Document:

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                                                                   EXHIBIT 10.41

                          SPONSORED RESEARCH AGREEMENT

         This Agreement is entered into by and between Thomas Jefferson
University through its Department of Department of Medicine, with an address at
Office of Research Administration, 1020 Locust Street, JAH, M-5, Philadelphia,
PA 19107, hereinafter called "Institution," and DOR BioPharma a corporation with
its principal office and place of business at 28101 Ballard Drive, Lake Forest,
IL 60045, hereinafter called "Sponsor."

                                   BACKGROUND

         The research program contemplated by this Agreement is of mutual
interest and benefit to the Institution and to the Sponsor and will further the
Institution's instructional and research objectives in a manner consistent with
its status as a non-profit, tax-exempt, educational institution.

         This Agreement is effective as of the first day of April 1, 2003
("Effective Date").

                                    RECITALS

         Institution and Sponsor are entering into this Agreement since Sponsor
desires to fund the research of Dr. Lance Simpson of Institution's Department of
Medicine in certain specific areas. Sponsor desires to support such research
conducted by Institution in accordance with the terms and conditions of this
Agreement. The research program contemplated by this Agreement is of mutual
interest to Sponsor and Institution and furthers the educational, scholarship
and research objectives of Institution as a nonprofit, tax-exempt, educational
institution, and may benefit both Sponsor and Institution through the creation
or discovery of new inventions.

         In consideration of the promises and mutual covenants contained herein,
and intending to be legally bound hereby, the parties hereto agree as follows:

                             ARTICLE 1. DEFINITIONS

1.1 Institution Intellectual Property means all inventions whether patentable or
not conceived and reduced to practice in the conduct of the Sponsored Research
during the term of this Agreement, including all United States and foreign
patent applications claiming said patentable inventions, including any
divisional, continuation, continuation-in-part (to the extent that the claims
are directed to said patentable inventions), and foreign equivalents thereof, as
well as any patents issued thereon or reissues or reexaminations thereof.
Institution Intellectual Property also includes all significant copyrightable
software created in the conduct of the Sponsored Research during the term of
this Agreement.

1.2 Principal Investigator means Dr. Lance Simpson who has agreed to serve as
faculty investigator for the Sponsored Research and shall be responsible for the
conduct, supervision and administration of the Sponsored Research.

1.3 Research Results means all data and information that are generated in the
performance of the Sponsored Research during the term of this Agreement.
Research Results expressly excludes Institution Intellectual Property.

1.4 Sponsored Research means the research program described in Attachment A to
this Agreement.

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                          ARTICLE 2. SPONSORED RESEARCH

2.1 Institution shall commence the Sponsored Research after the Effective Date
of this Agreement and upon payment by Sponsor of any funds owed, and shall use
good faith efforts to conduct such Sponsored Research substantially in
accordance with the terms and conditions of this Agreement. Sponsor acknowledges
that Institution and the Principal Investigator shall have the freedom to
conduct and supervise the Sponsored Research in a manner consistent with
Institution's educational and research missions.

2.2 If the services of the Principal Investigator become unavailable to
Institution for any reason, Institution shall be entitled to designate another
member of its faculty who is acceptable to Sponsor to serve as the Principal
Investigator of the Sponsored Research. If a substitute Principal Investigator
has not been designated within sixty (60) days after the original Principal
Investigator ceases his or her services under this Agreement, either party may
terminate this Agreement upon written notice thereof to the other party, subject
to the provisions of ARTICLE 15.

                          ARTICLE 3. TERM OF AGREEMENT

3.1 The initial term of this Agreement shall begin on the Effective Date of this
Agreement and shall end on April 1, 2004 unless terminated sooner pursuant to
ARTICLES 2 or 15 hereof. This Agreement may be extended or renewed only by
mutual written Agreement executed by duly authorized representatives of the
parties.

