Document:

<PAGE>

                                                                     EXHIBIT 4.9

Void After 5:00 p.m.,                               Warrant to Purchase  ------
Eastern Standard Time                            Shares (Subject to Adjustment)
December 14, 2009

     THIS WARRANT AND THE SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT
     BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"),
     OR ANY STATE SECURITIES OR BLUE SKY LAWS AND MAY NOT BE OFFERED, SOLD,
     TRANSFERRED, HYPOTHECATED OR OTHERWISE ASSIGNED EXCEPT (1) PURSUANT TO A
     REGISTRATION STATEMENT WITH RESPECT TO SUCH SECURITIES WHICH IS EFFECTIVE
     UNDER THE ACT OR (2) PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION
     UNDER THE ACT RELATING TO THE DISPOSITION OF SECURITIES, AND (3) IN
     ACCORDANCE WITH APPLICABLE STATE SECURITIES AND BLUE SKY LAWS.

                        LAKARO BIOPHARMACEUTICALS, INC.
                       Warrant to Purchase Common Stock

     Lakaro Biopharmaceuticals, Inc. (the "Company"), a corporation organized
and operating under the laws of the State of Delaware, hereby certifies that,
for value received, ______ (the "Holder") is entitled to purchase from the
Company at any time before 5:00 p.m., Eastern Standard Time, on December 14,
2009, ______ shares of the Company's Common Stock, par value of $0.001
(the "Warrant Shares"), subject to the conditions of this Warrant and to
adjustment as hereinafter provided, at a price of $0.01 per share (the "Warrant
Price"). In the event the aforesaid expiration date of the Warrant falls on a
Saturday or Sunday, or on a legal holiday on which the New York Stock Exchange,
the American Stock Exchange or the NASDAQ National Market Automated Quotation
System is closed, then the Warrant shall expire at 5:00 p.m. Eastern Standard
Time on the next succeeding U.S. business day.

Section 1. Vesting Schedule. This Warrant shall vest and be exercisable
           ----------------
immediately upon its issuance.

Section 2. Method of Exercise. The Warrant may be exercised by the Holder as to
           ------------------
the whole or any part of the Common Stock covered hereby by surrender of the
Warrant at the principal office of the Company, with the Cash Purchase Form
attached hereto duly executed, and upon payment to the Company of the Warrant
Price for the Common Stock to be purchased in cash or by certified check or bank
draft.  Thereupon, this Warrant shall be deemed to have been exercised and the
person exercising the same to have become a holder of record of Common Stock
purchased hereunder for all purposes, and certificates for the appropriate
number of fully paid and non-assessable shares so purchased shall be delivered
to the Purchaser within a reasonable time thereafter. If the Warrant shall be
exercised in respect of a part only of the shares of Common Stock covered
hereby, the Holder shall be entitled to receive a similar Warrant of like

<PAGE>

tenor and date covering the number of shares of Common Stock in respect of which
this Warrant shall not have been exercised.

Section 3. Transfers and Exchanges. If permitted by the provisions of Section 9,
           -----------------------
the Company shall transfer, from time to time, any outstanding Warrant upon the
books to be maintained for that purpose, upon surrender thereof for transfer
properly endorsed or accompanied by a written assignment of such Warrant
substantially in the form attached hereto duly executed by the Holder or his
agent or attorney and funds sufficient to pay any transfer taxes payable upon
the making of such a transfer. Upon any such transfer, a new Warrant shall be
issued to the transferee and the surrendered Warrant shall be canceled by the
Company.

Section 4. Registration Rights. This Warrant and the Warrant Shares issuable
           -------------------
upon exercise hereof are not and, except as provided herein, will not be
registered under the Securities Act of 1933 (the "Act") or state securities
laws.  The Holder, by acceptance hereof, and with reference to the Warrant and
the Warrant Shares issuable upon exercise of the Warrant, represents and
warrants that:

     (a)  The Holder is acquiring such securities for the Holder's own account
for investment and not with the view to or in connection with any offering or
distribution, and the Holder has no present intention of selling or otherwise
disposing of such securities.

     (b)  The Holder is not acquiring such securities for resale or other
disposition upon the occurrence or nonoccurrence of some predetermined event or
circumstance such as, for example, after holding them for any specific period to
realize long-term capital gains, or upon any price rise, or upon any price
decline or for a fixed or determined period in the future.

