Document:

EXHIBIT 4(b)

Exhibit 4(b)

NEITHER THIS WARRANT NOR THE SECURITIES ISSUABLE UPON EXERCISE HEREOF NOR ANY
INTEREST OR PARTICIPATION HEREIN OR THEREIN MAY BE SOLD, ASSIGNED, PLEDGED,
HYPOTHECATED, ENCUMBERED OR IN ANY OTHER MANNER TRANSFERRED OR DISPOSED OF
EXCEPT IN COMPLIANCE WITH THE SECURITIES ACT OF 1933, AS AMENDED, APPLICABLE
STATE SECURITIES LAWS AND THE TERMS AND CONDITIONS HEREOF. THE HOLDER OF THIS
WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF ARE SUBJECT TO THE
RESTRICTIONS HEREIN SET FORTH.

VOID AFTER 5:00 P.M. NEW YORK TIME, ON July 31, 1998.1

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No. ____

FORM OF

WARRANT

to

SUBSCRIBE FOR AND PURCHASE

COMMON STOCK, NO PAR VALUE

of

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     This certifies that, for good and valuable
consideration,______________________________, a California corporation (the
"Corporation"), grants to _______________________________________ or registered
assigns (the "Warrantholder"), the right to subscribe for and purchase from the
Corporation, at the price specified in subsection 2.1 hereof during the period
specified in subsection 2.2 hereof, ______________________________________
validly issued, fully paid and non-assessable shares, as such number of shares
may be adjusted from time to time (the "Warrant Shares"), of the Corporation's
Common Stock, no par value (the "Common Stock"), subject to the provisions and
upon the terms and conditions herein set forth.

                             
	1
	Pursuant to an action by the Board of Directors on September 1, 1995,
the expiration date was extended to July 31, 2000.

     This warrant is one of a series of warrants (individually a "Warrant",
collectively the "Warrants") issued by the Corporation representing the right
initially to purchase in the aggregate _______ shares of Common Stock
(representing in the aggregate a minimum of 2.85% up to a maximum of 2.89% of
the Corporation's outstanding Common Stock on a fully-diluted basis on the date
hereof) based on the number of Units issued by the Corporation and Otisville
BioPharm, Inc. pursuant to the Private Placement Memorandum dated June 8, 1988,
as amended.

     1.  Defined
Terms.  For purposes of this Warrant:

     1.1  "Initial Public Offering" shall mean the first time after the date
of this Warrant at which an offering, whether primary or secondary, of shares of
Common Stock, options, warrants or securities convertible or exchangeable (with
or without payment of additional consideration) for shares of Common Stock or
rights to acquire shares of Common Stock is registered pursuant to an effective
registration statement filed by the Corporation under the Securities Act of
1933, as amended (the "Securities Act") (other than a registration statement
filed on Form S-4, or any successor form thereto, relating to a transaction
which, if consummated, would constitute a Surviving Combination.) An Initial
Public Offering will be deemed to be consummated (i) upon the first sale under
the related registration statement in the case of an underwritten offering and
(ii) when the related registration statement first becomes effective in the case
of an offering that is not underwritten.

     1.2  "Non-Surviving Combination" shall mean any merger, consolidation
or other business combination by the Corporation with one or more other Persons
in which any such other Person is the survivor, or a sale of all or
substantially all of the assets of the Corporation to one or more such other
Persons, and with respect to which cash and/or non-cash consideration is
distributed to holders of shares of Common Stock.

     1.3  "Person" shall mean individual, partnership, corporation, joint
venture, association, joint stock company, trust or unincorporated organization,
or a government or agency or political subdivision thereof.

     1.4  "Surviving Combination" shall mean any merger, consolidation or
other business combination by the Corporation with one or more other Persons in
which the Corporation is the survivor, or a purchase of assets by the
Corporation from one or more other Persons, if in either case the Corporation is
thereafter required to file reports with respect to its shares of Common Stock
with the Securities and Exchange Commission pursuant to Section 13 of the
Securities Exchange Act of 1934, as amended.

     1.5  "Triggering Event" shall mean any of the following events: (i) the
consummation of an Initial Public Offering by the Corporation; (ii) a
Non-Surviving Combination; or (iii) a Surviving Combination.

     2.  Duration and Exercise of Warrant; Exercise Price; Limitation On
Exercise; Payment of Taxes.

     2.1  Exercise
Price.  Subject to adjustment pursuant to section 6 hereof, the
exercise price per Warrant Share to be purchased hereunder shall be $6.78 (the
"Exercise Price").

     2.2  Period of Exercise. This
Warrant may be exercised, in whole, or from time to time in part, only during
the period from and after 9:00 A.M., Los Angeles time, on the first day of July
to and including 5:00 P.M., Los Angeles time, on the 31st day of July in each of
the years of 1991, 1992 and 1993 and at any time from and after July 31, 1993;
provided, however, that this Warrant may also be exercised during the period
from 9:00 A.M., New York City time; on the day on which a Triggering Event first
occurs, and to and including 5:00 P.M., Los Angeles time, on the earlier of (a)
July 31, 1998 and (b) if the Triggering Event is a sale of all or substantially
all of the Corporation's assets, to be followed by a liquidation of the
Corporation, thirty (30) days following such Triggering Event (the "Expiration
Date"). The first day in July 1991, 1992 and 1993 and the day on which a
Triggering Event first occurs is herein referred to as an "Exercise Commencement
Date."

     2.3  Duration and Exercise of Warrant.

          (a)  The
rights represented by this Warrant may be exercised by the Warrantholder of
record, in whole, or from time to time in part by the (a) surrender of this
Warrant, accompanied by the Exercise Form annexed hereto (the "Exercise Form")
duly executed by the Warrantholder of record and specifying the number of
Warrant Shares to be purchased, to the Corporation at the office of the
Corporation located at 3855 Avocado Boulevard, Suite 260, La Mesa, California
92041 (or such other office or agency of the Corporation as it may designate by
notice to the Warrantholder at the address of such Warrantholder appearing on
the books of the Corporation) during normal business hours on any day (a
"Business Day") other than a Saturday, Sunday or a day on which national banks
are authorized to close in the City of Los Angeles, State of California or on
which the Corporation is otherwise closed for business (a "Nonbusiness Day") on
or after 9:00 A.M., Los Angeles time, on any Exercise Commencement Date but not
later than the close of business on the Expiration Date (or the close of
business on the next succeeding Business Day, if the Expiration Date is a
Nonbusiness Day), and (b) delivery of payment to the Corporation, for the
account of the Corporation, by cash, by certified or bank cashier's check or by
wire transfer, of the Exercise Price for the number of Warrant Shares specified
in the Exercise Form in lawful money of the United States of America. The
Corporation agrees that such Warrant Shares shall be deemed to be issued to the
Warrantholder as the record holder of such Warrant Shares as of the close of
business on the date on which this Warrant shall have been surrendered and
payment made for the Warrant Shares as aforesaid. Certificates for the Warrant
Shares specified in the Exercise Form shall be delivered to the Warrantholder as
promptly as practicable, and in any event within ten (10) Business Days,
thereafter. The certificate or certificates so delivered shall be issued in the
name of the Warrantholder or, if permitted by subsection 2.5 and in accordance
with the provisions thereof, such other name as shall be designated in the
Exercise Form, subject to subsection 2.4, and shall be subject to the
restrictions on transfer and bear the legend specified in subsection 2.5. If
this Warrant shall have been exercised only in part, the Corporation shall, at
the time of delivery of the certificate or certificates for the Warrant Shares,
deliver to the Warrantholder a new Warrant evidencing the rights to purchase the
remaining Warrant Shares, which new Warrant shall in all other respects be
identical with this Warrant. If this Warrant is not exercised prior to the close
of business on the Expiration Date (or the next succeeding Business Day, if the
Expiration Date is a Nonbusiness Day), this Warrant shall cease to be
exercisable and shall become void and all rights of the Warrantholder hereunder
shall cease. No adjustments or payments shall be made on or in respect of
Warrant Shares issuable on the exercise of this Warrant for any cash
distributions paid or payable to holders of record of shares of Common Stock
prior to the date as of which the Warrantholder shall be deemed to be the record
holder of such Warrant Shares.

          (b)  No fractional shares of Common Stock shall be issued upon the
exercise of this Warrant. If more than one Warrant shall be exercised at one
time by the same holder, the number of Warrant Shares which shall be issuable
shall be computed on the basis of the aggregate principal amount of the Warrants
so exercised. With respect to any fraction of a share called for upon any
exercise hereof, the Corporation shall pay to the Warrantholder an amount in
cash equal to such fraction multiplied by, the difference between the "closing
price of the Corporation's Common Stock", determined as of the date of exercise
in accordance with subsection 7.5 hereof, and this Warrant's exercise price per
share of Common Stock as of the date of exercise.

     2.4  Payment of Taxes. The
initial issuance of a certificate or certificates, if any, for Warrant Shares
upon the exercise of this Warrant shall be made without charge to the
Warrantholder for any securities transfer or other issuance tax in respect
thereto; PROVIDED, HOWEVER, that the Warrantholder shall be required to pay any
and all taxes which may be payable in respect to any transfer involved in the
issuance and delivery of any certificate or certificates for Warrant Shares in a
name other than that of the then Warrantholder as reflected upon the books of
the Corporation.

     2.5  Transfer Restrictions and Legend.

          (a) This Warrant may not be sold, assigned, pledged,
hypothecated, encumbered, or in any manner transferred or disposed of, in whole
or in part, without the consent of the Corporation except by operation of law
or, in connection with a registration of Warrant Shares under the Securities
Act, to a member firm of the National Association of Securities Dealers, Inc.
Without limiting the generality of the foregoing, neither this Warrant nor any
of the Warrant Shares, nor any interest or participation in either, may be sold,
assigned, pledged, hypothecated, encumbered or in any other manner transferred
or disposed of, in whole or in part, except in compliance with applicable United
States federal and state securities laws and the terms and conditions hereof.

          (b)  The Warrantholder agrees that prior to any transfer of this
Warrant or any transfer of the related Warrant Shares requiring the consent of
the Corporation under subsection 2.5(a) above, such Warrantholder will give
notice to the Corporation of its intention to effect such transfer (and, in the
case of a disposition, of the intended method of disposition), together with a
copy of the opinion of such Warrantholder's counsel, who shall be acceptable to
the Corporation, as to the necessity or non-necessity for registration under the
Act and applicable state securities laws in connection with such transfer. The
following provisions shall then apply:

                    (i)  
If in the opinion of the Warrantholder's counsel, the proposed transfer of this
Warrant or the proposed transfer of such Warrant Shares may be effected without
registration under the Act or applicable state securities laws of this Warrant
or such Warrant Shares, as the case may be, and if the Corporation's counsel
shall deliver an opinion to the Corporation to substantially the same effect
(for purposes of which it may rely on the opinion of Warrantholder's counsel),
then the Warrantholder shall be entitled to transfer this Warrant or to transfer
such Warrant Shares in accordance with the intended method of disposition
specified in the notice delivered by such holder to the Corporation. The
Corporation agrees to request said opinion of its counsel promptly after
receiving each such notice and opinion from the Warrantholder and to deliver to
said holder a copy of the opinion of the Corporation's counsel promptly after it
is received. The Warrantholder shall cooperate fully, and provide the
Corporation and its counsel with such information and documents as either may
reasonably request, to evaluate such opinion. In the event that no such opinion
of the Corporation's counsel (whether such opinion shall concur with or dissent
from said opinion of the Warrantholder's counsel) shall be delivered to the
Warrantholder within 30 days after the date when the Warrantholder delivered
said notice and opinion to the Corporation, it shall not be necessary that any
opinion of the Corporation's counsel be delivered in order that any action be
taken under this subsection, and the Corporation shall thereafter be obligated
in connection with said notice and opinion of the Warrantholder's counsel to
rely upon such Warrantholder's counsel's opinion and effect such transfer.

                    (ii)  If,
in the opinion of either one or of both of said counsel, either the proposed
transfer of this Warrant or the proposed transfer of such Warrant Shares may not
be effected without registration under the Securities Act or applicable state
securities law of this Warrant or such Warrant Shares, as the case may be, the
Warrantholder shall not be entitled to transfer this Warrant or to transfer such
Warrant Shares, as the case may be.

          (c)  Notwithstanding anything to the contrary contained in this
paragraph 2.5, this Warrant may be transferred in whole or from time to time in
part to any successor to the business of Oppenheimer or any affiliate, officer,
director, employee, parent, subsidiary or partner of Oppenheimer or by operation
of law in compliance with applicable United States federal and state securities
laws and such transfer shall not be subject to the provisions of subsection
2.5(b). Upon due presentation for registration of transfer of this Warrant
pursuant to this subsection 2.5(c), the Corporation shall execute and deliver in
the name of the transferee or transferees a new Warrant or Warrants in like
kind; provided, however, that such new Warrant or Warrants shall not contain the
provisions of this subsection 2.5(c).