                   ARTICLE 4. REIMBURSEMENT OF COSTS, PAYMENT

4.1 Sponsor shall reimburse Institution for all direct and indirect costs
incurred in the conduct of the Sponsored Research in an amount not to exceed the
total annual amount of $297,000 as set forth in Attachment A. Sponsor
acknowledges that this amount is a good faith estimate only and not a guarantee
of the cost to conduct the Sponsored Research. If at any time Institution
determines that it will require additional funds for the Sponsored Research, it
shall notify Sponsor and provide an estimate of the additional amount. Sponsor
shall not be liable for any costs in excess of the amount of $5,000 unless it
has agreed in writing to provide additional funds.

4.2 Payments are to be made as follows: twenty-five percent (25%) of the award
($74,250) due upon execution of this agreement and the remaining seventy-five
percent (75%) of the award ($222,750) due every three (3) months in advance in
the amount of ($74,250) from execution of this agreement. All payments shall
clearly identify the Principal Investigator and Sponsored Research. All payments
are to be made by check payable in United States dollars, to "Thomas Jefferson
University", and sent to:

                    Thomas Jefferson University
                    Office of Technology Transfer
                    1020 Locust Street
                    JAH, M-34
                    Philadelphia, PA 19107

4.3 Title to any equipment, laboratory animals, or any other materials made or
acquired with funds provided under this Agreement shall vest in Institution, and
such equipment, animals, or materials shall remain the property of Institution
following termination of this Agreement.

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                         ARTICLE 5. RECORDS AND REPORTS

5.1 Principal Investigator shall maintain records of the results of the
Sponsored Research and shall provide Sponsor with reports of the progress and
results of the Sponsored Research in accordance with Attachment A.

5.2 Institution shall maintain records of the use of the funds provided by
Sponsor and shall make such records available to Sponsor upon reasonable notice
during Institution's normal business hours, but not more frequently than each
anniversary of the Effective Date.

           ARTICLE 6. SPONSOR'S RIGHTS IN RESEARCH RESULTS AND REPORTS

6.1 Sponsor shall have the right to use Research Results disclosed to Sponsor in
records and reports for any reasonable purpose. Sponsor shall need to obtain a
license to use Research Results from Institution if such use would infringe any
copyright or any claim of a patent application or issued patent owned by
Institution.

6.2 Institution and the Principal Investigator hereby grant Sponsor a
royalty-free, nontransferable, non-exclusive right to copy, reproduce and
distribute any research reports furnished to Sponsor under this Agreement.
Sponsor may not charge fees for said research reports, use said research reports
for advertising or promotional activities, or alter or modify said research
reports without the prior written permission of Institution.

                        ARTICLE 7. INTELLECTUAL PROPERTY

7.1 Institution shall retain all right, title and interest in and to the
Institution Intellectual Property and any patents, copyrights, software and
tangible research materials and other intellectual property related thereto.

7.2 Principal Investigator shall provide Institution and Sponsor a written
disclosure of any Institution Intellectual Property whether patentable or not.
Sponsor shall advise Institution in writing, no later than thirty (30) days
after receipt of such disclosure, whether it requests Institution to file and
prosecute patent applications related to such Institution Intellectual Property
at Sponsor's expense. If Sponsor does not request Institution to file and
prosecute such patent applications, Institution may proceed with such
preparation and prosecution at its own cost and expense; but such patent
applications shall be excluded from Sponsor's option under Section 7.5 hereof.

7.3 Institution shall control the preparation and prosecution of all patent
applications and the maintenance of all patents related to Institution
Intellectual Property. With regard to any patent applications filed at the
request and expense of Sponsor, Institution will consult with Sponsor on patent
prosecution. Sponsor shall reimburse Institution upon receipt of invoice for all
documented expenses incurred in connection with the filing and prosecution of
the patent applications and maintenance of the patents that Sponsor has
requested Institution to prosecute under Section 7.2 hereof.

7.4 Principal Investigator shall provide Institution and Sponsor a written
disclosure of any copyrightable software created in the conduct of the Sponsored
Research during the term of this Agreement that Principal Investigator
reasonably considers to be scientifically valuable.

