Document:

Exhibit 4.1

                             SUBSCRIPTION AGREEMENT

                      IN VERITAS MEDICAL DIAGNOSTICS, INC.

                Subscription Agreement for the Purchase of Units

     The undersigned hereby subscribes for units, in connection with the
proposed private placement of a maximum of $2,200,000 of units. Each unit
consists of one share of the 5% convertible preferred stock of In Veritas
Medical Diagnostics, Inc. (the "Company"), par value $.001 per share (the "5%
Preferred Shares") and one warrant to purchase one share of our common stock
(the "Unit"), subject to adjustment upon specified events, including stock
splits, stock dividends, mergers, consolidations, exchange of shares,
recapitalizations or reorganizations. In addition, each purchaser of a Unit will
receive a warrant (the "Unit Warrant") to purchase an additional Unit.

     The Units shall be registered for public sale with the Securities and
Exchange Commission (the "Commission"), in accordance with the terms set forth
in the registration rights agreement (the "Registration Rights Agreement"),
entered into between the holders of the Units (the "Holders") and the Company of
even date.

     The undersigned agrees to pay the aggregate subscription price set forth on
page 8 or 9, as applicable, for the Units being purchased hereunder. The entire
purchase price is due and payable upon the submission of this Subscription
Agreement, and shall be payable by wire transfer or check subject to collection,
to the order of Kogan & Associates, LLC, as Escrow Agent for In Veritas Medical
Diagnostics, Inc. The wire transfer instructions are as follows:

                  Account:          Kogan & Associates, LLC IOLA Account
                  Bank:             HSBC Bank
                  Routing Number:   021 001 088
                  Account Number:   983902836

     The undersigned acknowledges that the Units being purchased hereunder will
not be registered under the Securities Act of 1933 (the "Act"), or the
securities laws of any state, that absent an exemption from registration
contained in those laws, the Units require registration, and that the Company's
reliance upon such exemption is based upon the undersigned's representations,
warranties, and agreements contained in this Subscription Agreement, the
Registration Rights Agreement and the accompanying Confidential Prospective
Questionnaire (collectively, the "Subscription Documents").

     1. The undersigned represents, warrants, and agrees as follows:

          a. The undersigned agrees that this Subscription Agreement is and
     shall be irrevocable.

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          b. The undersigned has carefully read the Confidential Term Sheet and
     Exhibits thereto (the "Memorandum") and this Subscription Agreement
     (collectively, the "Disclosure Materials"), all of which the undersigned
     acknowledges have been provided to the undersigned. The undersigned has
     been given the opportunity to ask questions of, and receive answers from,
     the Company concerning the terms and conditions of this Offering and the
     Disclosure Materials and to obtain such additional information, to the
     extent the Company possesses such information or can acquire it without
     unreasonable effort or expense, necessary to verify the accuracy of same as
     the undersigned reasonably desires in order to evaluate the investment. The
     undersigned understands the Disclosure Materials, and the undersigned has
     had the opportunity to discuss any questions regarding any of the
     Disclosure Materials with his counsel or other advisor. Notwithstanding the
     foregoing, the only information upon which the undersigned has relied is
     that set forth in the Disclosure Materials. The undersigned has received no
     representations or warranties from the Company, its employees, agents or
     attorneys in making this investment decision other than as set forth in the
     Disclosure Materials. The undersigned does not desire to receive any
     further information.

          c. The undersigned is aware that the purchase of the Units is a
     speculative investment involving a high degree of risk, that there is no
     guarantee that the undersigned will realize any gain from this investment,
     and that the undersigned could lose the total amount of this investment.
     The undersigned has specifically reviewed the section in the Disclosure
     Materials entitled "Risk Factors."

          d. The undersigned understands that no federal or state agency has
     made any finding or determination regarding the fairness of this Private
     Placement Offering of the Units for investment, or any recommendation or
     endorsement of this Private Placement of the Units.

          e. The undersigned is purchasing the Units for the undersigned's own
     account, with the intention of holding the Units with no present intention
     of dividing or allowing others to participate in this investment or of
     reselling or otherwise participating, directly or indirectly, in a
     distribution of the Units or the securities underlying the Units, and shall
     not make any sale, transfer, or pledge thereof without registration under
     the Act and any applicable securities laws of any state or unless an
     exemption from registration is available under those laws.

          f. The undersigned represents that if an individual, he has adequate
     means of providing for his or her current needs and personal and family
     contingencies and has no need for liquidity in this investment in the
     Units. The undersigned has no reason to anticipate any material change in
     his or her personal financial condition for the foreseeable future.

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          g. The undersigned is financially able to bear the economic risk of
     this investment, including the ability to hold the Units indefinitely, or
     to afford a complete loss of his investment in the Units.

          h. The undersigned represents that the undersigned's overall
     commitment to investments which are not readily marketable is not
     disproportionate to the undersigned's net worth, and the undersigned's
     investment in the Units will not cause such overall commitment to become
     excessive. The undersigned understands that the statutory basis on which
     the Units are being sold to the undersigned and others would not be
     available if the undersigned's present intention were to hold the Units for
     a fixed period or until the occurrence of a certain event. The undersigned
     realizes that in the view of the Securities and Exchange Commission (the
     "Commission"), a purchase now with a present intent to resell by reason of
     a foreseeable specific contingency or any anticipated change in the market
     value, or in the condition of the Company, or that of the industry in which
     the business of the Company is engaged or in connection with a contemplated
     liquidation, or settlement of any loan obtained by the undersigned for the
     acquisition of the Units, and for which such Units may be pledged as
     security or as donations to religious or charitable institutions for the
     purpose of securing a deduction on an income tax return, would, in fact,
     represent a purchase with an intent inconsistent with the undersigned's
     representations to the Company, and the Commission would then regard such
     sale as a sale for which the exemption from registration is not available.
     The undersigned will not pledge, transfer or assign this Subscription
     Agreement.

          i. The undersigned represents that the funds provided for this
     investment are either separate property of the undersigned, community
     property over which the undersigned has the right of control, or are
     otherwise funds as to which the undersigned has the sole right of
     management. The undersigned is purchasing the Units with the funds of the
     undersigned and not with the funds of any other person, firm, or entity and
     is acquiring the Units for the undersigned's account. No person other than
     the undersigned has any beneficial interest in the Units being purchased
     hereunder.

          j. FOR PARTNERSHIPS, CORPORATIONS, TRUSTS, OR OTHER ENTITIES ONLY: If
     the undersigned is a partnership, corporation, trust or other entity, (i)
     the undersigned has enclosed with this Subscription Agreement appropriate
     evidence of the authority of the individual executing this Subscription
     Agreement to act on its behalf (e.g., if a trust, a certified copy of the
     trust agreement; if a corporation, a certified corporate resolution
     authorizing the signature and a certified copy of the articles of
     incorporation; or if a partnership, a certified copy of the partnership
     agreement), (ii) the undersigned represents and warrants that it was not
     organized or reorganized for the specific purpose of acquiring the Units,
     and (iii) the undersigned has the full power of such entity to make the
     representations and warranties made herein on its behalf, and (iv) this
     investment in the Company has been affirmatively authorized, if required,
     by the governing board of such entity and is not prohibited by the
     governing documents of the entity.