     (c)  Notwithstanding anything to the contrary herein, the Holder will not
sell, assign or transfer for value this Warrant or the Warrant Shares issuable
upon exercise hereof except pursuant to registration under the Act or receipt of
an opinion of counsel satisfactory to the Company that registration under the
Act is not required, and the Company will place a legend on this Warrant and on
any certificates for such Warrant Shares acknowledging the foregoing
restrictions.

     (d)  Subject to the provisions of this Warrant and, notwithstanding
anything herein to the contrary, the Company agrees to register the Warrant
Shares in the manner and upon the conditions set forth in Article III of the
Contribution Agreement, dated November 18, 1999 (the "Contribution Agreement"),
a copy of which Article III is annexed hereto as Exhibit A.

     (e)  Notwithstanding any other provision of this Section 4, the Company may
at any time, abandon or delay any registration commenced by the Company. In the
event of such an abandonment by the Company, the Company shall not be required
to continue registration of Warrant Shares requested by the Holder for inclusion
and the Holder shall retain the right to request inclusion of Warrant Shares as
set forth above.

     (f)  The Holder shall have the right to request inclusion of any of the
Warrant Shares in a registration statement as described in this Section 4 up to
two (2) times.

     (g)  The Holder hereby represents to the Company that he or she is an
accredited
<PAGE>

investor as defined in Rule 506 under the Securities Act of 1933, as amended.

Section 5.  Adjustment of Warrant Price. The Warrant Price and the number of
            ---------------------------
shares of Common Stock subject to being purchased pursuant to this Warrant shall
be subject to adjustment from time to time as follows:

     (a)  In case, prior to the expiration of this Warrant by exercise or by its
terms, the Company shall issue any Common Stock as a share dividend or subdivide
the number of outstanding Common Stock into a greater number of shares, then, in
either of such cases, the purchase price per share of the Common Stock
purchasable pursuant to this Warrant in effect at the time of such action shall
be proportionately reduced and the number of shares at the time purchasable
pursuant to this Warrant shall be proportionately increased; and conversely, in
the event the Company shall contract the number of outstanding Common Stock by
combining such shares into a smaller number of shares, then, in such case, the
purchase price per share purchasable pursuant to this Warrant in effect at the
time of such action shall be proportionately increased, and the number of shares
at that time purchasable pursuant to this Warrant shall be proportionately
decreased.  If the Company, at any time during the life of this Warrant, shall
declare a dividend payable in cash on its Common Stock, and shall at
substantially the same time offer to its shareholders the right to purchase new
Common Stock from the proceeds of such dividend or for an amount substantially
equal to the dividend, all Common Stock so issued shall, for purposes of this
Warrant, be deemed to have been issued as a share dividend.  Any dividends paid
or distributed upon Common Stock in shares of any other class or securities
convertible into Common Stock shall be treated as a dividend paid in Common
Stock to the extent that shares of Common Stock are issuable upon the conversion
thereof.

     (b)  In case, prior to the expiration of this Warrant by exercise or by its
terms, the Company shall be recapitalized by reclassifying its outstanding
Common Stock into shares of a different par value, or the Company shall merge
into or consolidate with another corporation or shall sell all or substantially
all of its or any of its successor corporation's property and assets to any
other corporation or corporations (any such corporation being included within
the meaning of the term "successor corporation"), the Holder shall thereafter
have the right to purchase, upon the basis and on the terms and conditions and
during the time specified in this Warrant in lieu of the Common Stock of the
Company theretofore purchasable upon the exercise of this Warrant, such shares,
securities, or assets as may be issued or payable with respect to, or in
exchange for, the Common Stock of the Company theretofore purchasable upon the
exercise of this Warrant had such recapitalization, consolidation, merger, or
conveyance not taken place; and in any such event, the rights of the Holder to
an adjustment in the number of Common Stock purchased upon the exercise of this
Warrant as herein provided shall continue and be preserved in respect of any
shares, securities, or assets which the Holder becomes entitled to purchase.

     (c)  If the Company shall set a record date with respect to its Common
Stock or shall propose to give notice to or take a vote of the holders of its
Common Stock for any of the purposes set forth in paragraphs (a) or (b) above,
the Company shall give notice to the Holder at least fifteen (15) days prior to
any such action to be taken. Such notice shall specify the date or expected
date, if any is to be fixed, as of which holders of Common Stock of record shall
be entitled to participate in any such action.
<PAGE>

     (d)  In case the Company at any time while this Warrant remains unexpired
and unexercised shall sell all or substantially all of its property or dissolve,
liquidate, or wind-up its affairs, the Holder may thereafter receive upon
exercise hereof in lieu of each share of Common Stock of the Company which it
would have been entitled to receive, the same kind and amount of any securities
or assets which may be issuable, distributable, or payable upon any such sale,
dissolution, liquidation, or winding-up in respect of each share of Common Stock
of the Company.