7.5 In consideration of Sponsor's funding of the Sponsored Research and payment
for

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intellectual property expenses as provided in Section 7.3, Institution grants
Sponsor a first option to negotiate to acquire a license on commercially
reasonable terms to practice Institution Intellectual Property. Institution and
Sponsor will negotiate in good faith to determine the terms of a license
Agreement as to each item of Institution Intellectual Property for which Sponsor
has agreed to make payment for intellectual property expenses as provided for in
Section 7.3, if any. If Sponsor and Institution fail to execute a license
Agreement within six (6) months after disclosure of the Institution Intellectual
Section 7.3, Institution shall be free to license the Institution Intellectual
Property to any party upon such terms as Institution deems appropriate, without
any further obligation to Sponsor.

7.6 Any license granted to Sponsor pursuant to Section 7.5 hereof shall be
subject to Institution's right to use and permit other non-profit organizations
to use Institution Intellectual Property for educational and research purposes
and, if applicable, to the rights of the United States government reserved under
Public Laws 96-517, 97-256 and 98-620, codified at 35 U.S.C. 200-212, and any
regulations issued thereunder.

                           ARTICLE 8. CONFIDENTIALITY

8.1 If Sponsor desires to furnish any confidential information to the
Institution it must be directly related to the Study, disclosed to the
Institution by Sponsor in writing and conspicuously marked as confidential and
proprietary at the time of disclosure, or, if disclosed visually or orally, is
stated to be confidential and proprietary at the time of disclosure and
confirmed by a written summary describing the information in reasonable detail
delivered by Sponsor to Institution within fifteen (15) days after disclosure.
Sponsor shall not disclose confidential information to the Institution unless it
is necessary to the Study. Institution shall protect Sponsor's Confidential
Information with the same degree of care as Institution's own confidential
information. Institution shall not be obligated to accept any confidential
information from Sponsor.

8.2 In order to preserve the patentability of Institution Intellectual Property,
Sponsor shall maintain Institution Intellectual Property and information
provided pursuant to the Sponsored Research (whether oral or written) as
confidential and shall not disclose such information to any third party until
the publication of such information by the Principal Investigator or until
Institution provides Sponsor with written verification that all desirable
patentable inventions have been protected, whichever occurs sooner.

                             ARTICLE 9: PUBLICATIONS

         The Principal Investigator and Institution shall be free to publish and
present the Research Results with certain provisions.

                  i.       At least thirty (30) days prior to submitting a
                           manuscript or abstract for publication or
                           presentation Principal Investigator will submit to
                           Sponsor a copy of the abstract, manuscript or
                           presentation for review and comment, which comments
                           will be given due consideration by Principal
                           Investigator. Sponsor shall have thirty (30) days to
                           review and respond to Institution with comments. In
                           addition, Principal Investigator shall delay any
                           proposed publication/presentation an additional sixty
                           (60) days in the event Sponsor so requests in writing
                           to enable Sponsor to secure patent or other
                           proprietary protection of any inventions or
                           discoveries in such publication/presentation.

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                  ii.      Any such publication or presentation shall
                           acknowledge, as appropriate, the contribution of
                           Sponsor, its employees, agents and representatives.

                      ARTICLE 10. DISCLAIMER OF WARRANTIES

10.1 INSTITUTION MAKES NO WARRANTIES, EXPRESS OR IMPLIED, AS TO ANY MATTER
WHATSOEVER, INCLUDING, WITHOUT LIMITATION, WARRANTIES WITH RESPECT TO THE
CONDUCT, COMPLETION, SUCCESS OR PARTICULAR RESULTS OF THE SPONSORED RESEARCH, OR
THE CONDITION, OWNERSHIP, MERCHANTABILITY, OR FITNESS FOR A PARTICULAR PURPOSE
OF THE SPONSORED RESEARCH OR ANY INSTITUTION INTELLECTUAL PROPERTY OR RESEARCH
RESULTS OR THAT USE OF THE INSTITUTION INTELLECTUAL PROPERTY OR RESEARCH RESULTS
WILL NOT INFRINGE ANY PATENT, COPYRIGHT, TRADEMARK OR OTHER INTELLECTUAL
PROPERTY RIGHT OF A THIRD PARTY. INSTITUTION SHALL NOT BE LIABLE FOR ANY DIRECT,
INDIRECT, CONSEQUENTIAL, PUNITIVE OR OTHER DAMAGES SUFFERED BY SPONSOR OR ANY
OTHER PERSON RESULTING FROM THE SPONSORED RESEARCH OR THE USE OF ANY INSTITUTION
INTELLECTUAL PROPERTY, ANY RESEARCH RESULTS OR ANY PRODUCTS RESULTING THEREFROM.