          (d)  In the case of Warrant Shares, each certificate therefor
shall bear a legend to the effect of the foregoing paragraph. Any Warrant issued
at any time in exchange or substitution for any Warrant bearing such a legend
shall also bear such legend unless, in the opinion of counsel for the
Corporation, the Warrant need no longer be subject to the restriction contained
herein. The provisions of this subsection 2.5 shall be binding upon all
subsequent holders of this Warrant, if any. Warrant Shares transferred to the
public as expressly permitted by, and in accordance with, the provisions of this
Warrant shall thereafter cease to be deemed to be "Warrant Shares" for purposes
hereof.

          (e)  The Warrantholder represents that Warrantholder is acquiring
the Warrant (and, if exercised, the shares of Common Stock issuable upon such
exercise) for the Warrantholder's own account (or a trust account if
Warrantholder is a trustee) and not with a view to or for sale in connection
with any distribution of the securities.

     2.6  Divisibility of Warrant. Subject to securities law compliance,
this Warrant may be divided into warrants representing one Warrant Share or
multiples thereof, upon surrender at the principal office of the Corporation on
any Business Day, without charge to the Warrantholder. Upon any such division,
and, if permitted by subsection 2.5 and in accordance with the provisions
thereof, the Warrants may be transferred of record to a name other than that of
the Warrantholder of record; Provided, However, that the Warrantholder shall be
required to pay any and all transfer taxes with respect thereto.

     2.7  Register. The Corporation shall maintain, at the principal office
of the Corporation (or such other office or agency of the Corporation in
_________________ as it may designate by notice to the holder hereof), a
register for the Warrants, in which the Corporation shall record the name and
address of the person in whose name a Warrant has been issued, as well as the
name and address of each transferee and each prior owner of such Warrant. Within
10 days after any holder of Warrants shall by notice request the same, the
Corporation will deliver to such holder a certificate, signed by a duly
authorized representative, listing the name and address of every other holder of
Warrants as such information appears in said register of the Corporation at the
close of business on the day before such certificate is signed.

     3.  Reservation and Listing of Shares, Etc.

     The Corporation covenants and agrees that all Warrant Shares which are
issued upon the exercise of the rights represented by this Warrant will, upon
issuance, be validly issued, fully paid and non-assessable and free from all
taxes, liens, security interests, charges and other encumbrances with respect to
the issue thereof, other than taxes in respect of any transfer occurring
contemporaneously with such issue. The Corporation further covenants and agrees
that, during the period within which the rights represented by this Warrant may
be exercised, the Corporation will at all times have authorized and reserved,
and keep available free from preemptive rights, a sufficient number of shares of
Common Stock to provide for the exercise of the rights represented by this
Warrant, and will at its expense use its best efforts to procure such listing
thereof (subject to official notice of issuance) as then may be required on all
stock exchanges on which the Common Stock is listed.

     4.  Exchange, Loss or Destruction of Warrant.

     If permitted by subsection 2.5 and in accordance with the provisions
thereof, upon surrender of this Warrant to the Corporation with a duly executed
instrument of assignment and funds sufficient to pay any transfer tax, the
Corporation shall, without charge, execute and deliver a new Warrant of like
tenor in the name of the assignee named in such instrument of assignment and
this Warrant shall promptly be cancelled. Upon receipt by the Corporation of
evidence satisfactory to it of the loss, theft, destruction or mutilation of
this Warrant, and, in the case of loss, theft or destruction, of such bond or
indemnification as the Corporation may reasonably require, and, in the case of
such mutilation, upon surrender and cancellation of this Warrant, the
Corporation will execute and deliver a new Warrant of like tenor. The term
"Warrant" as used herein includes any Warrants issued in substitution or
exchange for this Warrant.

     5.  Ownership of Warrant.

     The Corporation may deem and treat the person in whose name this
Warrant is registered as the Warrantholder and owner hereof (notwithstanding any
notations of ownership or writing hereon made by anyone other than the
Corporation) for all purposes and shall not be affected by any notice to the
contrary, until presentation of this Warrant for registration of transfer as
provided in subsections 2.3 and 2.5 or in section 4.

     6.  Certain Adjustments.

     6.1  Adjustment of Warrant Shares. The number of Warrant Shares
purchasable upon the exercise of this Warrant and the Exercise Price shall be
subject to adjustment as follows:

          (a)  In case the Corporation shall (i) pay a dividend in shares of
Common Stock or make a distribution in shares of Common Stock, (ii) subdivide
its outstanding Shares, (iii) combine its outstanding shares of Common Stock
into a smaller number of shares of Common Stock or (iv) issue by
reclassification of its Shares of Common Stock other securities of the
Corporation (including any such reclassification in connection with a
consolidation or merger in which the Corporation is the surviving entity), the
number of Warrant Shares purchasable upon exercise of this Warrant shall be
adjusted so that the Warrantholder shall be entitled to receive the kind and
number of Warrant Shares or other securities of the Corporation which it would
have owned or have been entitled to receive after the happening of any of the
events described above, had this Warrant been exercised immediately prior to the
happening of such event or any record date with respect thereto. Any adjustment
made pursuant to this subsection (a) shall become effective immediately after
the effective date of such event retroactive to the record date, if any, for
such event.

          (b)  Whenever the number of Warrant Shares purchasable upon the
exercise of the Warrant is adjusted, as herein provided, the Exercise Price
payable upon the exercise of this Warrant shall be adjusted by multiplying such
Exercise Price immediately prior to such adjustment by a fraction, the numerator
of which shall be the number of Warrant Shares purchasable upon the exercise of
the Warrant immediately prior to such adjustment, and the denominator of which
shall be the number of Warrant Shares purchasable immediately thereafter.

          (c)  Irrespective of any adjustments of the number or kind of
securities issuable upon exercise of Warrants or the Exercise Price, Warrants
theretofore issued may continue to express the same number of Shares and
Exercise Price as are stated in similar Warrants previously issued.

     6.2  Notice of Adjustment. Whenever the number of Warrant Shares or the
Exercise Price of such Warrant Shares is adjusted, as herein provided, the
Corporation shall promptly mail by first class, postage prepaid, to all
Warrantholders, notice of such adjustment or adjustments and a certificate of a
firm of independent public accounts selected by the Board of Directors of the
Corporation (which may be the regular accountants employed by the Corporation)
setting forth the number of Warrant Shares and the Exercise Price of such
Warrant Shares after such adjustment, a brief statement of the facts requiring
such adjustment and the computation by which such adjustment was made. Such
certificate shall be conclusive evidence of the correctness of such adjustment.
If a dispute shall at any time arise with respect to the failure of the
Corporation to make any adjustments of the Exercise Price or the number of
Warrant Shares issuable pursuant to this Warrant, such dispute shall be
conclusively determined by such accountants. Any such determinations shall be
binding upon the Corporation, all Warrantholders and holders of Warrant Shares
and all other security holders of the Corporation.

     6.3  Rights of Warrantholders to Certain Distributions. If the
Corporation at any time makes any spin-off, split-up, split-off or distribution
of assets upon or with respect to its shares of Common Stock, as a liquidating
or partial liquidating dividend, spin-off or by way of return of capital, or
other than as a dividend payable out of current earnings, each Warrantholder
shall upon the exercise of the Warrant receive, in addition to the Warrant
Shares then issuable on exercise of the Warrant, the amount of such assets (or
at the option of the Corporation, a sum equal to the value thereof at the time
of the distribution) which would have been payable to such holder had he
exercised the Warrant immediately prior to the record date for such
distribution.

     6.4  Preservation of Purchase Rights Upon Merger, Consolidation, etc

          (a)  If any capital reorganization or reclassification of any
shares of Common Stock, or consolidation or merger of the Corporation with
another corporation, or the sale of all or substantially all of its assets to
another entity, shall be effected while any Warrants are outstanding in such a
way that holders of any class of Common Stock shall be entitled to receive
stock, partnership interests, securities or assets with respect to or in
exchange for any class of such Common Stock, then as a condition of such
registration, reclassification, consolidation, merger or sale, lawful and
adequate provision shall be made whereby each Warrantholder shall thereafter
have the right to receive upon the basis and upon the terms and conditions
specified herein and in lieu of the Warrant Shares immediately theretofore
receivable upon the exercise of such Warrants, such number of shares of stock,
partnership interests, securities or assets to which a holder of the number of
Warrant Shares issuable upon the exercise of such Warrants would have been
entitled upon such reorganization, reclassification, consolidation, merger or
sale, and in any such case appropriate provision shall be made with respect to
the rights and interests of each such Warrantholder to the end that the
provisions hereof shall thereafter be applicable, as nearly as may be, in
relation to any shares of stock, partnership interests, securities or assets
thereafter deliverable upon the exercise of such Warrants. The Corporation shall
not effect any such consolidation, merger or sale unless prior to or
simultaneously with the consummation thereof the survivor or successor limited
partnership or corporation (if other than the Corporation) resulting from such
consolidation or merger or the limited partnership or corporation purchasing
such assets shall assume by written instrument executed and mailed or delivered
to each registered Warrantholder, the obligation to deliver to such
Warrantholder such shares of stock, partnership interests, securities or assets
as, in accordance with the foregoing provisions, such Warrantholder may be
entitled to receive, and containing the express assumption by such successor
limited partnership or corporation of the due and punctual performance and
observance of every provision of this Warrant to be performed and observed by
the Corporation and of all liabilities and obligations of the Corporation
hereunder.

          (b)  In the event of any change in the rights of the Warrantholder
by reason of other events herein set forth, then and in each such case, the
Corporation will promptly obtain an opinion of Deloitte Haskins & Sells or of
another independent national firm of certified public accountants selected by
the Corporation, specifying the other shares of stock, partnership interests,
securities or assets and the amount thereof receivable as a result of such
change in rights, and setting forth in reasonable detail the method of
calculation and the facts upon which such calculation is based. The Corporation
will promptly mail a copy of such accountants' opinion to the registered
Warrantholder.

     7.  Redemption.

     7.1  In the event that the Warrantholder exercises his or its right to
include any Warrant Shares issuable, but not yet issued, on the exercise hereof
in a registration statement pursuant to section 8 hereof, then the Corporation
may compel the holder of this Warrant to sell [all or portion] of this Warrant
to the Corporation at a price equal to 95% of the difference between "the
closing price of the Corporation's Common Stock" on the date of Redemption
Notice (as hereinafter defined) and the Exercise Price then in effect.

     7.2  The Corporation shall give at least 10 days prior written notice
of any requested redemption ("Redemption Notice"), by mail, postage prepaid, to
each Warrantholder of record, Redemption Notice to be addressed to the holder at
the address as it appears on the stock transfer books of the Corporation and to
specify the date of redemption and amount of this Warrant to be redeemed. The
amount of this Warrant specified in such Redemption Notice shall be redeemed
automatically as of the date of redemption without any further action by the
Corporation or such holder and regardless of whether this Warrant is surrendered
to the Corporation or its transfer agent. On or after the date of redemption as
specified in such Redemption Notice, the holder shall surrender this Warrant.
Upon such surrender, the Corporation shall pay to such holder in cash or by
check the price for the [amount of this Warrant so redeemed.] [If less than all
of this Warrant is to be redeemed, the Corporation shall forthwith issue a new
Warrant, of like tenor, for the unredeemed portion of this Warrant.]

     7.3  If less than all of the series of Warrants, all of which this
Warrant is one, are to be redeemed, the Warrantholder acknowledges that the
particular Warrants in the series to be redeemed shall be selected by the
Corporation by such method as it shall deem fair and appropriate in its sole and
absolute discretion.

     7.4  Notwithstanding that this Warrant has been called for redemption,
this Warrant may be exercised in whole or in part during the periods specified
in subsection 2.2 hereof at any time before the date of redemption specified in
the Redemption Notice.

     7.5 For the purpose hereof, the "closing price of the Corporation's
Common Stock" on any Redemption Date shall be the last sale price regular way
or, in case no such sale takes place on such day, the average of the closing bid
and asked prices regular way, in either case on the principal national
securities exchange on the Corporation's Common Stock is listed or admitted to
trading, or if it is not listed or admitted to trading on any national
securities exchange, on the National Market System, as reported by NASDAQ, or if
not admitted to trading on the National Market System, the average of the
closing bid and asked prices in the over-the-counter market as reported by
NASDAQ, or if not so available, the fair market price as determined by the
Corporation's Board of Directors (whose determination shall be conclusive) and
described in an officers' certificate signed by a responsible officer of the
Corporation. For purposes of this subsection the term "trading day" shall not
include any day on which securities are not traded on such exchange or in such
market.

