Document:

EX-10.3

[HemoBioTech logo]

                          AMENDED EMPLOYMENT AGREEMENT

         This Amended Employment Agreement (the "Agreement")  is effective as of
October 6, 2003,  by and between  HemoBioTech  Inc.,  a Texas  corporation  (the
"Company"),  and  Arthur P.  Bollon,  Ph.D.  (the  "Executive").  The  Executive
original  employment  agreement  dated  April 9, 2003 is  amended  to reflect on
Executive full disclosure  regarding investment and operating interests in other
ventures as well as to reflect on Executive compensations.

         WHEREAS, Executive is a senior executive of the Company and is expected
to make contributions to the profitability, growth and financial strength of the
Company;

         WHEREAS,  the  Company  desires to assure  both the  present and future
continuity of management of the Company and desires to establish certain minimum
compensation rights of its senior executive officers, including Executive; and

         WHEREAS,  the Company and Executive desire to enter into this Agreement
pursuant to which the Company  will employ  Executive in the  capacity,  for the
period and on the terms and conditions set forth herein;

         NOW,  THEREFORE,  in consideration of the premises and mutual covenants
and agreements herein contained, the parties hereby agree as follows:

         1.  EMPLOYMENT AND DUTIES.  The Company  hereby  employs  Executive and
Executive hereby accepts such employment in the capacity of Chairman,  President
and Chief Executive Officer ("CEO") of the Company to act in accordance with the
terms and conditions  hereinafter set forth.  During the term of this Agreement,
Executive agrees that he will devote time, attention and skills to the operation
of the Business of the Company and that he will perform such duties,  functions,
responsibilities and authority in connection with the foregoing as are from time
to time  delegated  to  Executive  by the Board of Directors of the Company (the
"BOARD").  It is understood that executive has investment  interest in two other
ventures  including  Biogress  LLC and Quantum  Biotech  Inc.  Biogress  LLC has
performed   and is continuing to perform  operational  and  technology  advisory
services for Company under a separate agreement.  Executive will not be involved
in or receive any payments from  operations  of Biogress LLC or Quantum  Biotech
Inc. while  associated  with Company.  None of these ventures are competing with
the  Company's  business.  For purposes of this  Agreement,  the Business of the
Company shall   be defined as the  development  and  commercialization  of blood
substitute products.

         2. TERM. The term of this  Agreement  shall commence on the date hereof
and shall continue for a period of three (3) years from the date of this amended
agreement.  Thereafter,  this Agreement shall be  automatically  renewed for one
year  periods,  unless  otherwise  terminated  by the Company or Executive  upon
written  notice to the other  given not less than  ninety (90) days prior to the
next anniversary of the Agreement. The initial  three year term and any renewals
thereof shall be referred to herein as the "Term".

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         3. COMPENSATION. In consideration of all the services to be rendered by
Executive  to  the  Company  hereunder,  the  Company  hereby  agrees  to pay or
otherwise  provide Executive the following  compensation and benefits,  it being
understood that the Company shall Defer compensation payments, including salary,
due to executive  after company raises $4 million or more in equity  investments
and/or  grants.  It is  furthermore  understood  that the Company shall have the
right to deduct or withheld under any provision of applicable law (including but
not  limited  to Social  Security  payments,  income tax  withholding  and other
required  deductions not in effect or which may become effective by law any time
during the Term):

            (a) SALARY.  Executive shall receive an annual salary of Two Hundred
and Sixty Five Thousand  Dollars  ($265,000),  plus annual cost of living salary
increases ("Base  Salary").  The Base Salary shall be reviewed by the Board each
year prior to the anniversary of this Agreement to determine the annual increase
to the Base  Salary;  PROVIDED,  HOWEVER,  that in no event  shall  such  annual
increase be less than cost of living  increase.  While date of this agreement is
Oct. 6, 2003,  annual  salary is  retoactive   to April 8, 2003 and  Executive's
deferred  compensations  starting April 8, 2003 are based on the $265,000 annual
salary.  Salary  will be paid in equal  installments  not less  frequently  than
monthly in accordance with the Company's salary payment practices in effect from
time to time for senior executives of the Company.

            (b) BONUS PAYMENT. The Board shall   establish a Bonus  Committee to
determine the criteria for, and amounts of, any potential bonus payments.

            (c) BENEFIT PLANS.  Executive shall be covered by health,  accident,
      disability  and life  insurance  programs,  and any other  fringe  benefit
      program,  which the  Company  may adopt and  implement  after it raises $4
      million or more in equity investments and/or grants for the benefit of the
      Company's employees.  The Company anticipates  establishing a stock option
      plan for some or all of its employees, including Executive, prior to April
      30, 2003.  Notwithstanding the foregoing however, nothing contained herein
      shall be construed as an obligation of the Company to   implement any such
      program for any period of time for any employee;  PROVIDED,  HOWEVER, that
      the Company  agrees to grant to  Executive an option for the purchase of a
      minimum of 1.2 million  shares of Class A Common  Stock at an  anticipated
      exercise  price of $1.20 per share pursuant to the terms and conditions of
      the stock option plan adopted by the Company. Company also agrees to grant
      to  Executive  1.8 million  shares of Class A Common Stock at par value of
      $.001 per share prior to April 30, 2003.

            (d) EXPENSES.  Executive shall be entitled to receive  reimbursement
for all reasonable  expenses  incurred by him in connection with the fulfillment
of his duties hereunder; PROVIDED, HOWEVER, that Executive has complied with all
policies and procedures  related to the reimbursement of such expenses as shall,
from time to time, be established by the Company.

            (e) Automobile allowance may be considered in the future.

            (f)  VACATIONS AND SICK LEAVE.  Executive  shall be entitled to four
(4) weeks paid vacation  annually to be taken in  accordance  with the Company's
vacation policy in effect from time to time and at such time or times as many be
agreed upon between the Company and Executive;  PROVIDED,  HOWEVER,  that if for
any reason Executive does not take the full four (4) weeks vacation in any given
year,  Executive  shall be entitled to accrue and carry over such  vacation time
according  to the policy  established  by the Company.  Executive  shall also be

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[HemoBioTech logo]

entitled to sick leave according to the sick leave policy which the Company many
adopt from time to time.

            (f) it is  understood  that  Executive  will be based in  Dallas  at
Company headquarters.