      ARTICLE 11. USE OF THE INSTITUTION'S OR SPONSOR'S NAME (ADVERTISING)

         The Institution and the Sponsor will obtain prior written permission
from each other before using the name, symbols and/or marks of the other in any
form of publicity in connection with the Sponsored Research. This shall not
include legally required disclosure by the Institution or Sponsor that
identifies the existence of the Agreement. Further, Sponsor's use of the name,
symbols and/or marks of Institution, or names of Institution's employees, shall
be limited to identification of Institution as the Sponsored Research site and
the Sponsored Research staff as participants in the Sponsored Research.

                               ARTICLE 12. NOTICES

         Any notice shall be sent to the following addresses, with a copy also
sent to the designated facsimile number. Notice shall be effective on the date
of receipt.

         Institution:            Thomas Jefferson University
                                 Office of Research Administration
                                 1020 Locust Street
                                 JAH, M-5
                                 Philadelphia, PA 19107
                                 Attention: Director
                                 FAX: 215-503-2365

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         Sponsor:                DOR BioPharma, Inc.
                                 28101 Ballard Drive
                                 Lake Forest, IL 60045
                                 Attention: Dr. Robert Brey
                                 Phone: 847-573-8990
                                 Fax: 847-573-9285

         Principal Investigator: Dr. Lance Simpson

                           ARTICLE 13. INDEMNIFICATION

                  Sponsor agrees to indemnify, defend and hold harmless the
Institution, its trustees, officers, agents and employees and/or Principal
Investigator from any and all liabilities for personal injury (including death)
or property damage arising out of or in connection with performance of the
Sponsored Research.

              A.  The obligation of indemnification under this section shall not
                  apply to the extent that liabilities are caused by the
                  negligence or willful misconduct of the Principal Investigator
                  or any other employee of Institution.

              B.  Institution must promptly notify Sponsor of any claim or suit
                  against any party to be indemnified hereunder, must allow
                  Sponsor to have full control of any disposition or settlement
                  of such claim or suit, and must fully cooperate with Sponsor
                  regarding such disposition or settlement.

              C.  Sponsor shall not dispose or settle any claim admitting
                  liability on the part of the Institution without Institution's
                  prior consent.

                              ARTICLE 14. INSURANCE

         Sponsor will maintain during the performance of this Agreement a policy
or policies of comprehensive general liability Insurance at levels sufficient to
support the indemnification obligations in this Agreement.

         This includes broad form and contractual liability and product
liability, in a minimum amount of $1,000,000 per single occurrence and
$3,000,000 in the aggregate with respect to personal injury, bodily injury and
property damage. Sponsor will provide Institution with a certificate of
insurance evidencing such coverage at the request of Institution.

                             ARTICLE 15. TERMINATION

         A.       This Agreement may be terminated by either party for any
                  reason upon thirty (30) days prior written notice.

         B.       Upon the effective date of expiration or termination, there
                  shall be an accounting conducted by the Institution. Within
                  thirty (30) days after receipt of the final accounting for the
                  Sponsored Research, Sponsor will make payment to the
                  Institution for:

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                           i.       All services rendered and monies expended by
                                    the Institution until the date of
                                    termination not yet paid for; and

                           ii.      Non-cancelable obligations, including any
                                    costs associated with termination, incurred
                                    for the Sponsored Research by the
                                    Institution prior to the effective date of
                                    termination.