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          k. The address shown under the undersigned's signature at the end of
     this Subscription Agreement is the undersigned's principal residence if he
     or she is an individual or its principal business address if it is a
     corporation or other entity.

          l. The undersigned has such knowledge and experience in financial and
     business matters as to be capable of evaluating the merits and risks of an
     investment in the Units.

          m. The undersigned acknowledges that the certificates for the
     securities comprising the 5% Preferred Shares which the undersigned will
     receive will contain a legend substantially as follows:

               THE SECURITIES WHICH ARE REPRESENTED BY THIS CERTIFICATE HAVE NOT
               BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
               "ACT"). THE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT PURPOSES
               ONLY AND NOT WITH A VIEW TO DISTRIBUTION OR RESALE, AND MAY NOT
               BE SOLD, TRANSFERRED, MADE SUBJECT TO A SECURITY INTEREST,
               PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF UNLESS AND UNTIL
               REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE "ACT"), AS
               AMENDED, OR EVIDENCE SATISFACTORY TO THE COMPANY THAT SUCH
               REGISTRATION IS NOT REQUIRED UNDER SUCH ACT.

               The undersigned further acknowledges that a stop transfer order
          will be placed upon the certificates for the securities in accordance
          with the Act. The undersigned further acknowledges that the Company is
          under no obligation to aid the undersigned in obtaining any exemption
          from registration requirements.

          n. Without the express written consent of the Placement Agent, the
     undersigned agrees that he or she will not sell or transfer any of the
     shares of common stock issuable upon conversion of the 5% Preferred Shares
     or the shares of common stock underlying the warrants (the "Shares") until
     the earlier of twelve (12) months from the date that this subscription is
     accepted by the Company or the date that a registration statement covering
     the Shares is declared effective. The undersigned further agrees that he
     will not sell or transfer the Shares for any additional period as may be
     required by the Nasdaq Stock Market.

     2. The undersigned expressly acknowledges and agrees that the Company is
relying upon the undersigned's representations contained in the Subscription
Documents.

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     3. Representations and Warranties of the Company. The Company hereby
represents and warrants to the Purchaser as follows (which representations and
warranties are supplemented by the Company's filings under the Securities
Exchange Act of 1934 made prior to the date of this Agreement (collectively, the
"Exchange Act Filings"), copies of which have been provided to the Purchaser):

          3.1 Organization, Good Standing and Qualification. Each of the Company
     and its Subsidiary is a corporation duly organized, validly existing and in
     good standing under the laws of its jurisdiction of organization. Each of
     the Company and the Subsidiary is duly qualified and is authorized to do
     business and is in good standing as a foreign corporation, partnership or
     limited liability company, as the case may be, in all jurisdictions in
     which the nature of its activities and of its properties (both owned and
     leased) makes such qualification necessary, except for those jurisdictions
     in which failure to do so has not, or could not reasonably be expected to
     have a material adverse effect on the business, assets, liabilities,
     condition (financial or otherwise), properties, operations or prospects of
     the Company and its Subsidiary, taken as a whole (a "Material Adverse
     Effect").

          3.2 Subsidiaries. Each direct and indirect Subsidiary of the Company,
     the direct owner of such Subsidiary and its percentage ownership thereof,
     is set forth on Schedule 3.2. For the purpose of this Agreement, a
     "Subsidiary" of any person or entity means (i) a corporation or other
     entity whose shares of stock or other ownership interests having ordinary
     voting power (other than stock or other ownership interests having such
     power only by reason of the happening of a contingency) to elect a majority
     of the directors of such corporation, or other persons or entities
     performing similar functions for such person or entity, are owned, directly
     or indirectly, by such person or entity or (ii) a corporation or other
     entity in which such person or entity owns, directly or indirectly, more
     than 50% of the equity interests at such time.

          3.3 Capitalization; Voting Rights. The authorized capital stock of the
     Company, as of the date hereof consists of 150,000,000 shares, of which
     100,000,000 are shares of Common Stock, par value $.001 per share,
     51,677,339 shares of which are issued and outstanding and 50,000,000 are
     shares of preferred stock, par value $.001 per share of which 34,343,662
     shares of preferred stock are issued and outstanding. The authorized
     capital stock of each Subsidiary of the Company is set forth on Schedule
     3.3 All issued and outstanding shares of the Company's Common Stock: (i)
     have been duly authorized and validly issued and are fully paid and
     nonassessable; and (ii) were issued in compliance with all applicable state
     and federal laws concerning the issuance of securities.

          3.4 Authorization; Binding Obligations. The Company has all requisite
     power, authority and legal capacity to execute and deliver this Agreement,
     and each other agreement, document or instrument or certificate
     contemplated by this Agreement or to be executed by the Company in
     connection with the consummation of the transactions contemplated by this
     Agreement, including the purchase and sale of the units in connection with

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     the offering (the "Unit"), each of which consists of one share of Series B
     convertible preferred stock, par value $.001 per share of the Company (the
     "Preferred Stock"), and one warrant (the "Warrant") to purchase one share
     of the Company's common stock (together with this Agreement, the "Company
     Documents"), and to consummate the transactions contemplated hereby and
     thereby. This Agreement has been, and each of the Company Documents will be
     at or prior to the Closing, duly and validly executed and delivered by the
     Company and (assuming the due authorization, execution and delivery by the
     other parties hereto and thereto) this Agreement constitutes, and each of
     the Company Documents when so executed and delivered will constitute,
     legal, valid and binding obligations of the Company, enforceable against
     the Company in accordance with their respective terms, subject to
     applicable bankruptcy, insolvency, reorganization, moratorium and similar
     laws affecting creditors' rights and remedies generally and subject, as to
     enforceability, to general principles or equity, including principles of
     commercial reasonableness, good faith and fair dealing (regardless of
     whether enforcement is sought in a proceeding at law or in equity).

          3.5 Liabilities. The Company has no contingent liabilities, except
     current liabilities incurred in the ordinary course of business and
     liabilities disclosed in any Exchange Act Filings.

          3.6 Agreements; Action. Except as set forth on Schedule 3.6 or as
     disclosed in any Exchange Act Filings:

               (a) there are no agreements, understandings, instruments,
          contracts, proposed transactions, judgments, orders, writs or decrees
          to which the Company or the Subsidiary is a party or by which it is
          bound which may involve: (i) obligations (contingent or otherwise) of,
          or payments to, the Company in excess of $50,000 (other than
          obligations of, or payments to, the Company arising from purchase or
          sale agreements entered into in the ordinary course of business); or
          (ii) the transfer or license of any patent, copyright, trade secret or
          other proprietary right to or from the Company (other than licenses
          arising from the purchase of "off the shelf" or other standard
          products); or (iii) provisions restricting the development,
          manufacture or distribution of the Company's products or services; or
          (iv) indemnification by the Company with respect to infringements of
          proprietary rights.