     8.  Registration of the Warrants And/or Warrant Shares.

     8.1  Piggyback Registration.

          If at time after the date hereof, the Corporation proposes to file a
registration statement under the Securities Act with respect to a primary
offering by the Corporation for its own account (other than a "rights offering"
to shareholders of the Corporation) on a form suitable for a secondary offering
and/or a secondary offering on behalf of a shareholder of the Corporation, then
the Corporation will notify each Warrantholder (including for the purpose of
this section 8 any subsequent holder or holders of the Warrants and/or Warrant
Shares) at least thirty (30) days prior to the proposed filing of such
registration statement (the "Corporate Notice"), specifying in the Corporate
Notice the form of registration statement, the number of shares of Common Stock
or other securities which the Company proposes to register, the name of the
managing underwriter or underwriters (if any), (which may be Oppenheimer
pursuant to an existing agreement with the Corporation) and the general terms
and conditions of the proposed registration. Within fifteen (15) days of the
Corporate Notice, any Warrantholder may deliver a notice in writing to the
Corporation (the "Holder Notice") requesting that the Corporation include in
such registration statement some or all of the Warrant Shares. The Corporation
shall include the Warrant Shares in the registration statement, and, if any
proposed sale is to be underwritten, to see that the underwriters purchase such
Warrant Shares. In the event that any registration pursuant to this subsection
shall be, in whole or in part, an underwritten offering of securities of the
Corporation, any request by a Warrantholder pursuant to this subsection to
register the Warrant Shares must specify that such shares are to be included in
the underwriting on the same terms and conditions as the securities, if any,
otherwise being sold through underwriters under such registration; PROVIDED,
HOWEVER, that if the managing underwriter or underwriters of such offering
request in writing, at least fifteen (15) days prior to the date that the
registration statement becomes effective, that part or all of the Warrant Shares
be excluded from the registration statement on the ground that the inclusion of
such Warrant Shares with the securities which the other shareholders and the
Corporation propose to include in such offering will materially adversely affect
the success of the offering or offering price of the Common Stock being sold,
certain of the securities, including such Warrant Shares, will be excluded from
the registration statement as set forth below in this subsection. If the
underwriters agree to purchase any or all of the Warrant Shares, the
Warrantholders will enter into an underwriting agreement with the underwriters
and will sell such Warrant Shares to the underwriters unless and except to the
extent that, upon written notice to the Corporation and the managing underwriter
or underwriters at least two days prior to the effective date of the
registration statement, any such Warrantholder withdraws any portion of such
Warrant Shares. If the underwriters elect to reduce the amount of securities to
be offered and thereby purchase less than all of the Warrant Shares, such
reduction of Warrant Shares to be purchased by the underwriter shall be made pro
rata among the aggregate of Warrant Shares that were included in the timely
requests from Warrantholders under this subsection 8.1 and the shares of other
holders of the Corporation's securities with piggyback registration rights who
exercised their rights to participate in the subject registration statement. To
the extent Warrant Shares held by the Warrantholders are so reduced, such shares
will be excluded from the registration statement. Warrantholders shall have no
right to participate in the selection of the underwriters for the offering
pursuant to this subsection. The rights granted in this subsection 8.1 shall
expire five (5) years after the date hereof.

     8.2  Demand Registration.

          (a)  At any time after the first anniversary of the Corporation's
Initial Public Offering but prior to the fifth anniversary of the date hereof,
any Warrantholder may at any time make a written request ("Demand Registration
Notice") for registration under and in accordance with the Securities Act of all
or part of its Warrant Shares (the "Demand Registration") provided that the
number of Warrant Shares requested to be registered by such Warrantholder shall
equal more than fifty percent (50%) of the aggregate number of Warrant Shares
issued and issuable. In such event, the Corporation shall promptly notify in
writing all other Warrantholders that it has received a Demand Registration
Notice and will, subject to the limitations described herein, include in such
registration all Warrant Shares with respect to which the Corporation has
received written requests for inclusion therein within thirty (30) business days
after receipt by the applicable holder of the notice of the Corporation's
receipt of the Demand Registration Notice. The Warrantholders will be entitled
to one such Demand Registration of such Warrant Shares for which registration
has been properly requested pursuant to this subsection 8.2, except as set forth
below.

                    The Corporation and all other holders of Common Stock issued and
outstanding or reserved for future issuance pursuant to options, warrants and
conversion privileges as of the date of this Warrant, including, without
limitation, the holders of preferred stock ("Other Shareholders"), will be
permitted to participate in the registration statement filed pursuant to the
Demand Registration. If the Warrantholder or Warrantholders making the Demand
Registration so elect, the offering of Warrant Shares pursuant to such demand
registration will be in the form of an underwritten offering.

                    In the event that the registration pursuant to this subsection
8.2 shall be in whole or in part an underwritten offering, if the managing
underwriter or underwriters of such offering advise the Corporation in writing
that in its or their opinion the amount of Warrant Shares proposed to be
included in such proposed offering is sufficiently large to materially adversely
affect the success of the offering or offering price of the Common Stock, the
Corporation will include in such registration only an amount of Warrant Shares
which in the opinion of such managing underwriter or underwriters can be sold
without such material adverse effect (the "Maximum Amount"). In such event, the
registration statement shall only include the number of Warrant Shares in the
Maximum Amount, and such amount shall be allocated in the following priority
order: (A) all Warrant Shares that Warrantholders exercising their rights
pursuant to the Demand Registration propose to sell up to the Maximum Amount;
and the balance of the Maximum Amount, if any, to (B) the Corporation and then
to (C) Other Shareholders. All allocations within categories (A), (B) and (C)
above will be made on a pro rata basis among the securities proposed to be
included in such registration by the respective shareholders.

          (b)  Notwithstanding the foregoing, in the event that the Maximum
Amount represents less than fifty percent (50%) of the aggregate number of
Warrant Shares for which registration has been demanded under subsection 8.2(a),
then the Warrantholders shall be entitled to a second Demand Registration under
the terms and conditions set forth in this subsection 8.2; provided, however,
that the number of shares of Warrant Shares to be registered pursuant to such
second Demand Registration shall be more than fifty percent (50%) of the
aggregate number of Warrant Shares issued and issuable not previously registered
under the Securities Act.

          (c)  Notwithstanding the obligations set forth in subsections (a)
and (b) above:

                    (i)  The
Corporation shall not be required to file any registration statement which would
require the inclusion of audited financial statements for a period other than
the Corporation's fiscal year;

                    (ii)  
Should any Warrantholder, upon receiving a Holder Notice pursuant to subsection
8.1, not exercise his rights to include all of his Warrant Shares in the
registration statement referred to in such Holder Notice, then such
Warrantholder may not submit a Demand Registration Notice pursuant to this
subsection 8.2 until one hundred eighty (180) days after the effective date of
such registration statement.

     8.3  Market Stand-off. Each Warrantholder agrees that if the managing
underwriter or underwriters of the offering contemplated by subsection 8.1 so
request, such Warrantholder shall not sell any Requested Shares (as hereinafter
defined) or other Warrant Shares held by him not included in the registration
statement for a period of sixty (60) days after the effective date of the
registration statement filed in connection with the public offering; provided,
however, that no Warrantholder shall be bound by this subsection 8.3 if none of
such Warrantholder's Warrant Shares have been included in the registration
statement filed pursuant to subsection 8.1.

     8.4  Obligations of the Corporation. When required under this section 8
to effect the registration of any of the Warrant Shares under subsections 8.1 or
8.2 hereof (in either such case, the "Requested Shares"), the Corporation shall,
as expeditiously as is reasonably possible:

          (a)  Prepare and file with the Securities Exchange Commission (the
"SEC") a registration statement with respect to such Requested Shares and such
amendments and supplements to such registration statement and the prospectus
used in connection therewith as may be necessary to cause such registration
statement to become effective at the earliest practicable date and to remain
effective for a period of ninety (90) days or until the Warrantholders and any
underwriter purchasing such Requested Shares have sold or otherwise disposed of
the Requested Shares registered in such registration statement, whichever is
earlier.

          (b)  Furnish to each Warrantholder selling Requested Shares such
number of copies of such registration statement, each supplement and amendment
thereto, a prospectus, including a preliminary prospectus, in conformity with
the requirements of the Securities Act, and such other documents as such
Warrantholder may from time to time reasonably request in order to facilitate
the disposition of Requested Shares to be sold by such Warrantholder pursuant to
such registration statement.

          (c)  Register and qualify the Requested Shares covered by such
registration statement under such securities laws or state securities laws of
such jurisdictions as shall be reasonably appropriate for the distribution of
the Requested Shares covered by the registration statement; provided, however,
that the Corporation shall not be required in connection therewith or as a
condition thereto to qualify to do business or to file a general consent to
service of process in any such states or jurisdictions.

          (d)  Furnish, at the request of any Warrantholder or
Warrantholders requesting registration of Requested Shares pursuant to this
section 8 on the date that such Requested Shares are delivered to the
underwriters for the sale pursuant to such registration or, if such Requested
Shares are not being sold through underwriters, on the date the registration
statement with respect to such Requested Shares becomes effective: (1) an
opinion, dated such date, of the counsel representing the Corporation for the
purposes of such registration, addressed to the underwriters, if any, and to the
Warrantholder or Warrantholders making such request, stating that such
registration statement has become effective under the Securities Act and that
(a) to the best knowledge of such counsel, no stop order suspending the
effectiveness thereof as has been issued and no proceedings for that purpose
have been instituted or are pending or contemplated under the Securities Act;
(b) the registration statement, the related prospectus, and each amendment or
supplement thereto, comply as to form in all material respects with the
requirements of the Securities Act and the applicable rules and regulations of
the SEC thereunder (except that such counsel need express no opinion as to
financial statements contained therein); (c) such counsel has no reason to
believe that either the registration statement or the prospectus, or any
amendment or supplement thereto, contains any untrue statement of a material
fact or omits to state a material fact required to be stated therein or
necessary to make the statements therein not misleading; (d) to the best
knowledge of such counsel, the descriptions in the registration statement and
the prospectus, and any amendment or supplement thereto, of legal and
governmental matters and all contracts and other legal documents or instruments
are accurate and fairly present the information required to be shown; and (e)
such counsel does not know of any legal or governmental proceedings, pending or
contemplated, required to be described in the registration statement or
prospectus, or any amendment or supplement thereto, that are not described as
required, nor of any contracts or documents or instruments of a character
required to be described in the registration statement or prospectus or any
amendment or supplement thereto or to be filed as exhibits to the registration
statement that are not described and filed as required; and (2) a letter, dated
such date, from the independent public accountants of the Corporation, addressed
to the underwriters, if any, and to the Warrantholder or Warrantholders making
such request, stating that they are independent public accountants within the
meaning of the Securities Act and that, in the opinion of such accountants, the
financial statements and other financial data of the Corporation included in the
registration statement and the prospectus, and any amendment or supplement
thereto, comply as to form in all material respects with the applicable
accounting requirements of the Securities Act. Such letter from the independent
certified public accountants shall additionally cover such other financial
matters (including information as to the period ending not more than five
business days prior to the date of such letter) with respect to the registration
in respect of which such letter is being given as the Warrantholder or
Warrantholders of Requested Shares requesting such letter may reasonably
request.

          (e)  Effect any notification registration, qualification and
listing on a securities exchange which shall be reasonably necessary to permit
the sale of such Requested Shares, if the Common Stock is then being traded on
an exchange.

     8.5  Exercise of Warrant. Nothing herein shall require a Warrantholder
holding any Warrants to have exercised any of its Warrants prior to making a
request under subsections 8.1 or 8.2 hereof for registration of shares of Common
Stock issuable upon the exercise of such Warrants; provided, however, that such
Warrants must be exercised not later than the date of the effectiveness of the
registration statement covering the shares of Common Stock issuable upon
exercise thereof, or such earlier date as shall be reasonably required by the
managing underwriter(s) in an underwritten offering. Nothing herein shall
require the Corporation to register the Warrants under the Securities Act or any
state securities law. Upon the exercise of this Warrant, any and all
registration rights granted in this section 8 shall survive and the holder of
Warrant Shares acquired upon exercise hereof, shall be entitled to the rights
granted herein with respect to such Warrant Shares.

     8.6  Furnish Information. It shall be a condition precedent to the
obligation of the Corporation to take any action pursuant to this section 8 that
the Warrantholders promptly furnish to the Corporation such information
regarding them, the securities of the Corporation held by them and the intended
method of disposition of such securities as the Corporation shall reasonably
request and as shall be required in connection with the Corporation's
obligations under this section.

     8.7  Registration Expenses. All expenses incurred by the Corporation in
complying with this section 8, including without limitation, all registration
and filing fees, printing expenses, travel expenses, fees and disbursements of
counsel for the Corporation and the expense of any special audits incident to or
required by any such registration, shall be paid by the Corporation. The
Corporation shall not be responsible for any underwriters' fees, brokerage fees,
underwriting discounts and commissions with respect to such registration of the
Requested Shares, or the counsel fees incurred by Warrantholders.

     8.8  Expanded Rights. From and after the fifth anniversary of this
Warrant, section 8 shall be extended through July 31, 1998 with the following
modifications:

          (a)  The
last sentence of subsection 8.1 shall be deleted.