         C.       Termination of this Agreement by either party shall not affect
                  the rights and obligations of the parties accrued prior to the
                  effective date of the termination. The rights and duties under
                  ARTICLES 4, 7, 8, 9,11,12,13, and 14 survive the termination
                  or expiration of this Agreement.

                           ARTICLE 16. APPLICABLE LAW

         This Agreement shall be governed by the laws of the Commonwealth of
Pennsylvania, without regard to its principles of conflict of law.

                              ARTICLE 17. NO AGENCY

         The parties, in rendering performance under this Agreement, are each
acting and shall act solely as independent contractors. Neither party shall
undertake by this Agreement or otherwise to perform any obligation of the other
party, whether by regulation or contract. In no way shall either party be
construed as the agent or to be acting as the agent of the other party in any
respect, any other provisions of this Agreement notwithstanding. Neither party
shall enter into any Agreement or incur any obligations on behalf of the other
party, nor commit the other party in any manner without such party's prior
written consent. Neither party shall be deemed an employee of the other for the
purposes of any employee benefit programs, income tax withholding, FICA taxes,
unemployment benefits, or otherwise.

                            ARTICLE 18. NO ASSIGNMENT

         The Agreement may not be assigned or otherwise transferred, nor, except
as expressly provided hereunder, may any right or obligations hereunder be
assigned or transferred by a party; provided, however, that Sponsor may assign
the Agreement and its rights and obligations hereunder to an Affiliate or in
connection with the transfer or sale of all or substantially all of its assets
related to the technology or its business or in the event of its merger or
consolidation or change in control or similar transaction. Except as otherwise
set forth herein, any permitted assignee shall assume all obligations of its
assignor under this Agreement.

                            ARTICLE 19. FORCE MAJEURE

         Neither party shall be liable for any failure to perform as required by
this Agreement to the extent such failure to perform is due to circumstances
reasonably beyond such party's control, including, without limitation, labor
disturbances or labor disputes of any kind, accident, failure of any
governmental approval required for full performance, civil disorders or
commotions, acts of aggression, acts of God, energy or other conservation
measures imposed by law or regulation, explosions, failure of utilities,
mechanical breakdowns, material shortages, disease, or other such occurrence.

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                              ARTICLE 20. DEBARMENT

         Institution will not use in any capacity the services of any
individual, corporation, partnership or association which:

            (1)   has been debarred under 21 U.S.C. 335a

            (2)   disqualified as a clinical investigator under the provision of
                  21 C.F.R. 312.70.

         In the event that Institution becomes aware of the debarment or
disqualification of any such individual, corporation, partnership or association
providing services under this Agreement, Institution shall notify Sponsor.

                        ARTICLE 21. MULTIPLE COUNTERPARTS

         This Agreement may be executed in one or more counterparts, all of
which shall be deemed an original and all of which when taken together shall
constitute one and the same instrument.

                     ARTICLE 22. SECTION HEADINGS: EXHIBITS

         The section and subsection headings used herein are for reference and
convenience only, and shall not enter into the interpretation hereof. The
exhibits referred to herein and attached hereto, or to be attached hereto, are
incorporated herein to the same extent as if set forth in full herein.

                        ARTICLE 23. NEUTRAL CONSTRUCTION

         The parties to this Agreement agree that this Agreement was negotiated
fairly between them at arm's length and that the final terms of this Agreement
are the product of the parties' negotiations. Each party warrants and represents
that it has sought and received legal counsel of its own choosing with regard to
the contents of this Agreement and the rights and obligations affected hereby.
The parties agree that this Agreement shall be deemed to have been jointly and
equally drafted by them, and that the provisions of this Agreement therefore
should not be construed against a party or parties on the grounds that the party
or parties drafted or was more responsible for drafting the provision(s).