Section 6. Payment of Taxes. The Company will pay any documentary stamp taxes
           ----------------
attributable to the initial issuance of Common Stock issuable upon the exercise
of this Warrant; provided, however, that the Company shall not be required to
pay any tax which may be payable in respect of any transfer involved in the
issue or delivery of any share certificates in a name other than that of the
Holder in respect of which such shares are issued, and in such case the Company
shall not be required to issue or deliver any certificate for Common Stock or
any Warrant until the person requesting the same has paid to the Company the
amount of such tax or has established to the Company's satisfaction that such
tax has been paid or that such person has an exemption from the payment of such
tax.

Section 7. Reservation of Common Stock. There have been reserved, and the
           ---------------------------
Company shall at all times keep reserved out of the authorized and unissued
Common Stock, a number of shares of Common Stock sufficient to provide for the
exercise of the rights of purchase represented by this Warrant. The Company
agrees that all Common Stock issued upon exercise of this Warrant shall be, at
the time of delivery of the certificates of such shares, validly issued and
outstanding, fully paid and non assessable and listed on any national securities
exchange upon which the other shares of Common Stock of the Company are then
listed. All warrants surrendered in the exercise of the rights thereby evidenced
shall be canceled by the Company, and such canceled warrants shall constitute
sufficient evidence of the exercise of such warrants. Promptly after the
expiration of this Warrant, the Company shall certify the total aggregate number
of warrants then outstanding, and thereafter no shares of Common Stock shall be
subject to reservation in respect of such Warrant which has expired.

Section 8. Fractional Interest. The Warrant may only be exercised to purchase
           -------------------
full shares of Common Stock and the Company shall not be required to issue
fractions of shares of Common Stock on the exercise of the Warrant. However, if
the Holder exercised all warrants then owned or record by him and such exercise
would result in the issuance of a fractional share, the Company will pay to the
Holder, in lieu of the issuance of any fractional share otherwise issuable, an
amount of cash based on the market value of the Common Stock of the Company on
the last trading day prior to the exercise date or, if the Common Stock is not
then publicly traded, at its fair market value as determined by the Company's
Board of Directors.

Section 9. Restrictions on Transferability. This Warrant shall not be
           -------------------------------
transferred, hypothecated or assigned before satisfaction of the conditions
specified in this Section 9, which conditions are intended to ensure compliance
with the provisions of the Securities Act with respect to the transfer of any
Warrant. This Warrant may be transferred in full only; no partial transfers will
be
<PAGE>

accepted or recognized by the Company under any circumstances. The Holder, by
acceptance of this Warrant, agrees to be bound by the provisions of this Section
9.

     (a)  Except as otherwise provided in this Section 9, each Warrant shall be
stamped or otherwise imprinted with a legend in substantially the following
form:

          "This Warrant and the securities represented hereby have not been
          registered under the Securities Act of 1933, as amended, or the
          securities laws of any state, and may not be transferred unless
          registered pursuant thereto, or unless an exception therefrom is
          available, and in accordance with the provisions of this Warrant."

(b) Notwithstanding the foregoing provision of this Section 9, the restrictions
imposed by this Section 9 upon the transferability of the Warrant and the legend
requirements of the subsection (a) hereof shall terminate as to any particular
Warrant (i) when and so long as such security shall have been effectively
registered under the Securities Act and disposed of pursuant thereto; or (ii)
when the Company shall have received an opinion of counsel reasonably
satisfactory to it that such securities may be transferred without registration
thereof under the Securities Act. Whenever the restrictions on this Warrant
shall terminate, as hereinabove provided, the Holder shall be entitled to
receive from the Company a new unlegended Warrant.

All warrants issued upon registration of transfer, division or combination of,
or in substitution for, any Warrant or Warrants entitled to bear such legend
shall have a similar legend endorsed thereon.