         4. INDEMNIFICATION.  Company shall at all times during the term of this
Agreement and thereafter,  indemnify and defend and hold Executive harmless from
and against all liability,  loss, costs, claims, damages,  expenses,  judgments,
awards,  and  settlements as well as attorneys'  fees and expenses,  personal or
otherwise,  whether in tort or in contract,  law or equity, that it may incur by
reason of or arising out of any claim made by any third  party,  with respect to
Executive's   employment   with  Company  in  accordance  with  this  Agreement.
Indemnification  shall include all costs,  including actual  attorneys' fees and
expenses reasonably incurred in pursuing indemnity claim under or enforcement of
this  Agreement.  Executive  shall  also at all  times  during  the term of this
Agreement and thereafter,  indemnify and defend and hold Company,  its founders,
owners, directors,  officers,  employees,  advisors,  agents, partners,  service
providers and affiliates  harmless from and against all liability,  loss, costs,
claims,  damages,  expenses,  judgments,  awards,  and  settlements  as  well as
attorneys'  fees and  expenses,  personal  or  otherwise,  whether in tort or in
contract,  law or equity,  that it may incur by reason of or arising  out of any
claim made by any third party,  with respect to any illegal  actions  during the
Executive's   employment   with  Company  in  accordance  with  this  Agreement.
Indemnification  shall include all costs,  including actual  attorneys' fees and
expenses  reasonably  incurred in pursuing indemnity claims under or enforcement
of this Agreement. Executive is not bound by the terms of any agreement with any
previous  employer or other party which would limit his abilities to perform his
duties for Company.

         5. LIMITATION OF LIABILITY.  EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN
THIS AGREEMENT,  COMPANY, ITS FOUNDERS, OWNERS, DIRECTORS,  OFFICERS, EMPLOYEES,
ADVISORS,  PARTNERS  AND  AFFILIATES  MAKE  NO  REPRESENTATIONS  AND  EXTEND  NO
WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED,  INCLUDING BUT NOT LIMITED TO
MERCHANTABILITY,  FITNESS  FOR  A  PARTICULAR  PURPOSE,  VIABILITY  OF  COMPANY,
COMMERCIABILITY  OF PRODUCT  OR  VALIDITY  OF PATENT  RIGHTS  CLAIMS,  ISSUED OR
PENDING,   AND  THE  ABSENCE  OF  LATENT  OR  OTHER  DEFECTS,   WHETHER  OR  NOT
DISCOVERABLE.

         EXECUTIVE AGREES THAT REGARDLESS OF THE FORM OF ANY CLAIM,  EXECUTIVES'
SOLE REMEDY AND COMPANY OBLIGATION WITH RESPECT TO ANY CLAIMS MADE RELATED TO OR
ARISING OUT OF THIS AGREEMENT  SHALL BE GOVERNED BY THIS  AGREEMENT,  AND IN ALL
CASES EXECUTIVE'S  REMEDIES SHALL BE LIMITED  SPECIFICALLY TO COMPANY AND NOT TO
ASSETS  OR  PERSONAL  AND  BUSINESS  INTERESTS  OF  COMPANY  FOUNDERS,   OWNERS,
DIRECTORS,  OFFICERS,  EMPLOYEES,  ADVISORS,  PARTNERS  AND  AFFILIATES.  IT  IS
EXPRESSLY  AGREED  THAT  IN  NO  EVENT  SHALL  COMPANY,  ITS  FOUNDERS,  OWNERS,
DIRECTORS,  OFFICERS, EMPLOYEES, ADVISORS, PARTNERS AND AFFILIATES BE LIABLE FOR
PERSONAL,  INCIDENTAL,  DIRECT,  INDIRECT, OR CONSEQUENTIAL DAMAGES OF ANY KIND,
INCLUDING  ECONOMIC DAMAGE OR INJURY TO PROPERTY AND LOST PROFITS  REGARDLESS OF
WHETHER COMPANY

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SHALL BE ADVISED,  SHALL HAVE OTHER REASON TO KNOW, OR IN FACT SHALL KNOW OF THE
POSSIBILITY.

6. TERMINATION. (a) EVENTS OF TERMINATION. This Agreement shall terminate on the
earliest to occur of the following events:

            (i)   the expiration of the Term;

            (ii)  the mutual agreement of the Company and the Executive;

            (iii) the voluntary  termination  of the  Executive  other then as a
                  result  of  a  Constructive   Termination  Event  (as  defined
                  herein);

            (iv)  the  death  of  Executive  or  Executive's   retirement;

            (v)   Executive becoming  completely unable to perform his duties as
                  described herein due to injury,  illness or disability (mental
                  or   physical), as  determined  by an   independent  physician
                  selected with the approval of the Company and Executive, for a
                  period of three (3) consecutive months ("Disability"); or

            (vi)  the  termination  of the  Executive  by the  Company for "just
                  cause" (as  defines  herein)  upon  giving  written  notice to
                  Executive

            For the  purposes  hereof,  the Company  shall have "just  cause" to
terminate  Executive's  employment  hereunder as a result of  Executive's  gross
negligence,  willful  misconduct or fraud in carrying out his duties as required
pursuant  to the terms of the  Agreement.  Notwithstanding  any other  provision
contained  herein,  the Company  shall have the right to terminate the agreement
and  Executive's   employment  without  just  cause,  and  Executive's  remedies
hereunder  in the event of such  termination  shall be limited to the  Severance
Payment set forth in Section 5 hereof.

            (b)  TERMINATION  FOR  JUST  CAUSE  OR  VOLUNTARY  TERMINATION.   If
Executive's  employment  is terminated  prior to the  expiration of the Term for
just cause or if  Executive's  employment  is terminated as set forth in Section
6(a) (ii) or (iii) hereof,  Executive shall not be entitled to receive Severance
Payment  (as defined  herein) and will only be entitled to receive  compensation
earned buy Severance Payment as of the date of such termination.

            (c)  TERMINATION  WITHOUT JUST CAUSE.  If Executive's  employment is
terminated by the Company  without just cause or as a result of the  Executive's
Disability,  Executive  shall be entitled to receive the Severances  Payment set
forth in Section 7 hereof. For purposes of the  Agreement,  termination  without
just cause shall include  termination  by Executive of his  employment  with the
Company  within 120 days after the  occurrence  of any of the  following  events
(collectively herein referred to as "Constructive Termination Events") which are
not  remedied  within 10 business  days after  written  notice to the Company by
Executive of such event:

            (i) failure to elect,  re-elect or otherwise  maintain  Executive in
the office to the  position of Chairman,  President or CEO (but not  necessarily
all of those positions), or a substantially equivalent office or position, of or
with the  Company,  or the  removal of, or failure to  re-elect, Executive  as a
director of the Company;

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            (ii) a  significant  adverse  change  in the  nature or scope of the
authority,  powers,  functions,  responsibilities  or  duties  attached  to  the
position of  Executive  with the Company as set forth  herein or a reduction  in
Executive's Base Salary and benefits as set forth herein;

            (iii)  the  liquidation,   dissolution,   merger,  consolidation  or
reorganization of the Company or transfer of all or a significant portion of its
business  and/or asserts,  unless the successor or successors  shall have assume
all duties and obligations of the Company under the Agreement;

            (iv) the Company shall relocate its principal  headquarters  offices
or require  Executive  to have his  principal  location  of work  changed to any
location  which is in excess  of fifty  (50)  miles  from its  current  location
without the prior written consent of Executive; and

            (v) without  limited the generality or effect of the foregoing,  and
material breach of the Agreement by the Company or its successor or successors.