               (b) Since January 31, 2005, neither the Company nor the
          Subsidiary has: (i) declared or paid any dividends, or authorized or
          made any distribution upon or with respect to any class or series of
          its capital stock; (ii) incurred any indebtedness for money borrowed
          or any other liabilities (other than ordinary course obligations)
          individually in excess of $50,000 or, in the case of indebtedness
          and/or liabilities individually less than $50,000, in excess of
          $100,000 in the aggregate; (iii) made any loans or advances to any
          person not in excess, individually or in the aggregate, of $100,000,
          other than ordinary course advances for travel expenses; or (iv) sold,
          exchanged or otherwise disposed of any of its assets or rights, other
          than the sale of its inventory in the ordinary course of business.

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               (c) For the purposes of subsections (a) and (b) above, all
          indebtedness, liabilities, agreements, understandings, instruments,
          contracts and proposed transactions involving the same person or
          entity (including persons or entities the Company has reason to
          believe are affiliated therewith) shall be aggregated for the purpose
          of meeting the individual minimum dollar amounts of such subsections.

          3.7 Obligations to Related Parties. Except as set forth in the
     Exchange Act Filings or on Schedule 3.7, there are no obligations of the
     Company or the Subsidiary to officers, directors, stockholders or employees
     of the Company or the Subsidiary other than:

               (a) for payment of salary for services rendered and for bonus
          payments;

               (b) reimbursement for reasonable expenses incurred on behalf of
          the Company and the Subsidiary;

               (c) for other standard employee benefits made generally available
          to all employees (including stock option agreements outstanding under
          any stock option plan approved by the Board of Directors of the
          Company); and

               (d) obligations listed in the Company's financial statements or
          disclosed in any of its Exchange Act Filings.

          Except as described above or set forth in the Exchange Act Filings or
     on Schedule 3.7, none of the officers, directors or, to the best of the
     Company's knowledge, key employees or stockholders of the Company or any
     members of their immediate families, are indebted to the Company,
     individually or in the aggregate, in excess of $50,000 or have any direct
     or indirect ownership interest in any firm or corporation with which the
     Company is affiliated or with which the Company has a business
     relationship, or any firm or corporation which competes with the Company,
     other than passive investments in publicly traded companies (representing
     less than one percent (1%) of such company) which may compete with the
     Company. Except as described above, no officer, director or stockholder, or
     any member of their immediate families, is, directly or indirectly,
     interested in any material contract with the Company and no agreements,
     understandings or proposed transactions are contemplated between the
     Company and any such person. Except as set forth in the Exchange Act
     Filings or on Schedule 3.7, the Company is not a guarantor or indemnitor of
     any indebtedness of any other person, firm or corporation.

          3.8 Changes. Since January 31, 2005, except as disclosed in any
     Exchange Act Filing or in any Schedule to this Agreement or to any of the
     Company Documents, there has not been:

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               (a) any change in the business, assets, liabilities, condition
          (financial or otherwise), properties, operations or prospects of the
          Company or the Subsidiary, which individually or in the aggregate has
          had, or could reasonably be expected to have, individually or in the
          aggregate, a Material Adverse Effect;

               (b) any resignation or termination of any officer, key employee
          or group of employees of the Company or the Subsidiary;

               (c) any material change, except in the ordinary course of
          business, in the contingent obligations of the Company or the
          Subsidiary by way of guaranty, endorsement, indemnity, warranty or
          otherwise;

               (d) any damage, destruction or loss, whether or not covered by
          insurance, has had, or could reasonably be expected to have a Material
          Adverse Effect;

               (e) any waiver by the Company or the Subsidiary of a valuable
          right or of a material debt owed to it;

               (f) any direct or indirect loans made by the Company or the
          Subsidiary to any stockholder, employee, officer or director of the
          Company or the Subsidiary, other than advances made in the ordinary
          course of business;

               (g) any material change in any compensation arrangement or
          agreement with any employee, officer, director or stockholder of the
          Company or the Subsidiary;

               (h) any declaration or payment of any dividend or other
          distribution of the assets of the Company or the Subsidiary;

               (i) any labor organization activity related to the Company or the
          Subsidiary;

               (j) any debt, obligation or liability incurred, assumed or
          guaranteed by the Company or the Subsidiary, except those for
          immaterial amounts and for current liabilities incurred in the
          ordinary course of business;

               (k) any sale, assignment or transfer of any patents, trademarks,
          copyrights, trade secrets or other intangible assets owned by the
          Company or the Subsidiary;

               (l) any change in any material agreement to which the Company or
          the Subsidiary is a party or by which either the Company or the
          Subsidiary is bound which either individually or in the aggregate has
          had, or could reasonably be expected to have a Material Adverse
          Effect;

               (m) any other event or condition of any character that, either
          individually or in the aggregate, has had, or could reasonably be
          expected to have a Material Adverse Effect; or

               (n) any arrangement or commitment by the Company or the
          Subsidiary to do any of the acts described in subsection (a) through
          (m) above.

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          3.9 Title to Properties and Assets; Liens, Etc. Except as set forth in
     the Exchange Act Filings or on Schedule 3.9, each of the Company and the
     Subsidiary has good and marketable title to its properties and assets, and
     good title to its leasehold estates, in each case subject to no mortgage,
     pledge, lien, lease, encumbrance or charge, other than:

               (a) those resulting from taxes which have not yet become
          delinquent;

               (b) minor liens and encumbrances which do not materially detract
          from the value of the property subject thereto or materially impair
          the operations of the Company or the Subsidiary; and

               (c) those that have otherwise arisen in the ordinary course of
          business.

               All facilities, machinery, equipment, fixtures, vehicles and
          other properties owned, leased or used by the Company and the
          Subsidiary are in good operating condition and repair and are
          reasonably fit and usable for the purposes for which they are being
          used. Except as set forth in the Exchange Act Filings or on Schedule
          3.9, the Company and the Subsidiary are in compliance with all
          material terms of each lease to which it is a party or is otherwise
          bound.

          3.10 Intellectual Property.

               (a) Except as set forth in the Exchange Act Filings or on
          Schedule 3.10, each of the Company and the Subsidiary owns or
          possesses sufficient legal rights to all patents, trademarks, service
          marks, trade names, copyrights, trade secrets, licenses, information
          and other proprietary rights and processes necessary for its business
          as now conducted and to the Company's knowledge, as presently proposed
          to be conducted (the "Intellectual Property"), without any known
          infringement of the rights of others. There are no outstanding
          options, licenses or agreements of any kind relating to the foregoing
          proprietary rights, nor is the Company or the Subsidiary bound by or a
          party to any options, licenses or agreements of any kind with respect
          to the patents, trademarks, service marks, trade names, copyrights,
          trade secrets, licenses, information and other proprietary rights and
          processes of any other person or entity other than such licenses or
          agreements arising from the purchase of "off the shelf" or standard
          products.

               (b) Except as set forth in the Exchange Act Filings or on
          Schedule 3.10, neither the Company nor the Subsidiary has received any
          communications alleging that the Company or the Subsidiary has
          violated any of the patents, trademarks, service marks, trade names,
          copyrights or trade secrets or other proprietary rights of any other
          person or entity, nor is the Company or the Subsidiary aware of any
          basis therefor.

               (c) The Company does not believe it is or will be necessary to
          utilize any inventions, trade secrets or proprietary information of
          any of its employees made prior to their employment by the Company or
          the Subsidiary, except for inventions, trade secrets or proprietary
          information that have been rightfully assigned to the Company or the
          Subsidiary.