Section 10. Notices. Any notice pursuant to this Warrant to be given by the
            -------
Holder shall be sufficiently given if sent by registered mail, return receipt
requested, postage prepaid, addressed as follows:

          Lakaro Biopharmaceuticals, Inc.
          216 Jaffa Road
          Jerusalem 94383 Israel

          Attention: Robert Trachtenberg
                     General Counsel

Any notice pursuant to this Warrant to be given by the Company to the Holder
shall be sufficiently given if sent by registered mail, return receipt
requested, postage prepaid, addressed as follows:

Section 11. Supplements and Amendments. The Company may from time to time
            --------------------------
supplement or amend this Warrant in order to cure any ambiguity or to correct or
supplement any provision contained herein which may be defective or inconsistent
with any other provision herein, or to make any other provisions in regard to
matters or questions arising hereunder which the Company may deem necessary or
desirable and which shall not be inconsistent with the provisions of the Warrant
and which shall not adversely affect the interest of the Holder.
<PAGE>

Section 12. Governing Law and Jurisdiction. This Warrant shall be deemed to be a
            ------------------------------
contract made under the laws of the State of New York and shall be construed in
accordance with the laws of New York applicable to agreements to be performed
wholly within State of New York. Any dispute arising from this Warrant shall be
resolved in the appropriate state or federal court in New York County and the
parties hereto consent to the personal jurisdiction of such court.

Section 13. Benefits of this Warrant. Nothing in this Warrant shall be construed
            ------------------------
to give to any person or corporation other than the Company and the Holder any
legal or equitable right, remedy or claim under this Warrant; but this Warrant
shall be for the sole and exclusive benefit of the Company and the Holder.
Notwithstanding the foregoing, this Warrant shall not entitle the Holder to any
rights as a shareholder of the Company.

Section 14. Successors. All the covenants and provisions of this Warrant by or
            ----------
for the benefit of the Company or the Holder shall bind and inure to the benefit
of their respective heirs, administrators, successors and assigns hereunder.

  IN WITNESS WHEREOF, the parties have entered into this Warrant on the date
written below.

Dated: December 14, 1999

                                   LAKARO BIOPHARMACEUTICALS, INC.

                                   By ___________________________________
                                        Its ___________________________

Attest:

_______________________________________
Secretary<PAGE>

                                                                    EXHIBIT 4.10

THE WARRANTS REPRESENTED BY THIS CERTIFICATE AND THE SECURITIES ISSUABLE UPON
EXERCISE THEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR
THE SECURITIES LAWS OF ANY STATE. NEITHER SUCH WARRANTS NOR SUCH SECURITIES MAY
BE SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED WITHOUT SUCH
REGISTRATION, EXCEPT UPON DELIVERY TO THE COMPANY OF SUCH EVIDENCE AS MAY BE
SATISFACTORY TO COUNSEL FOR THE COMPANY TO THE EFFECT THAT ANY SUCH TRANSFER
SHALL NOT BE IN VIOLATION OF THE SECURITIES ACT OF 1933 OR APPLICABLE STATE
SECURITIES LAWS OR ANY RULE OR REGULATION PROMULGATED THEREUNDER.

                        LAKARO BIOPHARMACEUTICALS, INC.
                        -------------------------------

                           Warrant for the Purchase
                           of Shares of Common Stock

          FOR VALUE RECEIVED, LAKARO BIOPHARMACEUTICALS, INC., a Delaware
corporation (the "Company"), hereby certifies that PARAMOUNT CAPITAL, INC. (the
"Holder"), its designee or its permitted assigns is entitled to purchase from
the Company, at any time or from time to time commencing on January 25, 2000,
and prior to 5:00 P.M., New York City time, on January 24, 2003 up to seventy
seven thousand three hundred ninety three (77,393) fully paid and non-assessable
shares of common stock (subject to adjustment), $.001 par value per share, of
the Company for $2.91 per share (subject to adjustment as provided herein) and
an aggregate purchase price of $225,213.63 (Hereinafter, (i) said common stock,
$0.001 par value per share, of the Company, is referred to as the "Common
Stock," (ii) the shares of the Common Stock purchasable hereunder or under any
other Warrant (as hereinafter defined) are referred to as the "Warrant Shares,"
(iii) the aggregate purchase price payable for the Warrant Shares purchasable
hereunder is referred to as the "Aggregate Warrant Price," (iv) the price
payable for each of the Warrant Shares is referred to as the "Per Share Warrant
Price," (v) this Warrant and all warrants hereafter issued in exchange or
substitution for this Warrant are referred to as the "Warrants," (vi) the holder
of this Warrant is referred to as the "Holder" and the holder of this Warrant
and all other Warrants and Warrant Shares are referred to as the "Holders" and
Holders of more than 50% of the outstanding Warrants and Warrant Shares are
referred to as the "Majority of the Holders"), and (vii) the "Current Market
Price" shall mean the last sale price of the Common Stock on the trading day
prior to such date or, in case no such reported sales take place on such day,
the average of the last reported bid and asked prices of the Common Stock on
such day, 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 representative closing sale price of the
Common Stock as reported by the National Association of Securities Dealers, Inc.
Automated Quotations System ("NASDAQ"), or other similar organization if NASDAQ
is no longer reporting such information, or, if the Common Stock is not reported
on NASDAQ, the average per share sale price for the Common
<PAGE>

Stock in the over-the-counter market as reported by the National Quotation
Bureau or similar organization, or if not so available, the fair market value of
the Common Stock as determined in good faith by the Board of Directors. The
Aggregate Warrant Price is not subject to adjustment.