          (b)  The
Warrantholders shall have the right to make two demands for registration of the
Warrant Shares, after the fifth anniversary of this Warrant, under subsection
8.2(a). Subsection 8.2(b) shall be deleted. Upon demand for registration of the
Warrant Shares pursuant to subsection 8.2(a), subsection 8.7 shall be amended to
include the following:

                    (i)  The expenses of registering the Warrant Shares upon the
first Demand Registration shall be borne by the Corporation.

                    (ii)  However,
the expenses of registering the Warrant Shares upon the second Demand
Registration shall be borne by the Warrantholders.

     8.9  Indemnification. In the event any of the Warrant Shares of a
Warrantholder is included in a registration statement pursuant to this section
8:

          (a)  To
the extent permitted by law, the Corporation will indemnify and hold harmless
each Warrantholder selling Requested Shares, any underwriter (within the meaning
of the Securities Act) with respect to the Requested Shares, and each officer
and director of and each person, if any, who otherwise controls such
Warrantholder or underwriter within the meaning of the Securities Act, against
any losses, claims, damages, expenses, or liabilities, joint or several, to
which they may become subject under the Securities Act or otherwise, insofar as
such losses, claims, damages, expenses or liabilities (or actions in respect
thereof) arise out of or are based upon any untrue or allegedly untrue statement
of any material fact contained in such registration statement, including any
preliminary prospectus or final prospectus contained therein or any amendments
or supplements thereto, or arise out of or are based upon the omission or
alleged omission to state therein a material fact required to be stated therein
or allegedly necessary to make the statements therein not misleading; and will
reimburse each such Warrantholder, underwriter or controlling person for any
legal or other expenses reasonably incurred by them in connection with
investigating or defending any such loss, claim, damage, liability or action;
provided, however, that the indemnity agreement contained in this section 8
shall not apply to amounts paid in settlement of any such loss, claim, damage,
expense, liability or action if such settlement is effected without the written
consent of the Corporation which shall not be unreasonably withheld, nor shall
the Corporation be liable under this section 8 to such a Warrantholder,
underwriter or controlling person for any such loss, claim, damage, expense,
liability or action to the extent that it arises out of, or is based upon, an
untrue statement or allegedly untrue statement or omission or alleged omission
made in connection with such registration statement, preliminary prospectus,
final prospectus, or amendments or supplements thereto, in reliance upon and in
conformity with information furnished in writing expressly for use in connection
with such registration by such Warrantholder, such underwriter or such
controlling person.

          (b)  To
the extent permitted by law, each Warrantholder selling Requested Shares
pursuant to this section 8 will indemnify and hold harmless the Corporation,
each of its directors and officers, each person, if any, who controls the
Corporation within the meaning of the Securities Act, and any underwriter for
the Corporation (within the meaning of the Securities Act) against any losses,
claims, damages or liabilities to which the Corporation or any such person or
underwriter may become subject, under the Securities Act or otherwise, insofar
as such losses, claims, damages, expenses or liabilities (or actions in respect
thereto) arise out of, or are based upon, any untrue or allegedly untrue
statement of any material fact contained in such registration statement,
including any preliminary prospectus or final prospectus contained therein or
any amendments or supplements thereto, or arise out of or are based upon the
omission or alleged omission to state therein a material fact required to be
stated therein or allegedly necessary to make the statements therein not
misleading, in each case to the extent that such untrue statement or allegedly
untrue statement or omission or alleged omission was made in such registration
statement, preliminary prospectus, or amendments or supplements thereto, in
reliance upon and in conformity with information furnished in writing by such
Warrantholder expressly for use in connection with such registration; PROVIDED,
HOWEVER, that the indemnity agreement contained in this section 8 shall not
apply to amounts paid in settlement of any such loss, claim, damage, expense,
liability or action if such settlement is effected without the written consent
of such Warrantholder which shall not be unreasonably withheld; and each such
Warrantholder will reimburse the Corporation or any such person or underwriter
for any legal or other expenses reasonably incurred by the Corporation or any
such person or underwriter in connection with investigating or defending any
such loss, claim, damage, liability, expense or action.

          (c)  Promptly
after receipt by an indemnified party under this section 8 of notice of the
commencement of any action, such indemnified party will, if a claim in respect
thereof is to be made against any indemnifying party under this section 8 notify
the indemnifying party in writing of the commencement thereof and generally
summarize such action. The indemnifying party shall have the right to
participate in and to assume the defense thereof with counsel mutually
satisfactory to the parties; PROVIDED that each indemnified party shall have the
right to employ its own counsel in any such cash, but the fees and expense of
such counsel shall be at the expense of such indemnified party unless the
employment of such counsel shall have been authorized in writing by the
indemnifying party in connection with the defense of such action or the
indemnifying party shall not have employed counsel to have charge of the defense
of such action or such indemnified party or parties shall have reasonably
concluded that there may be defenses available to it or them that are different
from or additional to those available to the indemnifying party (in which case
the indemnifying party shall not have the right to direct the defense of such
action on behalf of the indemnified party or parties) in any of which events the
fees and expenses of such counsel shall be borne by the indemnifying parties.
The failure to notify an indemnifying party promptly of the commencement of any
such action if prejudicial to the ability to defend such action, shall relieve
such indemnifying party of any liability to the indemnified party under this
subsection (g), but the omission so to notify the indemnifying party will not
relieve such party of any liability that such party may have to any indemnified
party otherwise than under this section.

          (d)  To the extent permitted by law, the indemnification provided
for under this Warrant will remain in full force and effect regardless of any
investigation made by or on behalf of the indemnified party or any officer,
director or controlling person (within the meaning of the Securities Act) of
such indemnified party and will survive the transfer of securities.

          (e)  If for any reason the foregoing indemnity is unavailable to,
or is insufficient to hold harmless, an indemnified party, then the indemnifying
party shall contribute to the amount paid or payable by the indemnified party as
a result of such losses, claims, damages, liabilities or expenses (i) in such
proportion as is appropriate to reflect the relative benefits received by the
indemnifying party on the one hand and the indemnified party on the other or
(ii) if the allocation provided by clause (i) above is not permitted by
applicable law, or provides a lesser sum to the indemnified party then the
amount hereinafter calculated, in such proportion as is appropriate to reflect
not only the relative benefits received by the indemnifying party on the one
hand and the indemnified party on the other but also the relative fault of the
indemnifying party and the indemnified party as well as any other relevant
equitable considerations. Notwithstanding the foregoing, no underwriter, if any,
shall be required to contribute any amount in excess of the amount by which the
total price at which the securities underwritten by it and distributed to the
public were offered to the public exceeds the amount of any damages which such
underwriter has otherwise been required to pay by reason of such untrue or
alleged untrue statement or omission or alleged omission. No person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation. The obligation of any underwriters
to contribute pursuant to this subsection (e) shall be several in proportion to
their respective underwriting commitments and not joint.

          (f)  As used in this section 8, the term "Person" shall mean an
individual, partnership, corporation, joint venture, association, stock company,
trust or unincorporated organization, or a government or agency or political
subdivision thereof.

     8.10  No-Action Letter or Opinion of Counsel in Lieu of Registration.
Notwithstanding anything else contained in this section 8, in the event that (i)
the Corporation shall have obtained from the SEC an "interpretative" or a
"no-action" letter in which the SEC has indicated that registration is not
required or that it will take no action if, without registration under the
Securities Act, any Warrantholder disposes of Requested Shares in the manner in
which such Warrantholder proposes to dispose of the Requested Shares, or (ii) in
the opinion of counsel for the Corporation, no registration under the Securities
Act is required in connection with such disposition, the Requested Shares shall
not be eligible for registration under this section, but if the Corporation
Holder receives a contrary opinion of its counsel, the Corporation will either
allow such shares to be registered pursuant to this Section 8 and reimburse the
Warrantholder for the reasonable costs of obtaining such opinion or obtain a
no-action letter from the SEC.

     8.11  Participation in Underwritten Registrations. No Warrantholder may
participate in any underwritten registration hereunder unless such Warrantholder
(a) agrees to sell such Warrantholder's securities on the basis provided in any
underwriting arrangements approved by the Corporation and (b) completes and
executes all questionnaires, powers of attorney, indemnities, underwriting
agreements and other documents reasonably required under the terms of such
underwriting arrangements.

     9.  Prior Notice of Certain Events. In case at any time:

          (a)  the Corporation shall pay any dividends or make any
distribution to its holders of shares of Common Stock;

          (b)  the Corporation proposes to make the Initial Public Offering;
or

          (c)  there shall be any capital reorganization or reclassification
of the shares of Common Stock of the Corporation, including any subdivision,
split, combination or reverse split, or any consolidation or merger of the
Corporation with another corporation or a sale of all or substantially all of
its assets; or

          (d)  there shall be a voluntary or involuntary dissolution,
liquidation or winding-up of the Corporation; then, in any of said cases, the
Corporation shall give prior written notice, by first-class mail, postage
prepaid, addressed to the Warrantholder at the address of such Warrantholder as
shown on the registration books of the Corporation, of the date on which (i) the
books of the Corporation shall close or a record shall be taken for such
distribution or subscription rights, or (ii) such reorganization,
reclassification, consolidation, merger, sale, dissolution, liquidation or
winding-up shall take place, as the case may be, or (iii) the registration
statement is expected to become effective. To the extent applicable, such notice
shall also specify the date as of which the Corporation's shareholders shall
participate in said distribution or subscription rights or shall be entitled to
exchange their shares of Common Stock for securities or other property
deliverable upon such reorganization, reclassification, consolidation, merger or
sale, dissolution, liquidation or winding-up, as the case may be. Such written
notice shall be given at least fifteen (15) days prior to (i) such applicable
event, (ii) the applicable record date or (iii) the date on which the
Corporation's transfer books are closed in respect thereto.

     In addition to the foregoing, the Corporation shall promptly
notify Warrantholders in writing, by first class mail, postage prepaid, of the
first occurrence of a Triggering Event and such notice shall set forth the
number of shares of Common Stock outstanding on such date, excluding any shares
of Common Stock which are issued in connection with such Triggering Event.

     10.  Miscellaneous.

     10.1  Entire Agreement. This Warrant constitutes the entire agreement
between the Corporation and the Warrantholders with respect to the Warrants and
Warrant Shares.

     10.2  Binding Effects; Benefits. This Warrant shall inure to the
benefit of and shall be binding upon the Corporation, the Warrantholders and
holders of Warrant Shares and their respective heirs, legal representatives,
successors and assigns. Nothing in this Warrant, expressed or implied, is
intended to or shall confer on any person other than the Corporation, the
Warrantholders and holders of Warrant Shares, or their respective heirs, legal
representatives, successors or assigns, any rights, remedies, obligations or
liabilities under or by reason of this Warrant or the Warrant Shares.

     10.3  Amendments and Waivers.
This Warrant may not be modified or amended except by an instrument or
instruments in writing signed by the party against whom enforcement of any such
modification or amendment is sought. The Corporation, any Warrantholder or
holders of Warrant Shares may, by an instrument in writing, waive compliance by
the other party with any term or provision of this Warrant on the part of such
other party hereto to be performed or complied with. The waiver by any such
party of a breach of any term or provision of this Warrant shall not be
construed as a waiver of any subsequent breach.

     10.4  Section and Other
Headings. The section and other headings contained in this Warrant are for
reference purposes only and shall not be deemed to be a part of this Warrant or
to affect the meaning or interpretation of this Warrant.

     10.5  Further Assurances,. Each
of the Corporation, the Warrantholders and holders of Warrant Shares shall do
and perform all such further acts and things and execute and deliver all such
other certificates, instruments and/or documents (including without limitation,
such proxies and/or powers of attorney as may be necessary or appropriate) as
any party hereto may, at any time and from time to time, reasonably request in
connection with the performance of any of the provisions of this Warrant.

     10.6  Notices. All demands,
requests, notices and other communications required or permitted to be given
under this Warrant shall be in writing and shall be deemed to have been duly
given if delivered personally or sent by United States first class mail, postage
prepaid, to the parties hereto at the following addresses or to such other
address as any party hereto shall hereafter specify by notice to the other party
hereto:

	  
	(a)
	if to the Corporation, addressed to:

                                          
                            

                                          
                            

                                          
                            

With a copy given in the same manner to:

                                          
                            

                                          
                            

                                          
                            

                                          
                            

          (b)  if to any Warrantholder or holder of Warrant Shares,
addressed to the address of such person appearing on the books of the
Corporation.

Except as otherwise provided herein, all such demands, requests, notices and
other communication shall be deemed to have been received on the date of
delivery thereof or on the third Business Day after the mailing thereof.

     10.7  Separability. Any term or provision of this Warrant which is
invalid or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such invalidity or unenforceability without
rendering invalid or unenforceable any other term or provision of this Warrant
or affecting the validity or enforceability of any of the terms or provisions of
this Warrant in any other jurisdiction.