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          3.11 Compliance with Other Instruments. Neither the Company nor the
     Subsidiary is in violation or default of (x) any term of its Charter or
     Bylaws, or (y) of any provision of any indebtedness, mortgage, indenture,
     contract, agreement or instrument to which it is party or by which it is
     bound or of any judgment, decree, order or writ, which violation or
     default, in the case of this clause (y), has had, or could reasonably be
     expected to have a Material Adverse Effect. The execution, delivery and
     performance of and compliance with this Agreement and the Company Documents
     to which it is a party will not, with or without the passage of time or
     giving of notice, result in any such material violation, or be in conflict
     with or constitute a default under any such term or provision, or result in
     the creation of any mortgage, pledge, lien, encumbrance or charge upon any
     of the properties or assets of the Company or the Subsidiary or the
     suspension, revocation, impairment, forfeiture or nonrenewal of any permit,
     license, authorization or approval applicable to the Company, its business
     or operations or any of its assets or properties.

          3.12 Litigation. Except as set forth in the Exchange Act Filings or on
     Schedule 3.12 hereto, there is no action, suit, proceeding or investigation
     pending or, to the Company's knowledge, currently threatened against the
     Company or the Subsidiary that prevents the Company or the Subsidiary from
     entering into this Agreement or the other Company Documents, or from
     consummating the transactions contemplated hereby or thereby, or which has
     had, or could reasonably be expected to have a Material Adverse Effect or
     any change in the current equity ownership of the Company or the
     Subsidiary, nor is the Company aware that there is any basis to assert any
     of the foregoing. Neither the Company nor the Subsidiary is a party or
     subject to the provisions of any order, writ, injunction, judgment or
     decree of any court or government agency or instrumentality. Except as set
     forth on Schedule 3.12 hereto, there is no action, suit, proceeding or
     investigation by the Company or the Subsidiary currently pending or which
     the Company or the Subsidiary intends to initiate.

          3.13 Tax Returns and Payments. Except as set forth in the Exchange Act
     Filings or on Schedule 3.13, each of the Company and the Subsidiary has
     timely filed all tax returns (federal, state and local) required to be
     filed by it. All taxes shown to be due and payable on such returns, any
     assessments imposed, and all other taxes due and payable by the Company or
     the Subsidiary on or before the Closing, have been paid or will be paid
     prior to the time they become delinquent.

          Except as set forth in the Exchange Act Filings or on Schedule 3.13,
     neither the Company nor the Subsidiary has been advised:

               (a) that any of its returns, federal, state or other, have been
          or are being audited as of the date hereof; or

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               (b) of any deficiency in assessment or proposed judgment to its
          federal, state or other taxes.

               The Company has no knowledge of any liability of any tax to be
          imposed upon its properties or assets as of the date of this Agreement
          that is not adequately provided for.

          3.14 Employees. Except as set forth in the Exchange Act Filings or on
     Schedule 3.14, neither the Company nor the Subsidiary has any collective
     bargaining agreements with any of its employees. There is no labor union
     organizing activity pending or, to the Company's knowledge, threatened with
     respect to the Company or the Subsidiary. Except as disclosed in the
     Exchange Act Filings or on Schedule 3.14, neither the Company nor the
     Subsidiary is a party to or bound by any currently effective employment
     contract, deferred compensation arrangement, bonus plan, incentive plan,
     profit sharing plan, retirement agreement or other employee compensation
     plan or agreement. To the Company's knowledge, no employee of the Company
     or the Subsidiary, nor any consultant with whom the Company or the
     Subsidiary has contracted, is in violation of any term of any employment
     contract, proprietary information agreement or any other agreement relating
     to the right of any such individual to be employed by, or to contract with,
     the Company or the Subsidiary because of the nature of the business to be
     conducted by the Company or the Subsidiary; and to the Company's knowledge
     the continued employment by the Company or the Subsidiary of its present
     employees, and the performance of the Company's and the Subsidiary
     contracts with its independent contractors, will not result in any such
     violation. Neither the Company nor the Subsidiary is aware that any of its
     employees is obligated under any contract (including licenses, covenants or
     commitments of any nature) or other agreement, or subject to any judgment,
     decree or order of any court or administrative agency, that would interfere
     with their duties to the Company or the Subsidiary. Neither the Company nor
     the Subsidiary has received any notice alleging that any such violation has
     occurred. Except for employees who have a current effective employment
     agreement with the Company or the Subsidiary, no employee of the Company or
     any the Subsidiary has been granted the right to continued employment by
     the Company or the Subsidiary or to any material compensation following
     termination of employment with the Company or the Subsidiary. Except as set
     forth on Schedule 3.14, the Company is not aware that any officer, key
     employee or group of employees intends to terminate his, her or their
     employment with the Company or the Subsidiary, nor does the Company or the
     Subsidiary have a present intention to terminate the employment of any
     officer, key employee or group of employees.

          3.15 Registration Rights and Voting Rights. Except as set forth in the
     Exchange Act Filings or on Schedule 3.15, neither the Company nor the
     Subsidiary is presently under any obligation, and neither the Company nor
     the Subsidiary has granted any rights, to register any of the Company's
     presently outstanding securities or any of its securities that may
     hereafter be issued. Except as set forth on Schedule 3.15 and except as
     disclosed in Exchange Act Filings, to the Company's knowledge, no
     stockholder of the Company or the Subsidiary has entered into any agreement
     with respect to the voting of equity securities of the Company or the
     Subsidiary.

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          3.16 Compliance with Laws; Permits. Neither the Company nor the
     Subsidiary is in violation of any applicable statute, rule, regulation,
     order or restriction of any domestic or foreign government or any
     instrumentality or agency thereof in respect of the conduct of its business
     or the ownership of its properties which has had, or could reasonably be
     expected to have, either individually or in the aggregate, a Material
     Adverse Effect. No governmental orders, permissions, consents, approvals or
     authorizations are required to be obtained and no registrations or
     declarations are required to be filed in connection with the execution and
     delivery of this Agreement or any other Related Agreement and the issuance
     of any of the Units, except such as has been duly and validly obtained or
     filed, or with respect to any filings that must be made after the Closing,
     as will be filed in a timely manner. Each of the Company and the Subsidiary
     has all material franchises, permits, licenses and any similar authority
     necessary for the conduct of its business as now being conducted by it, the
     lack of which could, either individually or in the aggregate, reasonably be
     expected to have a Material Adverse Effect.

          3.17 Environmental and Safety Laws. Neither the Company nor the
     Subsidiary is in violation of any applicable statute, law or regulation
     relating to the environment or occupational health and safety, and to its
     knowledge, no material expenditures are or will be required in order to
     comply with any such existing statute, law or regulation. Except as set
     forth on Schedule 3.17, no Hazardous Materials (as defined below) are used
     or have been used, stored, or disposed of by the Company or the Subsidiary
     or, to the Company's knowledge, by any other person or entity on any
     property owned, leased or used by the Company or the Subsidiary. For the
     purposes of the preceding sentence, "Hazardous Materials" shall mean:

     (a)  materials which are listed or otherwise defined as "hazardous" or
          "toxic" under any applicable local, state, federal and/or foreign laws
          and regulations that govern the existence and/or remedy of
          contamination on property, the protection of the environment from
          contamination, the control of hazardous wastes, or other activities
          involving hazardous substances, including building materials; or

     (b)  any petroleum products or nuclear materials.