            (d)  INSURANCE.  The  Company  may  secure,  in  its  own  name,  or
otherwise,  and at its own expense,  life, health,  accident and other insurance
covering  Executive  or  Executive  and others.  Executive  agrees to assist the
Company in procuring  such  insurance by  submitting  to the usual and customary
medical and other examinations and by signing, as the insures, such applications
and other instruments in writing as may be reasonably  requires by the insurance
companies to which  application  is made pursuant to such  insurance.  Executive
agrees the he shall have no right,  title,  or interest in  or to any  insurance
policies to the proceeds  thereof which the company many so elect to take out or
to continue on his life.

         7.  SEVERANCE  PAYMENT.  (a)  If  the  Company  terminated  Executive's
employment without just cause or if Executive's  employment is terminated due to
Disability,  Executive  shall  be  entitled  to  receive,  in  addition  to  all
compensation  earned by  Executive  prior to the date of such  termination,  the
following severance payments (the "Severance Payments"):

            (i)  equal  monthly  installments  at the Base  Salary  rate then in
effect,  as determined on the first day of the month  immediately  preceding the
day of termination, to be paid beginning on the first day of the month following
such  termination and continuing  until the earlier of (A) the expiration of the
Term or (B) the expiration of Twenty four (24) months (the "Severance  Period");
PROVIDED,  HOWEVER, that in no event shall the Severance Period be less than six
(6) months; and

            (ii) during the Severance Period, health and life insurance benefits
substantially  similar to those which  Executive  was  receiving  or entities to
receive  immediately  prior to termination;  PROVIDED,  HOWEVER,  such insurance
benefits shall be reduced to the extent  comparable  benefits during such period
following  Executive's  termination,  and  any  benefits  actually  received  by
Executive shall be reported by Executive to the Company.

            (b) DISABILITY.  Whenever Severance Payment are payable to Executive
hereunder during a time when Executive is partially or totally disabled and such
Disability  would entitle him to  disability  income  payments  according to the
terms of any plan or  policy  now or  hereafter  provided  by the  Company,  the
Severance Payment payable to Executive  hereunder shall be inclusive of any such
disability income and shall not be in addition thereto even if such

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disability income if payable directly to Executive by an insurance company under
instance policy paid for by the Company

         8.  RESTRICTIVE  COVENANTS.  Executive  and the Company  agree that the
Company would suffer  irreparable harm and incur substantial damage if Executive
were to enter into Competition (as defined herein) with the Company.  Therefore,
in order for the Company to protect its legitimate business interests, Executive
agrees as flows:

            (a) Without prior written  consent of the Company,  Executive  shall
not, during the period of employment  with the Company,  directly or indirectly,
invest or engage in any business that is  Competitive  (as defined  herein) with
the  Business  of the  Company  or accept  employment  or render  services  to a
Competitor  (as defined  herein) if the Company as a director,  officer,  agent,
employee or consultant  or solicit or attempt to solicit or accept  business the
is Competitive  with the Business of the Company,  except that Executive may own
up to five percent (5%) of any  outstanding  class of  securities of any company
registered under Section 12 of the Securities Exchange Act of 1934, as amended.

            (b)  Without  prior  written  consent  of the  Company  and upon any
termination  of  Executive's  employment  with the  Company  and for a period of
twelve  (12)  months  thereafter,   Executive  shall  not,  either  directly  or
indirectly,  (i),  invest or  engage in any  business  that is  Competitive  (as
defined herein) with the Business of the Company,  except that Executive may own
up to five percent (5%) of any  outstanding  class of  securities of any company
registered under Section 12 of the Securities  Exchange Act of 1934, as amended,
(ii) accept employment with or render services to a Competitor of the Company as
a director,  officer,  agent,  employee or consultant  unless he is serving in a
capacity  that  has  no  relationship  to  the  Competitor's  business  that  is
Competitive  with the  Business of the  Company,  or (iii)  solicit,  attempt to
solicit or accept business Competitive with the Business of the Company from any
of the customers of the Company at the time of his  termination or within twelve
(12)  months  prior  thereto or from any  person or entity  whose  business  the
Company was soliciting at such time.

            (c) Upon  termination of his employment with the Company,  and for a
period of twelve (12) months thereafter, Executive shall not, either directly or
indirectly,  engage,  hire,  employ or  solicit  in any  manner  whatsoever  the
employment of an employee of the Company.

            (f) For  purposes  of this  Agreement,  a business or activity is in
"Competition  of  Competitive"  with the Business of the Company if it involves,
and a person or entity is a  "Competitor",  if that  person or entity is engaged
in,  or  about  to  become  engaged  in,  the  research,  development,   design,
manufacturing,  marketing or selling of a specific  product or  technology  that
resembles,  competes,  or is  designed  to compete,  with,  or has  applications
similar to any  product or  technology  for which the  Company  has  obtained or
applied for a patent or made disclosures, or any product or technology involving
any other  proprietary  research or  development  engaged in or conducted by the
Company during the term of Executive's employment with the Company.

         9.  DISCOVERIES  AND  INVENTIONS. (a) Executive  hereby  assigns to the
Company all his  right, title, and  interest  in and to any and all  inventions,
discoveries, developments, improvements, techniques, designs and data related to
blood substitutes which

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Executive conceives of, reduces to practice, or otherwise creates,  either alone
or jointly with  others,  in the course of his  employment  and in which the law
recognizes any protectable interest.

         10.  CONFIDENTIALITY.  For  purposes of this  Agreement,  "Confidential
Information  and Trade  Secrets"  shall mean all  information,  know how,  trade
secrets,  processes,  computer  software or programs and related  documentation,
methods,   practices,   fabricated   techniques,   marketing  plans,  and  other
compilations  of  information  which relate to the Business of, and are owned by
the Company which were not known  generally to others engaged in the Business of
the Company and which the Company has taken affirmative  actions to protect from
public  disclosure or which do not exist in the public domain.  Executive  shall
not use, or disclose  any of the  Confidential  Information  and Trade  Secrets,
either  during the term of his  employment or at anytime  thereafter,  except as
required  in the course of his  employment.  All  information,  data and similar
items and  documentation  relating to the Business of the Company,  shall remain
the exclusive property of the Company unless owned by Executive.