                              ARTICLE 24. NO WAIVER

         No delay or omission by either party hereto to exercise any right or
power occurring upon any noncompliance or default by the other party with
respect to any of the terms of this Agreement shall impair any such right or
power or be construed to be a waiver thereof. The terms and conditions of this
Agreement may be waived or amended only in writing and only by the party that is
entitled to the benefits of the term(s) or condition(s) being waived or amended.
A waiver by either of the parties hereto of any of the covenants, conditions, or
Agreements to be performed by the other shall not be construed to be a waiver of
any succeeding breach thereof or of any covenant, condition, or Agreement herein
contained (whether or not the provision is similar). Unless stated otherwise,
all remedies provided for in this Agreement shall be cumulative and in addition
to and not in lieu of any other remedies available to either party at law, in
equity, or otherwise.

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                          ARTICLE 25. UNENFORCEABILITY

         If any provision of this Agreement or any word, phrase, clause,
sentence, or other portion thereof should be held to be unenforceable or invalid
for any reason, then provided that the essential consideration for entering into
this Agreement on the part of any party is not unreasonably impaired, such
provision or portion thereof shall be modified or deleted in such manner as to
render this Agreement as modified legal and enforceable to the maximum extent
permitted under applicable laws.

                          ARTICLE 26. ENTIRE AGREEMENT

         Each party to this Agreement acknowledges that this Agreement
constitutes the entire Agreement of the parties with regard to the subject
matters addressed in this Agreement, that this Agreement supersedes all prior or
contemporaneous Agreements, discussions, or representations, whether oral or
written, with respect to the subject matter of this Agreement, and that this
Agreement cannot be varied, amended, changed, waived, or discharged except by a
writing signed by all parties hereto. Each party to this Agreement further
acknowledges that no promises, representations, inducements, Agreements, or
warranties, other than those set forth herein, have been made to induce the
execution of this Agreement by said party, and each party acknowledges that it
has not executed this Agreement in reliance on any promise, representation,
inducement, or warranty not contained herein.

                  ARTICLE 27. AUTHORITY TO ENTER INTO AGREEMENT

         The parties and their representatives signing this Agreement hereby
acknowledge and represent that the representatives signing this Agreement are
duly authorized agents of the parties hereto and are authorized and have full
authority to enter into this Agreement on behalf of the parties for whom they
are signing.

In Witness whereof, the parties hereto have executed this Agreement in duplicate
by proper persons thereunto duly authorized.

       Institution                                         Sponsor

By:                                             By:
   ---------------------------                     --------------------------
         (signature)                                     (signature)

------------------------------                  ------------------------------
    (print or type name)                            (print or type name)

Title:                                          Title:
      ------------------------                        ------------------------

Date:                                           Date:
     -------------------------                       -------------------------

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                                  Attachment A

                          SUMMARY OF SPONSORED RESEARCH

         1) Work Scope

         2) Details of Program - See Appendix

Principal Investigator:
         1) Name:
         2) Phone Number:

Representative of Sponsor:

         1) Name:
         2) Phone Number:

Period of Performance:

Report Schedule:

         Final report within thirty (30) days after termination

Budget:

         Direct costs
         Indirect costs
         --------------
         Total costs

Payment Schedule:

         Date Payment Due           Amount of Payment Due
         ----------------           ---------------------
         1.Upon signature           1.
         2.                         2.
         3.                         3.
         4.                         4.
         5.<PAGE>
                                                                   EXHIBIT 10.42

                        COLLABORATIVE RESEARCH AGREEMENT

         This Collaborative Research AGREEMENT (herein "AGREEMENT") made on
December, 18 2002, by and between THE SCHOOL OF PHARMACY, UNIVERSITY OF LONDON
having a place of business located at 29-39 Brunswick Square, London WC1N 1AX
("SOP") and DOR BioPharma, Inc., whose registered office is 28101 Ballard Drive,
Lake Forest, Illinois 60045 (the "COMPANY")

                                    RECITALS

         WHEREAS, SOP is pursuing research in the area of microencapsulated
vaccines.

         WHEREAS, the COMPANY is willing to sponsor such research.

         WHEREAS, the COMPANY desires to obtain certain rights to patents and
technology resulting from the research.

         WHEREAS, the SOP is willing to grant certain rights to patents and
technology that result from the research.