          By acceptance of this Warrant, the Holder agrees to comply with all
applicable provisions of the Subscription Agreement (the "Subscription
Agreement") entered into between the Company and the investors ("Investors") in
the Company's private placement offering of Series A Convertible Preferred Stock
to the same extent as if it were a party thereto.

          1.   Exercise of Warrant.  (a) This Warrant may be exercised in
               --------------------
whole at any time, or in part from time to time, commencing on January 25, 2000,
and prior to 5:00 P.M., Eastern Standard Time, on January 24, 2003 by the Holder

               (i)  by presentation and surrender of this Warrant (with the
subscription form at the end hereof duly executed) at the address set forth in
Section 9(a) hereof, together with payment, by certified or official bank check
payable to the order of the Company, of the Aggregate Warrant Price or the
proportionate part thereof if exercised in part.

               (ii) by the surrender of this Warrant (with the cashless exercise
form at the end hereof duly executed) (a "Cashless Exercise") at the address set
forth in Section 9(a) hereof. Such presentation and surrender shall be deemed a
waiver of the Holder's obligation to pay the Aggregate Warrant Price, or the
proportionate part thereof if this Warrant is exercised in part. In the event of
a Cashless Exercise, the Holder shall exchange its Warrant for that number of
Warrant Shares subject to such Cashless Exercise multiplied by a fraction, the
numerator of which shall be the difference between (A) the then Current Market
Price and (B) the Per Share Warrant Price, and the denominator of which shall be
the then Current Market Price. For purposes of any computation under this
Section 1(a), the then Current Market Price shall be based on the trading day
immediately prior to the Cashless Exercise.

          (b)  If this Warrant is exercised in part only, the Company shall,
upon presentation of this Warrant upon such exercise, execute and deliver (with
the certificate for the Warrant Shares purchased) a new Warrant evidencing the
rights of the Holder hereof to purchase the balance of the Warrant Shares
purchasable hereunder upon the same terms and conditions as herein set forth.
Upon proper exercise of this Warrant, the Company promptly shall deliver
certificates for the Warrant Shares to the Holder duly legended as authorized by
the subscription form annexed to this Warrant. No fractional shares shall be
issued upon exercise of this Warrant. With respect to any fraction of a share
called for upon exercise hereof, the Company shall pay to the Holder an amount
in cash equal to such fraction multiplied by the Current Market Price of one (1)
share of Common Stock.

          2.   Reservation of Warrant Shares; Listing.  The Company agrees that,
               --------------------------------------
prior to the expiration of this Warrant, the Company shall at all times have
authorized and in reserve, and shall keep available, solely for issuance and
delivery upon the exercise of this Warrant, the shares of the Common Stock as
from time to time shall be receivable upon the exercise of this Warrant, free
and clear of all restrictions on sale or transfer, other than under

                                       2
<PAGE>

Federal or state securities laws, and free and clear of all preemptive rights
and rights of first refusal.

          3.   Adjustments.  (a)  If, at any time or from time to time after the
               -----------
date of this Warrant, the Company shall issue or distribute to any holder of
shares of Common Stock evidence of its indebtedness, any other securities of the
Company or any property or other assets (excluding a subdivision, combination or
reclassification, or dividend or distribution payable in shares of Common Stock,
referred to in Section 3(b), and also excluding cash dividends or cash
distributions paid out of funds legally available therefor in the full amount
thereof) (any such non-excluded event being herein called a "Special Dividend"),
the Per Share Warrant Price shall be adjusted by multiplying the Per Share
Warrant Price then in effect by a fraction, the numerator of which shall be the
then Current Market Price in effect on the record date of such issuance or
distribution less the fair market value (as determined in good faith by the
Company's board of directors) of the evidence of indebtedness, cash, securities
or property, or other assets issued or distributed in such Special Dividend
applicable to one share of Common Stock and the denominator of which shall be
the then Current Market Price in effect on the record date of such issuance or
distribution. An adjustment made pursuant to this Subsection 3(a) shall become
effective immediately after the record date of any such Special Dividend.