         11. NOTICES. Any notice or other communication required or permitted to
be given  hereunder  shall be in  writing  and  deemed to have been  given  when
delivered  in  person  or when  dispatched  by  telegram,  electronic  mail,  or
electronic  facsimile  transfer  (confirmed  in writing by mail,  registered  or
certified, return receipt requested, postage prepaid, simultaneously dispatched)
to the addressees at the addresses specified below.

         If to Executive:   Arthur P. Bollon, Ph.D.
                            13227 Cedar Lane
                            Dallas, Texas 75234
                            Phone No.: 972-620-2245

         If to the Company: Ghassan Nino
                            Hemobiotech Inc.
                            15305 Dallas Parkway, Suite 300
                            Addison, TX 75001

or to such other  address  or fax  number as either  party may from time to time
designate in writing to the other.

         12. ENTIRE AGREEMENT.  This Agreement  constitutes the entire agreement
between the parties hereto relating to the subject matter hereof, and supersedes
all prior agreements and understandings,  whether oral or written,  with respect
to the same. No modification, alteration, amendment or revision of or supplement
to this Agreement shall be valid or effective  unless the same is in writing and
signed by both parties hereto.

         13.  GOVERNING  LAW.  This  Agreement  and the rights and duties of the
parties  hereunder  shall be  governed  by,   contrued  under  and  enforced  in
accordance with the laws of the State of Texas.

         14.  ASSIGNMENT.  The rights and  obligations of the parties under this
Agreement shall not be assignable without written permission of the other party

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         15.  SEVERABILITY.  The  invalidity of any provision of this  Agreement
under the applicable laws of the State of Texas or any other jurisdiction, shall
not affect the other  provisions  hereby declared to be severable from all other
provisions.  The intention of the parties, as expressed in any provision held to
be void or  ineffective,  shall be given  such full  force and  effect as may be
permitted by law.

         16.  SURVIVAL.  The  obligations of the Company or its successor to pay
any Severance Payments required hereunder  subsequent to the termination of this
Agreement  and the  obligations  of Executive  under  Sections 6, 7 and 8 hereof
shall survive the termination of this Agreement.

         17. REMEDIES.  Executive and the Company recognize that the services to
be rendered  under this  Agreement by  Executive  are  special,  unique,  and of
extraordinary character, and that in the event of the breach by Executive of the
terms and  conditions  of Sections  4,5, 8, 9 and 10 hereof the Company shall be
entitled,  if it so elects, to institute and prosecute  proceedings in any court
of competent jurisdiction, to obtain damages for any breach thereof.

         18. DISPUTE  RESOLUTION.  Except for the right of either party to apply
to a court of  competent  jurisdiction  for a  temporary  restraining  order,  a
preliminary injunction,  or other equitable relief to preserve the status quo or
prevent irreparable harm any and all claims,  disputes or controversies  arising
under,  out of or in  connection  with  the  Agreement,  including  any  dispute
relating to  production,  use or  commercialization,  which the parties shall be
unable to resolve  within  sixty (60) days shall be mediated in good faith.  The
party raising  such dispute shall promptly advise the other party of such claim,
dispute or controversy in a writing,  which  describes in reasonable  detail the
nature of such  dispute.  By not later  than five (5)  business  days  after the
recipient  has received  such notice of dispute,  each party shall have selected
for itself a representative who shall have the authority to bind such party, and
shall additionally have advised the other party in writing of the name and title
of such representative.  By not later than ten (10) business days after the date
of such notice of dispute,  the party  against whom the dispute  shall be raised
shall select a mediation firm in Texas and such representatives shall schedule a
date with such firm for a mediation  hearing.  The parties shall enter into good
faith mediation and shall share the costs equally. If the representatives of the
parties have not been able to resolve the dispute  within  fifteen (15) business
days after such  mediation  hearing,  the parties shall have the right to pursue
any other remedies legally available to resolve such dispute in ether the Courts
of the State of Texas or in the United States District Court for the District of
Texas, to whose jurisdiction for such purposes Company and Executive each hereby
irrevocably consents and submits.

         IN WITNESS WHEREOF,  the parties have executed this Agreement as of the
day and year first above written.

                                    HemoBioTech Inc,
                                    A Texas corporation

                                    By: /s/ Ghassan Nino
                                       -----------------------------------------
                                    Ghassan Nino, Founder, Interim CEO

                                    /s/ Arthur P. Bollon
                                    --------------------------------------------
                                    Executive: Arthur P. Bollon, Ph.D.

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  2110 Research Row
  Suite 330
  Dallas, Texas 75235

                                 July 15, 2004

Dr. Arthur Bollon
13227 Cedar Lane
Dallas, TX 75234

         Re: AMENDED EMPLOYMENT AGREEMENT

Dear Art:

         On October 6, 2003,  Hemobiotech,  Inc.,  a Delaware  corporation  (the
"Company")  entered into an Amended  Employment  Agreement with you (the "Bollon
Employment  Agreement"),  pursuant to which the Company agreed to pay you a base
salary of $265,000  per annum in  exchange  for your  agreement  to serve as the
Company's full-time President,  Chief Executive Officer and Chairman. The Bollon
Employment Agreement further stated that all such compensation would be deferred
until  such time as the  Company  completed  an equity  financing  having  gross
proceeds to the Company of at least $4,000,000.

         As you know,  the  Company  is  currently  in the  process of raising a
minimum  of  $2,000,000  of Units  (the  "Minimum  Offering")  and a maximum  of
$3,500,000 of Units (the "Maximum Offering") (which may be increased by up to an
additional  $1,000,000) (the "Private  Placement").  Following completion of the
Private Placement,  the Company plans to complete a Follow-On Offering in one or
more series in which the Company  expects to raise a minimum of $2,000,000 and a
maximum of $10,000,000 (the "Follow-On").

         In connection with the Private Placement,  you have agreed, pursuant to
the terms of a Deferred Compensation Forbearance Agreement dated as of even date
herewith,  to waive  all  deferred  compensation  due to you  under  the  Bollon
Employment  Agreement  through  the date on which the  Company  consummates  the
Minimum Offering.