         NOW THEREFORE, in consideration of the mutual covenants and promises
herein made, the SOP and the COMPANY agree as follows:

         In consideration of the sum of one hundred thousand dollars ($100,000
USD) exclusive of VALUE ADDED TAX, payable quarterly in advance and of the
obligations of the COMPANY set out hereunder SOP will use all reasonable
endeavours to undertake a programme of research entitled entitled,
"microencapsuled delivery of vaccines", details of which are contained in Annex
1 ("THE PROJECT"), described on Annex I in accordance with the terms and
conditions set out hereafter.

1        DURATION

         This contract shall commence on the Effective Date of this Agreement,
or on such other date as may be agreed between the parties in writing, and
terminate one (1) year later unless extended by mutual agreement of the Parties
in writing or prematurely terminated in accordance with the provisions of Clause
8 below.

2        REPORTS

         SOP personnel shall meet with the COMPANY at such times as the COMPANY
requests to provide a verbal report on the PROJECT. SOP shall provide written
progress reports to the COMPANY every six months and after completion shall
provide a final report.

3        PERSONNEL

         The PROJECT will be supervised by Dr. Oya Alpar ("PRINCIPAL
INVESTIGATOR") of the THE PROJECT at SOP or such other member or members of
staff as the COMPANY and SOP shall mutually agree. The PRINCIPAL INVESTIGATOR
will have the assistance of a RESEARCH WORKER(S) who will be supported from the
funds made available by the COMPANY under this Agreement. The PROJECT
CO-ORDINATOR within the COMPANY will be Dr. Robert N. Brey.

                                       1

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4        PAYMENT

4.1      Payment by the COMPANY shall be made quarterly in advance according to
         the Schedule in Annex 2 (FINANCIAL SUMMARY) upon submission of an
         invoice by SOP. Said invoice shall include VALUE ADDED TAX at the
         prevailing rate, if applicable. Payment by the COMPANY shall be made
         within 30 days of the presentation of the invoice.

4.2      In the event of premature termination under Clause 8 hereof final
         payment shall include those costs incurred and falling due for payment
         up to the date of termination and also for expenditure falling due for
         payment thereafter which arises from commitments reasonably and
         necessarily incurred by SOP for the performance of the PROJECT prior to
         the date of termination.

5        OWNERSHIP OF RESULTS

5.1      For the avoidance of doubt all background information and know-how used
         in connection with the PROJECT shall remain the property of the Party
         introducing the same.

5.2      The intellectual property rights arising from the PROJECT shall vest in
         SOP which reserves the right to determine whether or not, and in which
         countries, patent applications shall be filed. Within thirty days (30)
         from disclosure of an invention arising from THE PROJECT, SOP shall
         notify the Company in writing of such disclosure. SOP shall grant the
         COMPANY right of first refusal to an exclusive license to use, or have
         used, have made, PROJECT intellectual property rights under terms to be
         negotiated in good faith.

5.3      SOP and the PRINCIPAL INVESTIGATOR will grant to the COMPANY, an
         exclusive worldwide license to Know-How relating to the delivery of
         microencapsuled vaccines. Know-How shall be defined as, any information
         and materials, including but not limited to, information, processes,
         formulas, data, know-how and trade secrets, published or not,
         patentable or otherwise, which relate to microencapsuled delivery of
         vaccines, which are in the SOP's or the PRINCIPAL INVESTIGATOR's
         possession or control and as to which the COMPANY has the right to
         license or sublicense, and which relate to the development,
         manufacture, marketing, use or sale of Products. Such know-how shall
         include, without limitation, all chemical, pharmaceutical,
         toxicological, clinical, assay control, manufacturing, regulatory, and
         any other information used or useful for the development and/or
         regulatory approval of vaccines.

6        CONFIDENTIALITY

         Any information relating to the COMPANY's operations shall be regarded
as confidential and shall not, without the prior written consent of the COMPANY
be used (except in connection with the PROJECT), published, or disclosed by SOP,
the PRINCIPAL INVESTIGATOR or the RESEARCH WORKER(S). This restriction does not
apply to information which is, or at the time of publication or disclosure has
become, public knowledge through no act or default of SOP, the PRINCIPAL
INVESTIGATOR or the RESEARCH WORKER(S).