     10.8  Rights of the Warrantholder. The Warrantholder shall not, solely
by virtue of this Warrant, be entitled to any rights of a shareholder of the
Corporation, either at law or in equity.

     10.9  Governing Law. This
Warrant shall be deemed to be a contract made under the laws of the State of New
York and for all purposes shall be governed by and construed and enforced in
accordance with the laws of such State.

     IN WITNESS WHEREOF, the Corporation has caused this Warrant to be
signed by its duly authorized officer.

	  
	CORPORATION

By:                                         
                       

Dated:                          

EXERCISE FORM

(To be executed upon exercise of this Warrant)

     The undersigned, the record holder of this Warrant, hereby irrevocably
elects to exercise the right, represented by this Warrant, to purchase _______
of the Warrant Shares, and to become a shareholder of
________________________________, and herewith tenders payment for such Warrant
Shares in the amount of $____________ in accordance with the terms of this
Warrant. The undersigned requests that a certificate for such Warrant Shares be
registered in the name of __________________________ and that such certificates
be delivered to _____________________ whose address is
____________________________________.

	   
	Signature:                                     
               

 DateEXHIBIT 4(c)

Exhibit 4(c)

THESE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD OR OTHERWISE
DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT FILED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, OR PURSUANT TO AN EXEMPTION FROM
REGISTRATION UNDER SUCH ACT.

IN ADDITION, THIS WARRANT MAY NOT BE SOLD, TRANSFERRED, PLEDGED
OR HYPOTHECATED FOR A PERIOD OF ONE YEAR FROM THE DATE OF THIS WARRANT, EXCEPT
TO AN OFFICER OR PARTNER (BUT NOT A DIRECTOR) OF THE WARRANTHOLDER.

VOID AFTER 5:00 P.M., CALIFORNIA TIME, ON JUNE 2, 2004 OR IF NOT
A BUSINESS DAY, AS DEFINED HEREIN, AT 5:00 P.M., CALIFORNIA TIME, ON THE NEXT
FOLLOWING BUSINESS DAY.

	
NO. CR-2
	WARRANT
TO PURCHASE
______ SHARES OF COMMON STOCK

WARRANT TO PURCHASE

COMMON STOCK

OF

ALLIANCE PHARMACEUTICAL CORP.

TRANSFER RESTRICTED -- SEE SECTION 5.2

This certifies that, for good and
valuable consideration, ______________________ and assigns (collectively, the
“Warrantholder”), is entitled to purchase from ALLIANCE
PHARMACEUTICAL CORP., a New York corporation (the “Company”),
subject to the terms and conditions hereof, at any time on or after 9:00 A.M.,
California time, on June 10, 1999, and before 5:00 P.M., California time, on
June 2, 2004 (or, if such day is not a Business Day, at or before 5:00 P.M.,
California time, on the next following Business Day), the number of fully paid
and non-assessable shares of Common Stock stated above at the Exercise Price
(defined below). The Exercise Price and the number of shares purchasable
hereunder are subject to adjustment from time to time as provided in Article 3
hereof.

article 1

DEFINITIONS

      1.1  Definition of Terms. As
used in this Warrant, the following capitalized terms shall have the following
respective meanings:

          (a)  Business
Day: A day other than a Saturday, Sunday or other day on which banks in the
State of California are authorized by law to remain closed.

          (b)  Common
Stock: Common Stock, $.01 par value per share, of the Company.

          (c)  Common
Stock Equivalents: Securities that are convertible into or exercisable for
shares of Common Stock.

          (d)   Demand Registration: See Section 6.2.

          (e)  
Exchange Act: The Securities Exchange Act of 1934, as amended.

          (f)  Exercise
Price: $3.675 per Warrant Share, as such price may be adjusted from time to
time pursuant to Article 3 hereof.

          (g)  Expiration
Date: 5:00 P.M., California time, on June 2, 2004 or, if such day is not a
Business Day, the next succeeding day which is a Business Day.

          (h)  25%
Holders: At any time as to which a Demand Registration is requested, the
Holder and/or the holders of any other Warrants and/or the holders of Warrant
Shares who have the right to acquire or hold, as the case may be, not less than
25% of the combined total of Warrant Shares issuable and Warrant Shares
outstanding at the time such Demand Registration is requested.

          (i)  Holder:
A Holder of Registrable Securities.

          (j)  NASD:
National Association of Securities Dealers, Inc.

          (k)  Nasdaq:
NASD Automated Quotation System.

          (l)  Person:
An individual, partnership, limited liability company, joint venture,
corporation, trust, unincorporated organization or government or any department
or agency thereof.

          (m)  Piggyback
Registration: See Section 6.1.

          (n)  
Prospectus: Any prospectus included in any Registration Statement, as
amended or supplemented by any prospectus supplement, with respect to the terms
of the offering of any portion of the Registrable Securities covered by such
Registration Statement and all other amendments and supplements to the
Prospectus, including post-effective amendments and all material incorporated by
reference in such Prospectus.

          (o)  Public
Offering: A public offering of any of the Company's equity or debt securities
pursuant to a registration statement under the Securities Act.

          (p)  Registration
Expenses: Any and all expenses incurred in connection with any
registration or action incident to performance of or compliance by the Company
with Article 6, including, without limitation, (i) all SEC, national securities
exchange and NASD registration and filing fees; all listing fees and all
transfer agent fees; (ii) all fees and expenses of complying with state
securities or blue sky laws (including the fees and disbursements of counsel for
the underwriters in connection with blue sky qualifications of the Registrable
Securities); (iii) all printing, mailing, messenger and delivery expenses; and
(iv) all fees and disbursements of counsel for the Company and of its
accountants, including the expenses of any special audits and/or “cold
comfort” letters required by or incident to such performance and
compliance, but excluding underwriting discounts and commissions, brokerage fees
and transfer taxes, if any, and fees of counsel or accountants retained by the
holders of Registrable Securities to advise them in their capacity as Holders of
Registrable Securities.

          (q)  
Registrable Securities: Any Warrant Shares issued to Cruttenden
Roth Incorporated and/or its designees or transferees as permitted under Section
5.2 and/or other securities that may be or are issued by the Company upon
exercise of this Warrant, including those which may thereafter be issued by the
Company in respect of any such securities by means of any stock splits, stock
dividends, recapitalizations, reclassifications or the like, and as adjusted
pursuant to Article 3 hereof.

          (r)  
Registration Statement: Any registration statement of the Company
filed or to be filed with the SEC which covers any of the Registrable Securities
pursuant to the provisions of this Agreement, including all amendments
(including post-effective amendments) and supplements thereto, all exhibits
thereto and all material incorporated therein by reference.

          (s)
SEC:  The Securities and Exchange Commission or any other federal
agency at the time administering the Securities Act or the Exchange Act.

          (t)  Securities
Act: The Securities Act of 1933, as amended.

          (u)  Transfer:
See Section 5.2.

          (v)  
Warrants: This Warrant and all other warrants that may be issued in its
or their place (together evidencing the right to purchase an aggregate _____
shares of Common Stock), originally issued as set forth in the definition of
Registrable Securities.

          (w)  
Warrantholder: The person(s) or entity(ies) to whom this Warrant is
originally issued, or any successor in interest thereto, or any assignee or
transferee thereof, in whose name this Warrant is registered upon the books to
be maintained by the Company for that purpose.

          (x)  Warrant
Shares: Common Stock, Common Stock Equivalents and other securities purchased or
purchasable upon exercise of the Warrants.

article 2

DURATION AND EXERCISE OF WARRANT

      2.1  Duration of Warrant. The
Warrantholder may exercise this Warrant at any time and from time to time before
5:00 P.M., California time, on the Expiration Date. If this Warrant is not
exercised on or prior to the Expiration Date, it shall become void, and all
rights hereunder shall thereupon cease.

     2.2 Exercise of Warrant.

          (a)  The
Warrantholder may exercise this Warrant, in whole or in part, by presentation
and surrender of this Warrant to the Company at its principal executive offices
or at the office of its stock transfer agent, if any, with the Subscription Form
annexed hereto duly executed and accompanied by payment of the full Exercise
Price for each Warrant Share to be purchased; or

          (b)  Upon receipt of this Warrant with the Subscription
Form duly executed and accompanied by payment of the aggregate Exercise Price
for the Warrant Shares for which this Warrant is then being exercised, the
Company shall cause to be issued certificates for the total number of whole
shares of Common Stock for which this Warrant is being exercised (adjusted to
reflect the effect of the anti-dilution provisions contained in Article 3
hereof, if any, and as provided in Section 2.4 hereof) in such denominations as
are requested for delivery to the Warrantholder, and the Company shall thereupon
deliver such certificates to the Warrantholder. The Warrantholder shall be
deemed to be the holder of record of the shares of Common Stock issuable upon
such exercise, notwithstanding that the stock transfer books of the Company
shall then be closed or that certificates representing such shares of Common
Stock shall not then be actually delivered to the Warrantholder. If at the time
this Warrant is exercised, a Registration Statement is not in effect to register
under the Securities Act the Warrant Shares issuable upon exercise of this
Warrant, the Company may require the Warrantholder to make such representations,
and may place such legends on certificates representing the Warrant Shares, as
may be reasonably required in the opinion of counsel to the Company to permit
the Warrant Shares to be issued without such registration.

          (c) In
case the Warrantholder shall exercise this Warrant with respect to less than all
of the Warrant Shares that may be purchased under this Warrant, the Company
shall execute a new warrant in the form of this Warrant for the balance of such
Warrant Shares and deliver such new warrant to the Warrantholder.

(d)  The Company shall pay any and all stock transfer and
similar taxes which may be payable in respect of the issue of this Warrant or in
respect of the issue of any Warrant Shares.

     2.3  Reservation of Shares.
The Company hereby agrees that at all times there shall be reserved for
issuance and delivery upon exercise of this Warrant such number of shares of
Common Stock or other shares of capital stock of the Company from time to time
issuable upon exercise of this Warrant. All such shares shall be duly
authorized, and when issued upon such exercise, shall be validly issued, fully
paid and nonassessable, free and clear of all liens, security interests, charges
and other encumbrances or restrictions on sale and free and clear of all
preemptive rights (except as provided in the last sentence of Section 2.2(b)).

     2.4  Fractional Shares. The Company shall
not be required to issue any fraction of a share of its capital stock in
connection with the exercise of this Warrant, and in any case where the
Warrantholder would, except for the provisions of this Section 2.4, be entitled
under the terms of this Warrant to receive a fraction of a share upon the
exercise of this Warrant, the Company shall, upon the exercise of this Warrant
and tender of the Exercise Price (as adjusted to cover the balance of the
share), issue the larger number of whole shares purchasable upon exercise of
this Warrant. The Company shall not be required to make any cash or other
adjustment in respect of such fraction of a share to which the Warrantholder
would otherwise be entitled.

     2.5  Listing. Prior to the issuance of any shares
of Common Stock upon exercise of this Warrant, the Company shall secure the
listing of such Common Stock upon each national securities exchange or automated
quotation system, if any, upon which the Company’s Common Stock is then
listed (subject to official notice of issuance upon exercise of this Warrant)
and shall maintain, so long as any Common Stock shall so be listed, such listing
of all shares of Common Stock from time to time issuable upon the exercise of
this Warrant; and the Company shall so list on each national securities exchange
or automated quotation system, and shall maintain such listing of, any other
shares of capital stock of the Company issuable upon the exercise of this
Warrant if and so long as any shares of the same class shall be listed on such
national securities exchange or automated quotation system.

article 3

WARRANT SHARES; ADJUSTMENT OF COMMON STOCK

PURCHASABLE AND OF EXERCISE PRICE

     The Exercise Price and the number and kind of
Warrant Shares shall be subject to adjustment from time to time upon the
happening of certain events as provided in this Article 3.

     3.1  Mechanical Adjustments.

          (a)  If
at any time prior to the exercise of this Warrant in full, the Company shall (i)
declare a dividend or make a distribution on the Common Stock payable in shares
of its capital stock (whether Common Stock or capital stock of any other class);
(ii) subdivide, reclassify or recapitalize outstanding Common Stock into a
greater number of shares; (iii) combine, reclassify or recapitalize its
outstanding Common Stock into a smaller number of shares; or (iv) issue any
shares of its capital stock by reclassification of its Common Stock (including
any such reclassification in connection with a consolidation or a merger in
which the Company is the continuing corporation), the Exercise Price in effect
at the time of the record date of such dividend, distribution, subdivision,
combination, reclassification or recapitalization shall be adjusted so that the
Warrantholder shall be entitled to receive the aggregate number and kind of
shares which, if this Warrant had been exercised in full immediately prior to
such event, such Warrantholder would have owned upon such exercise and been
entitled to receive by virtue of such dividend, distribution, subdivision,
combination, reclassification or recapitalization. Any adjustment required by
this paragraph 3.1(a) shall be made successively immediately after the record
date, in the case of a dividend or distribution, or the effective date, in the
case of a subdivision, combination, reclassification or recapitalization, to
allow the purchase of such aggregate number and kind of shares, and in the event
that such dividend or distribution or subdivision combination, reclassification
or recapitalization is not so effected, the Exercise Price shall again be so
adjusted to be the Exercise Price that was in effect immediately prior to such
record date.