         This  letter  serves  to  amend  Article  3 of  the  Bollon  Employment
Agreement to provide that you have agreed to continue to serve as the  Company's
full-time President, Chief Executive Officer and Chairman,  commencing as of the
date hereof  through the  Company's  consummation  of the Maximum  Offering (the
"Offering Period").  During the Offering Period, you shall be entitled to accrue
an annual salary at the rate of $120,000 per annum (the "Interim Compensation"),
which shall begin accruing as of the

<PAGE>

consummation   of  the  Minimum   Offering  and  shall  be  deferred  until  the
consummation  of the  Maximum  Offering.  Upon  the  completion  of the  Maximum
Offering and out of the proceeds thereof,  the Company shall pay you such amount
as shall be equal to the accrued Interim Compensation.

         Commencing as of the  consummation of the Maximum  Offering and through
such time as the Company  completes a Follow-On,  you have agreed to continue to
serve as the Company's full-time President, Chief Executive Officer and Chairman
in exchange for an adjusted  base salary equal to $150,000 per annum  payable in
accordance with the Bollon Employment  Agreement.  Following the completion of a
Follow-On, your annual base salary may be increased.

         Other than as expressly set forth herein, all other terms of the Bollon
Employment Agreement shall remain unchanged and in full force.

         If the foregoing accurately reflects our agreement, kindly execute this
letter below and return a copy to Ghassan Nino, Vice Chairman of the Company, by
facsimile at 972-701-8534 on or by the date first above written.

                                     Very truly yours,

                                     /s/ Ghassan Nino
                                     -----------------------
                                     Ghassan Nino
                                     Vice Chairman

AGREED TO AND ACCEPTED
as of this 15th day of July, 2004

By: /s/ Arthur Bollon
    -------------------------
    Arthur Bollon

<PAGE>

                                    AMENDMENT

                     TO AMENDED EMPLOYMENT AGREEMENT BETWEEN
                     ARTHUR P. BOLLON AND HEMOBIOTECH, INC.
                              DATED OCTOBER 6, 2003

                  THIS IS AN AGREEMENT TO INCREASE THE TERM OF THE AMENDED
 EMPLOYMENT AGREEMENT BETWEEN ARTHUR P. BOLLON AND HEMOBIOTECH DATED OCTOBER 6,
 2003 FROM OCTOBER 6, 2006 TO OCTOBER 6, 2007.

/s/ Bernhard Mittemeyer
--------------------------
BERNHARD MITTEMEYER
DIRECTOR AND CHAIRMAN, COMPENSATION COMMITTEE
HEMOBIOTECH, INC.

/s/ Arthur P. Bollon
--------------------------
ACCEPTED: ARTHUR P. BOLLON
PRESIDENT AND CEO
HEMOBIOTECH, INC.

January 3, 2005
---------------

<PAGE>

                                    AMENDMENT

                     TO AMENDED EMPLOYMENT AGREEMENT BETWEEN
                     ARTHUR P. BOLLON AND HEMOBIOTECH, INC.
       DATED OCTOBER 6, 2003, AS AMENDED JULY 15, 2004 AND JANUARY 3, 2005

                  This  Agreement  is  between  Hemobiotech,  Inc.,  a  Delaware
corporation  (the "Company") and Arthur P. Bollon,  PhD, the President and Chief
Executive Officer of the Company (the "Employee").

                  WHEREAS, the Company entered into an Employment Agreement with
the Employee on October 6, 2003,  pursuant to which the Employee agreed to serve
as the Company's Chairman,  President and Chief Executive Officer for an initial
term of three  years for an annual  base  salary  of  $265,000  and an option to
purchase 651,668 shares of common stock of the Company (the "Initial  Employment
Agreement").  The Initial Employment Agreement also provided that payment of the
Employee's  base  salary  would  be  deferred  until  such  time as the  Company
consummated  a financing  having gross  proceeds to the Company of at least $4.0
million;

                  WHEREAS, due to the Company's financial condition, on July 15,
2004, the Employee agreed to forbear pursuant to the terms of a letter agreement
(the "July 2004 Letter  Agreement") all compensation  that would be owing to him
as of October 13, 2004 pursuant to the Initial Employment Agreement;

                  WHEREAS,  pursuant  to the  terms  of  the  July  2004  Letter
Agreement,  the Employee agreed to continue to serve as the Company's  Chairman,
President and Chief  Executive  Officer in exchange for an adjusted  annual base
salary of $150,000, effective as of the completion of the Company's sale of $4.5
million of Units in its private  placement,  and the parties agreed that at such
time as the Company consummates a financing having gross proceeds to the Company
of at least $10.0 million (a  "Financing"),  the  Employee's  base salary may be
increased to an unspecified amount;

                  WHEREAS, on January 3, 2005, pursuant to the terms of a letter
agreement  (the  "January 2005 Letter  Agreement"  and together with the Initial
Employment  Agreement  and the  July  2004  Letter  Agreement,  the  "Employment
Agreement"),  the Company extended the Employee's  employment term to October 6,
2007;

                  WHEREAS,  the parties desire to amend the Employment Agreement
(i) to  specify  the  amount of the  adjusted  annual  base  salary to which the
Employee will become entitled upon the Company's consummation of a $10.0 Million
Financing (as defined below),  (ii) to define the terms constituting an eligible
Financing, (iii) and to provide that,

<PAGE>

in  exchange  for  the  Employee's  continued  service  to  the  Company  and in
recognition of the Employee's contributions to the Company, the Employee will be
entitled to receive a certain  bonus upon the  consummation  of a $10.0  Million
Financing as set forth in more detail below.

                  NOW,  THEREFORE,  in  consideration of the mutual premises and
agreements contained herein, the parties hereto agree as follows:

         1.       The  Employment  Agreement  shall be  amended  to  provide  as
follows:

                  (a)      Effective  as  of  the  first  business  day  of  the
calendar  month  immediately  following  the  Company's  consummation  of equity
financings,  bank  financings or a combination  thereof having gross proceeds to
the Company of at least $10.0 million,  in which at least Fifty Percent (50%) of
the overall proceeds of such financings have been derived from equity financings
(the "$10.0  Million  Financing"),  the  Employee's  annual  base  salary  shall
increase to $210,000 (the "Adjusted Base Salary");

                  (b)      On each  October 6 of every  year  (each,  an "Annual
Bonus Date"),  commencing  as of the first  October 6 immediately  following the
Company's  completion of a $10.0 Million Financing,  and so long as the Employee
is the  Company's  President,  Chief  Executive  Officer and Chairman as of such
Annual  Bonus Date,  then the  Employee  shall be entitled to receive a lump-sum
bonus equal to 25% of the Adjusted  Base Salary (as may be adjusted from time to
time) (the "Annual Bonus  Amount");  PROVIDED,  HOWEVER,  that if the Employee's
employment  with the Company has been  terminated in accordance  with Section(s)
6(a)(ii),  (iv) and/or (v) of the Employment  Agreement prior to an Annual Bonus
Date, then the Employee shall be entitled to receive, on such Annual Bonus Date,
an amount equal to the applicable  Annual Bonus Amount  calculated on a pro rata
basis as of the effective date of the Employee's termination;

                  (c)      Within ten (10) business days following the Company's
consummation  of a $10.0 Million  Financing,  the Employee  shall be entitled to
receive  a  lump-sum  bonus  equal  to  $52,500  (which  represents  35%  of the
Employee's base salary in effect as of the date hereof); and

                  (d)      Upon the  consummation of a $10.0 Million  Financing,
the  Employee's  employment  term  shall  be  extended  to  the  three  (3)-year
anniversary of the closing date of such $10.0 Million Financing.