                                       2

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7        PUBLICATION

         Notwithstanding the provisions of clause 6 above, the COMPANY
recognises that SOP may wish to publish information derived from the PROJECT in
the academic press and/or to divulge such information at academic meetings or
symposia. Any such publications or disclosure may only be made after the
PRINCIPAL INVESTIGATOR of SOP has submitted copies of same to the PROJECT
CO-ORDINATOR of the COMPANY, who may require a delay in publication or
disclosure to protect the COMPANY's commercial interests and removal of any
confidential information of the COMPANY. Any such delay shall be kept to a
minimum and shall in no case exceed a period of six months from submission.
Publications arising out of the PROJECT shall carry an acknowledgement of the
financial support of the COMPANY, unless the COMPANY requests otherwise.

8        TERMINATION

         The COMPANY or SOP may terminate the Agreement by giving three months
written notice by recorded or registered post to the other party where it
considers termination justified on the grounds that no further purpose would be
served by continuing the PROJECT. Notice of termination will only be given by
either party after full discussion with the other party of the reasons for the
proposal to give such notice.

9        LIABILITY

9.1      SOP shall use all reasonable endeavours to ensure the accuracy of the
         work performed and any information given. However SOP makes no
         warranty, express or implied, as to accuracy and will not be held
         responsible for any consequences arising out of any inaccuracies or
         omissions.

9.2      The parties agree and declare that the obligations of SOP and its
         employees shall cease upon delivery of the reports and that no
         liability whatsoever either direct or indirect shall rest upon them for
         the effects of any product or process that may be produced by the
         COMPANY or any other party, notwithstanding that the formulation of
         such product or process may be based on the findings of the PROJECT.

9.3      Neither party shall be liable to the other for any death or injury,
         unless it is caused by the negligence of that party or its
         representatives nor shall it be liable to the other for any other loss
         or damage whatsoever unless it is caused by its wilful default of that
         or that of its representatives.

10       FORCE MAJEURE

In the event that either party is delayed or impeded in the performance of its
obligations hereunder by any cause beyond its reasonable control it shall be
entitled to such extension of time for such performance as may be fair and
reasonable in all the circumstances.

13       NOTICES

Any notice to be given under this Agreement shall be sent by facsimile and
confirmed by mail to the following addresses:

SOP               Dr Adam Hajjar
                  Commercial Development Office
                  The School of Pharmacy, University of London
                  29-39 Brunswick Square
                  London WC1N 1AX

                  Tel:     +44 (0)20 7753 5967
                  Fax:     +44 (0)20 7753 5968

COMPANY

                  Attention: President
                  DOR BioPharma, Inc.
                  28101 Ballard Drive
                  Lake Forest, Illinois 60045
                  USA

                  Tel:     (847) 573-8990
                  Fax:     (847) 573-9285

                                       3

<PAGE>

12       ARBITRATION

     In the event of a dispute arising between the parties hereto as to the true
intent and meaning of this Agreement or the implementation thereof in any way
the said dispute shall be conducted before a single arbitrator to be appointed
failing agreement between the parties by the President for the time being of the
Institute of Arbitrators. The decision by the arbitrator shall be final and
binding upon and enforceable against the parties.

13       APPLICABLE LAW

     This Agreement and all terms, provisions and conditions of the Project and
all questions of construction, validity and performance under this Agreement
shall be governed by English Law.

Signed for and on behalf of SOP by

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Name:

Position:

Signed for and on behalf of the COMPANY by

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Name:

Position:

                              ANNEX 1 - THE PROJECT

1.       Intranasal and oral microencapsuled delivery of anthrax vaccine
2.       Intranasal and oral microencapsuled delivery of plague vaccine
3.       Intranasal and oral microencapsuled delivery of smallpox vaccine

                                       4

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