          3.18 Valid Offering. Assuming the accuracy of the representations and
     warranties of the Purchaser contained in this Agreement, the offer, sale
     and issuance of the Units will be exempt from the registration requirements
     of the Securities Act of 1933, as amended (the "Securities Act"), and will
     have been registered or qualified (or are exempt from registration and
     qualification) under the registration, permit or qualification requirements
     of all applicable state securities laws.

          3.19 Full Disclosure. Each of the Company and the Subsidiary has
     provided the Purchaser with all information requested by the Purchaser in
     connection with its decision to purchase the Units, including all
     information the Company and the Subsidiary believe is reasonably necessary
     to make such investment decision. Neither this Agreement, the Company
     Documents, the exhibits and schedules hereto and thereto nor any other
     document delivered by the Company or the Subsidiary to Purchaser or its
     attorneys or agents in connection herewith or therewith or with the

                                       12
<PAGE>

     transactions contemplated hereby or thereby, contain any untrue statement
     of a material fact nor omit to state a material fact necessary in order to
     make the statements contained herein or therein, in light of the
     circumstances in which they are made, not misleading. Any financial
     projections and other estimates provided to the Purchaser by the Company or
     the Subsidiary were based on the Company's and the Subsidiary's experience
     in the industry and on assumptions of fact and opinion as to future events
     which the Company or the Subsidiary, at the date of the issuance of such
     projections or estimates, believed to be reasonable.

          3.20 Insurance. Each of the Company and the Subsidiary has general
     commercial, product liability, fire and casualty insurance policies with
     coverages which the Company believes are customary for companies similarly
     situated to the Company and the Subsidiary in the same or similar business.

          3.21 SEC Reports. Except as set forth on Schedule 3.21, since January
     31, 2005, the Company has filed all proxy statements, reports and other
     documents required to be filed by it under the Securities Exchange Act
     1934, as amended. The Company has furnished the Purchaser with copies of:
     (i) its Annual Report on Form 10-KSB for its fiscal year ended July 31,
     2004; and (ii) its Quarterly Report on Form 10-QSB for its fiscal quarter
     ended January 31, 2005, (collectively, the "SEC Reports"). Except as set
     forth on Schedule 3.21, each SEC Report was, at the time of its filing, in
     substantial compliance with the requirements of its respective form and
     none of the SEC Reports, nor the financial statements (and the notes
     thereto) included in the SEC Reports, as of their respective filing dates,
     contained any untrue statement of a material fact or omitted 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.

          3.22 Listing. The Company's common stock is traded on the National
     Association of Securities Dealers Over the Counter Bulletin Board ("NASD
     OTCBB") and satisfies all requirements for the continuation of such
     trading. The Company has not received any notice that its common stock will
     not be eligible to be traded on the NASD OTCBB or that its common stock
     does not meet all requirements for such trading.

          3.23 No Integrated Offering. Neither the Company, nor the Subsidiary
     or affiliates, nor any person acting on its or their behalf, has directly
     or indirectly made any offers or sales of any security or solicited any
     offers to buy any security under circumstances that would cause the
     offering of the Units pursuant to this Agreement or any of the Company
     Documents to be integrated with prior offerings by the Company for purposes
     of the Securities Act which would prevent the Company from selling the
     Units pursuant to Rule 506 under the Securities Act, or any applicable
     exchange-related stockholder approval provisions, nor will the Company or
     any of its affiliates or Subsidiary take any action or steps that would
     cause the offering of the Units to be integrated with other offerings.

                                       13
<PAGE>

          3.24 Stop Transfer. The Units are restricted securities as of the date
     of this Agreement. The Company will not issue any stop transfer order or
     other order impeding the sale and delivery of any of the Units at such time
     as the Units are registered for public sale or an exemption from
     registration is available, except as required by state and federal
     securities laws.

          3.25 Dilution. The Company specifically acknowledges that its
     obligation to issue the shares of common stock upon conversion of the
     Preferred Stock and exercise of the Warrant is binding upon the Company and
     enforceable regardless of the dilution such issuance may have on the
     ownership interests of other shareholders of the Company.

          3.26 Patriot Act. The Company certifies that, to the best of the
     Company's knowledge, the Company has not been designated, and is not owned
     or controlled, by a "suspected terrorist" as defined in Executive Order
     13224. The Company hereby acknowledges that the Purchaser seeks to comply
     with all applicable Laws concerning money laundering and related
     activities. In furtherance of those efforts, the Company hereby represents,
     warrants and agrees that: (i) none of the cash or property owned by the
     Company has been or shall be derived from, or related to, any activity that
     is deemed criminal under United States law; and (ii) no contribution or
     payment by the Company has, and this Agreement will not, cause the Company
     to be in violation of the United States Bank Secrecy Act, the United States
     International Money Laundering Control Act of 1986 or the United States
     International Money Laundering Abatement and Anti-Terrorist Financing Act
     of 2001.

     4. Except as otherwise specifically provided for hereunder, no party shall
be deemed to have waived any of his or its rights hereunder or under any other
agreement, instrument or papers signed by any of them with respect to the
subject matter hereof unless such waiver is in writing and signed by the party
waiving said right. Except as otherwise specifically provided for hereunder, no
delay or omission by any party in exercising any right with respect to the
subject matter hereof shall operate as a waiver of such right or of any such
other right. A waiver on any one occasion with respect to the subject matter
hereof shall not be construed as a bar to, or waiver of, any right or remedy on
any future occasion. All rights and remedies with respect to the subject matter
hereof, whether evidenced hereby or by any other agreement, instrument, or
paper, will be cumulative, and may be exercised separately or concurrently.

     5. The parties have not made any representations or warranties with respect
to the subject matter hereof not set forth herein, and this Subscription
Agreement, together with any instruments or documents executed simultaneously
herewith in connection with the Private Placement Offering, constitutes the
entire agreement between them with respect to the subject matter hereof. All
understandings and agreements heretofore had between the parties with respect to
the subject matter hereof are merged in this Subscription Agreement and any such
instruments and documents, which alone fully and completely expresses their
agreement.

                                       14
<PAGE>

     6. This Subscription Agreement may not be changed, modified, extended,
terminated or discharged orally, but only by an agreement in writing, which is
signed by all of the parties to this Subscription Agreement.

     7. The parties agree to execute any and all such other further instruments
and documents, and to take any and all such further actions reasonably required
to effectuate this Subscription Agreement and the intent and purposes hereof.

     8. This Subscription Agreement shall be governed by and construed in
accordance with the laws of the State of New York and the undersigned hereby
consents to the jurisdiction of the courts of the State of New York and the
United States District Courts situated therein.

