this Unit Warrant.

                  Section 7.3 Entire Agreement. This Unit Warrant (together with
         the other agreements and documents being delivered pursuant to or in
         connection with this Unit Warrant) constitutes the entire agreement of
         the parties hereto with respect to the subject matter hereof, and
         supersedes all prior agreements and understandings of the parties, oral
         and written, with respect to the subject matter hereof.

                  Section 7.4 Binding Effect. This Unit Warrant shall inure
         solely to the benefit of and shall be binding upon, the Holder and the
         Company and their respective successors, legal representatives and
         assigns, and no other person shall have or be construed to have any
         legal or equitable right, remedy or claim under or in respect of or by
         virtue of this Unit Warrant or any provisions herein contained.

                  Section 7.5 Governing Law; Submission to Jurisdiction. This
         Unit Warrant shall be governed by and construed and enforced in
         accordance with the laws of the State of New York, without giving
         effect to conflict of laws. The Company hereby agrees that any action,
         proceeding or claim against it arising out of, or relating in any way
         to this Unit Warrant shall be brought and enforced in the courts of the
         State of New York or of the United States of America for the Southern
         District of New York, and irrevocably submits to such jurisdiction,
         which jurisdiction shall be exclusive. The Company hereby waives any
         objection to such exclusive jurisdiction and that such courts represent
         an inconvenient forum. Any process or summons to be served upon the
         Company may be served by transmitting a copy thereof by registered or
         certified mail, return

                                      -5-
<PAGE>

         receipt requested, postage prepaid, addressed to BIOPURE CORPORATION,
         11 HURLEY STREET, CAMBRIDGE, MA 02141, ATTN: JANE KOBER, ESQ. Such
         mailing shall be deemed personal service and shall be legal and binding
         upon the Company in any action, proceeding or claim. The Company and
         the Holder, by acceptance hereof, agree that the prevailing party(ies)
         in any such action shall be entitled to recover from the other
         party(ies) all of its reasonable attorneys' fees and expenses relating
         to such action or proceeding and/or incurred in connection with the
         preparation therefor.

                  Section 7.6 Waiver, Etc. The failure of the Company or the
         Holder to at any time enforce any of the provisions of this Unit
         Warrant shall not be deemed or construed to be a waiver of any such
         provision, nor to in any way affect the validity of this Unit Warrant
         or any provision hereof or the right of the Company or any Holder to
         thereafter enforce each and every provision of this Unit Warrant. No
         waiver of any breach, non-compliance or non-fulfillment of any of the
         provisions of this Unit Warrant shall be effective unless set forth in
         a written instrument executed by the party or parties against whom or
         which enforcement of such waiver is sought; and no waiver of any such
         breach, non-compliance or non-fulfillment shall be construed or deemed
         to be a waiver of any other or subsequent breach, non-compliance or
         non-fulfillment.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK,
                             SIGNATURE PAGE FOLLOWS]

                                      -6-
<PAGE>

         IN WITNESS WHEREOF, the Company has caused this Unit Warrant to be
signed by its duly authorized officer as of the date first indicated above.

                                            BIOPURE CORPORATION

                                            By: /s/ Zafiris G. Zafirelis
                                                -------------------------------
                                                Name: Zafiris G. Zafirelis
                                                Title: President and CEO

                           [PLACEMENT AGENT'S WARRANT]

<PAGE>

FORM TO BE USED TO EXERCISE UNIT WARRANT:

Biopure Corporation

Date:_________________, 200__

         The undersigned hereby elects irrevocably to exercise the within Unit
Warrant and to purchase Units from Biopure Corporation and hereby makes payment
of $____________ (at the rate of $_________ per Unit) in payment. Please issue
the Units as to which this Unit Warrant is exercised in accordance with the
instructions given below.

                                                   ----------------------------
                                                   Signature

         NOTICE: THE SIGNATURE TO THIS FORM MUST CORRESPOND WITH THE NAME AS
WRITTEN UPON THE FACE OF THE WITHIN UNIT WARRANT IN EVERY PARTICULAR WITHOUT
ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER.

                 INSTRUCTIONS FOR REGISTRATION OF SECURITIES

Name
         ---------------------------------------------------
                     (Print in Block Letters)

Address
         ---------------------------------------------------

<PAGE>

FORM TO BE USED TO ASSIGN UNIT WARRANT:

                                   ASSIGNMENT

         (To be executed by the registered Holder to effect a transfer of the
within Unit Warrant):

         FOR VALUE RECEIVED,________________________ does hereby sell, assign
and transfer unto _______________________ the right to purchase Units from
Biopure Corporation (the "Company") evidenced by the within Unit Warrant and
does hereby authorize the Company to transfer such right on the books of the
Company.

Dated:___________________, 200_

                                                    --------------------------
                                                    Signature

-------------------------------
Signature Guaranteed

         NOTICE: THE SIGNATURE TO THIS FORM MUST CORRESPOND WITH THE NAME AS
WRITTEN UPON THE FACE OF THE WITHIN UNIT WARRANT IN EVERY PARTICULAR WITHOUT
ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER, AND MUST BE GUARANTEED BY A
BANK, OTHER THAN A SAVINGS BANK, OR BY A TRUST COMPANY OR BY A FIRM HAVING
MEMBERSHIP ON A REGISTERED NATIONAL SECURITIES EXCHANGE.

<PAGE>

                                    EXHIBIT A

                             [Form of Share Warrant]

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