          (b)  In case the Company shall hereafter (i) pay a dividend or make a
distribution to any holder of its capital stock in shares of Common Stock, (ii)
subdivide its outstanding shares of Common Stock into a greater number of
shares, (iii) combine its outstanding shares of Common Stock into a smaller
number of shares or (iv) issue by reclassification of its Common Stock any
shares of capital stock of the Company, the Per Share Warrant Price shall be
adjusted to be equal to a fraction, the numerator of which shall be the number
of shares of Common Stock issuable pursuant this Warrant and the denominator of
which shall be the number of shares of Common Stock or other capital stock of
the Company that the Holder would have owned immediately following such action
had such Warrant been exercised immediately prior thereto. An adjustment made
pursuant to this Subsection 3(b) shall become effective immediately after the
record date in the case of a dividend or distribution, and shall become
effective immediately after the effective date in the case of a subdivision,
combination or reclassification.

          (c)  No adjustment in the Per Share Warrant Price shall be required in
the case of the issuance by the Company of Common Stock (i) pursuant to the
exercise of any warrant; (ii) pursuant to the exercise of any stock options or
warrants currently outstanding or securities issued after the date hereof, which
may be approved by the Company's board of directors pursuant to any Company
benefit plan or exercised, under any employee benefit plan of the Company to
officers, directors, consultants or employees, but only with respect to such
warrants or stock options as are exercisable at prices no lower than fair market
value of the Common Stock as of the date of grant thereof.

          (d)  In case of any capital reorganization or reclassification, or any
consolidation or merger to which the Company is a party other than a merger or
consolidation in which the Company is the continuing corporation, or in the case
of any statutory exchange of

                                       3
<PAGE>

securities with another corporation (including any exchange effected in
connection with a merger of the Company into a third corporation), the Holder of
this Warrant shall have the right thereafter to receive on the exercise of this
Warrant the kind and amount of securities, cash or other property which the
Holder would have owned or have been entitled to receive immediately after such
reorganization, reclassification, consolidation, merger, statutory exchange,
sale or conveyance had this Warrant been exercised immediately prior to the
effective date of such reorganization, reclassification, consolidation, merger,
statutory exchange, sale or conveyance and in any such case, if necessary,
appropriate adjustment shall be made in the application of the provisions set
forth in this Section 3 with respect to the rights and interests thereafter of
the Holder of this Warrant to the end that the provisions set forth in this
Section 3 shall thereafter correspondingly be made applicable, as nearly as may
reasonably be, in relation to any shares of stock or other securities or
property thereafter deliverable on the exercise of this Warrant. The above
provisions of this Section 3(d) shall similarly apply to successive
reorganizations, reclassifications, consolidations, mergers, statutory
exchanges, sales or conveyances. The Company shall require the issuer of any
shares of stock or other securities or property thereafter deliverable on the
exercise of this Warrant to be responsible for all of the agreements and
obligations of the Company hereunder. Notice of any such reorganization,
reclassification, consolidation, merger, statutory exchange, sale or conveyance
and of said provisions so proposed to be made, shall be mailed to the Holders of
the Warrants not less than ten (10) days prior to such event. A sale of all or
substantially all of the assets of the Company for a consideration consisting
primarily of securities shall be deemed a consolidation or merger for the
foregoing purposes.

          (e)  No adjustment in the Per Share Warrant Price shall be required
unless such adjustment would require an increase or decrease of at least $0.05
per share of Common Stock; provided, however, that any adjustments which by
                           --------  -------
reason of this Subsection 3(e) are not required to be made shall be carried
forward and taken into account in any subsequent adjustment.  All calculations
under this Section 3 shall be made to the nearest cent or to the nearest 1/100th
of a share, as the case may be.  Anything in this Section 3 to the contrary
notwithstanding, the Company shall be entitled to make such reductions in the
Per Share Warrant Price, in addition to those required by this Section 3, as it
in its discretion shall deem to be advisable in order that any stock dividend,
subdivision of shares or distribution of rights to purchase stock or securities
convertible or exchangeable for stock hereafter made by the Company to its
stockholders shall not be taxable.

          (f)  Whenever the Per Share Warrant Price is adjusted as provided in
this Section 3 and upon any modification of the rights of a Holder of Warrants
in accordance with this Section 3, the Company shall promptly prepare a brief
statement of the facts requiring such adjustment or modification and the manner
of computing the same and cause copies of such certificate to be mailed to the
Holders of the Warrants.