                                       15
<PAGE>

                     ALL SUBSCRIBERS MUST COMPLETE THIS PAGE

  1.    __ Individual                   8.  __ Trust
                                                   Date Opened____________
  2.    __ Joint Tenants with Right
           of Survivorship              9.  __ As a Custodian for

  3.    __ Husband and Wife (Tenants               Under the Uniform Gift
           by the Entirety)                        to Minors Act of the State

                                        10. __ Married with Separate
  4.    __ Community Property                      Property

  5.    __ Tenants in Common            11. __ Keogh

  6.    __ Corporation/Partnership

  7.    __ IRA

                                       16
<PAGE>

                 EXECUTION BY SUBSCRIBER WHO IS A NATURAL PERSON

_______ Units x $.65 = $

--------------------------------------------------------------------------------
                     Exact Name in Which Title is to be Held

--------------------------------------------------------------------------------
                                   (Signature)

--------------------------------------------------------------------------------
                               Name (Please Print)

--------------------------------------------------------------------------------
                          Residence: Number and Street

--------------------------------------------------------------------------------
    City                          State                     Zip Code

--------------------------------------------------------------------------------
                             Social Security Number

Accepted this day of March, 2005, on behalf of In Veritas Medical Diagnostics,
Inc.

                                    By:
                                         ---------------------------------
                                         John Fuller, President
                                         and Chief Executive Officer

                                       17
<PAGE>

                  EXECUTION BY SUBSCRIBER WHO IS A CORPORATION,
                              PARTNER, TRUST, ETC.

______ Units x $.65 = $

--------------------------------------------------------------------------------
                     Exact Name in Which Title is to be Held

--------------------------------------------------------------------------------
                                   (Signature)

--------------------------------------------------------------------------------
                               Name (Please Print)

--------------------------------------------------------------------------------
                          Residence: Number and Street

--------------------------------------------------------------------------------
    City                          State                     Zip Code

--------------------------------------------------------------------------------
                            Tax Identification Number

Accepted this day of March, 2005, on behalf of In Veritas Medical Diagnostics,
Inc.

                                    By:
                                         ---------------------------------
                                         John Fuller, President
                                         and Chief Executive Officer

                                       18EXHIBIT 4.2

NEITHER THIS WARRANT NOR THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE
HEREOF HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY
APPLICABLE STATE SECURITIES LAW AND NEITHER MAY BE SOLD OR OTHERWISE TRANSFERRED
UNTIL (I) A REGISTRATION STATEMENT UNDER SUCH SECURITIES ACT AND SUCH APPLICABLE
STATE SECURITIES LAWS SHALL HAVE BECOME EFFECTIVE WITH REGARD THERETO, OR (II)
THE COMPANY SHALL HAVE RECEIVED A WRITTEN OPINION OF COUNSEL ACCEPTABLE TO THE
COMPANY TO THE EFFECT THAT REGISTRATION UNDER SUCH SECURITIES ACT AND SUCH
APPLICABLE STATE SECURITIES LAWS IS NOT REQUIRED IN CONNECTION WITH SUCH
PROPOSED TRANSFER.

                      IN VERITAS MEDICAL DIAGNOSTICS, INC.

                          COMMON STOCK PURCHASE WARRANT

Warrant No. A-1                                                       ___ shares

                      Original Issue Date: April ___, 2005

     THIS CERTIFIES THAT, FOR VALUE RECEIVED, [      ] or its registered assigns
("Holder") is entitled to purchase, on the terms and conditions hereinafter set
forth, at any time or from time to time from the date hereof until 5:00 p.m.,
Eastern Time, on the third anniversary of the Original Issue Date set forth
above, or if such date is not a day on which the Company (as hereinafter
defined) is open for business, then the next succeeding day on which the Company
is open for business (such date is the "Expiration Date"), but not thereafter,
to purchase up to ________________ (_________) shares of the Common Stock, $.001
par value (the "Common Stock"), of In Veritas Medical Diagnostics, Inc., a
Colorado corporation (the "Company"), at $1.50 per share (the "Exercise Price"),
such number of shares and Exercise Price being subject to adjustment upon the
occurrence of the contingencies set forth in this Warrant. Each share of Common
Stock as to which this Warrant is exercisable is a "Warrant Share" and all such
shares are collectively referred to as the "Warrant Shares."

         Section 1.        Exercise of Warrant; Conversion of Warrant.

          (a) This Warrant may, at the option of Holder, be exercised in whole
     or in part from time to time by delivery to the Company at its principal
     office, Attention: President, on or before 5:00 p.m., Eastern Time, on the
     Expiration Date, (i) a written notice of such Holder's election to exercise
     this Warrant (the "Exercise Notice"), which notice may be in the form of
     the Notice of Exercise attached hereto, properly executed and completed by
     Holder or an authorized officer thereof, (ii) a check payable to the order
     of the Company, in an amount equal to the product of the Exercise Price
     multiplied by the number of Warrant Shares specified in the Exercise
     Notice, and (iii) this Warrant (the items specified in (i), (ii), and (iii)
     are collectively the "Exercise Materials").

          (b) As promptly as practicable, and in any event within five (5)
     business days after its receipt of the Exercise Materials, the Company
     shall execute or cause to be executed and delivered to Holder a certificate
     or certificates representing the number of Warrant Shares specified in the
     Exercise Notice, together with cash in lieu of any fraction of a share, and
     if this Warrant is partially exercised, a new warrant on the same terms for
     the unexercised balance of the Warrant Shares. The stock certificate or
     certificates shall be registered in the name of Holder or such other name
     or names as shall be designated in the Exercise Notice. The date on which
     the Warrant shall be deemed to have been exercised (the "Effective Date"),

<PAGE>

     and the date the person in whose name any certificate evidencing the Common
     Stock issued upon the exercise hereof is issued shall be deemed to have
     become the holder of record of such shares, shall be the date the Company
     receives the Exercise Materials, irrespective of the date of delivery of a
     certificate or certificates evidencing the Common Stock issued upon the
     exercise or conversion hereof, provided, however, that if the Exercise
     Materials are received by the Company on a date on which the stock transfer
     books of the Company are closed, the Effective Date shall be the next
     succeeding date on which the stock transfer books are open. All shares of
     Common Stock issued upon the exercise or conversion of this Warrant will,
     upon issuance, be fully paid and nonassessable and free from all taxes,
     liens, and charges with respect thereto.