<PAGE>

         Other  than as  expressly  set forth  herein,  all  other  terms of the
Employment Agreement shall remain unchanged and in full force and effect.

HEMOBIOTECH, INC.

By:      /s/ Bernhard Mittemeyer
         -----------------------------------------------
         Bernhard Mittemeyer
         Director and Chairman, Compensation Committee

/s/ Arthur P. Bollon
-----------------------------------------------
Arthur P. BollonExhibit 10.9

Confidential portions of this Agreement have been omitted and filed separately
with the Commission subject to a request for confidential treatment.

<PAGE>

                          SPONSORED RESEARCH AGREEMENT

THIS AGREEMENT, by and between Texas Tech University Health Sciences Center
(hereinafter referred to as HSC) and HemoBioTech, having a principal place of
business at 15889 Preston Road, Suite 2006, Dallas, Texas 75248 (hereinafter
referred to as "Sponsor").

RECITALS:

1. The research program contemplated by this Agreement is of mutual interest and
benefit to HSC and Sponsor, will further multiple missions of HSC (Education,
Research, and Public Service) in a manner consistent with its status as a
non-profit, tax-exempt, educational institution, and may derive benefits for
Sponsor, HSC, and society by the advancement of science through discovery;

2. Sponsor has expressed a desire to engage HSC to create or enhance
technologies that will assist in Sponsor's understanding of science or
development and commercialization of new products and/or processes;

3. HSC's research capabilities reflect a substantial public investment which
HSC, as part of its mission, wishes to utilize in a cooperative and
collaborative research effort with Sponsor in order to meet the above-stated
interests;

NOW, THEREFORE, in consideration of the premises and mutual covenants set forth
the below, the parties hereto agree to the following:

Article 1--Definitions

As used herein, the following terms shall have the following meanings:

1.1 "Project" shall mean the research described in the Memorandum of
Understanding attached hereto, under the direction of Dr. Jan Simoni
(hereinafter referred to as "Principal Investigator"). However, should Dr.
Simoni become unavailable for any reason, HSC will appoint another individual
acceptable to both parties as Principle Investigator.

1.2 "Intellectual Property" shall mean certain inventions and/or discoveries
conceived and/or reduced to practice in performance of this Project and
resulting patents, divisions, continuations, or substitutions of such
applications and all reissues thereof, upon which a HSC employee or agent is
named inventor.

1.3 "Proprietary Information" shall mean any written information and data marked
proprietary or non-written information and data disclosed which is iden-

<PAGE>

tified at the time of disclosure as proprietary and is reduced to writing and
transmitted to the other party within sixty (60) days of such non-written
disclosure.

Article 2--Period of Performance

Period of Performance shall be from September 1, 2002 to August 31, 2006
(hereinafter referred to as "Period of Performance"). This Period of Performance
can be extended by mutual agreement in writing for up to two years after the end
of the second year of this agreement and prior to the current termination date.

Article 2--Research Work

HSC shall commence the performance of the Project on the first day of Period of
Performance and shall use reasonable best efforts to perform Project
substantially in accordance with the term and conditions of this Agreement.

Article 4--Reports

The Principal Investigator shall furnish Sponsor with reports regarding Project
on a monthly basis.

Article 5--Fiscal Considerations

5.1 This is a cost reimbursable agreement. Compensation is governed by the
attached Memorandum of Understanding, incorporated herein by reference.

5.2 *

5.3 In the event of early termination of this Agreement by Sponsor pursuant to
Article 10 hereof, Sponsor shall pay all related and reasonable costs and
non-cancelable obligations incurred by HSC as of the date of termination.

Article 6--Publicity

Except as required by law, neither party to this Agreement will use the name of
the other party, nor of any member of the other party's employees, in any
public-

----------
* The information omitted is confidential and has been filed separately with
  the Commission pursuant to Rule 406 of the Securities Act of 1933, as amended.

                                       2
<PAGE>

ity, advertising, or news release without the prior written approval of an
authorized representative of that party.

Article 7--Publication

7.1 It is the purpose of this clause, in conjunction with Article
8--Confidentiality, to balance Sponsor's need to protect commercially feasible
technologies, products, or processes with HSC's public responsibility to freely
disseminate scientific findings for the advancement of knowledge. HSC recognizes
that the public dissemination of information based upon Research performed under
this Agreement cannot contain Proprietary Information nor should it jeopardize
Sponsor's ability to commercialize Intellectual Property developed hereunder.
Further, HSC acknowledges that commercially sensitive information related to the
design or composition of specified products or processes is not of general
interest, while its confidentiality may be critical to the commercialization of
said products or processes. Similarly, Sponsor recognizes that the scientific
results of Project must be publishable and, subject to the confidentiality
provisions of the Agreement, may be presented in forums such as symposia or
international, national or regional professional meetings, or published in
vehicles such as books, journals, websites, theses, or dissertations.

7.2 HSC agrees not to publish or otherwise disclose Proprietary Information
without the written prior consent of the Sponsor. Sponsor agrees that HSC,
subject to review by Sponsor, shall have the right to publish results of Project
that are not proprietary to the design or composition of specified projects or
processes derived from Project. Sponsor shall be furnished copies of any
proposed publication or presentation at least 30 days before submission of such
proposed publication or presentation. During that time, Sponsor shall have the
right to review the material for Proprietary Information provided by Sponsor to
assess the patentability of any invention described in the material. If Sponsor
decides that a patent application should be filed, the publication or
presentation shall be delayed an additional ninety (90) days or until a patent
application is filed, whichever is sooner. At Sponsor's request, Proprietary
Information provided by Sponsor shall be deleted.

7.3 As this project is designed to result in Phase I and Phase II Clinical
Trials, both HSC and Sponsor shall work to assure that any publication does not
jeopardize that status of such clinical trials.

Article--Confidentiality

8.1 Prior to disclosure of Proprietary Information to HSC by Sponsor, Sponsor
shall notify Principal Investigator of its intent to disclose Proprietary
Informa-

                                       3
<PAGE>

tion; and Principal Investigator shall have the right to decline receipt of said
information. Said Proprietary Information shall be sent only to Principal
Investigator.