          (b)  If
at any time prior to the exercise of this Warrant in full, the Company shall fix
a record date for the issuance or making a distribution to all holders of Common
Stock (including any such distribution to be made in connection with a
consolidation or merger in which the Company is to be the continuing
corporation) of evidences of its indebtedness, any other securities of the
Company or any cash, property or other assets (excluding a combination,
reclassification or recapitalization referred to in Section 3.1(a), regular cash
dividends and cash distributions paid out of net profits legally available
therefor and in the ordinary course of business) and subscription rights,
options or warrants for Common Stock or Common Stock Equivalents (any such
nonexcluded event being herein called a “Special Dividend”), (i) the
Exercise Price shall be decreased immediately after the record date for such
Special Dividend to a price determined by multiplying the Exercise Price then in
effect by a fraction, the numerator of which shall be the then current market
price of the Common Stock (as defined in Section 3.1(e)) on such record date
less the fair market value (as determined by the Company’s Board of
Directors) of the evidences of indebtedness, securities or property, or other
assets issued or distributed in such Special Dividend applicable to one share of
Common Stock or of such subscription rights, options or warrants applicable to
one share of Common Stock and the denominator of which shall be such then
current market price per share of Common Stock (as so determined) and (ii) the
number of shares of Common Stock subject to purchase upon exercise of this
Warrant shall be increased to a number determined by multiplying the number of
shares of Common Stock subject to purchase immediately before such Special
Dividend by a fraction, the numerator of which shall be the Exercise Price in
effect immediately before such Special Dividend and the denominator of which
shall be the Exercise Price in effect immediately after such Special Dividend.
Any adjustment required by this paragraph 3.1(b) shall be made successively
whenever such a record date is fixed and in the event that such distribution is
not so made, the Exercise Price shall again be adjusted to be the Exercise Price
that was in effect immediately prior to such record date.

          (c)   If at
any time prior to the exercise of this Warrant in full, the Company shall make a
distribution to all holders of Common Stock of stock of a subsidiary or
securities convertible into or exercisable for such stock, then in lieu of an
adjustment in the Exercise Price or the number of Warrant Shares purchasable
upon the exercise of this warrant, each Warrantholder, upon the exercise hereof
at any time after such distribution, shall be entitled to receive from the
Company, such subsidiary or both, as the Company shall determine, the stock or
other securities to which such Warrantholder would have been entitled if such
Warrantholder had exercised this Warrant immediately prior thereto, all subject
to further adjustment as provided in this Article 3, and the Company shall
reserve, for the life of the Warrant, such securities of such subsidiary or
other corporation; provided, however, that no adjustment in respect of dividends
or interest on such stock or other securities shall be made during the term of
this Warrant or upon its exercise.

          (d)   For
the purpose of any computation under this Section 3.1, the current market price
per share of Common Stock at any date shall be deemed to be the average of the
daily closing prices for 20 consecutive trading days commencing 30 trading days
before such date. The closing price for each day shall be the last sale price
regular way or, in case no such reported sales take place on such day, the
average of the last reported bid and asked prices regular way, in either case on
the principal national securities exchange on which the Common Stock is admitted
to trading or listed, or if not listed or admitted to trading on any such
exchange, the closing price as reported by Nasdaq, or other similar organization
if Nasdaq is no longer reporting such information, or if not so available, the
fair market value as determined by the Board of Directors of the Company.

          (e)   No
adjustment in the Exercise Price shall be required unless such adjustment would
require an increase or decrease of at least ten cents ($.10) in such price;
provided, however, that any adjustments which by reason of this
paragraph (f) are not required to be made shall be carried forward and taken
into account in any subsequent adjustment. All calculations under this Section
3.1 shall be made to the nearest cent or to the nearest one-hundredth of a
share, as the case may be.

          (f)   In the
event that at any time, as a result of any adjustment made pursuant to Section
3.1(a), the Warrantholder thereafter shall become entitled to receive any shares
of the Company other than Common Stock, thereafter the number of such other
shares so receivable upon exercise of any Warrant shall be subject to adjustment
from time to time in a manner and on terms as nearly equivalent as practicable
to the provisions with respect to the Common Stock contained in Section 3.1(a).

     3.2  Notice of Adjustment. Whenever
the number of Warrant Shares or the Exercise Price is adjusted as herein
provided, the Company shall prepare and deliver forthwith to the Warrantholder a
certificate signed by its Chief Executive Officer, and by its President, any
Vice President, Chief Financial Officer or Secretary, setting forth the adjusted
number of shares purchasable upon the exercise of this Warrant and the Exercise
Price of such shares after such adjustment, a brief statement of the facts
requiring such adjustment and the computation by which adjustment was made.

     3.3  No Adjustment for
Dividends. Except as provided in Section 3.1 of this Agreement, no
adjustment in respect of any cash dividends paid by the Company shall be made
during the term of this Warrant or upon the exercise of this Warrant.

     3.4  Preservation of Purchase
Rights in Certain Transactions. In case of any reclassification, capital
reorganization or other change of outstanding Common Stock (other than a
subdivision or a combination of the outstanding Common Stock and other than a
change in the par value of the Common Stock or in case of any consolidation or
merger of the Company with or into another corporation or other entity (other
than a merger in which the Company is the continuing corporation and said merger
does not result in any reclassification, capital reorganization or other change
of outstanding Common Stock of the class issuable upon exercise of this
Warrant)) or in case of any sale, lease, transfer or conveyance to another
corporation or other entity of the property and assets of the Company as an
entirety or substantially as an entirety, lawful provision shall be made so that
the Warrantholder shall thereafter be entitled to receive upon exercise of this
Warrant the kind and amount of shares and other securities and property which he
would have owned or have been entitled to receive after the happening of such
reclassification, change, consolidation, merger, sale or conveyance had this
Warrant been exercised immediately prior to such action. Such provision shall
provide for adjustments in respect of such shares of stock and other securities
and property, which shall be as nearly equivalent as may be practicable to the
adjustments provided for in this Article 3. In the event that in connection with
any such reclassification, capital reorganization, change, consolidation,
merger, sale or conveyance, additional shares of Common Stock shall be issued in
exchange, conversion, substitution or payment, in whole or in part, for, or of,
a security of the Company other than Common Stock, any such issue shall be
treated as an issue of Common Stock covered by the provisions of Article 3. The
provisions of this Section 3.4 shall similarly apply to successive
reclassification, capital reorganizations, consolidations, mergers, sales or
conveyances.

     3.5  Form of Warrant After
Adjustments. The form of this Warrant need not be changed because of any
adjustments in the Exercise Price or the number or kind of the Warrant Shares,
and Warrants theretofore or thereafter issued may continue to express the same
price and number and kind of shares as are stated in this Warrant, as initially
issued.

     3.6  Treatment of Warrantholder.
Prior to due presentment for registration of transfer of this Warrant, the
Company may deem and treat the Warrantholder as the absolute owner of this
Warrant (notwithstanding any notation of ownership or other writing hereon) for
all purposes and shall not be affected by any notice to the contrary.

article 4

OTHER PROVISIONS RELATING 

TO RIGHTS OF WARRANTHOLDER

     4.1  No Rights as
Shareholders; Notice to Warrantholders. Nothing
contained in this Warrant shall be construed as conferring upon the
Warrantholder or his or its transferees the right to vote or to receive
dividends or to consent to or receive notice as a shareholder in respect of any
meeting of shareholders for the election of directors of the Company or any
other matter, or any other rights whatsoever as shareholders of the Company. The
Company shall give notice to the Warrantholder by registered mail if at any time
prior to the expiration or exercise in full of the Warrants, any of the
following events shall occur:

          (a)  the
Company shall authorize the payment of any dividend upon Common Stock payable in
any securities or authorize the making of any distribution to all holders of
Common Stock;

          (b)  the Company shall authorize the issuance to all
holders of Common Stock of any additional Common Stock or Common Stock
Equivalents or of rights, options or warrants to subscribe for or purchase
Common Stock or Common Stock Equivalents or of any other subscription rights,
options or warrants;

          (c)  a dissolution, liquidation or winding up of the
Company (other than in connection with a consolidation, merger, or sale or
conveyance of the property of the Company as an entirety or substantially as an
entirety); or

          (d)  a
capital reorganization or reclassification of the Common Stock (other than a
subdivision or combination of the outstanding Common Stock and other than a
change in the par value of the Common Stock) or any consolidation or merger of
the Company with or into another corporation or other entity (other than a
consolidation or merger in which the Company is the continuing corporation and
that does not result in any reclassification or change of Common Stock
outstanding) or in the case of any sale or conveyance to another corporation or
other entity of the property of the Company as an entirety or substantially as
an entirety.

     Such giving of notice shall be initiated (i) at
least 10 Business Days prior to the date fixed as a record date or effective
date or the date of closing of the Company’s stock transfer books for the
determination of the shareholders entitled to such dividend, distribution or
subscription rights, or for the determination of the shareholders entitled to
vote on such proposed merger, consolidation, sale, conveyance, dissolution,
liquidation or winding up. Such notice shall specify such record date or the
date of closing the stock transfer books, as the case may be. Failure to provide
such notice shall not affect the validity of any action taken in connection with
such dividend, distribution or subscription rights, or proposed merger,
consolidation, sale, conveyance, dissolution, liquidation or winding up.

     4.2  Lost, Stolen, Mutilated
or Destroyed Warrants. If this Warrant is lost, stolen,
mutilated or destroyed, the Company may, on such terms as to indemnity or
otherwise as it may in its discretion impose (which shall, in the case of a
mutilated Warrant, include the surrender thereof), issue a new Warrant of like
denomination and tenor as and in substitution for this Warrant.

article 5

SPLIT-UP, COMBINATION 

EXCHANGE AND TRANSFER OF WARRANTS

     5.1  Split-Up, Combination, Exchange
and Transfer of Warrants. Subject to the provisions
of Section 5.2 hereof, this Warrant may be split up, combined or exchanged for
another Warrant or Warrants containing the same terms to purchase a like
aggregate number of Warrant Shares. If the Warrantholder desires to split up,
combine or exchange Warrants, such Warrantholder shall make such request in
writing delivered to the Company and shall surrender to the Company any Warrants
to be so split up, combined or exchanged. Upon any such surrender for a split
up, combination or exchange, the Company shall execute and deliver to the person
entitled thereto a Warrant or Warrants, as the case may be, as so requested. The
Company shall not be required to effect any split up, combination or exchange
which will result in the issuance of a Warrant entitling the Warrantholder to
purchase upon exercise a fraction of a Common Stock or a fractional Warrant. The
Company may require such Warrantholder to pay a sum sufficient to cover any tax
or governmental charge that may be imposed in connection with any split up,
combination or exchange of Warrants.

     5.2  Restrictions on Transfer.

          (a)  
Subject to the provisions of Section 5.2(b), neither this Warrant nor the
Warrant Shares may be disposed of or encumbered (any such action, a
“Transfer”), except (i) pursuant to a registration relating to such
securities under the Securities Act or an exemption therefrom, (ii) to
Cruttenden Roth Incorporated, any successor to the business of such company, or
any officer of such company, or (iii) to any underwriter in connection with a
Public Offering of the Common Stock, provided (as to (iii)) that this Warrant is
exercised upon such Transfer and the Common Stock issued upon such exercise is
sold by such underwriter as part of such Public Offering , and as to both (ii)
and (iii), only in accordance with and subject to the provisions of the
Securities Act and the rules and regulations promulgated thereunder. If at the
time of a Transfer, a Registration Statement is not in effect to register this
Warrant or the Warrant Shares, the Company may require the Warrantholder to make
such representations, and may place such legends on certificates representing
this Warrant, as may be reasonably required in the opinion of counsel to the
Company to permit a Transfer without such registration.

          (b)  
Notwithstanding the provisions of Section 5.2(a), the Warrantholder shall not
sell, transfer, pledge, assign or hypothecate this Warrant for a period of one
year from the date of this Warrant, except that it may sell, transfer, pledge,
assign or hypothecate this Warrant within such time period only to its officers
or partners (but not its directors).

article 6

REGISTRATION UNDER THE SECURITIES ACT OF 1933

          6.1  Piggyback
Registration.

          (a)  Right
to Include Registrable Securities. If at any time or from time to time
during the two years following the date of this Warrant, the Company proposes to
register any of its securities under the Securities Act on any form for the
registration of securities under such Act, whether or not for its own account
(other than by a registration statement on Form S-8 or other form which does not
include substantially the same information as would be required in a form for
the general registration of securities or would not be available for the
Registrable Securities) (a “Piggyback Registration”), it shall as
expeditiously as possible give written notice to all Holders of its intention to
do so and of such Holders’ rights under this Section 6.1. Such rights are
referred to hereinafter as “Piggyback Registration Rights.” Upon the
written request of any such Holder made within 20 days after receipt of any such
notice (which request shall specify the Registrable Securities intended to be
disposed of by such Holder), the Company shall include in the Registration
Statement the Registrable Securities which the Company has been so requested to
register by the Holders thereof and the Company shall keep such Registration
Statement in effect and current and maintain compliance with each federal, state
and other applicable law or regulation for the period necessary for such Holder
to effect the proposed sale or other disposition, which period shall not exceed
the longer of (i) nine months following the effective date of the Registration
Statement or (ii) the period of time that the Company is otherwise obligated to
keep the Registration Statement current.