     Section 2. Adjustments to Warrant Shares. The number of Warrant Shares
issuable upon the exercise hereof shall be subject to adjustment as follows:

          (a) In the event the Company is a party to a consolidation, share
     exchange, or merger, or the sale of all or substantially all of the assets
     of the Company to, any person, or in the case of any consolidation or
     merger of another corporation into the Company in which the Company is the
     surviving corporation, and in which there is a reclassification or change
     of the shares of Common Stock of the Company, this Warrant shall after such
     consolidation, share exchange, merger, or sale be exercisable for the kind
     and number of securities or amount and kind of property of the Company or
     the corporation or other entity resulting from such share exchange, merger,
     or consolidation, or to which such sale shall be made, as the case may be
     (the "Successor Company"), to which a holder of the number of shares of
     Common Stock deliverable upon the exercise (immediately prior to the time
     of such consolidation, share exchange, merger, or sale) of this Warrant
     would have been entitled upon such consolidation, share exchange, merger,
     or sale; and in any such case appropriate adjustments shall be made in the
     application of the provisions set forth herein with respect to the rights
     and interests of Holder, such that the provisions set forth herein shall
     thereafter correspondingly be made applicable, as nearly as may reasonably
     be, in relation to the number and kind of securities or the type and amount
     of property thereafter deliverable upon the exercise of this Warrant. The
     above provisions shall similarly apply to successive consolidations, share
     exchanges, mergers, and sales. Any adjustment required by this Section 2
     (a) because of a consolidation, share exchange, merger, or sale shall be
     set forth in an undertaking delivered to Holder and executed by the
     Successor Company which provides that Holder shall have the right to
     exercise this Warrant for the kind and number of securities or amount and
     kind of property of the Successor Company or to which the holder of a
     number of shares of Common Stock deliverable upon exercise (immediately
     prior to the time of such consolidation, share exchange, merger, or sale)
     of this Warrant would have been entitled upon such consolidation, share
     exchange, merger, or sale. Such undertaking shall also provide for future
     adjustments to the number of Warrant Shares and the Exercise Price in
     accordance with the provisions set forth in Section 2 hereof.

          (b) In the event the Company should at any time, or from time to time
     after the Original Issue Date, fix a record date for the effectuation of a
     stock split or subdivision of the outstanding shares of Common Stock or the
     determination of holders of Common Stock entitled to receive a dividend or
     other distribution payable in additional shares of Common Stock, or
     securities or rights convertible into, or entitling the holder thereof to
     receive directly or indirectly, additional shares of Common Stock
     (hereinafter referred to as "Common Stock Equivalents") without payment of
     any consideration by such holder for the additional shares of Common Stock
     or the Common Stock Equivalents (including the additional shares of Common

                                        2
<PAGE>

     Stock issuable upon exercise or exercise thereof), then, as of such record
     date (or the date of such dividend, distribution, split, or subdivision if
     no record date is fixed), the number of Warrant Shares issuable upon the
     exercise hereof shall be proportionately increased and the Exercise Price
     shall be appropriately decreased by the same proportion as the increase in
     the number of outstanding Common Stock Equivalents of the Company resulting
     from the dividend, distribution, split, or subdivision. Notwithstanding the
     preceding sentence, no adjustment shall be made to decrease the Exercise
     Price below $.001 per Share.

          (c) In the event the Company should at any time or from time to time
     after the Original Issue Date, fix a record date for the effectuation of a
     reverse stock split, or a transaction having a similar effect on the number
     of outstanding shares of Common Stock of the Company, then, as of such
     record date (or the date of such reverse stock split or similar transaction
     if no record date is fixed), the number of Warrant Shares issuable upon the
     exercise hereof shall be proportionately decreased and the Exercise Price
     shall be appropriately increased by the same proportion as the decrease of
     the number of outstanding Common Stock Equivalents resulting from the
     reverse stock split or similar transaction.

          (d) In the event the Company should at any time or from time to time
     after the Original Issue Date, fix a record date for a reclassification of
     its Common Stock, then, as of such record date (or the date of the
     reclassification if no record date is set), this Warrant shall thereafter
     be convertible into such number and kind of securities as would have been
     issuable as the result of such reclassification to a holder of a number of
     shares of Common Stock equal to the number of Warrant Shares issuable upon
     exercise of this Warrant immediately prior to such reclassification, and
     the Exercise Price shall be unchanged.

          (e) Until the Expiration Date, if the Company shall issue any Common
     Stock (except for (i) any issuances pursuant to the 2005 Stock Incentive
     Plan and (ii) any issuances of capital stock by the Company valued at less
     than $100,000, for a consideration less than the Stated Value) prior to the
     complete exercise of this Warrant for a consideration less than the
     Exercise Price that would be in effect at the time of such issue, then, and
     thereafter successively upon each such issue, the Exercise Price shall
     automatically and with no action required by the Company or Holder, be
     reduced to such other lower issue price. For purposes of this adjustment,
     the issuance of any security or debt instrument of the Company carrying the
     right to convert such security or debt instrument into Common Stock or of
     any warrant, right or option to purchase Common Stock shall result in an
     adjustment to the Exercise Price upon the issuance of the above-described
     security, debt instrument, warrant, right, or option and again at any time
     upon any subsequent issuances of shares of Common Stock upon exercise of
     such conversion or purchase rights if such issuance is at a price lower
     than the Exercise Price in effect upon such issuance.

          (f) The Company will not, by amendment of its Certificate of
     Incorporation or through reorganization, consolidation, merger,
     dissolution, issue, or sale of securities, sale of assets or any other
     voluntary action, void or seek to avoid the observance or performance of
     any of the terms of the Warrant, but will at all times in good faith assist
     in the carrying out of all such terms and in the taking of all such actions
     as may be necessary or appropriate in order to protect the rights of Holder
     against dilution or other impairment. Without limiting the generality of
     the foregoing, the Company (x) will not create a par value of any share of
     stock receivable upon the exercise of the Warrant above the amount payable
     therefor upon such exercise, and (y) will take all such action as may be
     necessary or appropriate in order that the Company may validly and legally
     issue fully paid and non-assessable shares upon the exercise of the
     Warrant.

                                        3
<PAGE>

          (g) When any adjustment is required to be made in the number or kind
     of shares purchasable upon exercise of the Warrant, or in the Exercise
     Price, the Company shall promptly notify Holder of such event and of the
     number of shares of Common Stock or other securities or property thereafter
     purchasable upon exercise of the Warrants and of the Exercise Price,
     together with the computation resulting in such adjustment.

          (h) The Company covenants and agrees that all Warrant Shares which may
     be issued will, upon issuance, be validly issued, fully paid, and
     non-assessable. The Company further covenants and agrees that the Company
     will at all times have authorized and reserved, free from preemptive
     rights, a sufficient number of shares of its Common Stock to provide for
     the exercise of the Warrant in full.

     Section 3. No Stockholder Rights. This Warrant shall not entitle Holder
hereof to any voting rights or other rights as a stockholder of the Company.

     Section 4. Transfer of Securities.

          (a) This Warrant and the Warrant Shares and any shares of capital
     stock received in respect thereof, whether by reason of a stock split or
     share reclassification thereof, a stock dividend thereon, or otherwise,
     shall not be transferable except upon compliance with the provisions of the
     Securities Act of 1933, as amended (the "Securities Act") and applicable
     state securities laws with respect to the transfer of such securities. The
     Holder, by acceptance of this Warrant, agrees to be bound by the provisions
     of Section 4 hereof and to indemnify and hold harmless the Company against
     any loss or liability arising from the disposition of this Warrant or the
     Warrant Shares issuable upon exercise hereof or any interest in either
     thereof in violation of the provisions of this Warrant.