8.2 Each party to this Agreement agrees to treat Proprietary Information
received from the other with the same degree of care with which it treats its
own Proprietary Information, and further agrees not to disclose such Proprietary
Information to a third party without prior written consent from the party
disclosing Proprietary Information.

8.3 The foregoing obligations of non-disclosure do not apply to Proprietary
Information which:

       (a) was known to the recipient prior to the disclosure hereunder;

       (b) was received from a third party not under an obligation of confidence
       to recipient;

       (c) is in the public domain at the time of disclosure hereunder or
       subsequently entered the public domain without the fault of the
       recipient;

       (d) has been independently developed by an employee of recipient that has
       not had access directly or indirectly to Proprietary Information, and
       recipient can substantiate any claim of independent development by
       written evidence; or

       (e) is required to be disclosed by law.

8.4 Unless otherwise agreed to in writing, neither party hereto shall have any
obligation of confidentiality under this Agreement after the earliest of either
the fifth anniversary of the conclusion of Period of Performance or termination
in accordance with Article 10.

Article 9--Intellectual Property

9.1 The purpose of this clause is to balance Sponsor's ability to reasonably
exploit, with due competitive advantage, the commercial viability of
technologies, products, or processes with HSC's responsibility to seek the
broadest public benefit from the results of HSC research. HSC recognizes that
one of the prime reasons Sponsor has entered this Agreement is an effort to
secure a benefit, through the creation or enhancement of technologies. At the
same time, Sponsor recognizes that HSC has an obligation to utilize the
knowledge and technology generated by HSC research in a manner that maximizes
societal benefit and eco-

                                       4
<PAGE>

nomic development and that provides for the education of graduate and
undergraduate students.

9.2 HSC will promptly disclose to Sponsor in writing any Intellectual Property
made during the Project performed hereunder. Such disclosure shall be
sufficiently detailed for Sponsor to assess the commercial viability of the
technology and shall be provided and maintained by Sponsor in confidence
pursuant to the terms of Article 8. Sponsor shall have up to ninety (90) days
from the receipt of the disclosure to inform HSC whether it elects to have HSC
file a patent application thereon pursuant to the procedures set forth below.
(But see 7.2)

9.3 All right and title to Intellectual Property shall belong to HSC where all
the inventors are HSC employees and shall be jointly owned by Sponsor and HSC
where inventors are from both organizations. Texas Tech University System,
through its Office of Technology Transfer and Intellectual Property, shall
include such Intellectual Property into the preexisting license agreement
between the Sponsor and the Texas Tech University System at no additional cost,
except for patent expenses. Inventions made solely by Sponsor's employees shall
belong to Sponsor.

9.4 HSC shall promptly file and prosecute patent applications, using counsel of
HSC's choice, after due consultation with Sponsor. HSC shall keep Sponsor
advised as to all developments with respect to applications(s) and shall
promptly supply copies of all papers received and filed in connection with the
prosecution in sufficient time for Sponsor to comment. Sponsor's comments shall
be taken into consideration. Sponsor shall reimburse Texas Tech University for
all reasonable out-of-pocket costs incurred in connection with such preparation,
filing, and prosecution of patent(s) within 30 days of receipt of a copy of the
invoice.

9.5 Within nine (9) months of the filing date of a U.S. patent application, the
Sponsor shall provide to HSC a written list of foreign countries in which
applications should be filed. If Sponsor elects to discontinue financial support
of any patent prosecution, in any country, the University shall be free to
continue prosecution at its expense. In such event; HSC shall have no further
obligation to Sponsor in regard to such patent applications or patents.

9.6 Copyright to copyrightable materials, including computer software, resulting
from Project shall vest in HSC, with a royalty-free license to Sponsor for its
non-commercial use. HSC shall grant Sponsor an option to license any such
material(s) it wishes to develop for commercial purposes on reasonable terms and
conditions, including a reasonable royalty, as the parties hereto agree in
subsequent writing.

                                       5
<PAGE>

9.7 Sponsor understands that HSC must comply with the provisions of Bayh-Dole
Act 37 CFR Part 401.

Article 10--Termination

10.1 Either party may terminate this Agreement upon (90) days prior written
notice to the other; however, because of the nature of this Agreement neither
party will terminate except for reasonable cause and the terminating party will
give a full-explanation and allow the other party to cure the cause for
termination.

10.2 In the event that either party hereto shall commit any material breach of
or default in any term or conditions of this Agreement, and also shall fail to
reasonably remedy such default or breach within sixty (60) days after receipt of
written notice thereof; the non-breaching party may, at its option and in
addition to any other remedies that it may have at law or in equity, terminate
this Agreement by sending notice of termination in writing to the other party to
such effect. Termination shall be effective as of the day of the receipt of such
notice.

10.3 Termination of this Agreement by either party for any reason shall not
affect the rights and obligations of the parties accrued prior to the effective
date of termination of this Agreement, except insofar as Sponsor's breach of
contract for failure to make payments under Article 5 shall cause Sponsor to
forfeit its rights under Article 9. The rights and obligations of Article 8 of
this Agreement shall survive termination.

Article 11--Independent Contractor

11.1 In the performance of project, HSC shall be deemed to be and shall be an
independent contractor.

11.2 Neither party hereto is authorized or empowered to act as agent for the
other for any purpose and shall not on behalf of the other enter into any
contract, warranty, or representation as to any matter. Neither party shall be
bound by the acts or conduct of the other.

Article 12--Indemnity

HSC is responsible for its own negligence, gross negligence, willful misconduct,
or legal wrongdoing in any way connected with the performance of any work under
this Agreement which results in claims or liabilities, penalties, costs or
expenses. Sponsor is responsible for its own negligence, gross negligence,
willful misconduct or legal wrongdoing in any way connected with the performance
of

                                       6
<PAGE>

any work under this agreement which results in claims or liabilities, penalties,
costs or expenses. Sponsor shall fully indemnify and hold harmless HSC against
all claims arising out of Sponsor's use, commercialization, or distribution of
information, materials or products which result in whole or in part from the
research performance pursuant to this Agreement. Sponsor will hold HSC harmless
from any claims arising from third party claims that the work performed
hereunder infringes third party intellectual property rights. HSC has no
knowledge of any such claims.