          (b)  Withdrawal
of Piggyback Registration by Company. If, at any time after giving written
notice of its intention to register any securities in a Piggyback Registration
but prior to the effective date of the related Registration Statement, the
Company shall determine for any reason not to register such securities, the
Company shall give written notice of such determination to each Holder and,
thereupon, shall be relieved of its obligation to register any Registrable
Securities in connection with such Piggyback Registration. All best efforts
obligations of the Company pursuant to Section 6.4 shall cease if the Company
determines to terminate prior to such effective date any registration where
Registrable Securities are being registered pursuant to this Section 6.1.

          (c)  Piggyback
Registration of Underwritten Public Offerings. If a Piggyback Registration
involves an offering by or through underwriters, then, (i) all Holders
requesting to have their Registrable Securities included in the Company’s
Registration Statement must sell their Registrable Securities to the
underwriters selected by the Company on the same terms and conditions as apply
to other selling shareholders and (ii) any Holder requesting to have his or its
Registrable Securities included in such Registration Statement may elect in
writing, not later than three Business Days prior to the effectiveness of the
Registration Statement filed in connection with such registration, not to have
his or its Registrable Securities so included in connection with such
registration.

          (d)  Payment
of Registration Expenses for Piggyback Registration. The Company shall pay
all Registration Expenses in connection with each registration of Registrable
Securities requested pursuant to a Piggyback Registration Right contained in
this Section 6.1.

          (e)  Priority in Piggyback
Registration. If a Piggyback Registration involves an offering by or
through underwriters, the Company shall not be required to include Registrable
Securities therein if and to the extent the underwriter managing the offering
reasonably believes in good faith and advises each Holder requesting to have
Registrable Securities included in the Company’s Registration Statement
that such inclusion would materially adversely affect such offering; provided
that (i) if other selling shareholders who are employees, officers, directors or
other affiliates of the Company have requested registration of securities in the
proposed offering, the Company will reduce or eliminate such other selling
shareholders’ securities before any reduction or elimination of Registrable
Securities; (ii) any such reduction or elimination (after taking into account
the effect of clause (i)) shall be pro rata to all other holders of the
securities of the Company exercising “piggyback registration rights”
similar to those set forth herein in proportion to the respective number of
shares they have requested to be registered; and (iii) in such event, such
Holders shall delay any offering by them of all Registrable Securities requested
to be included (or that portion of such Registrable Securities eliminated for
such period), not to exceed 90 days, as the managing underwriter shall request,
and the Company shall file such supplements and post-effective amendments and
take such other action necessary under any federal, state and other applicable
law or regulation as may be necessary to permit such Holders to make their
proposed offering for a period of at least 90 days following such period of
delay.

     6.2  Demand Registration.

          (a)  Request
for Registration. If, at any time during the two years following the date of
this Warrant, any 25% Holders request that the Company file a registration
statement under the Securities Act, the Company as soon as practicable shall use
its best efforts to file a registration statement with respect to all Warrant
Shares that it has been so requested to include and obtain the effectiveness
thereof, and to take all other action necessary under any federal, state or
other applicable law or regulation to permit the Warrant Shares that are then
held and/or that may be acquired upon the exercise of the Warrants specified in
the notices of the Holders or holders thereof to be sold or otherwise disposed
of, and the Company shall maintain such compliance with each such federal, state
and other law and regulation and keep such Registration Statement continuously
effective for a period of two years following the date on which the Registration
Statement becomes effective under the Securities Act, or such shorter period
ending on the earlier of (i) when all Registrable Securities covered by the
Registration Statement have been sold or (ii) when all Registrable Securities
covered by the Registration Statement may immediately be sold during any 90-day
period without registration under the Securities Act pursuant to the exemptions
provided by Rule 144 under the Securities Act; provided, however, that the
Company shall be entitled to defer such registration for a period of up to 90
days if and to the extent that its Board of Directors shall in good faith
determine that such registration would interfere with a pending corporate
transaction, provided that such right to delay a request shall be exercised by
the Company not more than once in any twelve (12) month period. The Company
shall also promptly give written notice to the Holder and the holders of any
other Warrants and/or the holders of any Warrant Shares who or that have not
made a request to the Company pursuant to the provisions of this subsection (a)
of its intention to effect any required registration or qualification and shall
use its best efforts to effect as expeditiously as possible such registration or
qualification of all other such Warrant Shares that are then held and/or that
may be acquired upon the exercise of the Warrants, the Holder or holders of
which have requested such registration or qualification, within 15 days after
such notice has been given by the Company, as provided in the preceding
sentence. The Company shall be required to effect a registration or
qualification pursuant to this subsection (a) on one occasion only. A demand
registration shall be deemed effected by the Company only if the Registration
Statement with respect to such demand registration has been declared effective
by the SEC and remains effective for the period set forth above.

          (b)  Payment
of Registration Expenses for Demand Registration. The Company shall pay all
Registration Expenses in connection with the Demand Registration.

          (c)  Selection of Underwriters. If
any Demand Registration is requested to be in the form of an underwritten
offering, the managing underwriter shall be Cruttenden Roth Incorporated and the
independent pricer required under the rules of the NASD (if any) shall be
selected and obtained by the Holders of a majority of the Warrant Shares to be
registered. Such selection shall be subject to the Company’s consent, which
consent shall not be unreasonably withheld. All fees and expenses (other than
Registration Expenses otherwise required to be paid) of any managing
underwriter, any co-manager or any independent underwriter or other independent
pricer required under the rules of the NASD shall be paid for by such
underwriters or by the Holders or holders whose shares are being registered. If
Cruttenden Roth Incorporated declines to serve as managing underwriter, then the
Holders of a majority of the Warrant Shares to be registered may select and
obtain one or more managing underwriters. Such selection shall be subject to the
Company’s consent, which consent shall not be unreasonably withheld.

     6.3  Buy-Outs of Registration
Demand. In lieu of carrying out its obligations to effect a Piggyback
Registration or Demand Registration of any Registrable Securities pursuant to
this Article 6, the Company may carry out such obligation by offering to
purchase and purchasing such Registrable Securities requested to be registered
on a per share basis at an amount in cash equal to the difference between (a)
the last sale price of the Common Stock on the day the request for registration
is made and (b) the Exercise Price in effect on such day.

     6.4  Registration Procedures and
Company Obligations. If and whenever the Company is required to
use its best efforts to take action pursuant to any federal, state or other law
or regulation to permit the sale or other disposition of any Warrant Shares that
are then held or that may be acquired upon exercise of the Warrants, in order to
effect or cause the registration of any Registrable Securities under the
Securities Act as provided in this Article 6, the Company shall, as
expeditiously as practicable:

          (a)  
Prepare and file with the SEC such pre-effective and post-effective amendments
and supplements to such Registration Statement and the prospectus used in
connection with such Registration Statement as may be necessary to cause the
Registration Statement to become effective, to keep the Registration Statement
continuously effective during the applicable period set forth above (the
“Registration Period”) and not misleading, and as may otherwise be
required or applicable under, and to comply with the provisions of, the
Securities Act with respect to the disposition of all securities covered by such
Registration Statement during the Registration Period. The Company shall not be
deemed to have kept a Registration Statement effective during the Registration
Period if it voluntarily takes any action that results in Holders not being able
to sell such Registrable Securities pursuant to applicable securities laws
during that period (and the time period during which such Registration Statement
is required to remain effective hereunder shall be extended by the number of
days during which such Holders are not able to sell Registrable Securities)
unless such action is required under applicable law or regulation or court
order.

          (b)  
Furnish to each selling Holder such number of copies of a prospectus, including
a preliminary prospectus, and each amendment or supplement thereto, in
conformity with the requirements of the Securities Act, and such other documents
as they may reasonably request in order to facilitate the disposition of
Registrable Securities owned by them.

          (c)   Use
its best efforts to register and qualify the securities covered by such
Registration Statement under such other securities or Blue Sky laws of such
jurisdictions as shall be necessary to permit the sale of the Registrable
Securities.

          (d)  Notify
promptly the Holders of Registrable Securities to be sold (and in the case of
(i)(A) in no event less than two Business Days prior to such filing), and (if
requested by any such Person) confirm such notice in writing, (i)(A) when a
prospectus or any prospectus supplement or post-effective amendment is proposed
to be filed, and (B) with respect to a Registration Statement or any
post-effective amendment, when the same has become effective, (ii) of any
request by the SEC or any other federal, state or other governmental authority
for amendments or supplements to a Registration Statement or related prospectus
or for additional information, (iii) of the issuance by the SEC of any stop
order suspending the effectiveness of a Registration Statement or the initiation
of any proceedings for that purpose, (iv) of the receipt by the Company of
any notification with respect to the suspension of the qualification or
exemption from qualification of any of the Registrable Securities for sale in
any jurisdiction, or the initiation or threatening of any proceeding for such
purpose, and (v) of the happening of any event that makes any statement
made in such Registration Statement or related prospectus or any document
incorporated or deemed to be incorporated therein by reference untrue in any
material respect or that requires the making of any changes in such Registration
Statement, prospectus or documents so that, in the case of the Registration
Statement, it will not contain any untrue statement of a material fact or omit
to state any material fact required to be stated therein or necessary to make
the statements therein, not misleading, and that in the case of the prospectus,
it will not contain any untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not
misleading.

          (e)  
Use its reasonable best efforts to avoid the issuance of, or, if issued, obtain
the withdrawal of, any order suspending the effectiveness of a Registration
Statement, or the lifting of any suspension of the qualification (or exemption
from qualification) of any of the Registrable Securities for sale in any
jurisdiction, at the earliest practicable moment.

          (f)  If
requested by the holders of a majority of the Registrable Securities being sold
in connection with such offering, (i) promptly incorporate in a prospectus
supplement or post-effective amendment such information as the holders
reasonably request should be included therein regarding such holders or the plan
of distribution of the Registrable Securities, and (ii) make all required
filings of the prospectus supplement or such post-effective amendment as soon as
practicable after the Company has received notification of such matters to be
incorporated in such prospectus supplement or post-effective amendment;
provided, however, that the Company shall not be required to take any action
pursuant to this Section 6.4(f) that would, in the opinion of outside counsel
for the Company, violate applicable law.

          (g)  Upon
the occurrence of any event contemplated by Section 6.4(d)(v), as promptly as
practicable, prepare a supplement or amendment, including a post-effective
amendment, to each Registration Statement or a supplement to the related
prospectus or any document incorporated or deemed to be incorporated therein by
reference, and file any other required document so that, as thereafter
delivered, such prospectus will not contain an untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary
to make the statements therein, in light of the circumstances under which they
were made, not misleading.

          (h)  Use
its reasonable best efforts to cause all Registrable Securities relating to such
Registration Statement to be listed on each securities exchange or automated
quotation system, if any, on which similar securities issued by the Company are
then listed.

          (i)  Enter
into such agreements (including an underwriting agreement) and take all such
other actions reasonably required in connection therewith in order to expedite
or facilitate the disposition of such Registrable Securities and in such
connection, if the registration is in connection with an underwritten offering,
(i) make such representations and warranties to the underwriters in such form,
substance and scope as are customarily made by issuers to underwriters in
underwritten offerings and confirm the same if and when requested; (ii) obtain
opinions of counsel to the Company and updates thereof (which counsel and
opinions in form, scope and substance shall be reasonably satisfactory to the
underwriters) addressed to the underwriters and the Holders covering the matters
customarily covered in opinions requested in underwritten offerings and such
other matters as may be reasonably requested by such underwriters; (iii) obtain
“cold comfort” letters and updates thereof from the Company’s
accountants addressed to the underwriters such letters to be in customary form
and to cover matters of the type customarily covered in “cold comfort”
letters to underwriters and the Holders in connection with underwritten
offerings; (iv) set forth in full, in any underwriting agreement entered into,
the indemnification provisions and procedures of Section 6.5 hereof with respect
to all parties to be indemnified pursuant to said Section; and (v) deliver such
documents and certificates as may be reasonably requested by the underwriters to
evidence compliance with clause (i) above and with any customary conditions
contained in the underwriting agreement or other agreement entered into by the
Company; the above shall be done at each closing under such underwriting or
similar agreement or as and to the extent required thereunder.