          (b) Each certificate for the Warrant Shares and any shares of capital
     stock received in respect thereof, whether by reason of a stock split or
     share reclassification thereof, a stock dividend thereon or otherwise, and
     each certificate for any such securities issued to subsequent transferees
     of any such certificate shall (unless otherwise permitted by the provisions
     hereof) be stamped or otherwise imprinted with a legend in substantially
     the following form:

          "NEITHER THIS WARRANT NOR THE SHARES OF COMMON STOCK ISSUABLE UPON
          EXERCISE HEREOF HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
          AS AMENDED, OR ANY APPLICABLE STATE SECURITIES LAW AND NEITHER MAY BE
          SOLD OR OTHERWISE TRANSFERRED UNTIL (I) A REGISTRATION STATEMENT UNDER
          SUCH SECURITIES ACT AND SUCH APPLICABLE STATE SECURITIES LAWS SHALL
          HAVE BECOME EFFECTIVE WITH REGARD THERETO, OR (II) THE COMPANY SHALL
          HAVE RECEIVED A WRITTEN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY
          TO THE EFFECT THAT REGISTRATION UNDER SUCH SECURITIES ACT AND SUCH
          APPLICABLE STATE SECURITIES LAWS IS NOT REQUIRED IN CONNECTION WITH
          SUCH PROPOSED TRANSFER."

     Section 5. Registration.

     All Warrant Shares are subject to the rights and privileges granted to the
participants in the private placement offering pursuant to which this Warrant
was issued.

                                        4
<PAGE>

     Section 6. Miscellaneous.

          (a) The terms of this Warrant shall be binding upon and shall inure to
     the benefit of any successors or permitted assigns of the Company and
     Holder.

          (b) Except as otherwise provided herein, this Warrant and all rights
     hereunder are transferable by the registered holder hereof in person or by
     duly authorized attorney on the books of the Company upon surrender of this
     Warrant, properly endorsed, to the Company. The Company may deem and treat
     the registered holder of this Warrant at any time as the absolute owner
     hereof for all purposes and shall not be affected by any notice to the
     contrary.

          (c) Notwithstanding any provision herein to the contrary, Holder may
     not exercise, sell, transfer, or otherwise assign this Warrant unless the
     Company is provided with an opinion of counsel satisfactory in form and
     substance to the Company, to the effect that such exercise, sale, transfer,
     or assignment would not violate the Securities Act or applicable state
     securities laws.

          (d) This Warrant may be divided into separate warrants covering one
     share of Common Stock or any whole multiple thereof, for the total number
     of shares of Common Stock then subject to this Warrant at any time, or from
     time to time, upon the request of the registered holder of this Warrant and
     the surrender of the same to the Company for such purpose. Such subdivided
     Warrants shall be issued promptly by the Company following any such request
     and shall be of the same form and tenor as this Warrant, except for any
     requested change in the name of the registered holder stated herein.

          (e) Any notices, consents, waivers, or other communications required
     or permitted to be given under the terms of this Warrant must be in writing
     and will be deemed to have been delivered (a) upon receipt, when delivered
     personally, (b) upon receipt, when sent by facsimile, provided a copy is
     mailed by U.S. certified mail, return receipt requested, (c) three (3) days
     after being sent by U.S. certified mail, return receipt requested, or (d)
     one (1) day after deposit with a nationally recognized overnight delivery
     service, in each case properly addressed to the party to receive the same.

     If to Holder, to the registered address of Holder appearing on the books of
the Company. Each party shall provide five (5) days prior written notice to the
other party of any change in address, which change shall not be effective until
actual receipt thereof

          (f) The corporate laws of the State of New York shall govern all
     issues concerning the relative rights of the Company and its stockholders.
     All other questions concerning the construction, validity, enforcement and
     interpretation of this Warrant shall be governed by the internal laws of
     the State of New York, without giving effect to any choice of law or
     conflict of law provision or rule (whether of the State of New York or any
     other jurisdictions) that would cause the application of the laws of any
     jurisdictions other than the State of New York. Each party hereby
     irrevocably submits to the non-exclusive jurisdiction of the state and
     federal courts sitting the City of New York, borough of Manhattan, for the
     adjudication of any dispute hereunder or in connection herewith or with any
     transaction contemplated hereby or discussed herein, and hereby irrevocably
     waives, and agrees not to assert in any suit, action or proceeding, any
     claim that it is not personally subject to the jurisdiction of any such
     court, that such suit, action or proceeding is brought in an inconvenient
     forum or that the venue of such suit, action or proceeding is improper.
     Each party hereby irrevocably waives personal service of process and
     consents to process being served in any such suit, action or proceeding by
     mailing a copy thereof to such party at the address for such notices to it
     under this Warrant and agrees that such service shall constitute good and

                                        5
<PAGE>

     sufficient service of process and notice thereof. Nothing contained herein
     shall be deemed to limit in any way any right to serve process in any
     manner permitted by law. If any provision of this Warrant shall be invalid
     or unenforceable in any jurisdiction, such invalidity or unenforceability
     shall not affect the validity or enforceability of the remainder of this
     Warrant in that jurisdiction or the validity or enforceability of any
     provision of this Warrant in any other jurisdiction.

                                        6
<PAGE>

                                 SIGNATURE PAGE
                                       TO
                      IN VERITAS MEDICAL DIAGNOSTICS, INC.
                          COMMON STOCK PURCHASE WARRANT

         IN WITNESS WHEREOF, the Company, has caused this Warrant to be executed
in its name by its duly authorized officers under seal, and to be dated as of
the date first above written.

                                  IN VERITAS MEDICAL DIAGNOSTICS, INC.

                              By:
                                  ---------------------------------------------
                                  Name:  John Fuller
                                  Title: President and Chief Executive Officer

                                        7
<PAGE>

                                   ASSIGNMENT

                   (To be Executed by the Registered Holder to
                   effect a Transfer of the foregoing Warrant)

FOR VALUE RECEIVED, the undersigned hereby sells, and assigns and transfers unto
___________________________________________________________________________ the
foregoing Warrant and the rights represented thereto to purchase shares of
Common Stock of IN VERITAS MEDICAL DIAGNOSTICS, INC.

     in accordance with terms and conditions thereof, and does hereby
irrevocably constitute and appoint ________________ Attorney to transfer the
said Warrant on the books of the Company, with full power of substitution.

         Holder: ________________________

         ________________________________

         ________________________________

         Address: _______________________

         Dated: __________________, 20__

         In the presence of:

         ________________________________

                                        8
<PAGE>

                          EXERCISE OR CONVERSION NOTICE

         [To be signed only upon exercise of Warrant]

To:      IN VERITAS MEDICAL DIAGNOSTICS, INC.

         The undersigned Holder of the attached Warrant hereby irrevocably
elects to exercise the Warrant for, and to purchase thereunder, _____ shares of
Common Stock of IN VERITAS MEDICAL DIAGNOSTICS, INC., issuable upon exercise of
said Warrant and hereby surrenders said Warrant.

         The undersigned herewith requests that the certificates for such shares
be issued in the name of, and delivered to the undersigned, whose address is
________________________________.

If electronic book entry transfer, complete the following:

         Account Number:
                           -----------------------------------

         Transaction Code Number:
                                   ------------------

Dated: ___________________

                                    Holder:

                                          ------------------------------------

                                          ------------------------------------

                                    By:
                                          ------------------------------------

                                  Name:
                                          ------------------------------------

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

                                     NOTICE

     The signature above must correspond to the name as written upon the face of
the within Warrant in every particular, without alteration or enlargement or any
change whatsoever.

                                        9

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