Article 13--Notices

Notices, invoices, communications, and payments hereunder shall be deemed made
if given by overnight courier or by registered or certified envelope, post
prepaid, and addressed to the party to receive such notice, invoice or
communication at the address given below or such other address as may hereafter
be designated by notice in writing:

If to Sponsor:

Name/Title            Ghassan Nino                      Phone 972/948-4000
                      Interim CEO and VP Finance        FAX 972/701-8534
Address               15889 Preston Road, Suite 2006
City/State/Zip        Dallas, Texas 75248               E-mail:
                                                        GNINO@HEMOBIOTECH.COM

If to HSC:

Name/Title            Dr. Barbara C. Pence              Phone 806/743-2556
                      Associate VP for Research         FAX 806/743-2656
Address               Room 2B106
                      Health Sciences Center            E-mail:
                      Texas Tech University             BARBARA.PENCE@TTUHSC.EDU
City/State/Zip        Lubbock, Texas 79430

For Payment
Matters:

Name/Title            ___________________               Phone:  ________________
Address               ___________________               FAX:    ________________
Address               ___________________               E-Mail: ________________
City/State/Zip        ___________________

                                       7
<PAGE>

For Techical Issues:

Name/Title            Dr. Jan Simoni                    Phone:  806/743-2370
                      Research Assistant Professor      FAX:    806/743-2113
                      Surgery, Health Sciences Center
                      Texas Tech Universtiy
Address               3601 4th Street                   E-Mail:
City/State/Zip        Lubbock, Texas 79430            jan.simoni@ttmc.ttuhsc.edu

Notice given pursuant to this Article shall be effective as of the day of the
receipt of notice.

Article 14--Governing Law

This Agreement shall be governed and construed in accordance with the laws of
the State of Texas.

Article 15--Dispute Resolution

Except for the right of either party to apply to a court of competent
jurisdiction for a temporary restraining order, a preliminary injunction, or
other equitable relief to preserve the status quo or prevent irreparable harm,
any and all claims, disputes or controversies arising under, out of, or in
connection with the Agreement, including any dispute relating to production, use
or commercialization, which the parties shall be unable to resolve within sixty
(60) days shall be mediated in good faith. The party raising such dispute shall
promptly advise the other party of such claim, dispute or controversy in a
writing, which describes in reasonable detail the nature of such dispute. By not
later than five (5) business days after the recipient has received such notice
of dispute, each party shall have selected for itself a representative who shall
have the authority to bind such party, and shall additionally have advised the
other party in writing of the name and title of such representative. By not
later than ten (10) business days after the date of such notice of dispute, the
party against whom the dispute shall be raised shall select a mediation firm in
Texas and such representatives shall schedule a date with such firm for a
mediation hearing. The parties shall enter into good faith mediation and shall
share the costs equally. If the representatives of the parties

                                       8
<PAGE>

have not been able to resolve the dispute within fifteen (15) business days
after such mediation hearing, the parties shall have the right to pursue any
other remedies legally available to resolve such dispute in either the Courts of
the State of Texas or in the United States District Court for the District of
Texas, to whose jurisdiction for such purposes HSC and Sponsor each hereby
irrevocably consents and submits.

Article 16--General Provisions

16.1 NON-ASSIGNABILITY--The rights and obligations of the parties under this
Agreement shall not be assignable without written permission of the other party.

16.2 SEVERABILITY--If any provisions hereof is held unenforceable or void, the
remaining provisions shall be enforced in accordance with their terms, provided
that the provisions at issue is not material to the overall purpose and
operation of this Agreement.

16.3 ENTIRE AGREEMENT--This Agreement contains the entire agreement between the
parties respecting the subject matter hereof, except for the prior license
agreement between HemoBioTech, Inc., and the Texas Tech University System which
is to be read in conjunction with this Agreement. Should processing of this
Agreement require issuance of a purchase order or other contractual document,
all terms and conditions of the other document are hereby deleted in entirety.
This Agreement may not be amended in any manner except by an instrument in
writing signed by the duly authorized representatives of each of the parties
hereto.

16.4 EXPORT CONTROL REGULATIONS--Sponsor agrees that it shall comply with all
applicable export control regulations of the United States of America. Sponsor
shall be responsible for obtaining all information regarding such regulations
that is necessary for Sponsor to comply with such regulations.

                                       9
<PAGE>

IN WITNESS WHEREOF, the parties hereto have caused these presents to be executed
in duplicate as of the day and year first above written.

SIGNATURES

Texas Tech University Health Sciences Center

/s/ Barbara C. Pence
----------------------------------
By  Barbara C. Pence, Ph.D.

Title Associate VP for Research
      ----------------------------
Date  7/18/02
      ----------------------------

Sponsor

/s/ Ghassan Nino
----------------------------------

By

Title Interim CEO & CFO
      ----------------------------
Date  7/18/2002
      ----------------------------

                                       10
<PAGE>

                           MEMORANDUM OF UNDERSTANDING

       This Agreement, effective September 1, 2002, between Texas Tech
University Health Sciences Center (hereinafter HSC) and HemoBioTech, Inc.,
having a principal place of business at 15889 Preston Road, Suite 2006, Dallas,
Texas 75248.

       It is agreed as follows:

       GENERAL POINTS

       If HemoBioTech is successful in obtaining FDA approval of a blood
substitute product, it will establish a $1.2M seed fund to support and
commercialize other HSC ventures.

       Unless otherwise specifically stated below or in the Agreement of which
this is a part, any costs and/or overhead owed by HemoBioTech would be accrued
for one year and then paid by HemoBioTech to HSC.

       This Agreement, including any agreed upon extensions thereof, would last
through the successful completion of Phase II clinical testing, subject to
routine contract approval.

       It is HemoBioTech's present intent to headquarter in, and create its
production facilities in Lubbock, Texas, and it is presently working with Market
Lubbock to assure those events.

       SPECIFICS

*

----------
* The information omitted is confidential and has been filed separately with the
  Commission pursuant to Rule 406 of the Securities Act of 1933, as amended.

                                       11
<PAGE>

*

       FINANCIAL

       As stated above, costs are deferred for one year. Costs associated with
Sponsor's use of equipment, supplies and services provided by HSC will be paid
by Sponsor based on HSC's actual cost. Sponsor will pay overhead for the use of
HSC personnel.

       Dr. Pence, Dr. Simoni and Ghassan Nino of HemoBioTech shall meet
quarterly at HSC to review projected project expenses and agreement upon
payments to be made by HemoBioTech to HSC, until such time as stable longer-term
budgets can be generated.

       CONFLICT

       In the event of a conflict between this Memorandum of Understanding and
the Sponsored Research Agreement to which it is attached, the terms of the
Sponsored Research Agreement will govern.

----------
* The information omitted is confidential and has been filed separately with the
  Commission pursuant to Rule 406 of the Securities Act of 1933, as amended.

                                       12

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