          (g)  If the board of directors of the Company shall declare any
dividend or other distribution with respect to the Common Stock other than a
cash distribution out of capital surplus, the Company shall mail notice thereof
to the Holders of the Warrants not less than ten

                                       4
<PAGE>

(10) days prior to the record date fixed for determining stockholders entitled
to participate in such dividend or other distribution.

          (h)  If, as a result of an adjustment made pursuant to this Section 3,
the Holder of any Warrant thereafter surrendered for exercise shall become
entitled to receive shares of two or more classes of capital stock or shares of
Common Stock and other capital stock of the Company, the board of directors
(whose determination shall be conclusive and shall be described in a written
notice to the Holder of any Warrant promptly after such adjustment) shall
determine the allocation of the adjusted Per Share Warrant Price between or
among shares or such classes of capital stock or shares of Common Stock and
other capital stock.

          4.   Fully Paid Stock; Taxes.  The shares of the Common Stock
               -----------------------
represented by each and every certificate for Warrant Shares delivered upon the
exercise of this Warrant shall at the time of such delivery, be duly authorized,
validly issued and outstanding, fully paid and nonassessable, and not subject to
preemptive rights or rights of first refusal. The Company shall pay all
documentary, stamp or similar taxes and other similar governmental charges that
may be imposed with respect to the issuance or delivery of any Common Shares
upon exercise of the Warrants (other than income taxes); provided, however, that
if the Common Shares are to be delivered in a name other than the name of the
Holder, no such delivery shall be made unless the person requesting the same has
paid to the Company the amount of transfer taxes or charges incident thereto, if
any.

          5.   Registration Under Securities Act of 1933.  (a)  The Holder shall
               -----------------------------------------
have the right to participate in the registration rights granted to Investors
with respect to the Warrant Shares, as adjusted, pursuant to Section 5 of the
Subscription Agreement.  By acceptance of this Warrant, the Holder agrees to
comply with the provisions of Section 5 of the Subscription Agreement to the
same extent as if it were a party thereto.

          (b)  After the Common Stock is publicly traded and until all of the
Warrant Shares have been sold under a registration statement declared effective
by the Securities and Exchange Commission or pursuant to Rule 144, the Company
shall use its reasonable best efforts to file with the Securities and Exchange
Commission all current reports and the information as may be necessary to enable
the Holder to effect sales of its shares in reliance upon Rule 144 promulgated
under the Securities Act of 1933, as amended (the "Act").

                                       5
<PAGE>

          6.   Investment Intent; Limited Transferability.  (a) The Holder
               -------------------------------------------
represents, by accepting this Warrant, that it understands that this Warrant and
any securities obtainable upon exercise of this Warrant have not been registered
for sale under Federal or state securities laws and are being offered and sold
to the Holder pursuant to one or more exemptions from the registration
requirements of such securities laws.  In the absence of an effective
registration of such securities or an exemption therefrom, any certificates for
such securities shall bear the legend set forth on the first page hereof.  The
Holder understands that it must bear the economic risk of its investment in this
Warrant and any securities obtainable upon exercise of this Warrant for an
indefinite period of time, as this Warrant and such securities have not been
registered under Federal or state securities laws and therefore cannot be sold
unless subsequently registered under such laws, unless an exemption from such
registration is available.

          (b)  The Holder, by its acceptance of this Warrant, represents to the
Company that it and any designee or permitted assign is an "accredited investor"
as defined in Rule 501 under the Securities Act of 1933, as amended, and is
acquiring this Warrant and will acquire any securities obtainable upon exercise
of this Warrant for its own account for investment and not with a view to, or
for sale in connection with, any distribution thereof in violation of the Act.
The Holder, its designees and permitted assigns agree that this Warrant and any
such securities will not be sold or otherwise transferred unless (i) a
registration statement with respect to such transfer is effective under the Act
and any applicable state securities laws or (ii) such sale or transfer is made
pursuant to one or more exemptions from the Act and is accompanied by an opinion
of counsel acceptable to the Company to such effect.

          7.   Loss, etc., of Warrant.  Upon receipt of evidence satisfactory to
               ----------------------
the Company of the loss, theft, destruction or mutilation of this Warrant, and
of indemnity reasonably satisfactory to the Company, if lost, stolen or
destroyed, and upon surrender and cancellation of this Warrant, if mutilated,
the Company shall execute and deliver to the Holder a new Warrant of like date,
tenor and denomination.