          (j)  Make
available for inspection by one or more representatives of the Holders of
Registrable Securities being sold, any underwriter participating in any
disposition pursuant to such registration, and any attorney or accountant
retained by such Holders or underwriter, all financial and other records,
pertinent corporate documents and properties of the Company, and cause the
Company’s officers, directors and employees to supply all information
reasonably requested by any such representatives in connection with such.

          (k)  Otherwise
use its best efforts to comply with all applicable federal, state, local and
foreign regulations; and take such other action as may be reasonably necessary
or advisable to enable each such Holder and each such underwriter to consummate
the sale or disposition in such jurisdiction or jurisdiction, in which any such
Holder or underwriter shall have requested that the Registrable Securities be
sold.

     Except as otherwise provided in this Agreement, the Company
shall have sole control in connection with the preparation, filing, withdrawal,
amendment or supplementing of each Registration Statement, the selection of
underwriters, and the distribution of any preliminary prospectus included in the
Registration Statement, and may include within the coverage thereof additional
Common Stock or other securities for its own account or for the account of one
or more of its other security holders.

     Each seller of Registrable Securities as to which any
registration is being effected shall furnish to the Company such information
regarding the distribution of such securities and such other information as may
otherwise be required by the Securities Act to be included in such Registration
Statement.

     6.5  Indemnification.

          (a)  Indemnification by Company.
To the extent permitted by law, the Company will indemnify and hold
harmless each Holder, the partners, officers and directors of each Holder and
each person, if any, who controls such Holder within the meaning of the
Securities Act or the Exchange Act, against any losses, claims, damages, or
liabilities (joint or several) to which they may become subject under the
Securities Act, the Exchange Act or other federal or state law, insofar as such
losses, claims, damages or liabilities (or actions in respect thereof) arise out
of or are based upon any of the following statements, omissions or violations
(collectively a “Violation”) by the Company: (i) any untrue statement
or alleged untrue statement of a material fact contained in the Registration
Statement or any amendments or supplements thereto, or the omission or alleged
omission to state therein a material fact required to be stated therein, or
necessary to make the statements therein not misleading, (ii) any untrue
statement or alleged untrue statement of a material fact contained in the
Prospectus (including any preliminary, final or summary prospectus, amendment or
supplement thereto) included in such Registration Statement or any omission or
alleged omission to state a material fact required to be stated therein or
necessary to make any statement therein, in light of the circumstances under
which they were made, not misleading, or (iii) any violation or alleged
violation of the Securities Act, the Exchange Act, any state securities law or
any rule or regulation promulgated under the Securities Act, the Exchange Act or
any state securities law in connection with the offering covered by the
Registration Statement; provided, however, that the Company will not be liable
for indemnification in any such case to the extent that any losses, claims,
damages or liabilities arise out of or are based upon any untrue statement or
alleged untrue statement of a material fact or omission or alleged omission of a
material fact so made in reliance upon and in conformity with information
furnished to the Company by such Holder, and in the case of clause (iii) above,
any action or failure to act by such Holder or any underwriter, broker or dealer
selected by the Holder. Subject to Section 6.5(c), the Company will pay to each
such Holder, partner, officer, director or controlling person for any legal or
other expenses reasonably incurred by them in connection with investigating or
defending any such loss, claim, damage, liability or action if it is judicially
determined that there was such a violation.

          (b)  Indemnification
by Holder of Registrable Securities. To the extent permitted by law, each
Holder will, if Registrable Securities held by such Holder are included in the
securities as to which such registration, qualification or compliance is being
effected, indemnify and hold harmless the Company, each of its directors, its
officers, agents and each person, if any, who controls the Company within the
meaning of the Securities Act against any losses, claims, damages or liabilities
(joint or several) to which the Company or any such director, officer, agent or
controlling person may become subject under the Securities Act, the Exchange Act
or other federal or state law, insofar as such losses, claims, damages or
liabilities (or actions in respect thereto) arise out of or are based upon any
Violation, in each case to the extent (and only to the extent) that such
Violation occurs in reliance upon and in conformity with written information
furnished by such Holder under an instrument duly executed by such Holder and
stated to be specifically for use in connection with such registration; and each
such Holder will pay as incurred any legal or other expenses reasonably incurred
by the Company or any such director, officer, agent, controlling person or other
person in connection with investigating or defending any such loss, claim,
damage, liability or action if it is judicially determined that there was such a
Violation; provided, however, that in no event shall any indemnity under this
Section 6.5(b) exceed the dollar amount of proceeds from the offering received
by such Holder.

          (c)  Conduct of Indemnification
Proceedings. Promptly after receipt by an indemnified party under
this Section 6.5 of notice of the commencement of any action (including any
governmental action), such indemnified party will, if a claim in respect thereof
is to be made against any indemnifying party under this Section 6.5, deliver to
the indemnifying party a written notice of the commencement thereof and the
indemnifying party shall have the right to participate in, and, to the extent
the indemnifying party so desires, jointly with any other indemnifying party
similarly noticed, to assume the defense thereof with counsel mutually
satisfactory to the parties; provided, however, that an indemnified party shall
have the right to retain its own counsel, with the fees and expenses to be paid
by the indemnifying party, if, in the reasonable judgment of any such
indemnified party, based upon advice of counsel, a conflict of interest may
exist between such indemnified party and the indemnifying party with respect to
such claims (in which case, if the indemnified party notifies the indemnifying
party in writing that it elects to employ separate counsel at the expense of the
indemnifying party, the indemnifying party shall not have the right to assume
the defense of such claim on behalf of such indemnified party; provided,
however, that all indemnified parties shall be entitled to elect only one
counsel at the expense of the indemnifying party and such counsel shall be
reasonably acceptable to the indemnifying party). The failure to deliver written
notice to the indemnifying party within a reasonable time of the commencement of
any such action, if it is finally determined in a court of competent
jurisdiction (which determination is not subject to appeal) that such failure is
materially prejudicial to its ability to defend such action, shall relieve such
indemnifying party of any liability to the indemnified party under this Section
6.5, but the omission so to deliver written notice to the indemnifying party
will not relieve it of any liability that it may have to any indemnified party
otherwise than under this Section 6.5. No indemnifying party shall be liable for
any settlement of any claim or action effected without its written consent.

          (d)  Contribution.
If the indemnification provided for in this Section 6.5 is held by a court of
competent jurisdiction to be unavailable to an indemnified party with respect to
any losses, claims, damages or liabilities referred to herein, the indemnifying
party, in lieu of indemnifying such indemnified party thereunder, shall to the
extent permitted by applicable law contribute to the amount paid or payable by
such indemnified party as a result of such loss, claim, damage or liability in
such proportion as is appropriate to reflect the relative fault of the
indemnifying party on the one hand and of the indemnified party on the other in
connection with the Violation(s) that resulted in such loss, claim, damage or
liability, as well as any other relevant equitable considerations. The relative
fault of the indemnifying party and of the indemnified party shall be determined
by a court of law by reference to, among other things, whether the untrue or
alleged untrue statement of a material fact or the omission to state a material
fact relates to information supplied by the indemnifying party or by the
indemnified party and the parties’ relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or omission;
provided, that in no event shall any contribution by a Holder hereunder exceed
the dollar amount of proceeds from the offering received by such Holder.

          (e)  Survival;
Settlement. The obligations of the Company and Holders under this Section
6.5 shall survive completion of any offering of Registrable Securities in a
Registration Statement and the termination of this Warrant. No indemnifying
party, in the defense of any such claim or litigation, shall, except with the
consent of each indemnified party, consent to entry of any judgment or enter
into any settlement which does not include as an unconditional term thereof the
giving by the claimant or plaintiff to such indemnified party of a release from
all liability in respect to such claim or litigation.

     6.6  Termination of Registration
Rights. Notwithstanding anything herein to the contrary, a
Holder’s registration rights shall expire if all Registrable Securities
held by such Holder may immediately be sold during any 90-day period without
registration under the Securities Act pursuant to the exemptions provided by
Rule 144 under the Securities Act.

     6.7  Rule 144. During the term
of this Warrant, the Company covenants that it will file the reports required to
be filed by it (if so required) under the Securities Act and the Exchange Act
and the Rules and Regulations adopted by the SEC thereunder in a timely manner
and, if at any time the Company is not required to file such reports, it will,
upon the request of any Holder of Registrable Securities, make publicly
available other information so long as necessary to permit sales pursuant to
Rule 144 under the Securities Act. The Company further covenants that it will
take such further action as any Holder of Registrable Securities may reasonably
request, all to the extent required from time to time to enable such Holder to
sell Registrable Securities without registration under the Securities Act
pursuant to the exemptions provided by Rule 144 under the Securities Act. Upon
the request of any Holder of Registrable Securities, the Company will deliver to
such Holder a written statement as to whether it has complied with such
information requirements.

article 7

OTHER MATTERS

     7.1  Amendments and Waivers. The
provisions of this Warrant, including the provisions of this sentence, may not
be amended, modified or supplemented, and waiver or consents to departures from
the provisions hereof may not be given unless the Company has obtained the
written consent of holders of at least a majority of the outstanding Registrable
Securities. Holders shall be bound by any consent authorized by this Section
whether or not certificates representing such Registrable Securities have been
marked to indicate such consent.

     7.2  Governing Law. This
Warrant shall be governed by and construed in accordance with the laws of the
State of California.

     7.3  Severability. In the
event that any one or more of the provisions contained herein, or the
application thereof in any circumstances, is held invalid, illegal or
unenforceable, the validity, legality and enforceability of any such provisions
in every other respect and of the remaining provisions contained herein shall
not be affected or impaired thereby.

     7.4  Attorneys’ Fees. In
any action or proceeding brought to enforce any provisions of this Warrant, or
where any provisions hereof or thereof is validly asserted as a defense, the
successful party shall be entitled to recover reasonable attorneys’ fees
and disbursements in addition to its costs and expenses and any other available
remedy.

     7.5  Computations of Consent.
Whenever the consent or approval of Holders of a specified percentage of
Registrable Securities is required hereunder, Registrable Securities held by the
Company or its affiliates (other than the Warrantholder or subsequent Holders if
they are deemed to be such affiliates solely by reason of their holdings of such
Registrable Securities) shall not be counted in determining whether such consent
or approval was given by the Holders of such required percentage.

     7.6  Notice. Any notices or
certificates by the Company to the Holder and by the Holder to the Company shall
be deemed delivered if in writing and delivered in person or by certified mail
(return receipt requested) to the Holder addressed to the Holder in care of
Cruttenden Roth Incorporated, 4350 La Jolla Village Drive, Suite 220, San Diego,
California 92122 or, if the Holder has designated, by notice in writing to the
Company, any other address, to such other address, and if to the Company,
addressed to it at 9333 Genesee Avenue, San Diego, California 92122. The Company
may change its address by written notice to the Holder and the Holder may change
his or its address by written notice to the Company.

     In Witness Whereof, this Warrant has been duly
executed by the Company under its corporate seal as of the 10th day
of June, 1999

	  
	Alliance Pharmaceutical Corp.

By:  ____________________________________

Name:  Duane J. Roth 

Title:   Chief Executive Officer

Attest:___________________________

             Secretary

ASSIGNMENT

(To be executed only upon assignment of Warrant Certificate)

        For value
received, _________________________ hereby sells, assigns and transfers unto
___________________________ the within Warrant Certificate, together with all
right, title and interest therein, and does hereby irrevocably constitute and
appoint _______________________________ attorney, to transfer said Warrant
Certificate on the books of the within-named Company with respect to the number
of Warrants set forth below, with full power of substitution in the premises:

	Name(s) of

Assignee(s)
	
Address
	
No. of Warrants

And if said number of Warrants shall not be all the Warrants
represented by the Warrant Certificate, a new Warrant Certificate is to be
issued in the name of said undersigned for the balance remaining of the Warrants
represented by said Warrant Certificate

Dated: _______________, ______

	  
	________________________________________

Note: The above signature should correspond

exactly with the name on the face of this Warrant

Certificate.

SUBSCRIPTION FORM

(To be executed upon exercise of Warrant

pursuant to Section 2.2(a))

        The undersigned
hereby irrevocably elects to exercise the right of purchase represented by the
within Warrant Certificate for, and to purchase thereunder ____________ Common
Stock, as provided for therein, and tenders herewith payment of the purchase
price in full in the form of cash or a certified or official bank check in the
amount of $_______________.

        Please issue a
certificate or certificates for such Common Stock in the name of:

	  
	
Name: _________________________________________

______________________________________________

______________________________________________

______________________________________________

(Please Print Name, Address and Social Security Number)

Signature______________________________________

	NOTE:  
	The above signature should respond exactly with the name on
the first page of this Warrant Certificate or with the name of the assignee
appearing in the assignment form below.

        And if said
number of shares shall not be all the shares purchasable under the within
Warrant Certificate, a new Warrant Certificate is to be issued in the name of
said undersigned for the balance remaining of the shares purchasable thereunder
rounded up to the next higher number of shares.

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