          8.   Warrant Holder Not Stockholder.  This Warrant does not confer
               ------------------------------
upon the Holder any right to vote on or consent to or receive notice as a
stockholder of the Company, as such, in respect of any matters whatsoever, nor
any other rights or liabilities as a stockholder, prior to the exercise hereof;
this Warrant does, however, require certain notices to Holders as set forth
herein.

          9.   Communication.  No notice or other communication under this
               -------------
Warrant shall be effective unless, but any notice or other communication shall
be effective and shall be deemed to have been given if, the same is in writing
and is mailed by first-class mail, postage prepaid, addressed to:

          (a)  the Company at Lakaro Biopharmaceuticals, Inc., 216 Jaffa Rd.,
     Sha'arei Ha'ir, Jerusalem, Israel 94383, Attn: General Counsel; or other
     such address as the Company has designated in writing to the Holder.

                                       6
<PAGE>

          (b)  the Holder at 787 Seventh Avenue, New York, NY 10019 United
     States of America, Attn: Chief Financial Officer, or other such address as
     the Holder has designated in writing to the Company.

          10.  Headings.  The headings of this Warrant have been inserted as a
               --------
matter of convenience and shall not affect the construction hereof.

          11.  Applicable Law.  This Warrant shall be governed by and construed
               --------------
in accordance with the laws of the State of Delaware without giving effect to
the principles of conflicts of law thereof.

          12.  Amendment, Waiver, etc.  Except as expressly provided herein,
               ----------------------
neither this Warrant nor any term hereof may be amended, waived, discharged or
terminated other than by a written instrument signed by the party against whom
enforcement of any such amendment, waiver, discharge or termination is sought;
provided, however, that any provisions hereof may be amended, waived, discharged
or terminated upon the written consent of the Company and the Majority of the
Holders.

          IN WITNESS WHEREOF, the Company has caused this Warrant to be executed
this 25th day of January, 2000.

                              LAKARO BIOPHARMACEUTICALS, INC.

                              By: /s/ Morris Laster
                                 ____________________________
                                     Name:  Morris Laster
                                     Title: CEO

ATTEST:

/s/ Bob Trachtenberg
__________________________
Secretary

                                       7
<PAGE>

                                 SUBSCRIPTION
                                 ------------

          The undersigned, ___________________, pursuant to the provisions of
the foregoing Warrant, hereby elects to exercise the within Warrant to the
extent of purchasing ____________________ shares of Common Stock thereunder and
hereby makes payment of $___________ by certified or official bank check in
payment of the exercise price therefor.

          The undersigned hereby represents and warrants to the Company that the
undersigned is acquiring the shares of the Company's Common Stock pursuant to
exercise of the within Warrant for investment purposes only. The undersigned
hereby further acknowledges that the undersigned understands that such shares
(a) have not been registered under the Securities Act of 1933, as amended, and
are being issued to the undersigned by the Company in reliance upon the
foregoing representation and warranty and (b) may not be resold except in
accordance with the requirements of the Act, including Rule 144 thereunder, if
applicable. The undersigned further consents to the placing of a legend on the
certificates for the shares being purchased to the foregoing effect.

Dated:_______________         Signature:____________________

                              Address:______________________

                                  ASSIGNMENT
                                  ----------

          FOR VALUE RECEIVED _______________ hereby sells, assigns and transfers
unto ____________________ the foregoing Warrant and all rights evidenced
thereby, and does irrevocably constitute and appoint _____________________,
attorney, to transfer said Warrant on the books of Lakaro Biopharmaceuticals,
Inc.

Dated:_______________         Signature:____________________

                              Address:______________________

                               CASHLESS EXERCISE
                               -----------------

          The undersigned ___________________, pursuant to the provisions of the
foregoing Warrant, hereby elects to exchange its Warrant for ___________________
shares of Common Stock, par value $.001 per share, of Lakaro Biopharmaceuticals,
Inc. pursuant to the Cashless Exercise provisions of the Warrant.

Dated:_______________         Signature:____________________

                              Address:______________________

                                       8
<PAGE>

                              PARTIAL ASSIGNMENT
                              ------------------

          FOR VALUE RECEIVED _______________ hereby assigns and transfers unto
____________________ the right to purchase _______ shares of the Common Stock,
par value $.001 per share, of Lakaro Biopharmaceuticals, Inc. covered by the
foregoing Warrant, and a proportionate part of said Warrant and the rights
evidenced thereby, and does irrevocably constitute and appoint
____________________, attorney, to transfer that part of said Warrant on the
books of, Inc.

Dated:_______________         Signature:____________________

                              Address:______________________

                                       9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00010-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00010-of-00352.parquet"}]]